This chart compares the trajectory of a portfolio invested either in the U.S. or in European equity markets. Each curve starts from the center of the chart, echoing the position of an investor hesitating between the two sides of the Atlantic. Each trajectory represents cumulative returns over a five-year period: the lowest curve corresponds to 1995–2000, while the highest reflects 2020–2025. Despite differences in performance levels, the shapes of the trajectories display a clear symmetry, highlighting the strong interactions between US and European markets. 

• 1995–2000: US +124%, Europe +101%.

• 2001–2005: US −1%, Europe +22%. 

• 2006–2010: US +6%, Europe +4%. 

• 2011–2015: US +77%, Europe +20%.

• 2016–2020: US +114%, Europe +50%.

• 2021–2025: US +83%, Europe +47%. 

Data: Monthly index values for S&P 500 and STOXX Europe 600 from February 1992 to July 2025. Cumulative returns calculated for six consecutive 5-year periods. Returns normalized to period start values.