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Knowledge. Experience. Integrity. © 2014 Callan Associates Inc.

The Callan Periodic Table of Investment Returns
Annual Returns for Key Indices Ranked in Order of Performance (1994–2013)
S&P 500
1.32%
S&P 500
37.58%
S&P 500
22.96%
S&P 500
33.36%
S&P 500
28.58%
S&P 500
21.04%
S&P 500
-9.11%
S&P 500
-11.89%
S&P 500
-22.10%
S&P 500
28.68%
S&P 500
10.88%
S&P 500
4.91%
S&P 500
15.79%
S&P 500
5.49%
S&P 500
-37.00%
S&P 500
26.47%
S&P 500
15.06%
S&P 500
2.11%
S&P 500
16.00%
S&P 500
32.39%
Growth
S&P 500
3.13%
Growth
S&P 500
38.13%
Growth
S&P 500
23.97%
Growth
S&P 500
36.52%
Growth
S&P 500
42.16%
Growth
S&P 500
28.24%
Growth
S&P 500
-22.08%
Growth
S&P 500
-12.73%
Growth
S&P 500
-23.59%
Growth
S&P 500
25.66%
Growth
S&P 500
6.13%
Growth
S&P 500
4.00%
Growth
S&P 500
11.01%
Growth
S&P 500
9.13%
Growth
S&P 500
-34.92%
Growth
S&P 500
31.57%
Growth
S&P 500
15.05%
Growth
S&P 500
4.65%
Growth
S&P 500
14.61%
Growth
S&P 500
32.75%
Value
S&P 500
-0.64%
Value
S&P 500
36.99%
Value
S&P 500
22.00%
Value
S&P 500
29.98%
Value
S&P 500
14.69%
Value
S&P 500
12.73%
Value
S&P 500
6.08%
Value
S&P 500
-11.71%
Value
S&P 500
-20.85%
Value
S&P 500
31.79%
Value
S&P 500
15.71%
Value
S&P 500
5.82%
Value
S&P 500
20.81%
Value
S&P 500
1.99%
Value
S&P 500
-39.22%
Value
S&P 500
21.17%
Value
S&P 500
15.10%
Value
S&P 500
-0.48%
Value
S&P 500
17.68%
Value
S&P 500
31.99%
2000
Russell
-1.82%
2000
Russell
28.45%
2000
Russell
16.49%
2000
Russell
22.36%
2000
Russell
-2.55%
2000
Russell
21.26%
2000
Russell
-3.02%
2000
Russell
2.49%
2000
Russell
-20.48%
2000
Russell
47.25%
2000
Russell
18.33%
2000
Russell
4.55%
2000
Russell
18.37%
2000
Russell
-1.57%
2000
Russell
-33.79%
2000
Russell
27.17%
2000
Russell
26.85%
2000
Russell
-4.18%
2000
Russell
16.35%
2000
Russell
38.82%
Growth
2000
Russell
-2.43%
Growth
2000
Russell
31.04%
Growth
2000
Russell
11.26%
Growth
2000
Russell
12.95%
Growth
2000
Russell
1.23%
Growth
2000
Russell
43.09%
Growth
2000
Russell
-22.43%
Growth
2000
Russell
-9.23%
Growth
2000
Russell
-30.26%
Growth
2000
Russell
48.54%
Growth
2000
Russell
14.31%
Growth
2000
Russell
4.15%
Growth
2000
Russell
13.35%
Growth
2000
Russell
7.05%
Growth
2000
Russell
-38.54%
Growth
2000
Russell
34.47%
Growth
2000
Russell
29.09%
Growth
2000
Russell
-2.91%
Growth
2000
Russell
14.59%
Growth
2000
Russell
43.30%
2000 Value
Russell
-1.54%
2000 Value
Russell
25.75%
2000 Value
Russell
21.37%
2000 Value
Russell
31.78%
2000 Value
Russell
-6.45%
2000 Value
Russell
-1.49%
2000 Value
Russell
22.83%
2000 Value
Russell
14.02%
2000 Value
Russell
-11.43%
2000 Value
Russell
46.03%
2000 Value
Russell
22.25%
2000 Value
Russell
4.71%
2000 Value
Russell
23.48%
2000 Value
Russell
-9.78%
2000 Value
Russell
-28.92%
2000 Value
Russell
20.58%
2000 Value
Russell
24.50%
2000 Value
Russell
-5.50%
2000 Value
Russell
18.05%
2000 Value
Russell
34.52%
EAFE
MSCI
7.78%
EAFE
MSCI
11.21%
EAFE
MSCI
6.05%
EAFE
MSCI
1.78%
EAFE
MSCI
20.00%
EAFE
MSCI
26.96%
EAFE
MSCI
-14.17%
EAFE
MSCI
-21.44%
EAFE
MSCI
-15.94%
EAFE
MSCI
38.59%
EAFE
MSCI
20.25%
EAFE
MSCI
13.54%
EAFE
MSCI
26.34%
EAFE
MSCI
11.17%
EAFE
MSCI
-43.38%
EAFE
MSCI
31.78%
EAFE
MSCI
7.75%
EAFE
MSCI
-12.14%
EAFE
MSCI
17.32%
EAFE
MSCI
22.78%
Agg
Barclays
-2.92%
Agg
Barclays
18.46%
Agg
Barclays
3.64%
Agg
Barclays
9.64%
Agg
Barclays
8.70%
Agg
Barclays
-0.82%
Agg
Barclays
11.63%
Agg
Barclays
8.43%
Agg
Barclays
10.26%
Agg
Barclays
4.10%
Agg
Barclays
4.34%
Agg
Barclays
2.43%
Agg
Barclays
4.33%
Agg
Barclays
6.97%
Agg
Barclays
5.24%
Agg
Barclays
5.93%
Agg
Barclays
6.54%
Agg
Barclays
7.84%
Agg
Barclays
4.21%
Agg
Barclays
-2.02%
Markets
Emerging
MSCI
-7.32%
Markets
Emerging
MSCI
-5.21%
Markets
Emerging
MSCI
6.03%
Markets
Emerging
MSCI
-11.59%
Markets
Emerging
MSCI
-25.34%
Markets
Emerging
MSCI
66.42%
Markets
Emerging
MSCI
-30.61%
Markets
Emerging
MSCI
-2.37%
Markets
Emerging
MSCI
-6.00%
Markets
Emerging
MSCI
56.28%
Markets
Emerging
MSCI
25.95%
Markets
Emerging
MSCI
34.54%
Markets
Emerging
MSCI
32.59%
Markets
Emerging
MSCI
39.78%
Markets
Emerging
MSCI
-53.18%
Markets
Emerging
MSCI
79.02%
Markets
Emerging
MSCI
19.20%
Markets
Emerging
MSCI
-18.17%
Markets
Emerging
MSCI
18.63%
Markets
Emerging
MSCI
-2.27%
Yield
Corp High
Barclays
-1.03%
Yield
Corp High
Barclays
19.18%
Yield
Corp High
Barclays
11.35%
Yield
