An Index of Commodity Futures Returns Since 1871 (opens in new tab)

Commodity markets are back in investors’ focus. After years in which equities and growth assets dominated portfolios, the recent rise in geopolitical tensions, inflation uncertainty, supply-chain fragmentation, and renewed resource nationalism has reminded allocators that commodities remain a critical macro asset class. That is why a newly released research paper, An Index of Commodity Futures Returns Since 1871, is particularly timely. Using a hand-collected database covering more than 150 y...