Asset Class Returns Across Eras (1990–2025)

What We're Showing

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.

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.