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1. Shard Calculation

Query:

Response:

Calculated Shard: 133 (from laksa109)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa133.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.visualcapitalist.com/sp/msci07-how-value-stocks-have-outperformed-internationally/\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.visualcapitalist.com/sp/msci07-how-value-stocks-have-outperformed-internationally/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.visualcapitalist.com\/sp\/msci07-how-value-stocks-have-outperformed-internationally\/","crawl_time":1775931676,"first_indexed_time":1757525857,"http_code":200,"src_unparsed":"com,visualcapitalist!www,\/sp\/msci07-how-value-stocks-have-outperformed-internationally\/ s443","src_root_hash":"14085349958231439733","history_drop_reason":null,"meta_title":"Value Stocks: U.S. Drag, International Boost?","meta_descriptions":["Value stocks outside the U.S. have outperformed their benchmark, making them a key consideration for international portfolios."],"attrs_boilerpipe_text":"Key Takeaways\nOutside the U.S., value stocks have outperformed their benchmark.\nThis is in contrast to the U.S., where value investing has underperformed over various timeframes.\nInvestors can consider incorporating the value factor in their international allocations.\nValue stocks are living a double life—and if you’re looking only at the U.S., you might be missing the plot. While value strategies have struggled on U.S. turf, markets beyond American borders tell a very different story.\nThis graphic, in partnership with\nMSCI\n, shows how value stocks outside the U.S. have outperformed their benchmarks while underperforming domestically.\nWhat is Value Investing?\nValue investing involves buying stocks that appear undervalued. This means looking at metrics like price-to-book value, price-to-forward earnings, and enterprise value-to-cash flow from operations. \nValue is one element of\nfactor investing\nthat investors can look at when targeting characteristics that can help explain the bulk of stocks’ risk and return.\nThe Performance of Value Stocks\nIn recent years, the success of the value factor looks very different depending on where the stocks are located. The table below shows the difference in return between the value index and its benchmark.\nTimeframe\nValue Outside U.S.\nU.S. Value\nYear-to-Date\n+6.2%\n-0.3%\n3yr\n+5.0%\n-8.5%\n5yr\n+5.4%\n-3.4%\n10yr\n+0.0%\n-5.1%\nSince Nov. 28, 1997\n+2.4%\n-0.1%\nSource: MSCI, data as of July 31, 2025. Apart from year-to-date data, numbers are annualized gross returns. Value outside the U.S. represented by the MSCI World ex USA Enhanced Value Index (USD) with the MSCI World ex USA as the benchmark. U.S. value represented by the MSCI USA Enhanced Value Index (USD) with the MSCI USA Index as the benchmark.\nWithin the U.S., value stocks have lagged their benchmark over various timeframes. This was partly due to a long period of low interest rates and modest inflation which favors growth stocks. In particular, mega-growth stocks like the\nMagnificent Seven\nhave dominated stock market performance in America. These stocks’ ultra-high valuations mean they are excluded by many value strategies.\nHowever, in developed markets outside the U.S., value investing has seen stronger returns than its benchmark. Internationally, mega-cap stocks do not dominate the market, leaving more potential for value to outperform. \nFinancials, a core component of value strategies, saw a stronger rebound in markets like Europe, where banks were coming off years of negative rates. Unlike in the U.S., even modest post-COVID rate hikes significantly lifted margins. And with lower starting valuations in regions like Europe and Japan, these value-oriented banks had more room to rise as profitability improved.\nA World of Value\nWhile value stocks have underperformed in the U.S. and growth stocks have dominated the narrative, this is not the case elsewhere. \nHistorically, companies that appear undervalued have beaten their benchmarks in other developed markets. For the international allocations within portfolios, investors can consider incorporating value stocks.\nYou may also like\nEnergy\n3 months ago\n2026 Outlook: 4 Key Themes Defining Markets\nFrom AI’s leading investment rates to private credit liquidity risks, this expert market analysis outlines key investment themes in 2026.\nInvestor Education\n5 months ago\nWhen Float Rises, Stock Prices Often Follow\nAfter an increase in free float, which is the number of publicly-traded company shares, stock prices tend to rise the next month.\nInvestor Education\n8 months ago\nWhich Countries Are Winning the Resilience Race?\nDiscover which economies lead in climate resilience firms—and how investors can spot opportunities in this growing market.\nInvestor Education\n8 months ago\nChina’s Economy vs. Market Cap: A Global Imbalance\nChina’s economy is a large percentage of global GDP, but the country has a small weight in equity markets—here’s what investors need to know.\nInvestor Education\n10 months ago\nA New Framework for Personalized Financial Portfolio Alignment\nThe MSCI Similarity Score compares a client’s financial portfolio to a model portfolio based on risk exposures, allowing for personalization.\nGreen\n11 months ago\nTracking Emissions: Corporate Concentration and Climate Progress\nJust 1% of companies are responsible for the majority of public company emissions. See the progress companies are making to reduce emissions.\nTechnology\n1 year ago\n3 Reasons Millennials Are Driving the AI Revolution\nMillennials are more likely to accept AI than older generations. What other factors could help them drive the AI revolution?\nTechnology\n1 year ago\nThe Fintech Frontier: How Digital Wallets Are Changing Payments\nDigital wallets have become the top payment method thanks to their convenience. How can investors track innovation in fintech companies?\nHealthcare\n1 year ago\nCharted: Deaths Related to Bacterial Infection vs. Research Efforts\nGlobally, nearly 14% of deaths are related to a bacterial infection—but research isn’t keeping up with the need for new treatments.\nHealthcare\n1 year ago\nVisualizing the Rise of Antibiotic Resistance\nAntibiotic resistance has nearly tripled in the last two decades, meaning treatments may no longer work for some bacterial infections.\nTechnology\n2 years ago\nCharting the Next Generation of Internet\nIn this graphic, Visual Capitalist has partnered with MSCI to explore the potential of satellite internet as the next generation of internet innovation.\nInvestor Education\n2 years ago\nHow MSCI Builds Thematic Indexes: A Step-by-Step Guide\nFrom developing an index objective to choosing relevant stocks, this graphic breaks down how MSCI builds thematic indexes using examples.\nMarkets\n2 years ago\nWeathering Physical Climate Risks: A Guide for Financial Professionals\nPhysical hazards like fires pose climate risks for companies, due to the added costs of asset damage and business interruption.\nGreen\n3 years ago\nVisualized: What Are the Climate Risks in a Portfolio?\nThis infographic shows the effects of climate change on investments, and how climate risks may affect a portfolio’s value.\nGreen\n3 years ago\nVisualized: An Investor’s Carbon Footprint, by Sector\nWhich sectors are the largest contributors to emissions? From energy to tech, this graphic shows carbon emissions by sector in 2023.\nInvestor Education\n3 years ago\nWhich Climate Metrics Suit Your Investment Goals Best?\nWhen selecting climate metrics, it is important to consider your purpose, the applicability and acceptability of the climate strategy, and the availability of historical data.\nHealthcare\n3 years ago\nInnovation in Virology: Vaccines and Antivirals\nVaccine development has grown six-fold since 1995. Learn how virology, the study of viruses, is driving innovation in the healthcare industry.\nMisc\n3 years ago\nInfographic: Investment Opportunities in Biotech\nCapture the investment opportunities in biotech with the MSCI Life Sciences Indexes, which target areas like virology and oncology.\nTechnology\n3 years ago\nIndustrial Automation: Who Leads the Robot Race?\nThis graphic from MSCI shows the pace of industrial automation across leading countries like China and the U.S.\nTechnology\n3 years ago\nRanking Industries by Their Potential for AI Automation\nAI automation is expected to impact some industries more than others. See the latest projections in this infographic.\nMarkets\n3 years ago\nHow Institutional Investors Can Approach Digital Assets\nDigital assets are gaining popularity due to their return potential and decentralized nature. How can institutional investors get exposure?\nTechnology\n3 years ago\nClassifying Digital Assets With a New Framework: Datonomy\nHow can investors get clarity on the thousands of digital assets available? A new structure classifies digital assets by their use cases.","attrs_markdown":"[![Visual Capitalist](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2024\/04\/VisualCapitalist-Logo.svg)](https:\/\/www.visualcapitalist.com\/)\n\n- [Subscribe to our Daily Newsletter](https:\/\/www.visualcapitalist.com\/subscribe_pages\/main\/)\n- [Browse Topics]()\n  - [Markets](https:\/\/www.visualcapitalist.com\/category\/markets\/)\n  - [Technology](https:\/\/www.visualcapitalist.com\/category\/technology\/)\n  - [Money](https:\/\/www.visualcapitalist.com\/category\/money-2\/)\n  - [Energy](https:\/\/www.visualcapitalist.com\/category\/energy\/)\n  - [Healthcare](https:\/\/www.visualcapitalist.com\/category\/healthcare\/)\n  - [Maps](https:\/\/www.visualcapitalist.com\/category\/misc\/maps\/)\n  - [Mining](https:\/\/www.visualcapitalist.com\/category\/mining\/)\n  - [Green](https:\/\/www.visualcapitalist.com\/category\/green\/)\n  - [Politics](https:\/\/www.visualcapitalist.com\/category\/politics\/)\n- [Partner With Us](https:\/\/www.visualcapitalist.com\/partnerwithus\/)\n- [VC+](https:\/\/store.visualcapitalist.com\/)\n- [Licensing](https:\/\/licensing.visualcapitalist.com\/)\n- [![green check-mark icon](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Creator Program](https:\/\/www.visualcapitalist.com\/sp\/msci07-how-value-stocks-have-outperformed-internationally\/)\n  - 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[![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)SpaceX’s IPO Would Make It a Top 10 Company Globally](https:\/\/www.visualcapitalist.com\/spacex-ipo-top-10-company-market-cap\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Charted: The Global Stock Selloff as Oil Fears Rise](https:\/\/www.visualcapitalist.com\/rocky-month-for-global-stock-indexes\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Warren Buffett vs. the S\\&P 500: Growth of \\$100 (1965–2025)](https:\/\/www.visualcapitalist.com\/warren-buffett-vs-the-sp-500-growth-of-100-1965-2025\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: The World’s Riskiest Markets in 2026](https:\/\/www.visualcapitalist.com\/mapped-the-worlds-riskiest-markets-in-2026\/)\n  - [![The world’s most valuable brands in 2026 ranked, led by Apple, Microsoft, and Google, with Nvidia climbing fast.