2012 matrix book

MATRIX BOOK 2O12

MATRIX BOOK 2O12

2011

ALL SELLS

ALL BUYS

MARKETWIDE

MARKETWIDELARGE CAPCORESMALL CAPTARGETEDMICRO CAP

LARGE CAP

CORE

SMALL CAP

TARGETED

MICRO CAP

MarketwideLarge CapCoreSmall CapTargetedMicro Cap

Marketwide

All

Bu

ys

All

Sells

Large Cap

Core

Small Cap

TargetedMicro Cap

Source: Dimensional. Chart data based on

total volume of all equity trades for 2011, using

closing FX rate for the date of each trade.

Week 1 (January)

Week 26 (June)

ON THE COVERA calendar year of Dimensional’s

global equity trading is presented as

a ring of fifty-two weeks of activity.

The inner blue spectrum represents

buy volume for all strategies; the

outer orange spectrum is sell volume.

As a snapshot of market movement,

portfolio rebalancing, and client

purchases and redemptions, this

calendar gives a sense of the scope of

Dimensional’s global trading capability.

MATRIX BOOK 2O12

DIMENSIONAL FUND ADVISORS CANADA2

AUSTIN/ SANTA MONICA

INTERNATIONAL

UNITED STATES

2008 2010 Q4 2011Q1 2007 2009 2011

ACROSS THE WORLDA look at Dimensional’s trading volume over the last five years paints a picture of growth despite market volatility.

Since 2007, fixed income volume has grown in concert with new strategies, including many that deliver currencies and yield curves beyond the US. Meanwhile, the distribution of equity volume has begun to settle evenly across Dimensional’s three trading operations in London, the US, and Sydney. Dimensional has also increasingly shifted its trading volume to Direct Market Access. By accessing trading venues directly, Dimensional can execute in a more cost-effective and sensitive way.

Behind every Dimensional investment strategy is a commitment to rigorous academic research, transparent portfolio engineering, and cost-effective implementation. This heritage of applied science goes beyond theory and design to embrace smart, opportunistic trading.

As we have expanded our strategies in response to client needs, our trading infrastructure and systems have evolved to thrive in a virtually continuous global trading cycle. The increasing complexity and integration of new trading venues requires vigilance to ensure that we maintain investment guidelines, control transaction costs, and manage portfolio tradeoffs.

This is the story of a day in the life of Dimensional’s trading process, as told by a few of the portfolio managers, traders, and analysts who implement our strategies. Their personal perspective describes the daily cycle that connects people, information, and markets across the globe.

ORDER-GENERATIONDimensional’s strategies require access to dozens of markets every trading day, and many of those strategies hold thousands of securities. Amidst changing cash flows and shifting market prices, portfolio managers work with traders to maintain each portfolio’s characteristics. Order-generation drives the process.

“Order-generation has three key inputs. One: the ideal portfolio that we’re targeting to achieve. Two: a snapshot of the holdings on the day. Three: the amount we have to spend. Working from there, we upload the orders and give instruction to Trading that they can go trade on the markets.”—John Law, Portfolio Manager, Santa Monica

“We’re looking at trading all portfolios fairly: to be the advocate for the portfolio and look after its best interests. Are there securities I should be

FIXED INCOME TRADING:

EQUITYTRADING:

SYDNEY

LONDON

DIMENSIONAL FUND ADVISORS CANADA MATRIX BOOK 2012 3

DIMENSIONAL TRADING:

A DAY IN THE LIFE

2008 2010 Q4 2011Q1 2007 2009 2011

adding, or securities I should be removing? While we want to move toward those targets, we keep an eye on the tradeoff between the cost of seeking the trade and the benefit of establishing or changing a position.”—Robert Ness, Portfolio Manager and Vice President, Sydney

“We cover more than forty markets. Different markets close at different times. So when we come in the morning, about 5:30 Pacific time, the Sydney desk has closed, the trading day in London is about half over, and the markets in the US are soon opening. When it comes to a new investment, we want to get the cash properly allocated, but always with cost-efficiency in mind. Our software systems help us make those decisions. The order-generation system is really flexible. It takes in a lot of different data, such as what the portfolio holds, what you want to buy, and the market price.”—Allen Pu, Portfolio Manager and Vice President, Santa Monica

GOING TO MARKETA window into the market opens with each sunrise at Dimensional’s trading floors around the world. Each security is accessible through at least one trading venue. Cash coming into a portfolio might be invested among hundreds or even thousands of securities. As the day progresses, traders patiently work their opportunity sets, assisted by a strong market philosophy.

“Anytime there’s a large cash flow, we have orders ready to go to trading. We’re generating new order candidates on a constant basis. We want to give traders as much flexibility and control as possible so they can pursue opportunities in the marketplace.”—Allen Pu

Source: Dimensional. Volume for fixed income trades and equity trades in US dollars, using closing FX rate for the date of each trade. Fixed income data excludes trades in short-term maturities.

Cross-hatching shows non-DMA trading volume.


“The portfolio managers send me a list of approximately forty accounts, which I coordinate. We utilize various tools to monitor progress throughout the trading day. The market changes, so we adjust the way we trade.”—Erhan Oktay, Trader, Austin

“The portfolio managers’ trade requests will come through—we have a minimum, a target, and a maximum, but we always want to stay flexible. It’s a guideline to work through the trading day. We don’t have to be in a specific name in a portfolio at a specific time. We don’t chase after names. We’re patient. We have a whole list of orders to choose from.”—Chris Rink, Trader, Austin

“Unlike equity, with fixed income, we don’t have a basket of names and a target cash amount to spend every day. Our capacity and constraints are different. A portfolio manager identifies bonds that, from an expected return point of view, the portfolio needs. My job is to see how the bond looks in the market in real time and see if we want to trade it.”—David LaRusso, Senior Trader, Austin

“Our willingness to be patient is key. We have a tremendous amount of flexibility, not only in the portfolio and the names, but also in how we trade. The trader has a monitoring function and makes many decisions throughout the day—for instance, how aggressive to be in a given portfolio or in a group of portfolios.”—Carl Snyder, Senior Trader and Vice President, Austin

BEFORE AND AFTER THE TRADEThe more a portfolio trades, the more the cost of trading can impact portfolio returns. Meanwhile, amid intense competition and changing price information, achieving quality market access is crucial in fulfilling a strategy’s mandate. Dimensional has continued to focus on direct access to markets, allowing traders the control to engage counterparties with reduced friction.

“In recent times, as markets around the world have opened up to Direct Market Access, we’ve seen a fundamental shift from passing orders to brokers

to keeping those in-house. DMA expands our ability to create customized strategies to help us execute. We can send orders down those pipes ourselves. It keeps the control in our hands.”—Sam Willis, Senior Trader, Sydney

“We always use as much information as possible about the status of a bond issue as we consider buying it. For example, we’re not going to blindly follow a conventional credit rating for a particular bond. We use a market-based rating process that combines a wide variety of sources, including FINRA’s TRACE data on recent transactions, what’s being offered on venues, and other measures. We’ll pay close attention to where a bond is trading; prices and spreads mean more to us than a credit agency rating.”—Polly Weiss, Investment Associate, London

“Our approach is flexible enough to allow us to monitor the tradeoffs when trading in a specific country. Local markets can be very different and can change overnight. We try to minimize unnecessary costs where possible. Although we’re aware of benchmarks, we also maintain flexibility. Where an index would be constrained, we can take advantage of excess supply and demand and target exposure in a systematic way.”—Nathan Lacaze, Portfolio Manager and Vice President, London

“Something that will work in one market may not work in another. Things such as spreads, volatility, liquidity, exchange rules, regulators … there’s a whole raft of market microstructure procedures that will be different. As traders, we need to understand those microstructures and work on which strategies best suit which market.”—Sam Willis

CLOSING THE LOOPCustom software connects portfolio managers and traders around the world, irrespective of geography. While the technology is global, the human expertise is very much local. Wherever possible, trading takes advantage of the mechanisms and limitations of a specific venue or market. Like the instrument panel of an aircraft, the Order Management System (OMS) brings to light a complex set of information to help every trader better navigate a portfolio through the day.

“When the market opens, it will either go up or down, and I don’t want to be aggressive unnecessarily. I just maintain the Dimensional mantra and let executions come our way. We set all the parameters—where to peg, at what price, and how aggressive we want to be. We have all of that control on the computer screen.”—Le Tran, Trader, Santa Monica

“Because we’re in different time zones, we have the OMS to send trades to different offices: Sydney, London, Austin, and Santa Monica. From my perspective, we send spending requests to the traders. They go out and trade in the marketplace. They report back and tell us how much they have done. For example, if we want to spend five million dollars, we may send three million to each region. If Sydney doesn’t reach our target, London will take over.”—Allen Pu

A DIRECT ADVANTAGE As global markets have adopted Direct Market Access, Dimensional has implemented a growing share of its trades in house, resulting in enhanced control and creative execution.

HIGH TOUCHNegotiated and delegated orders (cash desk) LOW TOUCH

Electronic trading (program desk)

DMADirect Market Access (self-directed desk)

Q1 2006 2011

Global Trade Value by Broker Type, January 2006–September 2011 Source: Dimensional. Chart data based on all equity agency trades, globally.


“When a trader receives an order, you want to make sure you’re seeing the security in the most competitive environment possible. Ultimately, we need to do our job and get the best execution so our clients have the portfolio and investment they signed up for. At the end of the day, it’s doing right by them.”—Claudette Higdon, Trader, Santa Monica

AT THE END OF THE DAYAs the computer displays on each trading floor dim for the night, the work continues. The first thirty-one years of Dimensional’s history have witnessed dramatic change in the mechanics of trading at both the industry and firm levels. Just as Dimensional’s client-driven research will guide future strategies and solutions, so too will dedicated people and an empirical process drive Dimensional’s trading.

Interviews with more than twenty members of Dimensional’s Portfolio Management and Trading group, and the comments and feedback of many more were essential to this profile. A special thanks to the following leaders in Portfolio Management and Trading for their guidance:

—Joseph Chi, Co-Head of Portfolio ManageMent and ViCe President, santa MoniCa

—Steve Clark, senior Portfolio Manager and ViCe President, austin

—Jed Fogdall, Co-Head of Portfolio ManageMent and ViCe President, austin

—Henry Gray, Head of global equity trading and ViCe President, santa MoniCa

—Jason Lapping, Head of asia PaCifiC trading and ViCe President, sydney

—Dave Plecha, senior Portfolio Manager and ViCe President, santa MoniCa

—John Romiza, Head of international trading and ViCe President, london

“Negotiating on price is often a game of perception. If we see it trading at one spread on TRACE, can I do better? Who is out there that I can work with? I’ll spend a lot of the day communicating with brokers. I’ll discuss it with the portfolio manager. They can weigh the tradeoff of the transaction cost versus the impact of not being in or out of the bond. We want to stimulate as much activity as possible. We want brokers to compete.”—David LaRusso

“We’re not making a judgment about a security. It trades where it trades. We try to buy or sell that security in the best way possible. At a certain level, there’s always a bid and offer spread. If we’re buying, we try to get the bid. We try to have people come to us so we can capture the spread, which benefits our funds and our clients.”—Le Tran

BEYOND BUY AND SELLMarkets are always in motion. To deliver the right composition, each portfolio requires continuous oversight—for example, handling incoming cash and redemptions, checking screens, monitoring corporate actions, and rebalancing positions. As the markets close in one region, the process picks up in another. The results of the day are routed to the appropriate portfolio manager for review the next day.

“I get in around 8 in the morning. We run through the cash sheets. We reconcile cash balances. I send reports to portfolio managers globally. We wait for the guys in trading to pull western Asia from Sydney. Then we’ll have a full cash picture. The main thing that I look for is a balance: The goal is a diversified portfolio.”—Alexander Moore, Portfolio Analyst, London

“The work goes beyond buying and selling positions. We have a large universe of securities to manage—corporate actions, where there may be a dividend, there may be a merger, a tender. If you think of 10,000-plus securities, they all have to be responded to on a timely basis.”—Allen Pu

“The trading and investment style are both sitting absolutely side-by-side: One empowers the other. It’s not uncommon for us to have positive transaction costs through our flexible approach.”—Sam Willis “Flexibility means always being able to walk away from an execution. In order to do that, we must have many substitutes available, which we do.”—Robert Ness

“The structure allows us to be patient, but we do need to trade. When you do that and how you do that—that’s what the experience of the trader brings to the table.”—Richard Mar, Trader, Sydney

SHORT-TERM INVESTMENTS$553.5BB

CURRENCIES$270.2BB

BONDS$79.9BBEQUITY

$63.5BB

A MATTER OF SCALETrading today involves more than just stocks and bonds. Portfolio Management and Trading generates a significant volume of trading in currencies to support international securities trading and hedging. Larger still is the volume in short-term investments for securities lending and cash management.

Global Trade Value by Category, 2011Source: Dimensional. Volume for fixed income trades in US dollar issues and

international (non-USD). In US dollars, using closing FX rate for the date of each trade.

“Bonds” volume includes trades in short-term maturities.



TABLE

OF

CONTENTS

DIMENSIONAL TRADING: A DAY IN THE LIFE 2

ANNUALIZED RATES OF RETURNS (%) 8

HOW TO USE THIS BOOK 9

TOTAL RETURNS S&P 500 INDEX (IN US DOLLARS) 1926–2011 1 1

US SMALL CAP STOCKS (IN US DOLLARS) 1927–2011 13

US SMALL CAP VALUE STOCKS (IN US DOLLARS) 1927–2011 15

US LARGE CAP VALUE STOCKS (IN US DOLLARS) 1927–2011 17

US SMALL CAP GROWTH STOCKS (IN US DOLLARS) 1927–2011 19

US LARGE CAP GROWTH STOCKS (IN US DOLLARS) 1927–2011 21

US REAL ESTATE SECURITIES (IN US DOLLARS) 1978–2011 22

CANADIAN LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS) 1977–2011 23

CANADIAN LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS) 1977–2011 23

S&P/TSX COMPOSITE INDEX (IN CANADIAN DOLLARS) 1957–2011 24

CANADIAN SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1991–2011 25

MSCI EAFE INDEX (IN CANADIAN DOLLARS) 1970–2011 26

INTERNATIONAL SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1970–2011 26

INTERNATIONAL LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS) 1975–2011 27

INTERNATIONAL LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS) 1975–2011 27

JAPAN SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1970–2011 28

JAPAN LARGE CAP STOCKS (IN CANADIAN DOLLARS) 1970–2011 29

UK SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1956–2011 31

UK LARGE CAP STOCKS (IN CANADIAN DOLLARS) 1956–2011 32

MSCI EMERGING MARKETS INDEX (IN CANADIAN DOLLARS) 1988–2011 33

US LONG-TERM GOVERNMENT BONDS (IN US DOLLARS) 1926–2011 35

US LONG-TERM CORPORATE BONDS (IN US DOLLARS) 1926–2011 37

DEX LONG-TERM BOND INDEX (IN CANADIAN DOLLARS) 1948–2011 38

DEX SHORT-TERM BOND INDEX (IN CANADIAN DOLLARS) 1980–2011 39

DEX UNIVERSE BOND INDEX (IN CANADIAN DOLLARS) 1980–2011 40

CANADIAN ONE-MONTH TREASURY BILLS (IN CANADIAN DOLLARS) 1974–2011 40

REAL RETURNS (INFLATION ADJUSTED) INFLATION: CHANGES TO THE CONSUMER PRICE INDEX 1970–2011 41

S&P 500 INDEX (IN CANADIAN DOLLARS) 1970–2011 42

US SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1970–2011 42

US SMALL CAP VALUE STOCKS (IN CANADIAN DOLLARS) 1970–2011 43

US LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS) 1970–2011 43

MSCI EAFE INDEX (IN CANADIAN DOLLARS) 1970–2011 44

INTERNATIONAL SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1970–2011 44

INTERNATIONAL LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS) 1975–2011 45

INTERNATIONAL LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS) 1975–2011 45

S&P/TSX COMPOSITE INDEX (IN CANADIAN DOLLARS) 1970–2011 46

DEX UNIVERSE BOND INDEX (IN CANADIAN DOLLARS) 1980–2011 47

CANADIAN ONE-MONTH TREASURY BILLS (IN CANADIAN DOLLARS) 1974–2011 47

CANADIAN DOLLAR VS. US DOLLAR 1952–2011 49

WORLD MARKET CAPITALIZATION 51

SOURCES AND DESCRIPTIONS OF DATA 53


ANNUALIZED

RATES OF

RETURNS (%)

One Year 2011

Five Years

2007–2011

Ten Years

2002–2011

Twenty Years

1992–2011

Fifty Years

1962–2011

Eighty Years

1932–2011

S&P 500 INDEX (IN US DOLLARS) 2.1 -0.2 2.9 7.8 9.3 10.8

US SMALL CAP STOCKS (IN US DOLLARS) -5.4 1.5 7.2 10.3 11.7 14.0

US SMALL CAP VALUE STOCKS (IN US DOLLARS) -10.8 -1.5 8.7 12.9 14.4 16.3

US LARGE CAP VALUE STOCKS (IN US DOLLARS) -19.9 -11.5 -2.0 5.4 10.4 12.2

US SMALL CAP GROWTH STOCKS (IN US DOLLARS) -4.4 0.7 3.0 5.7 7.6 10.9

US LARGE CAP GROWTH STOCKS (IN US DOLLARS) 6.4 4.0 2.6 6.8 8.5 10.1

US REAL ESTATE SECURITIES (IN CANADIAN DOLLARS) 9.4 -2.0 10.1 10.8 — —

CANADIAN LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS) -13.5 7.6 8.0 10.0 — —

CANADIAN LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS) -16.4 -0.8 4.0 6.4 —

S&P/TSX COMPOSITE INDEX (IN CANADIAN DOLLARS) -8.7 1.3 7.0 8.7 9.2 —

CANADIAN SMALL CAP STOCKS (IN CANADIAN DOLLARS) -12.4 2.7 8.3 10.5 — —

MSCI EAFE INDEX (IN CANADIAN DOLLARS) -10.3 -7.3 0.1 3.9 — —

INTERNATIONAL SMALL CAP STOCKS (IN CANADIAN DOLLARS) -13.8 -5.9 5.6 5.1 — —

INTERNATIONAL LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS) -15.3 -6.6 4.3 9.1 — —

INTERNATIONAL LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS) -6.5 -6.5 -0.3 3.0 — —

JAPAN SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1.5 -3.6 4.3 0.4 — —

JAPAN LARGE CAP STOCKS (IN CANADIAN DOLLARS) -12.5 -9.0 -1.5 -1.2 — —

UK SMALL CAP STOCKS (IN CANADIAN DOLLARS) -8.5 -7.7 3.0 7.4 13.2 —

UK LARGE CAP STOCKS (IN CANADIAN DOLLARS) -1.8 -6.0 0.8 6.5 10.3 —

MSCI EMERGING MARKETS INDEX (IN CANADIAN DOLLARS) -16.4 0.0 9.2 7.8 —

US LONG-TERM GOVERNMENT BONDS (IN US DOLLARS) 28.2 10.7 8.9 8.9 7.6 5.9

US LONG-TERM CORPORATE BONDS (IN US DOLLARS) 17.9 8.8 8.3 8.1 7.6 6.2

DEX LONG-TERM BOND INDEX (IN CANADIAN DOLLARS) 18.1 8.3 8.9 9.8 8.9 —

DEX SHORT-TERM BOND INDEX (IN CANADIAN DOLLARS) 4.7 5.1 4.8 6.3 — —

DEX UNIVERSE BOND INDEX (IN CANADIAN DOLLARS) 9.7 6.4 6.5 7.7 — —

CANADIAN ONE-MONTH TREASURY BILLS (IN CANADIAN DOLLARS) 0.9 1.7 2.2 3.6 — —

INFLATION: CHANGES TO THE CONSUMER PRICE INDEX 2.3 1.9 2.1 1.9 — —

CANADIAN DOLLAR VS. US DOLLAR -2.1 2.7 4.6 0.6 0.0 —


HOW TO

USE THIS

BOOK

For example, to find the annualized compound rate of return for US Large Cap Value Stocks for the interval 1996–2004:

Locate the column for the first year of the interval (1996). Years are labeled at the top and bottom of each column.

Locate the row for the last year of the interval (2004). Years are labeled at the beginning of each row.

The return can be found where the first year’s column meets the last year’s row. In this example, US Large Cap Value Stocks had a compound rate of return of 7.8% per year for the nine-year period.

3

2

1

19931993 24.5 19941994 11.4 -0.3 19951995 20.2 18.2 40.1 19961996 20.2 18.8 29.6 20.0 19971997 22.8 22.3 31.0 26.7 33.7 19981998 20.9 20.2 25.9 21.6 22.4 11.9 19991999 18.8 17.9 21.9 17.7 17.0 9.4 7.0 20002000 15.3 14.1 16.7 12.5 10.7 3.9 0.1 -6.4 20012001 13.2 11.8 13.7 9.8 7.8 2.2 -0.9 -4.6 -2.7 20022002 7.8 6.1 6.9 2.9 0.3 -5.3 -9.2 -14.1 -17.6 -30.3 20032003 10.1 8.8 9.9 6.6 4.8 0.6 -1.5 -3.5 -2.5 -2.5 36.4 20042004 10.8 9.6 10.6 7.8 6.3 2.9 1.5 0.4 2.2 3.8 26.7 17.7 20052005 10.7 9.6 10.5 8.0 6.7 3.7 2.6 1.9 3.6 5.3 20.8 13.6 9.7 20062006 11.4 10.5 11.4 9.2 8.1 5.6 4.8 4.5 6.5 8.4 21.1 16.3 15.6 21.9 20072007 9.7 8.7 9.4 7.2 6.1 3.7 2.8 2.3 3.6 4.7 13.5 8.4 5.5 3.4 -12.2 20082008 4.0 2.8 3.0 0.6 -0.9 -3.6 -5.0 -6.2 -6.2 -6.7 -2.0 -8.3 -13.9 -20.6 -35.9 -53.1 20092009 5.7 4.6 5.0 2.8 1.6 -0.7 -1.7 -2.6 -2.1 -2.1 2.8 -1.9 -5.4 -8.9 -17.3 -19.7 37.5 20102010 6.5 5.5 5.9 3.9 2.9 0.8 -0.1 -0.7 -0.1 0.2 4.8 1.0 -1.6 -3.7 -9.2 -8.2 28.5 20.2 20112011 4.9 3.9 4.2 2.2 1.2 -0.8 -1.8 -2.5 -2.1 -2.0 1.8 -1.9 -4.4 -6.6 -11.5 -11.3 9.8 -1.9 -19.9

