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Contributors

Kristin Lemkau

CEO of J.P. Morgan Wealth Management

The holidays are a time of reflection and anticipation, and there’s ample reason for both right now.

2024 was full of uncertainty. The run-up to a contentious election, ongoing conflicts in the Middle East and Ukraine and questions surrounding Fed policy dominated market chatter for much of the year. But despite the unknowns, investors enjoyed gains.

This year also held plenty to bring us cheer. The Paris Olympics brought us together in support of U.S. athletes and the athletic community at large. The AI revolution, and its potential to positively impact many aspects of our society, picked up speed. The solar eclipse prompted 45 million people across North America to look up at the sky and appreciate our place in the universe.

Investors also had reasons to celebrate. Inflation fell to more normal rates, GDP growth was strong, corporate profit growth increased and central banks cut policy rates. Global stocks soared on a return of more than 20% and bonds saw gains, which helped multi-asset portfolios build on their 2023 wins with solid appreciation.1 Within the broader context of historical market returns, 2024 has shown us first hand that staying invested through times of uncertainty tends to pay off.

This map shows that annualized returns tend to be positive when holding periods are long enough by showing S&P 500 annualized returns.

Time in the market beats timing the market

Over the past 31 years there has never been a negative annualized S&P 500 return, if held for at least 11 years

ANNUALIZED RETURNS TEND TO BE POSITIVE WHEN HOLDING PERIODS ARE LONG ENOUGH

S&P 500 annualized return

This map shows that annualized returns tend to be positive when holding periods are long enough by showing S&P 500 annualized returns. Ninety three percent of listed periods posted a positive return.

