Excess Returns of Stocks Relative to Bonds

Stocks outperform bonds

60-Month (5 Year) Rolling Periods, January 1926 to December 2011

30% 20% 10% 0% -10% -20% -30%

Bonds outperform stocks

Stocks Outperformed Bonds 75% of the Time

120-Month (10 Year) Rolling Periods, January 1926 to December 2011

30% 20% 10% 0% -10% -20% -30%

Stocks Outperformed Bonds 83% of the Time

240 Month (20 Year) Rolling Periods, January 1926 to December 2011
30% 20% 10% 0% -10% -20% -30%

Stocks Outperformed Bonds 100%of the Time