The S&P 500 — a measure of the broad U.S. stock market — returned nearly 18% in 2025 , the index's third straight year of double-digit gains. For the first time since 2022, however, the stocks from the rest of the world did even better. The MSCI EAFE Index, which tracks international stocks from developed nations, posted a return of roughly 32% last year, and the MSCI Emerging Markets Index, which tracks stocks from developing economies, posted a 34% return. With both indexes leading the S&P so