  • 1993
    • S&P 500 annualized return after 1 year was 10%.
    • S&P 500 annualized return after 2 year was 6%.
    • S&P 500 annualized return after 3 year was 15%.
    • S&P 500 annualized return after 4 year was 17%.
    • S&P 500 annualized return after 5 year was 20%.
    • S&P 500 annualized return after 6 year was 22%.
    • S&P 500 annualized return after 7 year was 22%.
    • S&P 500 annualized return after 8 year was 17%.
    • S&P 500 annualized return after 9 year was 14%.
    • S&P 500 annualized return after 10 year was 9%.
    • S&P 500 annualized return after 11 year was 11%.
    • S&P 500 annualized return after 12 year was 11%.
    • S&P 500 annualized return after 13 year was 10%.
    • S&P 500 annualized return after 14 year was 11%.
    • S&P 500 annualized return after 15 year was 10%.
    • S&P 500 annualized return after 16 year was 17%.
    • S&P 500 annualized return after 17 year was 8%.
    • S&P 500 annualized return after 18 year was 8%.
    • S&P 500 annualized return after 19 year was 8%.
    • S&P 500 annualized return after 20 year was 8%.
    • S&P 500 annualized return after 21 year was 9%.
    • S&P 500 annualized return after 22 year was 9%.
    • S&P 500 annualized return after 23 year was 9%.
    • S&P 500 annualized return after 24 year was 9%.
    • S&P 500 annualized return after 25 year was 10%.
    • S&P 500 annualized return after 26 year was 9%.
    • S&P 500 annualized return after 27 year was 10%.
    • S&P 500 annualized return after 28 year was 10%.
    • S&P 500 annualized return after 29 year was 11%.
    • S&P 500 annualized return after 30 year was 10%.
    • S&P 500 annualized return after 31 year was 10%.
  • 1994
    • S&P 500 annualized return after 1 year was 1%.
    • S&P 500 annualized return after 2 year was 18%.
    • S&P 500 annualized return after 3 year was 20%.
    • S&P 500 annualized return after 4 year was 23%.
    • S&P 500 annualized return after 5 year was 24%.
    • S&P 500 annualized return after 6 year was 24%.
    • S&P 500 annualized return after 7 year was 18%.
    • S&P 500 annualized return after 8 year was 14%.
    • S&P 500 annualized return after 9 year was 9%.
    • S&P 500 annualized return after 10 year was 11%.
    • S&P 500 annualized return after 11 year was 11%.
    • S&P 500 annualized return after 12 year was 11%.
    • S&P 500 annualized return after 13 year was 11%.
    • S&P 500 annualized return after 14 year was 11%.
    • S&P 500 annualized return after 15 year was 16%.
    • S&P 500 annualized return after 16 year was 8%.
    • S&P 500 annualized return after 17 year was 8%.
    • S&P 500 annualized return after 18 year was 8%.
    • S&P 500 annualized return after 19 year was 8%.
    • S&P 500 annualized return after 20 year was 9%.
    • S&P 500 annualized return after 21 year was 9%.
    • S&P 500 annualized return after 22 year was 9%.
    • S&P 500 annualized return after 23 year was 9%.
    • S&P 500 annualized return after 24 year was 10%.
    • S&P 500 annualized return after 25 year was 19%.
    • S&P 500 annualized return after 26 year was 10%.
    • S&P 500 annualized return after 27 year was 10%.
    • S&P 500 annualized return after 28 year was 11%.
    • S&P 500 annualized return after 29 year was 10%.
    • S&P 500 annualized return after 30 year was 10%.
  • 1995
    • S&P 500 annualized return after 1 year was 38%.
    • S&P 500 annualized return after 2 year was 30%.
    • S&P 500 annualized return after 3 year was 31%.
    • S&P 500 annualized return after 4 year was 30%.
    • S&P 500 annualized return after 5 year was 29%.
    • S&P 500 annualized return after 6 year was 21%.
    • S&P 500 annualized return after 7 year was 16%.
    • S&P 500 annualized return after 8 year was 10%.
    • S&P 500 annualized return after 9 year was 12%.
    • S&P 500 annualized return after 10 year was 12%.
    • S&P 500 annualized return after 11 year was 11%.
    • S&P 500 annualized return after 12 year was 12%.
    • S&P 500 annualized return after 13 year was 11%.
    • S&P 500 annualized return after 14 year was 7%.
    • S&P 500 annualized return after 15 year was 8%.
    • S&P 500 annualized return after 16 year was 8%.
    • S&P 500 annualized return after 17 year was 8%.
    • S&P 500 annualized return after 18 year was 8%.
    • S&P 500 annualized return after 19 year was 10%.
    • S&P 500 annualized return after 20 year was 10%.
    • S&P 500 annualized return after 21 year was 9%.
    • S&P 500 annualized return after 22 year was 10%.
    • S&P 500 annualized return after 23 year was 10%.
    • S&P 500 annualized return after 24 year was 9%.
    • S&P 500 annualized return after 25 year was 19%.
    • S&P 500 annualized return after 26 year was 11%.
    • S&P 500 annualized return after 27 year was 11%.
    • S&P 500 annualized return after 28 year was 10%.
    • S&P 500 annualized return after 29 year was 10%.
  • 1996
    • S&P 500 annualized return after 1 year was 23%.
    • S&P 500 annualized return after 2 year was 28%.
    • S&P 500 annualized return after 3 year was 28%.
    • S&P 500 annualized return after 4 year was 26%.
    • S&P 500 annualized return after 5 year was 18%.
    • S&P 500 annualized return after 6 year was 13%.
    • S&P 500 annualized return after 7 year was 7%.
    • S&P 500 annualized return after 8 year was 9%.
    • S&P 500 annualized return after 9 year was 10%.
    • S&P 500 annualized return after 10 year was 9%.
    • S&P 500 annualized return after 11 year was 10%.
    • S&P 500 annualized return after 12 year was 9%.
    • S&P 500 annualized return after 13 year was 15%.
    • S&P 500 annualized return after 14 year was 6%.
    • S&P 500 annualized return after 15 year was 7%.
    • S&P 500 annualized return after 16 year was 6%.
    • S&P 500 annualized return after 17 year was 7%.
    • S&P 500 annualized return after 18 year was 8%.
    • S&P 500 annualized return after 19 year was 9%.
    • S&P 500 annualized return after 20 year was 8%.
    • S&P 500 annualized return after 21 year was 8%.
    • S&P 500 annualized return after 22 year was 9%.
    • S&P 500 annualized return after 23 year was 8%.
    • S&P 500 annualized return after 24 year was 9%.
    • S&P 500 annualized return after 25 year was 10%.
    • S&P 500 annualized return after 26 year was 10%.
    • S&P 500 annualized return after 27 year was 9%.
    • S&P 500 annualized return after 28 year was 10%.
  • 1997

