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Investing · 2011–2025

The asset allocation quilt

The “periodic table of investment returns.” Fifteen years of annual results for the major asset classes, ranked best to worst each year.

Rank20112012201320142015201620172018201920202021202220232024202515-Yr
1Real Estate8.60%Int’l Dev.18.82%Small Cap38.80%Real Estate30.36%Real Estate2.42%Small Cap26.60%Emerging37.80%Cash1.80%Large Cap31.50%Large Cap18.40%Real Estate40.52%Commodities17.46%Large Cap26.30%Large Cap24.93%Emerging32.56%Large Cap14.06%
2Fixed Income7.80%Mid Cap17.90%Mid Cap33.50%Large Cap13.70%Large Cap1.30%Mid Cap20.73%Int’l Dev.25.60%Fixed Income0.30%Real Estate28.87%Emerging17.88%Commodities31.05%Cash1.50%Int’l Dev.18.20%Mid Cap13.93%Int’l Dev.31.55%Mid Cap10.66%
3Large Cap2.10%Real Estate17.63%Large Cap32.40%Mid Cap9.80%Fixed Income0.60%Commodities12.86%Large Cap21.80%Large Cap−4.47%Mid Cap26.10%Mid Cap13.58%Large Cap28.76%Fixed Income−13.01%Mid Cap16.42%Diversified12.03%Large Cap17.85%Small Cap10.23%
4Small Cap1.40%Small Cap16.30%Int’l Dev.21.39%Diversified6.85%Cash0.00%Large Cap12.16%Diversified17.21%Real Estate−6.10%Small Cap22.90%Diversified11.38%Small Cap26.60%Mid Cap−13.18%Diversified16.21%Small Cap8.63%Commodities17.20%Diversified8.89%
5Cash0.10%Large Cap16.00%Diversified19.05%Fixed Income6.00%Int’l Dev.−0.80%Diversified10.31%Mid Cap16.20%Diversified−6.78%Diversified22.30%Small Cap11.28%Mid Cap24.71%Int’l Dev.−14.40%Small Cap16.07%Emerging6.51%Diversified16.08%Real Estate7.29%
6Diversified−0.69%Emerging14.52%Real Estate2.30%Small Cap5.85%Diversified−0.98%Emerging10.11%Small Cap13.15%Small Cap−8.49%Int’l Dev.22.03%Int’l Dev.7.59%Diversified18.84%Diversified−14.76%Real Estate11.79%Commodities5.59%Mid Cap7.42%Int’l Dev.6.62%
7Mid Cap−1.70%Diversified14.11%Cash0.00%Cash0.00%Small Cap−2.07%Real Estate8.60%Real Estate4.91%Mid Cap−11.18%Emerging17.79%Fixed Income7.50%Int’l Dev.11.46%Small Cap−16.19%Emerging11.57%Cash5.00%Fixed Income7.20%Emerging3.64%
8Int’l Dev.−12.30%Fixed Income3.76%Fixed Income−2.00%Emerging−3.44%Mid Cap−2.33%Fixed Income2.70%Fixed Income3.50%Commodities−13.07%Fixed Income8.70%Cash0.40%Cash0.00%Large Cap−18.11%Fixed Income5.50%Real Estate4.81%Small Cap5.89%Fixed Income2.39%
9Commodities−14.01%Cash0.10%Emerging−2.30%Int’l Dev.−6.20%Emerging−14.31%Int’l Dev.1.37%Cash1.00%Int’l Dev.−13.40%Commodities7.63%Commodities−4.12%Emerging−0.61%Emerging−19.97%Cash4.50%Int’l Dev.3.51%Cash4.15%Cash1.37%
10Emerging−18.40%Commodities−2.11%Commodities−11.12%Commodities−18.61%Commodities−28.22%Cash0.10%Commodities0.74%Emerging−14.30%Cash2.10%Real Estate−4.70%Fixed Income−1.77%Real Estate−26.24%Commodities−9.85%Fixed Income1.31%Real Estate3.24%Commodities−1.77%

Tap an asset class to trace it across every year. The best performer sits at the top of each column.

Download the printable poster (PDF)

Common questions

What is an asset allocation quilt?

A color-coded grid that ranks the annual total return of major asset classes for each year, also called the periodic table of investment returns. Each column is one calendar year, sorted best at the top to worst at the bottom, so you can see how the leaders change and how much any single year swings.

What do the colors and columns mean?

Each color is one asset class: large-, mid-, and small-cap U.S. stocks, international developed and emerging-market stocks, real estate, commodities, fixed income, and cash, plus a hypothetical diversified blend. Within each year the tiles stack from the highest return at the top to the lowest at the bottom.

Why does the best-performing asset class change so often?

Markets are hard to time. An asset class that leads one year often lands near the bottom the next. That is why chasing last year's winner is risky, and why a diversified mix tends to land in the middle instead of at either extreme.

What is the diversified portfolio row?

A hypothetical blend spread across the asset classes shown and rebalanced each year. It is here only to show how diversification smooths results, since it avoids both the top and the bottom. It is not a ClearMind Capital model, a recommendation, or something you can buy directly.

Can I download the chart?

Yes. Enter your email on this page and we will send you a printable PDF poster of the full 2011 to 2025 quilt.

Year by year: who led and who lagged, 2011 to 2025

In 2011, Real Estate led (8.60%) while Emerging Markets trailed (−18.40%). In 2012, Int. Developed led (18.82%) while Commodities trailed (−2.11%). In 2013, US Small Cap led (38.80%) while Commodities trailed (−11.12%). In 2014, Real Estate led (30.36%) while Commodities trailed (−18.61%). In 2015, Real Estate led (2.42%) while Commodities trailed (−28.22%). In 2016, US Small Cap led (26.60%) while Cash trailed (0.10%). In 2017, Emerging Markets led (37.80%) while Commodities trailed (0.74%). In 2018, Cash led (1.80%) while Emerging Markets trailed (−14.30%). In 2019, US Large Cap led (31.50%) while Cash trailed (2.10%). In 2020, US Large Cap led (18.40%) while Real Estate trailed (−4.70%). In 2021, Real Estate led (40.52%) while Fixed Income trailed (−1.77%). In 2022, Commodities led (17.46%) while Real Estate trailed (−26.24%). In 2023, US Large Cap led (26.30%) while Commodities trailed (−9.85%). In 2024, US Large Cap led (24.93%) while Fixed Income trailed (1.31%). In 2025, Emerging Markets led (32.56%) while Real Estate trailed (3.24%).

Figures are annual total returns for widely used benchmarks representing each asset class. Index returns are illustrative, do not reflect fees, taxes, or trading costs, and are not directly investable. The diversified portfolio is a hypothetical, annually rebalanced blend shown only to illustrate diversification; it is not a ClearMind Capital model, recommendation, or available product. This is general education, not investment, tax, or legal advice or a recommendation of any security or strategy. Diversification does not ensure a profit or protect against loss. ClearMind Capital LLC is a registered investment adviser; registration does not imply a certain level of skill or training. Past performance is not indicative of future results.