S&P 500 Max Drawdown During Recessions

S&P 500 Max Drawdown During Recessions Since 1929, the S&P 500 max drawdown has tended to occur during the recession itself, and not in the 12 months prior. Image: BofA Global Research

S&P 500 Median Forward EPS Drawdowns

S&P 500 Median Forward EPS Drawdowns The risk to U.S. equities remains earnings, as an earnings recession is not priced in. Image: Morgan Stanley Research