 

    • S&P 500 annualized return after 1 year was 33%.
    • S&P 500 annualized return after 2 year was 31%.
    • S&P 500 annualized return after 3 year was 28%.
    • S&P 500 annualized return after 4 year was 17%.
    • S&P 500 annualized return after 5 year was 11%.
    • S&P 500 annualized return after 6 year was 4%.
    • S&P 500 annualized return after 7 year was 8%.
    • S&P 500 annualized return after 8 year was 8%.
    • S&P 500 annualized return after 9 year was 8%.
    • S&P 500 annualized return after 10 year was 8%.
    • S&P 500 annualized return after 11 year was 8%.
    • S&P 500 annualized return after 12 year was 3%.
    • S&P 500 annualized return after 13 year was 5%.
    • S&P 500 annualized return after 14 year was 6%.
    • S&P 500 annualized return after 15 year was 5%.
    • S&P 500 annualized return after 16 year was 6%.
    • S&P 500 annualized return after 17 year was 7%.
    • S&P 500 annualized return after 18 year was 8%.
    • S&P 500 annualized return after 19 year was 7%.
    • S&P 500 annualized return after 20 year was 8%.
    • S&P 500 annualized return after 21 year was 8%.
    • S&P 500 annualized return after 22 year was 8%.
    • S&P 500 annualized return after 23 year was 9%.
    • S&P 500 annualized return after 24 year was 9%.
    • S&P 500 annualized return after 25 year was 10%.
    • S&P 500 annualized return after 26 year was 9%.
    • S&P 500 annualized return after 27 year was 9%.
  • 1998
    • S&P 500 annualized return after 1 year was 29%.
    • S&P 500 annualized return after 2 year was 25%.
    • S&P 500 annualized return after 3 year was 12%.
    • S&P 500 annualized return after 4 year was 6%.
    • S&P 500 annualized return after 5 year was -1%.
    • S&P 500 annualized return after 6 year was 4%.
    • S&P 500 annualized return after 7 year was 5%.
    • S&P 500 annualized return after 8 year was 5%.
    • S&P 500 annualized return after 9 year was 6%.
    • S&P 500 annualized return after 10 year was 6%.
    • S&P 500 annualized return after 11 year was 1%.
    • S&P 500 annualized return after 12 year was 3%.
    • S&P 500 annualized return after 13 year was 4%.
    • S&P 500 annualized return after 14 year was 4%.
    • S&P 500 annualized return after 15 year was 4%.
    • S&P 500 annualized return after 16 year was 6%.
    • S&P 500 annualized return after 17 year was 6%.
    • S&P 500 annualized return after 18 year was 6%.
    • S&P 500 annualized return after 19 year was 6%.
    • S&P 500 annualized return after 20 year was 7%.
    • S&P 500 annualized return after 21 year was 7%.
    • S&P 500 annualized return after 22 year was 8%.
    • S&P 500 annualized return after 23 year was 8%.
    • S&P 500 annualized return after 24 year was 9%.
    • S&P 500 annualized return after 25 year was 8%.
    • S&P 500 annualized return after 26 year was 8%
  • 1999
    • S&P 500 annualized return after 1 year was 21%.
    • S&P 500 annualized return after 2 year was 5%.
    • S&P 500 annualized return after 3 year was -1%.
    • S&P 500 annualized return after 4 year was -7%.
    • S&P 500 annualized return after 5 year was -1%.
    • S&P 500 annualized return after 6 year was 1%.
    • S&P 500 annualized return after 7 year was 2%.
    • S&P 500 annualized return after 8 year was 3%.
    • S&P 500 annualized return after 9 year was 4%.
    • S&P 500 annualized return after 10 year was -1%.
    • S&P 500 annualized return after 11 year was 1%.
    • S&P 500 annualized return after 12 year was 2%.
    • S&P 500 annualized return after 13 year was 2%.
    • S&P 500 annualized return after 14 year was 3%.
    • S&P 500 annualized return after 15 year was 5%.
    • S&P 500 annualized return after 16 year was 5%.
    • S&P 500 annualized return after 17 year was 5%.
    • S&P 500 annualized return after 18 year was 5%.
    • S&P 500 annualized return after 19 year was 6%.
    • S&P 500 annualized return after 20 year was 6%.
    • S&P 500 annualized return after 21 year was 7%.
    • S&P 500 annualized return after 22 year was 7%.
    • S&P 500 annualized return after 23 year was 8%.
