A line chart shows the gap between forecasted earnings-per-share growth for the next 12 months and actual earnings per share for the previous 12 months for the MSCI USA Index and the MSCI Emerging Markets Index. The x-axis provides a timeline, with date labels ranging from January 2025 to April 2026. The y-axis shows the percentage gap between expected and trailing earnings growth, with labels ranging from –20% to 40%. For the MSCI USA Index, the gap starts at 1.93% in November 2024, hits a low of –4.66% in July 2025, and rises to 13.32% as of May 2026. For the MSCI Emerging Markets Index, the gap starts at –0.62% in November 2024 and dips as low as –7.58% in August 2025 before rising to 44.42% as of May 2026. A negative gap means that forecasted earnings are lower than trailing earnings, while a positive gap indicates that forecasted earnings are higher than trailing earnings.