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The World’s Most Valuable Brands in 2026](https:\/\/www.visualcapitalist.com\/ranked-the-worlds-most-valuable-brands-in-2026\/)\n- [Economy](https:\/\/www.visualcapitalist.com\/category\/economy\/)\n  - [![Map showing the countries using the euro as of 2026.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: How the Euro Spread Across Europe Since 1999](https:\/\/www.visualcapitalist.com\/mapped-the-eurozone-in-2026\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Tax Burden by State in America](https:\/\/www.visualcapitalist.com\/mapped-tax-burden-by-state-in-america\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Where Wealth Is Moving in America](https:\/\/www.visualcapitalist.com\/u-s-states-gaining-and-losing-the-most-wealth\/)\n  - [![Map of Europe showing government budgets as a percentage of GDP in 2025.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Europe’s Biggest Budget Deficits](https:\/\/www.visualcapitalist.com\/mapped-europes-biggest-budget-deficits\/)\n  - [![Infographic showing the 20 tallest buildings in the U.S.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: America’s 20 Tallest Buildings](https:\/\/www.visualcapitalist.com\/ranked-the-tallest-buildings-in-the-us\/)\n- [Technology](https:\/\/www.visualcapitalist.com\/category\/technology\/)\n  - 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[![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: America’s Data Center Construction Boom](https:\/\/www.visualcapitalist.com\/mapped-americas-data-center-construction-boom\/)\n- [Money](https:\/\/www.visualcapitalist.com\/category\/money-2\/)\n  - [![Map showing the countries using the euro as of 2026.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: How the Euro Spread Across Europe Since 1999](https:\/\/www.visualcapitalist.com\/mapped-the-eurozone-in-2026\/)\n  - [![Dumbbell chart showing real wage growth across major economies from 2010-2024 in PPP-adjusted terms.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: Wages by Country and Growth Since 2010](https:\/\/www.visualcapitalist.com\/which-countries-saw-the-fastest-real-wage-growth-since-2010\/)\n  - [![Map of Europe showing government budgets as a percentage of GDP in 2025.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Europe’s Biggest Budget Deficits](https:\/\/www.visualcapitalist.com\/mapped-europes-biggest-budget-deficits\/)\n  - [![Map of the U.S. showing the percentage of older people in different states who still work.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Where Americans 65+ Are Still Working](https:\/\/www.visualcapitalist.com\/mapped-where-americans-65-are-still-working\/)\n  - [![Infographic showing the 10 richest music artists by net worth.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The World’s Richest Music Artists](https:\/\/www.visualcapitalist.com\/ranked-the-worlds-richest-music-artists\/)\n- [Healthcare](https:\/\/www.visualcapitalist.com\/category\/healthcare\/)\n  - [![A map of U.S. life expectancy by state in 2022, ranging from 80.0 years in Hawaii to 72.2 years in West Virginia.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Life Expectancy by U.S. State](https:\/\/www.visualcapitalist.com\/mapped-us-life-expectancy-by-state\/)\n  - [![A map of diabetes prevalence by U.S. state shows where rates are highest, led by West Virginia and several Southern states.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: U.S. States With the Highest Diabetes Rates](https:\/\/www.visualcapitalist.com\/mapped-highest-diabetes-rates-by-state\/)\n  - [![A state-by-state look at obesity by state, highlighting the highest and lowest adult obesity rates across America.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Adult Obesity Rates Across All 50 U.S. States](https:\/\/www.visualcapitalist.com\/mapped-obesity-rates-highest-in-usa\/)\n  - [![Graphic exploring the 10 deadliest viruses ranked by fatality rate, their transmission routes, regions, and death tolls worldwide.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The World’s 10 Deadliest Viruses by Fatality Rate](https:\/\/www.visualcapitalist.com\/ranked-the-worlds-10-deadliest-viruses-by-fatality-rate\/)\n  - [![Map showing the average health insurance cost by state in 2026.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Health Insurance Costs by U.S. State in 2026](https:\/\/www.visualcapitalist.com\/map-health-insurance-costs-in-every-u-s-state-in-2026\/)\n- [Demographics](https:\/\/www.visualcapitalist.com\/category\/demographics\/)\n  - [![A ranked bar chart comparing the top 24 countries with the fastest population growth and all 24 countries with population decline from 2000 to 2025, showing percentage change.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The World’s Fastest-Growing and Shrinking Populations (2000-2025)](https:\/\/www.visualcapitalist.com\/ranked-countries-fastest-population-growth-decline-2000-2025\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Population Growth in Every Country (2000–2025)](https:\/\/www.visualcapitalist.com\/mapped-population-growth-by-country-2000-2025\/)\n  - [![A map of that shows different salaries across Europe with a coloured ledger](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Minimum Wages Across Europe](https:\/\/www.visualcapitalist.com\/mapped-minimum-wages-across-europe\/)\n  - [![World map ranking 50 global cities on their quality for raising a family.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: How 50 Global Cities Rank for Raising a Family](https:\/\/www.visualcapitalist.com\/raising-a-family-50-cities-global-map\/)\n  - [![A map of U.S. life expectancy by state in 2022, ranging from 80.0 years in Hawaii to 72.2 years in West Virginia.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Life Expectancy by U.S. State](https:\/\/www.visualcapitalist.com\/mapped-us-life-expectancy-by-state\/)\n- [Energy](https:\/\/www.visualcapitalist.com\/category\/energy\/)\n  - [![cropped chart ranking future nuclear power by country](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The Countries Building the Most Nuclear Power](https:\/\/www.visualcapitalist.com\/expected-nuclear-capacity-by-country\/)\n  - [![Treemap ranking countries by crude oil production in 2025, led by the United States, Russia, and Saudi Arabia.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Half the World’s Oil Comes From Just Five Countries](https:\/\/www.visualcapitalist.com\/half-the-worlds-oil-just-five-countries\/)\n  - [![Graphic showing U.S. net imports and exports of oil from 1973-2025, as well as January 2026.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Charted: America’s Oil Reversal, From Import Giant to Net Exporter](https:\/\/www.visualcapitalist.com\/america-oil-reversal-net-exporter-chart\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: Which Countries Shut Down the Most Nuclear Power?](https:\/\/www.visualcapitalist.com\/ranked-which-countries-shut-down-the-most-nuclear-power\/)\n  - [![Map showing the biggest source of energy by country.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: The World’s Biggest Energy Sources by Country](https:\/\/www.visualcapitalist.com\/worlds-biggest-energy-sources-by-country-map\/)\n- [Maps](https:\/\/www.visualcapitalist.com\/category\/misc\/maps\/)\n  - [![Map showing the countries using the euro as of 2026.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: How the Euro Spread Across Europe Since 1999](https:\/\/www.visualcapitalist.com\/mapped-the-eurozone-in-2026\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Tax Burden by State in America](https:\/\/www.visualcapitalist.com\/mapped-tax-burden-by-state-in-america\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Where Wealth Is Moving in America](https:\/\/www.visualcapitalist.com\/u-s-states-gaining-and-losing-the-most-wealth\/)\n  - [![cropped graphic of the U.S. states considering data center restrictions](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: U.S. States Moving to Restrict Data Centers](https:\/\/www.visualcapitalist.com\/mapped-data-center-restrictions-us-states\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Population Growth in Every Country (2000–2025)](https:\/\/www.visualcapitalist.com\/mapped-population-growth-by-country-2000-2025\/)\n- [Mining](https:\/\/www.visualcapitalist.com\/category\/mining\/)\n  - [![This chart shows America’s net import reliance for critical minerals in 2025, along with the primary countries supplying them between 2021 and 2024.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: U.S. Import Reliance for 37 Critical Minerals](https:\/\/www.visualcapitalist.com\/ranked-u-s-import-reliance-on-critical-minerals\/)\n  - [![This chart breaks down the critical minerals used in AI data centers, and how reliant the U.S. is on imports for each.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Visualizing the Critical Minerals Powering the AI Boom](https:\/\/www.visualcapitalist.com\/the-critical-minerals-powering-the-ai-boom\/)\n  - [![This chart shows critical minerals sitting in U.S. mining waste, revealing how discarded materials exceed current import levels.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The Critical Minerals Lost to U.S. Mining Waste, by Tonnage](https:\/\/www.visualcapitalist.com\/ranked-the-critical-minerals-lost-to-u-s-mining-waste-by-tonnage\/)\n  - [![Chart showing the biggest changes in central bank gold reserves since 2020.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The Countries Buying (and Selling) the Most Gold Since 2020](https:\/\/www.visualcapitalist.com\/ranked-the-countries-buying-and-selling-the-most-gold-since-2020\/)\n  - [![Chart showing copper production by country since 2000.