What makes a winner varies by year.

Treasury returns and allocations 

Note: *and equivalents. For corporates with $50M+ in assets and no more than 90% allocated to cash (& equivalents) and 10% to equities. Top performers are corporates with performance > 75th percentile, with outliers removed. Total return values for 2026 are annualized YTD. Allocations do not sum to 100% due to small allocations to additional asset classes, e.g., equities.
Source: Clearwater AnalyticsDownload image