Index Monthly Scorecard: November 2025

Core Insights - The Nasdaq-100® experienced a blended growth rate of 15.9% during a robust earnings season, but concerns over high valuations have created a narrow margin for error [1] - The market sentiment shifted in November, leading to increased volatility and a rise in U.S. investment-grade spreads above 80 basis points, the highest since June 2025 [1][2] - Despite strong corporate fundamentals, concerns regarding AI investments and elevated valuations contributed to a sell-off in November, impacting various indexes [3][4] Nasdaq Index Performance - The Nasdaq-100 Index® (NDX®) fell by 1.6% in November, although it remains up 21% year-to-date [4] - Among 124 indexes tracked, 62 posted gains while the average index declined by 0.3% [5] - The Nasdaq Sprott Lithium Miners™ Index (NSLITP™) was the best performer with a return of 19.3%, while the Nasdaq Ether Settlement Price™ Index (NQETHS™) saw the worst performance, losing 21.4% [5] Sector-Specific Performance - In the Nasdaq Featured Indexes, the Nasdaq-100 Low Volatility™ Index (NDXLV™) was the top performer with a return of 2.0%, while the Nasdaq-100 Technology Sector™ Index (NDXT™) lost 5.4% [6] - All six Nasdaq sector-specific indexes recorded positive returns, with the PHLX Gold/Silver™ Index (XAU™) rising 16.1% [9] Thematic Indexes - The Nasdaq Thematic Tech lineup saw negative performance overall, with an average decline of 2.4%, while the Nasdaq Biotechnology™ Index (NBI™) was the best performer in this group, gaining 8.4% [10] - The Nasdaq Crypto suite experienced an average decline of 18.6%, with Bitcoin and other digital currencies continuing to sell off [12] Global Indexes - Performance across Nasdaq Global Indexes was relatively strong, with six out of nine indexes posting positive returns; the Nasdaq US Small Cap™ Index (NQUSS™) was the top performer at 2.1% [8]