But Gina Martin Adams, institutional equity strategist at Wells Fargo Securities, tells CNBC's "Power Lunch" on Wednesday you can still make money in this environment.
"In our annual outlook for U.S. stocks we suggested that this year was not only likely to be the first year in five that domestic stocks underperformed global counterparts, but likewise, that policy divergence would unlock better performance for multinational versus domestic companies in 2015," Adams said.
She believes now is the time to snap up multinationals. "Now that the dollar has slowed down, expectations for multinationals have dropped to levels that appear highly conservative, and financial market indicators are improving in China, we suggest now may be a good time for investors to reconsider multinational ideas," Adams said.
The Stoxx and Nikkei are up more than 10 percent year-to-date, while the Shanghai Composite is up 30 percent. The Dow and are flat this year.