    • S&P 500 annualized return after 24 year was 7%.
    • S&P 500 annualized return after 25 year was 8%.
  • 2000
    • S&P 500 annualized return after 1 year was -9%.
    • S&P 500 annualized return after 2 year was -10%.
    • S&P 500 annualized return after 3 year was -15%.
    • S&P 500 annualized return after 4 year was -5%.
    • S&P 500 annualized return after 5 year was -2%.
    • S&P 500 annualized return after 6 year was -1%.
    • S&P 500 annualized return after 7 year was 1%.
    • S&P 500 annualized return after 8 year was 2%.
    • S&P 500 annualized return after 9 year was -4%.
    • S&P 500 annualized return after 10 year was -1%.
    • S&P 500 annualized return after 11 year was 0%.
    • S&P 500 annualized return after 12 year was 1%.
    • S&P 500 annualized return after 13 year was 2%.
    • S&P 500 annualized return after 14 year was 4%.
    • S&P 500 annualized return after 15 year was 4%.
    • S&P 500 annualized return after 16 year was 4%.
    • S&P 500 annualized return after 17 year was 5%.
    • S&P 500 annualized return after 18 year was 5%.
    • S&P 500 annualized return after 19 year was 5%.
    • S&P 500 annualized return after 20 year was 6%.
    • S&P 500 annualized return after 21 year was 7%.
    • S&P 500 annualized return after 22 year was 8%.
    • S&P 500 annualized return after 23 year was 6%.
    • S&P 500 annualized return after 24 year was 7%.
  • 2001
    • S&P 500 annualized return after 1 year was -12%.
    • S&P 500 annualized return after 2 year was -17%.
    • S&P 500 annualized return after 3 year was -4%.
    • S&P 500 annualized return after 4 year was -1%.
    • S&P 500 annualized return after 5 year was 1%.
    • S&P 500 annualized return after 6 year was 3%.
    • S&P 500 annualized return after 7 year was 3%.
    • S&P 500 annualized return after 8 year was -3%.
    • S&P 500 annualized return after 9 year was 0%.
    • S&P 500 annualized return after 10 year was 1%.
    • S&P 500 annualized return after 11 year was 1%.
    • S&P 500 annualized return after 12 year was 3%.
    • S&P 500 annualized return after 13 year was 5%.
    • S&P 500 annualized return after 14 year was 5%.
    • S&P 500 annualized return after 15 year was 5%.
    • S&P 500 annualized return after 16 year was 5%.
    • S&P 500 annualized return after 17 year was 6%.
    • S&P 500 annualized return after 18 year was 6%.
    • S&P 500 annualized return after 19 year was 7%.
    • S&P 500 annualized return after 20 year was 7%.
    • S&P 500 annualized return after 21 year was 8%.
    • S&P 500 annualized return after 22 year was 7%.
    • S&P 500 annualized return after 23 year was 8%.
  • 2002
    • S&P 500 annualized return after 1 year was -22%.
    • S&P 500 annualized return after 2 year was 0%.
    • S&P 500 annualized return after 3 year was 4%.
    • S&P 500 annualized return after 4 year was 4%.
    • S&P 500 annualized return after 5 year was 6%.
    • S&P 500 annualized return after 6 year was 6%.
    • S&P 500 annualized return after 7 year was -2%.
    • S&P 500 annualized return after 8 year was 2%.
    • S&P 500 annualized return after 9 year was 3%.
    • S&P 500 annualized return after 10 year was 3%.
    • S&P 500 annualized return after 11 year was 4%.
    • S&P 500 annualized return after 12 year was 6%.
    • S&P 500 annualized return after 13 year was 7%.
    • S&P 500 annualized return after 14 year was 6%.
    • S&P 500 annualized return after 15 year was 7%.
    • S&P 500 annualized return after 16 year was 8%.
    • S&P 500 annualized return after 17 year was 7%.
    • S&P 500 annualized return after 18 year was 8%.
    • S&P 500 annualized return after 19 year was 9%.
    • S&P 500 annualized return after 20 year was 10%.
    • S&P 500 annualized return after 21 year was 8%.
    • S&P 500 annualized return after 22 year was 9%.
  • 2003
    • S&P 500 annualized return after 1 year was 29%.
    • S&P 500 annualized return after 2 year was 19%.
    • S&P 500 annualized return after 3 year was 14%.
    • S&P 500 annualized return after 4 year was 15%.
    • S&P 500 annualized return after 5 year was 13%.
