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Beyond Home Markets

Every Region is Different
Different regions have different issuers, a different balance of sectors, and are often at different points in their economic cycles, resulting in notable dispersion in their calendar-year returns. On average, since 2015, there were more than seven percentage points of difference between the returns of the top- and bottom-performing markets. The biggest difference was 11.2 percentage points, between the Sterling and Canadian dollar markets in 2016.
Calendar year total returns, in U.S. dollars, for seven individual credit markets, 2015 – 2024
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2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
CHF 3.3% 12.8% 5.9% 3.7% 12.8% 10.2% -0.1% -7.3% 12.2% 9.8%
CAD 2.7% 6.3% 4.8% 3.4% 11.2% 8.7% -0.5% -8.3% 10.8% 7.3%
JPY 1.3% 4.4% 4.4% 1.9% 9.4% 8.3% -1.0% -10.1% 10.6% 6.4%
AUD 0.7% 3.3% 4.3% 1.7% 8.5% 6.6% -1.7% -11.1% 9.9% 5.0%
GBP 0.0% 2.7% 3.0% 1.5% 7.7% 6.5% -2.0% -11.6% 7.9% 5.0%
EURO -0.2% 2.6% 2.7% -0.6% 7.3% 4.2% -2.6% -17.8% 7.4% 2.0%
USD -0.9% 1.6% 2.5% -5.3% 6.5% 2.6% -3.1% -18.1% 5.8% 0.3%
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