Published on: 2026-06-24
Source: Central Bank of Russia – Central Bank of Russia –
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The Bank of Russia analyzed the yield of retail client investments in brokerage services for the period from 2023 to 2025, based on data from the largest companies. Client portfolios with values ranging from 10 thousand to 10 million rubles were evaluated. The results showed that the average annual yield was 2.9%.
The distribution of returns turned out to be heterogeneous: 5% of investors went into the red – and their losses exceeded 10%. A third of clients experienced smaller losses or preserved their investments but were unable to multiply them. The share of clients who still managed to end up in profit was 63%.
Of those who succeeded, the majority (41%) earned a rather modest return – from 0.1 to 6.7% per year, which is below the total return index of government bonds of the Moscow Exchange (RGBITR). This benchmark was outperformed by 13% of investors – and the results vary from 6.71 to 17.2% per year. The upper value corresponds to the total return index of the Moscow Exchange (MCFTR), which reflects the value of stocks including dividend payments. And only a few (9%) earned above these indicators.
Financial success is influenced by the age and experience of investors. The best results were shown by those who included mutual fund shares in their portfolio. The average yield of such instruments for non-qualified investors over the last 3 years was 17.9% per annum. Derivative financial instruments, on the other hand, more often worsened the clients’ situation.
For investors who decide to trade independently on the stock exchange, it is important to understand the nature of various financial instruments, objectively assess their risk appetite, and study information about the issuer. If there is no time and desire to deal with all the nuances of the stock market, it is better to choose collective investment instruments or use the services of professional managers.
Small errors are allowed in the result of the conducted study, since data from individual brokers, who use different calculation methodologies, are used in the analysis. In addition, a part of client asset inflows to brokerage services was not taken into account – in particular, coupon income on bonds and dividends on stocks, if these payments were immediately transferred to the bank account at the client’s discretion.
The Bank of Russia considers it important that brokers independently and regularly analyze data on the homogeneity of client portfolios. Such an assessment will ultimately provide an understanding of the long-term stability of the market participants themselves, on which the volume of client investments and their interest in operations in the financial market depend.
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