Stock Regimes
Major swings and moving-average trends across the full price history, with each period compared to the S&P 500.
Price history
Green bands are rallies and red bands are drawdowns. A swing is confirmed when price reverses by at least 20%.
Versus the S&P 500
Both series are rebased to 100 at the first date they share in this window. Returns are price returns from adjusted closes, not dividend total return.
Regimes
| Direction | Start | End | Trading days | Start price | End price | Stock | Annualized | S&P 500 | Excess |
|---|---|---|---|---|---|---|---|---|---|
| Drawdown | 1986-06-06 | 1986-08-27 | 57 | $36.31 | $18.38 | -49.4% | -95.1% | +3.1% | -52.5% |
| Rally | 1986-08-27 | 1986-09-30 | 23 | $18.38 | $31.06 | +69.0% | +31,391.0% | -8.7% | +77.7% |
| Drawdown | 1986-09-30 | 1986-10-29 | 19 | $31.06 | $23.63 | -23.9% | -97.3% | +4.2% | -28.1% |
| Rally | 1986-10-29 | 1986-12-02 | 21 | $23.63 | $29.31 | +24.1% | +1,231.0% | +5.4% | +18.7% |
| Drawdown | 1986-12-02 | 1987-01-05 | 20 | $29.31 | $21.88 | -25.4% | -97.5% | -0.7% | -24.7% |
| Rally | 1987-01-05 | 1987-01-16 | 9 | $21.88 | $30.20 | +38.0% | +833,280.5% | +5.6% | +32.5% |
| Drawdown | 1987-01-16 | 1987-02-27 | 27 | $30.20 | $19.70 | -34.8% | -98.1% | +6.7% | -41.5% |
| Rally | 1987-02-27 | 1987-03-17 | 12 | $19.70 | $24.06 | +22.2% | +6,587.9% | +2.9% | +19.2% |
| Drawdown | 1987-03-17 | 1987-04-23 | 18 | $24.06 | $18.38 | -23.6% | -97.7% | -1.9% | -21.7% |
| Rally | 1987-04-23 | 1987-05-29 | 19 | $18.38 | $27.13 | +47.6% | +17,413.1% | +1.1% | +46.5% |
| Drawdown | 1987-05-29 | 1987-06-17 | 12 | $27.13 | $19.70 | -27.4% | -99.9% | +5.1% | -32.5% |
| Rally | 1987-06-17 | 1987-08-10 | 32 | $19.70 | $46.81 | +137.7% | +91,211.4% | +7.6% | +130.0% |
| Drawdown | 1987-08-10 | 1987-09-08 | 20 | $46.81 | $30.63 | -34.6% | -99.5% | -4.4% | -30.2% |
| Rally | 1987-09-08 | 1987-10-08 | 23 | $30.63 | $63.88 | +108.6% | +314,618.5% | +0.2% | +108.4% |
| Drawdown | 1987-10-08 | 1987-10-20 | 9 | $63.88 | $32.38 | -49.3% | -100.0% | -24.6% | -24.7% |
| Rally | 1987-10-20 | 1987-10-21 | 2 | $32.38 | $48.13 | +48.6% | +492,358,731,185,033,496,756,224.0% | +9.1% | +39.5% |
| Drawdown | 1987-10-21 | 1987-11-23 | 22 | $48.13 | $22.75 | -52.7% | -100.0% | -6.0% | -46.8% |
| Rally | 1987-11-23 | 1987-12-03 | 8 | $22.75 | $31.95 | +40.4% | +4,416,231.4% | -7.3% | +47.7% |
| Drawdown | 1987-12-03 | 1987-12-29 | 14 | $31.95 | $19.25 | -39.7% | -100.0% | +8.6% | -48.4% |
| Rally | 1987-12-29 | 1988-02-11 | 29 | $19.25 | $34.13 | +77.3% | +14,374.8% | +4.6% | +72.6% |
| Drawdown | 1988-02-11 | 1988-04-04 | 32 | $34.13 | $18.81 | -44.9% | -99.1% | +0.1% | -44.9% |
| Rally | 1988-04-04 | 1988-06-03 | 40 | $18.81 | $36.31 | +93.0% | +6,200.0% | +4.0% | +89.0% |
| Drawdown | 1988-06-03 | 1988-06-14 | 8 | $36.31 | $28.01 | -22.9% | -100.0% | +2.9% | -25.8% |
| Rally | 1988-06-14 | 1988-06-21 | 6 | $28.01 | $38.06 | +35.9% | +39,005,934.3% | -1.0% | +36.8% |
| Drawdown | 1988-06-21 | 1988-09-01 | 50 | $38.06 | $25.38 | -33.3% | -87.0% | -4.9% | -28.4% |
| Rally | 1988-09-01 | 1988-09-06 | 2 | $25.38 | $31.51 | +24.2% | +71,826,127,058,622.6% | +2.8% | +21.4% |
| Drawdown | 1988-09-06 | 1988-11-15 | 45 | $31.51 | $18.38 | -41.7% | -95.1% | +1.0% | -42.7% |
| Rally | 1988-11-15 | 1988-11-29 | 8 | $18.38 | $28.88 | +57.1% | +152,503,930.6% | +1.0% | +56.2% |
| Drawdown | 1988-11-29 | 1988-12-16 | 12 | $28.88 | $20.13 | -30.3% | -99.9% | +2.0% | -32.3% |
| Rally | 1988-12-16 | 1988-12-30 | 10 | $20.13 | $35.01 | +74.0% | +115,012,951.7% | +0.5% | +73.5% |
| Drawdown | 1988-12-30 | 1989-02-01 | 22 | $35.01 | $24.06 | -31.3% | -98.6% | +7.0% | -38.3% |
| Rally | 1989-02-01 | 1989-03-27 | 36 | $24.06 | $33.70 | +40.0% | +956.4% | -2.2% | +42.2% |
| Drawdown | 1989-03-27 | 1989-05-30 | 46 | $33.70 | $21.00 | -37.7% | -92.5% | +9.8% | -47.5% |
