A chart shows Vanguard’s expectations for the likely ranges of 10-year annualized returns, as well as median levels of volatility, for nine classes of equity securities and 12 classes of fixed income securities, along with commodities and a U.S. dollar index. The chart also shows Vanguard’s expectations for the annualized rate of U.S. inflation and its median volatility. All the projections are based on a May 31, 2025, running of the Vanguard Capital Markets Model. For equities, the projections are: U.S. equities, 3.8%–5.8% returns and 15.2% volatility; global equities excluding the United States (unhedged), 5.4%–7.4% returns and 18.8% volatility; global ex-U.S. developed markets equities (unhedged), 6.0%–8.0% returns and 18.3% volatility; emerging markets equities (unhedged), 3.3%–5.3% returns and 25.3% volatility; U.S. value, 6.3%–8.3% returns and 18.7% volatility; U.S. growth, 2.5%–4.5% returns and 16.3% volatility; U.S. large-cap, 3.7%–5.7% returns and 15.0% volatility; U.S. small-cap, 5.3%–7.3% returns and 19.8% volatility; and U.S. real estate investment trusts, 3.1%–5.1% returns and 18.5% volatility. For fixed income, the projections are: U.S. aggregate bonds, 4.2%–5.2% returns and 6.3% volatility; global bonds ex-U.S. (hedged), 4.3%–5.3% returns and 4.9% volatility; U.S. Treasury bonds, 4.0%–5.0% returns and 6.8% volatility; U.S. credit, 4.4%–5.4% returns and 6.5% volatility; U.S. high-yield corporate bonds, 4.8%–5.8% returns and 9.4% volatility; emerging markets sovereign bonds (hedged), 5.3%–6.3% returns and 12.0% volatility; U.S. Treasury Inflation-Protected Securities, 3.0%–4.0% returns and 5.1% volatility; U.S. mortgage-backed securities, 4.5%–5.5% returns and 4.2% volatility; U.S. municipal bonds, 3.6%–4.6% returns and 4.8% volatility; U.S. high-yield municipal bonds, 4.1%–5.1% returns and 7.8% volatility; U.S. cash, 3.1%–4.1% returns and 1.1% volatility; and U.S. municipal cash, 2.5%–3.5% returns and 0.5% volatility. For commodities, the projections are 4.9%–6.9% returns and 18% volatility. The rate of U.S. inflation is forecast at 1.5%–2.5%, with 1.8% volatility. And for the Vanguard U.S. dollar index, the projections are negative 0.9% to positive 0.1% returns, with 8.4% volatility.