Nasdaq Monthly Index Performance Commentary – October 2025

• The Nasdaq-100 Index^® (NDX^®) continued to set new all-time highs as it finished October higher by 4.8%, its seventh straight monthly gain; NDX is now up 23.1% YTD.
• A strong start to Q3 earnings season – especially for NDX companies – continues to support the fundamental tailwinds for U.S. equities amidst elevated valuations. From a top-down perspective, ongoing accommodative financial conditions, a steady economic backdrop, and softened U.S.-China trade tariff rhetoric have further fueled risk assets.
• Performance across Nasdaq’s suite of indexes finished mixed in October with 72 of the 123 indexes tracked in our report posting gains, and the average index was up 1.5%.

Chart of the Month

_{Source: FactSet. As of October 31, 2025.}

Executive Summary

With U.S. equity volatility receding to below the five-year average of around 24 on the VXN (the CBOE NDX Volatility Index) after Q2 peak trade tariff concerns, markets became relatively complacent. Then the renewed U.S.-China trade spat briefly pushed VXN towards 30 on October 16^th. Although the rhetoric has calmed between the two countries as Presidents Trump and Xi met at the end of October, it served as a reminder that while the global economy avoided the worst-case scenarios of a trade war post the U.S.’s original announcement on April 2^nd, trade tariff uncertainties linger – although have likely been pushed out of the short term with a year-long trade truce announced.

Adding to the market cross-currents in October were pockets of private credit stresses via a handful of bankruptcies and regional bank exposures. These concerns were visible through wider U.S. high yield corporate spreads relative to Treasurys, and a sell-off in banks and publicly traded private market and alternative investment managers. However, with U.S. investment grade corporate spreads remaining near their tights, this is not being viewed as a systemic issue for now. Layering in the Fed cutting rates again on October 29^th in addition to ending its Quantitative Tightening (QT) program and the markets pricing in closer to three more rates cuts by the end of 2026, financial conditions remain accommodative amidst a relatively resilient U.S. economy (thanks in large part to accelerating AI-related investments). This relatively supportive top-down backdrop for risk assets is also evident from a bottom-up perspective given a solid Q3 earnings season thus far for NDX. 

Nasdaq Indexes October 2025 Performance Recap

Among the 123 indexes tracked in this report, 72 finished October in positive territory, while 51 ended with negative returns. The best-performing index was the Nasdaq Sprott Lithium Miners™ Index (NSLITP™), delivering a return of 14.2%. The worst performance was from the Nasdaq Ether Settlement Price™ Index (NQETHS™) which lost 6.5% for the month. The average return across all 123 indexes for the month was +1.5%.

Nasdaq Featured Indexes

12 out of the 14 Nasdaq Featured Indexes registered positive returns in October. The Nasdaq-100 Dorsey Wright Momentum™ Index (NDXDWA™) was the top performer, registering a return of 8.0% while the Nasdaq-100 Low Volatility™ Index (NDXLV™) was the bottom performer in the group again with a loss of 2.7%. Most major tech firms posted earnings growth that beat Wall Street forecasts, propelling the Nasdaq-100 Index^® (NDX^®) higher by 4.8%. The Nasdaq-100 Top 30™ Index (NDX30™) was up 5.5% and the Nasdaq-100 Mega™ Index (NDXMEGA™) climbed 6.0%; the Nasdaq-100 Equal Weighted™ (NDXE™) underperformed with a gain of only 2.0%. Overall, this group of indexes was up by an average of 3.4%, outperforming the broad average.

Nasdaq Global Indexes

Performance across the Nasdaq Global Indexes was also strong as eight out of the nine indexes in the group had positive returns for October. U.S. large caps maintained their lead over mid and small caps, reinforcing some concerns around market breadth and the sustainability of the equity rally. Asia Pacific ex-Japan outpaced Europe, with the Nasdaq ASPA Ex Japan™ Index (NQASPAXJP™) the best performer, rising 3.4%. The Nasdaq US Mid Cap™ Index (NQUSM™) was the bottom performer of the group again with a loss of 0.3%. The Nasdaq Global™ Index (NQGI™) had a return of 2.0% and the Nasdaq Developed Markets™ Index (NQDM™) rose 2.0%. The average return for this group of indexes was +1.6%.