    • S&P 500 annualized return after 6 year was 2%.
    • S&P 500 annualized return after 7 year was 6%.
    • S&P 500 annualized return after 8 year was 7%.
    • S&P 500 annualized return after 9 year was 6%.
    • S&P 500 annualized return after 10 year was 7%.
    • S&P 500 annualized return after 11 year was 9%.
    • S&P 500 annualized return after 12 year was 10%.
    • S&P 500 annualized return after 13 year was 9%.
    • S&P 500 annualized return after 14 year was 9%.
    • S&P 500 annualized return after 15 year was 10%.
    • S&P 500 annualized return after 16 year was 9%.
    • S&P 500 annualized return after 17 year was 10%.
    • S&P 500 annualized return after 18 year was 11%.
    • S&P 500 annualized return after 19 year was 11%.
    • S&P 500 annualized return after 20 year was 10%.
    • S&P 500 annualized return after 21 year was 11%.
  • 2004
    • S&P 500 annualized return after 1 year was 11%.
    • S&P 500 annualized return after 2 year was 8%.
    • S&P 500 annualized return after 3 year was 10%.
    • S&P 500 annualized return after 4 year was 9%.
    • S&P 500 annualized return after 5 year was -2%.
    • S&P 500 annualized return after 6 year was 2%.
    • S&P 500 annualized return after 7 year was 4%.
    • S&P 500 annualized return after 8 year was 4%.
    • S&P 500 annualized return after 9 year was 5%.
    • S&P 500 annualized return after 10 year was 7%.
    • S&P 500 annualized return after 11 year was 8%.
    • S&P 500 annualized return after 12 year was 7%.
    • S&P 500 annualized return after 13 year was 8%.
    • S&P 500 annualized return after 14 year was 9%.
    • S&P 500 annualized return after 15 year was 8%.
    • S&P 500 annualized return after 16 year was 9%.
    • S&P 500 annualized return after 17 year was 10%.
    • S&P 500 annualized return after 18 year was 11%.
    • S&P 500 annualized return after 19 year was 9%.
    • S&P 500 annualized return after 20 year was 10%.
  • 2005
    • S&P 500 annualized return after 1 year was 5%.
    • S&P 500 annualized return after 2 year was 10%.
    • S&P 500 annualized return after 3 year was 9%.
    • S&P 500 annualized return after 4 year was -5%.
    • S&P 500 annualized return after 5 year was 0%.
    • S&P 500 annualized return after 6 year was 3%.
    • S&P 500 annualized return after 7 year was 3%.
    • S&P 500 annualized return after 8 year was 4%.
    • S&P 500 annualized return after 9 year was 7%.
    • S&P 500 annualized return after 10 year was 8%.
    • S&P 500 annualized return after 11 year was 7%.
    • S&P 500 annualized return after 12 year was 8%.
    • S&P 500 annualized return after 13 year was 9%.
    • S&P 500 annualized return after 14 year was 8%.
    • S&P 500 annualized return after 15 year was 9%.
    • S&P 500 annualized return after 16 year was 10%.
    • S&P 500 annualized return after 17 year was 11%.
    • S&P 500 annualized return after 18 year was 9%.
    • S&P 500 annualized return after 19 year was 10%.
  • 2006
    • S&P 500 annualized return after 1 year was 16%.
    • S&P 500 annualized return after 2 year was 11%.
    • S&P 500 annualized return after 3 year was -8%.
    • S&P 500 annualized return after 4 year was -1%.
    • S&P 500 annualized return after 5 year was 2%.
    • S&P 500 annualized return after 6 year was 2%.
    • S&P 500 annualized return after 7 year was 4%.
    • S&P 500 annualized return after 8 year was 7%.
    • S&P 500 annualized return after 9 year was 8%.
    • S&P 500 annualized return after 10 year was 7%.
    • S&P 500 annualized return after 11 year was 8%.
    • S&P 500 annualized return after 12 year was 9%.
    • S&P 500 annualized return after 13 year was 8%.
    • S&P 500 annualized return after 14 year was 9%.
    • S&P 500 annualized return after 15 year was 10%.
    • S&P 500 annualized return after 16 year was 11%.
    • S&P 500 annualized return after 17 year was 9%.
    • S&P 500 annualized return after 18 year was 10%.
  • 2007
    • S&P 500 annualized return after 1 year was 6%.
    • S&P 500 annualized return after 2 year was -18%.
    • S&P 500 annualized return after 3 year was -6%.
