Securitized real estate securities in the US posted the strongest gain for the major asset classes last week, based on a set of exchange-traded products. During a week a mixed results for global markets overall, the strong advance in real estate investment trusts (REITs) is a conspicuous upside outlier.

Vanguard Real Estate (VNQ) jumped 2.8% over the five trading days through August 17. Last week’s gain lifted the ETF to a two-year high.

A combination of softer Treasury yields, risk-off sentiment, and a solid earnings season for REITs provided a healthy tailwind for this corner of the market, according to Hoya Capital Real Estate. “There are signs that real estate fundamentals have entered a period of reacceleration, powered by stronger-than-expected economic growth,” the consultancy advised on Friday.

Last week’s worst performer among the major asset classes: stocks in emerging markets. Vanguard FTSE Emerging Markets (VWO) lost 2.4%. The slide marks the third straight weekly decline for the ETF, which closed on Friday near its lowest price in more than a year.

“We don’t think it’s time to add back risk in emerging markets despite cheaper valuations and lighter positioning,” according to a research note from Morgan Stanley, Bloomberg reports. “Instead, we recommend de-risking EM portfolios further.”

For the one-year trend, US equities remain the leader by a wide margin. Vanguard Total Stock Market (VTI) closed up 20.4% on Friday vs. the year-earlier price (including distributions). The strong gain is far and away the leader for the 12-month change.

Note, however, that the recent strength in US REITs has propelled VNQ to second place for one-year results, albeit with a relatively modest 5.6% vs. VTI’s stellar rise.

The worst one-year performance at the moment for the major asset classes: bonds in emerging markets. VanEck Vectors JP Morgan Emerging Market Local Currency Bond (EMLC) is in the red by 8.7% for the trailing one-year period.