Most years take a hard fall. Most end up anyway
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On the calendar
The US releases that move markets, in New Zealand and Australian time. Economic calendar →
On the calendar
The US releases that move markets, in New Zealand and Australian time. Economic calendar →What the chart shows
The S&P 500 has fallen at some point in every year since 1980. The average drop from a high inside the year was 14.2%. And yet 35 of the 46 years finished higher than they started.
The dots on the chart are each year's worst fall; the columns are where the year ended. 1987 fell 34% and still finished up 2%. 2020 fell 34% and finished up 16%. 2025 fell 19% and finished up 16%. The exceptions are real too: 2008 fell 49% and ended down 38%.
The past guarantees nothing, but a hard fall inside a year has usually been part of a normal year rather than the end of one.
The numbers
The S&P 500's biggest drop from a high inside each year, and where the year finished, 1980 to 2025. The falls averaged 14.2%, yet 35 of 46 years ended higher.
| Calendar-year return | Biggest fall during the year | |
|---|---|---|
| 1980 | +26% | −17% |
| 1981 | −10% | −18% |
| 1982 | +15% | −17% |
| 1983 | +17% | −7% |
| 1984 | +1% | −13% |
| 1985 | +26% | −8% |
| 1986 | +15% | −9% |
| 1987 | +2% | −34% |
| 1988 | +12% | −8% |
| 1989 | +27% | −8% |
| 1990 | −7% | −20% |
| 1991 | +26% | −6% |
| 1992 | +4% | −6% |
| 1993 | +7% | −5% |
| 1994 | −2% | −9% |
| 1995 | +34% | −3% |
| 1996 | +20% | −8% |
| 1997 | +31% | −11% |
| 1998 | +27% | −19% |
| 1999 | +20% | −12% |
| 2000 | −10% | −17% |
| 2001 | −13% | −30% |
| 2002 | −23% | −34% |
| 2003 | +26% | −14% |
| 2004 | +9% | −8% |
| 2005 | +3% | −7% |
| 2006 | +14% | −8% |
| 2007 | +4% | −10% |
| 2008 | −38% | −49% |
| 2009 | +23% | −28% |
| 2010 | +13% | −16% |
| 2011 | 0% | −19% |
| 2012 | +13% | −10% |
| 2013 | +30% | −6% |
| 2014 | +11% | −7% |
| 2015 | −1% | −12% |
| 2016 | +10% | −11% |
| 2017 | +19% | −3% |
| 2018 | −6% | −20% |
| 2019 | +29% | −7% |
| 2020 | +16% | −34% |
| 2021 | +27% | −5% |
| 2022 | −19% | −25% |
| 2023 | +24% | −10% |
| 2024 | +23% | −8% |
| 2025 | +16% | −19% |
46 rows: scroll the table for the rest.
How we make these charts: drawn from the sources named on the chart, and checked against them before it is published. General information only, not financial advice.