| Rally | 1989-05-30 | 1989-07-20 | 35 | $21.00 | $25.38 | +20.8% | +290.6% | +4.5% | +16.3% |
| Drawdown | 1989-07-20 | 1989-08-01 | 9 | $25.38 | $18.38 | -27.6% | -100.0% | +3.1% | -30.7% |
| Rally | 1989-08-01 | 1989-08-03 | 3 | $18.38 | $24.95 | +35.8% | +14,318,731,991,188.5% | +0.3% | +35.5% |
| Drawdown | 1989-08-03 | 1989-08-16 | 9 | $24.95 | $19.26 | -22.8% | -99.9% | +0.3% | -23.1% |
| Rally | 1989-08-16 | 1989-10-09 | 36 | $19.26 | $24.51 | +27.3% | +440.3% | +4.1% | +23.2% |
| Drawdown | 1989-10-09 | 1989-12-18 | 44 | $24.51 | $10.95 | -55.3% | -99.0% | -4.5% | -50.9% |
| Rally | 1989-12-18 | 1990-01-12 | 15 | $10.95 | $19.25 | +75.8% | +1,310,927.7% | -1.1% | +76.9% |
| Drawdown | 1990-01-12 | 1990-01-29 | 10 | $19.25 | $8.31 | -56.8% | -100.0% | -4.3% | -52.5% |
| Rally | 1990-01-29 | 1990-05-30 | 60 | $8.31 | $21.45 | +158.0% | +5,257.4% | +11.0% | +147.1% |
| Drawdown | 1990-05-30 | 1990-07-24 | 34 | $21.45 | $12.26 | -42.8% | -98.4% | -1.4% | -41.4% |
| Rally | 1990-07-24 | 1990-08-06 | 8 | $12.26 | $17.50 | +42.7% | +7,307,690.1% | -6.0% | +48.7% |
| Drawdown | 1990-08-06 | 1990-10-17 | 45 | $17.50 | $11.38 | -35.0% | -91.0% | -10.7% | -24.3% |
| Rally | 1990-10-17 | 1990-10-26 | 7 | $11.38 | $14.45 | +27.0% | +547,959.6% | +2.0% | +25.0% |
| Drawdown | 1990-10-26 | 1990-11-16 | 13 | $14.45 | $10.95 | -24.2% | -99.5% | +4.1% | -28.3% |
| Rally | 1990-11-16 | 1990-12-06 | 10 | $10.95 | $13.56 | +23.9% | +21,966.1% | +3.8% | +20.1% |
| Drawdown | 1990-12-06 | 1991-01-29 | 27 | $13.56 | $7.01 | -48.3% | -99.8% | +2.1% | -50.3% |
| Rally | 1991-01-29 | 1991-03-20 | 29 | $7.01 | $11.38 | +62.2% | +6,578.9% | +9.6% | +52.6% |
| Drawdown | 1991-03-20 | 1991-04-16 | 13 | $11.38 | $7.88 | -30.8% | -99.9% | +5.4% | -36.1% |
| Rally | 1991-04-16 | 1991-06-24 | 38 | $7.88 | $12.26 | +55.7% | +1,787.1% | -4.3% | +60.0% |
| Drawdown | 1991-06-24 | 1991-07-31 | 17 | $12.26 | $9.63 | -21.5% | -97.2% | +4.5% | -26.1% |
| Rally | 1991-07-31 | 1991-08-26 | 16 | $9.63 | $19.25 | +100.0% | +5,510,798.7% | +1.6% | +98.4% |
| Drawdown | 1991-08-26 | 1991-11-19 | 54 | $19.25 | $10.51 | -45.4% | -94.1% | -3.7% | -41.7% |
| Rally | 1991-11-19 | 1992-02-04 | 43 | $10.51 | $14.45 | +37.4% | +544.1% | +9.1% | +28.3% |
| Drawdown | 1992-02-04 | 1992-02-25 | 8 | $14.45 | $10.06 | -30.4% | -100.0% | -0.8% | -29.5% |
| Rally | 1992-02-25 | 1992-02-28 | 3 | $10.06 | $12.70 | +26.2% | +30,652,935,052.7% | +0.5% | +25.6% |
| Drawdown | 1992-02-28 | 1992-03-20 | 9 | $12.70 | $10.06 | -20.8% | -99.9% | -0.3% | -20.4% |
| Rally | 1992-03-20 | 1992-04-06 | 6 | $10.06 | $14.88 | +47.8% | +1,347,551,496.9% | -1.4% | +49.2% |
| Drawdown | 1992-04-06 | 1992-06-15 | 30 | $14.88 | $5.25 | -64.7% | -100.0% | +1.2% | -65.9% |
| Rally | 1992-06-15 | 1992-07-30 | 21 | $5.25 | $14.00 | +166.7% | +12,930,681.9% | +3.3% | +163.3% |
| Drawdown | 1992-07-30 | 1992-08-06 | 5 | $14.00 | $10.50 | -25.0% | -100.0% | -0.8% | -24.2% |
| Rally | 1992-08-06 | 1992-08-10 | 3 | $10.50 | $14.88 | +41.7% | +508,726,929,642,974.5% | -0.3% | +41.9% |
| Drawdown | 1992-08-10 | 1992-08-27 | 12 | $14.88 | $11.38 | -23.5% | -99.6% | -1.4% | -22.1% |
| Rally | 1992-08-27 | 1992-09-04 | 7 | $11.38 | $14.00 | +23.1% | +176,243.2% | +0.9% | +22.2% |
| Drawdown | 1992-09-04 | 1992-10-09 | 19 | $14.00 | $7.00 | -50.0% | -100.0% | -3.5% | -46.5% |
| Rally | 1992-10-09 | 1992-10-21 | 6 | $7.00 | $10.50 | +50.0% | +2,487,899,672.2% | +3.2% | +46.8% |
| Drawdown | 1992-10-21 | 1992-11-03 | 7 | $10.50 | $7.00 | -33.3% | -100.0% | +1.0% | -34.4% |
| Rally | 1992-11-03 | 1992-11-13 | 6 | $7.00 | $12.25 | +75.0% | +1,612,865,101,002.7% | +0.6% | +74.4% |
| Drawdown | 1992-11-13 | 1992-11-18 | 3 | $12.25 | $9.63 | -21.4% | -100.0% | +0.1% | -21.5% |