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

1

2

3


19261926 11.6 19271927 23.9 37.5 19281928 30.1 40.5 43.6 19291929 19.2 21.8 14.7 -8.4 19301930 8.7 8.0 -0.4 -17.1 -24.9 19311931 -2.5 -5.1 -13.5 -27.0 -34.8 -43.3 19321932 -3.3 -5.6 -12.5 -22.7 -26.9 -27.9 -8.2 19331933 2.5 1.2 -3.8 -11.2 -11.9 -7.1 18.9 54.0 19341934 2.0 0.9 -3.5 -9.7 -9.9 -5.7 11.7 23.2 -1.4 19351935 5.9 5.2 1.8 -3.1 -2.2 3.1 19.8 30.9 20.6 47.7 19361936 8.1 7.8 4.9 0.9 2.3 7.7 22.5 31.6 24.9 40.6 33.9 19371937 3.6 3.0 0.0 -3.9 -3.3 0.2 10.2 14.3 6.1 8.7 -6.7 -35.0 19381938 5.5 5.1 2.5 -0.9 0.0 3.6 13.0 16.9 10.7 13.9 4.5 -7.7 31.1 19391939 5.1 4.6 2.3 -0.8 -0.1 3.2 11.2 14.3 8.7 10.9 3.2 -5.3 14.3 -0.4 19401940 4.0 3.5 1.3 -1.6 -1.0 1.8 8.6 11.0 5.9 7.2 0.5 -6.5 5.6 -5.2 -9.8 19411941 3.0 2.4 0.3 -2.4 -1.9 0.5 6.4 8.2 3.5 4.3 -1.6 -7.5 1.0 -7.4 -10.7 -11.6 19421942 3.9 3.5 1.5 -1.0 -0.4 2.0 7.6 9.4 5.3 6.1 1.2 -3.4 4.6 -1.1 -1.4 3.2 20.3 19431943 5.0 4.7 2.9 0.6 1.3 3.7 9.0 10.8 7.2 8.2 4.0 0.4 7.9 3.8 4.9 10.2 23.1 25.9 19441944 5.8 5.5 3.8 1.7 2.5 4.8 9.8 11.5 8.3 9.3 5.7 2.6 9.5 6.3 7.7 12.5 22.0 22.8 19.7 19451945 7.1 6.9 5.4 3.5 4.3 6.6 11.5 13.2 10.4 11.5 8.4 5.9 12.6 10.1 12.0 17.0 25.4 27.2 27.8 36.4 19461946 6.3 6.1 4.7 2.8 3.5 5.6 10.1 11.6 8.8 9.7 6.8 4.4 10.1 7.7 8.9 12.4 17.9 17.3 14.5 12.0 -8.1 19471947 6.3 6.1 4.7 3.0 3.7 5.6 9.8 11.2 8.6 9.4 6.7 4.5 9.6 7.5 8.5 11.4 15.7 14.8 12.2 9.8 -1.4 5.7 19481948 6.3 6.0 4.7 3.1 3.8 5.6 9.6 10.8 8.4 9.1 6.6 4.6 9.2 7.3 8.1 10.6 14.2 13.2 10.9 8.7 0.8 5.6 5.5 19491949 6.8 6.6 5.3 3.8 4.5 6.3 10.1 11.2 9.0 9.7 7.4 5.6 10.0 8.3 9.2 11.5 14.8 14.0 12.1 10.7 5.0 9.8 12.0 18.8 19501950 7.7 7.5 6.4 4.9 5.6 7.4 11.1 12.3 10.2 11.0 8.9 7.3 11.5 10.0 11.0 13.4 16.6 16.1 14.8 13.9 9.9 14.9 18.2 25.1 31.7 19511951 8.3 8.1 7.1 5.7 6.4 8.2 11.7 12.9 11.0 11.7 9.8 8.4 12.4 11.1 12.1 14.3 17.3 16.9 15.9 15.3 12.1 16.7 19.6 24.7 27.8 24.0 19521952 8.6 8.5 7.5 6.2 6.9 8.6 12.0 13.2 11.3 12.1 10.3 9.0 12.8 11.6 12.5 14.6 17.4 17.1 16.1 15.7 13.0 17.0 19.4 23.1 24.6 21.2 18.4 19531953 8.3 8.1 7.1 5.9 6.5 8.2 11.4 12.4 10.7 11.4 9.6 8.3 11.9 10.7 11.5 13.4 15.7 15.3 14.3 13.7 11.2 14.2 15.7 17.9 17.6 13.3 8.3 -1.0 19541954 9.6 9.5 8.6 7.4 8.1 9.7 12.9 14.0 12.4 13.1 11.6 10.4 13.9 12.9 13.9 15.8 18.2 18.0 17.4 17.1 15.1 18.4 20.4 23.1 23.9 22.0 21.4 22.9 52.6 19551955 10.2 10.2 9.3 8.2 8.9 10.5 13.7 14.7 13.2 13.9 12.5 11.4 14.8 13.9 14.9 16.8 19.1 19.0 18.5 18.4 16.7 19.8 21.7 24.2 25.2 23.9 23.9 25.7 41.7 31.5 19561956 10.1 10.1 9.2 8.2 8.8 10.4 13.4 14.4 12.9 13.6 12.2 11.2 14.4 13.5 14.4 16.1 18.2 18.1 17.5 17.3 15.7 18.4 19.9 21.9 22.3 20.8 20.2 20.6 28.8 18.4 6.6 19571957 9.4 9.3 8.5 7.4 8.0 9.5 12.3 13.2 11.8 12.4 11.0 10.0 13.0 12.1 12.8 14.3 16.2 15.9 15.2 14.9 13.2 15.4 16.4 17.7 17.6 15.7 14.4 13.6 17.5 7.7 -2.5 -10.8 19581958 10.3 10.2 9.5 8.5 9.1 10.6 13.3 14.3 12.9 13.6 12.3 11.4 14.3 13.5 14.3 15.8 17.6 17.5 16.9 16.7 15.3 17.5 18.7 20.1 20.2 18.8 18.1 18.1 22.3 15.7 10.9 13.1 43.4 19591959 10.3 10.3 9.5 8.6 9.2 10.6 13.3 14.2 12.9 13.5 12.3 11.4 14.2 13.4 14.1 15.6 17.3 17.1 16.6 16.4 15.1 17.1 18.1 19.3 19.4 18.1 17.3 17.2 20.5 15.0 11.1 12.7 26.7 12.0 19601960 10.0 10.0 9.3 8.3 8.9 10.3 12.8 13.7 12.4 13.0 11.8 10.9 13.5 12.8 13.5 14.8 16.3 16.1 15.6 15.3 14.0 15.8 16.6 17.6 17.5 16.2 15.3 14.9 17.4 12.4 8.9 9.5 17.3 6.1 0.5 19611961 10.5 10.4 9.7 8.8 9.4 10.8 13.3 14.1 12.9 13.4 12.3 11.5 14.1 13.4 14.0 15.3 16.9 16.7 16.2 16.0 14.8 16.5 17.3 18.3 18.3 17.1 16.4 16.2 18.6 14.4 11.7 12.8 19.6 12.6 12.9 26.9 19621962 9.9 9.9 9.2 8.3 8.8 10.1 12.5 13.2 12.1 12.6 11.4 10.7 13.0 12.3 12.9 14.1 15.5 15.2 14.7 14.4 13.3 14.8 15.4 16.1 15.9 14.7 13.9 13.4 15.2 11.2 8.5 8.9 13.3 6.8 5.2 7.6 -8.7 19631963 10.2 10.2 9.5 8.7 9.2 10.5 12.8 13.5 12.4 12.9 11.8 11.1 13.4 12.7 13.3 14.5 15.8 15.6 15.1 14.9 13.8 15.2 15.8 16.6 16.4 15.3 14.6 14.3 15.9 12.4 10.2 10.8 14.8 9.9 9.3 12.4 5.9 22.8 19641964 10.4 10.4 9.7 8.9 9.4 10.6 12.9 13.6 12.5 13.0 12.0 11.3 13.5 12.9 13.5 14.5 15.8 15.6 15.2 14.9 13.9 15.3 15.9 16.6 16.4 15.4 14.7 14.4 16.0 12.8 10.9 11.5 15.1 10.9 10.7 13.5 9.3 19.6 16.5 19651965 10.4 10.4 9.8 9.0 9.5 10.7 12.9 13.6 12.5 13.0 12.0 11.3 13.5 12.9 13.4 14.5 15.7 15.5 15.0 14.8 13.8 15.1 15.7 16.3 16.2 15.2 14.6 14.3 15.7 12.8 11.1 11.6 14.7 11.1 11.0 13.2 10.1 17.2 14.5 12.5 19661966 9.9 9.8 9.2 8.4 8.9 10.1 12.2 12.8 11.8 12.2 11.2 10.5 12.6 12.0 12.4 13.4 14.5 14.3 13.8 13.6 12.6 13.7 14.2 14.7 14.4 13.4 12.7 12.4 13.4 10.7 9.0 9.2 11.7 8.2 7.7 9.0 5.7 9.7 5.6 0.6 -10.0 19671967 10.2 10.2 9.6 8.8 9.3 10.4 12.5 13.1 12.1 12.5 11.6 10.9 12.9 12.4 12.8 13.8 14.9 14.7 14.2 14.0 13.1 14.2 14.6 15.1 14.9 14.0 13.4 13.1 14.2 11.7 10.1 10.5 12.9 9.9 9.6 11.0 8.6 12.4 9.9 7.8 5.6 24.01968 10.2 10.2 9.6 8.9 9.3 10.4 12.4 13.1 12.1 12.5 11.6 10.9 12.9 12.3 12.8 13.7 14.7 14.5 14.1 13.9 13.0 14.0 14.5 14.9 14.7 13.8 13.3 13.0 14.0 11.6 10.2 10.5 12.7 10.0 9.8 11.0 8.9 12.2 10.2 8.6 7.4 17.41969 9.8 9.7 9.1 8.4 8.9 9.9 11.8 12.4 11.4 11.8 10.9 10.3 12.1 11.6 12.0 12.8 13.8 13.6 13.1 12.9 12.0 13.0 13.3 13.7 13.4 12.5 11.9 11.6 12.4 10.1 8.8 8.9 10.8 8.2 7.8 8.7 6.6 9.0 6.8 5.0 3.2 8.01970 9.6 9.6 9.0 8.3 8.7 9.7 11.6 12.2 11.2 11.6 10.7 10.1 11.9 11.3 11.7 12.5 13.5 13.2 12.8 12.5 11.7 12.6 12.9 13.2 13.0 12.1 11.5 11.1 11.9 9.8 8.4 8.6 10.2 7.8 7.5 8.2 6.3 8.3 6.4 4.8 3.4 7.01971 9.7 9.7 9.1 8.4 8.9 9.9 11.7 12.2 11.3 11.7 10.8 10.2 12.0 11.4 11.8 12.6 13.5 13.3 12.8 12.6 11.8 12.6 12.9 13.3 13.0 12.2 11.6 11.3 12.0 10.0 8.8 8.9 10.5 8.3 8.0 8.7 7.1 9.0 7.4 6.1 5.1 8.41972 9.9 9.9 9.3 8.7 9.1 10.1 11.9 12.4 11.5 11.9 11.0 10.5 12.1 11.6 12.0 12.8 13.7 13.5 13.0 12.8 12.0 12.9 13.2 13.5 13.3 12.5 12.0 11.7 12.4 10.5 9.4 9.5 11.1 9.0 8.8 9.6 8.1 9.9 8.6 7.7 7.0 10.11973 9.3 9.3 8.7 8.1 8.5 9.4 11.1 11.7 10.8 11.1 10.3 9.7 11.3 10.8 11.1 11.8 12.7 12.4 12.0 11.7 10.9 11.7 12.0 12.2 12.0 11.2 10.6 10.3 10.9 9.0 7.9 7.9 9.2 7.3 7.0 7.5 6.0 7.4 6.0 4.9 4.0 6.21974 8.5 8.4 7.8 7.2 7.5 8.4 10.1 10.6 9.7 10.0 9.1 8.5 10.1 9.5 9.8 10.5 11.2 10.9 10.5 10.2 9.4 10.1 10.2 10.4 10.1 9.3 8.7 8.2 8.7 6.9 5.7 5.7 6.7 4.8 4.3 4.6 3.1 4.1 2.5 1.2 0.1 1.41975 9.0 8.9 8.4 7.7 8.1 9.0 10.6 11.1 10.3 10.6 9.8 9.2 10.7 10.2 10.5 11.1 11.9 11.7 11.2 11.0 10.2 10.9 11.1 11.3 11.0 10.3 9.7 9.4 9.9 8.2 7.1 7.1 8.2 6.5 6.1 6.5 5.2 6.3 5.1 4.1 3.3 4.91976 9.2 9.2 8.7 8.1 8.4 9.3 10.9 11.4 10.6 10.9 10.1 9.5 11.0 10.5 10.8 11.5 12.2 12.0 11.6 11.4 10.6 11.3 11.5 11.7 11.5 10.8 10.3 9.9 10.4 8.8 7.8 7.9 9.0 7.4 7.1 7.5 6.3 7.5 6.4 5.6 5.0 6.61977 8.9 8.8 8.3 7.7 8.1 8.9 10.5 10.9 10.1 10.4 9.6 9.1 10.5 10.0 10.3 10.9 11.6 11.4 11.0 10.7 10.0 10.7 10.8 11.0 10.7 10.0 9.5 9.2 9.6 8.1 7.1 7.1 8.1 6.5 6.2 6.6 5.4 6.5 5.4 4.6 3.9 5.31978 8.9 8.8 8.3 7.7 8.1 8.9 10.4 10.8 10.0 10.3 9.6 9.0 10.4 10.0 10.2 10.8 11.5 11.3 10.9 10.6 9.9 10.5 10.7 10.9 10.6 9.9 9.4 9.1 9.5 8.0 7.1 7.1 8.1 6.5 6.3 6.6 5.5 6.5 5.5 4.7 4.1 5.41979 9.0 9.0 8.5 7.9 8.2 9.1 10.6 11.0 10.2 10.5 9.8 9.2 10.6 10.2 10.4 11.0 11.7 11.4 11.1 10.8 10.2 10.8 10.9 11.1 10.9 10.2 9.7 9.4 9.8 8.4 7.5 7.6 8.5 7.1 6.8 7.2 6.2 7.1 6.2 5.6 5.1 6.41980 9.4 9.4 8.9 8.3 8.7 9.5 11.0 11.4 10.6 10.9 10.2 9.7 11.1 10.6 10.9 11.5 12.2 12.0 11.6 11.4 10.7 11.3 11.5 11.7 11.5 10.9 10.4 10.2 10.6 9.2 8.4 8.5 9.4 8.1 7.9 8.3 7.4 8.4 7.6 7.1 6.7 8.01981 9.1 9.1 8.6 8.1 8.4 9.2 10.6 11.0 10.3 10.6 9.9 9.4 10.7 10.2 10.5 11.1 11.7 11.5 11.1 10.9 10.3 10.8 11.0 11.2 10.9 10.3 9.9 9.6 10.0 8.7 7.9 7.9 8.8 7.5 7.3 7.6 6.8 7.7 6.9 6.3 6.0 7.11982 9.3 9.3 8.8 8.3 8.6 9.4 10.8 11.2 10.5 10.8 10.1 9.6 10.9 10.5 10.8 11.3 11.9 11.7 11.4 11.2 10.6 11.1 11.3 11.5 11.2 10.7 10.2 10.0 10.4 9.1 8.4 8.4 9.3 8.1 7.9 8.2 7.4 8.3 7.6 7.1 6.8 8.01983 9.6 9.5 9.1 8.5 8.9 9.6 11.0 11.5 10.7 11.0 10.3 9.9 11.1 10.7 11.0 11.5 12.2 12.0 11.6 11.4 10.9 11.4 11.6 11.8 11.6 11.0 10.6 10.4 10.8 9.6 8.8 8.9 9.8 8.6 8.5 8.8 8.1 8.9 8.3 7.9 7.6 8.81984 9.5 9.5 9.0 8.5 8.8 9.6 10.9 11.4 10.6 10.9 10.3 9.8 11.0 10.6 10.9 11.4 12.0 11.8 11.5 11.3 10.7 11.3 11.4 11.6 11.4 10.9 10.5 10.2 10.6 9.4 8.8 8.8 9.6 8.5 8.4 8.7 8.0 8.8 8.2 7.8 7.6 8.61985 9.8 9.8 9.4 8.9 9.2 9.9 11.3 11.7 11.0 11.3 10.7 10.2 11.4 11.1 11.3 11.8 12.4 12.3 12.0 11.8 11.2 11.8 11.9 12.1 11.9 11.4 11.1 10.8 11.2 10.1 9.5 9.6 10.4 9.3 9.2 9.6 8.9 9.7 9.2 8.8 8.7 9.81986 10.0 10.0 9.5 9.0 9.4 10.1 11.4 11.8 11.2 11.4 10.8 10.4 11.6 11.2 11.5 12.0 12.6 12.4 12.1 11.9 11.4 11.9 12.1 12.3 12.1 11.6 11.3 11.1 11.5 10.4 9.7 9.8 10.6 9.6 9.5 9.9 9.3 10.1 9.6 9.3 9.1 10.21987 9.9 9.9 9.5 9.0 9.3 10.0 11.3 11.7 11.0 11.3 10.7 10.3 11.5 11.1 11.3 11.8 12.4 12.2 11.9 11.8 11.2 11.8 11.9 12.1 11.9 11.4 11.1 10.9 11.3 10.2 9.6 9.7 10.5 9.5 9.4 9.7 9.1 9.9 9.4 9.1 8.9 9.91988 10.0 10.0 9.6 9.1 9.4 10.1 11.4 11.8 11.2 11.4 10.8 10.4 11.6 11.2 11.4 11.9 12.5 12.3 12.1 11.9 11.4 11.9 12.0 12.2 12.0 11.6 11.2 11.1 11.4 10.4 9.8 9.9 10.7 9.7 9.6 10.0 9.4 10.1 9.7 9.4 9.3 10.21989 10.3 10.3 9.9 9.4 9.7 10.5 11.7 12.1 11.5 11.7 11.2 10.8 11.9 11.6 11.8 12.3 12.9 12.7 12.4 12.3 11.8 12.3 12.5 12.6 12.5 12.0 11.7 11.6 11.9 10.9 10.4 10.5 11.3 10.3 10.3 10.6 10.1 10.9 10.4 10.2 10.1 11.11990 10.1 10.1 9.7 9.2 9.5 10.2 11.5 11.8 11.2 11.5 10.9 10.5 11.6 11.3 11.5 12.0 12.5 12.4 12.1 11.9 11.4 11.9 12.1 12.2 12.1 11.6 11.3 11.1 11.5 10.5 10.0 10.1 10.8 9.9 9.8 10.2 9.6 10.3 9.9 9.7 9.6 10.51991 10.4 10.4 10.0 9.5 9.8 10.5 11.8 12.1 11.5 11.8 11.2 10.8 11.9 11.6 11.8 12.3 12.9 12.7 12.4 12.3 11.8 12.3 12.5 12.6 12.5 12.1 11.8 11.6 12.0 11.0 10.5 10.6 11.3 10.5 10.4 10.8 10.3 11.0 10.6 10.4 10.3 11.21992 10.3 10.3 9.9 9.5 9.8 10.5 11.7 12.1 11.5 11.7 11.1 10.8 11.9 11.5 11.8 12.2 12.7 12.6 12.3 12.2 11.7 12.2 12.4 12.5 12.4 11.9 11.7 11.5 11.8 10.9 10.4 10.5 11.2 10.4 10.3 10.7 10.2 10.9 10.5 10.3 10.2 11.11993 10.3 10.3 9.9 9.5 9.8 10.5 11.7 12.0 11.4 11.7 11.1 10.8 11.8 11.5 11.7 12.2 12.7 12.6 12.3 12.2 11.7 12.2 12.3 12.5 12.3 11.9 11.6 11.5 11.8 10.9 10.4 10.5 11.2 10.4 10.3 10.6 10.2 10.8 10.5 10.3 10.2 11.01994 10.2 10.2 9.8 9.4 9.7 10.3 11.5 11.8 11.3 11.5 10.9 10.6 11.6 11.3 11.5 12.0 12.5 12.3 12.1 11.9 11.5 11.9 12.1 12.2 12.1 11.7 11.4 11.2 11.5 10.7 10.2 10.3 10.9 10.1 10.1 10.4 9.9 10.5 10.2 10.0 9.9 10.71995 10.5 10.5 10.2 9.7 10.0 10.7 11.9 12.2 11.6 11.9 11.3 11.0 12.0 11.7 11.9 12.4 12.9 12.8 12.5 12.4 11.9 12.4 12.5 12.7 12.6 12.2 11.9 11.8 12.1 11.3 10.8 10.9 11.5 10.8 10.7 11.1 10.6 11.3 10.9 10.8 10.7 11.51996 10.7 10.7 10.4 9.9 10.2 10.9 12.0 12.4 11.8 12.0 11.5 11.2 12.2 11.9 12.1 12.6 13.1 12.9 12.7 12.6 12.1 12.6 12.7 12.9 12.8 12.4 12.1 12.0 12.3 11.5 11.1 11.2 11.8 11.1 11.1 11.4 11.0 11.6 11.3 11.1 11.1 11.91997 11.0 11.0 10.7 10.2 10.5 11.2 12.3 12.7 12.1 12.3 11.9 11.5 12.5 12.2 12.5 12.9 13.4 13.3 13.1 12.9 12.5 13.0 13.1 13.3 13.2 12.8 12.6 12.4 12.8 12.0 11.6 11.7 12.3 11.6 11.6 11.9 11.5 12.2 11.9 11.7 11.7 12.51998 11.2 11.2 10.9 10.5 10.8 11.4 12.5 12.9 12.4 12.6 12.1 11.8 12.8 12.5 12.7 13.2 13.6 13.5 13.3 13.2 12.8 13.3 13.4 13.6 13.5 13.1 12.9 12.8 13.1 12.3 11.9 12.1 12.7 12.0 12.0 12.3 12.0 12.6 12.3 12.2 12.2 13.01999 11.3 11.3 11.0 10.6 10.9 11.5 12.7 13.0 12.5 12.7 12.2 11.9 12.9 12.6 12.9 13.3 13.8 13.7 13.5 13.3 13.0 13.4 13.5 13.7 13.6 13.3 13.1 12.9 13.3 12.5 12.1 12.3 12.9 12.2 12.2 12.5 12.2 12.8 12.5 12.4 12.4 13.22000 11.0 11.0 10.7 10.3 10.6 11.2 12.3 12.6 12.1 12.3 11.9 11.6 12.5 12.2 12.5 12.9 13.3 13.2 13.0 12.9 12.5 12.9 13.1 13.2 13.1 12.8 12.6 12.4 12.7 12.0 11.6 11.7 12.3 11.7 11.6 11.9 11.6 12.2 11.9 11.8 11.8 12.52001 10.7 10.7 10.4 10.0 10.3 10.9 11.9 12.2 11.7 11.9 11.5 11.2 12.1 11.8 12.0 12.4 12.9 12.7 12.5 12.4 12.0 12.4 12.6 12.7 12.6 12.2 12.0 11.9 12.2 11.4 11.0 11.1 11.7 11.0 11.0 11.3 10.9 11.5 11.2 11.1 11.0 11.72002 10.2 10.2 9.9 9.5 9.7 10.3 11.4 11.7 11.1 11.3 10.9 10.6 11.5 11.2 11.4 11.8 12.2 12.1 11.8 11.7 11.3 11.7 11.8 11.9 11.8 11.4 11.2 11.1 11.3 10.6 10.2 10.3 10.8 10.1 10.1 10.3 10.0 10.5 10.2 10.0 10.0 10.62003 10.4 10.4 10.1 9.7 10.0 10.5 11.6 11.9 11.4 11.6 11.1 10.8 11.7 11.4 11.6 12.0 12.4 12.3 12.1 12.0 11.6 12.0 12.1 12.2 12.1 11.7 11.5 11.4 11.7 10.9 10.6 10.6 11.2 10.5 10.5 10.7 10.4 10.9 10.6 10.5 10.4 11.02004 10.4 10.4 10.1 9.7 10.0 10.6 11.6 11.9 11.4 11.6 11.1 10.8 11.7 11.4 11.6 12.0 12.4 12.3 12.1 11.9 11.6 11.9 12.1 12.2 12.1 11.7 11.5 11.4 11.6 10.9 10.6 10.6 11.2 10.5 10.5 10.7 10.4 10.9 10.6 10.5 10.4 11.02005 10.4 10.3 10.0 9.7 9.9 10.5 11.5 11.8 11.3 11.5 11.0 10.7 11.6 11.3 11.5 11.9 12.3 12.2 12.0 11.8 11.5 11.8 11.9 12.0 11.9 11.6 11.4 11.3 11.5 10.8 10.4 10.5 11.0 10.4 10.4 10.6 10.3 10.8 10.5 10.3 10.3 10.92006 10.4 10.4 10.1 9.7 10.0 10.5 11.5 11.8 11.3 11.5 11.1 10.8 11.6 11.4 11.6 11.9 12.3 12.2 12.0 11.9 11.5 11.9 12.0 12.1 12.0 11.7 11.5 11.3 11.6 10.9 10.5 10.6 11.1 10.5 10.5 10.7 10.4 10.9 10.6 10.5 10.4 11.02007 10.4 10.3 10.0 9.7 9.9 10.5 11.5 11.7 11.3 11.4 11.0 10.7 11.6 11.3 11.5 11.8 12.2 12.1 11.9 11.8 11.4 11.8 11.9 12.0 11.9 11.6 11.4 11.2 11.5 10.8 10.4 10.5 11.0 10.4 10.4 10.6 10.3 10.7 10.5 10.3 10.3 10.82008 9.6 9.6 9.3 8.9 9.2 9.7 10.6 10.9 10.4 10.6 10.1 9.8 10.7 10.4 10.6 10.9 11.3 11.1 10.9 10.8 10.4 10.8 10.8 10.9 10.8 10.5 10.2 10.1 10.3 9.7 9.3 9.3 9.8 9.2 9.1 9.3 9.0 9.4 9.1 9.0 8.9 9.42009 9.8 9.8 9.5 9.1 9.4 9.9 10.8 11.1 10.6 10.8 10.4 10.1 10.9 10.6 10.8 11.1 11.5 11.4 11.1 11.0 10.7 11.0 11.1 11.2 11.0 10.7 10.5 10.4 10.6 9.9 9.6 9.6 10.1 9.5 9.5 9.6 9.3 9.7 9.5 9.3 9.2 9.72010 9.9 9.8 9.6 9.2 9.4 9.9 10.9 11.1 10.7 10.8 10.4 10.1 10.9 10.7 10.8 11.2 11.5 11.4 11.2 11.1 10.7 11.0 11.1 11.2 11.1 10.8 10.6 10.5 10.7 10.0 9.7 9.7 10.2 9.6 9.6 9.8 9.4 9.8 9.6 9.4 9.4 9.92011 9.8 9.8 9.5 9.1 9.3 9.8 10.8 11.0 10.6 10.7 10.3 10.0 10.8 10.5 10.7 11.0 11.4 11.3 11.1 10.9 10.6 10.9 11.0 11.1 11.0 10.6 10.4 10.3 10.5 9.9 9.5 9.6 10.0 9.5 9.4 9.6 9.3 9.7 9.4 9.3 9.2 9.7

1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967


Data provided by Standard & Poor’s Index Services Group.

S&P 500 INDEX1926–2011: Total Returns (%)

In US Dollars

19681968 11.1 19691969 0.8 -8.5 19701970 1.9 -2.4 4.0 19711971 4.9 2.9 9.1 14.3 19721972 7.5 6.7 12.3 16.6 19.0 19731973 3.5 2.0 4.8 5.1 0.8 -14.7 19741974 -1.5 -3.4 -2.3 -3.9 -9.3 -20.8 -26.5 19751975 2.7 1.6 3.3 3.2 0.6 -4.9 0.5 37.2 19761976 4.9 4.1 6.1 6.4 4.9 1.6 7.7 30.4 23.8 19771977 3.6 2.8 4.3 4.3 2.8 -0.2 3.8 16.4 7.2 -7.2 19781978 3.9 3.2 4.6 4.6 3.3 0.9 4.3 13.9 7.0 -0.5 6.6 19791979 5.0 4.5 5.9 6.1 5.1 3.2 6.6 14.8 9.8 5.4 12.3 18.4 19801980 6.9 6.6 8.0 8.4 7.8 6.5 9.9 17.5 13.9 11.6 18.7 25.2 32.4 19811981 6.0 5.6 6.9 7.2 6.5 5.2 7.9 14.0 10.6 8.1 12.3 14.2 12.2 -4.9 19821982 7.0 6.7 7.9 8.3 7.7 6.7 9.4 14.9 12.1 10.2 14.0 16.0 15.2 7.4 21.4 19831983 7.9 7.7 8.9 9.3 8.9 8.0 10.6 15.7 13.3 11.9 15.4 17.3 17.0 12.3 22.0 22.5 19841984 7.8 7.6 8.7 9.1 8.7 7.9 10.2 14.8 12.5 11.2 14.1 15.4 14.8 10.7 16.5 14.1 6.3 19851985 9.0 8.9 10.1 10.5 10.2 9.6 11.9 16.2 14.3 13.3 16.2 17.6 17.5 14.7 20.2 19.8 18.5 32.2 19861986 9.5 9.4 10.6 11.0 10.8 10.2 12.4 16.4 14.7 13.8 16.4 17.7 17.6 15.3 19.9 19.5 18.5 25.1 18.5 19871987 9.3 9.2 10.3 10.6 10.4 9.9 11.9 15.5 13.9 13.0 15.3 16.3 16.0 13.8 17.3 16.5 15.0 18.1 11.7 5.2 19881988 9.6 9.5 10.6 11.0 10.8 10.3 12.2 15.6 14.1 13.3 15.4 16.3 16.1 14.2 17.2 16.5 15.4 17.8 13.3 10.9 16.8 19891989 10.5 10.5 11.6 12.0 11.8 11.4 13.3 16.6 15.3 14.6 16.7 17.6 17.5 16.0 18.9 18.6 17.9 20.4 17.6 17.4 23.9 31.5 19901990 9.9 9.8 10.8 11.2 11.0 10.6 12.3 15.3 13.9 13.3 15.0 15.7 15.5 13.9 16.2 15.6 14.7 16.1 13.2 11.9 14.2 12.9 -3.1 19911991 10.7 10.7 11.6 12.0 11.9 11.5 13.2 16.1 14.9 14.3 16.1 16.8 16.7 15.3 17.6 17.2 16.5 18.1 15.9 15.4 18.0 18.5 12.4 30.5 19921992 10.6 10.5 11.5 11.8 11.7 11.3 12.9 15.6 14.5 13.9 15.5 16.1 16.0 14.7 16.7 16.2 15.5 16.7 14.7 14.0 15.9 15.7 10.8 18.5 7.6 19931993 10.5 10.5 11.4 11.7 11.6 11.3 12.8 15.3 14.2 13.7 15.1 15.7 15.5 14.3 16.1 15.6 14.9 16.0 14.1 13.5 14.9 14.5 10.6 15.6 8.8 10.1 19941994 10.2 10.2 11.0 11.3 11.1 10.8 12.2 14.6 13.5 13.0 14.3 14.8 14.5 13.3 14.9 14.4 13.6 14.4 12.6 11.9 12.8 12.2 8.7 11.9 6.3 5.6 1.3 19951995 11.1 11.1 11.9 12.2 12.1 11.8 13.2 15.6 14.6 14.1 15.4 16.0 15.8 14.8 16.4 16.0 15.5 16.3 14.9 14.5 15.7 15.5 13.1 16.6 13.4 15.3 18.1 37.6 19961996 11.5 11.5 12.3 12.6 12.6 12.3 13.6 15.9 15.0 14.6 15.8 16.4 16.2 15.3 16.8 16.5 16.0 16.9 15.6 15.3 16.5 16.4 14.4 17.6 15.2 17.2 19.7 30.1 23.0 19971997 12.1 12.2 13.0 13.3 13.3 13.1 14.4 16.6 15.8 15.4 16.6 17.2 17.1 16.3 17.8 17.5 17.2 18.1 17.0 16.8 18.1 18.2 16.6 19.8 18.1 20.3 23.0 31.2 28.1 33.4 19981998 12.6 12.7 13.5 13.8 13.8 13.6 14.9 17.1 16.3 16.0 17.2 17.7 17.7 16.9 18.4 18.2 17.9 18.8 17.8 17.8 19.0 19.2 17.9 20.8 19.5 21.6 24.1 30.5 28.2 30.9 28.6 19991999 12.9 12.9 13.7 14.1 14.1 13.9 15.2 17.2 16.5 16.2 17.4 17.9 17.9 17.2 18.5 18.4 18.1 18.9 18.0 18.0 19.1 19.4 18.2 20.9 19.7 21.5 23.6 28.6 26.4 27.6 24.8 21.0 20002000 12.1 12.2 12.9 13.2 13.2 13.0 14.2 16.1 15.3 15.0 16.1 16.5 16.4 15.7 16.9 16.6 16.3 17.0 16.0 15.8 16.7 16.7 15.4 17.5 16.1 17.2 18.3 21.3 18.3 17.2 12.3 4.9 -9.1 20012001 11.3 11.4 12.0 12.3 12.2 12.0 13.1 14.9 14.1 13.8 14.7 15.1 15.0 14.2 15.2 14.9 14.5 15.0 14.0 13.7 14.4 14.2 12.9 14.4 12.9 13.5 14.0 15.9 12.7 10.7 5.7 -1.0 -10.5 -11.9 20022002 10.2 10.2 10.8 11.0 10.9 10.7 11.7 13.3 12.5 12.1 13.0 13.3 13.0 12.2 13.1 12.7 12.2 12.6 11.5 11.1 11.5 11.1 9.7 10.8 9.2 9.3 9.3 10.3 6.9 4.4 -0.6 -6.8 -14.6 -17.2 -22.1 20032003 10.7 10.7 11.3 11.5 11.4 11.2 12.2 13.8 13.1 12.7 13.5 13.8 13.6 12.9 13.8 13.4 13.0 13.4 12.4 12.0 12.5 12.2 10.9 12.1 10.7 11.0 11.1 12.2 9.4 7.6 3.8 -0.6 -5.3 -4.1 0.1 28.7 20042004 10.7 10.7 11.3 11.5 11.4 11.2 12.1 13.7 13.0 12.6 13.4 13.7 13.5 12.8 13.7 13.3 12.9 13.2 12.3 12.0 12.4 12.1 10.9 12.0 10.7 11.0 11.0 12.1 9.5 8.0 4.8 1.3 -2.3 -0.5 3.6 19.5 10.9 20052005 10.5 10.5 11.1 11.3 11.2 11.0 11.9 13.4 12.7 12.4 13.1 13.4 13.2 12.5 13.3 12.9 12.5 12.8 11.9 11.6 12.0 11.7 10.5 11.5 10.3 10.5 10.5 11.4 9.1 7.6 4.8 1.8 -1.1 0.5 3.9 14.4 7.9 4.9 20062006 10.7 10.7 11.2 11.4 11.4 11.1 12.0 13.5 12.8 12.5 13.2 13.5 13.3 12.6 13.4 13.0 12.7 13.0 12.1 11.8 12.2 11.9 10.9 11.8 10.6 10.9 10.9 11.8 9.7 8.4 6.0 3.4 1.1 2.9 6.2 14.7 10.4 10.2 15.8 20072007 10.5 10.5 11.1 11.3 11.2 11.0 11.8 13.3 12.6 12.2 13.0 13.2 13.0 12.3 13.1 12.7 12.3 12.6 11.8 11.5 11.8 11.6 10.5 11.4 10.3 10.5 10.5 11.3 9.3 8.2 5.9 3.7 1.7 3.3 6.1 12.8 9.2 8.6 10.5 5.5 20082008 9.0 9.0 9.5 9.6 9.5 9.2 10.0 11.3 10.6 10.2 10.8 11.0 10.7 10.0 10.6 10.2 9.8 9.9 9.0 8.6 8.8 8.4 7.3 7.9 6.7 6.7 6.5 6.8 4.8 3.4 1.0 -1.4 -3.6 -2.9 -1.5 2.4 -2.2 -5.2 -8.4 -18.5 -37.0 20092009 9.4 9.4 9.9 10.0 9.9 9.7 10.4 11.7 11.1 10.7 11.3 11.5 11.2 10.6 11.2 10.8 10.4 10.5 9.7 9.4 9.6 9.2 8.2 8.8 7.7 7.8 7.6 8.0 6.2 5.0 2.9 0.9 -0.9 0.0 1.6 5.5 2.1 0.4 -0.7 -5.6 -10.7 26.5 20102010 9.5 9.5 10.0 10.1 10.0 9.8 10.6 11.8 11.2 10.8 11.4 11.6 11.4 10.7 11.3 11.0 10.5 10.7 9.9 9.6 9.8 9.5 8.5 9.1 8.1 8.1 8.0 8.5 6.8 5.7 3.8 2.0 0.4 1.4 3.0 6.7 3.9 2.7 2.3 -0.8 -2.9 20.6 15.1 20112011 9.4 9.3 9.8 9.9 9.8 9.6 10.3 11.5 10.9 10.6 11.1 11.3 11.1 10.4 11.0 10.6 10.2 10.4 9.6 9.3 9.5 9.1 8.2 8.8 7.8 7.8 7.7 8.1 6.5 5.5 3.7 2.0 0.6 1.5 2.9 6.2 3.6 2.6 2.3 -0.2 -1.6 14.1 8.4 2.1

