Market Extra: These are the best—and worst—performing assets of 2016

Brazilian and Russian stocks, joined by crude oil, top the table when it comes to price performance in 2016, while Britain’s vote to exit the European Union mangled the British pound.

Shanghai shares and, in particular, cocoa also lagged well behind.

The table below breaks down the price action, according to FactSet, in U.S. dollars through Thursday, Dec. 29, for a selected array of investments:

Investment Asset Class YTD price change (in U.S. dollar terms)
Brazil Bovespa Stocks 68.9%
Brent crude oil Commodity 52.5%
Russia MICEX Index Stocks 51.0%
WTI crude oil Commodity 45.3%
Sugar Commodity 27.9%
Silver Commodity 17.5%
Soybeans Commodity 17.1%
High-grade copper Commodity 16.5%
Bloomberg Commodity Index Commodity 11.6%
S&P 500 Index Stocks 10.1%
Gold Commodity 9.4%
MSCI Emerging Markets Index Stocks 7.2%
MSCI World Index Stocks 5.3%
ICE U.S. Dollar Index Currencies 4.0%
Japan Nikkei 225 Index Stocks 3.8%
U.S. dollar/Japanese yen Currencies -0.3%
Hong Kong Hang Seng Stocks -0.6%
Corn Commodity -2.5%
iShares 20+ Year U.S. Treasury ETF Bond -1.4%
Euro/U.S. dollar Currencies -3.4%
European Stoxx 600 Index Stocks -4.9%
U.K. FTSE 100 Index Stocks -5.1%
Italy FTSEMIB Index Stocks -13.4%
Wheat Commodity -13.8%
British pound/U.S. dollar Currencies -16.9%
Shanghai SSE Composite Index Stocks -18.3%
Cocoa Commodity -33.1%

No doubt, Brexit and Donald Trump’s U.S. presidential election victory were the biggest events for markets in 2016.

Brexit sent the British pound GBPUSD, +0.6687%  reeling to trade near levels last seen in the mid-1980s and ensuring sterling a place toward the bottom of the table. But the weak pound has proven a boon for export-heavy U.K. stocks, at least in pound terms. The FTSE 100 UKX, +0.32%  is up an impressive 13.8% in local terms. The pound’s slide leaves the stock index down 5.1% in dollar terms over the same stretch.

Read: These ETFs could make your 2017 a happy new year

Also see: Mark Hulbert: Best stocks for 2017 might be the worst performers of 2016

Defying predictions of doom, Trump’s victory saw U.S. stocks quickly resume an uptrend that began earlier in the summer, with the S&P 500 SPX, -0.46%  hitting a string of records and the Dow industrials DJIA, -0.29%  coming within spitting distance of the 20,000 milestone before a bout of year-end softness.

Bonds sold off sharply, meanwhile, as the more-aggressive fiscal spending and reflationary policy expected to be favored by Trump stoked concerns about increased issuance of U.S. Treasurys and a more-aggressive Federal Reserve. That also served to bolster the dollar, with the ICE U.S. dollar index DXY, -0.26%  , a measure of the unit against a basket of six major rivals, trading near a 14-year high.

The top of the performance table is dominated by formerly beaten down assets. Brazil’s Bovespa index BVSP, +0.75%  , which fell 42% in 2014 in dollar terms, roared to life after the impeachment of Dilma Rousseff, who was replaced as president by Michael Temer. Higher oil prices also helped as investors look for the country to exit a deep recession.

Oil’s rebound was also a salve for Russian stocks, allowing the Micex Index to jump more than 51% on a dollar basis. A surging ruble USDRUB, +1.6595%  —the dollar is down around 15% versus the Russian currency in 2016— helped. An exchange-traded fund holding Russian stocks ranked No. 1 in a list of 2016’s top-performing foreign equity ETFs.

Oil is likely to remain a key factor in Russia’s 2017 performance.

Investors will also be keeping an eye on U.S.-Russian relations. The ruble was dented late December after the Obama administration ordered the expulsion of 35 Russian diplomats from the U.S. and took other measures. Russian President Vladimir Putin said Moscow reserved the right to respond but wouldn’t expel any U.S. diplomats. Trump is expected to take a much softer tack with Moscow, having dismissed findings by U.S. intelligence agencies that Russia hacked Democratic party websites in an effort to undermine Democratic nominee Hillary Clinton.

Oil, meanwhile, is ending 2016 on a strong note, building on gains after the Organization of the Petroleum Exporting Countries and other major producing nations agreed to limit production. Brent crude UK:LCOG7  , the global benchmark, is up more than 51%, while West Texas Intermediate CLG7, +0.22%  , the U.S. benchmark, is up more than 40%, on hopes the agreements will be adhered to and help dispel a global glut that has weighed heavily on prices since mid-2014.

Indeed, it’s been a strong year overall for commodities, ensuring the Bloomberg Commodity Index will see its first annual gain in six years. Oil was a big factor, though solid performances by industrial metals were also a major driver.

See: The big winners in commodities—and why the rally will run into 2017

And what about poor cocoa? A rise in output out of West Africa and concerns about demand have stoked worries that the flavorful commodity is headed for a glut of its own.

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