| Rally | 1992-11-18 | 1992-11-23 | 4 | $9.63 | $13.13 | +36.4% | +30,620,350,254.6% | +0.5% | +35.8% |
| Drawdown | 1992-11-23 | 1992-11-25 | 2 | $13.13 | $10.50 | -20.0% | -100.0% | +1.0% | -21.0% |
| Rally | 1992-11-25 | 1992-12-22 | 17 | $10.50 | $16.63 | +58.3% | +90,758.7% | +2.6% | +55.7% |
| Drawdown | 1992-12-22 | 1993-01-07 | 9 | $16.63 | $13.13 | -21.1% | -99.9% | -2.2% | -18.9% |
| Rally | 1993-01-07 | 1993-02-10 | 25 | $13.13 | $19.25 | +46.7% | +4,649.2% | +3.6% | +43.1% |
| Drawdown | 1993-02-10 | 1993-04-14 | 40 | $19.25 | $12.25 | -36.4% | -94.2% | +0.5% | -36.9% |
| Rally | 1993-04-14 | 1993-08-06 | 79 | $12.25 | $29.75 | +142.9% | +1,595.2% | +0.0% | +142.9% |
| Drawdown | 1993-08-06 | 1993-11-22 | 75 | $29.75 | $18.38 | -38.2% | -80.2% | +2.3% | -40.6% |
| Rally | 1993-11-22 | 1993-12-15 | 17 | $18.38 | $32.38 | +76.2% | +442,822.5% | +0.6% | +75.6% |
| Drawdown | 1993-12-15 | 1993-12-28 | 9 | $32.38 | $21.88 | -32.4% | -100.0% | +2.0% | -34.4% |
| Rally | 1993-12-28 | 1994-01-31 | 25 | $21.88 | $52.50 | +140.0% | +679,931.9% | +2.3% | +137.7% |
| Drawdown | 1994-01-31 | 1994-03-03 | 23 | $52.50 | $40.25 | -23.3% | -94.6% | -3.9% | -19.5% |
| Rally | 1994-03-03 | 1994-03-10 | 6 | $40.25 | $50.75 | +26.1% | +1,690,912.4% | +0.2% | +25.9% |
| Drawdown | 1994-03-10 | 1994-05-11 | 43 | $50.75 | $30.63 | -39.7% | -94.8% | -4.8% | -34.8% |
| Rally | 1994-05-11 | 1994-05-24 | 10 | $30.63 | $37.63 | +22.9% | +17,801.5% | +3.0% | +19.8% |
| Drawdown | 1994-05-24 | 1994-06-14 | 15 | $37.63 | $29.75 | -20.9% | -98.1% | +1.7% | -22.6% |
| Rally | 1994-06-14 | 1994-06-30 | 13 | $29.75 | $43.31 | +45.6% | +145,158.1% | -3.9% | +49.5% |
| Drawdown | 1994-06-30 | 1994-07-19 | 13 | $43.31 | $34.13 | -21.2% | -99.0% | +2.2% | -23.4% |
| Rally | 1994-07-19 | 1994-08-03 | 12 | $34.13 | $42.00 | +23.1% | +7,729.1% | +1.7% | +21.4% |
| Drawdown | 1994-08-03 | 1994-08-17 | 11 | $42.00 | $33.25 | -20.8% | -99.5% | +0.8% | -21.6% |
| Rally | 1994-08-17 | 1995-01-13 | 104 | $33.25 | $44.63 | +34.2% | +104.0% | +0.2% | +34.0% |
| Drawdown | 1995-01-13 | 1995-07-11 | 124 | $44.63 | $21.00 | -52.9% | -78.4% | +19.1% | -72.0% |
| Rally | 1995-07-11 | 1995-10-13 | 68 | $21.00 | $35.00 | +66.7% | +564.0% | +5.4% | +61.3% |
| Drawdown | 1995-10-13 | 1995-11-03 | 16 | $35.00 | $25.38 | -27.5% | -99.4% | +1.0% | -28.5% |
| Rally | 1995-11-03 | 1995-11-13 | 7 | $25.38 | $30.63 | +20.7% | +87,020.8% | +0.3% | +20.4% |
| Drawdown | 1995-11-13 | 1996-01-03 | 35 | $30.63 | $21.00 | -31.4% | -93.4% | +4.9% | -36.3% |
| Rally | 1996-01-03 | 1996-01-10 | 6 | $21.00 | $30.63 | +45.8% | +762,053,836.5% | -3.7% | +49.5% |
| Drawdown | 1996-01-10 | 1996-01-18 | 7 | $30.63 | $20.34 | -33.6% | -100.0% | +1.6% | -35.2% |
| Rally | 1996-01-18 | 1996-05-14 | 82 | $20.34 | $94.94 | +366.7% | +11,275.5% | +9.4% | +357.2% |
| Drawdown | 1996-05-14 | 1996-08-06 | 59 | $94.94 | $56.00 | -41.0% | -89.5% | -0.5% | -40.5% |
| Rally | 1996-08-06 | 1996-10-08 | 45 | $56.00 | $86.63 | +54.7% | +1,050.7% | +5.8% | +48.9% |
| Drawdown | 1996-10-08 | 1996-11-07 | 23 | $86.63 | $49.88 | -42.4% | -99.8% | +3.9% | -46.3% |
| Rally | 1996-11-07 | 1996-11-18 | 8 | $49.88 | $61.25 | +22.8% | +64,544.3% | +1.3% | +21.5% |
| Drawdown | 1996-11-18 | 1997-01-28 | 49 | $61.25 | $38.50 | -37.1% | -90.8% | +3.8% | -40.9% |
| Rally | 1997-01-28 | 1997-02-05 | 7 | $38.50 | $55.78 | +44.9% | +62,661,931.2% | +1.7% | +43.2% |
| Drawdown | 1997-02-05 | 1997-04-14 | 47 | $55.78 | $25.81 | -53.7% | -98.4% | -4.4% | -49.3% |
| Rally | 1997-04-14 | 1997-04-17 | 4 | $25.81 | $31.50 | +22.0% | +28,071,718.1% | +2.4% | +19.6% |
| Drawdown | 1997-04-17 | 1997-05-23 | 27 | $31.50 | $23.19 | -26.4% | -94.3% | +11.2% | -37.6% |
| Rally | 1997-05-23 | 1997-06-11 | 13 | $23.19 | $32.38 | +39.6% | +64,452.5% | +2.7% | +37.0% |
