In 2025, the stock market saw wild swings but ended the year with double-digit gains, overcoming early losses due to tariff turmoil. Small-cap stocks underperformed despite favorable conditions, impacted by sector dynamics and private market competition. International stocks outperformed, with emerging markets showing strength. Bonds delivered strong returns, staying resilient during market selloffs. Gold prices soared, defying expectations in a year of thriving risk assets. 2025 was a year of surprises in investment performance, with both risk-on and risk-off assets seeing strong returns. Predictions for 2026 remain uncertain, promising more surprises in the market.

Read more at Morningstar: 5 Investing Surprises From 2025