Asset Class Benchmark Performance Comparison — Helianth Investment Management, LLC

Annualised Total Return by Asset Class & Time Period

Rank colour: #1 Gold #2 Silver #3 Bronze #4–6

Asset Class	Benchmark Index	5-Year ~2021–2025	10-Year ~2016–2025	15-Year ~2011–2025	20-Year ~2006–2025	25-Year ~2001–2025
US EQUITIES
S&P 500 (Large Cap)	S&P 500 Total Return	+15.6%1	+13.4%2	+14.5%1	+11.8%2	+7.7%4
US Mid Cap	Russell Midcap Total Return	+8.9%3	+12.5%3	+11.4%3	+10.5%3	+9.5%2
US Small Cap	Russell 2000 Total Return	+3.1%9	+10.0%4	+9.3%4	+7.6%4	+7.5%5
INTL EQUITIES
European Equities	MSCI Europe (USD, Net)	+7.5%4	+6.0%7	+5.5%7	+4.5%9	+3.5%11
Japanese Equities	MSCI Japan (USD, Net)	+6.1%7	+7.6%6	+8.0%5	+3.0%12	+2.5%12
Emerging Market Equities	MSCI Emerging Markets (USD, Net)	+6.3%6	+8.5%5	+4.5%8	+6.5%6	+9.0%3
FIXED INCOME
US Treasuries	Bloomberg US Treasury Index	+0.5%12	+1.0%12	+2.0%12	+3.2%11	+4.0%10
Inv. Grade Corp. Bonds	Bloomberg US Corp IG Index	+1.5%11	+2.8%11	+3.5%11	+4.0%10	+5.0%9
High Yield (Junk) Bonds	Bloomberg US High Yield Index	+4.5%8	+5.5%8	+6.5%6	+6.8%5	+7.5%6
Emerging Market Bonds	JPMorgan EMBI Global (USD)	+2.0%10	+3.5%10	+4.5%9	+5.5%8	+7.0%8
ALTERNATIVES
Hedge Funds	HFRI Fund Weighted Composite	+7.0%5	+5.5%9	+4.5%10	+6.0%7	+7.5%7
Private Equity	Cambridge Associates US PE Index	+13.5%2	+15.0%1	+13.0%2	+14.0%1	+13.5%1

Performance Rankings — Best to Worst (Annualised Return)

Rank	Asset Class	5-Year	10-Year	15-Year	20-Year	25-Year
1	S&P 500 (Large Cap)	+15.6%	+15.0%	+14.5%	+14.0%	+13.5%
2	Private Equity	+13.5%	+13.4%	+13.0%	+11.8%	+9.5%
3	US Mid Cap	+8.9%	+12.5%	+11.4%	+10.5%	+9.0%
4	European Equities	+7.5%	+10.0%	+9.3%	+7.6%	+7.7%
5	Hedge Funds	+7.0%	+8.5%	+8.0%	+6.8%	+7.5%
6	Emerging Market Equities	+6.3%	+7.6%	+6.5%	+6.5%	+7.5%
7	Japanese Equities	+6.1%	+6.0%	+5.5%	+6.0%	+7.5%
8	High Yield (Junk) Bonds	+4.5%	+5.5%	+4.5%	+5.5%	+7.0%
9	US Small Cap	+3.1%	+5.5%	+4.5%	+4.5%	+5.0%
10	Emerging Market Bonds	+2.0%	+3.5%	+4.5%	+4.0%	+4.0%
11	Inv. Grade Corp. Bonds	+1.5%	+2.8%	+3.5%	+3.2%	+3.5%
12	US Treasuries	+0.5%	+1.0%	+2.0%	+3.0%	+2.5%

Annual Total Returns (USD) | 2001–2025

Year highlight: Best that year Worst that year

Sources: S&P Dow Jones, MSCI, Bloomberg, FTSE Russell, JPMorgan, HFR, Cambridge Associates. Scroll right to view all years →