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The World’s Top Copper Producers (2000 vs. 2024)](https:\/\/www.visualcapitalist.com\/ranked-worlds-top-copper-producers-2000-2024\/)\n- [Green](https:\/\/www.visualcapitalist.com\/category\/green\/)\n  - [![cropped chart ranking future nuclear power by country](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The Countries Building the Most Nuclear Power](https:\/\/www.visualcapitalist.com\/expected-nuclear-capacity-by-country\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: CO2 Emissions Per Person by Major Economy](https:\/\/www.visualcapitalist.com\/ranked-co2-per-capita-by-major-economy\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: The World’s Most Water-Stressed Countries](https:\/\/www.visualcapitalist.com\/mapped-the-worlds-most-water-stressed-countries\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: Which Countries Shut Down the Most Nuclear Power?](https:\/\/www.visualcapitalist.com\/ranked-which-countries-shut-down-the-most-nuclear-power\/)\n  - [![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The Deadliest Types of Extreme Weather Worldwide](https:\/\/www.visualcapitalist.com\/extreme-weather-types-fatalities\/)\n\n### [Investor Education](https:\/\/www.visualcapitalist.com\/category\/markets\/investor-education\/)\n### [Sponsored Post](https:\/\/www.visualcapitalist.com\/sp)\n# Two Markets, Two Stories: How Value Stocks Have Outperformed Internationally\n![](https:\/\/secure.gravatar.com\/avatar\/e58f2cee75f548be4c5d0a2da82a879e63d9fb6de96feb767b2a019fb491fcc6?s=46&d=mm&r=g)\n\nPublished\n\n7 months ago\n\non\n\nSeptember 10, 2025\n\nBy\n\n[Jenna Ross](https:\/\/www.visualcapitalist.com\/author\/jenna\/ \"Posts by Jenna Ross\")\n\n## Graphics & Design\n- ### [Zack Aboulazm](https:\/\/www.visualcapitalist.com\/author\/zack)\n\n- [Twitter](https:\/\/www.visualcapitalist.com\/sp\/msci07-how-value-stocks-have-outperformed-internationally\/)\n- [Facebook](https:\/\/www.visualcapitalist.com\/sp\/msci07-how-value-stocks-have-outperformed-internationally\/)\n- [LinkedIn](https:\/\/www.visualcapitalist.com\/sp\/msci07-how-value-stocks-have-outperformed-internationally\/)\n- [Reddit](https:\/\/www.visualcapitalist.com\/sp\/msci07-how-value-stocks-have-outperformed-internationally\/)\n- [Pinterest](https:\/\/www.visualcapitalist.com\/sp\/msci07-how-value-stocks-have-outperformed-internationally\/)\n- [Email](https:\/\/www.visualcapitalist.com\/sp\/msci07-how-value-stocks-have-outperformed-internationally\/)\n\nThe following content is sponsored by [MSCI](https:\/\/www.msci.com\/research-and-insights\/paper\/factor-indexing-through-the-decades?utm_source=visualcapitalist&utm_medium=publication&utm_campaign=factor_investing)\n\n[![A bubble chart showing that international value stocks have outperformed their benchmark over select timeframes in contrast to U.S. value stock underperformance.](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2025\/09\/Value-Stocks_MSCI_Main.jpg)](https:\/\/www.msci.com\/research-and-insights\/paper\/factor-indexing-through-the-decades?utm_source=visualcapitalist&utm_medium=publication&utm_campaign=factor_investing)\n\n## Value Stocks: U.S. Drag, International Boost?\n### Key Takeaways\n- Outside the U.S., value stocks have outperformed their benchmark.\n- This is in contrast to the U.S., where value investing has underperformed over various timeframes.\n- Investors can consider incorporating the value factor in their international allocations.\n\nValue stocks are living a double life—and if you’re looking only at the U.S., you might be missing the plot. While value strategies have struggled on U.S. turf, markets beyond American borders tell a very different story.\n\nThis graphic, in partnership with [MSCI](https:\/\/www.msci.com\/research-and-insights\/paper\/factor-indexing-through-the-decades?utm_source=visualcapitalist&utm_medium=publication&utm_campaign=factor_investing), shows how value stocks outside the U.S. have outperformed their benchmarks while underperforming domestically.\n\n## What is Value Investing?\nValue investing involves buying stocks that appear undervalued. This means looking at metrics like price-to-book value, price-to-forward earnings, and enterprise value-to-cash flow from operations.\n\nValue is one element of [factor investing](https:\/\/www.visualcapitalist.com\/factor-investing-in-everyday-life\/) that investors can look at when targeting characteristics that can help explain the bulk of stocks’ risk and return.\n\n## The Performance of Value Stocks\nIn recent years, the success of the value factor looks very different depending on where the stocks are located. The table below shows the difference in return between the value index and its benchmark.\n\n| Timeframe | Value Outside U.S. | U.S. Value |\n|---|---|---|\n| Year-to-Date | \\+6.2% | \\-0.3% |\n| 3yr | \\+5.0% | \\-8.5% |\n| 5yr | \\+5.4% | \\-3.4% |\n| 10yr | \\+0.0% | \\-5.1% |\n| Since Nov. 28, 1997 | \\+2.4% | \\-0.1% |\n\nSource: MSCI, data as of July 31, 2025. Apart from year-to-date data, numbers are annualized gross returns. Value outside the U.S. represented by the MSCI World ex USA Enhanced Value Index (USD) with the MSCI World ex USA as the benchmark. U.S. value represented by the MSCI USA Enhanced Value Index (USD) with the MSCI USA Index as the benchmark.\n\nWithin the U.S., value stocks have lagged their benchmark over various timeframes. This was partly due to a long period of low interest rates and modest inflation which favors growth stocks. In particular, mega-growth stocks like the [Magnificent Seven](https:\/\/www.visualcapitalist.com\/magnificent-sevens-revenue-growth-in-2024\/) have dominated stock market performance in America. These stocks’ ultra-high valuations mean they are excluded by many value strategies.\n\nHowever, in developed markets outside the U.S., value investing has seen stronger returns than its benchmark. Internationally, mega-cap stocks do not dominate the market, leaving more potential for value to outperform.\n\nFinancials, a core component of value strategies, saw a stronger rebound in markets like Europe, where banks were coming off years of negative rates. Unlike in the U.S., even modest post-COVID rate hikes significantly lifted margins. And with lower starting valuations in regions like Europe and Japan, these value-oriented banks had more room to rise as profitability improved.\n\n## A World of Value\nWhile value stocks have underperformed in the U.S. and growth stocks have dominated the narrative, this is not the case elsewhere.\n\nHistorically, companies that appear undervalued have beaten their benchmarks in other developed markets. For the international allocations within portfolios, investors can consider incorporating value stocks.\n\n![Visual Capitalist Logo](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2021\/04\/logo.png)\n\nDiscover 50 years of lessons shaping the future in MSCI’s free report *[Factor Indexing Through the Decades](https:\/\/www.msci.com\/research-and-insights\/paper\/factor-indexing-through-the-decades?utm_source=visualcapitalist&utm_medium=publication&utm_campaign=factor_investing)*.\n\n#### You may also like\n- [![A line chart showing that the reinvestment rate of AI firms is much higher than other companies as part of a market analysis for 2026.](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2026\/01\/Market_Analysis_4_Key_Themes_2026_MSCI_Share-400x240.webp) ![A line chart showing that the reinvestment rate of AI firms is much higher than other companies as part of a market analysis for 2026.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Energy3 months ago 2026 Outlook: 4 Key Themes Defining Markets From AI’s leading investment rates to private credit liquidity risks, this expert market analysis outlines key investment themes in 2026.](https:\/\/www.visualcapitalist.com\/sp\/msci07-market-analysis-4-key-themes-defining-markets-2026\/)\n- [![Part of a bar chart showing how a free float change affects stock prices the following month.](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2025\/11\/Free-Float-and-Stock-Prices_MSCI_Share-400x240.webp) ![Part of a bar chart showing how a free float change affects stock prices the following month.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Investor Education5 months ago When Float Rises, Stock Prices Often Follow After an increase in free float, which is the number of publicly-traded company shares, stock prices tend to rise the next month.](https:\/\/www.visualcapitalist.com\/sp\/msci07-when-float-rises-stock-prices-often-follow\/)\n- [![Part of a donut chart showing country flags alongside the text \"Which Countries Are Winning the resilience Race?\"](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2025\/08\/Whos-Winning-the-Resilience-Race_Share_MSCI-Sustainability-Institute-400x240.jpg) ![Part of a donut chart showing country flags alongside the text \"Which Countries Are Winning the resilience Race?\"](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Investor Education8 months ago Which Countries Are Winning the Resilience Race? 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MSCI](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2023\/09\/MSCI-Climate-Metrics-01-Which-Climate-Metrics-Work-Best-For-You-Shareable-1-400x240.jpg) ![Which Climate Metrics Suit You Best? MSCI](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Investor Education3 years ago Which Climate Metrics Suit Your Investment Goals Best? When selecting climate metrics, it is important to consider your purpose, the applicability and acceptability of the climate strategy, and the availability of historical data.](https:\/\/www.visualcapitalist.com\/sp\/which-climate-metrics-suit-your-investment-goals-best\/)\n- [![Bar chart showing the number of vaccines approved or in development over time to highlight innovation within virology. The number of vaccines approved or in development jumped by 13% from 2020 to 2021.](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2022\/09\/Virology_MSCI_Share-400x240.jpg) ![Bar chart showing the number of vaccines approved or in development over time to highlight innovation within virology. The number of vaccines approved or in development jumped by 13% from 2020 to 2021.