Do Americans realize how poorly their stock market has performed since Trump took office?

I’m French, but most of my investments are in U.S. ETFs and American stocks, and honestly, the currency effect has been brutal.

Since January 2025, the S&P 500 ETF I am investing in, is sitting at around -1.8% in EUR terms.

Since you’re earning and investing in USD, I guess the currency aspect doesn’t really matter much to you. And after a +15% year for the S&P 500, it’s easy to believe Trump’s lies that this market is “exceptional,” "maybe one of the best in US history".

But from my perspective, a big part of that performance looks like it’s been driven by Trump's USD devaluation rather than real gains.

So from your point of view, do you actually think the market has been strong since he took office, or is the performance overstated?