Figure 2-4
Rolling 10-Year Data (%)
1935-2018
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Period Notes Stocks
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1926-1935 4.6 5.3
1927-1936 4.4 7.1
1928-1937 3.6 -0.7
1929-1938 3.9 -1.7
1930-1939 4.0 -1.0
1931-1940 4.1 0.8
1932-1941 4.1 5.3
1033-1942 3.5 8.2
1934-1943 3.5 6.3
1935-1944 3.1 8.3
1936-1945 2.9 7.4
1937-1946 2.8 3.6
1938-1947 2.7 8.7
1939-1948 2.5 6.6
1940-1949 2.5 4.6
1941-1950 2.0 8.6
1942-1951 2.2 12.5
1943-1952 2.2 12.4
1944-1953 2.4 9.8
1945-1954 2.4 12.5
1946-1955 1.9 12.3
1947-1956 1.4 14.1
1948-1957 1.9 12.2
1949-1958 1.5 15.7
1950-1959 0.8 19.5
1951-1960 1.9 16.3
1952-1961 2.1 16.6
1953-1962 2.4 13.6
1954-1963 2.2 16.1
1955-1964 2.2 13.0
1956-1965 2.4 11.2
1957-1966 3.0 9.2
1958-1967 2.1 12.8
1959-1968 2.7 9.9
1960-1969 2.4 7.7
1961-1970 2.9 8.1
1962-1971 3.6 7.0
1963-1972 3.4 9.8
1964-1973 3.6 6.0
1965-1974 3.4 1.3
1966-1975 3.7 3.3
1967-1976 4.9 6.7
1968-1977 5.2 3.7
1969-1978 4.8 3.2
1970-1979 5.4 5.9
1971-1980 3.5 8.5
1972-1981 3.3 6.5
1973-1982 6.0 6.7
1974-1983 6.0 10.6
1975-1984 7.1 14.6
1976-1985 9.2 14.1
1977-1986 10.0 13.6
1978-1987 9.3 15.1
1979-1988 10.2 16.1
1980-1989 12.0 17.3
1981-1990 13.0 13.8
1982-1991 13.7 17.4
1983-1992 11.5 16.1
1984-1993 12.6 14.9
1985-1994 10.3 14.3
1986-1995 10.1 14.8
1987-1996 7.8 15.2
1988-1997 9.4 17.9
1989-1998 10.1 19.0
1990-1999 7.4 18.0
1991-2000 8.4 17.3
1992-2001 7.5 12.8
1993-2002 8.0 9.3
1994-2003 6.6 11.0
1995-2004 8.0 11.9
1996-2005 6.1 9.0
1997-2006 6.1 8.3
1998-2007 6.1 5.8
1999-2008 6.6 -1.4
2000-2009 6.3 -1.0
2001-2010 5.5 1.4
2002-2011 6.5 2.9
2003-2012 5.3 7.0
2004-2013 4.3 7.3
2005-2014 4.9 7.6
2006-2015 4.7 7.2
2007-2016 4.6 6.9
2008-2017 2.0 13.5
2009-2018 3.2 10.4
Because of the significant decline in the stock market during 2007-2009, performance for the stock market for the period of 2000-2009 was the second worst for any ten-year period since the data began. The returns for stocks for subsequent 10-year periods, including for the last partial decade - 2009-2018 - have improved significantly
Furthermore, bonds outperformed stocks during the 2000-2009 decade by the second greatest margin for any 10-year period in history (only the decade ended in 2008 was worse).
However, given the volatility of returns for stocks, this is not surprising, and it is likely to happen, but very infrequently, as suggested by the distribution of returns for ten-year periods shown in Figure 2.5 below. For the subsequent decades, the historical outperformance of stocks compared to notes has been reestablished.
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