EMERGING MARKETS OUTPACE U.S. STOCKS AS “EX-AMERICA” TRADE GAINS MOMENTUM
The MSCI Emerging Markets Index is substantially outperforming the S&P 500 in 2026. By late August, MSCI EM was up about 24.6% YTD, versus roughly 12.1% for the S&P 500—a gap of more than 12 percentage points.