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U.S. large and small caps remain the top long-term performers after nearly a decade of relatively uninterrupted gains.
Higher short- and long-term interest rates have hurt longer duration bonds while helping cash move from the second worst performer over the last 10 years to one of the top performers for the year-to-date.
Despite a strong 2016 and spectacular 2017, recent weakness and poorer returns from 2013 to 2015 have resulted in emerging market stocks trailing U.S. stocks by over 5% p.a. for the last 10 years.
Commodities were able to deliver back-to-back annual gains in 2016 and 2017, but consistent losses from 2011 to 2015 have kept them in last place for the trailing 10 years.
If history is a guide, the strong relative performance of U.S. stocks for the last decade - and especially since 2013 - suggests a rotation to leadership from another asset class shouldn't be ruled out.
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