| Drawdown | 1997-06-11 | 1997-07-17 | 26 | $32.38 | $22.75 | -29.7% | -96.7% | +7.1% | -36.9% |
| Rally | 1997-07-17 | 1997-08-04 | 13 | $22.75 | $30.63 | +34.6% | +31,701.8% | +2.0% | +32.6% |
| Drawdown | 1997-08-04 | 1997-08-25 | 16 | $30.63 | $23.63 | -22.9% | -98.3% | -3.2% | -19.7% |
| Rally | 1997-08-25 | 1997-10-02 | 28 | $23.63 | $36.75 | +55.6% | +5,233.0% | +4.4% | +51.2% |
| Drawdown | 1997-10-02 | 1997-10-27 | 18 | $36.75 | $24.50 | -33.3% | -99.7% | -8.7% | -24.6% |
| Rally | 1997-10-27 | 1997-11-07 | 10 | $24.50 | $31.50 | +28.6% | +56,191.2% | +5.8% | +22.8% |
| Drawdown | 1997-11-07 | 1997-12-15 | 26 | $31.50 | $21.44 | -31.9% | -97.6% | +3.9% | -35.8% |
| Rally | 1997-12-15 | 1998-01-21 | 25 | $21.44 | $35.00 | +63.3% | +13,894.9% | +0.8% | +62.5% |
| Drawdown | 1998-01-21 | 1998-03-03 | 29 | $35.00 | $24.94 | -28.8% | -94.7% | +8.4% | -37.1% |
| Rally | 1998-03-03 | 1998-03-31 | 21 | $24.94 | $34.13 | +36.8% | +4,211.6% | +4.7% | +32.1% |
| Drawdown | 1998-03-31 | 1998-09-03 | 110 | $34.13 | $14.88 | -56.4% | -85.1% | -10.8% | -45.6% |
| Rally | 1998-09-03 | 1998-09-08 | 3 | $14.88 | $17.94 | +20.6% | +675,483,692.3% | +4.2% | +16.4% |
| Drawdown | 1998-09-08 | 1998-10-05 | 20 | $17.94 | $13.13 | -26.8% | -98.0% | -3.4% | -23.4% |
| Rally | 1998-10-05 | 1998-11-02 | 21 | $13.13 | $24.94 | +90.0% | +221,231.5% | +12.4% | +77.6% |
| Drawdown | 1998-11-02 | 1998-11-24 | 17 | $24.94 | $17.06 | -31.6% | -99.6% | +6.4% | -38.0% |
| Rally | 1998-11-24 | 1998-12-01 | 5 | $17.06 | $21.88 | +28.2% | +27,442,927.7% | -0.7% | +28.9% |
| Drawdown | 1998-12-01 | 1999-01-15 | 32 | $21.88 | $14.44 | -34.0% | -96.2% | +5.8% | -39.8% |
| Rally | 1999-01-15 | 1999-01-25 | 6 | $14.44 | $21.44 | +48.5% | +1,624,238,720.8% | -0.7% | +49.2% |
| Drawdown | 1999-01-25 | 1999-04-14 | 56 | $21.44 | $13.13 | -38.8% | -89.0% | +7.7% | -46.4% |
| Rally | 1999-04-14 | 1999-04-26 | 9 | $13.13 | $20.13 | +53.3% | +15,769,626.3% | +2.4% | +51.0% |
| Drawdown | 1999-04-26 | 1999-06-09 | 32 | $20.13 | $14.00 | -30.4% | -94.3% | -3.0% | -27.4% |
| Rally | 1999-06-09 | 1999-08-02 | 38 | $14.00 | $19.69 | +40.6% | +859.2% | +0.7% | +39.9% |
| Drawdown | 1999-08-02 | 1999-10-21 | 58 | $19.69 | $12.25 | -37.8% | -87.3% | -3.3% | -34.4% |
| Rally | 1999-10-21 | 2000-01-10 | 56 | $12.25 | $28.00 | +128.6% | +4,026.7% | +13.6% | +115.0% |
| Drawdown | 2000-01-10 | 2000-03-29 | 56 | $28.00 | $18.81 | -32.8% | -83.3% | +3.5% | -36.3% |
| Rally | 2000-03-29 | 2000-04-07 | 8 | $18.81 | $25.38 | +34.9% | +1,240,767.6% | +0.5% | +34.4% |
| Drawdown | 2000-04-07 | 2000-05-11 | 24 | $25.38 | $14.44 | -43.1% | -99.7% | -7.2% | -35.9% |
| Rally | 2000-05-11 | 2000-05-22 | 8 | $14.44 | $18.81 | +30.3% | +417,795.1% | -0.5% | +30.8% |
| Drawdown | 2000-05-22 | 2000-06-15 | 18 | $18.81 | $14.00 | -25.6% | -98.4% | +5.6% | -31.2% |
| Rally | 2000-06-15 | 2000-06-22 | 6 | $14.00 | $17.75 | +26.8% | +2,132,716.6% | -1.8% | +28.6% |
| Drawdown | 2000-06-22 | 2000-08-02 | 28 | $17.75 | $9.25 | -47.9% | -99.7% | -0.9% | -47.0% |
| Rally | 2000-08-02 | 2000-09-07 | 26 | $9.25 | $14.75 | +59.5% | +9,107.7% | +4.4% | +55.0% |
| Drawdown | 2000-09-07 | 2000-10-25 | 35 | $14.75 | $10.00 | -32.2% | -93.9% | -9.2% | -23.0% |
| Rally | 2000-10-25 | 2000-11-24 | 22 | $10.00 | $21.75 | +117.5% | +733,471.5% | -1.7% | +119.2% |
| Drawdown | 2000-11-24 | 2000-12-20 | 19 | $21.75 | $16.00 | -26.4% | -98.3% | -5.7% | -20.7% |
| Rally | 2000-12-20 | 2001-01-12 | 16 | $16.00 | $24.75 | +54.7% | +96,265.1% | +4.3% | +50.4% |
| Drawdown | 2001-01-12 | 2001-02-07 | 18 | $24.75 | $18.00 | -27.3% | -98.8% | +1.7% | -29.0% |
| Rally | 2001-02-07 | 2001-02-16 | 8 | $18.00 | $23.50 | +30.6% | +444,074.6% | -2.9% | +33.5% |
| Drawdown | 2001-02-16 | 2001-04-03 | 32 | $23.50 | $18.38 | -21.8% | -85.6% | -15.0% | -6.8% |
