You'll generally get around what you would have done from investing in a domestic PP than what you get from investing in a foreign PP. The currency changes sort of balances it all out.
Is that true? The graph for the UK PP vs the US PP does support it.
When I tested what a Japanese investor would have achieved investing in either their own, a US or a UK PP between 1972 and 2008 they had very similar returns in domestic currency (Yen) terms.
Whilst the UK and US outperformed the Japanese PP, the rise of the Yen with respect to both the US Dollar and UK Pound in effect dragged those returns back down to produce a similar return had they stayed in a domestic PP.
There's a less pronounced similar effect if a UK investor had invested in a US PP. Over the period UK inflation has been higher and our PP averaged more than a US PP, but equally the pound has declined relative to the US Dollar so a a UK investor who bought a US PP would have added to those gains by the currency gain/benefit and overall that aligns reasonably with what would have been earned in a UK PP.
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