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)

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	—

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.

−86% peak-to-trough, September 1929 to June 1932, over 989 days.

12 declines of −20% or worse since 1928 — roughly one every eight years, though they cluster.

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.