Asset Class	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
S&P 500	-12%	-22%	+29%	+11%	+5%	+16%	+6%	-37%	+26%	+15%	+2%	+16%	+32%	+14%	+1%	+12%	+22%	-4%	+32%	+18%	+29%	-18%	+26%	+25%	+24%
US Mid Cap	-6%	-16%	+40%	+20%	+13%	+15%	+6%	-42%	+40%	+26%	-2%	+17%	+35%	+13%	-2%	+14%	+18%	-9%	+30%	+17%	+23%	-17%	+17%	+15%	+17%
US Small Cap	+2%	-20%	+47%	+18%	+5%	+18%	-2%	-34%	+27%	+27%	-4%	+16%	+39%	+5%	-4%	+21%	+15%	-11%	+26%	+20%	+15%	-20%	+17%	+10%	+12%
European Equities	-20%	-28%	+39%	+20%	+8%	+26%	+14%	-46%	+36%	+4%	-14%	+21%	+25%	-6%	-4%	-0%	+26%	-15%	+24%	+8%	+16%	-21%	+19%	+4%	+12%
Japanese Equities	-28%	-10%	+35%	+14%	+24%	+6%	-4%	-29%	+6%	+15%	-14%	+8%	+27%	-4%	+10%	+2%	+24%	-13%	+20%	+14%	+2%	-17%	+20%	+8%	+25%
EM Equities	-3%	-6%	+56%	+26%	+34%	+32%	+39%	-53%	+78%	+19%	-18%	+18%	-3%	-2%	-15%	+11%	+37%	-15%	+18%	+18%	-2%	-20%	+10%	+8%	+34%
US Treasuries	+8%	+12%	+2%	+4%	+3%	+4%	+9%	+14%	-4%	+6%	+10%	+2%	-3%	+6%	+1%	+1%	+2%	+1%	+7%	+8%	-2%	-12%	+4%	+1%	+2%
IG Corp Bonds	+11%	+10%	+8%	+5%	+2%	+4%	+5%	-7%	+19%	+9%	+8%	+10%	-2%	+8%	-1%	+6%	+6%	-2%	+14%	+10%	-1%	-16%	+8%	+2%	+4%
High Yield Bonds	+5%	-1%	+29%	+11%	+3%	+12%	+2%	-26%	+57%	+15%	+5%	+16%	+7%	+2%	-5%	+17%	+8%	-2%	+14%	+7%	+5%	-11%	+13%	+8%	+8%
EM Bonds	-1%	+13%	+26%	+12%	+11%	+10%	+6%	-11%	+28%	+12%	+8%	+17%	-5%	+7%	+1%	+10%	+10%	-4%	+15%	+6%	-2%	-18%	+10%	+5%	+5%
Hedge Funds	+5%	-2%	+20%	+9%	+9%	+13%	+10%	-18%	+20%	+10%	-5%	+6%	+9%	+3%	-1%	+6%	+9%	-5%	+10%	+12%	+10%	-4%	+8%	+10%	+10%
Private Equity	-9%	-5%	+20%	+18%	+20%	+22%	+20%	-25%	+15%	+20%	+8%	+15%	+19%	+16%	+8%	+10%	+18%	+12%	+16%	+22%	+41%	-15%	+10%	+12%	+15%
★ Best per year	IG Corp Bo	EM Bonds	EM Equitie	EM Equitie	EM Equitie	EM Equitie	EM Equitie	US Treasur	EM Equitie	US Small C	US Treasur	European E	US Small C	Private Eq	Japanese E	US Small C	EM Equitie	Private Eq	S&P 500	Private Eq	Private Eq	Hedge Fund	S&P 500	S&P 500	EM Equitie

Risk Statistics by Asset Class & Time Period

1. STANDARD DEVIATION OF ANNUAL RETURNS

Ranked per period (lower = less volatile) 5-Year: Hedge Funds | 10-Year: US Treasuries | 15-Year: US Treasuries | 20-Year: US Treasuries | 25-Year: US Treasuries

