Aug 14, 2026 – 2.24pmTwo important observations emerge from 30 years of investment market data. First, US stocks have overwhelmingly dominated global returns and, second, long-term investors may be more skewed to growth assets than they originally intended.As the chart shows, US shares have trumped all other asset classes by a decent margin. A sum of $10,000 tipped into US stocks in 1996 would, for example, have made you $85,000 richer than investing the same amount in Australian shares, which was the next best performing asset class.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Jessica PennyWealth reporterJessica Penny is a wealth reporter for The Australian Financial Review in the Sydney newsroom. Email Jessica at jessica.penny@afr.comFetching latest articles
The big risk lurking in 30 years of market data
Exclusive Vanguard analysis shows how without regular rebalancing, balanced portfolios can turn into high-risk bets.
TL;DRAI
US equities generated $85,000 more per $10,000 invested since 1996 than the next-best asset class over three decades. This creates hidden concentration risk: long-term portfolios unintentionally skewed toward US growth, straying from intended allocation strategies.
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