Global markets have shown uneven growth in 2026, with most major indexes posting gains despite persistent struggles in India and China. Of the nine prominent benchmarks tracked, seven remain in positive territory as of August 10, led by Japan’s Nikkei 225, which has surged 33% year-to-date.
Canada’s TSX and the U.S. S&P 500 follow with gains of 15% and 13.3%. The BSE SENSEX in India has fared the worst, down 7.8%, while China’s Shanghai Composite hovers just below break-even, with a fractional loss of 0.06%.
How far are markets from their peaks?
A comparison of current values against all-time highs reveals stark differences in recovery. The table below shows each index’s current value, all-time peak, the date of that peak, and how far it is from that record level.
Markets often move together during crises but split later. After the 2008 financial crisis, most indexes hit bottom around the same time, yet their recoveries varied widely. The S&P 500 and TSX recovered within years, while Japan’s index took until 2013 to pass its pre-crisis level. The trend indicates that while global shocks create temporary alignment, local factors like monetary policy and sector exposure shape long-term results.
Performance since the last two recessions
Charts tracking these indexes from March 9, 2009, and October 9, 2007, highlight their relative strength. The 2009 starting point marks post-crisis lows for most markets, though the Hang Seng began recovering earlier. Indexing each to 800 at that date shows the Nikkei 225 as the top performer, more than tripling since then.
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The 2007 benchmark, tied to the S&P 500’s pre-recession high, presents a different picture. From that point, the U.S. and Canadian indexes have roughly doubled, while Germany’s DAXK and the FTSE 100 barely outpaced inflation. China’s index remains below its 2007 level despite the country’s economic expansion.
Investors eye single-country ETFs
Exchange-traded funds provide targeted exposure to these differences. The WisdomTree Japan Hedged Equity Fund (DXJ) has gained attention as the Nikkei 225 rises, while the KraneShares CSI China Internet ETF (KWEB) fluctuates amid regulatory changes. The iShares MSCI Hong Kong ETF (EWH) has also drawn interest, though broader market instability has limited its gains.
One technical detail: The DAXK, a price-only index, replaces Germany’s more familiar DAX, which includes dividends. The choice aligns with other benchmarks, which also exclude dividend reinvestment.
The data makes clear which markets have led the recovery. Whether India and China can catch up before the next downturn remains uncertain.
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