Global markets continued to slide in November, with three main exceptions: US equities, US high-yield bonds, and broadly defined commodities. Otherwise, varying shades of red dominated last month’s return column for the major asset classes.

The US stock market bucked the downside trend, posting a strong 4.5% total return in November, based on the Russell 3000 Index. Meantime, November’s big loser: emerging market government bonds, which tumbled 7.4% (Citi ESBI-C Index).

The top performer for the year so far among the major asset classes: US high-yield bonds (iBoxx High Yield Index), which is ahead by a strong 14.2% in total-return terms. The biggest year-to-date loser at the moment: foreign developed market stocks. MSCI EAFE is in the hole so far in 2016 by 2.3%, as of last month’s close.

The downside bias in November pinched the Global Market Index (GMI), an unmanaged benchmark that holds all the major asset classes in market-value weights. GMI dipped 0.1% last month, although the benchmark remains firmly in the black on a year-to-date basis with a 5.0% total return through November 30.