Markets remained mixed for a second month in July, based on a set of ETFs tracking the major asset classes. The main event in last month’s performance review: commodities rebounded after a sharp selloff in June, outperforming the other asset classes by a wide margin. Another notable development in July: the recent rally in real estate continued and widened into foreign shares.

A broad measure of commodities (GSG) was the big winner last month, soaring 12.0% as the resumption of hostilities in the Middle East lifted energy prices. Year to date, commodities (GSG) retain a strong edge over the rest of the major asset classes, posting a near‑39% advance.

US stocks (VTI) fell for a second straight month in July, although the loss was a mild -0.5%, in line with the previous month’s decline. Year to date, VTI is up a solid 10.5%—a respectable gain in the context of the long‑run record, although by recent standards it’s below average.

US bonds (BND), by contrast, were among the weakest performers last month, shedding 1.3% in July. For the year so far, BND slipped into the red, dipping 0.5%.

US real estate shares (VNQ) extended their recent strength, rallying 2.6% last month and posting a 14.0% year‑to‑date gain—second only to commodities (GSG) in the current 2026 ledger. Foreign property shares (VNQI) joined the party, matching VNQ’s advance in July.

The Global Market Index (GMI) fell for a second straight month, easing 0.6%. 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. For the year so far, GMI is ahead 9.3%, outperforming most of its components in 2026.