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Healthcare3 years ago Innovation in Virology: Vaccines and Antivirals Vaccine development has grown six-fold since 1995. Learn how virology, the study of viruses, is driving innovation in the healthcare industry.](https:\/\/www.visualcapitalist.com\/sp\/innovation-in-virology-vaccines-and-antivirals\/)\n- [![](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2023\/06\/VC_MSCI_Life-Sciences_Shareable_MSCI_Life-Sciences-400x240.jpg) ![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Misc3 years ago Infographic: Investment Opportunities in Biotech Capture the investment opportunities in biotech with the MSCI Life Sciences Indexes, which target areas like virology and oncology.](https:\/\/www.visualcapitalist.com\/sp\/infographic-investment-opportunities-in-biotech\/)\n- [![](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2023\/07\/MSCI_Impact_Robotics-and-Ai-Impact-2-July-04_AR_SHARE-400x240.jpg) ![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Technology3 years ago Industrial Automation: Who Leads the Robot Race? This graphic from MSCI shows the pace of industrial automation across leading countries like China and the U.S.](https:\/\/www.visualcapitalist.com\/sp\/industrial-automation-who-leads-the-robot-race\/)\n- [![](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2023\/06\/MSCI-AI-Automation_SHARE-400x240.jpg) ![](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Technology3 years ago Ranking Industries by Their Potential for AI Automation AI automation is expected to impact some industries more than others. See the latest projections in this infographic.](https:\/\/www.visualcapitalist.com\/sp\/ranking-industries-by-their-potential-for-ai-automation\/)\n- [![Survey data on the top appeals of digital assets according to institutional investors. It is shown as 5 semicircles sized according to the percentage of respondents who chose each feature. The top appeals are high potential upside (43%), innovative technology play (41%), enabling decentralization (29%), free from government intervention (26%), and uncorrelated to other assets (25%).](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2023\/03\/Approaching-Digital-Assets_MSCI_Share-400x240.jpg) ![Survey data on the top appeals of digital assets according to institutional investors. It is shown as 5 semicircles sized according to the percentage of respondents who chose each feature. The top appeals are high potential upside (43%), innovative technology play (41%), enabling decentralization (29%), free from government intervention (26%), and uncorrelated to other assets (25%).](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Markets3 years ago How Institutional Investors Can Approach Digital Assets Digital assets are gaining popularity due to their return potential and decentralized nature. How can institutional investors get exposure?](https:\/\/www.visualcapitalist.com\/sp\/how-institutional-investors-can-approach-digital-assets\/)\n- [![Circular wheel broken up into blocks with the four main classes of digital assets showing: Digital Currencies, Blockchain Infrastructure, On-Chain Derivatives, and Digital Asset Applications.](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2023\/02\/MSCI_Classifying-Digital-Assets-Datonomy_Share-400x240.jpg) ![Circular wheel broken up into blocks with the four main classes of digital assets showing: Digital Currencies, Blockchain Infrastructure, On-Chain Derivatives, and Digital Asset Applications.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Technology3 years ago Classifying Digital Assets With a New Framework: Datonomy How can investors get clarity on the thousands of digital assets available? A new structure classifies digital assets by their use cases.](https:\/\/www.visualcapitalist.com\/sp\/classifying-digital-assets-with-a-new-framework-datonomy\/)\n\n[![](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2025\/12\/BS-work-with-us-301x600-1.webp)](https:\/\/www.visualcapitalist.com\/partnerwithus\/)\n\n#### Subscribe\n\n![A bubble chart showing that international value stocks have outperformed their benchmark over select timeframes in contrast to U.S. value stock underperformance.](data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)\n\n[![Visual Capitalist](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2023\/05\/vc-footer-logo-2.png)](https:\/\/www.visualcapitalist.com\/)\n\n- [𝕏](https:\/\/www.twitter.com\/visualcap)\n\n- [About](https:\/\/www.visualcapitalist.com\/about\/)\n- [Subscribe](https:\/\/www.visualcapitalist.com\/subscribe_pages\/main\/)\n- [VC+](https:\/\/www.visualcapitalist.com\/get-more-vc\/)\n- [Voronoi](https:\/\/www.voronoiapp.com\/)\n- [Masthead](https:\/\/www.visualcapitalist.com\/masthead\/)\n- [Press Center](https:\/\/www.visualcapitalist.com\/press-center\/)\n- [Careers](https:\/\/www.visualcapitalist.com\/careers\/)\n\n- [Contact Us](https:\/\/www.visualcapitalist.com\/contact-us\/)\n- [FAQ](https:\/\/www.visualcapitalist.com\/frequently-asked-questions\/)\n- [Use Our Visualizations](https:\/\/www.visualcapitalist.com\/use-our-visualizations\/)\n- [Licensing](https:\/\/licensing.visualcapitalist.com\/)\n- [Partner With Us](https:\/\/www.visualcapitalist.com\/partnerwithus\/)\n- [Content Calendar](https:\/\/www.visualcapitalist.com\/partnerwithus\/contentcalendar\/)\n\nCopyright © 2026 Visual Capitalist \\| [Privacy Policy](https:\/\/www.visualcapitalist.com\/privacy-policy\/)\n\n![](https:\/\/px.ads.linkedin.com\/collect\/?pid=2759372&fmt=gif)\n\n![](https:\/\/px.ads.linkedin.com\/collect\/?pid=2759372&fmt=gif)","attrs_readable_markdown":"### Key Takeaways\n- Outside the U.S., value stocks have outperformed their benchmark.\n- This is in contrast to the U.S., where value investing has underperformed over various timeframes.\n- Investors can consider incorporating the value factor in their international allocations.\n\nValue stocks are living a double life—and if you’re looking only at the U.S., you might be missing the plot. While value strategies have struggled on U.S. turf, markets beyond American borders tell a very different story.\n\nThis graphic, in partnership with [MSCI](https:\/\/www.msci.com\/research-and-insights\/paper\/factor-indexing-through-the-decades?utm_source=visualcapitalist&utm_medium=publication&utm_campaign=factor_investing), shows how value stocks outside the U.S. have outperformed their benchmarks while underperforming domestically.\n\n## What is Value Investing?\nValue investing involves buying stocks that appear undervalued. This means looking at metrics like price-to-book value, price-to-forward earnings, and enterprise value-to-cash flow from operations.\n\nValue is one element of [factor investing](https:\/\/www.visualcapitalist.com\/factor-investing-in-everyday-life\/) that investors can look at when targeting characteristics that can help explain the bulk of stocks’ risk and return.\n\n## The Performance of Value Stocks\nIn recent years, the success of the value factor looks very different depending on where the stocks are located. The table below shows the difference in return between the value index and its benchmark.\n\n| Timeframe | Value Outside U.S. | U.S. Value |\n|---|---|---|\n| Year-to-Date | \\+6.2% | \\-0.3% |\n| 3yr | \\+5.0% | \\-8.5% |\n| 5yr | \\+5.4% | \\-3.4% |\n| 10yr | \\+0.0% | \\-5.1% |\n| Since Nov. 28, 1997 | \\+2.4% | \\-0.1% |\n\nSource: MSCI, data as of July 31, 2025. Apart from year-to-date data, numbers are annualized gross returns. Value outside the U.S. represented by the MSCI World ex USA Enhanced Value Index (USD) with the MSCI World ex USA as the benchmark. U.S. value represented by the MSCI USA Enhanced Value Index (USD) with the MSCI USA Index as the benchmark.\n\nWithin the U.S., value stocks have lagged their benchmark over various timeframes. This was partly due to a long period of low interest rates and modest inflation which favors growth stocks. In particular, mega-growth stocks like the [Magnificent Seven](https:\/\/www.visualcapitalist.com\/magnificent-sevens-revenue-growth-in-2024\/) have dominated stock market performance in America. These stocks’ ultra-high valuations mean they are excluded by many value strategies.\n\nHowever, in developed markets outside the U.S., value investing has seen stronger returns than its benchmark. Internationally, mega-cap stocks do not dominate the market, leaving more potential for value to outperform.\n\nFinancials, a core component of value strategies, saw a stronger rebound in markets like Europe, where banks were coming off years of negative rates. Unlike in the U.S., even modest post-COVID rate hikes significantly lifted margins. And with lower starting valuations in regions like Europe and Japan, these value-oriented banks had more room to rise as profitability improved.\n\n## A World of Value\nWhile value stocks have underperformed in the U.S. and growth stocks have dominated the narrative, this is not the case elsewhere.\n\nHistorically, companies that appear undervalued have beaten their benchmarks in other developed markets. For the international allocations within portfolios, investors can consider incorporating value stocks.\n\n#### You may also like\n- [![A line chart showing that the reinvestment rate of AI firms is much higher than other companies as part of a market analysis for 2026.](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2026\/01\/Market_Analysis_4_Key_Themes_2026_MSCI_Share-400x240.webp) ![A line chart showing that the reinvestment rate of AI firms is much higher than other companies as part of a market analysis for 2026.](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2026\/01\/Market_Analysis_4_Key_Themes_2026_MSCI_Share-80x80.webp) Energy3 months ago 2026 Outlook: 4 Key Themes Defining Markets From AI’s leading investment rates to private credit liquidity risks, this expert market analysis outlines key investment themes in 2026.](https:\/\/www.visualcapitalist.com\/sp\/msci07-market-analysis-4-key-themes-defining-markets-2026\/)\n- [![Part of a bar chart showing how a free float change affects stock prices the following month.](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2025\/11\/Free-Float-and-Stock-Prices_MSCI_Share-400x240.webp) ![Part of a bar chart showing how a free float change affects stock prices the following month.](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2025\/11\/Free-Float-and-Stock-Prices_MSCI_Share-80x80.webp) Investor Education5 months ago When Float Rises, Stock Prices Often Follow After an increase in free float, which is the number of publicly-traded company shares, stock prices tend to rise the next month.](https:\/\/www.visualcapitalist.com\/sp\/msci07-when-float-rises-stock-prices-often-follow\/)\n- [![Part of a donut chart showing country flags alongside the text \"Which Countries Are Winning the resilience Race?\"](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2025\/08\/Whos-Winning-the-Resilience-Race_Share_MSCI-Sustainability-Institute-400x240.jpg) ![Part of a donut chart showing country flags alongside the text \"Which Countries Are Winning the resilience Race?\"](https:\/\/www.visualcapitalist.com\/wp-content\/uploads\/2025\/08\/Whos-Winning-the-Resilience-Race_Share_MSCI-Sustainability-Institute-80x80.jpg) Investor Education8 months ago Which Countries Are Winning the Resilience Race? 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URL	https://www.visualcapitalist.com/sp/msci07-how-value-stocks-have-outperformed-internationally/
Last Crawled	2026-04-11 18:21:16 (9 hours ago)
First Indexed	2025-09-10 17:37:37 (7 months ago)
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Meta Title	Value Stocks: U.S. Drag, International Boost?
