Market volatility has left its imprint in 2025. Turbulence from tariffs, tech, and more have shaken investors’ confidence at times. Many folks looked for safety during those down periods. Yet, the US stock market overall has delivered a strong performance. So, who are the leaders and laggards as this year comes closer to wrapping up? And what should you watch with 2026 fast-approaching? Morningstar Indexes strategist and columnist Dan Lefkovitz has examined this year’s investment performance.

5 Investing Surprises From 2025

On this episode:

00:00:00 Welcome

00:02:45 Market volatility ebbed and flowed in 2025. How volatile was the US stock market this year compared to recent years? 

00:03:51 What has driven the volatility this year? 

00:05:16 During these down periods, where did investors hide or seek safety? 

00:06:04 Let’s zoom in on the investment leaders and laggards this year. What areas are outperforming, and which ones are underperforming? 

00:06:43 You research the performance of investment factors which can drive risk and return. What has been the leading factor this year, and why?

00:08:32 Leadership changed throughout the year. What caused those changes? 

00:09:33 Q4 will end in a few weeks. What areas should investors watch as we head into 2026? 

00:11:22 We’ve discussed market volatility in 2025. What takeaways can we bring with us into the new year?

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