With November market action now behind us, below is a look at what worked and what didn’t during the month. For each ETF across asset classes, we also include its performance (total return) since the close on Election Day (11/5) and on a year-to-date basis.
There’s been a stark difference in performance between US equities and international markets recently. While most US index ETFs were up 5-10% in November, most country ETFs shown on the right side of the matrix were in the red.
In the US, small-caps surged in November with the Russell 2,000 (IWM) up 11.1%. That compares to a gain of 5.96% for large caps (SPY).
Looking at sectors, Consumer Discretionary (XLY) led the way in November with a gain of 12.9%. Much of that gain is thanks to Tesla’s (TSLA) massive post-election move higher. On the flip side, Health Care (XLV) was the weakest sector in November with only a small gain of 0.4% and a drop of 0.3% since the election.
Commodity ETFs outside of natural gas and ag have also been weak recently, especially gold (GLD) and silver (SLV) which were up huge in 2024 prior to their November pullbacks. 
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