Asset Class	5-Year 2021–25	10-Year 2016–25	15-Year 2011–25	20-Year 2006–25	25-Year 2001–25
S&P 500	+19.8%11	+15.9%11	+14.5%8	+17.5%8	+18.1%8
US Mid Cap	+16.0%7	+14.5%7	+14.2%7	+18.8%10	+19.0%10
US Small Cap	+15.4%6	+14.6%8	+15.2%10	+17.7%9	+18.7%9
European Equities	+16.2%8	+15.7%10	+15.7%11	+19.8%11	+21.0%11
Japanese Equities	+16.4%9	+14.8%9	+14.6%9	+15.3%6	+17.1%7
EM Equities	+19.6%10	+18.6%12	+18.1%12	+28.1%12	+27.6%12
US Treasuries	+6.5%2	+5.7%1	+5.4%1	+5.8%1	+5.5%1
IG Corp Bonds	+9.3%3	+8.4%4	+7.3%3	+7.7%2	+7.1%2
High Yield Bonds	+9.4%4	+8.3%3	+7.8%4	+15.6%7	+14.7%6
EM Bonds	+10.8%5	+9.5%5	+8.9%5	+10.2%4	+10.2%4
Hedge Funds	+6.0%1	+6.0%2	+6.0%2	+8.5%3	+8.3%3
Private Equity	+19.9%12	+13.7%6	+11.3%6	+13.4%5	+13.5%5

2. ANNUALISED RETURN (geometric mean / CAGR)

Ranked per period (higher = better return) 5-Year: S&P 500 | 10-Year: S&P 500 | 15-Year: S&P 500 | 20-Year: Private Equity | 25-Year: Private Equity

Asset Class	5-Year 2021–25	10-Year 2016–25	15-Year 2011–25	20-Year 2006–25	25-Year 2001–25
S&P 500	+15.6%1	+15.4%1	+14.5%1	+11.3%2	+9.0%3
US Mid Cap	+9.9%3	+11.6%3	+11.6%3	+9.8%3	+9.5%2
US Small Cap	+5.6%6	+9.4%4	+9.3%4	+8.1%4	+8.1%5
European Equities	+4.6%7	+5.9%9	+5.0%7	+4.2%10	+3.5%11
Japanese Equities	+6.6%4	+7.6%6	+6.5%5	+4.2%9	+4.3%10
EM Equities	+4.2%9	+8.4%5	+3.8%10	+6.0%6	+8.5%4
US Treasuries	-1.9%12	+0.9%12	+1.6%12	+2.6%12	+3.2%12
IG Corp Bonds	-0.6%11	+3.0%11	+3.5%11	+4.0%11	+4.6%9
High Yield Bonds	+4.5%8	+6.5%7	+6.0%6	+6.7%5	+7.1%6
EM Bonds	-0.4%10	+3.3%10	+4.1%9	+5.1%8	+6.4%7
Hedge Funds	+6.5%5	+6.3%8	+5.0%8	+5.3%7	+5.8%8
Private Equity	+11.2%2	+13.3%2	+13.3%2	+12.1%1	+11.3%1

3. SHARPE RATIO Best Risk-Adjusted Score

Ranked per period (higher = better risk-adjusted return) 5-Year: S&P 500 | 10-Year: S&P 500 | 15-Year: Private Equity | 20-Year: Private Equity | 25-Year: Private Equity

Asset Class	5-Year 2021–25	10-Year 2016–25	15-Year 2011–25	20-Year 2006–25	25-Year 2001–25
S&P 500	+61.1%1	+81.0%1	+87.0%2	+52.0%2	+36.3%5
US Mid Cap	+39.9%3	+63.0%4	+68.7%3	+40.4%3	+37.0%4
US Small Cap	+14.0%6	+47.0%6	+49.5%6	+33.3%5	+30.0%8
European Equities	+7.0%8	+21.9%9	+20.6%10	+10.2%11	+4.7%12
Japanese Equities	+18.8%5	+34.5%7	+32.5%7	+13.2%10	+10.3%11
EM Equities	+3.6%9	+31.8%8	+11.2%11	+13.5%9	+21.7%9
US Treasuries	-82.9%12	-27.9%12	-3.9%12	+6.2%12	+11.8%10
IG Corp Bonds	-44.2%11	+5.8%11	+23.1%9	+23.7%8	+30.1%7
High Yield Bonds	+10.4%7	+48.4%5	+54.1%4	+28.8%6	+31.4%6
EM Bonds	-36.2%10	+8.8%10	+25.6%8	+28.8%7	+38.5%3
Hedge Funds	+50.1%2	+64.0%3	+52.5%5	+35.7%4	+39.6%2
Private Equity	+38.6%4	+78.9%2	+101.1%1	+73.6%1	+65.1%1

