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This Morningstar Inc. chart shows the S&P 500’s annualized gains and losses through many bull markets and bear markets from 1903 to 2016.
“Ten of the 12 bull markets had annualized gains greater than 15%. Similarly, annualized losses exceeded 15% in 10 of the 11 bear markets. Second, bear markets typically unfold more rapidly than bull markets. The average annualized returns for bull and bear markets are 19% and negative 25%, respectively.” – Morningstar