With 2024 now behind us, data from a handful of ICE’s more than 7,000 indices reveals that markets moved higher across virtually every asset class last year.
At the start of 2024, analyst estimates for market performance in the year ahead were somewhat muted, with expectations tempered after strong returns for equities, fixed income and commodities in 2023.
While falling interest rates were expected to provide a meaningful economic boost, ongoing geopolitical tensions, elections in over 60 nations representing nearly half the world’s population, and recession fears in Europe all pointed to significant economic headwinds.
Despite those concerns, markets had a bullish year, with many segments surging by double digits. Below, we present annual total returns from 2015 to 2024 across ICE’s global equity, global fixed income, U.S. equity sector, U.S. fixed income sector and commodity indices, and highlight some notable results.
Total Return (%)
Global Equity and Fixed Income Indices | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|---|---|---|---|
NYSE Composite Index | -4.09 | 11.94 | 18.73 | -8.95 | 25.51 | 6.99 | 20.68 | -9.35 | 13.77 | 15.79 |
NYSE U.S. 500 Index | 1.60 | 12.09 | 22.26 | -4.48 | 31.92 | 21.65 | 27.01 | -19.81 | 27.31 | 25.39 |
NYSE U.S. Small-Mid 2500 Index (TR) | -4.69 | 19.07 | 16.78 | -9.74 | 27.09 | 17.48 | 19.13 | -17.97 | 17.35 | 11.42 |
NYSE U.K. 100 Index | -1.45 | 19.71 | 12.23 | -8.76 | 17.28 | -11.40 | 17.99 | 4.75 | 8.93 | 11.17 |
NYSE Arca China Index | -5.23 | -2.15 | 37.45 | -19.05 | 15.37 | 17.58 | -38.58 | -8.23 | 11.95 | -2.25 |
ICE BofA Global Broad Market Index | 0.95 | 3.28 | 2.27 | 0.42 | 6.84 | 5.38 | -1.84 | -13.29 | 5.21 | 1.27 |
ICE BofA Pan-Europe Broad Market Index | 0.94 | 4.73 | 1.02 | 0.36 | 6.30 | 4.67 | -3.12 | -18.00 | 6.46 | 1.91 |
ICE BofA Japan Broad Market Index | 1.10 | 3.12 | 0.16 | 0.95 | 1.61 | -0.78 | -0.17 | -5.29 | 0.45 | -3.09 |
ICE BofA Canada Broad Market Index | 3.57 | 1.54 | 2.70 | 1.29 | 6.97 | 8.61 | -2.71 | -11.47 | 6.38 | 4.10 |
Source: ICE Data Indices, LLC (“ICE Data”) as of 12/31/2024
Equities comfortably outperformed fixed income around the world as the global economy showed resilience for a second consecutive year. The NYSE Composite Index - an equity index that tracks all common stocks listed on the NYSE - exceeded its impressive 2023 performance to deliver returns of 15.8% in 2024. Performance was even stronger in the NYSE U.S. 500 index, which returned 25.4% on the year, although this was down almost 2% on the benchmark’s 2023 returns.
On the fixed income side, global bonds were generally positive as inflation cooled, with Japan being the only major fixed income market to see negative returns, its fourth negative year in the past decade.
Total Return (%)
Fixed Income Indices - U.S. Sectors | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|---|---|---|---|
ICE BofA U.S. Broad Market Index | 0.60 | 2.62 | 3.61 | 0.05 | 8.88 | 7.56 | -1.58 | -13.16 | 5.39 | 1.47 |
ICE U.S. Broad Municipal Index | 3.55 | 0.44 | 5.42 | 1.04 | 7.21 | 5.00 | 1.56 | -8.01 | 5.99 | 1.57 |
ICE BofA U.S. Corporate Index | -0.63 | 5.96 | 6.48 | -2.25 | 14.23 | 9.81 | -0.95 | -15.44 | 8.40 | 2.76 |
ICE BofA U.S. Convertible Index | -2.99 | 10.43 | 13.70 | 0.15 | 23.15 | 46.22 | 6.34 | -18.71 | 12.87 | 11.14 |
ICE BofA U.S. ABS & CMBS Index | 0.81 | 2.71 | 2.84 | 1.75 | 5.89 | 5.20 | 0.05 | -7.20 | 5.56 | 5.96 |
ICE BofA U.S. Mortgage Backed Securities Index | 1.46 | 1.67 | 2.45 | 1.00 | 6.51 | 4.09 | -1.21 | -11.88 | 4.98 | 1.33 |
ICE BofA U.S. High Yield Index | -4.64 | 17.49 | 7.48 | -2.27 | 14.41 | 6.17 | 5.36 | -11.22 | 13.46 | 8.20 |
Source: ICE Data as of 12/31/2024
U.S. fixed income recorded a second straight year of positive total returns, continuing a bounce back from a bruising 2022. Convertibles and high yield - which generally have higher correlations to equity market performance than other fixed income sectors - outperformed the broad market, although both retreated from their prior year performance. High yield bond returns fell more than 5% last year after a stellar 2023.
Municipal bonds eked out an annual return of less than 1.6%, a disappointing performance after returning almost 6% in 2023.