    • S&P 500 annualized return after 4 year was -1%.
    • S&P 500 annualized return after 5 year was 0%.
    • S&P 500 annualized return after 6 year was 2%.
    • S&P 500 annualized return after 7 year was 6%.
    • S&P 500 annualized return after 8 year was 7%.
    • S&P 500 annualized return after 9 year was 6%.
    • S&P 500 annualized return after 10 year was 7%.
    • S&P 500 annualized return after 11 year was 8%.
    • S&P 500 annualized return after 12 year was 7%.
    • S&P 500 annualized return after 13 year was 9%.
    • S&P 500 annualized return after 14 year was 9%.
    • S&P 500 annualized return after 15 year was 11%.
    • S&P 500 annualized return after 16 year was 9%.
    • S&P 500 annualized return after 17 year was 10%.
  • 2008
    • S&P 500 annualized return after 1 year was -37%.
    • S&P 500 annualized return after 2 year was -11%.
    • S&P 500 annualized return after 3 year was -3%.
    • S&P 500 annualized return after 4 year was -2%.
    • S&P 500 annualized return after 5 year was 2%.
    • S&P 500 annualized return after 6 year was 6%.
    • S&P 500 annualized return after 7 year was 7%.
    • S&P 500 annualized return after 8 year was 7%.
    • S&P 500 annualized return after 9 year was 7%.
    • S&P 500 annualized return after 10 year was 8%.
    • S&P 500 annualized return after 11 year was 7%.
    • S&P 500 annualized return after 12 year was 9%.
    • S&P 500 annualized return after 13 year was 9%.
    • S&P 500 annualized return after 14 year was 11%.
    • S&P 500 annualized return after 15 year was 19%.
    • S&P 500 annualized return after 16 year was 10%.
  • 2009
    • S&P 500 annualized return after 1 year was 26%.
    • S&P 500 annualized return after 2 year was 21%.
    • S&P 500 annualized return after 3 year was 14%.
    • S&P 500 annualized return after 4 year was 15%.
    • S&P 500 annualized return after 5 year was 18%.
    • S&P 500 annualized return after 6 year was 17%.
    • S&P 500 annualized return after 7 year was 15%.
    • S&P 500 annualized return after 8 year was 14%.
    • S&P 500 annualized return after 9 year was 15%.
    • S&P 500 annualized return after 10 year was 13%.
    • S&P 500 annualized return after 11 year was 15%.
    • S&P 500 annualized return after 12 year was 15%.
    • S&P 500 annualized return after 13 year was 16%.
    • S&P 500 annualized return after 14 year was 13%.
    • S&P 500 annualized return after 15 year was 14%.
  • 2010
    • S&P 500 annualized return after 1 year was 15%.
    • S&P 500 annualized return after 2 year was 8%.
    • S&P 500 annualized return after 3 year was 11%.
    • S&P 500 annualized return after 4 year was 16%.
    • S&P 500 annualized return after 5 year was 15%.
    • S&P 500 annualized return after 6 year was 13%.
    • S&P 500 annualized return after 7 year was 13%.
    • S&P 500 annualized return after 8 year was 14%.
    • S&P 500 annualized return after 9 year was 12%.
    • S&P 500 annualized return after 10 year was 14%.
    • S&P 500 annualized return after 11 year was 14%.
    • S&P 500 annualized return after 12 year was 15%.
    • S&P 500 annualized return after 13 year was 12%.
    • S&P 500 annualized return after 14 year was 13%.
  • 2011
    • S&P 500 annualized return after 1 year was 2%.
    • S&P 500 annualized return after 2 year was 9%.
    • S&P 500 annualized return after 3 year was 16%.
    • S&P 500 annualized return after 4 year was 16%.
    • S&P 500 annualized return after 5 year was 13%.
    • S&P 500 annualized return after 6 year was 12%.
    • S&P 500 annualized return after 7 year was 14%.
    • S&P 500 annualized return after 8 year was 11%.
    • S&P 500 annualized return after 9 year was 13%.
    • S&P 500 annualized return after 10 year was 14%.
    • S&P 500 annualized return after 11 year was 15%.
    • S&P 500 annualized return after 12 year was 12%.
    • S&P 500 annualized return after 13 year was 13%.
  • 2012
    • S&P 500 annualized return after 1 year was 16%.
    • S&P 500 annualized return after 2 year was 20%.
    • S&P 500 annualized return after 3 year was 24%.