4. MAXIMUM DRAWDOWN Lowest Risk Measure

Ranked per period (less negative = smaller drawdown) 5-Year: Hedge Funds | 10-Year: Hedge Funds | 15-Year: Hedge Funds | 20-Year: US Treasuries | 25-Year: US Treasuries

Asset Class	5-Year 2021–25	10-Year 2016–25	15-Year 2011–25	20-Year 2006–25	25-Year 2001–25
S&P 500	-25.0%8	-33.9%9	-33.9%9	-56.8%9	-56.8%9
US Mid Cap	-26.5%10	-36.1%11	-36.1%11	-51.3%8	-51.3%7
US Small Cap	-32.0%12	-39.9%12	-39.9%12	-59.9%11	-59.9%11
European Equities	-25.2%9	-34.7%10	-34.7%10	-58.1%10	-58.1%10
Japanese Equities	-21.3%7	-29.8%7	-29.8%7	-37.2%7	-55.2%8
EM Equities	-30.0%11	-30.0%8	-30.0%8	-65.4%12	-65.4%12
US Treasuries	-18.1%3	-18.1%3	-18.1%3	-18.1%1	-18.1%1
IG Corp Bonds	-18.2%4	-18.2%4	-18.2%4	-20.1%2	-20.1%2
High Yield Bonds	-14.7%2	-14.7%2	-14.7%2	-33.4%5	-33.4%5
EM Bonds	-19.0%5	-19.0%5	-19.0%5	-26.3%4	-26.3%4
Hedge Funds	-7.7%1	-10.5%1	-10.5%1	-21.4%3	-21.4%3
Private Equity	-20.0%6	-24.0%6	-24.0%6	-35.0%6	-35.0%6

5. CALMAR RATIO (Annualised Return |Max Drawdown|)

Ranked per period (higher = better return) 5-Year: Hedge Funds | 10-Year: Hedge Funds | 15-Year: Private Equity | 20-Year: Private Equity | 25-Year: Private Equity

Asset Class	5-Year 2021–25	10-Year 2016–25	15-Year 2011–25	20-Year 2006–25	25-Year 2001–25
S&P 500	+62.4%2	+45.4%3	+42.6%3	+19.9%5	+15.9%8
US Mid Cap	+37.3%4	+32.2%5	+32.1%5	+19.1%7	+18.6%6
US Small Cap	+17.6%8	+23.5%8	+23.3%6	+13.5%9	+13.5%9
European Equities	+18.4%7	+17.1%10	+14.5%10	+7.3%12	+6.0%12
Japanese Equities	+30.9%5	+25.5%7	+22.0%7	+11.3%10	+7.7%11
EM Equities	+14.0%9	+28.1%6	+12.7%11	+9.2%11	+13.0%10
US Treasuries	-10.3%12	+5.1%12	+8.8%12	+14.1%8	+17.4%7
IG Corp Bonds	-3.5%11	+16.4%11	+19.2%9	+20.0%4	+23.0%4
High Yield Bonds	+30.5%6	+44.3%4	+40.8%4	+20.0%3	+21.3%5
EM Bonds	-2.1%10	+17.6%9	+21.5%8	+19.5%6	+24.4%3
Hedge Funds	+84.6%1	+60.2%1	+47.3%2	+24.5%2	+27.1%2
Private Equity	+55.9%3	+55.5%2	+55.2%1	+34.5%1	+32.2%1

6. COEFFICIENT OF VARIATION Risk per Unit of Return

Ranked per period (lower = more consistent (ratio of vol to return)) 5-Year: EM Bonds | 10-Year: Hedge Funds | 15-Year: Private Equity | 20-Year: Private Equity | 25-Year: Private Equity

Asset Class	5-Year 2021–25	10-Year 2016–25	15-Year 2011–25	20-Year 2006–25	25-Year 2001–25
S&P 500	1.2705	1.0343	1.0062	1.5482	1.9967
US Mid Cap	1.6206	1.2474	1.2284	1.9215	1.9966
US Small Cap	2.72010	1.5606	1.6316	2.1867	2.3079
European Equities	3.48711	2.6439	3.11910	4.70212	6.01412
Japanese Equities	2.4939	1.9457	2.2309	3.61710	4.01411
EM Equities	4.65712	2.2118	4.73912	4.69511	3.25010
US Treasuries	-3.4793	6.15512	3.37811	2.2528	1.7585
IG Corp Bonds	-14.7642	2.81010	2.0997	1.9084	1.5303
High Yield Bonds	2.1058	1.2735	1.2945	2.3309	2.0658
EM Bonds	-26.9331	2.84711	2.1858	1.9856	1.5884
Hedge Funds	0.9234	0.9451	1.2153	1.6283	1.4332
Private Equity	1.7807	1.0302	0.8551	1.1121	1.1951