Meta Description	Value stocks outside the U.S. have outperformed their benchmark, making them a key consideration for international portfolios.
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Boilerpipe Text	Key Takeaways Outside the U.S., value stocks have outperformed their benchmark. This is in contrast to the U.S., where value investing has underperformed over various timeframes. Investors can consider incorporating the value factor in their international allocations. Value stocks are living a double life—and if you’re looking only at the U.S., you might be missing the plot. While value strategies have struggled on U.S. turf, markets beyond American borders tell a very different story. This graphic, in partnership with MSCI , shows how value stocks outside the U.S. have outperformed their benchmarks while underperforming domestically. What is Value Investing? Value investing involves buying stocks that appear undervalued. This means looking at metrics like price-to-book value, price-to-forward earnings, and enterprise value-to-cash flow from operations. Value is one element of factor investing that investors can look at when targeting characteristics that can help explain the bulk of stocks’ risk and return. The Performance of Value Stocks In recent years, the success of the value factor looks very different depending on where the stocks are located. The table below shows the difference in return between the value index and its benchmark. Timeframe Value Outside U.S. U.S. Value Year-to-Date +6.2% -0.3% 3yr +5.0% -8.5% 5yr +5.4% -3.4% 10yr +0.0% -5.1% Since Nov. 28, 1997 +2.4% -0.1% Source: MSCI, data as of July 31, 2025. Apart from year-to-date data, numbers are annualized gross returns. Value outside the U.S. represented by the MSCI World ex USA Enhanced Value Index (USD) with the MSCI World ex USA as the benchmark. U.S. value represented by the MSCI USA Enhanced Value Index (USD) with the MSCI USA Index as the benchmark. Within the U.S., value stocks have lagged their benchmark over various timeframes. This was partly due to a long period of low interest rates and modest inflation which favors growth stocks. In particular, mega-growth stocks like the Magnificent Seven have dominated stock market performance in America. These stocks’ ultra-high valuations mean they are excluded by many value strategies. However, in developed markets outside the U.S., value investing has seen stronger returns than its benchmark. Internationally, mega-cap stocks do not dominate the market, leaving more potential for value to outperform. Financials, a core component of value strategies, saw a stronger rebound in markets like Europe, where banks were coming off years of negative rates. Unlike in the U.S., even modest post-COVID rate hikes significantly lifted margins. And with lower starting valuations in regions like Europe and Japan, these value-oriented banks had more room to rise as profitability improved. A World of Value While value stocks have underperformed in the U.S. and growth stocks have dominated the narrative, this is not the case elsewhere. Historically, companies that appear undervalued have beaten their benchmarks in other developed markets. For the international allocations within portfolios, investors can consider incorporating value stocks. You may also like Energy 3 months ago 2026 Outlook: 4 Key Themes Defining Markets From AI’s leading investment rates to private credit liquidity risks, this expert market analysis outlines key investment themes in 2026. Investor Education 5 months ago When Float Rises, Stock Prices Often Follow After an increase in free float, which is the number of publicly-traded company shares, stock prices tend to rise the next month. Investor Education 8 months ago Which Countries Are Winning the Resilience Race? Discover which economies lead in climate resilience firms—and how investors can spot opportunities in this growing market. Investor Education 8 months ago China’s Economy vs. Market Cap: A Global Imbalance China’s economy is a large percentage of global GDP, but the country has a small weight in equity markets—here’s what investors need to know. Investor Education 10 months ago A New Framework for Personalized Financial Portfolio Alignment The MSCI Similarity Score compares a client’s financial portfolio to a model portfolio based on risk exposures, allowing for personalization. Green 11 months ago Tracking Emissions: Corporate Concentration and Climate Progress Just 1% of companies are responsible for the majority of public company emissions. See the progress companies are making to reduce emissions. Technology 1 year ago 3 Reasons Millennials Are Driving the AI Revolution Millennials are more likely to accept AI than older generations. What other factors could help them drive the AI revolution? Technology 1 year ago The Fintech Frontier: How Digital Wallets Are Changing Payments Digital wallets have become the top payment method thanks to their convenience. How can investors track innovation in fintech companies? Healthcare 1 year ago Charted: Deaths Related to Bacterial Infection vs. Research Efforts Globally, nearly 14% of deaths are related to a bacterial infection—but research isn’t keeping up with the need for new treatments. Healthcare 1 year ago Visualizing the Rise of Antibiotic Resistance Antibiotic resistance has nearly tripled in the last two decades, meaning treatments may no longer work for some bacterial infections. Technology 2 years ago Charting the Next Generation of Internet In this graphic, Visual Capitalist has partnered with MSCI to explore the potential of satellite internet as the next generation of internet innovation. Investor Education 2 years ago How MSCI Builds Thematic Indexes: A Step-by-Step Guide From developing an index objective to choosing relevant stocks, this graphic breaks down how MSCI builds thematic indexes using examples. Markets 2 years ago Weathering Physical Climate Risks: A Guide for Financial Professionals Physical hazards like fires pose climate risks for companies, due to the added costs of asset damage and business interruption. Green 3 years ago Visualized: What Are the Climate Risks in a Portfolio? This infographic shows the effects of climate change on investments, and how climate risks may affect a portfolio’s value. Green 3 years ago Visualized: An Investor’s Carbon Footprint, by Sector Which sectors are the largest contributors to emissions? From energy to tech, this graphic shows carbon emissions by sector in 2023. Investor Education 3 years ago Which Climate Metrics Suit Your Investment Goals Best? When selecting climate metrics, it is important to consider your purpose, the applicability and acceptability of the climate strategy, and the availability of historical data. Healthcare 3 years ago Innovation in Virology: Vaccines and Antivirals Vaccine development has grown six-fold since 1995. Learn how virology, the study of viruses, is driving innovation in the healthcare industry. Misc 3 years ago Infographic: Investment Opportunities in Biotech Capture the investment opportunities in biotech with the MSCI Life Sciences Indexes, which target areas like virology and oncology. Technology 3 years ago Industrial Automation: Who Leads the Robot Race? This graphic from MSCI shows the pace of industrial automation across leading countries like China and the U.S. Technology 3 years ago Ranking Industries by Their Potential for AI Automation AI automation is expected to impact some industries more than others. See the latest projections in this infographic. Markets 3 years ago How Institutional Investors Can Approach Digital Assets Digital assets are gaining popularity due to their return potential and decentralized nature. How can institutional investors get exposure? Technology 3 years ago Classifying Digital Assets With a New Framework: Datonomy How can investors get clarity on the thousands of digital assets available? A new structure classifies digital assets by their use cases.
