2022 was a brutal year for stocks and bonds. The S&P 500 fell 19%, its worst performance since 2008. The Dow fared the best of the major indexes, losing “only” about 9%.
The Nasdaq plunged 33%, as many earlier high-flying stocks were beaten down. The tech-heavy index underperformed the broader benchmark by the biggest margin since 2002, per WSJ.
The iShares MSCI Turkey ETF TUR was the top performing unleveraged ETF with a gain of over 100%. Domestic investors piled into Turkish stocks as inflation surged to over 80%. The central bank shocked global experts by continuing interest rate cuts to boost growth even as the lira slumped almost 30% against the dollar.
The Simplify Interest Rate Hedge ETF PFIX, which seeks to hedge interest rate movements arising from rising long-term interest rates and to benefit from market stress when fixed income volatility increases, gained over 90%.
Crypto and blockchain related ETFs were among the worst performing areas as Bitcoin plunged about 65% last year. The Viridi Bitcoin Miners ETF (RIGZ), which liquidated yesterday, was down 87%.
Cannabis stocks and ETFs suffered from Democrats’ failure to pass any banking reforms for marijuana companies. With a Republicans House majority now, there is little hope of any legal reforms over the next two years.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.