| Rally | 2001-04-03 | 2001-05-07 | 24 | $18.38 | $34.80 | +89.4% | +81,594.9% | +14.2% | +75.2% |
| Drawdown | 2001-05-07 | 2001-06-22 | 34 | $34.80 | $23.32 | -33.0% | -94.9% | -3.0% | -30.0% |
| Rally | 2001-06-22 | 2001-08-28 | 47 | $23.32 | $41.40 | +77.5% | +2,070.3% | -5.2% | +82.7% |
| Drawdown | 2001-08-28 | 2001-09-27 | 18 | $41.40 | $23.00 | -44.4% | -100.0% | -12.3% | -32.1% |
| Rally | 2001-09-27 | 2001-10-02 | 4 | $23.00 | $29.44 | +28.0% | +567,842,653.4% | +3.2% | +24.8% |
| Drawdown | 2001-10-02 | 2002-02-11 | 91 | $29.44 | $17.60 | -40.2% | -75.9% | +5.8% | -46.0% |
| Rally | 2002-02-11 | 2002-07-09 | 103 | $17.60 | $29.80 | +69.3% | +262.7% | -14.3% | +83.6% |
| Drawdown | 2002-07-09 | 2002-08-07 | 22 | $29.80 | $12.00 | -59.7% | -100.0% | -8.0% | -51.7% |
| Rally | 2002-08-07 | 2002-08-19 | 9 | $12.00 | $16.64 | +38.7% | +944,435.2% | +8.4% | +30.2% |
| Drawdown | 2002-08-19 | 2002-12-06 | 78 | $16.64 | $11.36 | -31.7% | -70.9% | -4.0% | -27.7% |
| Rally | 2002-12-06 | 2002-12-18 | 9 | $11.36 | $16.00 | +40.8% | +1,461,290.4% | -2.3% | +43.2% |
| Drawdown | 2002-12-18 | 2002-12-31 | 9 | $16.00 | $10.80 | -32.5% | -100.0% | -1.3% | -31.2% |
| Rally | 2002-12-31 | 2003-01-15 | 11 | $10.80 | $13.04 | +20.7% | +7,402.3% | +4.4% | +16.4% |
| Drawdown | 2003-01-15 | 2003-05-29 | 93 | $13.04 | $8.48 | -35.0% | -68.8% | +3.4% | -38.4% |
| Rally | 2003-05-29 | 2003-06-11 | 10 | $8.48 | $11.36 | +34.0% | +158,374.2% | +5.0% | +28.9% |
| Drawdown | 2003-06-11 | 2003-08-06 | 39 | $11.36 | $8.60 | -24.3% | -83.4% | -3.0% | -21.2% |
| Rally | 2003-08-06 | 2003-08-21 | 12 | $8.60 | $10.36 | +20.5% | +4,889.8% | +3.7% | +16.7% |
| Drawdown | 2003-08-21 | 2003-11-04 | 52 | $10.36 | $8.04 | -22.4% | -70.7% | +5.0% | -27.4% |
| Rally | 2003-11-04 | 2004-01-27 | 57 | $8.04 | $10.40 | +29.4% | +212.0% | +8.6% | +20.7% |
| Drawdown | 2004-01-27 | 2004-02-17 | 15 | $10.40 | $7.92 | -23.8% | -99.0% | +1.1% | -25.0% |
| Rally | 2004-02-17 | 2004-09-17 | 148 | $7.92 | $10.48 | +32.4% | +61.2% | -2.5% | +34.8% |
| Drawdown | 2004-09-17 | 2004-10-21 | 25 | $10.48 | $7.20 | -31.3% | -97.7% | -2.0% | -29.4% |
| Rally | 2004-10-21 | 2004-10-28 | 6 | $7.20 | $8.80 | +22.2% | +457,311.8% | +1.9% | +20.3% |
| Drawdown | 2004-10-28 | 2005-04-04 | 106 | $8.80 | $5.12 | -41.8% | -72.4% | +4.3% | -46.1% |
| Rally | 2005-04-04 | 2005-06-01 | 42 | $5.12 | $7.00 | +36.7% | +553.1% | +2.2% | +34.5% |
| Drawdown | 2005-06-01 | 2005-07-22 | 35 | $7.00 | $5.20 | -25.7% | -88.2% | +2.6% | -28.3% |
| Rally | 2005-07-22 | 2005-08-03 | 9 | $5.20 | $6.64 | +27.7% | +93,788.5% | +0.9% | +26.8% |
| Drawdown | 2005-08-03 | 2005-10-20 | 55 | $6.64 | $4.69 | -29.4% | -79.7% | -5.4% | -24.0% |
| Rally | 2005-10-20 | 2006-06-01 | 154 | $4.69 | $7.00 | +49.3% | +92.6% | +9.2% | +40.1% |
| Drawdown | 2006-06-01 | 2007-07-13 | 280 | $7.00 | $2.88 | -58.9% | -55.0% | +20.8% | -79.6% |
| Rally | 2007-07-13 | 2007-08-30 | 35 | $2.88 | $3.96 | +37.5% | +890.3% | -6.1% | +43.6% |
| Drawdown | 2007-08-30 | 2007-12-05 | 58 | $3.96 | $2.60 | -34.3% | -83.9% | +1.9% | -36.2% |
| Rally | 2007-12-05 | 2007-12-21 | 13 | $2.60 | $4.12 | +58.5% | +750,566.9% | 0.0% | +58.5% |
| Drawdown | 2007-12-21 | 2008-01-18 | 16 | $4.12 | $2.56 | -37.9% | -99.9% | -10.7% | -27.1% |
| Rally | 2008-01-18 | 2008-01-28 | 5 | $2.56 | $3.08 | +20.3% | +1,115,894.0% | +2.2% | +18.1% |
| Drawdown | 2008-01-28 | 2008-03-25 | 38 | $3.08 | $2.44 | -20.8% | -78.7% | -0.1% | -20.7% |
| Rally | 2008-03-25 | 2008-03-27 | 3 | $2.44 | $2.96 | +21.3% | +1,116,241,789.8% | -2.0% | +23.3% |
| Drawdown | 2008-03-27 | 2008-05-12 | 28 | $2.96 | $2.08 | -29.7% | -95.8% | +5.9% | -35.6% |
| Rally | 2008-05-12 | 2008-05-15 | 4 | $2.08 | $2.67 | +28.4% | +679,546,686.9% | +1.4% | +26.9% |
