By Boyan Girginov
Publication Date: 2026-01-19 18:34:00
Charted: Asset Class Returns Across Eras (1990–2025)
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Key Takeaways
- Private markets delivered the strongest long-term returns since 1990, but with the highest volatility.
- Since 2020, gold has been the best-performing asset with an 18.4% annualized return.
- Bonds have struggled in recent years as higher interest rates and inflation weigh on fixed-income returns.
Investment performance can vary widely depending on the time period analyzed. While equities and gold have delivered strong returns in recent years, bonds and some alternative assets have lagged, especially in the post-pandemic era of rising interest rates.
This graphic breaks down annualized returns and volatility across major asset classes over three distinct periods: long-term (1990–2025), mid-term (2010–2025), and the most recent cycle (2020–2025), using data from Goldman Sachs. Global equities and private markets exclude real estate, and data is as of September 2025.
ℹ️ Understanding volatility: Volatility measures how much an investment’s returns fluctuate year to year. For example, a volatility of 10% implies that returns typically move about 10 percentage points above or below the average in a given year. While higher volatility often accompanies…
