Nasdaq Index Performance: November 2022
November proved to be another positive month for the broader markets, with the Nasdaq-100 Index® rising 5.5%, marking the best month for the tech-heavy index since July. On a year-to-date basis, the Nasdaq-100 remains in the red with a loss of 26.3%, putting the index on track for its worst year since 2008 despite the bullish action we saw over the last two months. Out of the 100 indexes tracked in this report, 87 finished in positive territory, rising 6.3% on average. The top-performing index was the Nasdaq OMX Wind™, up 21.7%! On the other hand, the worst-performing index was the Nasdaq Etheruem Index™, with a loss of 18.1%.
The PHLX Gold/Silver Sector Index™ was the best-performing of the Nasdaq Featured Index lineup for November, rising 16.9%, up significantly from its gain of 2.4% in October. Outside the PHLX Gold/Silver Sector Index™, all indexes of the Nasdaq Featured Index lineup posted strong single-digit gains with strength from the Nasdaq Next Generation 100™, which gained 7.7%. The relative underperformer in the Nasdaq Featured Index lineup was the Nasdaq Innovators Completion Cap Index™, up 3.0%.
Global Indexes Performance
Performance across the suite of Nasdaq Global Indexes was overwhelmingly positive, with all nine indexes finishing the month in gains. The best-performing index was Nasdaq ASPA Ex Japan™, up 16.1%, followed closely by Nasdaq Emerging Markets™, up 15.0%. Other indexes which posted strong double-digit gains include Nasdaq Europe, up 11.3% and Nasdaq DM Ex United States, up 10.5%. The Nasdaq US Small Cap™ was the relative underperformer, up a modest 2.5%. The performance dispersion between developed and emerging markets narrowed from 11% the previous month to 8.3% this month.
The Nasdaq OMX Nordic lineup of indexes had a strong run in November with all indexes posting returns of approximately 7%, on average. The best-performing in the group was the OMX Copenhagen 25™ and OMX Nordic 40™, gaining 7.1% each.
Tech Suite Indexes Performance
Of the 27 indexes included in the Nasdaq Thematic/Tech suite, 20 finished in positive territory. The strongest performer was PHLX Semiconductor™, gaining 18.6%, followed closely by Nasdaq US Smart Semiconductor Index™, up 16.9%. Cybersecurity-related, cloud-related and digital payments-related indexes registered declines in November, with BVP Nasdaq Emerging Cloud™, declining the most by 6.7%. In addition to the above, Nasdaq Junior Biotechnology™ registered a decline of 0.6%. Two other indexes, Nasdaq Yewno Global Future Mobility™ and Nasdaq OMX Clean Edge Smart Grid Infrastructure™ were up double-digits. All other indexes finished the month with single-digit gains.
Dorsey Wright Indexes Performance
Performance of indexes in the Nasdaq Dorsey Wright Index lineup was in line with the previous month. All but two indexes finished in positive territory, with gains that were more muted than the previous month. Whereas in the month of October, seven momentum-driven indexes finished with double-digit gains, in the month of November, only one index finished with double-digit gains. The best-performing index was Dorsey Wright Emerging Markets Tech Leaders™, up 14.4% for the month. On the other hand, Dorsey Wright Healthcare Tech Leaders™ declined 0.8%, making it the worst-performing index in the line-up. Basic Materials, Consumer Staples and Technology were particularly strong throughout November.
Dividend & Income Indexes Performance
As with the previous month, all indexes in the Nasdaq Dividend and Income suite moved higher in November except for the Nasdaq Select Canadian Preferred Share Index™, which fell 0.8%. The best performing was the Nasdaq Technology Dividend Index™, up 8.7%, followed by Nasdaq International Dividend Achievers Index™, up 6.7%.
Within the Nasdaq Options suite, the Credit Suisse Nasdaq Gold FLOWS103 Index™ was the top performer, gaining 6.6%. The Nasdaq-100 Monthly Net Credit Collar 95-100 Index™ which was up 0.7% was the relative underperformer in the lineup of Options Indexes. All indexes finished the month with gains.
Green Economy Indexes Performance
All indexes in the Nasdaq Green Economy suite moved higher in November, gaining 10.8% on average, registering average gains that were higher than the previous month. The best performing was the Nasdaq OMX Wind Index™, up 21.7%, followed by Nasdaq OMX Solar Index™, up 13.7%. The other indexes in the suite finished the month with single-digit gains.
Other Assets Indexes Performance
All indexes in the fixed income suite of Nasdaq BulletShares ended the month on a positive note, an improvement over the previous month where all but two indexes ended the month on a positive note. The BS Corporate Bond 2026 TR Index™ was the group’s best-performer, gaining 2.6%, while the worst-performing in the BulletShares lineup were the BS Emerging Markets 2022 TR Index™ and BS High Yield Corporate Bond 2022 TR Index, each with a gain of 0.3%.
Each of the three Nasdaq Crypto indexes tracked in this report declined in November, a strong reversal from the previous month when all indexes were up. The Nasdaq Crypto Index™ and the Nasdaq Bitcoin Index™ were down 16.6% each, making them the second-worst performing of all 100 indexes tracked in this report. The Nasdaq Etheruem Index™ was the worst-performing of the Nasdaq Crypto Indexes in the report posting a loss of 18.1%.
November Index Performance Summary
With two consecutive months of positive returns, there has been a sense of palpable relief among market participants after a particularly bearish year. Early signs of inflation cooling along with indications that the Fed will scale back the pace of rate hikes as early as December have calmed investor nerves in recent weeks. Much uncertainty remains over the trajectory of markets in the coming markets, as multiple headwinds weigh on markets including the Russia-Ukraine conflict, tensions over Taiwan escalating, the slowdown in China and fears of a U.S. recession. We remain careful to not draw comparisons with the Great Financial Crisis of 2008-2009 as the fault lines on which the U.S. economy rest are different this time around. While there is, by and large, broad consensus surrounding the likelihood of a recession, it is less clear how long or severe it will be. Overall, we’d like to reiterate that the fundamental underpinnings of the Nasdaq-100 remain strong, as we head into the final month of 2022.
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Nasdaq Index Insights Team
Nasdaq
Nasdaq calculates more than 40,000 diverse indexes, providing coverage across asset classes, countries and sectors.
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