PHLX Semiconductor Index Intra-Year Declines vs. Calendar Year Returns

Every year, the PHLX Semiconductor Index makes investors sit through an average 30% drawdown. But it has closed higher in 20 of the last 31 years. Welcome to the cost of long-term alpha in semis.

Image: J.P. Morgan Asset Management

PHLX Semiconductor Index Intra-Year Declines vs. Calendar Year Returns