An escalating trade war, decelerating growth in Europe and China and an increasing dovish Fed were all factors that were supposed to make the United States a relative island of calm for investors this year.

But during January, S&P 500 index companies that derive the highest concentration of revenue from the United States have lagged peers that get relatively large shares of revenue from either Western Europe, the BRIC countries (Brazil, Russia, India and China) or from international sources generally, according to an analysis by Goldman Sachs.