MSCI Europe is up about 8-9% in euros so far this year—roughly the same as the S&P 500 in dollars. But the euro itself has climbed ~10% YTD vs the dollar (≈ $1

MSCI Europe is up about 8-9% in euros so far this year—roughly the same as the S&P 500 in dollars. But the euro itself has climbed ~10% YTD vs the dollar (≈ $1.02 → $1.12-1.18). So you get an ~18% gain if you invest in MSCI Europe in dollars. Europe hasn't "beaten" US stocks because its companies suddenly out-executed; most of the gap is the stronger euro. Not that it matters who’s "winning." My gripe is with US headlines that shout "Japan stocks are on fire" or "Europe stocks are on fire," when what’s really happening is that global markets are rising together and currency swings make one region look better than another.