Research Quarterly: Equity and Related
Published on:
January 27, 2026
Key Takeaways for 4Q25
- For the quarter: Total equity capital formation was $51.3B (-20.8% Q/Q, -23.0% Y/Y. IPO deal value was $13.5B, -18.8% Q/Q but +144.6% Y/Y, the second highest since 4Q21. Markets continued to climb – all four indexes were up for the quarter – with the S&P 500 index ending at 6,845.50, +2.3% Q/Q and +16.4% Y/Y. The VIX averaged 17.75%, +1.8 pps Q/Q and +0.3 pps Y/Y. ADV was up for the quarter and the year for equities, equity options and ETFs (quarterly averages): equities 18.6 billion shares, +5.7% Q/Q and +36.8% Y/Y; ETFs 4.1 billion shares, +22.1% Q/Q and +54.3% Y/Y; options 66.6 million contracts (+9.6% Q/Q and +29.0% Y/Y), the highest quarterly volume on record.
- For the year: Total equity capital formation was $231.9B (+4.0% Y/Y). Equity market cap ended the year at $68.2T (+9.6% Y/Y) and the number of listed companies was 5,499 (+1.4% Y/Y). IPO deal value was $47.0B (+50.0% Y/Y). All four major equity indexes were up for the year, marking the third consecutive year of double-digit growth. Due to a few periods of elevation, the VIX was up for the year, averaging 18.96% (+3.4 pps Y/Y). ADV was up for the year for all markets (annual averages): equities 17.6 billion shares, +44.6% Y/Y; ETFs 3.5 billion shares, +48.6% Y/Y; options 60.8 million contracts, +25.4% Y/Y.
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About the Report
The SIFMA Research Quarterlies contain data and statistics on U.S. markets. The equity and related report – cash equites, ETFs, options and capital formation – includes information on: volumes, volatility, total equity issuance, IPOs, market shares, exchange landscapes, etc.
All reports and corresponding databases can be found at www.sifma.org/research.