History of U.S. Bear & Bull Markets Since 1926
This chart shows historical performance of the S&P 500 Index
throughout the U.S. Bull and Bear Markets from 1926 through
September 2017. Although past performance is no guarantee of
future results, we believe looking at the history of the market’s
expansions and recessions helps to gain a fresh perspective on
the benefits of investing for the long-term.
• The average Bull Market period lasted 9.0 years
with an average cumulative total return of 472%.
From the lowest close reached after
the market has fallen 20% or more,
to the next market high.
• The average Bear Market period lasted 1.4 years
with an average cumulative loss of -41%.
From when the index closes at least 20% down
from its previous high close, through the lowest
close reached after it has fallen 20% or more.
10
S&P 500 Index Total Return (Logarithmic Scale)
Duration
% Total Return
% Annualized
5
13.9 years
815.3%
17.2%
3.7
3
7 ye
years
ears
193.3%
19
93.3
3%
34.1%
3
34.1
%
15.1 years
ea
935.8%
8%
16.8%
%
12.8 years
816 5%
816.5%
19.0%
12.9
9 ye
earrs
years
845.2
845
45 2%
2%
845.2%
19.0%
9 %
6.4 years
143.7%
14.9%
8.6 years
311.2%
17.9%
2..5 years
years
2.5
%
75.6%
%
25.3%
5.1 years
108.4%
15.5%
1
0.1
6m
months
-2
22.3%
-22.3%
N/A*
6m
monthss
-21.8%
21
N
N/A*
Bull Market
2
8 yea
rs
2.8
years
-83.4%
-47.0%
1930
1940
Source: Morningstar. Returns from 1926 - 9/30/17.
1950
1960
1.6 years
ea
3% 1.8
-29.3%
8 years
y
7% -42.6%
-19.7%
-4
42..6%
-27..2%
-27.2%
3 monthss
-29.6%
N/A*
Bear Market
1970
y
2.1 years
-44.7%
-44.7%
-24.8%
-24.8%
3 years
ye
e
1.3
-5
50.9
9
-50.9%
-4
41.4
4
-41.4%
Recession
1980
1990
2000
2010
2017