| Drawdown | 2008-05-15 | 2008-05-19 | 3 | $2.67 | $2.05 | -23.2% | -100.0% | +0.2% | -23.4% |
| Rally | 2008-05-19 | 2008-05-23 | 5 | $2.05 | $2.58 | +25.9% | +10,795,296.1% | -3.6% | +29.4% |
| Drawdown | 2008-05-23 | 2008-06-30 | 24 | $2.58 | $1.95 | -24.4% | -94.7% | -7.0% | -17.4% |
| Rally | 2008-06-30 | 2008-08-14 | 27 | $1.95 | $3.00 | +53.8% | +5,473.7% | +1.0% | +52.8% |
| Drawdown | 2008-08-14 | 2008-09-24 | 28 | $3.00 | $2.14 | -28.7% | -95.2% | -8.3% | -20.4% |
| Rally | 2008-09-24 | 2008-09-25 | 2 | $2.14 | $2.61 | +22.0% | +7,277,990,450,229.1% | +2.0% | +20.0% |
| Drawdown | 2008-09-25 | 2008-10-20 | 17 | $2.61 | $1.83 | -30.1% | -99.5% | -18.5% | -11.6% |
| Rally | 2008-10-20 | 2008-10-23 | 4 | $1.83 | $2.27 | +24.3% | +91,742,966.9% | -7.8% | +32.2% |
| Drawdown | 2008-10-23 | 2008-10-24 | 2 | $2.27 | $1.79 | -21.1% | -100.0% | -3.5% | -17.7% |
| Rally | 2008-10-24 | 2008-11-13 | 12 | $1.79 | $2.26 | +26.3% | +13,289.6% | +3.9% | +22.3% |
| Drawdown | 2008-11-13 | 2008-12-08 | 14 | $2.26 | $1.72 | -23.9% | -99.3% | -0.2% | -23.7% |
| Rally | 2008-12-08 | 2008-12-22 | 9 | $1.72 | $2.17 | +26.2% | +66,791.2% | -4.2% | +30.3% |
| Drawdown | 2008-12-22 | 2009-01-15 | 13 | $2.17 | $1.42 | -34.6% | -100.0% | -3.2% | -31.4% |
| Rally | 2009-01-15 | 2009-01-20 | 3 | $1.42 | $1.80 | +26.8% | +44,737,272,151.9% | -4.6% | +31.3% |
| Drawdown | 2009-01-20 | 2009-01-26 | 4 | $1.80 | $1.40 | -22.2% | -100.0% | +3.9% | -26.1% |
| Rally | 2009-01-26 | 2009-02-06 | 8 | $1.40 | $1.88 | +34.3% | +1,078,695.5% | +3.8% | +30.5% |
| Drawdown | 2009-02-06 | 2009-03-13 | 23 | $1.88 | $1.15 | -38.8% | -99.5% | -12.9% | -25.9% |
| Rally | 2009-03-13 | 2009-03-16 | 2 | $1.15 | $1.48 | +28.7% | +6,383,344,086,883,479.0% | -0.4% | +29.0% |
| Drawdown | 2009-03-16 | 2009-03-24 | 4 | $1.48 | $1.09 | -26.4% | -100.0% | +6.9% | -33.3% |
| Rally | 2009-03-24 | 2009-05-07 | 28 | $1.09 | $2.35 | +115.6% | +100,540.4% | +12.6% | +103.0% |
| Drawdown | 2009-05-07 | 2009-05-11 | 3 | $2.35 | $1.88 | -20.0% | -100.0% | +0.2% | -20.2% |
| Rally | 2009-05-11 | 2009-05-14 | 3 | $1.88 | $2.30 | +22.3% | +2,269,231,837.9% | -1.8% | +24.1% |
| Drawdown | 2009-05-14 | 2009-05-28 | 8 | $2.30 | $1.68 | -27.0% | -100.0% | +1.5% | -28.5% |
| Rally | 2009-05-28 | 2009-06-11 | 7 | $1.68 | $2.30 | +36.9% | +8,148,217.7% | +4.2% | +32.7% |
| Drawdown | 2009-06-11 | 2009-08-05 | 24 | $2.30 | $1.33 | -42.2% | -99.7% | +6.1% | -48.3% |
| Rally | 2009-08-05 | 2009-09-14 | 24 | $1.33 | $1.75 | +31.6% | +1,684.3% | +4.6% | +26.9% |
| Drawdown | 2009-09-14 | 2009-11-13 | 36 | $1.75 | $0.70 | -60.0% | -99.8% | +4.2% | -64.2% |
| Rally | 2009-11-13 | 2009-11-17 | 3 | $0.70 | $0.90 | +28.6% | +145,520,530,683.6% | +1.5% | +27.0% |
| Drawdown | 2009-11-17 | 2009-12-03 | 10 | $0.90 | $0.63 | -30.0% | -100.0% | -0.9% | -29.1% |
| Rally | 2009-12-03 | 2010-01-15 | 30 | $0.63 | $1.30 | +106.3% | +43,791.8% | +3.3% | +103.1% |
| Drawdown | 2010-01-15 | 2010-05-25 | 65 | $1.30 | $0.61 | -53.1% | -94.7% | -5.5% | -47.6% |
| Rally | 2010-05-25 | 2010-06-02 | 5 | $0.61 | $0.77 | +26.2% | +12,546,003.4% | +2.3% | +24.0% |
| Drawdown | 2010-06-02 | 2010-07-22 | 25 | $0.77 | $0.50 | -35.1% | -98.7% | -0.4% | -34.6% |
| Rally | 2010-07-22 | 2010-08-10 | 8 | $0.50 | $0.68 | +36.0% | +1,608,602.0% | +2.5% | +33.5% |
| Drawdown | 2010-08-10 | 2010-08-11 | 2 | $0.68 | $0.53 | -22.1% | -100.0% | -2.8% | -19.2% |
| Rally | 2010-08-11 | 2010-08-27 | 4 | $0.53 | $0.65 | +22.6% | +38,384,912.3% | -2.3% | +24.9% |
| Drawdown | 2010-08-27 | 2010-09-08 | 5 | $0.65 | $0.51 | -21.5% | -100.0% | +3.2% | -24.8% |
| Rally | 2010-09-08 | 2010-09-10 | 3 | $0.51 | $0.63 | +23.5% | +5,045,686,932.7% | +1.0% | +22.5% |
| Drawdown | 2010-09-10 | 2011-02-08 | 75 | $0.63 | $0.36 | -42.8% | -84.7% | +19.4% | -62.2% |
