Median Annual S&P 500 Total Return Based on Nominal 10-Year U.S. Treasury Yield

There is no consistently clear or stable relationship between bond yields and equity returns. Their correlation is dynamic and shaped by various economic factors, including inflation, interest rates, and credit risk.

Image: Goldman Sachs Global Investment Research

Median Annual S&P 500 Total Return Based on Nominal 10-Year U.S. Treasury Yield