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

1926 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

$3,043


19271927 28.1 19281928 32.9 37.8 19291929 3.6 -6.9 -37.1 19301930 -9.4 -19.2 -38.2 -39.2 19311931 -19.0 -27.8 -41.8 -44.1 -48.5 19321932 -16.9 -23.7 -34.2 -33.3 -30.1 -5.0 19331933 -4.2 -8.7 -15.9 -9.6 3.2 46.2 125.0 19341934 -1.6 -5.3 -11.0 -4.6 6.8 36.1 63.0 18.1 19351935 4.1 1.4 -3.0 4.3 16.2 42.4 63.0 38.8 63.1 19361936 8.3 6.3 2.9 10.4 22.0 44.9 61.0 44.1 59.1 55.3 19371937 1.1 -1.3 -4.9 0.2 7.6 21.6 27.8 10.9 8.6 -11.3 -49.4 19381938 3.7 1.7 -1.3 3.7 10.9 23.7 29.3 15.7 15.2 2.6 -16.7 37.1 19391939 3.4 1.6 -1.2 3.4 9.7 20.5 24.7 13.0 12.1 2.0 -11.3 17.4 0.5 19401940 2.8 1.1 -1.5 2.6 8.1 17.4 20.6 10.3 9.0 0.6 -9.7 9.4 -2.2 -4.8 19411941 1.8 0.2 -2.3 1.4 6.2 14.2 16.6 7.4 5.9 -1.4 -10.0 3.9 -5.2 -8.0 -11.0 19421942 3.4 1.9 -0.3 3.3 8.0 15.5 17.8 9.7 8.6 2.5 -4.3 8.6 2.5 3.2 7.4 29.7 19431943 6.4 5.1 3.2 7.0 11.7 19.2 21.6 14.4 14.0 9.0 3.6 16.7 13.1 16.4 24.5 47.3 67.4 19441944 8.1 7.0 5.3 9.0 13.7 20.8 23.3 16.7 16.6 12.3 7.8 20.1 17.5 21.2 28.8 45.7 54.5 42.6 19451945 10.6 9.7 8.2 11.9 16.6 23.6 26.1 20.2 20.4 16.8 13.1 25.1 23.4 27.7 35.5 50.5 58.1 53.7 65.7 19461946 9.4 8.5 7.1 10.5 14.7 20.9 23.0 17.5 17.4 14.0 10.5 20.5 18.5 21.4 26.4 35.6 37.1 28.3 21.7 -10.6 19471947 8.8 8.0 6.6 9.7 13.6 19.4 21.2 16.0 15.8 12.6 9.3 18.1 16.1 18.2 22.0 28.6 28.3 20.1 13.4 -6.2 -1.6 19481948 8.2 7.3 6.0 8.9 12.5 17.8 19.4 14.5 14.2 11.1 8.1 15.8 13.8 15.4 18.2 23.1 22.1 14.6 8.5 -5.8 -3.3 -5.0 19491949 8.8 7.9 6.7 9.6 13.0 18.0 19.6 14.9 14.7 11.9 9.1 16.3 14.6 16.1 18.7 23.0 22.1 15.8 11.1 0.6 4.6 7.8 22.4 19501950 9.9 9.2 8.0 10.8 14.2 19.1 20.6 16.3 16.2 13.6 11.0 18.0 16.5 18.1 20.6 24.8 24.2 19.0 15.5 7.4 12.5 17.6 30.8 39.8 19511951 10.1 9.4 8.3 11.0 14.2 18.9 20.3 16.2 16.0 13.6 11.3 17.7 16.3 17.7 20.0 23.7 23.0 18.4 15.3 8.5 12.8 16.7 25.0 26.4 14.3 19521952 10.0 9.4 8.3 10.9 14.0 18.4 19.7 15.8 15.6 13.3 11.1 17.1 15.8 17.1 19.1 22.3 21.6 17.3 14.5 8.6 12.2 15.2 20.9 20.4 11.7 9.2 19531953 9.5 8.9 7.8 10.3 13.2 17.3 18.5 14.8 14.6 12.4 10.2 15.7 14.4 15.5 17.2 19.9 19.1 15.1 12.4 7.1 9.9 11.9 15.6 14.0 6.5 2.9 -3.1 19541954 11.0 10.4 9.5 11.9 14.8 18.9 20.1 16.6 16.5 14.5 12.5 17.9 16.8 18.0 19.8 22.6 22.1 18.6 16.4 12.0 15.1 17.8 22.0 22.0 17.9 19.1 24.4 59.8 19551955 11.3 10.8 9.9 12.2 15.0 18.9 20.1 16.7 16.7 14.7 12.9 18.1 17.0 18.2 19.9 22.5 21.9 18.7 16.8 12.8 15.7 18.1 21.8 21.7 18.4 19.4 23.0 38.6 20.3 19561956 11.2 10.6 9.8 12.0 14.7 18.4 19.5 16.3 16.2 14.4 12.6 17.5 16.5 17.5 19.0 21.4 20.8 17.8 15.9 12.2 14.8 16.8 19.8 19.5 16.4 16.8 18.8 27.2 13.5 7.1 19571957 10.2 9.6 8.7 10.9 13.4 16.9 17.9 14.7 14.6 12.8 11.1 15.5 14.5 15.3 16.6 18.6 17.9 15.0 13.1 9.5 11.6 13.0 15.2 14.3 11.1 10.6 10.8 14.6 2.6 -5.2 -16.1 19581958 11.5 11.1 10.3 12.4 14.9 18.4 19.4 16.4 16.3 14.6 13.1 17.5 16.6 17.5 18.9 20.9 20.4 17.7 16.1 13.0 15.2 16.9 19.4 19.0 16.7 17.0 18.4 23.2 15.4 13.9 17.4 64.3 19591959 11.8 11.3 10.5 12.6 15.0 18.4 19.4 16.5 16.4 14.8 13.3 17.5 16.7 17.5 18.8 20.8 20.3 17.8 16.3 13.4 15.5 17.1 19.3 19.0 16.9 17.2 18.4 22.4 16.1 15.1 17.9 39.7 18.8 19601960 11.3 10.8 10.1 12.1 14.4 17.6 18.5 15.7 15.6 14.0 12.6 16.5 15.7 16.5 17.6 19.4 18.8 16.5 15.0 12.2 14.1 15.4 17.3 16.8 14.7 14.8 15.5 18.4 12.7 11.2 12.3 23.7 7.3 -3.0 19611961 11.8 11.3 10.6 12.6 14.8 17.9 18.8 16.1 16.1 14.6 13.2 17.0 16.2 17.0 18.2 19.9 19.4 17.1 15.8 13.2 15.0 16.3 18.1 17.8 16.0 16.1 16.9 19.7 14.9 14.0 15.4 25.0 14.1 11.9 29.1 19621962 10.9 10.5 9.8 11.6 13.8 16.7 17.5 14.9 14.8 13.3 12.0 15.6 14.8 15.4 16.4 18.0 17.4 15.2 13.9 11.4 12.9 14.0 15.4 14.9 13.1 13.0 13.3 15.3 10.7 9.4 9.8 15.9 6.2 2.3 5.1 -14.4 19631963 11.1 10.7 10.0 11.8 13.9 16.8 17.6 15.1 14.9 13.5 12.2 15.7 14.9 15.6 16.5 18.0 17.4 15.4 14.1 11.8 13.2 14.2 15.7 15.2 13.5 13.4 13.8 15.7 11.6 10.5 11.0 16.4 8.6 6.2 9.4 0.8 18.6 19641964 11.3 10.9 10.2 12.0 14.0 16.8 17.6 15.1 15.0 13.7 12.4 15.8 15.0 15.6 16.6 18.0 17.5 15.5 14.3 12.1 13.5 14.4 15.8 15.3 13.8 13.7 14.1 15.8 12.2 11.3 11.8 16.5 10.0 8.4 11.4 6.1 18.1 17.5 19651965 11.9 11.5 10.9 12.7 14.7 17.4 18.2 15.8 15.7 14.4 13.2 16.5 15.8 16.4 17.4 18.7 18.3 16.4 15.3 13.3 14.7 15.6 17.0 16.7 15.3 15.3 15.8 17.6 14.3 13.7 14.5 19.1 13.7 12.9 16.3 13.4 24.5 27.5 38.4 19661966 11.4 11.0 10.4 12.1 14.0 16.6 17.3 15.1 15.0 13.7 12.5 15.6 14.9 15.5 16.4 17.6 17.1 15.3 14.2 12.2 13.5 14.4 15.6 15.2 13.8 13.8 14.1 15.5 12.4 11.8 12.2 15.9 11.0 9.9 12.2 9.1 15.9 15.1 13.9 -6.3 19671967 12.7 12.3 11.7 13.4 15.4 18.0 18.7 16.5 16.5 15.2 14.1 17.3 16.6 17.3 18.2 19.5 19.1 17.4 16.4 14.6 15.9 16.9 18.1 17.9 16.7 16.9 17.4 19.1 16.4 16.1 16.9 20.9 16.8 16.6 19.7 18.2 26.1 28.0 31.7 28.4 76.11968 13.3 12.9 12.4 14.0 15.9 18.5 19.2 17.1 17.1 15.9 14.8 17.9 17.3 18.0 18.9 20.1 19.8 18.2 17.3 15.5 16.9 17.8 19.1 19.0 17.9 18.1 18.7 20.3 17.9 17.7 18.6 22.4 18.9 18.9 22.0 21.0 28.1 30.1 33.5 31.9 56.51969 12.2 11.8 11.3 12.9 14.7 17.1 17.8 15.7 15.6 14.5 13.4 16.3 15.7 16.2 17.0 18.2 17.8 16.2 15.2 13.5 14.7 15.5 16.6 16.3 15.2 15.2 15.6 16.9 14.5 14.1 14.6 17.6 14.1 13.7 15.7 14.1 18.9 18.9 19.2 14.9 22.91970 11.6 11.2 10.7 12.2 13.9 16.3 16.9 14.9 14.8 13.6 12.6 15.3 14.7 15.2 16.0 17.0 16.6 15.0 14.1 12.4 13.5 14.2 15.1 14.8 13.7 13.6 13.9 15.0 12.6 12.2 12.5 15.1 11.7 11.1 12.6 10.9 14.6 14.0 13.4 9.0 13.21971 11.8 11.5 10.9 12.4 14.1 16.4 17.0 15.0 14.9 13.8 12.8 15.5 14.9 15.4 16.1 17.1 16.7 15.2 14.3 12.7 13.8 14.5 15.4 15.1 14.0 14.0 14.3 15.3 13.1 12.7 13.1 15.5 12.4 11.9 13.4 11.9 15.3 14.9 14.5 10.9 14.71972 11.6 11.3 10.8 12.2 13.9 16.1 16.7 14.7 14.7 13.6 12.6 15.2 14.6 15.1 15.7 16.7 16.3 14.9 14.0 12.4 13.4 14.1 14.9 14.6 13.6 13.6 13.8 14.7 12.6 12.2 12.5 14.8 11.9 11.3 12.6 11.3 14.2 13.7 13.3 10.1 13.11973 10.4 10.0 9.5 10.8 12.4 14.5 15.0 13.1 13.0 11.9 10.9 13.4 12.8 13.1 13.7 14.6 14.1 12.7 11.8 10.2 11.1 11.6 12.3 11.9 10.9 10.7 10.8 11.5 9.4 8.8 9.0 10.7 7.9 7.1 8.0 6.4 8.5 7.5 6.5 3.0 4.41974 9.4 9.0 8.5 9.8 11.3 13.3 13.7 11.9 11.7 10.6 9.7 12.0 11.3 11.7 12.2 13.0 12.5 11.1 10.2 8.6 9.4 9.8 10.4 10.0 8.9 8.6 8.6 9.2 7.1 6.5 6.5 8.0 5.2 4.3 4.9 3.2 4.8 3.6 2.3 -1.0 -0.31975 10.1 9.8 9.3 10.6 12.1 14.1 14.5 12.7 12.6 11.5 10.6 12.9 12.3 12.7 13.2 14.0 13.6 12.2 11.3 9.9 10.6 11.1 11.8 11.4 10.4 10.2 10.2 10.9 9.0 8.4 8.5 10.1 7.5 6.8 7.5 6.1 7.9 7.1 6.2 3.4 4.51976 10.8 10.4 9.9 11.3 12.7 14.7 15.2 13.4 13.3 12.3 11.4 13.7 13.1 13.5 14.0 14.8 14.4 13.1 12.3 10.9 11.7 12.2 12.9 12.5 11.6 11.5 11.6 12.3 10.5 10.0 10.2 11.8 9.4 8.9 9.7 8.5 10.3 9.7 9.1 6.8 8.21977 11.0 10.6 10.1 11.4 12.9 14.8 15.3 13.6 13.5 12.5 11.6 13.8 13.3 13.7 14.2 15.0 14.6 13.3 12.5 11.2 12.0 12.5 13.1 12.8 11.9 11.8 11.9 12.6 10.9 10.5 10.7 12.2 10.0 9.5 10.3 9.2 11.0 10.5 9.9 7.8 9.21978 11.1 10.8 10.3 11.6 13.0 14.9 15.4 13.7 13.6 12.7 11.8 14.0 13.5 13.8 14.4 15.1 14.8 13.5 12.8 11.5 12.2 12.7 13.3 13.0 12.2 12.1 12.2 12.9 11.3 10.9 11.1 12.6 10.4 10.0 10.8 9.8 11.5 11.1 10.6 8.7 10.11979 11.6 11.3 10.9 12.1 13.5 15.4 15.9 14.3 14.2 13.2 12.4 14.6 14.1 14.4 15.0 15.8 15.4 14.2 13.5 12.2 13.0 13.5 14.2 13.9 13.1 13.0 13.2 13.9 12.3 12.0 12.2 13.7 11.8 11.4 12.2 11.4 13.1 12.8 12.5 10.8 12.21980 12.1 11.8 11.3 12.6 14.0 15.8 16.3 14.7 14.6 13.7 12.9 15.0 14.6 14.9 15.5 16.3 15.9 14.8 14.1 12.9 13.7 14.1 14.8 14.6 13.8 13.8 14.0 14.6 13.2 12.9 13.2 14.6 12.8 12.5 13.4 12.6 14.3 14.1 13.8 12.4 13.81981 11.9 11.6 11.1 12.4 13.7 15.5 16.0 14.4 14.3 13.5 12.7 14.7 14.3 14.6 15.1 15.9 15.6 14.4 13.8 12.6 13.3 13.8 14.4 14.2 13.4 13.4 13.5 14.2 12.8 12.5 12.7 14.1 12.3 12.0 12.8 12.1 13.7 13.4 13.1 11.7 13.01982 12.1 11.9 11.4 12.6 14.0 15.8 16.2 14.7 14.6 13.8 13.0 15.0 14.6 14.9 15.4 16.2 15.9 14.8 14.1 13.0 13.7 14.2 14.8 14.6 13.9 13.8 14.0 14.6 13.3 13.0 13.3 14.6 12.9 12.7 13.5 12.8 14.3 14.1 13.9 12.6 13.91983 12.5 12.2 11.8 13.0 14.3 16.1 16.6 15.0 15.0 14.1 13.4 15.4 15.0 15.3 15.8 16.6 16.3 15.2 14.6 13.5 14.2 14.7 15.3 15.1 14.4 14.4 14.6 15.2 13.9 13.7 14.0 15.3 13.7 13.5 14.3 13.6 15.2 15.0 14.9 13.7 15.01984 12.2 11.9 11.5 12.7 14.0 15.7 16.1 14.6 14.6 13.7 13.0 15.0 14.5 14.9 15.3 16.0 15.7 14.7 14.1 13.0 13.7 14.1 14.7 14.5 13.8 13.8 14.0 14.6 13.3 13.1 13.3 14.6 13.0 12.7 13.5 12.8 14.2 14.0 13.9 12.7 13.91985 12.5 12.2 11.8 13.0 14.3 16.0 16.4 14.9 14.9 14.1 13.4 15.3 14.9 15.2 15.7 16.4 16.1 15.1 14.5 13.4 14.1 14.6 15.1 15.0 14.3 14.3 14.5 15.1 13.9 13.6 13.9 15.1 13.6 13.4 14.1 13.6 15.0 14.8 14.7 13.6 14.81986 12.4 12.2 11.8 12.9 14.2 15.8 16.2 14.8 14.7 14.0 13.3 15.1 14.7 15.0 15.5 16.2 15.9 14.9 14.3 13.3 14.0 14.4 14.9 14.7 14.1 14.1 14.3 14.8 13.7 13.5 13.7 14.9 13.4 13.2 13.9 13.3 14.6 14.5 14.3 13.3 14.41987 12.0 11.8 11.4 12.5 13.7 15.3 15.7 14.3 14.3 13.5 12.8 14.6 14.2 14.5 14.9 15.6 15.3 14.3 13.7 12.7 13.4 13.8 14.3 14.1 13.5 13.4 13.6 14.1 12.9 12.7 12.9 14.0 12.6 12.4 13.0 12.4 13.6 13.4 13.3 12.2 13.21988 12.2 12.0 11.6 12.7 13.9 15.5 15.9 14.5 14.4 13.7 13.0 14.8 14.4 14.7 15.1 15.7 15.5 14.5 13.9 13.0 13.6 14.0 14.5 14.3 13.7 13.7 13.8 14.3 13.2 13.0 13.2 14.3 12.9 12.7 13.3 12.8 14.0 13.8 13.7 12.7 13.61989 12.3 12.0 11.7 12.7 13.9 15.5 15.9 14.5 14.5 13.7 13.1 14.8 14.4 14.7 15.2 15.8 15.5 14.6 14.0 13.0 13.7 14.1 14.6 14.4 13.8 13.8 13.9 14.4 13.3 13.1 13.3 14.4 13.1 12.9 13.5 12.9 14.1 13.9 13.8 12.9 13.81990 11.7 11.4 11.1 12.1 13.3 14.8 15.1 13.8 13.7 13.0 12.3 14.0 13.6 13.9 14.3 14.9 14.6 13.7 13.1 12.2 12.7 13.1 13.6 13.4 12.8 12.7 12.8 13.3 12.2 12.0 12.1 13.1 11.8 11.6 12.1 11.6 12.6 12.4 12.2 11.3 12.11991 12.2 11.9 11.6 12.6 13.7 15.3 15.6 14.3 14.3 13.5 12.9 14.6 14.2 14.5 14.9 15.5 15.2 14.3 13.8 12.8 13.4 13.8 14.3 14.1 13.5 13.5 13.6 14.1 13.1 12.9 13.0 14.0 12.8 12.6 13.1 12.6 13.7 13.5 13.4 12.5 13.41992 12.3 12.1 11.7 12.7 13.8 15.3 15.7 14.4 14.4 13.6 13.0 14.7 14.3 14.6 15.0 15.6 15.3 14.4 13.9 13.0 13.6 13.9 14.4 14.2 13.7 13.7 13.8 14.2 13.2 13.1 13.2 14.2 13.0 12.8 13.4 12.9 13.9 13.8 13.6 12.8 13.61993 12.4 12.2 11.8 12.8 13.9 15.4 15.8 14.5 14.5 13.8 13.1 14.8 14.4 14.7 15.1 15.6 15.4 14.5 14.0 13.1 13.7 14.1 14.5 14.4 13.8 13.8 13.9 14.4 13.4 13.2 13.4 14.4 13.2 13.0 13.6 13.1 14.1 14.0 13.8 13.1 13.81994 12.2 12.0 11.6 12.6 13.7 15.1 15.5 14.2 14.2 13.5 12.9 14.5 14.1 14.3 14.7 15.3 15.0 14.2 13.7 12.8 13.4 13.7 14.1 14.0 13.4 13.4 13.5 14.0 13.0 12.8 13.0 13.9 12.7 12.6 13.1 12.6 13.6 13.4 13.3 12.5 13.21995 12.4 12.2 11.9 12.8 13.9 15.3 15.7 14.5 14.4 13.7 13.1 14.7 14.4 14.6 15.0 15.6 15.3 14.5 14.0 13.1 13.7 14.0 14.5 14.3 13.8 13.8 13.9 14.3 13.4 13.2 13.4 14.3 13.2 13.0 13.5 13.1 14.1 13.9 13.8 13.1 13.81996 12.5 12.3 11.9 12.9 14.0 15.4 15.7 14.5 14.5 13.8 13.2 14.8 14.4 14.7 15.1 15.6 15.3 14.5 14.1 13.2 13.8 14.1 14.5 14.4 13.9 13.9 14.0 14.4 13.5 13.3 13.5 14.4 13.3 13.1 13.6 13.2 14.2 14.0 13.9 13.2 13.91997 12.7 12.5 12.1 13.1 14.1 15.5 15.9 14.7 14.6 14.0 13.4 14.9 14.6 14.9 15.2 15.8 15.5 14.7 14.3 13.5 14.0 14.3 14.8 14.6 14.1 14.1 14.2 14.6 13.8 13.6 13.8 14.6 13.6 13.5 13.9 13.6 14.5 14.4 14.3 13.6 14.31998 12.4 12.2 11.9 12.8 13.9 15.2 15.6 14.4 14.3 13.7 13.1 14.6 14.3 14.5 14.9 15.4 15.2 14.4 13.9 13.1 13.6 14.0 14.4 14.2 13.7 13.7 13.8 14.2 13.4 13.2 13.4 14.2 13.2 13.0 13.5 13.1 14.0 13.8 13.7 13.1 13.71999 12.7 12.4 12.1 13.1 14.1 15.4 15.8 14.6 14.5 13.9 13.4 14.8 14.5 14.8 15.1 15.6 15.4 14.6 14.2 13.4 13.9 14.2 14.6 14.5 14.0 14.0 14.1 14.5 13.7 13.5 13.7 14.5 13.5 13.4 13.8 13.5 14.3 14.2 14.1 13.5 14.12000 12.3 12.1 11.7 12.7 13.7 15.0 15.3 14.1 14.1 13.5 12.9 14.3 14.0 14.3 14.6 15.1 14.9 14.1 13.6 12.9 13.4 13.7 14.1 13.9 13.4 13.4 13.5 13.9 13.0 12.9 13.0 13.8 12.8 12.7 13.1 12.7 13.5 13.4 13.3 12.7 13.32001 12.3 12.1 11.8 12.7 13.7 15.0 15.3 14.2 14.1 13.5 13.0 14.4 14.1 14.3 14.7 15.1 14.9 14.2 13.7 13.0 13.4 13.7 14.1 14.0 13.5 13.5 13.6 14.0 13.2 13.0 13.1 13.9 12.9 12.8 13.2 12.9 13.7 13.5 13.4 12.8 13.42002 11.8 11.6 11.3 12.2 13.2 14.4 14.7 13.6 13.5 12.9 12.4 13.8 13.4 13.7 14.0 14.5 14.2 13.5 13.0 12.3 12.7 13.0 13.4 13.2 12.8 12.7 12.8 13.2 12.3 12.2 12.3 13.0 12.1 11.9 12.3 11.9 12.7 12.5 12.4 11.8 12.32003 12.3 12.2 11.8 12.7 13.7 14.9 15.2 14.1 14.1 13.5 13.0 14.3 14.0 14.3 14.6 15.1 14.8 14.1 13.7 12.9 13.4 13.7 14.1 13.9 13.5 13.5 13.5 13.9 13.1 13.0 13.1 13.8 12.9 12.8 13.2 12.8 13.6 13.5 13.4 12.8 13.32004 12.4 12.2 11.9 12.8 13.8 15.0 15.3 14.2 14.2 13.6 13.1 14.4 14.1 14.3 14.7 15.1 14.9 14.2 13.8 13.0 13.5 13.8 14.2 14.0 13.6 13.6 13.7 14.0 13.2 13.1 13.2 14.0 13.1 12.9 13.3 13.0 13.7 13.6 13.5 12.9 13.52005 12.3 12.2 11.9 12.7 13.6 14.9 15.2 14.1 14.0 13.5 12.9 14.3 14.0 14.2 14.5 15.0 14.7 14.0 13.6 12.9 13.4 13.6 14.0 13.9 13.4 13.4 13.5 13.8 13.1 12.9 13.1 13.8 12.9 12.8 13.1 12.8 13.5 13.4 13.3 12.7 13.32006 12.4 12.2 11.9 12.8 13.7 14.9 15.2 14.1 14.1 13.5 13.0 14.3 14.0 14.2 14.5 15.0 14.8 14.1 13.7 13.0 13.4 13.7 14.1 13.9 13.5 13.5 13.6 13.9 13.2 13.0 13.1 13.8 13.0 12.9 13.2 12.9 13.6 13.5 13.4 12.9 13.42007 12.2 12.0 11.7 12.5 13.5 14.6 14.9 13.9 13.8 13.3 12.8 14.1 13.8 14.0 14.3 14.7 14.5 13.8 13.4 12.7 13.1 13.4 13.7 13.6 13.2 13.2 13.2 13.6 12.8 12.7 12.8 13.5 12.6 12.5 12.9 12.5 13.2 13.1 13.0 12.5 13.02008 11.4 11.2 10.9 11.7 12.6 13.7 14.0 13.0 12.9 12.3 11.8 13.1 12.8 12.9 13.2 13.6 13.4 12.7 12.3 11.6 12.0 12.3 12.6 12.4 12.0 12.0 12.0 12.3 11.6 11.4 11.5 12.1 11.3 11.1 11.4 11.1 11.7 11.6 11.4 10.9 11.32009 11.8 11.6 11.3 12.1 12.9 14.1 14.4 13.3 13.3 12.7 12.2 13.5 13.2 13.4 13.7 14.1 13.9 13.2 12.8 12.1 12.5 12.8 13.1 12.9 12.5 12.5 12.5 12.8 12.1 12.0 12.1 12.7 11.9 11.7 12.1 11.7 12.4 12.2 12.1 11.6 12.12010 12.0 11.8 11.5 12.3 13.1 14.3 14.5 13.5 13.5 12.9 12.5 13.7 13.4 13.6 13.9 14.3 14.1 13.4 13.0 12.4 12.8 13.0 13.3 13.2 12.8 12.8 12.8 13.1 12.4 12.3 12.4 13.0 12.2 12.1 12.4 12.1 12.7 12.6 12.5 12.0 12.42011 11.7 11.5 11.3 12.0 12.9 14.0 14.3 13.3 13.2 12.7 12.2 13.4 13.1 13.3 13.6 14.0 13.8 13.1 12.7 12.1 12.5 12.7 13.0 12.9 12.5 12.4 12.5 12.8 12.1 11.9 12.0 12.6 11.8 11.7 12.0 11.7 12.3 12.2 12.1 11.6 12.0

1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967


US SMALL CAP STOCKS1927–2011: Total Returns (%)

In US Dollars

Data provided by Fama/French.

