Stats › Bear markets and drawdowns › Drawdown frequency
The S&P 500 falls 10% or more about every 18 months
| Size of decline | Average frequency | Average length | Last occurrence |
|---|---|---|---|
| 5% or more | About twice a year | 46 days | July 2024 |
| 10% or more | About once every 18 months | 135 days | July 2023 |
| 15% or more | About once every three years | 256 days | August 2022 |
| 20% or more | About once every six years | 402 days | January 2022 |
Source: Capital Group, RIMES and Standard & Poor's, S&P 500 1954 to 2024. Last occurrence dates are as published at the end of 2024.
A drawdown is the distance from the last high to where the market now sits. Since 1954 the S&P 500 has fallen 5% or more about twice a year, 10% about every 18 months, and 20% about every six years. Bigger declines take much longer.
twice a year5% or more
every 18 months10% or more
every six years20% or more
402Days a 20% fall takes
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