Total Return (%)
Equity Indices - U.S. Sectors Index | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|---|---|---|---|
NYSE U.S. 500 Consumer Discretionary Sector Index | 13.86 | 3.27 | 28.65 | 2.34 | 28.46 | 53.31 | 19.79 | -37.41 | 39.60 | 32.05 |
NYSE U.S. 500 Consumer Staples Sector Index | 6.26 | 7.39 | 12.67 | -8.98 | 26.93 | 10.66 | 18.01 | 1.29 | 1.11 | 11.74 |
NYSE U.S. 500 Energy Sector Index | -20.34 | 25.73 | 0.17 | -17.54 | 11.67 | -34.03 | 54.06 | 64.95 | -1.35 | 6.49 |
NYSE U.S. 500 Financials Sector Index | -0.40 | 18.59 | 25.56 | -9.57 | 35.98 | 5.67 | 22.98 | -15.09 | 16.75 | 32.09 |
NYSE U.S. 500 Healthcare Sector Index | 6.39 | -3.65 | 21.22 | 5.81 | 20.82 | 18.54 | 25.93 | -2.52 | 2.64 | 2.54 |
NYSE U.S. 500 Industrials Sector Index | -1.36 | 17.52 | 22.62 | -12.57 | 30.08 | 9.45 | 24.36 | -8.22 | 20.07 | 13.96 |
NYSE U.S. 500 Materials Sector Index | -9.86 | 17.62 | 22.40 | -15.02 | 25.75 | 19.80 | 27.79 | -17.09 | 14.03 | -1.03 |
NYSE U.S. 500 Media and Communications Sector Index | 13.04 | 13.46 | 21.65 | -6.44 | 33.51 | 25.74 | 18.41 | -40.71 | 55.69 | 39.28 |
NYSE U.S. 500 Real Estate and REITs Sector Index | 6.22 | 3.58 | 11.46 | -1.53 | 31.22 | -0.75 | 41.79 | -25.17 | 11.01 | 4.95 |
NYSE U.S. 500 Technology Sector Index | -1.63 | 17.03 | 37.28 | 2.18 | 51.10 | 52.15 | 37.80 | -31.76 | 62.73 | 37.65 |
NYSE U.S. 500 Utilities Sector Index | -4.66 | 17.16 | 11.97 | 3.48 | 26.62 | 0.21 | 17.24 | -0.24 | -9.37 | 24.15 |
Source: ICE Data as of 12/31/2024
Technology, Media and Communications, Consumer Discretionary and Financials led the pack within U.S. equity sectors in 2024, with all four categories recording annual returns in excess of 30%.
Investors continued to watch the “Magnificent Seven” stocks drive a significant portion of the market’s returns in 2024, but while most sectors saw returns moderate after an outstanding 2023, Financials proved the most eye-catching market segment, seeing returns almost double in 2024 over the prior year.
Total Return (%)
Commodity Indices | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|---|---|---|---|
ICE BofA Commodity index eXtra (Cocoa) | 11.86 | -31.90 | -12.32 | 24.72 | 2.86 | 3.30 | -6.47 | 0.60 | 67.39 | 340.26 |
ICE BofA Commodity index eXtra (Coffee) | -31.88 | -0.80 | -16.28 | -26.82 | 11.51 | -9.50 | 63.38 | -20.31 | 20.18 | 87.26 |
ICE BofA Commodity index eXtra (Soft Commodities) | -9.05 | 18.43 | -21.03 | -21.15 | 2.13 | 2.98 | 41.10 | 1.02 | 11.49 | 27.91 |
ICE BofA Commodity index eXtra (Gold) | -10.83 | 7.90 | 12.93 | -2.77 | 18.16 | 22.23 | -4.25 | -0.51 | 12.92 | 27.21 |
ICE BofA Commodity index eXtra (Precious Metals) | -11.08 | 8.62 | 12.20 | -3.57 | 17.73 | 24.29 | -4.95 | -0.18 | 11.62 | 26.67 |
ICE BofA Commodity index eXtra (Brent Crude oil) | -45.43 | 29.23 | 15.94 | -15.29 | 37.96 | -35.39 | 63.62 | 37.92 | -0.59 | 10.91 |
ICE BofA Commodity index eXtra | -29.36 | 17.52 | 7.57 | -13.05 | 20.14 | -15.01 | 46.26 | 31.07 | -3.47 | 5.51 |
ICE BofA Commodity index eXtra (Agriculture) | -17.99 | -3.86 | -8.62 | -7.30 | -1.24 | 11.16 | 26.08 | 15.62 | -10.78 | -4.33 |
Source: ICE Data as of 12/31/2024
Commodities broadly enjoyed a strong 2024, with Cocoa proving the standout sector, hitting an all-time high in December. Cocoa prices more than tripled during the course of the year, with extreme weather playing a major factor.
Gold is often used as a hedge against inflation and had an impressive run in 2024, keeping pace with the NYSE U.S. 500 Index due to higher demand from retail gold sales and from emerging market central banks stocking up on the commodity.
Agricultural products were the only commodity to experience negative returns in 2024, falling more than 4%. Agriculture has seen positive returns in just three of the past 10 years.
While these charts focus on the past decade, ICE indices are backed by a 50-year track record in index provisioning. Our extensive global index offering includes a diverse array of over 7,000 fixed income, equity, currency, commodity, and mortgage indices that are used by market participants around the world. Our high quality, breadth and depth of data helps enable our clients to access insights and capitalize on opportunities.
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