S&P 500 Maximum Drawdowns: The Complete Bear Market Register Since 1929
73 declines, 12 bear markets, every recovery — the full ledger.
−86.2%
Deepest (1929–1932)
12
Bear markets on record
−8.2%
Median drawdown
Every S&P 500 bear market since 1929
Out of 73 recorded drawdowns, 12 reached bear-market depth (−20% or worse). The complete roster:
| Period | Decline | Days to trough | Recovery (days) | Cause |
|---|---|---|---|---|
| 1929: Sep 16 - Jun 1, 1932 | −86.2% | 989 | 9137 | — |
| 2007: Oct 9 - Mar 9, 2009 | −56.8% | 517 | 1997 | Global financial crisis |
| 2000: Mar 24 - Oct 9, 2002 | −49.1% | 929 | 2623 | Dotcom bust |
| 1973: Jan 11 - Oct 3, 1974 | −48.2% | 630 | 2744 | — |
| 1968: Nov 29 - May 26, 1970 | −36.1% | 543 | 1193 | — |
| 2020: Feb 19 - Mar 23 | −33.9% | 33 | 181 | COVID pandemic |
| 1987: Aug 25 - Dec 4 | −33.5% | 101 | 701 | — |
| 1961: Dec 12 - Jun 26, 1962 | −28.0% | 196 | 630 | — |
| 1980: Nov 28 - Aug 12, 1982 | −27.1% | 622 | 705 | — |
| 2022: Jan 3 - Oct 12 | −25.4% | 282 | 746 | Inflation & rate hikes |
| 1966: Feb 9 - Oct 7 | −22.2% | 240 | 449 | — |
| 1956: Aug 3 - Oct 22, 1957 | −21.5% | 445 | 782 | — |
What the register teaches
- The median event is small. Across all 73 declines the median is −8.2% deep and bottoms in 34 days. Most drawdowns end before they earn a name.
- Depth and speed are uncorrelated. 2020 fell −34% in 23 sessions; 2000–02 took 2.5 years to fall −49%.
- Recovery has been universal. Every decline on the register was eventually reclaimed. The costliest investor behavior in the record isn't riding a crash down — it's selling at the bottom of one.
FAQ
What is the biggest drawdown in S&P 500 history?
−86% peak-to-trough, September 1929 to June 1932, over 989 days.
How many bear markets have there been?
12 declines of −20% or worse since 1928 — roughly one every eight years, though they cluster.
What's the average stock market drawdown?
The median of all 73 recorded declines is −8.2%, reaching bottom in 34 days.
Generated from /api/sp500/drawdowns.json, refreshed each trading day.