Bragging rights for the world’s hottest major stock market this year belong to an unlikely leader: President Vladimir V. Putin of Russia.

The combination of surging Russian share prices and a buoyant ruble has generated some of the best investment returns on earth in 2019. In dollar terms, Russian stocks are up more than 28 percent (and more if you factor in dividends). The S&P 500, by contrast, is up more than 16 percent.

There are fundamental economic reasons for the Russian rally, most notably the rebounding price of crude oil, a cornerstone of the country’s economy.

But the strong performance also reflects investors’ growing confidence that the United States government isn’t going to take further actions that would imperil Russia’s economy.