This page shows the performance of the S&P 500 and the MSCI All Country World ex-U.S. indices in U.S. dollar terms, starting in December 1996 and indexed to 100. From the late 1990s up to the Global Financial Crisis, U.S. and international equity markets performed similarly – with international markets slightly outperforming U.S. markets. However, between 2009 and the peak reached in 2020, the U.S. stock market gained over 400%, while the international market was up less than half of that. This outperformance was largely due to the stronger economic and earnings recovery in the U.S. post-Financial Crisis, while regions such as EM (emerging markets) and Europe were held back by falling commodity prices and a double-dip recession, respectively. The box in the upper left shows the price-to-earnings ratio and dividend yield for each index. Currently, international markets are trading at more attractive valuations and offer a higher dividend yield than their U.S. counterparts.