The Endowment Index, calculated by Nasdaq OMX, declined 3.17% (on a total return basis) for the 12 months ended December 31, 2015. This compared to the S&P 500, which gained 1.38% for the same period. It was the Endowment Index's first calendar year decline since 2011. The Endowment Index seeks to track the performance of global, multi-asset portfolios by representing the average allocation of an endowment using ETFs.

Eight of the index's 19 investable components provided a positive return during 2015, and the gains were minimal. Only domestic real estate, international fixed income and private equity were able to gain more than 1% for the year. Of the 11 components that declined in 2015, all but emerging market equity were in the alternatives portion of the index and three quarters of the index decline was attributed to just four asset classes: metals & mining, emerging market equity, oil & gas, and hedge funds.

Endowment Index Constituents: Winners & Losers for 2015