    • S&P 500 annualized return after 4 year was 15%.
    • S&P 500 annualized return after 5 year was 15%.
    • S&P 500 annualized return after 6 year was 16%.
    • S&P 500 annualized return after 7 year was 13%.
    • S&P 500 annualized return after 8 year was 15%.
    • S&P 500 annualized return after 9 year was 15%.
    • S&P 500 annualized return after 10 year was 17%.
    • S&P 500 annualized return after 11 year was 13%.
    • S&P 500 annualized return after 12 year was 14%.
  • 2013
    • S&P 500 annualized return after 1 year was 32%.
    • S&P 500 annualized return after 2 year was 23%.
    • S&P 500 annualized return after 3 year was 15%.
    • S&P 500 annualized return after 4 year was 14%.
    • S&P 500 annualized return after 5 year was 16%.
    • S&P 500 annualized return after 6 year was 12%.
    • S&P 500 annualized return after 7 year was 15%.
    • S&P 500 annualized return after 8 year was 15%.
    • S&P 500 annualized return after 9 year was 17%.
    • S&P 500 annualized return after 10 year was 13%.
    • S&P 500 annualized return after 11 year was 14%.
  • 2014
    • S&P 500 annualized return after 1 year was 14%.
    • S&P 500 annualized return after 2 year was 7%.
    • S&P 500 annualized return after 3 year was 9%.
    • S&P 500 annualized return after 4 year was 12%.
    • S&P 500 annualized return after 5 year was 8%.
    • S&P 500 annualized return after 6 year was 12%.
    • S&P 500 annualized return after 7 year was 13%.
    • S&P 500 annualized return after 8 year was 15%.
    • S&P 500 annualized return after 9 year was 11%.
    • S&P 500 annualized return after 10 year was 12%.
  • 2015
    • S&P 500 annualized return after 1 year was 1%.
    • S&P 500 annualized return after 2 year was 7%.
    • S&P 500 annualized return after 3 year was 11%.
    • S&P 500 annualized return after 4 year was 7%.
    • S&P 500 annualized return after 5 year was 12%.
    • S&P 500 annualized return after 6 year was 13%.
    • S&P 500 annualized return after 7 year was 15%.
    • S&P 500 annualized return after 8 year was 10%.
    • S&P 500 annualized return after 9 year was 12%.
  • 2016
    • S&P 500 annualized return after 1 year was 12%.
    • S&P 500 annualized return after 2 year was 17%.
    • S&P 500 annualized return after 3 year was 9%.
    • S&P 500 annualized return after 4 year was 14%.
    • S&P 500 annualized return after 5 year was 15%.
    • S&P 500 annualized return after 6 year was 17%.
    • S&P 500 annualized return after 7 year was 11%.
    • S&P 500 annualized return after 8 year was 13%.
  • 2017
    • S&P 500 annualized return after 1 year was 22%.
    • S&P 500 annualized return after 2 year was 8%.
    • S&P 500 annualized return after 3 year was 15%.
    • S&P 500 annualized return after 4 year was 16%.
    • S&P 500 annualized return after 5 year was 18%.
    • S&P 500 annualized return after 6 year was 11%.
    • S&P 500 annualized return after 7 year was 13%.
  • 2018
    • S&P 500 annualized return after 1 year was -4%.
    • S&P 500 annualized return after 2 year was 12%.
    • S&P 500 annualized return after 3 year was 14%.
    • S&P 500 annualized return after 4 year was 18%.
    • S&P 500 annualized return after 5 year was 9%.
    • S&P 500 annualized return after 6 year was 12%.
  • 2019
    • S&P 500 annualized return after 1 year was 31%.
    • S&P 500 annualized return after 2 year was 25%.
    • S&P 500 annualized return after 3 year was 26%.
    • S&P 500 annualized return after 4 year was 13%.
    • S&P 500 annualized return after 5 year was 16%.
  • 2020
    • S&P 500 annualized return after 1 year was 18%.
    • S&P 500 annualized return after 2 year was 23%.
    • S&P 500 annualized return after 3 year was 8%.
    • S&P 500 annualized return after 4 year was 12%.
  • 2021
    • S&P 500 annualized return after 1 year was 29%.
    • S&P 500 annualized return after 2 year was 3%.
    • S&P 500 annualized return after 3 year was 10%.
  • 2022
    • S&P 500 annualized return after 1 year was -18%.
    • S&P 500 annualized return after 2 year was 2%.
  • 2023
    • S&P 500 annualized return after 1 year was 26%.

