Our global markets watchlist tracks nine prominent indexes from economies around the world. The list includes the S&P 500 from the United States, TSX from Canada, the FTSE 100 from England, the DAXK from Germany, the CAC 40 from France, the Nikkei 225 from Japan, the Shanghai from China, the Hang Seng from Hong Kong, and the BSE SENSEX from India. For a look at how some emerging markets across the globe stack up against each other, read our emerging markets update.
Through July 20, 2026, five of the nine indexes on our watchlist remain in positive territory. Japan’s Nikkei 225 leads the pack with a 27.4% year-to-date gain, followed by the Canada’s TSX (+10.2%) and the U.S.’s S&P 500 (+8.7%). Conversely, India’s BSE SENSEX has struggled the most, down 8.8% for the year, while China’s Shanghai and Hong Kong’s Hang Seng follow with respective losses of 1.9% and 4.3%.
To provide additional context on where these indexes stand relative to their historical peaks, the table below shows each index’s current value, all-time peak, the date of that peak, and how far it is from that record level.
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).
The chart below illustrates the comparative performance of world markets since March 9, 2009. The start date is arbitrary: The S&P 500, TSX, 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.
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.
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.
Examples of single country ETFs:
- WisdomTree Japan Hedged Equity Fund (DXJ)
- WisdomTree Europe Hedged Equity Fund (HEDJ)
- KraneShares CSI China Internet ETF (KWEB)
- iShares MSCI India ETF (INDA)
- iShares MSCI Hong Kong ETF (EWH)
- iShares MSCI Canada ETF (EWC)
- SPDR S&P 500 ETF Trust (SPY)
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.
Originally published at Advisor Perspectives
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Facts Only
* Watchlist includes: S&P 500 (US), TSX (Canada), FTSE 100 (England), DAXK (Germany), CAC 40 (France), Nikkei 225 (Japan), Shanghai (China), Hang Seng (Hong Kong), and BSE SENSEX (India).
* As of July 20, 2026, five of the nine indexes are in positive territory.
* Nikkei 225 has a year-to-date gain of 27.4%.
* TSX has a year-to-date gain of 10.2%.
* S&P 500 has a year-to-date gain of 8.7%.
* BSE SENSEX is down 8.8% for the year.
* Shanghai has lost 1.9% for the year.
* Hang Seng has lost 4.3% for the year.
* The DAXK is tracked as a price-only index.
* Data visualizations are based on start dates including March 9, 2009, October 9, 2007, and the turn of the century (indexed at 800).
Executive Summary
Nine global indexes are tracked, including the S&P 500, TSX, FTSE 100, DAXK, CAC 40, Nikkei 225, Shanghai, Hang Seng, and BSE SENSEX. As of July 20, 2026, five of these nine indexes remain in positive territory. The Nikkei 225 leads with a 27.4% year-to-date gain, followed by the TSX (+10.2%) and S&P 500 (+8.7%). Conversely, the BSE SENSEX is down 8.8%, while the Shanghai and Hang Seng indexes show losses of 1.9% and 4.3%, respectively.
Contextual data shows performance relative to historical peaks. A chart starting March 9, 2009, illustrates comparative market performance using a log-scale vertical axis. A subsequent chart starting October 9, 2007 (a previous S&P 500 high) provides another visualization of market range. An additional visualization starting at the turn of the century indexes each market at 800 for the start date to assess longer-term relative performance.
Full Take
The presentation frames global market performance through a lens of divergent growth, highlighting relative success rather than absolute size. The pattern observed is that leading Asian markets (Japan) exhibit strong positive momentum, while emerging markets like India and China face significant headwinds compared to the developed economies in this specific snapshot. This juxtaposition creates an implicit narrative where Western indices lead the overall positive performance, contrasting with the struggles observed in some of the selected emerging markets.
The shift in historical starting points for the visualizations—from a recent recession start date to benchmark peaks in 2007–2009 and the turn of the century—demonstrates an attempt to establish relativity across vastly different temporal scales. This method forces the reader to confront performance not just against current benchmarks, but against historical turning points. The inclusion of specific ETF examples suggests a focus on actionable, investable segments within this broader context.
The implication is a constant tension between relative performance and absolute reality: while some markets are gaining, others are contracting. The structure subtly encourages the reader to assess whether their understanding of "positive territory" is consistent across different economic cycles and timeframes. The underlying pattern suggests that focusing solely on current gains risks ignoring deep structural divergence embedded in historical trajectories.
Bridge Questions: How do the specific recession start dates chosen for the visualization impact the perceived relative performance across geographies? What assumptions about global market synchronicity are embedded in presenting these nine indexes as a cohesive group? If sustained divergence is the norm, what metrics should supersede year-to-date percentage gains for assessing true long-term resilience?
Sentinel — Human
The text reads like a piece of analytical financial reporting, characterized by dense, data-driven structuring and specific contextual references rather than generalized prose.