Reference Data Tables › Investment Returns Reference Tables
Investment Returns Reference Tables
Investment return reference tables provide the long-run performance record for major asset classes, allowing investors to evaluate current returns in historical context and to stress-test portfolio assumptions against actual historical sequences. Tables cover annualized returns over different holding periods, rolling 10-year returns, maximum drawdowns, and recovery periods after significant declines.
Direct Answer
Investment return reference tables document what major asset classes have actually delivered over long periods. The US stock market has historically returned around 10% annually before inflation, but this average conceals wide variation by decade and starting valuation. Including drawdown data, rolling-period returns, and the return sequence from different starting years gives a more complete picture of what an investor should realistically expect over their own holding period.
Common questions
What is the difference between arithmetic and geometric (compound) average return?
The arithmetic average return is the simple average of annual returns: add them up and divide by the number of years. The geometric average (compound annual growth rate, CAGR) is the single annual rate that, if applied consistently, would produce the same ending value as the actual sequence. The geometric return is always lower than the arithmetic return when returns vary. The geometric return is the correct measure for understanding what an investor actually earned over the full period; the arithmetic return is used in some forward-looking estimates.
How does sequence-of-returns risk affect a retirement portfolio?
Sequence-of-returns risk is the risk that the order of investment returns matters as much as the average return. A retiree who withdraws from a portfolio that crashes early in retirement can run out of money even if the long-run average return is the same as a retiree who had a strong early sequence. The early losses reduce the portfolio base from which all future returns are calculated. Historical return sequence tables make this concrete by showing what happened to hypothetical retirees who started withdrawing in different years.
Every guide in this section
20 guides in this section.
All guides
- 60/40 Portfolio Annual Returns History
Historical annual returns for the classic 60/40 portfolio (60% S&P 500 / 40% bonds) from 2000 to 2024, including the worst year 2022 (-16.1%) and rolling 10-year context.
- Asset Class Return Comparison
Historical annualized returns for major asset classes including U.S.
- Bear Market History and Recovery Table
Complete U.S. bear market history table from 1929 to 2022, including average decline, duration, recovery time, and key causes for each bear market in S&P 500 history.
- Bloomberg US Aggregate Bond Index Annual Returns
Historical annual total returns for the Bloomberg U.S.
- Bull Market History and Duration Table
Complete history of U.S. bull markets in the S&P 500 from 1932 to 2024, including duration in months, total return, annualized return, and what drove each major bull market.
- S&P 500 Dividend Yield History
Historical S&P 500 dividend yield from 1950 to 2024, showing the long-term decline from 5-6% in the 1950s to approximately 1.2-1.5% today and the shift to share buybacks.
- Dow Jones Industrial Average Annual Returns
Dow Jones Industrial Average annual returns history 1990–2024.
- Inflation-Adjusted S&P 500 Returns
Historical S&P 500 real returns after adjusting for CPI inflation, showing the difference between nominal and purchasing-power-adjusted stock market performance since 1980.
- MSCI Emerging Markets Annual Returns
Historical annual total returns for the MSCI Emerging Markets Index from 1993 to 2024, with context on USD impact, China weight, and EM vs.
- MSCI World Index Annual Returns
MSCI World Index annual returns history 1990–2024 in USD.
- NASDAQ Composite Annual Returns
NASDAQ Composite annual returns history 1990–2024.
- Russell 2000 Small-Cap Annual Returns
Russell 2000 small-cap index annual returns history 1990–2024.
- S&P 500 Annual Returns History
Complete S&P 500 annual returns history 1990–2024, showing price return and total return with dividends reinvested.
- S&P 500 Returns by Decade
Historical S&P 500 returns by decade from the 1920s through 2024, including price return, total return with dividends, and annualized performance for each 10-year period.
- S&P 500 Major Drawdown History
Complete history of S&P 500 major drawdowns and bear markets from 1929 to 2024, including peak and trough levels, percentage decline, and recovery time to new highs.
- S&P 500 Monthly Seasonal Returns
Historical average S&P 500 monthly returns by calendar month from 1928 to 2024, including the September effect, January effect, and Sell in May seasonal patterns.
- S&P 500 P/E Ratio History
Historical S&P 500 trailing price-to-earnings ratio and Shiller CAPE ratio from 1990 to 2024, showing how equity valuations have evolved through market cycles.
- S&P 500 Sector Annual Returns
Annual returns for all 11 S&P 500 GICS sectors from 2022 to 2024, showing Energy's +65.7% in 2022 vs.
- U.S. Treasury Bond Total Return History
Historical annual total returns for 10-year and 30-year U.S.
- VIX Volatility Index Annual History
Annual history of the CBOE VIX volatility index from 2007 to 2024, including annual averages, annual peaks, and major volatility events like the 2008 financial crisis and 2020 COVID panic.