European markets are experiencing significant underperformance compared to U.S. equities, with the Stoxx Europe 600 index lagging behind the S&P 500 by 21% this year, marking the widest margin on record. The Stoxx 600 has only returned 3% year-to-date, while the S&P 500 has gained 24%. This trend of European stocks trailing U.S. equities has been persistent, with European stocks underperforming the S&P 500 in eight of the last ten years. The current year is set to be the worst on record for the Stoxx 600 relative to the S&P 500, as it has seen only marginal gains in dollar terms. Since the global financial crisis in 2008, European stocks have struggled to keep pace, despite a 20-year return of 219%, equivalent to a 6.0% compound annual growth rate (CAGR).