Midterm Election Year Drawdowns

*Max drawdown covers the period from the beginning of the year of the midterm election to the election date.

^{Source: Bloomberg. Data from 1950-2021. Past performance is no guarantee of future results. This chart is for illustrative purposes only and not indicative of any actual investment. The illustration excludes the effects of taxes and brokerage commissions or other expenses incurred when investing. These returns are total returns and were the result of certain market factors and events which may not be repeated in the future. The S&P 500 index is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance. The index cannot be purchased directly by investors.}

Midterm Election Quarterly Returns

^{Source: Bloomberg. Data from 1950-2021. Past performance is no guarantee of future results. This chart is for illustrative purposes only and not indicative of any actual investment. The illustration excludes the effects of taxes and brokerage commissions or other expenses incurred when investing. These returns are total returns and were the result of certain market factors and events which may not be repeated in the future. The S&P 500 index is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance. The index cannot be purchased directly by investors.}

Midterm vs. Non-Midterm Election Year Returns

^{Source: Bloomberg. Data from 1950-2021. Past performance is no guarantee of future results. This chart is for illustrative purposes only and not indicative of any actual investment. The illustration excludes the effects of taxes and brokerage commissions or other expenses incurred when investing. These returns are total returns and were the result of certain market factors and events which may not be repeated in the future. The S&P 500 index is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance. The index cannot be purchased directly by investors.}

Midterm Election Intra-Year Pullbacks

As seen in the table below, Midterm years tend to see moderate to large pullbacks but returns a year later have historically been significant.

^{Source: Bloomberg. Data from 1950-2021. Past performance is no guarantee of future results. This chart is for illustrative purposes only and not indicative of any actual investment. The illustration excludes the effects of taxes and brokerage commissions or other expenses incurred when investing. These returns are total returns and were the result of certain market factors and events which may not be repeated in the future. The S&P 500 index is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance. The index cannot be purchased directly by investors.}

Market Volatility Across the Election Cycle

^{Source: Bloomberg. Data from 1950-2021. Past performance is no guarantee of future results. This chart is for illustrative purposes only and not indicative of any actual investment. The illustration excludes the effects of taxes and brokerage commissions or other expenses incurred when investing. These returns are total returns and were the result of certain market factors and events which may not be repeated in the future. The S&P 500 index is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance. The index cannot be purchased directly by investors. Standard Deviation is a measure of price variability (risk).}

Midterm Election Month Returns

^{Source: Bloomberg. Data from 10/31/1949-12/31/2021. *Non-Midterm Average includes the years not shown in the chart above. Past performance is no guarantee of future results. This chart is for illustrative purposes only and not indicative of any actual investment. The illustration excludes the effects of taxes and brokerage commissions or other expenses incurred when investing. These returns are total returns and were the result of certain market factors and events which may not be repeated in the future. The S&P 500 index is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance. The index cannot be purchased directly by investors.}