History of U.S.

Bear & Bull Markets Since 1926

loss. No investment strategy can guarantee success. Raymond James & Associates, Inc., Member New York Stock Exchange/SIPC
This information was developed by First Trust, an independent third party. Investing always involves risk and you may incur a profit or
This chart shows historical performance of the S&P 500 Index
throughout the U.S. Bull and Bear Markets from 1926 through
March 2017. Although past performance is no guarantee of
future results, we believe looking at the history of the market’s
expansions and recessions helps to gain a fresh perspective on
the benefits of investing for the long-term.
• The average Bull Market period lasted 8.9 years From the lowest close reached after From when the index closes at least 20% down
with an average cumulative total return of 468%. the market has fallen 20% or more, from its previous high close, through the lowest
to the next market high. close reached after it has fallen 20% or more.
• The average Bear Market period lasted 1.4 years
with an average cumulative loss of -41%.

10
Duration
% Total Return 1
13.9 years
% Annualized 815.3% ea
15.1 years
8%
935.8% 9 years
12.9 ye
ears 12.8 years
5 17.2% 816 5%
816.5% 8.1 years
16.8%% 8455 2%
845.2%
S&P 500 Index Total Return (Logarithmic Scale)

3.7
3 7 ye
years
ears 19.0% 281.7%
19.0%
9. %
193.3%
1993.3
3% 18.0%
34.1%
3
34.1% 6.4 years
143.7% 2.5 years
2.5 years 5.1 years
14.9% 7 %
75.6% 108.4%
2 %
25.3% 15.5%

6m
monthss 6 months
m
-2
22.3%
-22.3% 1.6 years
ea 3 months
-21.8%
21 3% 1.8
-29.3%
N /A*
N/A* N
N/A* 8 years
y -29.6% y
2.1 years
7% -42.6%
-19.7% -4
42.6% N/A* 3 years
1.3 ye
e
4.
-44.7%
-2
27.2%
-27.2% 4.
-24.8% -5
50.9
9
-50.9%
-4
41.4
4
-41.4%

2 8 yea
2.8 rs
years Bull Market Bear Market Recession
-83.4%
-47.0%
0.1
1930 1940 1950 1960 1970 1980 1990 2000 2010

Source: First Trust Advisors L.P., Morningstar. Returns from 1926 - 3/31/17.
The S&P 500 Index is an unmanaged index of 500 stocks used to measure large-cap U.S. stock market performance. Investors cannot invest directly in an index. Index returns do not reflect any fees, expenses, or sales charges. This chart is for
illustrative purposes only and not indicative of any actual investment. These returns were the result of certain market factors and events which may not be repeated in the future. Past performance is no guarantee of future results.
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the
meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for
their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value First Trust Portfolios L.P. • 1-800-621-9533 • www.ftportfolios.com