International stocks gained ~33% for U.S. investors in 2025; S&P 500 rose 18%

International equities delivered roughly 33% to U.S. investors in 2025 via an ETF tracking the MSCI ACWI ex U.S., while the S&P 500 rose about 18%. The dollar fell around 9%, lifting dollar-based returns, and Goldman Sachs found most major indexes beat the S&P 500 even without currency effects.