19681968 39.1 19691969 2.7 -24.2 19701970 -2.2 -18.1 -11.5 19711971 3.1 -6.7 3.5 20.9 19721972 3.5 -3.9 4.0 12.7 5.0 19731973 -4.3 -11.2 -7.6 -6.3 -17.5 -35.1 19741974 -8.1 -14.3 -12.1 -12.3 -21.2 -31.8 -28.2 19751975 -2.1 -6.9 -3.6 -2.0 -7.0 -10.6 4.9 53.2 19761976 2.5 -1.4 2.4 4.9 2.0 1.2 17.4 50.2 47.3 19771977 4.1 0.8 4.5 7.0 4.9 4.8 18.2 39.6 33.2 20.5 19781978 5.5 2.6 6.1 8.6 6.9 7.2 18.6 34.4 28.7 20.2 20.0 19791979 8.1 5.7 9.2 11.8 10.7 11.5 22.1 35.8 31.7 26.9 30.3 41.4 19801980 10.1 8.0 11.5 14.1 13.3 14.4 24.1 35.9 32.7 29.3 32.4 39.1 36.8 19811981 9.5 7.5 10.7 13.0 12.2 13.0 21.2 30.6 27.1 23.5 24.2 25.7 18.4 2.5 19821982 10.7 8.9 12.0 14.2 13.6 14.5 21.9 30.3 27.3 24.2 25.0 26.3 21.6 14.6 28.1 19831983 12.0 10.4 13.4 15.6 15.1 16.1 23.0 30.6 28.1 25.5 26.4 27.7 24.5 20.6 30.8 33.6 19841984 11.0 9.4 12.1 14.1 13.5 14.3 20.3 26.7 24.1 21.4 21.6 21.8 18.2 14.0 18.1 13.4 -3.7 19851985 12.1 10.6 13.3 15.2 14.8 15.5 21.2 27.2 24.8 22.5 22.8 23.2 20.4 17.4 21.4 19.2 12.7 31.9 19861986 11.8 10.5 12.9 14.7 14.3 15.0 20.1 25.4 23.2 21.0 21.0 21.1 18.5 15.7 18.5 16.3 11.0 19.2 7.7 19871987 10.7 9.4 11.7 13.2 12.7 13.3 17.9 22.5 20.2 18.0 17.7 17.5 14.8 12.0 13.6 10.9 5.9 9.3 -0.5 -8.0 19881988 11.3 10.1 12.2 13.7 13.3 13.9 18.2 22.5 20.4 18.4 18.2 18.0 15.7 13.3 14.9 12.9 9.1 12.6 6.8 6.4 23.1 19891989 11.5 10.4 12.5 13.9 13.5 14.0 18.1 22.1 20.2 18.3 18.1 17.9 15.8 13.7 15.2 13.5 10.4 13.5 9.3 9.8 20.0 16.9 19901990 9.9 8.8 10.6 11.9 11.4 11.8 15.4 18.9 16.9 15.0 14.6 14.1 11.9 9.7 10.5 8.5 5.4 7.0 2.6 1.3 4.7 -3.5 -20.4 19911991 11.3 10.2 12.1 13.4 13.0 13.5 17.0 20.4 18.6 17.0 16.7 16.5 14.6 12.7 13.8 12.3 9.9 12.0 9.0 9.3 14.1 11.3 8.6 48.1 19921992 11.6 10.6 12.5 13.7 13.3 13.8 17.2 20.4 18.7 17.1 16.9 16.7 15.0 13.3 14.4 13.1 11.0 13.0 10.6 11.1 15.3 13.4 12.3 33.4 20.2 19931993 12.0 11.0 12.8 14.0 13.6 14.1 17.3 20.4 18.8 17.3 17.1 16.9 15.4 13.9 14.9 13.7 11.9 13.8 11.7 12.3 16.1 14.8 14.2 28.8 20.2 20.2 19941994 11.4 10.5 12.1 13.2 12.9 13.3 16.3 19.2 17.6 16.2 15.9 15.7 14.1 12.6 13.5 12.3 10.6 12.1 10.1 10.4 13.3 11.8 10.8 20.3 12.3 8.5 -2.0 19951995 12.0 11.1 12.8 13.9 13.6 14.0 17.0 19.7 18.2 16.9 16.7 16.5 15.1 13.8 14.6 13.6 12.1 13.7 12.0 12.5 15.4 14.3 13.9 22.3 16.6 15.4 13.1 30.6 19961996 12.2 11.4 13.0 14.0 13.8 14.1 17.0 19.6 18.2 16.9 16.7 16.5 15.2 14.0 14.8 13.9 12.5 14.0 12.5 13.0 15.6 14.7 14.4 21.5 16.8 15.9 14.5 23.9 17.4 19971997 12.6 11.8 13.4 14.4 14.2 14.6 17.3 19.9 18.5 17.3 17.2 17.0 15.8 14.7 15.5 14.7 13.4 14.9 13.5 14.1 16.6 15.9 15.7 22.1 18.2 17.8 17.3 24.5 21.5 25.8 19981998 12.1 11.3 12.8 13.8 13.5 13.9 16.5 18.8 17.5 16.3 16.1 16.0 14.8 13.6 14.3 13.5 12.3 13.5 12.2 12.6 14.7 13.9 13.6 18.7 15.0 14.2 13.0 17.2 13.0 10.8 -2.3 19991999 12.6 11.8 13.3 14.3 14.0 14.4 16.9 19.2 18.0 16.8 16.7 16.5 15.4 14.4 15.1 14.3 13.2 14.5 13.3 13.8 15.8 15.1 15.0 19.8 16.6 16.1 15.5 19.3 16.7 16.4 12.0 28.4 20002000 11.8 11.0 12.4 13.3 13.0 13.3 15.7 17.8 16.6 15.5 15.2 15.0 13.9 12.9 13.4 12.7 11.5 12.6 11.4 11.7 13.3 12.6 12.2 16.1 13.0 12.1 11.0 13.4 10.2 8.5 3.2 6.1 -12.3 20012001 11.9 11.2 12.5 13.4 13.2 13.5 15.8 17.8 16.6 15.6 15.4 15.2 14.1 13.1 13.7 12.9 11.9 12.9 11.8 12.1 13.7 13.0 12.7 16.3 13.5 12.8 11.9 14.0 11.5 10.3 6.8 10.0 1.8 18.0 20022002 10.9 10.1 11.4 12.2 11.9 12.2 14.3 16.2 15.0 13.9 13.7 13.4 12.3 11.3 11.8 11.0 9.9 10.8 9.6 9.8 11.1 10.2 9.7 12.7 10.0 9.0 7.8 9.1 6.3 4.6 0.8 1.6 -6.0 -2.7 -19.9 20032003 12.0 11.3 12.5 13.4 13.1 13.4 15.5 17.4 16.3 15.3 15.1 14.9 13.9 13.0 13.5 12.9 12.0 12.8 11.9 12.1 13.5 12.9 12.6 15.7 13.3 12.7 12.0 13.7 11.7 10.9 8.6 11.0 7.0 14.3 12.5 57.8 20042004 12.2 11.5 12.7 13.5 13.3 13.6 15.6 17.5 16.4 15.5 15.3 15.1 14.2 13.3 13.8 13.2 12.3 13.2 12.2 12.5 13.8 13.3 13.1 15.9 13.8 13.2 12.6 14.2 12.5 11.9 10.1 12.3 9.3 15.5 14.6 37.1 19.1 20052005 12.0 11.3 12.5 13.3 13.1 13.3 15.3 17.1 16.1 15.1 14.9 14.7 13.8 13.0 13.4 12.8 12.0 12.8 11.9 12.1 13.4 12.8 12.6 15.2 13.2 12.6 12.0 13.4 11.8 11.2 9.5 11.3 8.7 13.4 12.3 25.7 12.2 5.6 20062006 12.1 11.5 12.6 13.4 13.2 13.4 15.4 17.1 16.1 15.2 15.0 14.8 13.9 13.1 13.6 13.0 12.2 13.0 12.1 12.4 13.6 13.1 12.8 15.3 13.4 12.9 12.4 13.7 12.3 11.8 10.3 12.0 9.8 14.0 13.2 23.5 13.8 11.2 17.1 20072007 11.7 11.1 12.2 12.9 12.7 12.9 14.8 16.4 15.5 14.5 14.4 14.2 13.3 12.5 12.9 12.3 11.5 12.2 11.4 11.6 12.7 12.2 11.9 14.2 12.3 11.8 11.3 12.4 11.0 10.4 8.9 10.3 8.2 11.5 10.4 17.8 9.4 6.4 6.8 -2.6 20082008 10.1 9.4 10.5 11.1 10.9 11.0 12.8 14.3 13.3 12.3 12.1 11.8 10.9 10.1 10.4 9.8 8.9 9.5 8.6 8.6 9.5 8.8 8.4 10.3 8.4 7.7 6.9 7.6 6.0 5.1 3.4 4.0 1.6 3.5 1.5 5.6 -2.5 -7.3 -11.2 -22.7 -38.6 20092009 10.9 10.2 11.3 11.9 11.7 11.9 13.6 15.1 14.1 13.3 13.0 12.8 12.0 11.2 11.5 11.0 10.2 10.8 10.0 10.1 11.0 10.4 10.1 12.0 10.3 9.7 9.1 9.9 8.5 7.9 6.5 7.3 5.4 7.6 6.4 10.7 4.4 1.7 0.7 -4.2 -5.0 47.0 20102010 11.3 10.7 11.7 12.3 12.1 12.3 14.0 15.5 14.5 13.7 13.5 13.3 12.5 11.8 12.1 11.6 10.8 11.4 10.7 10.8 11.7 11.2 10.9 12.8 11.2 10.7 10.2 11.0 9.8 9.3 8.1 9.0 7.4 9.6 8.7 12.9 7.7 5.9 5.9 3.3 5.3 38.0 29.5 20112011 10.8 10.3 11.2 11.9 11.7 11.8 13.4 14.9 13.9 13.1 12.9 12.7 11.9 11.2 11.5 10.9 10.2 10.8 10.0 10.1 10.9 10.4 10.1 11.9 10.3 9.8 9.3 10.0 8.8 8.2 7.1 7.8 6.3 8.2 7.2 10.7 5.9 4.2 3.9 1.5 2.5 21.7 10.7 -5.4

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1927

$12,421

2011


19271927 34.0 19281928 36.9 39.9 19291929 3.2 -9.5 -41.4 19301930 -12.8 -24.5 -44.5 -47.4 19311931 -23.1 -33.1 -47.7 -50.5 -53.5 19321932 -19.9 -27.7 -38.7 -37.7 -32.3 -1.4 19331933 -6.1 -11.5 -19.3 -12.5 3.6 54.6 142.5 19341934 -4.5 -9.0 -15.3 -8.8 4.7 37.2 61.9 8.1 19351935 0.5 -3.1 -8.0 -0.9 12.5 40.3 57.9 27.4 50.1 19361936 6.4 3.7 -0.1 7.8 21.4 47.1 62.6 42.3 63.3 77.7 19371937 -1.2 -4.2 -8.1 -2.8 6.1 21.8 27.0 8.1 8.1 -8.3 -52.7 19381938 1.4 -1.2 -4.5 0.8 9.3 23.5 28.2 12.9 14.1 4.2 -20.3 34.3 19391939 0.7 -1.7 -4.8 0.0 7.4 19.2 22.5 9.3 9.5 1.2 -16.1 11.7 -7.1 19401940 -0.2 -2.4 -5.3 -1.0 5.4 15.4 17.7 6.2 5.9 -1.3 -14.8 3.7 -8.9 -10.7 19411941 -0.4 -2.5 -5.1 -1.2 4.6 13.4 15.2 4.9 4.5 -1.6 -12.6 1.9 -7.1 -7.1 -3.4 19421942 1.7 -0.2 -2.5 1.3 7.0 15.5 17.3 8.2 8.2 3.3 -5.7 8.3 2.6 6.1 15.6 38.3 19431943 5.8 4.3 2.2 6.4 12.3 20.9 23.1 15.1 15.9 12.2 5.0 20.0 17.3 24.3 38.8 66.4 100.0 19441944 8.0 6.7 4.9 9.0 14.8 23.1 25.4 18.1 19.2 16.1 10.1 24.3 22.6 29.7 42.3 61.9 75.2 53.4 19451945 10.7 9.6 8.0 12.2 18.0 26.1 28.5 21.9 23.3 20.9 15.8 29.5 28.8 36.0 48.0 64.6 74.4 62.9 73.0 19461946 9.5 8.3 6.8 10.6 15.9 23.2 25.1 18.9 19.9 17.5 12.7 24.1 22.9 27.9 35.8 45.3 47.1 32.8 23.6 -11.7 19471947 9.4 8.3 6.9 10.5 15.4 22.2 23.9 18.1 18.9 16.6 12.3 22.4 21.1 25.2 31.4 38.3 38.3 26.1 18.1 -2.4 7.9 19481948 8.7 7.6 6.2 9.5 14.1 20.3 21.8 16.3 16.9 14.7 10.6 19.5 18.1 21.3 26.0 30.9 29.7 18.9 11.5 -3.6 0.7 -6.0 19491949 9.1 8.1 6.8 10.1 14.4 20.3 21.7 16.6 17.2 15.1 11.3 19.5 18.3 21.2 25.3 29.5 28.3 19.1 13.2 1.9 6.8 6.3 20.2 19501950 10.8 9.9 8.7 11.9 16.2 21.9 23.4 18.6 19.3 17.4 14.0 22.0 21.0 24.0 28.1 32.2 31.4 23.8 19.4 10.9 17.4 20.8 36.9 55.9 19511951 10.8 9.9 8.8 11.9 15.9 21.4 22.7 18.1 18.8 17.0 13.8 21.2 20.2 22.8 26.4 29.9 29.0 22.1 18.2 10.9 16.1 18.3 27.7 31.6 11.1 19521952 10.6 9.8 8.7 11.7 15.5 20.7 21.9 17.5 18.1 16.4 13.4 20.2 19.3 21.6 24.7 27.7 26.6 20.4 16.8 10.4 14.6 16.0 22.2 22.9 9.1 7.2 19531953 9.9 9.0 7.9 10.7 14.4 19.1 20.2 16.1 16.5 14.9 12.0 18.2 17.2 19.1 21.8 24.2 22.9 17.1 13.6 7.8 10.9 11.5 15.3 14.1 2.9 -1.0 -8.5 19541954 11.5 10.7 9.7 12.5 16.1 20.8 22.0 18.0 18.6 17.1 14.4 20.5 19.7 21.7 24.5 26.9 26.0 20.8 18.0 13.1 16.6 17.9 22.5 22.9 15.8 17.4 22.9 65.1 19551955 11.9 11.2 10.3 13.0 16.5 21.0 22.1 18.4 18.9 17.5 15.0 20.8 20.0 22.0 24.5 26.8 26.0 21.2 18.7 14.3 17.6 18.9 22.9 23.4 17.7 19.5 23.8 44.1 25.7 19561956 11.7 11.0 10.1 12.7 16.1 20.4 21.4 17.8 18.3 16.9 14.5 20.0 19.2 21.0 23.3 25.3 24.4 20.0 17.5 13.5 16.4 17.3 20.6 20.7 15.7 16.6 19.1 30.0 15.4 5.9 19571957 10.6 9.9 9.0 11.5 14.6 18.7 19.5 16.1 16.4 15.1 12.7 17.7 16.9 18.4 20.4 22.1 21.1 16.8 14.4 10.5 12.8 13.3 15.6 15.1 10.2 10.0 10.6 16.0 3.1 -6.6 -17.7 19581958 12.2 11.6 10.8 13.2 16.4 20.4 21.3 18.0 18.4 17.2 15.0 20.0 19.3 20.9 22.9 24.7 23.9 20.0 17.9 14.5 17.0 17.8 20.5 20.5 16.7 17.6 19.4 25.9 17.7 15.1 20.0 74.8 19591959 12.3 11.7 10.9 13.3 16.3 20.2 21.0 17.9 18.3 17.1 15.0 19.7 19.1 20.6 22.5 24.1 23.3 19.6 17.7 14.5 16.8 17.6 20.0 20.0 16.5 17.2 18.7 24.0 17.1 15.0 18.2 41.7 14.8 19601960 11.7 11.1 10.3 12.6 15.4 19.1 19.9 16.8 17.2 16.0 14.0 18.4 17.8 19.1 20.8 22.2 21.4 17.9 16.0 12.9 14.9 15.5 17.5 17.2 13.9 14.3 15.2 19.0 12.7 10.3 11.4 23.2 3.4 -6.8 19611961 12.2 11.6 10.9 13.1 15.9 19.5 20.3 17.3 17.7 16.6 14.7 19.0 18.3 19.6 21.3 22.7 21.9 18.6 16.8 14.0 16.0 16.6 18.5 18.4 15.5 15.9 16.9 20.6 15.3 13.6 15.2 25.3 12.1 10.8 31.9 19621962 11.6 11.0 10.2 12.4 15.1 18.5 19.2 16.3 16.6 15.5 13.6 17.7 17.0 18.2 19.7 21.0 20.2 17.0 15.2 12.5 14.2 14.7 16.3 16.0 13.2 13.4 14.0 16.9 11.9 10.1 10.8 17.6 6.4 3.8 9.6 -9.0 19631963 12.0 11.5 10.7 12.8 15.5 18.8 19.5 16.7 17.0 16.0 14.2 18.1 17.5 18.7 20.2 21.4 20.6 17.6 16.0 13.4 15.1 15.5 17.2 16.9 14.4 14.7 15.4 18.1 13.8 12.3 13.3 19.5 10.7 9.7 15.9 8.6 29.6 19641964 12.3 11.8 11.1 13.2 15.7 19.0 19.7 17.0 17.3 16.3 14.6 18.4 17.8 18.9 20.4 21.5 20.8 17.9 16.4 14.0 15.6 16.1 17.6 17.5 15.1 15.4 16.1 18.7 14.8 13.7 14.7 20.3 13.0 12.6 18.1 13.8 27.3 25.0 19651965 13.1 12.6 11.9 13.9 16.5 19.7 20.4 17.8 18.1 17.1 15.5 19.2 18.7 19.8 21.2 22.4 21.7 19.0 17.6 15.3 17.0 17.5 19.0 19.0 16.8 17.3 18.1 20.6 17.2 16.4 17.6 23.0 17.0 17.3 22.9 20.7 32.6 34.2 44.0 19661966 12.5 12.0 11.3 13.3 15.7 18.8 19.4 16.9 17.2 16.2 14.6 18.2 17.6 18.6 20.0 21.0 20.3 17.7 16.3 14.1 15.6 16.0 17.4 17.2 15.1 15.4 16.0 18.1 14.9 14.0 14.8 19.1 13.5 13.4 17.1 14.4 21.1 18.4 15.2 -7.8 19671967 13.7 13.2 12.6 14.6 17.0 20.0 20.7 18.2 18.6 17.7 16.1 19.7 19.2 20.3 21.6 22.7 22.1 19.6 18.3 16.3 17.8 18.3 19.8 19.8 17.9 18.4 19.1 21.4 18.6 18.0 19.2 23.6 19.0 19.5 23.8 22.6 30.1 30.2 31.9 26.3 73.01968 14.4 14.0 13.4 15.4 17.8 20.8 21.4 19.1 19.4 18.6 17.1 20.6 20.1 21.2 22.5 23.6 23.1 20.7 19.5 17.6 19.2 19.7 21.2 21.2 19.5 20.1 20.9 23.2 20.6 20.3 21.5 25.9 21.8 22.7 26.9 26.3 33.3 34.1 36.5 34.0 61.61969 13.2 12.7 12.1 14.0 16.2 19.1 19.7 17.3 17.6 16.8 15.3 18.6 18.1 19.0 20.2 21.2 20.6 18.2 17.0 15.1 16.5 16.9 18.1 18.0 16.3 16.6 17.1 19.0 16.4 15.7 16.5 20.0 15.9 16.0 18.9 17.4 21.7 20.5 19.6 14.1 22.61970 12.8 12.4 11.8 13.6 15.8 18.5 19.1 16.8 17.1 16.2 14.8 17.9 17.4 18.3 19.4 20.3 19.7 17.5 16.3 14.4 15.7 16.0 17.1 17.0 15.3 15.6 16.0 17.7 15.2 14.6 15.2 18.2 14.4 14.4 16.8 15.2 18.6 17.1 15.9 10.9 16.21971 12.9 12.4 11.9 13.6 15.8 18.4 19.0 16.8 17.0 16.2 14.8 17.9 17.4 18.3 19.3 20.2 19.6 17.4 16.3 14.5 15.7 16.0 17.1 17.0 15.4 15.6 16.0 17.6 15.3 14.6 15.2 18.0 14.5 14.5 16.7 15.3 18.3 17.0 15.9 11.8 16.11972 12.7 12.3 11.7 13.4 15.5 18.1 18.6 16.5 16.7 15.9 14.5 17.5 17.0 17.8 18.9 19.7 19.1 17.0 15.8 14.1 15.3 15.6 16.6 16.4 14.9 15.1 15.5 16.9 14.7 14.0 14.6 17.1 13.8 13.8 15.7 14.3 16.9 15.6 14.5 10.8 14.21973 11.5 11.1 10.5 12.1 14.1 16.6 17.0 14.9 15.1 14.3 12.9 15.7 15.2 15.9 16.9 17.6 16.9 14.9 13.7 12.0 13.0 13.2 14.1 13.8 12.3 12.3 12.6 13.8 11.6 10.8 11.1 13.2 10.0 9.6 11.0 9.5 11.3 9.6 8.0 4.2 6.11974 10.7 10.3 9.7 11.3 13.2 15.5 16.0 13.9 14.0 13.2 11.9 14.5 14.0 14.7 15.6 16.2 15.6 13.5 12.4 10.7 11.6 11.8 12.5 12.2 10.7 10.7 10.8 11.9 9.7 8.9 9.1 10.9 7.8 7.3 8.4 6.8 8.3 6.5 4.8 1.2 2.41975 11.7 11.2 10.7 12.2 14.1 16.5 17.0 14.9 15.1 14.4 13.1 15.7 15.2 15.9 16.8 17.4 16.8 14.9 13.8 12.3 13.2 13.4 14.2 14.0 12.5 12.6 12.8 13.9 11.9 11.3 11.6 13.5 10.6 10.4 11.6 10.3 11.9 10.6 9.3 6.4 8.11976 12.4 12.0 11.5 13.1 14.9 17.3 17.7 15.8 16.0 15.2 14.0 16.6 16.2 16.9 17.8 18.4 17.9 16.0 15.0 13.5 14.4 14.7 15.5 15.3 14.0 14.1 14.4 15.5 13.7 13.1 13.5 15.4 12.8 12.7 14.0 12.9 14.7 13.6 12.7 10.2 12.21977 12.6 12.2 11.7 13.2 15.1 17.4 17.8 15.9 16.1 15.4 14.2 16.7 16.3 17.0 17.9 18.5 18.0 16.2 15.2 13.7 14.7 14.9 15.7 15.5 14.3 14.4 14.7 15.8 14.0 13.5 13.9 15.7 13.2 13.2 14.5 13.5 15.1 14.2 13.4 11.1 13.01978 12.8 12.4 11.9 13.4 15.2 17.5 17.9 16.0 16.2 15.5 14.4 16.9 16.5 17.1 18.0 18.6 18.1 16.3 15.4 14.0 14.9 15.1 15.9 15.8 14.5 14.7 15.0 16.0 14.3 13.9 14.2 16.0 13.7 13.6 14.9 14.0 15.6 14.7 14.0 11.9 13.81979 13.1 12.8 12.3 13.8 15.6 17.8 18.2 16.4 16.6 15.9 14.8 17.2 16.8 17.5 18.3 19.0 18.5 16.8 15.9 14.5 15.4 15.7 16.5 16.3 15.2 15.3 15.6 16.7 15.1 14.6 15.0 16.8 14.6 14.6 15.8 15.0 16.6 15.8 15.2 13.4 15.21980 13.3 13.0 12.5 13.9 15.7 17.9 18.3 16.5 16.7 16.1 15.0 17.4 17.0 17.6 18.5 19.1 18.6 16.9 16.1 14.7 15.6 15.9 16.6 16.5 15.4 15.6 15.9 16.9 15.3 14.9 15.3 17.0 14.9 14.9 16.1 15.4 16.9 16.2 15.7 14.0 15.71981 13.4 13.0 12.6 14.0 15.7 17.9 18.3 16.5 16.7 16.1 15.0 17.3 17.0 17.6 18.4 19.0 18.6 16.9 16.1 14.8 15.7 15.9 16.6 16.5 15.4 15.6 15.9 16.9 15.4 15.0 15.4 17.0 15.0 15.0 16.2 15.4 16.9 16.2 15.7 14.1 15.81982 13.8 13.4 13.0 14.4 16.1 18.2 18.7 16.9 17.1 16.5 15.5 17.8 17.4 18.1 18.8 19.4 19.0 17.4 16.6 15.4 16.2 16.5 17.2 17.1 16.1 16.2 16.6 17.5 16.1 15.8 16.2 17.8 15.9 15.9 17.1 16.4 17.9 17.3 16.8 15.4 17.11983 14.3 14.0 13.6 15.0 16.7 18.8 19.2 17.5 17.7 17.1 16.1 18.4 18.0 18.7 19.5 20.1 19.7 18.1 17.3 16.2 17.0 17.3 18.0 18.0 17.0 17.2 17.5 18.5 17.1 16.8 17.3 18.9 17.0 17.1 18.3 17.7 19.2 18.7 18.4 17.1 18.71984 14.1 13.8 13.4 14.8 16.4 18.5 18.9 17.2 17.4 16.8 15.8 18.0 17.7 18.3 19.1 19.7 19.3 17.8 17.0 15.8 16.6 16.9 17.6 17.5 16.6 16.7 17.0 18.0 16.7 16.4 16.8 18.3 16.5 16.6 17.7 17.1 18.4 17.9 17.6 16.3 17.91985 14.3 14.0 13.6 15.0 16.6 18.6 19.0 17.4 17.6 17.0 16.0 18.2 17.9 18.5 19.3 19.9 19.5 18.0 17.2 16.1 16.9 17.2 17.9 17.8 16.9 17.0 17.4 18.3 17.0 16.7 17.1 18.6 16.9 17.0 18.1 17.5 18.8 18.4 18.1 16.9 18.41986 14.2 13.9 13.5 14.8 16.4 18.4 18.8 17.2 17.4 16.8 15.8 18.0 17.6 18.2 18.9 19.5 19.1 17.7 16.9 15.8 16.6 16.8 17.5 17.4 16.5 16.7 17.0 17.9 16.6 16.3 16.7 18.1 16.5 16.5 17.5 17.0 18.2 17.8 17.4 16.3 17.71987 13.8 13.5 13.1 14.4 16.0 17.9 18.3 16.7 16.9 16.3 15.4 17.4 17.1 17.7 18.4 18.9 18.5 17.1 16.4 15.3 16.0 16.2 16.9 16.8 15.9 16.0 16.3 17.1 15.9 15.6 15.9 17.3 15.7 15.7 16.6 16.1 17.2 16.7 16.4 15.2 16.51988 14.1 13.8 13.4 14.7 16.2 18.1 18.5 17.0 17.1 16.6 15.7 17.7 17.4 17.9 18.6 19.2 18.8 17.4 16.7 15.6 16.4 16.6 17.2 17.1 16.3 16.4 16.7 17.5 16.3 16.0 16.4 17.7 16.1 16.2 17.1 16.6 17.7 17.2 16.9 15.9 17.11989 14.1 13.8 13.4 14.6 16.2 18.0 18.4 16.9 17.0 16.5 15.6 17.6 17.3 17.8 18.5 19.0 18.6 17.3 16.6 15.5 16.3 16.5 17.1 17.0 16.1 16.3 16.5 17.3 16.2 15.9 16.2 17.5 16.0 16.0 16.9 16.4 17.5 17.0 16.7 15.7 16.81990 13.3 13.0 12.6 13.8 15.3 17.1 17.4 15.9 16.1 15.5 14.6 16.5 16.2 16.7 17.4 17.8 17.4 16.1 15.4 14.4 15.1 15.2 15.8 15.7 14.8 14.9 15.1 15.9 14.7 14.4 14.7 15.8 14.4 14.3 15.1 14.6 15.5 15.0 14.7 13.6 14.61991 13.7 13.4 13.0 14.2 15.7 17.5 17.8 16.4 16.5 16.0 15.1 17.0 16.7 17.2 17.8 18.3 17.9 16.6 15.9 14.9 15.6 15.8 16.4 16.3 15.4 15.6 15.8 16.5 15.4 15.1 15.4 16.6 15.1 15.1 15.9 15.4 16.4 15.9 15.6 14.6 15.61992 14.0 13.7 13.3 14.5 16.0 17.7 18.1 16.6 16.8 16.3 15.4 17.3 17.0 17.5 18.1 18.6 18.2 17.0 16.3 15.3 16.0 16.2 16.8 16.7 15.9 16.0 16.2 16.9 15.9 15.6 15.9 17.0 15.7 15.7 16.5 16.0 17.0 16.5 16.3 15.3 16.31993 14.2 13.9 13.6 14.7 16.2 17.9 18.2 16.8 17.0 16.5 15.6 17.5 17.2 17.7 18.3 18.8 18.4 17.2 16.6 15.6 16.3 16.4 17.0 16.9 16.2 16.3 16.5 17.2 16.2 16.0 16.2 17.4 16.0 16.1 16.8 16.4 17.3 16.9 16.7 15.8 16.81994 14.0 13.8 13.4 14.6 16.0 17.7 18.0 16.6 16.7 16.3 15.4 17.2 16.9 17.4 18.0 18.5 18.1 16.9 16.3 15.3 16.0 16.2 16.7 16.6 15.8 16.0 16.2 16.9 15.9 15.6 15.9 17.0 15.7 15.7 16.4 16.0 16.9 16.5 16.2 15.3 16.31995 14.2 13.9 13.6 14.7 16.1 17.8 18.1 16.8 16.9 16.4 15.6 17.4 17.1 17.6 18.2 18.6 18.3 17.1 16.5 15.5 16.2 16.4 16.9 16.8 16.1 16.2 16.4 17.1 16.1 15.9 16.1 17.2 15.9 16.0 16.7 16.3 17.1 16.8 16.5 15.7 16.61996 14.3 14.1 13.7 14.8 16.2 17.9 18.2 16.8 17.0 16.5 15.7 17.5 17.2 17.7 18.2 18.7 18.3 17.2 16.6 15.7 16.3 16.5 17.0 16.9 16.2 16.3 16.5 17.2 16.2 16.0 16.3 17.3 16.1 16.1 16.9 16.4 17.3 16.9 16.7 15.9 16.81997 14.6 14.3 14.0 15.1 16.5 18.1 18.5 17.1 17.3 16.8 16.0 17.8 17.5 18.0 18.6 19.0 18.7 17.5 16.9 16.1 16.7 16.9 17.4 17.3 16.6 16.7 17.0 17.6 16.7 16.5 16.8 17.8 16.6 16.6 17.4 17.0 17.8 17.5 17.3 16.5 17.41998 14.2 14.0 13.6 14.7 16.1 17.6 18.0 16.7 16.8 16.3 15.5 17.2 17.0 17.4 18.0 18.4 18.1 17.0 16.4 15.5 16.1 16.3 16.8 16.7 16.0 16.1 16.3 16.9 16.0 15.8 16.0 17.0 15.8 15.9 16.5 16.1 16.9 16.6 16.4 15.6 16.41999 14.1 13.8 13.5 14.6 15.9 17.4 17.7 16.5 16.6 16.1 15.4 17.0 16.8 17.2 17.7 18.1 17.8 16.7 16.1 15.3 15.9 16.0 16.5 16.4 15.7 15.8 16.0 16.6 15.7 15.5 15.7 16.7 15.5 15.6 16.2 15.8 16.6 16.2 16.0 15.3 16.02000 13.8 13.6 13.2 14.3 15.6 17.1 17.4 16.1 16.3 15.8 15.0 16.7 16.4 16.8 17.4 17.8 17.4 16.3 15.8 14.9 15.5 15.6 16.1 16.0 15.3 15.4 15.6 16.2 15.3 15.1 15.3 16.2 15.1 15.1 15.7 15.3 16.0 15.7 15.4 14.7 15.42001 14.1 13.9 13.6 14.6 15.9 17.4 17.7 16.5 16.6 16.2 15.4 17.0 16.8 17.2 17.7 18.1 17.8 16.7 16.2 15.3 15.9 16.0 16.5 16.4 15.8 15.9 16.1 16.6 15.8 15.6 15.8 16.7 15.6 15.6 16.2 15.9 16.6 16.3 16.0 15.3 16.12002 13.8 13.5 13.2 14.2 15.5 16.9 17.2 16.0 16.1 15.7 14.9 16.5 16.3 16.7 17.2 17.5 17.2 16.2 15.6 14.8 15.3 15.5 15.9 15.8 15.2 15.3 15.4 16.0 15.1 14.9 15.1 16.0 14.9 14.9 15.5 15.1 15.8 15.4 15.2 14.5 15.22003 14.4 14.2 13.9 14.9 16.1 17.6 17.9 16.7 16.8 16.4 15.6 17.2 17.0 17.4 17.9 18.3 18.0 17.0 16.4 15.6 16.2 16.3 16.8 16.7 16.1 16.2 16.4 16.9 16.1 15.9 16.1 17.0 16.0 16.0 16.6 16.2 16.9 16.6 16.4 15.8 16.52004 14.6 14.3 14.0 15.0 16.3 17.7 18.0 16.8 17.0 16.5 15.8 17.4 17.1 17.5 18.1 18.4 18.1 17.1 16.6 15.8 16.4 16.5 17.0 16.9 16.3 16.4 16.6 17.1 16.3 16.1 16.4 17.2 16.2 16.2 16.8 16.5 17.2 16.9 16.7 16.1 16.82005 14.4 14.2 13.9 14.9 16.1 17.5 17.8 16.6 16.8 16.4 15.6 17.2 16.9 17.3 17.8 18.2 17.9 16.9 16.4 15.6 16.1 16.3 16.7 16.7 16.1 16.1 16.3 16.9 16.1 15.9 16.1 16.9 15.9 16.0 16.5 16.2 16.9 16.6 16.4 15.8 16.42006 14.5 14.3 14.0 15.0 16.2 17.6 17.9 16.7 16.8 16.4 15.7 17.2 17.0 17.4 17.9 18.3 18.0 17.0 16.5 15.7 16.2 16.4 16.8 16.8 16.2 16.2 16.4 17.0 16.2 16.0 16.2 17.0 16.1 16.1 16.6 16.3 17.0 16.7 16.5 15.9 16.62007 14.0 13.8 13.5 14.5 15.6 17.0 17.3 16.1 16.3 15.9 15.2 16.6 16.4 16.8 17.2 17.6 17.3 16.3 15.8 15.1 15.6 15.7 16.1 16.0 15.4 15.5 15.7 16.2 15.4 15.2 15.4 16.2 15.2 15.2 15.8 15.4 16.0 15.7 15.5 14.9 15.62008 13.0 12.8 12.5 13.4 14.6 15.9 16.1 15.0 15.1 14.7 14.0 15.4 15.2 15.5 16.0 16.3 16.0 15.0 14.5 13.7 14.2 14.3 14.7 14.6 14.0 14.0 14.2 14.6 13.9 13.6 13.8 14.5 13.6 13.5 14.0 13.6 14.2 13.9 13.6 13.0 13.62009 13.6 13.4 13.1 14.0 15.1 16.5 16.7 15.6 15.7 15.3 14.6 16.0 15.8 16.2 16.6 16.9 16.6 15.7 15.2 14.5 14.9 15.0 15.4 15.4 14.8 14.8 15.0 15.4 14.7 14.5 14.7 15.4 14.5 14.5 14.9 14.6 15.2 14.9 14.7 14.1 14.62010 13.8 13.6 13.3 14.2 15.4 16.7 16.9 15.8 15.9 15.5 14.9 16.3 16.0 16.4 16.8 17.2 16.9 16.0 15.5 14.7 15.2 15.3 15.7 15.6 15.1 15.1 15.3 15.7 15.0 14.8 15.0 15.7 14.8 14.8 15.3 15.0 15.5 15.3 15.1 14.5 15.12011 13.5 13.3 13.0 13.9 15.0 16.3 16.5 15.4 15.5 15.1 14.5 15.9 15.6 16.0 16.4 16.7 16.4 15.5 15.0 14.3 14.8 14.9 15.2 15.2 14.6 14.7 14.8 15.2 14.5 14.3 14.5 15.2 14.3 14.3 14.7 14.4 14.9 14.6 14.4 13.9 14.4