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[Technology](https://www.visualcapitalist.com/category/technology/) - [![](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)SpaceX’s IPO Would Make It a Top 10 Company Globally](https://www.visualcapitalist.com/spacex-ipo-top-10-company-market-cap/) - [![cropped graphic of the U.S. states considering data center restrictions](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: U.S. States Moving to Restrict Data Centers](https://www.visualcapitalist.com/mapped-data-center-restrictions-us-states/) - [![An illustrated ranking of 20 tech companies by disclosed layoffs in 2025 and 2026 year to date, led by Amazon, Intel, and Microsoft.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: Which Tech Companies Cut the Most Jobs?](https://www.visualcapitalist.com/ranked-biggest-tech-layoffs-by-company-2025-2026-ytd/) - [![cropped chart of current and planned U.S. data centers by state](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The U.S. States Building the Most Data Centers](https://www.visualcapitalist.com/ranked-us-states-data-center-hotspots/) - [![](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: America’s Data Center Construction Boom](https://www.visualcapitalist.com/mapped-americas-data-center-construction-boom/) - [Money](https://www.visualcapitalist.com/category/money-2/) - [![Map showing the countries using the euro as of 2026.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: How the Euro Spread Across Europe Since 1999](https://www.visualcapitalist.com/mapped-the-eurozone-in-2026/) - [![Dumbbell chart showing real wage growth across major economies from 2010-2024 in PPP-adjusted terms.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: Wages by Country and Growth Since 2010](https://www.visualcapitalist.com/which-countries-saw-the-fastest-real-wage-growth-since-2010/) - [![Map of Europe showing government budgets as a percentage of GDP in 2025.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Europe’s Biggest Budget Deficits](https://www.visualcapitalist.com/mapped-europes-biggest-budget-deficits/) - [![Map of the U.S. showing the percentage of older people in different states who still work.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Where Americans 65+ Are Still Working](https://www.visualcapitalist.com/mapped-where-americans-65-are-still-working/) - [![Infographic showing the 10 richest music artists by net worth.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The World’s Richest Music Artists](https://www.visualcapitalist.com/ranked-the-worlds-richest-music-artists/) - [Healthcare](https://www.visualcapitalist.com/category/healthcare/) - [![A map of U.S. life expectancy by state in 2022, ranging from 80.0 years in Hawaii to 72.2 years in West Virginia.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Life Expectancy by U.S. State](https://www.visualcapitalist.com/mapped-us-life-expectancy-by-state/) - [![A map of diabetes prevalence by U.S. state shows where rates are highest, led by West Virginia and several Southern states.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: U.S. States With the Highest Diabetes Rates](https://www.visualcapitalist.com/mapped-highest-diabetes-rates-by-state/) - [![A state-by-state look at obesity by state, highlighting the highest and lowest adult obesity rates across America.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Adult Obesity Rates Across All 50 U.S. States](https://www.visualcapitalist.com/mapped-obesity-rates-highest-in-usa/) - [![Graphic exploring the 10 deadliest viruses ranked by fatality rate, their transmission routes, regions, and death tolls worldwide.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The World’s 10 Deadliest Viruses by Fatality Rate](https://www.visualcapitalist.com/ranked-the-worlds-10-deadliest-viruses-by-fatality-rate/) - [![Map showing the average health insurance cost by state in 2026.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Health Insurance Costs by U.S. State in 2026](https://www.visualcapitalist.com/map-health-insurance-costs-in-every-u-s-state-in-2026/) - [Demographics](https://www.visualcapitalist.com/category/demographics/) - [![A ranked bar chart comparing the top 24 countries with the fastest population growth and all 24 countries with population decline from 2000 to 2025, showing percentage change.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The World’s Fastest-Growing and Shrinking Populations (2000-2025)](https://www.visualcapitalist.com/ranked-countries-fastest-population-growth-decline-2000-2025/) - [![](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Population Growth in Every Country (2000–2025)](https://www.visualcapitalist.com/mapped-population-growth-by-country-2000-2025/) - [![A map of that shows different salaries across Europe with a coloured ledger](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Minimum Wages Across Europe](https://www.visualcapitalist.com/mapped-minimum-wages-across-europe/) - [![World map ranking 50 global cities on their quality for raising a family.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: How 50 Global Cities Rank for Raising a Family](https://www.visualcapitalist.com/raising-a-family-50-cities-global-map/) - [![A map of U.S. life expectancy by state in 2022, ranging from 80.0 years in Hawaii to 72.2 years in West Virginia.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Life Expectancy by U.S. State](https://www.visualcapitalist.com/mapped-us-life-expectancy-by-state/) - [Energy](https://www.visualcapitalist.com/category/energy/) - [![cropped chart ranking future nuclear power by country](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The Countries Building the Most Nuclear Power](https://www.visualcapitalist.com/expected-nuclear-capacity-by-country/) - [![Treemap ranking countries by crude oil production in 2025, led by the United States, Russia, and Saudi Arabia.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Half the World’s Oil Comes From Just Five Countries](https://www.visualcapitalist.com/half-the-worlds-oil-just-five-countries/) - [![Graphic showing U.S. net imports and exports of oil from 1973-2025, as well as January 2026.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Charted: America’s Oil Reversal, From Import Giant to Net Exporter](https://www.visualcapitalist.com/america-oil-reversal-net-exporter-chart/) - [![](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: Which Countries Shut Down the Most Nuclear Power?](https://www.visualcapitalist.com/ranked-which-countries-shut-down-the-most-nuclear-power/) - [![Map showing the biggest source of energy by country.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: The World’s Biggest Energy Sources by Country](https://www.visualcapitalist.com/worlds-biggest-energy-sources-by-country-map/) - [Maps](https://www.visualcapitalist.com/category/misc/maps/) - [![Map showing the countries using the euro as of 2026.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: How the Euro Spread Across Europe Since 1999](https://www.visualcapitalist.com/mapped-the-eurozone-in-2026/) - [![](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Tax Burden by State in America](https://www.visualcapitalist.com/mapped-tax-burden-by-state-in-america/) - [![](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Where Wealth Is Moving in America](https://www.visualcapitalist.com/u-s-states-gaining-and-losing-the-most-wealth/) - [![cropped graphic of the U.S. states considering data center restrictions](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: U.S. States Moving to Restrict Data Centers](https://www.visualcapitalist.com/mapped-data-center-restrictions-us-states/) - [![](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: Population Growth in Every Country (2000–2025)](https://www.visualcapitalist.com/mapped-population-growth-by-country-2000-2025/) - [Mining](https://www.visualcapitalist.com/category/mining/) - [![This chart shows America’s net import reliance for critical minerals in 2025, along with the primary countries supplying them between 2021 and 2024.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: U.S. Import Reliance for 37 Critical Minerals](https://www.visualcapitalist.com/ranked-u-s-import-reliance-on-critical-minerals/) - [![This chart breaks down the critical minerals used in AI data centers, and how reliant the U.S. is on imports for each.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Visualizing the Critical Minerals Powering the AI Boom](https://www.visualcapitalist.com/the-critical-minerals-powering-the-ai-boom/) - [![This chart shows critical minerals sitting in U.S. mining waste, revealing how discarded materials exceed current import levels.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The Critical Minerals Lost to U.S. Mining Waste, by Tonnage](https://www.visualcapitalist.com/ranked-the-critical-minerals-lost-to-u-s-mining-waste-by-tonnage/) - [![Chart showing the biggest changes in central bank gold reserves since 2020.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The Countries Buying (and Selling) the Most Gold Since 2020](https://www.visualcapitalist.com/ranked-the-countries-buying-and-selling-the-most-gold-since-2020/) - [![Chart showing copper production by country since 2000.