S&P 500 Posts 78% Three-Year Rally, Historical Peaks Preceded Major Drawdowns

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The S&P 500 has delivered a cumulative 78% gain from 2023 through 2025, with annual returns above 20% in 2023-24 and 16% in 2025. Historically, only 2021 (90% three-year return) and 1999 (98%) saw comparable rallies before steep downturns of −19% in 2022 and declines exceeding 10% after 1999.

Sources

BMF