SPY vs. world markets from top before the financial crisis to now.... Interesting $EWG $EWJ $FXI
Nice chart and instructive too. It is all "relative". It's important to know how you are doing relative to your peers. And, If we could graph the GDP of each economy, it too would trace the same pattern. The US has had the better economy. QE is evident in all economies so it isn't the only factor driving the outperformance.