Nasdaq Sector-Specific Indexes

All six indexes within Nasdaq’s sector-specific suite were negative. The KBW Financial Sector Dividend Yield™ Index (KDX™) led the group, down only 0.2%. The PHLX Gold/Silver™ Index (XAU™) fell 5.9% in October after gold hit a record on retail-driven buying, before retreating sharply to end the month. Despite the pullback, the index has gained 103.9% YTD. The KBW Property & Casualty™ Index (KPX™) was the weakest performer, dropping 6.0%.

Nasdaq Thematic Indexes

Overall performance across the Nasdaq Thematic Tech lineup was largely positive with 19 out of the 25 indexes in the suite recording gains, averaging 3.2%. The best performing index in the group was the PHLX Semiconductor™ Index (SOX™) with a return of 13.5%. The Nasdaq US Smart Semiconductor™ Index (NQSSSE™) was also a strong performer, gaining 12.8%. The Nasdaq CTA Global Digital Health™ Index (BEWELL™) was the worst performer, posting a loss of 6.2%. The Artificial Intelligence (AI) theme continued to be strong as the Nasdaq CTA Artificial Intelligence™ Index (NQINTEL™) and the Nasdaq Global AI and Big Data™ Index  (NYGBIG™) were up 9.7% and 6.3% respectively.

Nine out of the 13 indexes in the Nasdaq Thematic Renewables and Energy Transition Materials suite posted gains this month, with an average return of 4.4%. The Nasdaq Sprott Lithium Miners™ Index (NSLITP™) led with a 14.2% surge, while the Nasdaq Clean Edge Green Energy™ Index (CELS™) also posted a double-digit rise of 10.9%. The Nasdaq Sprott Nickel Miners™ Index (NSNIKL™) was the worst performer, slipping 2.2% in October.

The Nasdaq Crypto suite posted an average decline of 5.3%, with all four indexes in negative territory. Bitcoin hit an all-time high on October 6, but days later, over $19 billion in liquidations triggered by escalating U.S.-China trade tensions coincided with a broad selloff across major tokens. The Nasdaq Bitcoin Settlement Price™ Index (NQBTCS™) led the group with the smallest loss at 4.0%, while the Nasdaq Ether Settlement Price™ Index (NQETHS™) had the lowest return, down 6.5%.

Nasdaq Quantitative Indexes

Across the index suites comprising Nasdaq’s quantitative offerings, 24 out of the 52 indexes posted gains in October, averaging a 0.5% return.

Within the Dorsey Wright momentum suite, the Dorsey Wright Healthcare Tech Leaders™ Index (DWHC™) was the best performer again, up 10.3%. The Dorsey Wright Consumer Staples Tech Leaders™ Index (DWCS™) was the weakest, down 6.5%. Overall, half of the 16 indexes in the suite were positive with an average gain of 1.4%.

Nine out of the 15 indexes in the Nasdaq Dividend and Income suite posted losses this month, with an average return of -0.5%.

Nine out of the 11 indexes in the Nasdaq Multifactor suite posted losses this month, with an average return of -1.2%.

Eight out of the ten indexes in the Nasdaq Options & Other Quantitative suite saw gains this month, with an average return of 2.7%. All seven NDX options indexes were positive.

Nasdaq Volatility and Risk Control Indexes

All 20 indexes in the Nasdaq Volatility and Risk Control Index Suites registered positive returns. Overall, the average performance was a gain of 2.6%. Given gains across the board, the indexes with the highest volatility targets fared better than indexes with lower volatility targets.

The Nasdaq-100 Risk Control 40™ Index (NXQR40™) was the best performer, up 12.0%, while the Nasdaq-100 Volatility Control 5% NC™ Index (XNDX5NC™) was the lowest performer, registering a positive return of 0.5%.

Disclaimer:

_{Nasdaq^® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.}

_{Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will,” “believe” and other words and terms of similar meaning. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.}

_{© 2025. Nasdaq, Inc. All Rights Reserved.}