Africa Stocks Overtake US Shares as Top Performer in 2024

the possibility that the US stock market’s year-to-date performance would slip to second place as Africa shares rallied. Nearly two weeks later, the switch is complete, based on a set of proxy ETFs.

On a more fundamental level, the leadership change this year in favor of AFK may reanimate the topic of international diversification. From a US-investor perspective, owning foreign shares in recent years has incurred a non-trivial opportunity cost. But the core argument for going global has suffered in recent years as foreign returns overall have lagged and the correlation between US shares and offshore stocks has increased.

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