Egyptian equities are not just outperforming—they are dominating the relative-strength leaderboard.

YTD performance:

TAMAYUZ: +69.85%
EGX70: +51.13%
EGX100: +48.90%
EGX30: +33.26%
While SP500: +13.02%
And Gold: −6.06%

The chart is telling us that capital has been rotating aggressively into Egyptian equities, with broad participation across growth, mid-cap, and large-cap indices.

Nevertheless, The Egyptian pound saw a huge depreciation and absorbed a large part of the market returns, but it did not erase it all, and still outperforming the S&P500.
Even after converting back into dollars, the hypothetical Egypt investment still produced nearly double the ending value of the S&P 500 over the 5Y.

Lets take an Example:

5 years ago, if you invested a $1000 in the TAMAYUZ which gained ~1,000% in EGP terms, while USD/EGP depreciated from 15 to 48,

$1,000 × 15 = 15,000 EGP
TAMAYUZ +1,000% = 165,000 EGP
Convert back at 48:
165,000 ÷ 48 = $3,437.50

Although the ETF gained 10× in EGP, the Egyptian pound depreciated from 15 to 48 per USD (about 69% loss in currency value), so your USD return becomes about +244% instead of +1,000%.

Even after accounting for the sharp depreciation of the Egyptian pound over the past five years, the hypothetical Egypt ETF would still have significantly outperformed the S&P 500 in USD terms.

The question is...

Should global investors consider diversifying part of their portfolio into the Egyptian stock market, or is the recent performance already priced in?

Diversification isn't about replacing one market with another—it's about identifying opportunities where risk-adjusted returns may justify an allocation.

What's your view?

Disclaimer: This comparison is for educational and illustrative purposes only and is based on historical performance and simplified assumptions. Past performance does not guarantee future results. Exchange rates, taxes, fees, tracking differences, liquidity, and investment risks have not been fully considered. This is not financial or investment advice. Always conduct your own research and consult a qualified financial advisor before making investment decisions.