.

Sources: Outlooks and past performance are no guarantee of future results. It is not possible to invest directly in an index. Please refer to “Definition of Indices and Terms” for important information.

This map shows that annualized returns tend to be positive when holding periods are long enough by showing S&P 500 annualized returns.

At J.P. Morgan Wealth Management, we marked some important milestones: customers entrusted us with more than $1 trillion in assets under supervision and we’ve welcomed more than 390 advisors to our team of nearly 6,000 advisors who are ready to help clients reach their goals.

Now is the time to build on the solid foundation from this year’s market performance and plan ahead. To do that, it’s important that you weigh different approaches and perspectives. Our 2025 Outlook is a detailed analysis of what our strategists believe could drive markets in the coming months. Give it a read, and remember: We’re here to set you and your family up, not only for the year ahead but for the long term.

Thank you for putting your trust in us. I wish you a safe and happy holiday season.

Kristin

References

1.

Global stock returns reference that of the MSCI World Index on a total return basis. Bond returns reference the Bloomberg U.S. Aggregate Bond Index. Bloomberg Finance, L.P. as of December 10, 2024.

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Definition of indices and terms: Note: Indices are for illustrative purposes only, are not investment products, and may not be considered for direct investment. Indices are an inherently weak predictive or comparative tool. All indices denominated in U.S. dollars unless noted otherwise.

The S&P 500, also known as Standard and Poor's 500, is widely regarded as the best single gauge of the U.S. equities market. The index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. The S&P 500 Index focuses on the large-cap segment of the market; however, since it includes a significant portion of the total value of the market, it also represents the market.

Investments in commodities may have greater volatility than investments in traditional securities. The value of commodities may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in commodities creates an opportunity for increased return but, at the same time, creates the possibility for greater loss.

Investment in alternative investment strategies is speculative, often involves a greater degree of risk than traditional investments including limited liquidity and limited transparency, among other factors and should only be considered by sophisticated investors with the financial capability to accept the loss of all or part of the assets devoted to such strategies.

International investments may not be suitable for all investors. International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Some overseas markets may not be as politically and economically stable as the United States and other nations. Investments in international markets can be more volatile.

The Chicago Board Option Exchange (CBOE) Volatility Index (VIX), is a real-time index that represents the market’s expectations for the relative strength of near-term price changes of the S&P 500 Index.

The Russell 2000 Index is a small-cap U.S. stock market index that makes up the smallest 2,000 stocks in the Russell 3000 Index. The index is maintained by FTSE Russell, a subsidiary of the London Stock Exchange Group.

The Standard and Poor's 500, or simply the S&P 500, is a capitalization-weighted stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States.

The U.S. Dollar Index (USDX, DXY, DX, or, informally, the "Dixie") is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners' currencies.


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