It has been a struggle this year to produce dollar-denominated returns this year, but no matter how you slice it, Russian equities are on track to complete a pretty impressive worst-to-first performance in 2015.

After posting the worst performance of any major asset in 2014, Russia’s MICEX stock index had produced total returns of more than 23% as of Tuesday, according to this compilation of 2015 performances in local currency terms by Deutsche Bank:

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Analysts credit a more stable euro, a little less conflict between Moscow and its Western counterparts, and signs the Russian economy is beginning to emerge from recession for the market’s rebound. In dollar terms, the MICEX has gained around 4% year-to-date.

Meanwhile, fellow emerging-market Brazil was at the other end of the spectrum. The country’s Bovespa stock index BVSP, -1.60% is on track to log the worst performance out of major assets this year, falling more than 13% in local currency terms and more than 42% in dollar terms. Falling prices for commodities, particularly oil, have taken a toll on Brazil, along with continued political turmoil. Brazilian stocks and the real currency both took additional hits this month after Brazilian President Dilma Rousseff named a close aide to replace Joaquim Levy, widely viewed as a fiscal conservative, as finance minister.

A strong dollar has weighed on returns this year. While the U.S. currency has given back some gains in December, the ICE dollar index DXY, +0.10% , a measure of the greenback against a basket of six major rivals, was up nearly 8.4% year to date as of Dec. 22 after rising nearly 13% in 2014. See: Dollar returns are hard to come by, and it’s killing the mood.

Also read: Dollar could take one of these 3 paths in 2016.

Meanwhile, as highlighted in the chart, Deutsche Bank’s chief international economist, Torsten Slok, notes that turbulence in high yield didn’t amount to that much compared with other risky assets.

See: The events that rocked financial markets in 2015.

Other highlights: U.S. stocks lost more than 1%, while Europe’s main indexes gained around 7% and Japan’s Nikkei rose more than 8%. In fixed income, U.S. and European government bonds take top honors.

The chart doesn’t include commodities. While it paid to play for the rebound in Russian equities, traders who attempted to scoop up battered assets in the oil market might be nursing some year-end regrets.

Brent crude-oil futures UK:LCOG6, the global benchmark, are down more than 34% since the end of last year, while West Texas Intermediate crude CLG26, , the U.S. benchmark, is off around 29%.

All in all, it was a very difficult year for commodities as investors wrestled with a stronger dollar, nagging worries about growth in China and a massive supply glut in everything from crude to industrial metals. The Bloomberg Commoditiy index BCOM, -0.62% is down more than 26% year to date, which would mark its worst decline since 2008 when the index slumped 37%, according to FactSet data.

See: After a brutal 2015, here’s what’s on tap for commodities

Among commodities, the biggest hits outside oil were reserved for industrial and precious metals. Meanwhile, coffee futures, which had been among the top performers of 2014 thanks to production worries, were on the loser list this year, down more than 27%.