| Rally | 2011-02-08 | 2011-03-09 | 21 | $0.36 | $0.60 | +66.6% | +45,686.5% | -0.3% | +67.0% |
| Drawdown | 2011-03-09 | 2011-03-25 | 10 | $0.60 | $0.45 | -25.0% | -99.9% | -0.5% | -24.5% |
| Rally | 2011-03-25 | 2011-03-28 | 2 | $0.45 | $0.59 | +31.1% | +66,462,508,859,937,648.0% | -0.3% | +31.4% |
| Drawdown | 2011-03-28 | 2011-04-04 | 4 | $0.59 | $0.46 | -22.0% | -100.0% | +1.7% | -23.8% |
| Rally | 2011-04-04 | 2011-04-08 | 5 | $0.46 | $0.76 | +65.2% | +9,772,604,749,497.3% | -0.4% | +65.6% |
| Drawdown | 2011-04-08 | 2011-04-15 | 6 | $0.76 | $0.61 | -20.4% | -100.0% | -0.6% | -19.8% |
| Rally | 2011-04-15 | 2011-05-17 | 20 | $0.61 | $1.36 | +124.8% | +2,706,801.9% | +0.7% | +124.1% |
| Drawdown | 2011-05-17 | 2011-06-29 | 31 | $1.36 | $0.99 | -27.2% | -92.4% | -1.6% | -25.6% |
| Rally | 2011-06-29 | 2011-07-21 | 14 | $0.99 | $2.95 | +198.0% | +34,305,423,383.9% | +2.8% | +195.2% |
| Drawdown | 2011-07-21 | 2011-07-27 | 5 | $2.95 | $1.88 | -36.3% | -100.0% | -2.9% | -33.4% |
| Rally | 2011-07-27 | 2011-08-01 | 4 | $1.88 | $2.44 | +29.8% | +1,360,236,811.5% | -1.4% | +31.2% |
| Drawdown | 2011-08-01 | 2011-10-04 | 46 | $2.44 | $1.33 | -45.5% | -96.4% | -12.7% | -32.8% |
| Rally | 2011-10-04 | 2011-10-17 | 10 | $1.33 | $2.45 | +84.2% | +485,203,454.3% | +6.8% | +77.4% |
| Drawdown | 2011-10-17 | 2011-11-22 | 27 | $2.45 | $1.71 | -30.2% | -96.5% | -1.1% | -29.1% |
| Rally | 2011-11-22 | 2011-12-02 | 8 | $1.71 | $2.39 | +39.8% | +3,803,163.4% | +4.7% | +35.0% |
| Drawdown | 2011-12-02 | 2012-06-27 | 142 | $2.39 | $1.24 | -48.1% | -68.8% | +7.0% | -55.2% |
| Rally | 2012-06-27 | 2012-07-09 | 6 | $1.24 | $1.49 | +20.2% | +223,199.8% | +1.5% | +18.6% |
| Drawdown | 2012-07-09 | 2012-08-08 | 18 | $1.49 | $1.00 | -32.9% | -99.6% | +3.7% | -36.6% |
| Rally | 2012-08-08 | 2012-08-16 | 6 | $1.00 | $1.26 | +26.0% | +1,642,617.5% | +0.9% | +25.1% |
| Drawdown | 2012-08-16 | 2012-09-19 | 21 | $1.26 | $0.83 | -34.1% | -99.3% | +3.2% | -37.4% |
| Rally | 2012-09-19 | 2012-10-02 | 9 | $0.83 | $1.20 | +44.6% | +3,050,276.7% | -1.0% | +45.6% |
| Drawdown | 2012-10-02 | 2012-12-20 | 49 | $1.20 | $0.63 | -47.2% | -96.2% | -0.1% | -47.0% |
| Rally | 2012-12-20 | 2013-01-22 | 19 | $0.63 | $1.30 | +105.0% | +1,368,164.6% | +3.4% | +101.7% |
| Drawdown | 2013-01-22 | 2013-04-26 | 62 | $1.30 | $0.78 | -40.0% | -87.5% | +6.0% | -46.0% |
| Rally | 2013-04-26 | 2013-04-29 | 2 | $0.78 | $0.95 | +21.8% | +6,074,267,420,991.8% | +0.7% | +21.1% |
| Drawdown | 2013-04-29 | 2013-05-15 | 12 | $0.95 | $0.69 | -27.4% | -99.9% | +4.1% | -31.5% |
| Rally | 2013-05-15 | 2013-06-13 | 16 | $0.69 | $0.97 | +40.6% | +21,268.9% | -1.4% | +41.9% |
| Drawdown | 2013-06-13 | 2013-08-29 | 41 | $0.97 | $0.73 | -25.3% | -83.3% | +0.1% | -25.4% |
| Rally | 2013-08-29 | 2013-10-28 | 39 | $0.73 | $1.53 | +111.0% | +12,363.5% | +7.6% | +103.5% |
| Drawdown | 2013-10-28 | 2013-11-20 | 17 | $1.53 | $1.19 | -22.2% | -97.6% | +1.1% | -23.3% |
| Rally | 2013-11-20 | 2014-01-22 | 42 | $1.19 | $3.38 | +184.0% | +52,407.1% | +3.6% | +180.5% |
| Drawdown | 2014-01-22 | 2014-01-31 | 8 | $3.38 | $2.20 | -34.9% | -100.0% | -3.4% | -31.5% |
| Rally | 2014-01-31 | 2014-02-12 | 9 | $2.20 | $2.85 | +29.5% | +140,446.8% | +2.1% | +27.5% |
| Drawdown | 2014-02-12 | 2014-04-07 | 38 | $2.85 | $1.55 | -45.6% | -98.2% | +1.4% | -47.0% |
| Rally | 2014-04-07 | 2014-04-30 | 17 | $1.55 | $2.05 | +32.3% | +6,208.2% | +2.1% | +30.1% |
| Drawdown | 2014-04-30 | 2014-05-28 | 20 | $2.05 | $1.48 | -27.8% | -98.4% | +1.4% | -29.2% |
| Rally | 2014-05-28 | 2014-10-16 | 99 | $1.48 | $3.43 | +131.8% | +749.5% | -2.5% | +134.2% |
| Drawdown | 2014-10-16 | 2015-01-02 | 53 | $3.43 | $1.95 | -43.1% | -93.2% | +10.5% | -53.6% |
| Rally | 2015-01-02 | 2015-01-08 | 5 | $1.95 | $2.46 | +26.2% | +12,172,545.8% | +0.2% | +26.0% |
| Drawdown | 2015-01-08 | 2015-04-01 | 58 | $2.46 | $1.92 | -22.0% | -65.9% | -0.1% | -21.8% |