1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967


US SMALL CAP VALUE STOCKS1927–2011: Total Returns (%)

In US Dollars


19681968 51.0 19691969 3.1 -29.5 19701970 1.8 -16.5 -0.9 19711971 5.1 -6.8 7.1 15.9 19721972 5.1 -4.0 6.4 10.3 5.0 19731973 -2.2 -10.4 -4.8 -6.1 -15.5 -32.0 19741974 -5.0 -12.1 -8.1 -9.8 -17.1 -26.3 -20.2 19751975 1.9 -3.7 1.5 2.0 -1.2 -3.2 15.4 66.9 19761976 6.9 2.4 8.1 9.6 8.4 9.3 28.0 62.1 57.5 19771977 8.3 4.4 9.7 11.3 10.5 11.6 26.4 47.3 38.4 21.6 19781978 9.5 6.1 11.0 12.6 12.1 13.3 25.5 40.6 32.8 21.9 22.2 19791979 11.4 8.3 13.1 14.8 14.6 16.1 26.9 39.2 33.1 25.8 27.9 33.9 19801980 12.2 9.5 13.9 15.5 15.5 16.9 26.3 36.3 30.9 25.0 26.1 28.1 22.6 19811981 12.5 10.0 14.2 15.6 15.6 16.8 25.0 33.3 28.4 23.3 23.7 24.2 19.6 16.6 19821982 14.0 11.8 15.8 17.3 17.5 18.8 26.4 33.9 29.7 25.6 26.4 27.5 25.4 26.8 37.8 19831983 16.0 14.0 17.9 19.5 19.8 21.3 28.5 35.5 32.0 28.7 29.9 31.5 31.0 33.9 43.4 49.3 19841984 15.2 13.3 16.9 18.3 18.5 19.7 26.0 31.9 28.5 25.3 25.8 26.4 25.0 25.6 28.7 24.4 3.7 19851985 15.9 14.1 17.6 18.9 19.2 20.3 26.2 31.6 28.5 25.6 26.1 26.6 25.5 26.1 28.5 25.6 15.2 27.9 19861986 15.3 13.6 16.8 18.0 18.2 19.2 24.4 29.1 26.1 23.4 23.6 23.7 22.3 22.3 23.5 20.1 11.7 15.9 5.1 19871987 14.2 12.5 15.5 16.5 16.6 17.4 22.1 26.1 23.2 20.5 20.4 20.2 18.6 18.0 18.2 14.6 7.3 8.5 0.0 -4.9 19881988 14.9 13.4 16.2 17.3 17.4 18.2 22.6 26.4 23.8 21.3 21.3 21.2 19.9 19.5 19.9 17.2 11.7 13.7 9.4 11.6 30.8 19891989 14.8 13.3 16.0 17.0 17.0 17.8 21.9 25.4 22.9 20.5 20.4 20.3 19.0 18.6 18.8 16.4 11.6 13.3 9.9 11.5 20.8 11.5 19901990 12.6 11.1 13.5 14.3 14.2 14.8 18.4 21.3 18.8 16.4 16.0 15.5 14.0 13.1 12.7 9.9 5.2 5.5 1.5 0.6 2.5 -9.2 -26.1 19911991 13.7 12.3 14.7 15.5 15.5 16.1 19.6 22.5 20.1 18.0 17.7 17.4 16.1 15.5 15.4 13.2 9.3 10.2 7.5 7.9 11.4 5.6 2.8 43.0 19921992 14.5 13.2 15.6 16.4 16.4 17.0 20.4 23.2 21.0 19.0 18.8 18.6 17.5 17.1 17.1 15.2 11.9 13.0 11.0 12.0 15.8 12.3 12.5 38.9 35.0 19931993 15.0 13.8 16.1 16.9 16.9 17.5 20.8 23.4 21.4 19.5 19.4 19.2 18.2 17.9 18.0 16.4 13.5 14.6 13.1 14.3 17.8 15.4 16.4 35.4 31.8 28.6 19941994 14.6 13.4 15.5 16.3 16.3 16.8 19.9 22.3 20.4 18.6 18.4 18.2 17.2 16.8 16.8 15.2 12.5 13.5 12.0 12.8 15.6 13.3 13.6 26.6 21.5 15.3 3.4 19951995 15.0 13.8 15.9 16.7 16.7 17.2 20.2 22.5 20.7 19.0 18.8 18.6 17.8 17.4 17.5 16.1 13.7 14.6 13.3 14.3 17.0 15.1 15.7 26.6 22.8 19.0 14.4 26.7 19961996 15.2 14.1 16.2 16.9 16.9 17.4 20.3 22.5 20.7 19.2 19.0 18.9 18.0 17.7 17.8 16.5 14.3 15.2 14.1 15.1 17.5 16.0 16.6 25.9 22.7 19.8 17.0 24.5 22.4 19971997 15.9 14.8 16.9 17.6 17.6 18.2 20.9 23.1 21.4 19.9 19.9 19.7 19.0 18.8 18.9 17.8 15.8 16.8 15.9 16.9 19.4 18.1 19.0 27.4 25.0 23.1 21.7 28.5 29.4 36.9 19981998 14.9 13.9 15.8 16.5 16.5 16.9 19.5 21.5 19.9 18.4 18.2 18.0 17.3 17.0 17.0 15.8 13.9 14.6 13.7 14.4 16.3 15.0 15.4 22.0 19.2 16.8 14.6 17.5 14.7 11.0 -10.0 19991999 14.6 13.6 15.4 16.0 16.0 16.4 18.9 20.8 19.2 17.7 17.6 17.4 16.6 16.3 16.2 15.1 13.2 13.9 13.0 13.6 15.3 14.0 14.2 19.9 17.3 14.9 12.8 14.8 12.0 8.7 -3.1 4.4 20002000 14.0 13.0 14.8 15.3 15.3 15.7 18.0 19.8 18.2 16.8 16.6 16.3 15.6 15.2 15.1 14.0 12.2 12.8 11.8 12.3 13.8 12.4 12.5 17.4 14.8 12.5 10.4 11.6 8.8 5.7 -3.1 0.6 -3.1 20012001 14.7 13.8 15.5 16.1 16.1 16.5 18.7 20.5 19.0 17.7 17.5 17.3 16.6 16.3 16.3 15.3 13.6 14.2 13.4 14.0 15.5 14.4 14.6 19.3 17.2 15.3 13.8 15.3 13.6 11.9 6.4 12.5 16.7 40.6 20022002 13.9 12.9 14.6 15.1 15.0 15.4 17.5 19.2 17.7 16.4 16.2 15.9 15.2 14.9 14.8 13.7 12.1 12.6 11.8 12.2 13.4 12.3 12.3 16.3 14.2 12.3 10.6 11.5 9.5 7.5 2.5 5.9 6.4 11.4 -11.7 20032003 15.2 14.3 16.0 16.5 16.6 16.9 19.1 20.7 19.3 18.1 18.0 17.8 17.2 17.0 17.0 16.1 14.6 15.2 14.6 15.1 16.5 15.6 15.9 20.0 18.3 16.9 15.8 17.2 16.1 15.2 12.0 17.0 20.4 29.4 24.1 74.5 20042004 15.5 14.7 16.3 16.8 16.9 17.3 19.3 20.9 19.6 18.4 18.3 18.2 17.6 17.4 17.4 16.6 15.2 15.8 15.2 15.8 17.1 16.3 16.7 20.5 19.0 17.7 16.8 18.2 17.3 16.7 14.0 18.6 21.7 28.9 25.2 49.1 27.3 20052005 15.2 14.4 15.9 16.5 16.5 16.8 18.8 20.4 19.1 17.9 17.8 17.6 17.1 16.8 16.8 16.0 14.7 15.2 14.6 15.2 16.4 15.6 15.9 19.4 17.9 16.6 15.7 16.9 15.9 15.3 12.8 16.5 18.7 23.6 19.6 32.4 15.3 4.5 20062006 15.4 14.6 16.1 16.6 16.6 17.0 18.9 20.4 19.2 18.1 17.9 17.8 17.2 17.0 17.0 16.2 15.0 15.5 15.0 15.5 16.7 15.9 16.2 19.5 18.1 17.0 16.1 17.3 16.5 15.9 13.8 17.1 19.1 23.3 20.0 29.6 17.4 12.7 21.7 20072007 14.4 13.6 15.0 15.5 15.5 15.8 17.6 19.0 17.8 16.7 16.5 16.3 15.7 15.5 15.4 14.6 13.4 13.8 13.2 13.6 14.6 13.8 13.9 16.9 15.4 14.2 13.3 14.1 13.1 12.3 10.0 12.5 13.6 16.2 12.6 18.2 7.2 1.2 -0.3 -18.4 20082008 12.4 11.6 12.9 13.3 13.2 13.4 15.1 16.4 15.1 14.0 13.7 13.5 12.8 12.5 12.3 11.5 10.2 10.4 9.7 10.0 10.7 9.8 9.7 12.1 10.6 9.2 8.0 8.3 7.0 5.9 3.4 4.9 4.9 6.0 1.8 4.2 -6.0 -12.9 -18.0 -32.7 -44.5 20092009 13.5 12.7 14.1 14.5 14.4 14.7 16.4 17.6 16.4 15.4 15.2 15.0 14.4 14.1 14.0 13.2 12.0 12.4 11.8 12.1 12.9 12.1 12.1 14.6 13.2 12.1 11.1 11.6 10.6 9.8 7.8 9.6 10.1 11.7 8.5 11.8 3.8 -0.4 -1.6 -8.3 -2.8 70.2 20102010 14.0 13.2 14.5 14.9 14.9 15.2 16.8 18.1 16.9 15.9 15.7 15.5 15.0 14.7 14.7 13.9 12.8 13.2 12.6 12.9 13.8 13.0 13.1 15.6 14.3 13.2 12.4 13.0 12.1 11.4 9.6 11.5 12.1 13.8 11.1 14.4 7.7 4.7 4.8 0.9 8.3 51.3 34.6 20112011 13.3 12.6 13.8 14.2 14.2 14.4 16.0 17.2 16.0 15.0 14.8 14.6 14.1 13.8 13.7 13.0 11.8 12.2 11.6 11.9 12.6 11.9 11.9 14.1 12.9 11.8 10.9 11.4 10.5 9.8 8.0 9.6 10.0 11.3 8.7 11.3 5.2 2.4 2.0 -1.5 3.2 26.9 9.6 -10.8

