Most of the major asset classes rallied in February, based on a set of ETFs. The downside exceptions: US stocks and a broad measure of commodities. Otherwise, global markets posted were broadly higher last month.

The top performer in February: US real estate investment trusts. Vanguard Real Estate ETF (VNQ) rallied 3.7%, marking the ETF’s second straight monthly advance. Foreign stocks in developed markets (VEA) were the second-best performer last month via a 2.3% increase.

US equities (VTI) posted a loss in February, slumping 1.9%. The decline left American shares in last place for the month for the first time in more than two years. Commodities (GSG) also lost ground, sliding 1.5%.

The Global Market Index (GMI) posted a modest 0.4% decline in February after a strong increase in the previous month. GMI is an unmanaged benchmark (maintained by CapitalSpectator.com) that holds all the major asset classes (except cash) in market-value weights via ETFs and represents a competitive benchmark for multi-asset-class portfolios.

Comparing GMI with US stocks (VTI) and US bonds (BND) over the trailing one-year window continues to reflect a middling performance for the multi-asset-class benchmark. Note, however, the narrowing return differentials in recent months as US stocks and GMI lost ground while fixed income rallied.