U.S. financial stocks were not spared as global stock markets ended September at a loss amid concerns over inflation and the ongoing pandemic.

The S&P 500 index recorded a 4.65% decline in September, the first monthly decline since January, and the largest drop since March 2020.

Eight of September's 20 worst-performing financial institution stocks completed an initial public offerings just this year.

California-based Marqeta Inc., a payment processor, posted the largest loss among stocks in this analysis at 23.8%. The company began trading on June 9 but has struggled compared to benchmarks.

Mortgage originator loanDepot Inc., which also started trading early this year, had the third-worst performance with a 17.7% loss.

Meanwhile, mobile-focused insurer, Root Inc., posted the second-largest loss of September at 18.3%. Root began trading in October 2020.

Some newly listed companies managed to outperform the market last month, including Blue Owl Capital Inc. with its 13.0% return and Katapult Holdings Inc. and SoFi Technologies Inc., which gained 12.1% and 12.0%, respectively.

Digital lender GreenSky Inc. led U.S. financial stocks in September with a 40.6% return. On Sept. 15, Goldman Sachs Group Inc. announced that it would acquire GreenSky Inc. in an all-stock transaction for $2.24 billion.

Upstart Holdings Inc., another digital lender, posted a 38.1% return, followed by insurance broker SelectQuote Inc., which returned 35.4%.