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The World’s Top Copper Producers (2000 vs. 2024)](https://www.visualcapitalist.com/ranked-worlds-top-copper-producers-2000-2024/) - [Green](https://www.visualcapitalist.com/category/green/) - [![cropped chart ranking future nuclear power by country](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The Countries Building the Most Nuclear Power](https://www.visualcapitalist.com/expected-nuclear-capacity-by-country/) - [![](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: CO2 Emissions Per Person by Major Economy](https://www.visualcapitalist.com/ranked-co2-per-capita-by-major-economy/) - [![](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Mapped: The World’s Most Water-Stressed Countries](https://www.visualcapitalist.com/mapped-the-worlds-most-water-stressed-countries/) - [![](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: Which Countries Shut Down the Most Nuclear Power?](https://www.visualcapitalist.com/ranked-which-countries-shut-down-the-most-nuclear-power/) - [![](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)Ranked: The Deadliest Types of Extreme Weather Worldwide](https://www.visualcapitalist.com/extreme-weather-types-fatalities/) ### [Investor Education](https://www.visualcapitalist.com/category/markets/investor-education/) ### [Sponsored Post](https://www.visualcapitalist.com/sp) # Two Markets, Two Stories: How Value Stocks Have Outperformed Internationally ![](https://secure.gravatar.com/avatar/e58f2cee75f548be4c5d0a2da82a879e63d9fb6de96feb767b2a019fb491fcc6?s=46&d=mm&r=g) Published 7 months ago on September 10, 2025 By [Jenna Ross](https://www.visualcapitalist.com/author/jenna/ "Posts by Jenna Ross") ## Graphics & Design - ### [Zack Aboulazm](https://www.visualcapitalist.com/author/zack) - [Twitter](https://www.visualcapitalist.com/sp/msci07-how-value-stocks-have-outperformed-internationally/) - [Facebook](https://www.visualcapitalist.com/sp/msci07-how-value-stocks-have-outperformed-internationally/) - [LinkedIn](https://www.visualcapitalist.com/sp/msci07-how-value-stocks-have-outperformed-internationally/) - [Reddit](https://www.visualcapitalist.com/sp/msci07-how-value-stocks-have-outperformed-internationally/) - [Pinterest](https://www.visualcapitalist.com/sp/msci07-how-value-stocks-have-outperformed-internationally/) - [Email](https://www.visualcapitalist.com/sp/msci07-how-value-stocks-have-outperformed-internationally/) The following content is sponsored by [MSCI](https://www.msci.com/research-and-insights/paper/factor-indexing-through-the-decades?utm_source=visualcapitalist&utm_medium=publication&utm_campaign=factor_investing) [![A bubble chart showing that international value stocks have outperformed their benchmark over select timeframes in contrast to U.S. value stock underperformance.](https://www.visualcapitalist.com/wp-content/uploads/2025/09/Value-Stocks_MSCI_Main.jpg)](https://www.msci.com/research-and-insights/paper/factor-indexing-through-the-decades?utm_source=visualcapitalist&utm_medium=publication&utm_campaign=factor_investing) ## Value Stocks: U.S. Drag, International Boost? ### Key Takeaways - Outside the U.S., value stocks have outperformed their benchmark. - This is in contrast to the U.S., where value investing has underperformed over various timeframes. - Investors can consider incorporating the value factor in their international allocations. Value stocks are living a double life—and if you’re looking only at the U.S., you might be missing the plot. While value strategies have struggled on U.S. turf, markets beyond American borders tell a very different story. This graphic, in partnership with [MSCI](https://www.msci.com/research-and-insights/paper/factor-indexing-through-the-decades?utm_source=visualcapitalist&utm_medium=publication&utm_campaign=factor_investing), shows how value stocks outside the U.S. have outperformed their benchmarks while underperforming domestically. ## What is Value Investing? Value investing involves buying stocks that appear undervalued. This means looking at metrics like price-to-book value, price-to-forward earnings, and enterprise value-to-cash flow from operations. Value is one element of [factor investing](https://www.visualcapitalist.com/factor-investing-in-everyday-life/) that investors can look at when targeting characteristics that can help explain the bulk of stocks’ risk and return. ## The Performance of Value Stocks In recent years, the success of the value factor looks very different depending on where the stocks are located. The table below shows the difference in return between the value index and its benchmark. \| Timeframe \| Value Outside U.S. \| U.S. Value \| \|---\|---\|---\| \| Year-to-Date \| \+6.2% \| \-0.3% \| \| 3yr \| \+5.0% \| \-8.5% \| \| 5yr \| \+5.4% \| \-3.4% \| \| 10yr \| \+0.0% \| \-5.1% \| \| Since Nov. 28, 1997 \| \+2.4% \| \-0.1% \| Source: MSCI, data as of July 31, 2025. Apart from year-to-date data, numbers are annualized gross returns. Value outside the U.S. represented by the MSCI World ex USA Enhanced Value Index (USD) with the MSCI World ex USA as the benchmark. U.S. value represented by the MSCI USA Enhanced Value Index (USD) with the MSCI USA Index as the benchmark. Within the U.S., value stocks have lagged their benchmark over various timeframes. This was partly due to a long period of low interest rates and modest inflation which favors growth stocks. In particular, mega-growth stocks like the [Magnificent Seven](https://www.visualcapitalist.com/magnificent-sevens-revenue-growth-in-2024/) have dominated stock market performance in America. These stocks’ ultra-high valuations mean they are excluded by many value strategies. However, in developed markets outside the U.S., value investing has seen stronger returns than its benchmark. Internationally, mega-cap stocks do not dominate the market, leaving more potential for value to outperform. Financials, a core component of value strategies, saw a stronger rebound in markets like Europe, where banks were coming off years of negative rates. Unlike in the U.S., even modest post-COVID rate hikes significantly lifted margins. And with lower starting valuations in regions like Europe and Japan, these value-oriented banks had more room to rise as profitability improved. ## A World of Value While value stocks have underperformed in the U.S. and growth stocks have dominated the narrative, this is not the case elsewhere. Historically, companies that appear undervalued have beaten their benchmarks in other developed markets. For the international allocations within portfolios, investors can consider incorporating value stocks. ![Visual Capitalist Logo](https://www.visualcapitalist.com/wp-content/uploads/2021/04/logo.png) Discover 50 years of lessons shaping the future in MSCI’s free report [Factor Indexing Through the Decades](https://www.msci.com/research-and-insights/paper/factor-indexing-through-the-decades?utm_source=visualcapitalist&utm_medium=publication&utm_campaign=factor_investing). #### You may also like - [![A line chart showing that the reinvestment rate of AI firms is much higher than other companies as part of a market analysis for 2026.](https://www.visualcapitalist.com/wp-content/uploads/2026/01/Market_Analysis_4_Key_Themes_2026_MSCI_Share-400x240.webp) ![A line chart showing that the reinvestment rate of AI firms is much higher than other companies as part of a market analysis for 2026.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Energy3 months ago 2026 Outlook: 4 Key Themes Defining Markets From AI’s leading investment rates to private credit liquidity risks, this expert market analysis outlines key investment themes in 2026.](https://www.visualcapitalist.com/sp/msci07-market-analysis-4-key-themes-defining-markets-2026/) - [![Part of a bar chart showing how a free float change affects stock prices the following month.](https://www.visualcapitalist.com/wp-content/uploads/2025/11/Free-Float-and-Stock-Prices_MSCI_Share-400x240.webp) ![Part of a bar chart showing how a free float change affects stock prices the following month.](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Investor Education5 months ago When Float Rises, Stock Prices Often Follow After an increase in free float, which is the number of publicly-traded company shares, stock prices tend to rise the next month.](https://www.visualcapitalist.com/sp/msci07-when-float-rises-stock-prices-often-follow/) - [![Part of a donut chart showing country flags alongside the text "Which Countries Are Winning the resilience Race?"](https://www.visualcapitalist.com/wp-content/uploads/2025/08/Whos-Winning-the-Resilience-Race_Share_MSCI-Sustainability-Institute-400x240.jpg) ![Part of a donut chart showing country flags alongside the text "Which Countries Are Winning the resilience Race?"](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==) Investor Education8 months ago Which Countries Are Winning the Resilience Race? 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Readable Markdown	### Key Takeaways - Outside the U.S., value stocks have outperformed their benchmark. - This is in contrast to the U.S., where value investing has underperformed over various timeframes. - Investors can consider incorporating the value factor in their international allocations. Value stocks are living a double life—and if you’re looking only at the U.S., you might be missing the plot. While value strategies have struggled on U.S. turf, markets beyond American borders tell a very different story. This graphic, in partnership with [MSCI](https://www.msci.com/research-and-insights/paper/factor-indexing-through-the-decades?utm_source=visualcapitalist&utm_medium=publication&utm_campaign=factor_investing), shows how value stocks outside the U.S. have outperformed their benchmarks while underperforming domestically. ## What is Value Investing? Value investing involves buying stocks that appear undervalued. This means looking at metrics like price-to-book value, price-to-forward earnings, and enterprise value-to-cash flow from operations. Value is one element of [factor investing](https://www.visualcapitalist.com/factor-investing-in-everyday-life/) that investors can look at when targeting characteristics that can help explain the bulk of stocks’ risk and return. ## The Performance of Value Stocks In recent years, the success of the value factor looks very different depending on where the stocks are located. The table below shows the difference in return between the value index and its benchmark. \| Timeframe \| Value Outside U.S. \| U.S. Value \| \|---\|---\|---\| \| Year-to-Date \| \+6.2% \| \-0.3% \| \| 3yr \| \+5.0% \| \-8.5% \| \| 5yr \| \+5.4% \| \-3.4% \| \| 10yr \| \+0.0% \| \-5.1% \| \| Since Nov. 28, 1997 \| \+2.4% \| \-0.1% \| Source: MSCI, data as of July 31, 2025. Apart from year-to-date data, numbers are annualized gross returns. Value outside the U.S. represented by the MSCI World ex USA Enhanced Value Index (USD) with the MSCI World ex USA as the benchmark. U.S. value represented by the MSCI USA Enhanced Value Index (USD) with the MSCI USA Index as the benchmark. Within the U.S., value stocks have lagged their benchmark over various timeframes. This was partly due to a long period of low interest rates and modest inflation which favors growth stocks. In particular, mega-growth stocks like the [Magnificent Seven](https://www.visualcapitalist.com/magnificent-sevens-revenue-growth-in-2024/) have dominated stock market performance in America. These stocks’ ultra-high valuations mean they are excluded by many value strategies. However, in developed markets outside the U.S., value investing has seen stronger returns than its benchmark. Internationally, mega-cap stocks do not dominate the market, leaving more potential for value to outperform. Financials, a core component of value strategies, saw a stronger rebound in markets like Europe, where banks were coming off years of negative rates. Unlike in the U.S., even modest post-COVID rate hikes significantly lifted margins. And with lower starting valuations in regions like Europe and Japan, these value-oriented banks had more room to rise as profitability improved. ## A World of Value While value stocks have underperformed in the U.S. and growth stocks have dominated the narrative, this is not the case elsewhere. Historically, companies that appear undervalued have beaten their benchmarks in other developed markets. 