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1927

$47,191

2011


19271927 31.8 19281928 28.7 25.7 19291929 15.7 8.5 -6.4 19301930 -3.9 -13.5 -28.2 -45.0 19311931 -19.6 -28.9 -41.2 -53.4 -60.6 19321932 -17.5 -24.9 -33.9 -41.2 -39.2 -6.0 19331933 -6.9 -12.2 -18.2 -21.0 -10.8 34.1 91.5 19341934 -8.9 -13.6 -18.8 -21.1 -13.6 12.2 22.6 -21.5 19351935 -4.2 -7.9 -12.0 -12.8 -4.5 19.2 29.1 6.0 43.1 19361936 0.3 -2.7 -5.8 -5.7 3.2 25.1 34.3 19.4 47.2 51.4 19371937 -4.0 -7.0 -10.1 -10.5 -4.1 11.3 15.1 1.3 10.3 -3.1 -38.0 19381938 -1.5 -4.1 -6.7 -6.7 -0.4 13.8 17.5 6.5 15.0 6.9 -10.2 30.1 19391939 -2.6 -5.0 -7.4 -7.5 -2.1 9.8 12.2 2.7 8.3 1.0 -11.7 5.4 -14.6 19401940 -2.9 -5.2 -7.4 -7.5 -2.6 7.8 9.6 1.2 5.6 -0.6 -10.5 1.1 -10.9 -7.0 19411941 -2.8 -4.8 -6.9 -6.9 -2.3 6.9 8.5 1.1 4.8 -0.5 -8.6 0.8 -7.4 -3.6 -0.1 19421942 -0.7 -2.5 -4.3 -4.1 0.4 9.3 11.0 4.5 8.3 4.1 -2.2 7.1 2.0 8.2 16.8 36.5 19431943 1.3 -0.3 -1.8 -1.5 3.0 11.6 13.3 7.5 11.4 7.9 2.9 11.9 8.6 15.3 23.9 38.0 39.5 19441944 3.3 1.8 0.5 0.9 5.4 13.7 15.5 10.3 14.1 11.3 7.1 15.8 13.6 20.2 28.2 39.4 40.8 42.2 19451945 5.1 3.8 2.6 3.2 7.6 15.6 17.5 12.8 16.6 14.2 10.7 19.0 17.5 24.0 31.3 40.6 42.0 43.2 44.3 19461946 4.4 3.1 2.0 2.5 6.6 13.9 15.5 11.1 14.3 12.0 8.7 15.7 14.0 18.8 23.8 29.2 27.4 23.7 15.3 -7.8 19471947 4.6 3.4 2.3 2.8 6.7 13.5 15.0 10.9 13.8 11.7 8.6 14.9 13.3 17.4 21.4 25.4 23.3 19.6 12.9 -0.2 8.1 19481948 4.6 3.4 2.4 2.9 6.5 13.0 14.3 10.4 13.1 11.1 8.3 13.9 12.4 15.9 19.1 22.1 19.9 16.3 10.6 1.2 6.1 4.2 19491949 5.0 3.9 2.9 3.4 6.9 13.0 14.3 10.6 13.2 11.3 8.7 13.9 12.6 15.7 18.6 21.1 19.1 16.0 11.4 4.4 8.8 9.1 14.3 19501950 6.8 5.8 5.0 5.6 9.1 15.1 16.4 13.0 15.6 14.0 11.7 16.9 15.9 19.1 22.1 24.9 23.5 21.4 18.2 13.6 19.7 23.8 34.9 59.2 19511951 7.1 6.1 5.4 5.9 9.3 15.0 16.2 13.1 15.5 14.0 11.9 16.7 15.7 18.7 21.3 23.7 22.4 20.4 17.5 13.6 18.4 21.2 27.4 34.5 13.7 19521952 7.5 6.6 5.9 6.5 9.7 15.2 16.4 13.4 15.7 14.3 12.3 16.8 15.9 18.7 21.1 23.2 22.0 20.2 17.7 14.3 18.5 20.7 25.2 29.1 16.2 18.7 19531953 6.9 6.1 5.4 5.9 8.9 14.1 15.2 12.3 14.4 13.0 11.1 15.2 14.2 16.6 18.7 20.4 19.0 17.2 14.7 11.4 14.5 15.6 18.0 19.0 8.0 5.2 -6.7 19541954 8.9 8.1 7.5 8.1 11.2 16.3 17.4 14.7 16.9 15.7 14.0 18.1 17.4 20.0 22.2 24.1 23.1 21.7 19.8 17.4 21.0 22.9 26.4 28.9 22.3 25.3 28.8 77.7 19551955 9.3 8.5 8.0 8.6 11.5 16.5 17.6 15.0 17.1 15.9 14.3 18.3 17.6 20.0 22.1 23.8 22.9 21.6 19.9 17.7 20.9 22.7 25.5 27.5 22.0 24.1 26.0 46.5 20.7 19561956 9.0 8.3 7.7 8.3 11.2 15.9 16.9 14.4 16.4 15.2 13.7 17.4 16.7 18.9 20.7 22.2 21.3 20.0 18.3 16.2 18.9 20.2 22.3 23.5 18.4 19.4 19.5 29.8 11.0 2.1 19571957 7.8 7.1 6.5 7.0 9.7 14.1 15.0 12.6 14.3 13.2 11.6 14.9 14.2 16.1 17.6 18.8 17.7 16.3 14.5 12.3 14.3 15.0 16.3 16.5 11.4 11.0 9.6 14.1 -1.6 -11.2 -22.7 19581958 9.4 8.8 8.2 8.8 11.5 15.8 16.8 14.5 16.3 15.3 13.8 17.2 16.6 18.5 20.1 21.4 20.5 19.4 17.9 16.1 18.3 19.3 20.9 21.7 17.6 18.2 18.1 23.9 13.2 10.8 15.4 72.2 19591959 9.6 9.0 8.5 9.0 11.6 15.8 16.7 14.5 16.3 15.3 13.9 17.1 16.5 18.3 19.8 21.1 20.2 19.1 17.7 16.0 18.1 18.9 20.4 21.0 17.4 17.8 17.7 22.4 13.6 11.8 15.3 40.8 15.1 19601960 9.0 8.4 7.9 8.4 10.8 14.9 15.7 13.6 15.2 14.2 12.9 15.8 15.2 16.9 18.2 19.3 18.4 17.2 15.8 14.2 15.9 16.5 17.6 17.9 14.5 14.5 14.0 17.3 9.5 7.4 8.8 21.9 2.5 -8.7 19611961 9.5 8.9 8.4 8.9 11.3 15.3 16.1 14.0 15.6 14.7 13.4 16.3 15.7 17.3 18.7 19.7 18.9 17.8 16.5 15.0 16.7 17.3 18.4 18.7 15.6 15.8 15.5 18.6 11.9 10.5 12.3 23.3 10.3 7.9 27.6 19621962 9.2 8.6 8.1 8.6 10.9 14.7 15.5 13.5 15.0 14.0 12.8 15.5 15.0 16.5 17.7 18.6 17.8 16.7 15.4 13.9 15.4 16.0 16.8 17.0 14.1 14.1 13.7 16.2 10.2 8.8 9.9 17.9 7.3 4.8 12.2 -1.3 19631963 9.7 9.1 8.7 9.2 11.5 15.1 15.9 14.0 15.5 14.6 13.4 16.1 15.5 17.0 18.2 19.1 18.3 17.3 16.2 14.8 16.3 16.8 17.7 17.9 15.2 15.4 15.1 17.5 12.2 11.2 12.6 19.8 11.5 10.5 17.8 13.2 29.9 19641964 10.0 9.5 9.0 9.5 11.8 15.3 16.1 14.2 15.7 14.8 13.7 16.3 15.8 17.2 18.3 19.2 18.5 17.6 16.4 15.1 16.6 17.1 17.9 18.2 15.7 15.9 15.6 17.9 13.2 12.4 13.7 20.2 13.2 12.8 18.9 16.1 25.9 22.0 19651965 10.3 9.8 9.4 9.9 12.1 15.6 16.3 14.5 15.9 15.1 14.0 16.5 16.0 17.4 18.5 19.4 18.7 17.8 16.7 15.5 16.9 17.4 18.2 18.5 16.2 16.3 16.2 18.3 14.0 13.4 14.7 20.5 14.5 14.4 19.7 17.8 24.9 22.5 22.9 19661966 9.7 9.2 8.8 9.2 11.3 14.7 15.3 13.6 14.9 14.1 13.0 15.4 14.9 16.2 17.1 17.9 17.2 16.3 15.2 14.0 15.2 15.6 16.3 16.4 14.2 14.2 13.9 15.6 11.6 10.8 11.7 16.3 10.8 10.1 13.7 11.0 14.4 9.6 3.9 -12.2 19671967 10.2 9.7 9.3 9.8 11.8 15.1 15.8 14.1 15.4 14.6 13.6 15.9 15.5 16.7 17.7 18.4 17.8 16.9 15.9 14.8 16.0 16.4 17.1 17.3 15.2 15.3 15.0 16.8 13.1 12.4 13.4 17.9 13.0 12.7 16.2 14.4 17.8 15.0 12.7 8.0 32.71968 10.5 10.0 9.6 10.1 12.1 15.3 16.0 14.3 15.6 14.8 13.8 16.1 15.7 16.9 17.8 18.6 17.9 17.1 16.2 15.1 16.3 16.7 17.3 17.5 15.5 15.6 15.4 17.1 13.7 13.1 14.1 18.2 13.9 13.7 16.9 15.4 18.5 16.3 14.9 12.4 27.21969 9.7 9.2 8.9 9.3 11.2 14.3 14.9 13.3 14.5 13.7 12.7 14.9 14.4 15.5 16.4 17.0 16.4 15.6 14.6 13.5 14.6 14.9 15.4 15.4 13.5 13.5 13.2 14.6 11.3 10.6 11.3 14.8 10.6 10.2 12.5 10.7 12.5 9.9 7.6 4.1 10.21970 9.7 9.3 8.9 9.3 11.2 14.2 14.8 13.2 14.4 13.6 12.7 14.7 14.3 15.4 16.2 16.8 16.1 15.4 14.4 13.4 14.4 14.6 15.1 15.2 13.3 13.3 13.0 14.3 11.2 10.6 11.2 14.4 10.6 10.1 12.2 10.6 12.2 9.9 8.0 5.3 10.11971 9.9 9.5 9.1 9.5 11.4 14.3 14.9 13.4 14.5 13.8 12.9 14.9 14.4 15.5 16.3 16.9 16.3 15.5 14.6 13.6 14.6 14.8 15.3 15.4 13.6 13.6 13.4 14.6 11.7 11.1 11.8 14.7 11.2 10.9 12.9 11.5 13.0 11.1 9.6 7.5 11.91972 10.1 9.7 9.4 9.7 11.6 14.4 15.0 13.5 14.6 13.9 13.0 15.0 14.6 15.6 16.4 17.0 16.4 15.6 14.8 13.8 14.7 15.0 15.5 15.5 13.9 13.9 13.6 14.8 12.1 11.6 12.2 15.0 11.8 11.5 13.4 12.2 13.6 11.9 10.7 9.1 13.11973 9.8 9.4 9.0 9.4 11.2 14.0 14.5 13.0 14.1 13.4 12.5 14.4 14.0 15.0 15.7 16.2 15.6 14.9 14.1 13.1 14.0 14.2 14.6 14.7 13.0 13.0 12.7 13.8 11.2 10.7 11.2 13.7 10.6 10.3 11.9 10.7 11.9 10.2 9.0 7.4 10.51974 9.2 8.7 8.4 8.7 10.4 13.1 13.6 12.2 13.2 12.5 11.6 13.4 13.0 13.9 14.6 15.1 14.4 13.7 12.9 11.9 12.7 12.9 13.2 13.2 11.6 11.5 11.2 12.1 9.6 9.0 9.4 11.6 8.7 8.2 9.6 8.3 9.1 7.4 6.1 4.3 6.61975 9.8 9.4 9.1 9.5 11.2 13.8 14.3 12.9 13.9 13.3 12.4 14.2 13.8 14.7 15.4 15.9 15.3 14.6 13.9 13.0 13.8 14.0 14.3 14.3 12.8 12.8 12.5 13.5 11.1 10.7 11.1 13.4 10.6 10.4 11.8 10.7 11.7 10.3 9.3 8.0 10.51976 10.5 10.1 9.8 10.2 11.9 14.5 15.0 13.7 14.7 14.1 13.3 15.0 14.7 15.6 16.3 16.8 16.2 15.6 14.9 14.0 14.8 15.1 15.5 15.5 14.1 14.1 13.9 14.9 12.7 12.3 12.8 15.1 12.6 12.4 13.9 13.0 14.1 13.0 12.3 11.3 14.01977 10.2 9.8 9.5 9.9 11.5 14.0 14.5 13.2 14.2 13.6 12.8 14.5 14.1 15.0 15.6 16.1 15.5 14.9 14.2 13.3 14.1 14.3 14.7 14.7 13.3 13.3 13.1 14.0 11.8 11.4 11.9 14.0 11.5 11.3 12.6 11.7 12.7 11.5 10.8 9.8 12.11978 10.1 9.7 9.4 9.7 11.3 13.8 14.3 13.0 13.9 13.3 12.5 14.2 13.8 14.6 15.3 15.7 15.2 14.6 13.8 13.0 13.8 13.9 14.3 14.3 12.9 12.9 12.7 13.5 11.4 11.1 11.5 13.4 11.1 10.9 12.1 11.2 12.1 11.0 10.2 9.3 11.31979 10.3 9.9 9.6 10.0 11.5 14.0 14.5 13.2 14.1 13.5 12.8 14.4 14.0 14.9 15.5 15.9 15.4 14.8 14.1 13.3 14.0 14.2 14.6 14.6 13.3 13.3 13.1 13.9 11.9 11.5 12.0 13.9 11.7 11.5 12.7 11.9 12.7 11.7 11.1 10.3 12.21980 10.4 10.0 9.8 10.1 11.6 14.0 14.5 13.3 14.2 13.6 12.8 14.4 14.1 14.9 15.5 15.9 15.4 14.8 14.2 13.4 14.1 14.3 14.6 14.6 13.4 13.4 13.2 14.0 12.1 11.7 12.2 14.0 11.9 11.7 12.8 12.1 12.9 12.0 11.4 10.7 12.51981 10.5 10.2 9.9 10.2 11.7 14.1 14.5 13.3 14.2 13.7 12.9 14.5 14.1 14.9 15.5 15.9 15.5 14.9 14.2 13.5 14.2 14.4 14.7 14.7 13.5 13.5 13.3 14.1 12.2 11.9 12.3 14.1 12.1 11.9 13.0 12.3 13.1 12.2 11.7 11.0 12.81982 10.7 10.3 10.1 10.4 11.9 14.2 14.7 13.5 14.3 13.8 13.1 14.6 14.3 15.1 15.6 16.1 15.6 15.0 14.4 13.7 14.3 14.5 14.8 14.9 13.7 13.7 13.5 14.3 12.5 12.2 12.6 14.3 12.4 12.3 13.4 12.7 13.5 12.7 12.2 11.6 13.21983 11.1 10.7 10.5 10.8 12.3 14.6 15.0 13.9 14.7 14.2 13.5 15.0 14.7 15.5 16.1 16.5 16.0 15.5 14.9 14.2 14.9 15.1 15.4 15.4 14.3 14.3 14.2 14.9 13.2 13.0 13.4 15.1 13.2 13.2 14.2 13.6 14.4 13.7 13.3 12.7 14.41984 11.0 10.7 10.5 10.8 12.2 14.5 14.9 13.8 14.6 14.1 13.4 14.9 14.6 15.3 15.9 16.3 15.9 15.3 14.7 14.1 14.7 14.9 15.2 15.2 14.1 14.2 14.0 14.8 13.1 12.8 13.2 14.9 13.1 13.0 14.0 13.5 14.2 13.5 13.1 12.6 14.11985 11.4 11.0 10.8 11.1 12.6 14.8 15.2 14.1 14.9 14.4 13.8 15.2 14.9 15.7 16.2 16.6 16.2 15.7 15.1 14.5 15.1 15.3 15.6 15.6 14.6 14.6 14.5 15.2 13.6 13.4 13.8 15.4 13.7 13.6 14.6 14.1 14.9 14.2 13.9 13.4 15.01986 11.5 11.2 11.0 11.3 12.7 14.9 15.3 14.2 15.0 14.5 13.9 15.3 15.0 15.8 16.3 16.7 16.3 15.8 15.2 14.6 15.2 15.4 15.7 15.8 14.7 14.8 14.7 15.4 13.8 13.6 14.0 15.6 13.9 13.9 14.9 14.4 15.1 14.5 14.1 13.7 15.21987 11.4 11.1 10.8 11.1 12.5 14.7 15.1 14.0 14.8 14.3 13.7 15.1 14.8 15.5 16.0 16.4 16.0 15.5 15.0 14.3 14.9 15.1 15.4 15.4 14.4 14.5 14.3 15.0 13.5 13.3 13.7 15.2 13.6 13.5 14.4 14.0 14.6 14.0 13.7 13.3 14.71988 11.6 11.3 11.0 11.4 12.7 14.8 15.2 14.2 15.0 14.5 13.9 15.2 15.0 15.7 16.2 16.6 16.2 15.7 15.2 14.6 15.1 15.3 15.6 15.7 14.7 14.7 14.6 15.3 13.8 13.6 14.0 15.4 13.9 13.9 14.8 14.3 15.0 14.4 14.1 13.7 15.11989 11.8 11.5 11.3 11.6 13.0 15.0 15.4 14.4 15.2 14.7 14.1 15.5 15.2 15.9 16.4 16.8 16.4 15.9 15.4 14.8 15.4 15.6 15.9 15.9 15.0 15.0 14.9 15.6 14.2 14.0 14.4 15.8 14.3 14.3 15.2 14.8 15.4 14.9 14.6 14.3 15.61990 11.2 10.9 10.6 10.9 12.2 14.3 14.6 13.6 14.4 13.9 13.3 14.6 14.3 15.0 15.5 15.8 15.4 14.9 14.4 13.8 14.4 14.5 14.8 14.8 13.9 13.9 13.7 14.4 13.0 12.7 13.1 14.4 12.9 12.9 13.7 13.2 13.8 13.2 12.9 12.5 13.71991 11.5 11.2 11.0 11.3 12.6 14.6 15.0 13.9 14.7 14.2 13.7 14.9 14.7 15.3 15.8 16.2 15.8 15.3 14.8 14.2 14.8 15.0 15.2 15.2 14.3 14.3 14.2 14.8 13.5 13.3 13.6 14.9 13.5 13.5 14.3 13.9 14.4 13.9 13.6 13.3 14.41992 11.6 11.3 11.1 11.4 12.6 14.6 15.0 14.0 14.7 14.3 13.7 15.0 14.7 15.3 15.8 16.2 15.8 15.3 14.8 14.3 14.8 15.0 15.2 15.3 14.4 14.4 14.3 14.9 13.6 13.4 13.7 15.0 13.6 13.6 14.3 13.9 14.5 14.0 13.7 13.4 14.51993 11.7 11.5 11.3 11.6 12.8 14.7 15.1 14.2 14.9 14.4 13.9 15.1 14.9 15.5 16.0 16.3 15.9 15.5 15.0 14.5 15.0 15.2 15.4 15.5 14.6 14.6 14.5 15.1 13.8 13.7 14.0 15.2 13.9 13.9 14.6 14.3 14.8 14.3 14.1 13.8 14.91994 11.6 11.3 11.1 11.4 12.6 14.5 14.9 13.9 14.6 14.2 13.6 14.8 14.6 15.2 15.7 16.0 15.6 15.2 14.7 14.2 14.7 14.8 15.1 15.1 14.2 14.2 14.1 14.7 13.5 13.3 13.6 14.8 13.5 13.4 14.2 13.8 14.3 13.8 13.6 13.2 14.31995 11.9 11.7 11.5 11.8 13.0 14.9 15.2 14.3 15.0 14.6 14.0 15.2 15.0 15.6 16.1 16.4 16.0 15.6 15.2 14.6 15.1 15.3 15.5 15.6 14.8 14.8 14.7 15.3 14.0 13.9 14.2 15.4 14.1 14.1 14.8 14.5 15.0 14.6 14.3 14.1 15.11996 12.0 11.8 11.6 11.9 13.1 14.9 15.3 14.4 15.1 14.7 14.1 15.3 15.1 15.7 16.1 16.4 16.1 15.7 15.2 14.7 15.2 15.4 15.6 15.7 14.9 14.9 14.8 15.4 14.2 14.0 14.3 15.5 14.3 14.3 15.0 14.6 15.1 14.7 14.5 14.2 15.21997 12.3 12.1 11.9 12.2 13.4 15.2 15.6 14.6 15.3 14.9 14.4 15.6 15.4 16.0 16.4 16.7 16.4 16.0 15.6 15.1 15.6 15.7 16.0 16.0 15.2 15.3 15.2 15.7 14.6 14.5 14.8 15.9 14.7 14.7 15.5 15.1 15.6 15.2 15.0 14.8 15.81998 12.3 12.1 11.9 12.2 13.3 15.1 15.5 14.6 15.3 14.9 14.4 15.5 15.3 15.9 16.3 16.6 16.3 15.9 15.5 15.0 15.5 15.7 15.9 15.9 15.2 15.2 15.1 15.7 14.5 14.4 14.7 15.8 14.7 14.7 15.4 15.0 15.5 15.1 15.0 14.7 15.71999 12.2 12.0 11.8 12.1 13.2 15.0 15.4 14.5 15.2 14.8 14.3 15.4 15.2 15.7 16.2 16.5 16.2 15.8 15.3 14.9 15.3 15.5 15.7 15.7 15.0 15.0 14.9 15.5 14.4 14.2 14.5 15.6 14.5 14.5 15.1 14.8 15.3 14.9 14.7 14.5 15.42000 12.0 11.7 11.5 11.8 12.9 14.7 15.0 14.1 14.8 14.4 13.9 15.0 14.8 15.3 15.8 16.0 15.7 15.3 14.9 14.4 14.9 15.0 15.2 15.3 14.5 14.5 14.5 15.0 13.9 13.7 14.0 15.0 13.9 13.9 14.5 14.2 14.7 14.3 14.1 13.8 14.72001 11.8 11.5 11.3 11.6 12.7 14.4 14.7 13.9 14.5 14.1 13.6 14.7 14.5 15.0 15.4 15.7 15.4 15.0 14.6 14.1 14.5 14.7 14.9 14.9 14.2 14.2 14.1 14.6 13.5 13.3 13.6 14.6 13.5 13.5 14.1 13.8 14.2 13.8 13.6 13.3 14.22002 11.1 10.8 10.6 10.9 12.0 13.6 13.9 13.1 13.7 13.3 12.8 13.8 13.6 14.1 14.5 14.7 14.4 14.0 13.6 13.1 13.5 13.6 13.8 13.8 13.1 13.1 13.0 13.4 12.3 12.2 12.4 13.3 12.3 12.2 12.8 12.4 12.8 12.4 12.1 11.9 12.62003 11.4 11.1 10.9 11.2 12.3 13.9 14.2 13.4 14.0 13.6 13.1 14.1 13.9 14.4 14.8 15.1 14.7 14.4 14.0 13.5 13.9 14.0 14.2 14.2 13.5 13.5 13.4 13.8 12.8 12.6 12.9 13.8 12.8 12.7 13.3 12.9 13.3 12.9 12.7 12.4 13.22004 11.4 11.2 11.0 11.3 12.3 14.0 14.3 13.4 14.0 13.7 13.2 14.2 14.0 14.5 14.9 15.1 14.8 14.4 14.0 13.6 14.0 14.1 14.3 14.3 13.6 13.6 13.5 13.9 12.9 12.7 13.0 13.9 12.9 12.8 13.4 13.0 13.4 13.0 12.8 12.6 13.32005 11.4 11.2 11.0 11.2 12.3 13.9 14.2 13.4 14.0 13.6 13.1 14.1 13.9 14.4 14.8 15.0 14.7 14.3 13.9 13.5 13.9 14.0 14.2 14.2 13.5 13.5 13.4 13.8 12.8 12.7 12.9 13.8 12.8 12.7 13.3 13.0 13.3 13.0 12.7 12.5 13.22006 11.5 11.3 11.1 11.4 12.4 14.0 14.3 13.5 14.1 13.7 13.2 14.2 14.0 14.5 14.9 15.1 14.8 14.5 14.1 13.6 14.0 14.1 14.3 14.3 13.6 13.6 13.5 14.0 13.0 12.8 13.1 14.0 13.0 12.9 13.5 13.2 13.5 13.2 13.0 12.7 13.42007 11.2 11.0 10.8 11.0 12.1 13.6 13.9 13.1 13.7 13.3 12.8 13.8 13.6 14.1 14.4 14.7 14.3 14.0 13.6 13.2 13.5 13.6 13.8 13.8 13.1 13.1 13.0 13.4 12.5 12.3 12.5 13.4 12.4 12.3 12.8 12.5 12.9 12.5 12.3 12.0 12.72008 10.0 9.8 9.6 9.8 10.8 12.3 12.6 11.8 12.3 11.9 11.5 12.4 12.2 12.6 12.9 13.1 12.8 12.4 12.0 11.6 11.9 12.0 12.1 12.1 11.4 11.4 11.2 11.6 10.6 10.5 10.6 11.4 10.4 10.4 10.8 10.5 10.7 10.3 10.1 9.8 10.42009 10.3 10.1 9.9 10.1 11.1 12.6 12.9 12.1 12.6 12.3 11.8 12.7 12.5 12.9 13.2 13.5 13.1 12.8 12.4 11.9 12.3 12.4 12.5 12.5 11.8 11.8 11.7 12.0 11.1 10.9 11.1 11.9 10.9 10.8 11.3 11.0 11.2 10.9 10.6 10.4 11.02010 10.5 10.2 10.0 10.3 11.2 12.7 13.0 12.2 12.7 12.4 11.9 12.8 12.6 13.0 13.3 13.6 13.2 12.9 12.5 12.1 12.4 12.5 12.6 12.6 11.9 11.9 11.8 12.2 11.2 11.1 11.2 12.0 11.1 11.0 11.4 11.1 11.4 11.1 10.8 10.6 11.22011 10.0 9.8 9.6 9.8 10.8 12.2 12.5 11.7 12.2 11.9 11.4 12.3 12.1 12.5 12.8 13.0 12.7 12.3 11.9 11.5 11.8 11.9 12.0 12.0 11.3 11.3 11.2 11.5 10.6 10.4 10.6 11.3 10.4 10.3 10.7 10.4 10.7 10.3 10.1 9.8 10.3

1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967


US LARGE CAP VALUE STOCKS1927–2011: Total Returns (%)

In US Dollars


19681968 21.9 19691969 0.4 -17.3 19701970 3.5 -4.6 10.0 19711971 7.3 2.8 14.6 19.4 19721972 9.6 6.7 16.2 19.4 19.4 19731973 7.2 4.5 10.8 11.0 7.0 -4.0 19741974 3.3 0.5 4.5 3.2 -1.7 -10.8 -17.1 19751975 8.0 6.2 10.7 10.9 8.8 5.5 10.6 47.6 19761976 12.1 11.0 15.7 16.7 16.2 15.4 22.7 49.2 50.8 19771977 10.2 9.0 12.8 13.2 12.2 10.8 14.9 28.0 19.2 -5.7 19781978 9.6 8.4 11.7 11.9 10.9 9.5 12.5 21.4 13.7 -1.2 3.5 19791979 10.6 9.7 12.8 13.1 12.4 11.4 14.2 21.8 16.1 6.4 13.0 23.3 19801980 11.1 10.2 13.2 13.5 12.8 12.0 14.5 20.9 16.1 8.8 14.1 19.8 16.4 19811981 11.5 10.7 13.4 13.7 13.2 12.5 14.8 20.2 16.2 10.3 14.7 18.7 16.5 16.5 19821982 12.0 11.4 14.0 14.3 13.8 13.3 15.4 20.3 16.8 12.0 15.9 19.2 17.8 18.5 20.6 19831983 13.4 12.8 15.4 15.8 15.5 15.1 17.2 21.8 19.0 15.0 18.9 22.2 21.9 23.8 27.6 35.0 19841984 13.1 12.6 14.9 15.3 15.0 14.6 16.5 20.5 17.8 14.3 17.5 20.0 19.3 20.0 21.2 21.5 9.4 19851985 14.1 13.6 15.9 16.3 16.1 15.8 17.6 21.4 19.1 16.0 19.1 21.5 21.2 22.1 23.6 24.6 19.7 31.0 19861986 14.4 14.0 16.1 16.5 16.3 16.1 17.8 21.4 19.2 16.4 19.2 21.3 21.0 21.8 22.9 23.5 19.9 25.5 20.3 19871987 13.8 13.4 15.4 15.7 15.5 15.3 16.8 19.9 17.8 15.2 17.6 19.3 18.8 19.1 19.5 19.3 15.7 17.9 11.8 3.9 19881988 14.3 13.9 15.9 16.2 16.0 15.8 17.3 20.2 18.3 15.9 18.1 19.7 19.3 19.7 20.2 20.1 17.3 19.4 15.7 13.5 24.1 19891989 14.9 14.5 16.4 16.8 16.6 16.5 17.9 20.7 18.9 16.8 18.9 20.4 20.1 20.5 21.0 21.1 18.9 20.9 18.6 18.0 25.7 27.5 19901990 12.9 12.5 14.2 14.4 14.1 13.8 15.0 17.4 15.6 13.4 15.0 16.1 15.4 15.3 15.2 14.5 11.9 12.3 8.9 6.2 7.0 -0.6 -22.5 19911991 13.7 13.4 15.0 15.3 15.1 14.9 16.0 18.3 16.7 14.7 16.3 17.4 16.9 17.0 17.0 16.6 14.5 15.3 12.8 11.4 13.3 10.0 2.2 34.8 19921992 13.8 13.5 15.1 15.3 15.1 14.9 16.0 18.2 16.7 14.8 16.3 17.3 16.9 16.9 16.9 16.6 14.7 15.4 13.3 12.1 13.9 11.5 6.6 25.1 16.0 19931993 14.2 13.9 15.5 15.7 15.5 15.4 16.4 18.5 17.1 15.4 16.8 17.8 17.4 17.5 17.5 17.3 15.6 16.3 14.6 13.8 15.6 14.0 10.8 24.9 20.2 24.5 19941994 13.7 13.3 14.8 15.0 14.8 14.6 15.6 17.5 16.1 14.4 15.7 16.6 16.1 16.1 16.1 15.7 14.1 14.6 12.9 12.0 13.2 11.4 8.5 18.0 12.9 11.4 -0.3 19951995 14.5 14.2 15.7 15.9 15.8 15.6 16.6 18.5 17.2 15.7 17.0 17.8 17.5 17.6 17.6 17.4 16.0 16.7 15.3 14.8 16.2 15.1 13.2 22.1 19.2 20.2 18.2 40.1 19961996 14.7 14.4 15.8 16.1 15.9 15.8 16.7 18.6 17.3 15.9 17.1 17.9 17.6 17.7 17.8 17.6 16.3 16.9 15.7 15.3 16.6 15.7 14.2 21.8 19.3 20.2 18.8 29.6 20.0 19971997 15.3 15.1 16.4 16.7 16.6 16.5 17.4 19.2 18.0 16.7 17.9 18.7 18.5 18.6 18.7 18.6 17.5 18.2 17.1 16.9 18.2 17.6 16.4 23.4 21.6 22.8 22.3 31.0 26.7 33.7 19981998 15.2 15.0 16.3 16.5 16.4 16.3 17.2 18.9 17.8 16.4 17.6 18.4 18.1 18.2 18.3 18.2 17.1 17.7 16.7 16.4 17.7 17.0 15.9 21.9 20.2 20.9 20.2 25.9 21.6 22.4 11.9 19991999 14.9 14.7 15.9 16.2 16.0 15.9 16.8 18.4 17.3 16.0 17.1 17.8 17.5 17.6 17.7 17.5 16.5 17.0 16.0 15.7 16.7 16.1 15.0 20.2 18.5 18.8 17.9 21.9 17.7 17.0 9.4 7.0 20002000 14.2 14.0 15.1 15.3 15.2 15.0 15.8 17.3 16.2 15.0 16.0 16.6 16.3 16.3 16.2 16.0 15.0 15.3 14.4 13.9 14.8 14.0 12.9 17.2 15.4 15.3 14.1 16.7 12.5 10.7 3.9 0.1 -6.4 20012001 13.7 13.4 14.5 14.7 14.5 14.4 15.1 16.5 15.4 14.2 15.1 15.7 15.3 15.3 15.2 14.9 13.9 14.2 13.2 12.8 13.4 12.6 11.5 15.2 13.4 13.2 11.8 13.7 9.8 7.8 2.2 -0.9 -4.6 -2.7 20022002 12.1 11.8 12.8 12.9 12.7 12.5 13.1 14.4 13.3 12.1 12.8 13.3 12.8 12.7 12.5 12.1 11.0 11.1 10.0 9.4 9.8 8.8 7.5 10.5 8.5 7.8 6.1 6.9 2.9 0.3 -5.3 -9.2 -14.1 -17.6 -30.3 20032003 12.7 12.4 13.5 13.6 13.4 13.2 13.8 15.1 14.1 12.9 13.7 14.1 13.7 13.6 13.5 13.2 12.2 12.3 11.4 10.8 11.3 10.5 9.4 12.3 10.6 10.1 8.8 9.9 6.6 4.8 0.6 -1.5 -3.5 -2.5 -2.5 36.4 20042004 12.8 12.6 13.6 13.7 13.5 13.3 14.0 15.2 14.2 13.1 13.8 14.2 13.9 13.8 13.7 13.4 12.4 12.6 11.7 11.2 11.7 10.9 9.9 12.7 11.2 10.8 9.6 10.6 7.8 6.3 2.9 1.5 0.4 2.2 3.8 26.7 17.7 20052005 12.7 12.5 13.5 13.6 13.4 13.2 13.8 15.0 14.0 12.9 13.7 14.1 13.7 13.6 13.5 13.2 12.3 12.4 11.6 11.1 11.6 10.9 9.9 12.5 11.1 10.7 9.6 10.5 8.0 6.7 3.7 2.6 1.9 3.6 5.3 20.8 13.6 9.7 20062006 13.0 12.7 13.7 13.8 13.6 13.5 14.1 15.2 14.3 13.2 13.9 14.3 14.0 13.9 13.8 13.5 12.7 12.8 12.0 11.7 12.1 11.4 10.6 13.1 11.7 11.4 10.5 11.4 9.2 8.1 5.6 4.8 4.5 6.5 8.4 21.1 16.3 15.6 21.9 20072007 12.3 12.0 12.9 13.0 12.8 12.6 13.2 14.2 13.3 12.3 13.0 13.3 13.0 12.8 12.7 12.4 11.5 11.6 10.8 10.4 10.7 10.1 9.2 11.4 10.1 9.7 8.7 9.4 7.2 6.1 3.7 2.8 2.3 3.6 4.7 13.5 8.4 5.5 3.4 -12.2 20082008 9.9 9.6 10.4 10.4 10.2 9.9 10.4 11.3 10.3 9.3 9.8 10.0 9.6 9.3 9.1 8.7 7.7 7.7 6.7 6.2 6.3 5.5 4.4 6.2 4.7 4.0 2.8 3.0 0.6 -0.9 -3.6 -5.0 -6.2 -6.2 -6.7 -2.0 -8.3 -13.9 -20.6 -35.9 -53.1 20092009 10.5 10.2 11.0 11.0 10.8 10.6 11.0 12.0 11.1 10.0 10.6 10.8 10.4 10.2 10.0 9.6 8.7 8.7 7.9 7.4 7.5 6.8 5.9 7.6 6.3 5.7 4.6 5.0 2.8 1.6 -0.7 -1.7 -2.6 -2.1 -2.1 2.8 -1.9 -5.4 -8.9 -17.3 -19.7 37.5 20102010 10.7 10.4 11.2 11.3 11.1 10.8 11.3 12.2 11.3 10.3 10.8 11.1 10.7 10.5 10.3 10.0 9.1 9.1 8.3 7.9 8.0 7.4 6.5 8.2 7.0 6.5 5.5 5.9 3.9 2.9 0.8 -0.1 -0.7 -0.1 0.2 4.8 1.0 -1.6 -3.7 -9.2 -8.2 28.5 20.2 20112011 9.9 9.6 10.4 10.4 10.2 9.9 10.3 11.2 10.3 9.3 9.8 10.0 9.6 9.4 9.2 8.8 7.9 7.9 7.1 6.6 6.7 6.0 5.1 6.7 5.4 4.9 3.9 4.2 2.2 1.2 -0.8 -1.8 -2.5 -2.1 -2.0 1.8 -1.9 -4.4 -6.6 -11.5 -11.3 9.8 -1.9 -19.9