| Rally | 2015-04-01 | 2015-07-02 | 65 | $1.92 | $3.04 | +58.3% | +493.9% | +0.8% | +57.5% |
| Drawdown | 2015-07-02 | 2015-07-22 | 14 | $3.04 | $2.36 | -22.4% | -99.0% | +1.8% | -24.2% |
| Rally | 2015-07-22 | 2015-07-30 | 7 | $2.36 | $3.06 | +29.7% | +1,151,069.4% | -0.3% | +29.9% |
| Drawdown | 2015-07-30 | 2015-08-21 | 17 | $3.06 | $2.32 | -24.2% | -98.3% | -6.5% | -17.7% |
| Rally | 2015-08-21 | 2015-12-29 | 76 | $2.32 | $4.28 | +84.5% | +661.8% | +5.5% | +79.0% |
| Drawdown | 2015-12-29 | 2016-01-19 | 14 | $4.28 | $3.03 | -29.2% | -99.8% | -9.5% | -19.7% |
| Rally | 2016-01-19 | 2016-07-20 | 126 | $3.03 | $5.60 | +84.8% | +241.6% | +15.5% | +69.3% |
| Drawdown | 2016-07-20 | 2016-09-28 | 50 | $5.60 | $4.39 | -21.6% | -70.7% | -0.1% | -21.5% |
| Rally | 2016-09-28 | 2016-12-07 | 47 | $4.39 | $7.11 | +62.0% | +1,226.7% | +3.2% | +58.7% |
| Drawdown | 2016-12-07 | 2017-05-10 | 106 | $7.11 | $4.58 | -35.6% | -64.9% | +7.1% | -42.6% |
| Rally | 2017-05-10 | 2017-10-04 | 102 | $4.58 | $6.81 | +48.7% | +166.5% | +5.8% | +42.9% |
| Drawdown | 2017-10-04 | 2018-12-27 | 293 | $6.81 | $4.25 | -37.6% | -33.3% | -1.9% | -35.7% |
| Rally | 2018-12-27 | 2019-03-19 | 56 | $4.25 | $6.72 | +58.1% | +686.0% | +13.8% | +44.3% |
| Drawdown | 2019-03-19 | 2019-09-05 | 119 | $6.72 | $3.92 | -41.7% | -68.1% | +5.1% | -46.7% |
| Rally | 2019-09-05 | 2020-03-04 | 125 | $3.92 | $5.53 | +41.1% | +100.1% | +5.2% | +35.9% |
| Drawdown | 2020-03-04 | 2020-03-19 | 12 | $5.53 | $3.11 | -43.8% | -100.0% | -23.0% | -20.7% |
| Rally | 2020-03-19 | 2020-06-08 | 56 | $3.11 | $8.87 | +185.2% | +11,074.7% | +34.2% | +151.1% |
| Drawdown | 2020-06-08 | 2020-06-24 | 13 | $8.87 | $6.85 | -22.8% | -99.3% | -5.6% | -17.1% |
| Rally | 2020-06-24 | 2020-08-04 | 29 | $6.85 | $11.00 | +60.6% | +6,030.3% | +8.4% | +52.2% |
| Drawdown | 2020-08-04 | 2020-09-30 | 41 | $11.00 | $7.25 | -34.1% | -92.3% | +1.7% | -35.8% |
| Rally | 2020-09-30 | 2021-11-10 | 282 | $7.25 | $16.55 | +128.3% | +109.1% | +38.2% | +90.1% |
| Drawdown | 2021-11-10 | 2021-12-02 | 16 | $16.55 | $12.62 | -23.7% | -98.6% | -1.5% | -22.2% |
| Rally | 2021-12-02 | 2021-12-30 | 20 | $12.62 | $21.23 | +68.2% | +70,081.4% | +4.4% | +63.8% |
| Drawdown | 2021-12-30 | 2022-02-01 | 23 | $21.23 | $15.23 | -28.3% | -97.4% | -4.9% | -23.4% |
| Rally | 2022-02-01 | 2022-03-30 | 41 | $15.23 | $19.48 | +27.9% | +353.9% | +1.2% | +26.7% |
| Drawdown | 2022-03-30 | 2022-06-21 | 57 | $19.48 | $14.66 | -24.7% | -71.5% | -18.2% | -6.5% |
| Rally | 2022-06-21 | 2022-08-15 | 39 | $14.66 | $18.40 | +25.5% | +334.2% | +14.1% | +11.4% |
| Drawdown | 2022-08-15 | 2023-01-10 | 103 | $18.40 | $10.85 | -41.0% | -72.5% | -8.8% | -32.2% |
| Rally | 2023-01-10 | 2023-03-06 | 38 | $10.85 | $13.50 | +24.4% | +326.0% | +3.3% | +21.1% |
| Drawdown | 2023-03-06 | 2023-05-26 | 59 | $13.50 | $9.11 | -32.5% | -81.4% | +3.9% | -36.4% |
| Rally | 2023-05-26 | 2024-02-12 | 179 | $9.11 | $17.11 | +87.8% | +142.9% | +19.4% | +68.4% |
| Drawdown | 2024-02-12 | 2024-06-25 | 93 | $17.11 | $9.80 | -42.7% | -77.9% | +8.9% | -51.6% |
| Rally | 2024-06-25 | 2024-07-16 | 15 | $9.80 | $11.92 | +21.6% | +2,584.4% | +3.6% | +18.0% |
| Drawdown | 2024-07-16 | 2025-04-15 | 189 | $11.92 | $2.74 | -77.0% | -85.9% | -4.8% | -72.2% |
| Rally | 2025-04-15 | 2025-11-25 | 156 | $2.74 | $6.57 | +139.8% | +310.7% | +25.4% | +114.4% |
| Drawdown | 2025-11-25 | 2026-09-28 | 210 | $6.57 | $3.46 | -47.3% | -53.7% | +13.6% | -60.9% |
| Rally Ongoing | 2026-09-28 | 2026-11-06 | 30 | $3.46 | $3.61 | +4.3% | +42.8% | -4.0% | +8.3% |
Stock returns use adjusted closes. Annualized compounds that stock return over a 252-trading-day year. S&P 500 is the GSPC index price return over the same dates. Excess is the stock return minus the S&P 500 return.