Bull v. Bear Market
U.S. Equity
January 1926 – December 2023

Bull Market

Bull & Bear Facts

Bear Market
Neutral

Average gain in bull markets: +285%
Average length of bull markets: 65 months

January 1926 – December 31, 2022

Average loss in bear markets: -36%
Average length of bear markets: 14 months

936%

181 months

845%

817%

Return (%)

155 months

153 months

451%

135%

130 months

31 mos.

105%

193%

210%

11 mos.

49 mos.

44 months

92%

2 mos.

144%

77 months

65%

108%

76%

61 months

29 months

18 mos.

68%

21 months

36%

15 months

6 mos. 6 mos.

-30%

31 mos.

-22%

6 mos.

-22%

6 months

-29%

-43%

19 months 22 months-30%

3 months-45%

25 months-51%

16 months-20%

3 months-24%

12 months2022

34 mos.

-50%-30% -21% 13 mos.

Sources: U.S. Equity — BNY Mellon, Refinitiv DataStream, Russell Investments, returns based on S&P 500® Index. Indexes are unmanaged and cannot be invested indirectly. Returns represent past performance, and are not a guarantee, and are not indicative or any special investment. As of December 31, 2023.

2023-83%

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Bull, Bear and Neutral markets:
Bull markets are markets where the cumulative returns exceeded 20%;Bear markets are determined to be markets where cumulative returns were lower than -20%;
Neutral markets are defined as those where there was no clear directional trend and returns were cumulatively
in the range of +5% to -19%.

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Indexes are unmanaged and cannot be invested in directly. Past performance is not indicative of future results.
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Date of first publication: April 2020. Updated February 2024.
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