Among nations with unblemished credit ratings, Singapore's currency has the best volatility-adjusted return, burnishing its haven status as the yen and US dollar lose value.
The Singapore dollar has returned 1.28 per cent this year after adjusting for price swings, according to data compiled by Bloomberg.
Analysts forecast it will outperform its peers next year from Canada, Australia and the four other countries that have both AAA ratings and "stable" outlooks from the three major credit assessors.
Demand for havens is on the rise as the global economy struggles to recover.
The Organisation for Economic Cooperation and Development last month cut its forecasts for worldwide expansion.
The island state is in better shape than most, with the Monetary Authority of Singapore deciding in October to maintain gradual currency appreciation to contain inflation.
Economists polled by Bloomberg News expect the nation to grow faster than all other AAA countries next year.
"The Singapore dollar is guided by the central bank, which is likely to maintain its appreciation bias with inflation expectations still running quite strong," said senior strategist Thio Chin Loo of BNP Paribas in Singapore.
"Volatility is compressed, making it attractive to investors. At the margin, the share of the Singapore dollar assets in investment portfolios will certainly look bigger."
Australia, Canada, Denmark, Norway, Sweden and Switzerland are the only other countries with a stable AAA ranking from Standard & Poor's, Fitch Ratings and Moody's Investors Service.
Norway has the second-highest risk-adjusted return with 0.82 per cent, followed by Australia and Canada, data compiled by Bloomberg shows.