The stock rally in recent weeks turned the six-month return of most countries positive, with major developed countries among the top performers. The situation flipped from the beginning of the year, when most countries had recorded six-month losses and emerging markets were outperforming their developed counterparts. Sweden and the Netherlands posted the highest six-month returns—over 20%—denominated in US dollars. France, Australia and the US followed closely, while Japan recorded the lowest six-month return among major developed markets. The US and Japan were the riskiest developed countries, with each country’s volatility at 15%, as measured by Axioma’s short-horizon Worldwide fundamental model and based on stocks in our worldwide universe. Singapore remained the least volatile developed country.
See graph from the Equity Risk Monitors as of 27 June 2019: