Investment portfolios experienced a dramatic reshuffling in 2025, with Asian markets leading global gains and defying expectations in traditionally safe-haven assets. Data compiled by FinNomina reveals a year of volatility, where “Money” itself delivered a striking 149.2% return, outpacing even gold’s strong 65.2% rise [[1]]. As geopolitical instability and shifting economic landscapes continue to redefine financial strategies [[2]],this report offers a detailed look at the year’s winners and losers,and sets the stage for investment outlooks in 2026.
2025 is in the books, and investment proved a volatile landscape. While gold performed strongly, it wasn’t the top performer. Asian stock markets outpaced their Western counterparts, delivering standout returns. Here’s a look at the year’s winners and losers.
2025’s Top Performers
- Money +149.2%
- Rare Earth +88.9%
- KOSPI +75.5%
- Gold +65.2%
- VN +40.6%
- Bovespa +33.9%
- H-Shares +28.6%
- Nikkei225 +28.1%
- MSCI World +24.2%
- TWII 24.2%
- DAX +22.9%
- STI +22.6%
- IDX +21.9%
- FTSE100 +21.6%
- Nasdaq +21.5%
- A-Shares +21.2%
- MSCI ACWI +20.7
Global Average Laggards
- STOXX50 +18.5%
- S&P500 +16.8%
- Russell2000 +11.5%
- Nifty50 +9.6%
Underperformers Looking Ahead to 2026
- Bitcoin (-4.6%)
- PSEi (-7.3%)
- Dollar (-9.0%)
- SET (-10.2%)
- Crude Oil (-18.5%)
Source : FinNomina, data as of December 30, 2068
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As 2025 draws to a close, a clear picture emerges of investment performance, marked by significant volatility and surprising results. While gold saw substantial gains, it was ultimately eclipsed by other asset classes. Asian equity markets led the way, significantly outpacing their Western counterparts and delivering the most compelling returns for investors.
Leading the charge was “Money,” posting an impressive 149.2% increase throughout the year. Rare earth elements followed closely behind with an 88.9% gain, reflecting growing demand for these critical materials. The Korean KOSPI index surged 75.5%, while gold added 65.2% to its value.
Several other markets also demonstrated strong performance. Vietnam’s VN index rose 40.6%, and Brazil’s Bovespa gained 33.9%. Hong Kong’s H-Shares increased by 28.6%, with the Nikkei 225 close behind at 28.1%. Broad market indices like the MSCI World, TWII, DAX, STI, IDX, FTSE100, Nasdaq, A-Shares, and MSCI ACWI all saw gains ranging from 20.7% to 24.2%.
However, not all markets experienced growth. The STOXX50, S&P 500, Russell 2000, and Nifty 50 all underperformed, with gains ranging from 9.6% to 18.5%. These results suggest a shift in investor sentiment and a growing preference for emerging markets.
Several assets faced headwinds in 2025. Bitcoin experienced a decline of 4.6%, while the Philippine Stock Exchange Index (PSEi) fell 7.3%. The U.S. dollar depreciated by 9.0%, and the Thai SET index dropped 10.2%. Crude oil suffered the most significant losses, declining 18.5% as global economic conditions and energy policies impacted demand.
The data, sourced from FinNomina as of December 30, 2068, provides a comprehensive overview of the year’s investment landscape and sets the stage for potential shifts in strategy as investors look ahead to 2026.
