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  1. Modern Alpha Channel – ETF Database
  2. World Markets: Update For May 15, 2023
Modern Alpha Channel - ETF Database
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World Markets: Update For May 15, 2023

Jennifer NashMay 15, 2023
2023-05-15

 All eight indexes on our world watch list posted gains through May 15, 2023. France’s CAC 40 finished in the top spot with a YTD gain of 14.59%. Tokyo’s Nikkei 225 moved up to second with a YTD gain of 13.53% while Germany’s DAXK dropped to third with a YTD gain of 11.13%.

World Markets Update: May 15
World Markets Update: May 15

World Indexes and Recent Recessions

Let’s start with a very recent chart with the latest recession. We’ve used February 3, 2020 for our start date (this is the official NBER recession start).


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World Markets Update: May 15

The chart below illustrates the comparative performance of world markets since March 9, 2009. The start date is arbitrary: The S&P 500, CAC 40 and BSE SENSEX hit their lows on March 9th, the Nikkei 225 on March 10th, the DAXK on March 6th, the FTSE on March 3rd, the Shanghai Composite on November 4, 2008, and the Hang Seng even earlier on October 27, 2008. However, by aligning on the same day and using a log-scale vertical axis, we get an excellent visualization of the relative performance. I’ve indexed each of the eight to 800 on the March 9th start date. The callout in the upper left corner shows the percent change from the start date to the latest weekly close.

World Markets Update: May 15

Here is the same visualization, this time starting on October 9, 2007, a previous closing high for the S&P 500. This date is also approximately the mid-point of the range of market peaks, which started on June 1st for the CAC 40 and ended on January 8, 2008 for the SENSEX.

World Markets Update: May 15

For a longer look at the relative performance, our final chart starts at the turn of the century, again indexing each at 800 for the start date.

World Markets Update: May 15

Examples of single country ETFs: 

  • WisdomTree Japan Hedged Equity Fund (DXJ B-)
  • WisdomTree Europe Hedged Equity Fund (HEDJ B)
  • KraneShares CSI China Internet ETF (KWEB B)
  • iShares MSCI India ETF (INDA C+)
  • iShares MSCI Hong Kong ETF (EWH B+)
  • SPDR S&P 500 ETF Trust (SPY A)

Note: I track Germany’s DAXK a price-only index, instead of the more familiar DAX index (which includes dividends), for consistency with the other indexes, which do not include dividends.

For more news, information, and analysis, visit the Modern Alpha Channel.

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