Vanguard Capital Market Assumptions 2026
Vanguard forecasts 3.5% to 5.5% a year from US equities over the next decade, published as a probability-weighted range rather than a point estimate.
Source: Vanguard Capital Markets Model, 2026. All figures are 10-year nominal geometric returns in USD. Reviewed 16 August 2026.
| Asset class | Vanguard | Median of 14 | Difference |
|---|---|---|---|
| US equities | 3.5–5.5% | 6.0% | — |
| International developed | — | 7.2% | — |
| Emerging markets | — | 7.7% | — |
| US aggregate bonds | — | 4.7% | — |
Where Vanguard sits among the 14
Vanguard publishes a range rather than a point estimate, so it does not appear in the ranking below.
| House | US equities |
|---|---|
| Research Affiliates | 3.1% |
| Invesco | 4.7% |
| BlackRock | 5.2% |
| PGIM | 5.2% |
| Morningstar | 5.3% |
| Verus | 5.4% |
| Schwab | 5.9% |
| Amundi | 6.1% |
| AQR | 6.3% |
| Meketa | 6.4% |
| J.P. Morgan | 6.7% |
| Northern Trust | 6.8% |
| Callan | 7.3% |
| BNY Mellon | 7.6% |
For the full comparison across all four asset classes, where the houses agree and why they disagree, see what 16 firms expect from the next decade.
Build a portfolio on these numbers
Portfolio Lab optimises across 27 asset classes on J.P. Morgan's 2026 assumptions, and lets you override any expected return with a different house's view to see how much the answer actually moves.
Open the optimiserFigures as published by Vanguard in Vanguard Capital Markets Model, 2026, reviewed 16 August 2026 and re-checked when each house issues a new edition. Portfolio Lab is not affiliated with Vanguard. This is analysis, not investment advice.