Corp High
Barclays
12.76%
Yield
Corp High
Barclays
1.87%
Yield
Corp High
Barclays
2.39%
Yield
Corp High
Barclays
-5.86%
Yield
Corp High
Barclays
5.28%
Yield
Corp High
Barclays
-1.41%
Yield
Corp High
Barclays
28.97%
Yield
Corp High
Barclays
11.13%
Yield
Corp High
Barclays
2.74%
Yield
Corp High
Barclays
11.85%
Yield
Corp High
Barclays
1.87%
Yield
Corp High
Barclays
-26.16%
Yield
Corp High
Barclays
58.21%
Yield
Corp High
Barclays
15.12%
Yield
Corp High
Barclays
4.98%
Yield
Corp High
Barclays
15.81%
Yield
Corp High
Barclays
7.44%
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
The Callan Periodic Table of Investment Returns conveys the strong case for diversification across asset classes (stocks vs.
bonds), investment styles (growth vs. value), capitalizations (large vs. small), and equity markets (U.S. vs. international). The Table
highlights the uncertainty inherent in all capital markets. Rankings change every year. Also noteworthy is the difference between
absolute and relative performance, as returns for the top-performing asset class span a wide range over the past 20 years.
A printable copy of The Callan
Periodic Table of Investment
Returns is available on our
website at www.callan.com.
Barclays Aggregate Bond Index (formerly the Lehman Brothers Aggregate Bond Index) includes U.S. government, corporate, and
mortgage-backed securities with maturities of at least one year.
Barclays Corporate High Yield Bond Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable
corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below,
excluding emerging market debt.
MSCI EAFE is a Morgan Stanley Capital International Index that is designed to measure the performance of the developed stock markets
of Europe, Australasia, and the Far East.
MSCI Emerging Markets is a Morgan Stanley Capital International Index that is designed to measure the performance of equity markets
in 21 emerging countries around the world.
Russell 2000 measures the performance of small capitalization U.S. stocks. The Russell 2000 is a market-value-weighted index of the
2,000 smallest stocks in the broad-market Russell 3000 Index. These securities are traded on the NYSE, AMEX, and NASDAQ.
Russell 2000 Value and Russell 2000 Growth measure the performance of the growth and value styles of investing in small cap U.S.
stocks. The indices are constructed by dividing the market capitalization of the Russell 2000 Index into Growth and Value indices, using
style “factors” to make the assignment. The Value Index contains those Russell 2000 securities with a greater-than-average value
orientation, while the Growth Index contains those securities with a greater-than-average growth orientation. Securities in the Value Index
generally have lower price-to-book and price-earnings ratios than those in the Growth Index. The indices are market-capitalization-
weighted. The constituent securities are not mutually exclusive.
S&P 500 measures the performance of large capitalization U.S. stocks. The S&P 500 is a market-value-weighted index of 500 stocks that
are traded on the NYSE, AMEX, and NASDAQ. The weightings make each company’s influence on the Index performance directly
proportional to that company’s market value.
S&P 500 Growth and S&P 500 Value measure the performance of the growth and value styles of investing in large cap U.S. stocks.
The indices are constructed by dividing the market capitalization of the S&P 500 Index into Growth and Value indices, using style
“factors” to make the assignment. The Value Index contains those S&P 500 securities with a greater-than-average value orientation,
while the Growth Index contains those securities with a greater-than-average growth orientation. The indices are market-capitalization-
weighted. The constituent securities are not mutually exclusive.
Callan’s Periodic Table of Investment Returns depicts annual returns for 10 asset classes, ranked from best to worst
performance for each calendar year. The asset classes are color-coded to enable easy tracking over time. We describe the
well-known, industry-standard market indices that we use as proxies for each asset class in the text below.
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The Callan Periodic Table of Investment Returns 1994–2013