Methodology, Sources & Disclosures

	Asset Class Performance Analysis \| As of December 31, 2025
	METHODOLOGY, DATA SOURCES & IMPORTANT NOTES
	PURPOSE
	BENCHMARKS USED
S&P 500 (Large Cap)	S&P 500 Total Return Index — includes dividend reinvestment. Source: S&P Dow Jones / Macrotrends.net
US Mid Cap	Russell Midcap Total Return Index. Source: FTSE Russell / iShares IWR ETF historical data.
US Small Cap	Russell 2000 Total Return Index. Source: FTSE Russell / iShares IWM ETF historical data.
European Equities	MSCI Europe Index (USD, Net Total Return). Source: MSCI official factsheets & curvo.eu.
Japanese Equities	MSCI Japan Index (USD, Net Total Return). Source: MSCI official factsheets.
Emerging Market Equities	MSCI Emerging Markets Index (USD, Net Total Return). Source: MSCI official factsheets (as of Feb 2026).
US Treasuries	Bloomberg US Treasury Index (Total Return). Source: Bloomberg Indices / upmyinterest.com.
Inv. Grade Corp. Bonds	Bloomberg US Corporate Investment Grade Index (Total Return). Source: Bloomberg Indices.
High Yield (Junk) Bonds	Bloomberg US High Yield Index (Total Return). Source: Bloomberg Indices / SPDR JNK ETF data.
Emerging Market Bonds	JPMorgan EMBI Global (USD Total Return). Source: JPMorgan / iShares EMB ETF data.
Hedge Funds	HFRI Fund Weighted Composite Index (net of fees). Source: HFR (Hedge Fund Research). Note: index inception 1990.
Private Equity	Cambridge Associates US Private Equity Index® (net IRR). Source: Cambridge Associates public benchmark reports. Note: data reported with a ~1 quarter lag; illiquid.
	KEY CAVEATS
Estimates	All return figures are best-available estimates compiled from publicly disclosed index data, ETF performance histories, and institutional benchmark publications. Exact figures may differ slightly from primary sources due to rounding, rebalancing dates, or index methodology changes.
Currency	All returns expressed in USD. Non-US indices translated at spot rates; unhedged. Currency movements materially affect non-US returns over long periods.
Fees	Public equity/bond indices are pre-fee (gross) unless noted. Hedge Fund and Private Equity figures are net of management and performance fees.
Private Equity	PE figures represent pooled IRR, not time-weighted returns. PE is illiquid; commitments are called over time. Comparing PE IRR to public market TWR involves methodological differences — use PME analysis for rigorous comparison.
Survivorship Bias	Hedge fund indices may be subject to survivorship and backfill bias, which tends to overstate returns.
Past Performance	Past performance is not a guarantee or reliable indicator of future results. This document is for informational and educational purposes only and does not constitute investment advice.
	WEB SOURCES
Macrotrends	https://www.macrotrends.net/2526/sp-500-historical-annual-returns
MSCI Factsheets	https://www.msci.com — MSCI Europe, Japan, and EM index factsheets
Curvo / Backtest	https://curvo.eu/backtest — Russell 2000, Midcap, MSCI index historical data
iShares / BlackRock	https://www.ishares.com — IWM, IWR, EMB ETF performance histories
Cambridge Associates	https://www.cambridgeassociates.com/private-investment-benchmarks/
HFR	https://www.hfr.com — HFRI index performance data
Novel Investor	https://novelinvestor.com/asset-class-returns/ — Annual asset class quilt
Visual Capitalist	https://www.visualcapitalist.com/charted-asset-class-returns-across-eras-1990-2025/
A Wealth of Common Sense	https://awealthofcommonsense.com/2026/01/updating-my-favorite-performance-chart-for-2025/
	Helianth Investment Management \| Confidential — For Informational Purposes Only. Not Investment Advice. \| Past performance does not guarantee future results.