History of U.S.

Bear & Bull Markets Since 1926

This chart shows historical performance of the S&P 500 Index

throughout the U.S. Bull and Bear Markets from 1926 through
2016. 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 490%. 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 1.3 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
years 12.8 years
5 17.2% 816 5%
816.5%
%
16.8% 845.2
8455 2%
2%
845.2% 7.8 years
S&P 500 Index Total Return (Logarithmic Scale)

3.7
3 7 ye
years
ears 19.0%
9. %
19.0% 243.8%
19
93.3
3%
193.3%
3
34.1%
34.1% 17.1%
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%

1
mon
m nths
6 months
m
6 months ea
1.6 years
-2
22.3%
-22.3% 3 months
21
-21.8% 3% 1.8
-29.3%
N
N/A* 8 years
y -29.6%
N/A*
N/A* 7% -42.6%
-19.7% 2.1 years
y
-4
42.6% N/A* -44.7%
4. 3 years
1.3 ye
e
-2
27.2%
-27.2% -24.8%
4. -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 - 2016. 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.

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