Which assets performed best in 2025? Stocks, gold, bonds, crypto and global markets explained, with returns, risk levels and what to expect in 2026.

Best Performing Assets in 2025: Returns, Gold and Markets

Best Performing Investment Assets 2025 and What It Means for 2026

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 FTSE 100, S&P 500 and NASDAQ approximate returns from market data; Premium Bonds prize fund rate from National Savings & Investments (NS&I); gold and silver performance from Gold Avenue market analysis; inflation data from official CPI releases.

Bar chart showing investment returns over the past 5 years for various assets. 

The FTSE 100 delivered a strong year, rising around 23% total return, supported by energy, mining and financials. The index’s high dividend yield also helped in total-return terms.

The S&P 500 rose around 17%, benefiting from resilient corporate earnings and strong demand for large, profitable companies. Its broad sector exposure helped diversify sources of return.

US Technology Stocks: NASDAQ Composite +28%

The NASDAQ Composite, which is more heavily weighted toward technology and innovation, delivered growth of around +28% in 2025. It outpaced broader markets thanks to AI, cloud, and semiconductor demand. However, it also exhibited higher volatility, reflecting sensitivity to interest rates and valuation risk.

UK gilts delivered 0% - 2%, while corporate bonds generally returned 1% - 4%, helping reduce portfolio volatility and provide income, even as they lagged equities and precious metals in headline performance.

Pink piggy banks

Cash and Cash ISAs paid 4.3% - 5.0%, one of the most attractive environments in years, though real returns were limited once inflation is accounted for (CPI and core measures discussed below). NS&I’s Premium Bonds had a 4.40% prize fund rate, with tax-free prizes but unpredictable individual payoffs.

Balanced or medium-risk pension funds typically finished 8% - 15% in 2025, varying by asset allocation. The long-term compounding and tax advantages of pensions remain more significant for retirement outcomes than year-to-year performance.

Property: Steady, Illiquid, Costly to Exit

UK property remained broadly stable with improving rental yields. However, low liquidity and high transaction costs (stamp duty, legal/agent fees) mean after-cost returns are lower than headline price changes suggest.

Gold rose around +62% in 2025, driven by inflation concerns, geopolitical risk, and safe-haven demand. Certain UK legal-tender gold coins are exempt from Capital Gains Tax, enhancing after-tax returns for UK investors.

Silver delivered around +102%, benefiting from both safe-haven demand and industrial usage.

Inflation written in a chalkboard

When inflation exceeds nominal returns, real wealth falls.

UK headline CPI inflation eased during 2025, falling from around 3.8% to nearer 3.6% by late 2025, with some forecasts suggesting further decline toward 3% in early 2026.

Core inflation (excluding energy/food) remains a key focus in banking and markets for future policy direction.

Even with attractive nominal savings rates, cash real returns remained modest at best after accounting for inflation, reinforcing its role as a capital-preservation tool.

“Best Performing” Depends on Your Strategy

No single asset is correct for every investor:

Growth-oriented investors may tolerate volatility.

Conservative investors prioritise stability.

Diversification remains the most effective way to balance return, risk and liquidity.

Performance must always be judged in context.

Sophisticated investors track leading indicators that historically signal turning points or opportunities ahead. Here are some that you might like to follow:

1. Shiller P/E (CAPE): Long-Term Valuation Gauge

The Cyclically Adjusted Price-to-Earnings (CAPE) ratio smooths out earnings over 10 inflation-adjusted years to assess whether markets are rich or cheap relative to history. Valuations above long-term averages have historically correlated with lower long-term future returns, and vice versa.

Is the ratio rising above long-term norms? (Suggests cautious positioning)

Is it falling toward long-term means? (May indicate more compelling long-term entry points)

Robert Shiller’s own published data (often cited in FT/WSJ market coverage)

Valuation sections of major asset managers e.g. JPMorgan’s 

The yield curve plots interest rates from short to long-dated government bonds.

A normal (upward-sloping) curve suggests economic expansion.

An inverted curve (short rates > long rates) has historically preceded recessions by 6–24 months in many cycles.

UK Debt Management Office and BoE yield curve releases

Financial Times and Bloomberg yield curve dashboards

Real interest rates - nominal rates minus inflation expectations - shape asset returns:

Falling real rates often support gold and long-duration assets

Rising real rates can pressure growth and tech stocks

Market-based measures such as breakeven inflation spreads from inflation-linked bonds are widely tracked by JPMorgan and other major houses.

Markets respond more to inflation surprises relative to expectations than the headline figures themselves. Sources to follow include:

UK ONS CPI monthly releases (headline & core inflation)

A sudden shift in inflation trends often triggers reassessments in equity, bond and commodity markets.

Bank of England MPC minutes and Governor speeches (for UK rates)

Federal Reserve FOMC statements (for US monetary policy)

ECB/BoJ/other major central banks impacting FX, bonds and risk assets

Central bank guidance often moves markets more than single interest-rate decisions.

6. Other Useful Market Sources & Commentators

Goldman Sachs Macro & Markets Pulse: regular horizon scans

RBC Wealth Management Global Insight: UK-focused economic and asset outlooks

Schwab & Liz Ann Sonders: thoughtful monthly calls on macro drivers

FRED (Federal Reserve Economic Data): yield curves, real rates

Why these matter:
These sources combine market data, forward guidance and sentiment and offer early insight ahead of retail headlines. Institutional investors monitor them weekly or monthly to adjust allocations proactively.

2025 rewarded diversified investors who understood risk and context. For 2026, the ability to interpret valuation, economic signals, monetary policy, and inflation dynamics will be more important than ever.

Performance isn’t about chasing a single winner, it’s about understanding why assets move, and where the risks and opportunities lie next.

Gold offers several powerful advantages as a store of value. Discover why more and more investors are turning to this precious metal.

What are the advantages of gold compared to other investments?

A look at the strong changes in demand in the gold sector y-o-y.

A Shift in Gold Demand Trends

Good thing central banks can't print gold. 😉

21.9% Annual Inflation... and Counting

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#silversqueeze

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🔥 Gold VS Commodities 🔥

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Country-specific guides to understand gold as an investment in 2021 from the World Gold Council.

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