In my latest video update, I discuss the current breakdown of equity flows across the ETF market landscape. While the U.S. continues to hold a majority of total assets, year-to-date data shows a shift in momentum toward non-U.S. segments, specifically when I compare the Global Ex-U.S. composite against domestic funds.
Market Concentration: U.S. vs. Global Ex-U.S.
I am tracking a total equity ETF landscape that represents approximately $8.88 trillion in assets. The U.S. segment accounts for 82% of this total ($7.28 trillion), while the combined international segments—Developed Ex-U.S., Emerging, and Global mandates—make up the remaining 18%. This asset concentration remains the baseline against which I am measuring current flow rotations.
Benchmark Performance Comparison
My performance data shows a divergence between domestic and international benchmarks over the last twelve months. The Emerging Markets benchmark (EEM) reported a 41.77% total return, while the S&P 500 (SPY) returned 14.36%. I believe this relative strength in international markets is a primary factor influencing year-to-date capital allocation trends.
| Ticker | Fund Name | YTD TR | 1Y TR | 3Y TR (Ann) | 5Y TR (Ann) |
|---|---|---|---|---|---|
| SPY | SPDR S&P 500 ETF Trust | 1.07% | 14.36% | 21.39% | 14.04% |
| EFA | iShares MSCI EAFE ETF | 4.10% | 31.42% | 15.59% | 9.24% |
| EEM | iShares MSCI Emerging Markets ETF | 7.97% | 41.77% | 14.81% | 3.54% |
Flow Trends into Emerging Markets
Year-to-date, I’ve noted that non-U.S. categories have recorded $25.1 billion in inflows, compared to $15.4 billion for U.S. equity. For the month of January 2026, Emerging Markets have set a new record for monthly inflows. This trend reflects an ongoing reallocation as I see investors adjust positions based on the current performance environment across global segments.
January Emerging Markets Flow Data
Monthly data shows January 2026 as a historical high for inflows into Emerging Market mandates, totaling over $12.7 Billion through January 23rd.
The ETF Action Navigator tool is available for members to group market data by classification and factor to further analyze these trends. These shifts in flow and performance metrics remain key areas of observation for our team as we evaluate portfolio positioning.
