Commodities and cash were the only winners among the major asset classes in September. The rest of the field lost ground, led by property shares in the U.S. and around the world, based on a set of ETFs.
The big winner was commodities with a strong 4.5% gain last month. The increase extends the winning streak for raw materials to a third straight monthly advance, as measured by the iShares S&P GSCI Commodity-Indexed Trust (GSG), an energy-heavy portfolio. A cash proxy (SHV) was the only other gainer in September, posting a 0.3% increase.
Widespread selling took a toll on the rest of the major asset classes. U.S. real estate investment trusts suffered the most, dropping 6.2%, based on Vanguard Real Estate (VNQ), the ETF’s steepest monthly decline in nearly two years.
The rout in the bond market became more conspicuous last month. The U.S. investment-grade bond fund (BND) fell 2.6%, marking its worst monthly decline in four years.
The recent correction across most markets has left a mixed profile for year-to-date results. Commodities (GSG) remain the standout performer by far in 2026, surging more than 54%. Stocks in the U.S. (VTI) and overseas (VEA and VWO) continue to post solid gains this year, while a fund tracking foreign property shares (VNQI) is leading the downside with a 7.2% loss.
In contrast with the latest rally in commodities overall, gold (GLD) bucked the trend, posting a steep 6.8% decline in September and is now nursing a modest loss for the year. Bitcoin (GBTC), by contrast, extended its recent rebound and rallied 5.9%, although the crypto fund remains moderately lower for the year.
The Global Market Index (GMI) shed 1.6% in September, marking its third loss in the past four months. GMI is an unmanaged benchmark (maintained by The Capital Spectator) that holds all the major asset classes (except cash) in market-value weights via ETFs and serves as a competitive benchmark for globally diversified, multi-asset-class portfolio strategies. Year to date, GMI is up 14.1%, outperforming the majority of its components so far in 2026.
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My portfolio experienced a different result. I noticed that my specific holdings did not follow the broad index trend.
AssetClass1, customize the weights and the holdings and you’ll get different results, for good or ill. In fact, customizing a portfolio to match your particular set of expectations, risk tolerance, time horizon, etc. is recommended. The passive benchmark portfolio simply offers context and is only appropriate for the theoretical investor, i.e., someone with an infinite time horizon, which is to say no actual person.