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The S&P 500 price return was 17% in 2025. However, over the same period, an unhedged Euro investment in the S&P 500 only returned 2%, without counting dividends. This is due to the depreciation of the U.S. Dollar versus the Euro during the year. This highlights the importance that currencies play in calculating returns for foreign investors.
 

Source: Yahoo Finance, The Business Week Graphic
Percentages are rounded up. This graph was produced by Lucas Juery, CFA, CFP^Ⓡ and is not intended to provide financial advice.

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