One of the big differences right now between the U.S. and International markets is in sector weights.
As U.S. markets have become more dominated by Technology companies, the rest of the world still has relatively high exposure to areas like Financials, Energy, Materials, and Industrials (see chart).
Equity market performance over the last several years has been mostly dominated by U.S.-based tech stocks, which may or may not continue over the next several years.
International markets are still an attractive story in terms of diversification and low relative valuations, but also may have some tailwinds due to shifting dynamics in the economy.
The dominant sectors overseas could see a boost in coming years due to things like manufacturing acceleration, reshoring, energy transition, commodities demand and scarcity, etc.