From the Financial Crisis lows in March 2009, the global rally in equities has been primarily US-centric. While the MSCI US equity index is up over 250%, the MSCI Developed World Ex US (98.88%) and the MSCI Emerging Market (100.36%) indices are both up considerably less during this period in terms of US dollar adjusted returns, or the returns a US investor would have seen. While the three indices performed relatively in line with each other in the first two or so years of the bull market, the US really started to break away from the pack beginning in 2013.
The last several months, however, have been another story. The chart below is the same as above but shows dollar-adjusted returns only so far in 2017. Rather than leading the pack in 2017, the US is lagging. As shown, while the MSCI US index is up 6.2% on the year, the Developed World Ex-US index is outperforming the US slightly with a gain of 6.3%. The real showstopper has been the MSCI Emerging Markets Index which is up more than twice as much as the US and Developed World indices!