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1927

$3,387

2011


19271927 28.9 19281928 28.6 28.3 19291929 -3.4 -16.4 -45.5 19301930 -13.3 -24.0 -41.5 -37.1 19311931 -19.9 -28.9 -41.6 -39.6 -41.9 19321932 -14.9 -21.7 -30.8 -25.1 -18.2 15.2 19331933 -0.4 -4.6 -10.1 1.9 19.8 71.9 156.5 19341934 3.4 0.2 -3.9 7.7 23.2 58.2 85.5 34.1 19351935 6.8 4.4 1.3 12.4 26.2 53.3 68.6 36.6 39.2 19361936 10.6 8.7 6.5 17.2 30.0 52.7 63.9 41.1 44.7 50.5 19371937 2.5 0.2 -2.5 4.8 12.8 25.9 28.2 7.8 0.2 -14.9 -51.9 19381938 5.4 3.5 1.3 8.6 16.2 28.3 30.7 14.2 9.7 1.3 -16.9 43.7 19391939 6.5 4.8 2.9 9.7 16.7 27.3 29.1 15.2 11.7 5.7 -6.0 31.4 20.2 19401940 5.6 4.0 2.1 8.2 14.2 23.1 24.1 11.9 8.6 3.3 -6.0 17.6 6.4 -5.9 19411941 4.3 2.7 0.9 6.3 11.5 19.0 19.4 8.5 5.3 0.5 -7.3 9.2 -0.3 -9.2 -12.4 19421942 5.1 3.7 2.1 7.2 12.1 19.0 19.3 9.6 6.9 2.9 -3.4 11.1 4.2 -0.7 2.0 18.9 19431943 7.4 6.2 4.8 9.9 14.7 21.4 21.9 13.2 11.1 8.0 3.0 16.9 12.2 10.3 16.3 34.0 51.1 19441944 9.0 7.9 6.8 11.7 16.4 22.8 23.4 15.5 13.8 11.2 7.1 20.1 16.6 15.8 22.0 36.3 45.9 40.9 19451945 11.6 10.7 9.7 14.6 19.3 25.6 26.4 19.2 17.9 16.0 12.7 25.3 22.9 23.3 30.2 43.7 53.1 54.2 68.7 19461946 10.0 9.1 8.1 12.5 16.7 22.3 22.8 16.0 14.6 12.6 9.4 19.9 17.2 16.8 21.1 29.1 31.9 26.0 19.1 -15.8 19471947 8.8 7.9 6.9 11.0 14.8 19.8 20.1 13.7 12.3 10.3 7.2 16.2 13.5 12.7 15.6 21.1 21.5 15.1 7.6 -14.1 -12.4 19481948 8.0 7.1 6.1 9.9 13.4 17.9 18.1 12.2 10.7 8.8 5.9 13.8 11.2 10.2 12.4 16.5 16.1 10.1 3.5 -12.0 -10.0 -7.6 19491949 8.3 7.5 6.6 10.2 13.5 17.8 18.0 12.4 11.1 9.3 6.6 14.0 11.6 10.8 12.8 16.4 16.1 11.1 5.9 -5.7 -2.1 3.5 15.9 19501950 8.8 8.1 7.2 10.7 13.9 18.0 18.2 12.9 11.7 10.1 7.6 14.5 12.4 11.7 13.6 17.0 16.7 12.5 8.3 -0.8 3.3 9.1 18.7 21.5 19511951 9.3 8.5 7.7 11.1 14.2 18.1 18.2 13.3 12.1 10.6 8.4 14.9 12.9 12.3 14.2 17.2 17.0 13.4 9.9 2.3 6.4 11.7 19.0 20.5 19.6 19521952 9.0 8.3 7.5 10.7 13.6 17.3 17.4 12.7 11.6 10.2 8.0 14.0 12.2 11.6 13.2 15.8 15.5 12.1 9.0 2.4 5.8 9.9 14.7 14.3 10.9 2.9 19531953 8.7 8.0 7.2 10.3 13.0 16.5 16.6 12.0 11.0 9.6 7.6 13.1 11.3 10.7 12.1 14.5 14.1 10.9 8.0 2.1 5.0 8.2 11.7 10.7 7.3 1.6 0.3 19541954 9.9 9.2 8.6 11.6 14.3 17.7 17.8 13.6 12.6 11.4 9.5 15.0 13.4 12.9 14.4 16.8 16.6 13.9 11.5 6.5 9.6 13.2 17.1 17.4 16.4 15.3 22.1 48.5 19551955 10.1 9.5 8.9 11.8 14.4 17.7 17.8 13.7 12.8 11.6 9.9 15.1 13.6 13.2 14.6 16.8 16.6 14.1 12.0 7.5 10.4 13.7 17.1 17.3 16.4 15.7 20.3 31.7 16.8 19561956 10.0 9.4 8.8 11.6 14.1 17.2 17.3 13.4 12.5 11.4 9.7 14.6 13.2 12.8 14.0 16.1 15.9 13.5 11.5 7.4 10.0 12.8 15.7 15.7 14.7 13.8 16.7 22.7 11.5 6.5 19571957 8.9 8.2 7.6 10.3 12.6 15.5 15.5 11.7 10.8 9.7 8.0 12.5 11.1 10.6 11.6 13.3 13.0 10.7 8.6 4.7 6.8 8.9 11.0 10.4 8.9 7.2 8.0 10.1 -0.4 -8.0 -20.5 19581958 10.4 9.9 9.3 12.0 14.3 17.2 17.3 13.7 12.9 11.9 10.4 14.8 13.5 13.2 14.4 16.2 16.0 14.0 12.3 8.8 11.2 13.6 16.0 16.0 15.3 14.7 16.8 20.4 14.3 13.5 17.1 72.6 19591959 10.6 10.1 9.6 12.1 14.4 17.2 17.3 13.8 13.0 12.1 10.6 14.9 13.7 13.4 14.5 16.2 16.1 14.2 12.6 9.4 11.6 13.9 16.1 16.1 15.5 15.0 16.8 19.8 14.8 14.3 17.0 42.1 16.9 19601960 10.1 9.6 9.1 11.5 13.7 16.4 16.4 13.0 12.3 11.3 10.0 14.0 12.8 12.4 13.5 15.0 14.8 13.0 11.4 8.4 10.3 12.3 14.2 14.0 13.3 12.6 13.9 16.0 11.3 10.2 11.1 24.3 5.5 -4.8 19611961 10.5 10.0 9.5 12.0 14.1 16.7 16.7 13.5 12.8 11.9 10.5 14.4 13.3 13.0 14.0 15.5 15.3 13.6 12.2 9.4 11.3 13.2 15.0 14.9 14.3 13.8 15.1 17.1 13.2 12.6 13.9 24.6 11.8 9.3 25.4 19621962 9.4 8.8 8.3 10.6 12.6 15.0 15.0 11.9 11.1 10.2 8.9 12.5 11.4 11.0 11.8 13.2 12.9 11.2 9.7 7.0 8.6 10.1 11.5 11.2 10.4 9.6 10.3 11.5 7.5 6.3 6.2 12.6 1.2 -3.6 -3.0 -25.0 19631963 9.4 8.9 8.4 10.7 12.6 14.9 14.9 11.9 11.2 10.3 9.0 12.5 11.4 11.1 11.9 13.1 12.9 11.2 9.8 7.3 8.8 10.3 11.6 11.3 10.5 9.8 10.5 11.5 8.0 7.0 7.1 12.5 3.3 0.2 1.9 -8.2 12.3 19641964 9.4 9.0 8.5 10.6 12.5 14.7 14.7 11.8 11.1 10.3 9.0 12.4 11.3 11.0 11.8 13.0 12.7 11.1 9.8 7.4 8.8 10.2 11.4 11.2 10.5 9.8 10.4 11.3 8.2 7.3 7.3 12.1 4.3 1.9 3.7 -2.7 10.8 9.3 19651965 10.1 9.7 9.2 11.3 13.2 15.4 15.4 12.6 11.9 11.1 10.0 13.3 12.3 12.0 12.7 13.9 13.7 12.3 11.1 8.8 10.2 11.7 12.9 12.7 12.2 11.6 12.4 13.4 10.7 10.1 10.5 15.1 8.7 7.3 10.0 6.4 19.5 23.3 39.1 19661966 9.7 9.3 8.8 10.9 12.6 14.8 14.7 12.0 11.4 10.6 9.4 12.6 11.6 11.3 12.0 13.1 12.9 11.5 10.3 8.1 9.4 10.7 11.8 11.6 11.0 10.5 11.0 11.9 9.3 8.6 8.8 12.7 6.9 5.5 7.3 4.0 12.9 13.1 15.1 -4.8 19671967 11.2 10.8 10.4 12.5 14.3 16.4 16.5 13.8 13.2 12.5 11.5 14.6 13.7 13.5 14.3 15.5 15.3 14.1 13.0 11.0 12.4 13.8 15.1 15.1 14.7 14.4 15.2 16.4 14.2 14.0 14.7 19.0 14.2 13.8 16.8 15.4 25.7 29.3 36.8 35.7 93.31968 11.7 11.3 10.9 12.9 14.7 16.8 16.9 14.3 13.7 13.0 12.0 15.1 14.3 14.1 14.9 16.0 15.9 14.7 13.7 11.8 13.3 14.6 15.9 15.9 15.6 15.4 16.2 17.3 15.4 15.3 16.0 20.1 15.8 15.7 18.5 17.6 26.7 29.8 35.5 34.4 59.61969 10.6 10.2 9.8 11.8 13.4 15.4 15.4 12.9 12.4 11.7 10.7 13.6 12.7 12.5 13.2 14.2 14.0 12.8 11.8 9.9 11.2 12.4 13.5 13.3 12.9 12.6 13.2 14.0 12.0 11.7 12.1 15.4 11.2 10.7 12.5 11.0 17.4 18.3 20.1 15.8 23.71970 9.8 9.4 9.0 10.8 12.4 14.3 14.3 11.8 11.3 10.5 9.5 12.3 11.4 11.2 11.8 12.7 12.5 11.3 10.3 8.4 9.6 10.7 11.6 11.4 10.9 10.5 10.9 11.5 9.6 9.1 9.3 12.0 8.0 7.3 8.6 6.8 11.7 11.6 11.9 7.2 10.41971 10.1 9.7 9.3 11.1 12.7 14.6 14.5 12.1 11.6 10.9 10.0 12.7 11.8 11.6 12.2 13.1 12.9 11.8 10.8 9.0 10.2 11.2 12.1 12.0 11.5 11.1 11.6 12.2 10.4 10.0 10.3 12.9 9.3 8.6 10.0 8.5 13.1 13.1 13.7 9.9 13.21972 9.8 9.4 9.0 10.7 12.3 14.1 14.0 11.7 11.2 10.5 9.5 12.1 11.3 11.1 11.7 12.5 12.3 11.2 10.2 8.5 9.6 10.6 11.4 11.2 10.8 10.4 10.8 11.3 9.6 9.2 9.3 11.7 8.2 7.6 8.7 7.3 11.2 11.1 11.3 7.8 10.11973 8.2 7.7 7.3 9.0 10.4 12.1 12.0 9.7 9.2 8.5 7.5 9.9 9.1 8.8 9.3 10.0 9.8 8.6 7.6 5.9 6.8 7.6 8.3 8.0 7.4 6.9 7.1 7.5 5.7 5.1 5.0 6.8 3.5 2.6 3.2 1.5 4.3 3.5 2.9 -0.9 -0.31974 7.1 6.7 6.2 7.8 9.2 10.8 10.7 8.4 7.9 7.2 6.2 8.5 7.7 7.3 7.7 8.4 8.1 6.9 6.0 4.3 5.1 5.8 6.3 6.0 5.4 4.8 4.9 5.1 3.3 2.6 2.4 4.0 0.7 -0.3 0.1 -1.7 0.6 -0.4 -1.4 -5.0 -5.11975 8.1 7.7 7.3 8.9 10.2 11.9 11.8 9.6 9.1 8.4 7.5 9.8 9.0 8.7 9.1 9.9 9.6 8.5 7.6 6.0 6.8 7.6 8.2 7.9 7.4 6.9 7.1 7.4 5.8 5.3 5.2 6.8 3.9 3.1 3.7 2.3 4.7 4.1 3.6 0.6 1.31976 8.7 8.3 7.9 9.5 10.8 12.4 12.4 10.3 9.7 9.1 8.2 10.5 9.7 9.5 9.9 10.7 10.4 9.4 8.5 7.0 7.8 8.6 9.2 9.0 8.6 8.1 8.4 8.7 7.2 6.8 6.8 8.4 5.7 5.0 5.7 4.5 7.0 6.6 6.4 3.8 4.71977 8.9 8.5 8.2 9.7 11.0 12.6 12.5 10.4 9.9 9.3 8.5 10.7 10.0 9.7 10.2 10.9 10.7 9.7 8.8 7.3 8.2 8.9 9.6 9.4 8.9 8.5 8.8 9.1 7.7 7.3 7.3 8.9 6.3 5.8 6.4 5.4 7.8 7.4 7.3 5.0 6.01978 9.1 8.8 8.4 9.9 11.2 12.8 12.7 10.7 10.2 9.6 8.8 11.0 10.2 10.0 10.5 11.2 10.9 10.0 9.2 7.7 8.6 9.3 9.9 9.7 9.4 9.0 9.2 9.6 8.2 7.9 7.9 9.5 7.1 6.6 7.2 6.2 8.6 8.3 8.3 6.2 7.21979 9.8 9.4 9.1 10.6 11.9 13.5 13.4 11.4 11.0 10.4 9.6 11.8 11.1 10.9 11.3 12.0 11.9 10.9 10.2 8.8 9.7 10.4 11.1 10.9 10.6 10.3 10.5 11.0 9.7 9.4 9.5 11.1 8.8 8.4 9.2 8.3 10.7 10.6 10.7 8.9 10.01980 10.5 10.2 9.8 11.4 12.6 14.2 14.2 12.2 11.8 11.2 10.5 12.6 12.0 11.8 12.3 13.0 12.8 11.9 11.2 9.9 10.8 11.6 12.2 12.1 11.8 11.5 11.9 12.3 11.1 10.9 11.1 12.7 10.6 10.3 11.1 10.4 12.8 12.8 13.0 11.5 12.71981 10.0 9.7 9.3 10.8 12.0 13.5 13.5 11.6 11.1 10.6 9.9 11.9 11.3 11.1 11.5 12.2 12.0 11.2 10.5 9.2 10.0 10.7 11.3 11.2 10.9 10.6 10.9 11.3 10.1 9.8 10.0 11.5 9.4 9.0 9.7 9.0 11.2 11.1 11.2 9.7 10.71982 10.1 9.8 9.4 10.9 12.1 13.6 13.5 11.7 11.2 10.7 10.0 12.0 11.4 11.2 11.6 12.3 12.1 11.3 10.6 9.3 10.1 10.9 11.4 11.3 11.0 10.7 11.0 11.4 10.3 10.0 10.2 11.6 9.6 9.3 10.0 9.3 11.4 11.3 11.4 10.0 11.01983 10.3 10.0 9.7 11.1 12.3 13.7 13.7 11.9 11.4 10.9 10.2 12.2 11.6 11.4 11.9 12.5 12.4 11.5 10.9 9.6 10.4 11.1 11.7 11.6 11.3 11.1 11.3 11.7 10.6 10.4 10.6 12.0 10.1 9.8 10.5 9.8 11.9 11.8 12.0 10.6 11.61984 9.7 9.4 9.1 10.5 11.6 13.0 13.0 11.2 10.7 10.2 9.5 11.5 10.8 10.6 11.0 11.7 11.5 10.7 10.0 8.8 9.5 10.2 10.8 10.6 10.3 10.0 10.3 10.6 9.5 9.3 9.4 10.7 8.8 8.5 9.1 8.4 10.3 10.2 10.2 8.9 9.71985 10.0 9.7 9.4 10.7 11.9 13.2 13.2 11.4 11.0 10.5 9.8 11.8 11.2 11.0 11.4 12.0 11.8 11.0 10.4 9.2 10.0 10.6 11.2 11.0 10.7 10.5 10.7 11.1 10.0 9.8 9.9 11.2 9.4 9.1 9.7 9.1 10.9 10.9 10.9 9.7 10.51986 9.8 9.5 9.2 10.6 11.7 13.0 13.0 11.3 10.9 10.4 9.7 11.6 11.0 10.8 11.2 11.8 11.6 10.8 10.2 9.1 9.8 10.4 10.9 10.8 10.5 10.3 10.5 10.8 9.8 9.6 9.7 10.9 9.2 8.9 9.5 8.9 10.6 10.5 10.5 9.3 10.11987 9.4 9.1 8.8 10.1 11.2 12.5 12.5 10.8 10.4 9.9 9.2 11.0 10.4 10.2 10.6 11.2 11.0 10.2 9.6 8.5 9.1 9.7 10.2 10.1 9.8 9.5 9.7 10.0 9.0 8.8 8.9 10.0 8.3 8.0 8.5 7.9 9.5 9.4 9.4 8.2 8.91988 9.6 9.3 9.0 10.3 11.3 12.6 12.6 10.9 10.5 10.0 9.4 11.1 10.6 10.4 10.8 11.3 11.1 10.4 9.8 8.7 9.4 9.9 10.4 10.3 10.0 9.8 10.0 10.2 9.3 9.1 9.1 10.3 8.6 8.4 8.9 8.3 9.8 9.7 9.8 8.6 9.31989 9.7 9.4 9.1 10.4 11.5 12.7 12.7 11.0 10.7 10.2 9.6 11.3 10.7 10.6 10.9 11.5 11.3 10.6 10.0 8.9 9.6 10.2 10.6 10.5 10.3 10.0 10.2 10.5 9.6 9.4 9.5 10.6 9.0 8.7 9.2 8.7 10.2 10.1 10.1 9.1 9.71990 9.2 8.9 8.6 9.9 10.9 12.1 12.1 10.5 10.1 9.6 9.0 10.7 10.1 9.9 10.3 10.8 10.6 9.9 9.3 8.2 8.9 9.4 9.9 9.7 9.4 9.2 9.4 9.6 8.7 8.5 8.5 9.6 8.0 7.7 8.2 7.6 9.0 8.9 8.9 7.8 8.41991 9.8 9.5 9.2 10.5 11.5 12.7 12.7 11.1 10.7 10.3 9.6 11.3 10.8 10.6 11.0 11.5 11.3 10.6 10.1 9.1 9.7 10.2 10.7 10.6 10.3 10.1 10.3 10.6 9.7 9.5 9.6 10.6 9.2 8.9 9.4 8.9 10.3 10.2 10.3 9.3 9.91992 9.7 9.4 9.1 10.4 11.4 12.6 12.5 11.0 10.6 10.1 9.5 11.2 10.7 10.5 10.8 11.3 11.2 10.5 9.9 8.9 9.6 10.1 10.5 10.4 10.2 9.9 10.1 10.4 9.5 9.3 9.4 10.4 9.0 8.8 9.2 8.7 10.1 10.0 10.0 9.1 9.61993 9.7 9.5 9.2 10.4 11.4 12.6 12.5 11.0 10.6 10.2 9.6 11.2 10.7 10.5 10.9 11.4 11.2 10.6 10.0 9.0 9.6 10.2 10.6 10.5 10.2 10.0 10.2 10.5 9.6 9.5 9.5 10.5 9.1 8.9 9.3 8.9 10.2 10.1 10.1 9.2 9.81994 9.5 9.2 8.9 10.1 11.1 12.2 12.2 10.7 10.3 9.9 9.3 10.9 10.4 10.2 10.5 11.0 10.9 10.2 9.6 8.7 9.3 9.8 10.2 10.1 9.8 9.6 9.8 10.0 9.2 9.0 9.1 10.0 8.6 8.4 8.8 8.3 9.6 9.5 9.5 8.6 9.11995 9.8 9.6 9.3 10.5 11.4 12.6 12.5 11.0 10.7 10.3 9.7 11.3 10.8 10.6 10.9 11.4 11.3 10.6 10.1 9.2 9.7 10.3 10.7 10.6 10.3 10.1 10.3 10.6 9.8 9.6 9.7 10.6 9.3 9.1 9.5 9.1 10.3 10.2 10.3 9.4 10.01996 9.9 9.6 9.4 10.5 11.4 12.6 12.5 11.1 10.7 10.3 9.7 11.3 10.8 10.6 11.0 11.4 11.3 10.7 10.2 9.2 9.8 10.3 10.7 10.6 10.4 10.2 10.4 10.6 9.8 9.7 9.8 10.7 9.4 9.2 9.6 9.2 10.4 10.3 10.4 9.6 10.11997 9.9 9.7 9.4 10.6 11.5 12.6 12.6 11.1 10.8 10.4 9.8 11.4 10.9 10.7 11.0 11.5 11.4 10.7 10.2 9.3 9.9 10.4 10.8 10.7 10.5 10.3 10.5 10.7 10.0 9.8 9.9 10.8 9.5 9.3 9.7 9.3 10.5 10.5 10.5 9.7 10.21998 9.8 9.6 9.4 10.5 11.4 12.5 12.4 11.0 10.7 10.3 9.7 11.2 10.8 10.6 10.9 11.4 11.2 10.6 10.1 9.2 9.8 10.3 10.7 10.6 10.4 10.2 10.3 10.6 9.8 9.7 9.7 10.6 9.4 9.2 9.6 9.2 10.3 10.3 10.3 9.5 10.01999 10.4 10.1 9.9 11.0 11.9 13.0 13.0 11.6 11.3 10.9 10.3 11.8 11.4 11.2 11.5 12.0 11.9 11.3 10.8 9.9 10.5 11.0 11.4 11.3 11.1 10.9 11.1 11.4 10.6 10.5 10.6 11.5 10.3 10.1 10.6 10.2 11.3 11.3 11.4 10.6 11.12000 9.8 9.6 9.3 10.4 11.3 12.3 12.3 10.9 10.6 10.2 9.7 11.1 10.7 10.5 10.8 11.2 11.1 10.5 10.0 9.2 9.7 10.2 10.6 10.5 10.3 10.1 10.2 10.4 9.7 9.6 9.7 10.5 9.3 9.1 9.5 9.1 10.2 10.1 10.2 9.4 9.92001 9.6 9.4 9.1 10.2 11.0 12.1 12.0 10.7 10.4 10.0 9.4 10.9 10.4 10.3 10.5 11.0 10.8 10.3 9.8 8.9 9.5 9.9 10.3 10.2 9.9 9.8 9.9 10.1 9.4 9.3 9.3 10.1 9.0 8.8 9.2 8.8 9.8 9.7 9.8 9.0 9.52002 8.9 8.6 8.4 9.4 10.2 11.2 11.2 9.8 9.5 9.1 8.6 10.0 9.5 9.3 9.6 10.0 9.9 9.3 8.8 8.0 8.5 8.9 9.2 9.1 8.9 8.7 8.8 9.0 8.3 8.1 8.1 8.9 7.7 7.5 7.8 7.4 8.4 8.3 8.3 7.5 7.92003 9.4 9.1 8.9 9.9 10.7 11.7 11.7 10.4 10.1 9.7 9.2 10.5 10.1 9.9 10.2 10.6 10.5 9.9 9.5 8.6 9.1 9.6 9.9 9.8 9.6 9.4 9.5 9.7 9.0 8.9 8.9 9.7 8.6 8.4 8.7 8.4 9.3 9.3 9.3 8.6 9.02004 9.4 9.1 8.9 9.9 10.8 11.7 11.7 10.4 10.1 9.7 9.2 10.5 10.1 10.0 10.2 10.6 10.5 9.9 9.5 8.7 9.2 9.6 9.9 9.8 9.6 9.4 9.6 9.7 9.1 8.9 9.0 9.7 8.6 8.5 8.8 8.4 9.4 9.3 9.3 8.6 9.02005 9.3 9.1 8.9 9.9 10.7 11.7 11.6 10.3 10.0 9.7 9.2 10.5 10.0 9.9 10.2 10.6 10.4 9.9 9.4 8.6 9.1 9.5 9.9 9.7 9.5 9.4 9.5 9.7 9.0 8.9 8.9 9.6 8.6 8.4 8.7 8.4 9.3 9.2 9.2 8.6 8.92006 9.3 9.1 8.9 9.9 10.7 11.6 11.6 10.3 10.0 9.6 9.2 10.5 10.0 9.9 10.1 10.5 10.4 9.9 9.4 8.6 9.1 9.5 9.8 9.7 9.5 9.4 9.5 9.7 9.0 8.9 8.9 9.6 8.6 8.4 8.7 8.4 9.3 9.2 9.2 8.6 9.02007 9.3 9.1 8.8 9.8 10.6 11.5 11.5 10.2 9.9 9.6 9.1 10.4 10.0 9.8 10.1 10.4 10.3 9.8 9.3 8.6 9.0 9.4 9.8 9.7 9.5 9.3 9.4 9.6 9.0 8.8 8.9 9.5 8.5 8.4 8.7 8.3 9.2 9.1 9.1 8.5 8.92008 8.4 8.2 7.9 8.9 9.6 10.6 10.5 9.3 9.0 8.6 8.1 9.3 8.9 8.8 9.0 9.4 9.2 8.7 8.2 7.5 7.9 8.3 8.6 8.4 8.2 8.0 8.1 8.3 7.6 7.5 7.5 8.1 7.1 6.9 7.2 6.8 7.7 7.6 7.5 6.9 7.22009 8.7 8.5 8.3 9.2 10.0 10.9 10.8 9.6 9.3 8.9 8.5 9.7 9.3 9.1 9.4 9.7 9.6 9.1 8.6 7.9 8.3 8.7 9.0 8.9 8.7 8.5 8.6 8.7 8.1 8.0 8.0 8.6 7.7 7.5 7.7 7.4 8.2 8.1 8.1 7.5 7.82010 9.0 8.7 8.5 9.5 10.2 11.1 11.1 9.9 9.6 9.2 8.8 10.0 9.6 9.4 9.7 10.0 9.9 9.4 9.0 8.2 8.7 9.0 9.3 9.2 9.0 8.8 9.0 9.1 8.5 8.4 8.4 9.0 8.1 7.9 8.2 7.9 8.7 8.6 8.6 8.0 8.32011 8.8 8.6 8.4 9.3 10.0 10.9 10.9 9.7 9.4 9.0 8.6 9.8 9.4 9.2 9.5 9.8 9.7 9.2 8.7 8.0 8.4 8.8 9.1 9.0 8.8 8.6 8.7 8.9 8.3 8.1 8.2 8.8 7.8 7.7 7.9 7.6 8.4 8.3 8.3 7.7 8.0