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How can investors track innovation in fintech companies?](https://www.visualcapitalist.com/sp/fintech-frontier-digital-wallets-changing-payments/) - [![Part of a bar chart showing that 13.6% of global deaths are related to a bacterial infection.](https://www.visualcapitalist.com/wp-content/uploads/2024/10/Bacterial-Infection-Deaths-vs-Research_MSCI-Sustainability-Institute_Share-400x240.jpg) ![Part of a bar chart showing that 13.6% of global deaths are related to a bacterial infection.](https://www.visualcapitalist.com/wp-content/uploads/2024/10/Bacterial-Infection-Deaths-vs-Research_MSCI-Sustainability-Institute_Share-80x80.jpg) Healthcare1 year ago Charted: Deaths Related to Bacterial Infection vs. Research Efforts Globally, nearly 14% of deaths are related to a bacterial infection—but research isn’t keeping up with the need for new treatments.](https://www.visualcapitalist.com/sp/msci05-deaths-bacterial-infection-vs-research-efforts/) - [![Part of a rising bar chart showing rising antibiotic resistance along with images of pills.](https://www.visualcapitalist.com/wp-content/uploads/2024/10/Rising-Antibiotic-Resistance_MSCI-Sustainability-Institute_Share-400x240.jpg) ![Part of a rising bar chart showing rising antibiotic resistance along with images of pills.](https://www.visualcapitalist.com/wp-content/uploads/2024/10/Rising-Antibiotic-Resistance_MSCI-Sustainability-Institute_Share-80x80.jpg) Healthcare1 year ago Visualizing the Rise of Antibiotic Resistance Antibiotic resistance has nearly tripled in the last two decades, meaning treatments may no longer work for some bacterial infections.](https://www.visualcapitalist.com/sp/msci05-the-rise-of-antibiotic-resistance/) - [![Teaser image of a bubble chart showing the large addressable market of satellite internet.](https://www.visualcapitalist.com/wp-content/uploads/2024/05/Share-1-400x240.jpg) ![Teaser image of a bubble chart showing the large addressable market of satellite internet.](https://www.visualcapitalist.com/wp-content/uploads/2024/05/Share-1-80x80.jpg) Technology2 years ago Charting the Next Generation of Internet In this graphic, Visual Capitalist has partnered with MSCI to explore the potential of satellite internet as the next generation of internet innovation.](https://www.visualcapitalist.com/sp/msci02-next-generation-internet/) - [![Title text says “How MSCI builds thematic indexes” and funnel is pictured with the following labels from top to bottom: global parent universe, relevance filter, and false positive control.](https://www.visualcapitalist.com/wp-content/uploads/2024/04/MSCI_Thematic-Index-Construction_Share-400x240.jpg) ![Title text says “How MSCI builds thematic indexes” and funnel is pictured with the following labels from top to bottom: global parent universe, relevance filter, and false positive control.](https://www.visualcapitalist.com/wp-content/uploads/2024/04/MSCI_Thematic-Index-Construction_Share-80x80.jpg) Investor Education2 years ago How MSCI Builds Thematic Indexes: A Step-by-Step Guide From developing an index objective to choosing relevant stocks, this graphic breaks down how MSCI builds thematic indexes using examples.](https://www.visualcapitalist.com/sp/msci01-how-msci-builds-thematic-indexes-a-step-by-step-guide/) - [![Melting globe shown next to the words "Weathering Physical Climate Risks" and a sector ranking showing utilities could see the worst climate risks.](https://www.visualcapitalist.com/wp-content/uploads/2024/01/Weathering-Physical-Climate-Risks_MSCI_Share-400x240.jpg) ![Melting globe shown next to the words "Weathering Physical Climate Risks" and a sector ranking showing utilities could see the worst climate risks.](https://www.visualcapitalist.com/wp-content/uploads/2024/01/Weathering-Physical-Climate-Risks_MSCI_Share-80x80.jpg) Markets2 years ago Weathering Physical Climate Risks: A Guide for Financial Professionals Physical hazards like fires pose climate risks for companies, due to the added costs of asset damage and business interruption.](https://www.visualcapitalist.com/sp/weathering-physical-climate-risks/) - [![Visualized: What Are the Climate Risks in a Portfolio?](https://www.visualcapitalist.com/wp-content/uploads/2023/10/Share-2-400x240.jpeg) ![Visualized: What Are the Climate Risks in a Portfolio?](https://www.visualcapitalist.com/wp-content/uploads/2023/10/Share-2-80x80.jpeg) Green3 years ago Visualized: What Are the Climate Risks in a Portfolio? This infographic shows the effects of climate change on investments, and how climate risks may affect a portfolio’s value.](https://www.visualcapitalist.com/sp/visualized-what-are-the-climate-risks-in-a-portfolio/) - [![Visualized: An Investor’s Carbon Footprint, by Sector](https://www.visualcapitalist.com/wp-content/uploads/2023/09/Climate-metrics-2023-impact-2-Shareable-July-10-400x240.jpeg) ![Visualized: An Investor’s Carbon Footprint, by Sector](https://www.visualcapitalist.com/wp-content/uploads/2023/09/Climate-metrics-2023-impact-2-Shareable-July-10-80x80.jpeg) Green3 years ago Visualized: An Investor’s Carbon Footprint, by Sector Which sectors are the largest contributors to emissions? From energy to tech, this graphic shows carbon emissions by sector in 2023.](https://www.visualcapitalist.com/sp/visualized-an-investors-carbon-footprint-by-sector/) - [![Which Climate Metrics Suit You Best? MSCI](https://www.visualcapitalist.com/wp-content/uploads/2023/09/MSCI-Climate-Metrics-01-Which-Climate-Metrics-Work-Best-For-You-Shareable-1-400x240.jpg) ![Which Climate Metrics Suit You Best? MSCI](https://www.visualcapitalist.com/wp-content/uploads/2023/09/MSCI-Climate-Metrics-01-Which-Climate-Metrics-Work-Best-For-You-Shareable-1-80x80.jpg) Investor Education3 years ago Which Climate Metrics Suit Your Investment Goals Best? When selecting climate metrics, it is important to consider your purpose, the applicability and acceptability of the climate strategy, and the availability of historical data.](https://www.visualcapitalist.com/sp/which-climate-metrics-suit-your-investment-goals-best/) - [![Bar chart showing the number of vaccines approved or in development over time to highlight innovation within virology. The number of vaccines approved or in development jumped by 13% from 2020 to 2021.](https://www.visualcapitalist.com/wp-content/uploads/2022/09/Virology_MSCI_Share-400x240.jpg) ![Bar chart showing the number of vaccines approved or in development over time to highlight innovation within virology. The number of vaccines approved or in development jumped by 13% from 2020 to 2021.](https://www.visualcapitalist.com/wp-content/uploads/2022/09/Virology_MSCI_Share-80x80.jpg) Healthcare3 years ago Innovation in Virology: Vaccines and Antivirals Vaccine development has grown six-fold since 1995. Learn how virology, the study of viruses, is driving innovation in the healthcare industry.](https://www.visualcapitalist.com/sp/innovation-in-virology-vaccines-and-antivirals/) - [![](https://www.visualcapitalist.com/wp-content/uploads/2023/06/VC_MSCI_Life-Sciences_Shareable_MSCI_Life-Sciences-400x240.jpg) ![](https://www.visualcapitalist.com/wp-content/uploads/2023/06/VC_MSCI_Life-Sciences_Shareable_MSCI_Life-Sciences-80x80.jpg) Misc3 years ago Infographic: Investment Opportunities in Biotech Capture the investment opportunities in biotech with the MSCI Life Sciences Indexes, which target areas like virology and oncology.](https://www.visualcapitalist.com/sp/infographic-investment-opportunities-in-biotech/) - [![](https://www.visualcapitalist.com/wp-content/uploads/2023/07/MSCI_Impact_Robotics-and-Ai-Impact-2-July-04_AR_SHARE-400x240.jpg) ![](https://www.visualcapitalist.com/wp-content/uploads/2023/07/MSCI_Impact_Robotics-and-Ai-Impact-2-July-04_AR_SHARE-80x80.jpg) Technology3 years ago Industrial Automation: Who Leads the Robot Race? This graphic from MSCI shows the pace of industrial automation across leading countries like China and the U.S.](https://www.visualcapitalist.com/sp/industrial-automation-who-leads-the-robot-race/) - [![](https://www.visualcapitalist.com/wp-content/uploads/2023/06/MSCI-AI-Automation_SHARE-400x240.jpg) ![](https://www.visualcapitalist.com/wp-content/uploads/2023/06/MSCI-AI-Automation_SHARE-80x80.jpg) Technology3 years ago Ranking Industries by Their Potential for AI Automation AI automation is expected to impact some industries more than others. See the latest projections in this infographic.](https://www.visualcapitalist.com/sp/ranking-industries-by-their-potential-for-ai-automation/) - [![Survey data on the top appeals of digital assets according to institutional investors. It is shown as 5 semicircles sized according to the percentage of respondents who chose each feature. The top appeals are high potential upside (43%), innovative technology play (41%), enabling decentralization (29%), free from government intervention (26%), and uncorrelated to other assets (25%).](https://www.visualcapitalist.com/wp-content/uploads/2023/03/Approaching-Digital-Assets_MSCI_Share-400x240.jpg) ![Survey data on the top appeals of digital assets according to institutional investors. It is shown as 5 semicircles sized according to the percentage of respondents who chose each feature. The top appeals are high potential upside (43%), innovative technology play (41%), enabling decentralization (29%), free from government intervention (26%), and uncorrelated to other assets (25%).](https://www.visualcapitalist.com/wp-content/uploads/2023/03/Approaching-Digital-Assets_MSCI_Share-80x80.jpg) Markets3 years ago How Institutional Investors Can Approach Digital Assets Digital assets are gaining popularity due to their return potential and decentralized nature. How can institutional investors get exposure?](https://www.visualcapitalist.com/sp/how-institutional-investors-can-approach-digital-assets/) - [![Circular wheel broken up into blocks with the four main classes of digital assets showing: Digital Currencies, Blockchain Infrastructure, On-Chain Derivatives, and Digital Asset Applications.](https://www.visualcapitalist.com/wp-content/uploads/2023/02/MSCI_Classifying-Digital-Assets-Datonomy_Share-400x240.jpg) ![Circular wheel broken up into blocks with the four main classes of digital assets showing: Digital Currencies, Blockchain Infrastructure, On-Chain Derivatives, and Digital Asset Applications.](https://www.visualcapitalist.com/wp-content/uploads/2023/02/MSCI_Classifying-Digital-Assets-Datonomy_Share-80x80.jpg) Technology3 years ago Classifying Digital Assets With a New Framework: Datonomy How can investors get clarity on the thousands of digital assets available? A new structure classifies digital assets by their use cases.](https://www.visualcapitalist.com/sp/classifying-digital-assets-with-a-new-framework-datonomy/)
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