1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967


US SMALL CAP GROWTH STOCKS1927–2011: Total Returns (%)

In US Dollars


19681968 31.8 19691969 -1.1 -25.8 19701970 -8.4 -23.6 -21.4 19711971 -1.0 -10.0 -0.9 24.9 19721972 -1.6 -8.6 -2.0 9.5 -4.0 19731973 -10.7 -17.4 -15.2 -13.0 -27.4 -45.1 19741974 -14.3 -20.2 -19.0 -18.4 -29.2 -39.2 -32.7 19751975 -6.6 -11.1 -8.4 -5.5 -11.9 -14.3 7.0 70.0 19761976 -2.2 -5.8 -2.5 1.1 -3.1 -2.9 17.4 55.1 41.5 19771977 -0.2 -3.3 0.0 3.5 0.3 1.2 17.9 42.0 29.9 19.1 19781978 1.6 -1.0 2.2 5.6 3.1 4.3 18.6 36.6 27.0 20.3 21.5 19791979 5.0 2.8 6.2 9.8 8.1 9.9 23.4 39.3 32.6 29.7 35.4 50.8 19801980 8.1 6.4 9.9 13.7 12.5 14.7 27.4 41.7 36.7 35.5 41.4 52.6 54.4 19811981 6.4 4.6 7.7 10.8 9.5 11.1 21.3 32.0 26.5 23.7 24.9 26.1 15.3 -14.0 19821982 7.0 5.4 8.3 11.2 10.0 11.5 20.7 29.8 24.9 22.3 23.0 23.4 15.4 -0.3 15.6 19831983 7.8 6.4 9.2 12.0 11.0 12.4 20.8 28.9 24.5 22.2 22.8 23.0 16.9 6.6 18.6 21.7 19841984 6.1 4.6 7.1 9.5 8.4 9.5 16.5 23.1 18.8 16.2 15.8 14.9 8.8 -0.3 4.7 -0.4 -18.5 19851985 7.1 5.8 8.2 10.5 9.6 10.7 17.4 23.4 19.6 17.3 17.1 16.5 11.6 4.6 9.8 7.9 1.6 26.8 19861986 6.9 5.7 7.9 10.0 9.1 10.1 16.2 21.6 17.9 15.8 15.4 14.7 10.3 4.2 8.3 6.6 2.0 14.0 2.6 19871987 5.8 4.6 6.6 8.5 7.6 8.4 13.8 18.5 15.0 12.8 12.2 11.2 7.0 1.6 4.4 2.3 -2.0 4.2 -5.5 -13.0 19881988 6.4 5.2 7.2 9.0 8.2 9.0 14.1 18.4 15.2 13.2 12.7 11.9 8.2 3.5 6.3 4.8 1.7 7.5 1.8 1.4 18.2 19891989 6.9 5.9 7.8 9.6 8.8 9.6 14.4 18.5 15.5 13.7 13.3 12.6 9.3 5.2 7.9 6.8 4.5 9.9 6.0 7.2 19.0 19.8 19901990 5.7 4.6 6.4 8.0 7.2 7.8 12.2 15.8 12.9 11.1 10.5 9.6 6.5 2.6 4.6 3.3 1.0 4.6 0.7 0.2 5.1 -1.0 -18.1 19911991 7.3 6.4 8.1 9.8 9.1 9.8 14.1 17.7 15.1 13.5 13.1 12.5 9.8 6.4 8.7 7.9 6.3 10.5 7.9 9.0 15.4 14.5 11.9 52.9 19921992 7.2 6.3 7.9 9.5 8.8 9.5 13.6 16.9 14.4 12.8 12.4 11.8 9.3 6.2 8.2 7.5 6.0 9.6 7.3 8.1 13.0 11.7 9.1 26.0 3.8 19931993 7.4 6.6 8.2 9.7 9.0 9.7 13.6 16.7 14.3 12.9 12.5 11.9 9.6 6.7 8.7 8.1 6.8 10.0 8.1 8.9 13.1 12.1 10.2 21.7 8.6 13.6 19941994 6.8 6.0 7.5 8.9 8.3 8.9 12.5 15.4 13.1 11.7 11.2 10.6 8.4 5.7 7.3 6.7 5.4 8.2 6.3 6.7 9.9 8.6 6.5 13.7 3.0 2.7 -7.2 19951995 7.8 7.0 8.5 9.9 9.3 9.9 13.4 16.3 14.1 12.8 12.5 12.0 9.9 7.4 9.2 8.7 7.7 10.4 8.9 9.6 12.9 12.1 10.9 17.8 10.4 12.7 12.2 35.7 19961996 7.9 7.2 8.7 10.0 9.5 10.1 13.4 16.2 14.1 12.8 12.5 12.0 10.1 7.8 9.4 9.0 8.1 10.7 9.3 10.0 12.9 12.2 11.2 17.0 10.9 12.8 12.5 24.0 13.2 19971997 8.2 7.4 8.9 10.2 9.7 10.2 13.5 16.1 14.1 12.9 12.6 12.2 10.4 8.2 9.8 9.4 8.6 11.0 9.7 10.4 13.1 12.5 11.7 16.7 11.6 13.2 13.1 20.9 14.0 14.9 19981998 8.0 7.3 8.7 10.0 9.4 10.0 13.1 15.6 13.6 12.5 12.2 11.8 10.0 8.0 9.4 9.0 8.2 10.5 9.3 9.9 12.2 11.7 10.8 15.1 10.5 11.6 11.3 16.4 10.6 9.3 4.1 19991999 9.2 8.6 10.0 11.3 10.8 11.4 14.5 16.9 15.1 14.1 13.8 13.5 11.9 10.0 11.5 11.3 10.7 12.9 12.0 12.8 15.2 15.0 14.5 18.9 15.2 16.9 17.5 23.1 20.2 22.6 26.6 54.1 20002000 8.0 7.4 8.6 9.8 9.3 9.8 12.7 15.0 13.2 12.1 11.8 11.4 9.8 8.0 9.3 8.9 8.2 10.1 9.1 9.6 11.6 11.0 10.3 13.6 9.9 10.7 10.3 13.5 9.5 8.6 6.6 7.9 -24.5 20012001 7.6 7.0 8.2 9.3 8.9 9.3 12.1 14.2 12.5 11.4 11.1 10.7 9.1 7.3 8.5 8.2 7.5 9.2 8.2 8.6 10.4 9.8 9.0 11.8 8.4 8.9 8.4 10.8 7.1 5.9 3.8 3.7 -14.9 -4.1 20022002 6.1 5.4 6.6 7.6 7.1 7.5 10.0 11.9 10.2 9.2 8.8 8.3 6.7 5.0 6.0 5.5 4.7 6.2 5.1 5.2 6.6 5.8 4.8 6.9 3.5 3.5 2.4 3.7 -0.2 -2.3 -5.4 -7.6 -22.1 -20.8 -34.6 20032003 7.2 6.6 7.8 8.8 8.3 8.7 11.2 13.2 11.6 10.6 10.3 9.8 8.4 6.7 7.8 7.4 6.8 8.3 7.4 7.6 9.1 8.5 7.7 10.0 7.1 7.4 6.8 8.4 5.4 4.4 2.7 2.4 -7.5 -1.0 0.6 54.7 20042004 7.3 6.7 7.9 8.9 8.4 8.8 11.2 13.1 11.5 10.6 10.3 9.9 8.5 6.9 7.9 7.6 7.0 8.4 7.5 7.8 9.2 8.7 8.0 10.1 7.4 7.7 7.1 8.7 6.1 5.2 3.9 3.8 -4.0 1.9 4.0 31.1 11.2 20052005 7.3 6.7 7.8 8.8 8.3 8.7 11.1 12.9 11.4 10.4 10.1 9.7 8.4 6.9 7.9 7.5 6.9 8.3 7.5 7.7 9.0 8.5 7.8 9.8 7.3 7.5 7.1 8.5 6.1 5.3 4.1 4.1 -2.4 2.7 4.5 22.2 8.6 6.0 20062006 7.4 6.8 7.8 8.8 8.4 8.7 11.0 12.8 11.3 10.4 10.1 9.7 8.4 7.0 7.9 7.6 7.0 8.4 7.6 7.8 9.0 8.5 7.9 9.8 7.4 7.7 7.2 8.5 6.3 5.7 4.7 4.8 -0.8 3.8 5.4 18.8 8.8 7.6 9.3 20072007 7.3 6.7 7.8 8.7 8.3 8.6 10.8 12.5 11.1 10.2 9.9 9.6 8.3 6.9 7.8 7.5 6.9 8.2 7.4 7.7 8.8 8.4 7.8 9.5 7.2 7.5 7.1 8.2 6.2 5.6 4.7 4.8 -0.1 3.9 5.4 15.9 7.8 6.7 7.1 5.0 20082008 5.6 5.1 6.0 6.8 6.4 6.7 8.7 10.3 8.8 7.9 7.6 7.2 5.9 4.5 5.3 4.9 4.3 5.3 4.5 4.6 5.5 4.9 4.2 5.6 3.3 3.3 2.6 3.3 1.2 0.3 -1.0 -1.5 -6.2 -3.7 -3.6 2.8 -5.2 -8.9 -13.4 -22.9 -43.4 20092009 6.3 5.8 6.7 7.5 7.1 7.4 9.5 11.0 9.6 8.8 8.4 8.1 6.9 5.5 6.3 5.9 5.4 6.5 5.7 5.8 6.8 6.3 5.6 7.1 5.0 5.0 4.5 5.4 3.5 2.8 1.8 1.6 -2.5 0.3 0.8 7.3 0.9 -1.0 -2.7 -6.4 -11.6 38.1 20102010 6.8 6.3 7.3 8.1 7.7 8.0 10.0 11.5 10.2 9.4 9.1 8.7 7.6 6.3 7.1 6.8 6.3 7.4 6.6 6.8 7.8 7.3 6.8 8.2 6.2 6.4 6.0 6.8 5.2 4.6 3.9 3.8 0.2 3.0 3.9 10.1 4.8 3.8 3.4 2.0 1.0 34.9 31.8 20112011 6.6 6.1 7.0 7.8 7.4 7.7 9.6 11.1 9.7 9.0 8.7 8.3 7.2 5.9 6.7 6.4 5.9 6.9 6.2 6.3 7.2 6.8 6.2 7.6 5.7 5.8 5.4 6.1 4.5 4.0 3.2 3.2 -0.2 2.3 3.0 8.4 3.6 2.6 2.0 0.7 -0.4 20.3 12.2 -4.4

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1927

$1,299

2011


19271927 43.0 19281928 45.4 47.8 19291929 16.4 5.0 -25.4 19301930 3.2 -7.5 -26.8 -28.2 19311931 -6.6 -16.1 -30.5 -33.0 -37.4 19321932 -7.4 -15.2 -26.2 -26.4 -25.5 -11.4 19331933 0.5 -5.3 -13.4 -10.1 -3.1 20.6 64.2 19341934 1.8 -3.1 -9.7 -6.1 0.3 17.5 35.2 11.4 19351935 5.6 1.6 -3.7 0.5 7.5 23.1 37.3 25.6 41.7 19361936 7.6 4.2 -0.2 4.0 10.6 24.0 34.8 26.2 34.4 27.4 19371937 2.9 -0.4 -4.7 -1.8 2.7 11.6 16.8 7.3 6.0 -8.3 -34.0 19381938 5.1 2.2 -1.5 1.5 6.0 14.3 19.3 11.9 12.0 3.6 -6.6 32.1 19391939 5.1 2.4 -0.9 1.9 5.9 13.1 17.2 10.8 10.6 4.0 -2.8 18.0 5.4 19401940 3.9 1.4 -1.7 0.8 4.2 10.3 13.4 7.5 6.9 1.1 -4.6 7.8 -2.6 -9.9 19411941 2.8 0.4 -2.6 -0.4 2.6 7.8 10.2 4.8 3.9 -1.3 -6.2 2.4 -6.0 -11.1 -12.3 19421942 3.4 1.1 -1.6 0.6 3.4 8.2 10.4 5.7 5.0 0.6 -3.3 4.4 -1.6 -3.8 -0.6 12.7 19431943 4.3 2.3 -0.2 1.9 4.7 9.3 11.4 7.1 6.7 2.9 -0.1 7.0 2.6 1.9 6.2 16.9 21.2 19441944 5.0 3.1 0.8 2.9 5.5 9.9 11.9 8.0 7.7 4.5 1.9 8.4 4.9 4.8 8.9 17.1 19.3 17.5 19451945 6.3 4.6 2.5 4.5 7.2 11.4 13.3 9.9 9.7 7.0 4.9 11.2 8.5 9.0 13.3 20.7 23.6 24.8 32.5 19461946 5.5 3.8 1.8 3.7 6.1 9.9 11.6 8.4 8.1 5.5 3.5 8.8 6.2 6.3 9.3 14.3 14.7 12.6 10.2 -8.3 19471947 5.5 3.9 2.0 3.8 6.0 9.6 11.1 8.1 7.8 5.4 3.6 8.4 6.0 6.1 8.6 12.6 12.6 10.5 8.3 -2.1 4.5 19481948 5.4 3.8 2.0 3.7 5.9 9.2 10.6 7.7 7.5 5.2 3.6 7.9 5.7 5.8 7.9 11.2 10.9 9.0 6.9 -0.4 3.8 3.1 19491949 6.1 4.6 2.9 4.6 6.7 9.9 11.3 8.6 8.4 6.4 4.9 9.1 7.2 7.4 9.5 12.6 12.5 11.2 9.9 4.9 9.8 12.5 22.7 19501950 6.8 5.5 3.8 5.5 7.5 10.6 12.0 9.5 9.4 7.5 6.2 10.2 8.6 8.9 10.9 13.9 14.0 13.1 12.3 8.7 13.4 16.6 23.9 25.1 19511951 7.3 6.0 4.5 6.1 8.1 11.1 12.4 10.1 10.0 8.3 7.1 10.9 9.4 9.7 11.7 14.5 14.7 13.9 13.3 10.4 14.6 17.3 22.5 22.4 19.7 19521952 7.5 6.3 4.8 6.4 8.3 11.2 12.4 10.2 10.2 8.5 7.5 11.0 9.6 10.0 11.8 14.3 14.5 13.8 13.3 10.8 14.4 16.4 20.0 19.1 16.3 13.0 19531953 7.3 6.1 4.7 6.2 8.0 10.7 11.9 9.8 9.7 8.1 7.1 10.4 9.1 9.3 11.0 13.2 13.2 12.5 11.9 9.6 12.4 13.8 16.1 14.4 11.1 7.0 1.4 19541954 8.6 7.5 6.2 7.7 9.5 12.2 13.4 11.4 11.4 10.0 9.1 12.4 11.3 11.7 13.4 15.7 16.0 15.5 15.3 13.5 16.6 18.5 21.2 21.0 19.9 20.0 23.7 50.9 19551955 9.3 8.2 7.0 8.5 10.3 12.9 14.1 12.2 12.3 11.0 10.2 13.4 12.3 12.8 14.5 16.7 17.0 16.7 16.6 15.1 18.1 19.9 22.5 22.5 21.9 22.5 25.9 40.2 30.3 19561956 9.2 8.2 7.0 8.4 10.2 12.7 13.8 12.0 12.1 10.8 10.0 13.1 12.1 12.5 14.1 16.1 16.3 16.0 15.8 14.4 17.0 18.5 20.5 20.2 19.5 19.4 21.1 28.4 18.5 7.7 19571957 8.5 7.5 6.4 7.7 9.4 11.7 12.8 11.0 11.0 9.8 9.0 11.8 10.8 11.1 12.5 14.3 14.4 13.9 13.6 12.2 14.2 15.3 16.7 16.0 14.7 13.9 14.1 17.5 8.1 -1.5 -9.9 19581958 9.4 8.5 7.4 8.7 10.4 12.7 13.7 12.1 12.1 11.0 10.3 13.0 12.1 12.5 13.9 15.7 15.9 15.5 15.4 14.2 16.3 17.4 18.9 18.5 17.7 17.4 18.2 21.9 15.5 11.0 12.7 40.9 19591959 9.6 8.7 7.6 8.9 10.5 12.8 13.8 12.2 12.2 11.2 10.5 13.1 12.3 12.7 14.0 15.7 15.8 15.5 15.4 14.2 16.2 17.2 18.6 18.2 17.5 17.2 17.8 20.8 15.5 12.1 13.6 27.5 15.5 19601960 9.2 8.3 7.3 8.6 10.1 12.2 13.2 11.6 11.6 10.6 9.9 12.4 11.6 11.9 13.1 14.6 14.7 14.4 14.2 13.0 14.8 15.6 16.7 16.2 15.3 14.8 15.0 17.1 12.3 9.0 9.3 16.6 6.1 -2.5 19611961 9.7 8.9 7.8 9.1 10.6 12.7 13.6 12.1 12.2 11.2 10.6 13.0 12.2 12.5 13.7 15.2 15.4 15.0 14.9 13.9 15.5 16.4 17.5 17.0 16.3 16.0 16.3 18.3 14.3 11.8 12.7 19.1 12.7 11.3 27.1 19621962 9.0 8.2 7.2 8.3 9.7 11.8 12.6 11.2 11.2 10.2 9.5 11.8 11.0 11.3 12.3 13.7 13.7 13.4 13.1 12.1 13.5 14.1 15.0 14.4 13.5 13.0 13.0 14.4 10.5 7.9 7.9 11.9 5.6 2.5 5.1 -13.1 19631963 9.3 8.5 7.6 8.7 10.1 12.0 12.9 11.5 11.5 10.6 10.0 12.2 11.4 11.7 12.7 14.0 14.1 13.8 13.6 12.6 14.0 14.6 15.4 14.9 14.1 13.7 13.7 15.1 11.6 9.5 9.8 13.4 8.6 7.0 10.3 2.8 21.6 19641964 9.5 8.7 7.7 8.9 10.2 12.1 13.0 11.6 11.6 10.7 10.1 12.3 11.6 11.8 12.8 14.1 14.1 13.8 13.6 12.7 14.0 14.6 15.3 14.9 14.2 13.8 13.8 15.0 12.0 10.1 10.4 13.6 9.6 8.5 11.4 6.6 18.1 14.8 19651965 9.6 8.8 7.9 9.1 10.4 12.2 13.0 11.7 11.7 10.9 10.3 12.4 11.7 11.9 12.9 14.1 14.2 13.9 13.7 12.8 14.1 14.6 15.4 14.9 14.3 13.9 14.0 15.1 12.3 10.6 10.9 13.8 10.4 9.6 12.2 8.8 17.2 15.1 15.4 19661966 9.1 8.3 7.4 8.5 9.7 11.5 12.3 11.0 11.0 10.1 9.6 11.5 10.8 11.0 11.9 13.0 13.0 12.7 12.5 11.6 12.7 13.2 13.8 13.3 12.6 12.1 12.0 12.9 10.2 8.5 8.6 10.9 7.6 6.5 8.1 4.7 9.7 6.0 1.8 -10.1 19671967 9.6 8.9 8.0 9.1 10.3 12.1 12.8 11.6 11.6 10.8 10.3 12.2 11.5 11.8 12.7 13.8 13.8 13.5 13.3 12.5 13.6 14.1 14.7 14.3 13.7 13.3 13.3 14.2 11.8 10.4 10.7 13.0 10.2 9.6 11.4 9.0 14.0 12.2 11.4 9.4 33.31968 9.5 8.7 7.9 8.9 10.1 11.8 12.6 11.3 11.3 10.5 10.0 11.9 11.3 11.5 12.3 13.4 13.4 13.1 12.9 12.1 13.2 13.6 14.1 13.7 13.1 12.7 12.7 13.5 11.2 9.9 10.0 12.1 9.5 8.9 10.4 8.2 12.2 10.4 9.4 7.5 17.51969 9.3 8.6 7.8 8.8 9.9 11.6 12.3 11.1 11.1 10.3 9.8 11.6 11.0 11.2 12.0 13.0 13.0 12.7 12.5 11.7 12.7 13.1 13.6 13.1 12.5 12.2 12.1 12.8 10.6 9.4 9.5 11.3 8.9 8.3 9.6 7.5 10.9 9.2 8.1 6.3 12.41970 8.9 8.2 7.4 8.4 9.5 11.1 11.7 10.6 10.5 9.8 9.3 11.0 10.4 10.5 11.3 12.2 12.2 11.9 11.7 10.9 11.8 12.1 12.5 12.1 11.5 11.0 10.9 11.5 9.4 8.2 8.2 9.7 7.5 6.8 7.8 5.8 8.4 6.7 5.4 3.5 7.21971 9.2 8.5 7.7 8.7 9.8 11.3 12.0 10.9 10.9 10.1 9.6 11.3 10.7 10.9 11.6 12.5 12.5 12.2 12.0 11.3 12.2 12.5 13.0 12.5 12.0 11.6 11.5 12.1 10.2 9.0 9.1 10.6 8.6 8.0 9.0 7.4 9.9 8.6 7.7 6.5 10.11972 9.5 8.8 8.1 9.0 10.1 11.6 12.3 11.2 11.2 10.4 10.0 11.6 11.1 11.2 12.0 12.9 12.9 12.6 12.4 11.7 12.6 12.9 13.4 13.0 12.4 12.1 12.1 12.7 10.8 9.8 9.9 11.4 9.5 9.1 10.1 8.7 11.2 10.1 9.5 8.7 12.21973 8.7 8.1 7.3 8.2 9.3 10.7 11.3 10.2 10.2 9.5 9.0 10.6 10.0 10.1 10.8 11.6 11.6 11.3 11.1 10.4 11.2 11.4 11.8 11.3 10.8 10.4 10.3 10.7 8.9 7.8 7.8 9.1 7.2 6.7 7.4 5.9 7.8 6.5 5.7 4.5 6.81974 7.7 7.0 6.3 7.1 8.1 9.5 10.1 9.0 8.9 8.2 7.7 9.2 8.6 8.7 9.3 10.0 9.9 9.6 9.3 8.6 9.3 9.5 9.7 9.2 8.6 8.1 7.9 8.2 6.5 5.3 5.2 6.2 4.3 3.6 4.1 2.5 3.9 2.4 1.2 -0.2 1.11975 8.2 7.6 6.9 7.7 8.7 10.0 10.6 9.6 9.5 8.8 8.4 9.8 9.2 9.4 10.0 10.7 10.6 10.3 10.1 9.4 10.1 10.3 10.6 10.1 9.6 9.2 9.0 9.4 7.7 6.7 6.6 7.6 5.9 5.4 5.9 4.6 6.1 4.9 4.0 2.9 4.51976 8.4 7.8 7.1 7.9 8.8 10.2 10.7 9.7 9.7 9.0 8.6 10.0 9.4 9.6 10.2 10.9 10.8 10.5 10.3 9.7 10.3 10.5 10.8 10.4 9.9 9.5 9.3 9.7 8.1 7.2 7.1 8.1 6.5 6.0 6.6 5.4 6.8 5.8 5.0 4.1 5.71977 8.0 7.4 6.7 7.5 8.4 9.7 10.2 9.2 9.2 8.5 8.1 9.4 8.9 9.0 9.6 10.3 10.2 9.9 9.7 9.0 9.6 9.8 10.0 9.6 9.1 8.7 8.5 8.8 7.3 6.3 6.3 7.2 5.6 5.1 5.6 4.4 5.6 4.6 3.8 2.9 4.21978 8.0 7.4 6.7 7.5 8.4 9.7 10.2 9.2 9.2 8.5 8.1 9.4 8.9 9.0 9.5 10.2 10.1 9.8 9.6 9.0 9.6 9.7 10.0 9.5 9.0 8.7 8.5 8.8 7.3 6.4 6.3 7.2 5.7 5.2 5.7 4.6 5.8 4.8 4.1 3.3 4.51979 8.1 7.5 6.9 7.6 8.5 9.8 10.3 9.3 9.3 8.7 8.3 9.5 9.0 9.1 9.7 10.3 10.3 10.0 9.8 9.2 9.7 9.9 10.1 9.7 9.2 8.9 8.7 9.0 7.6 6.8 6.7 7.5 6.2 5.7 6.2 5.1 6.3 5.4 4.8 4.1 5.31980 8.6 8.1 7.4 8.2 9.1 10.3 10.8 9.9 9.9 9.2 8.9 10.1 9.6 9.8 10.3 11.0 10.9 10.6 10.5 9.9 10.5 10.7 10.9 10.5 10.1 9.8 9.7 10.0 8.6 7.9 7.9 8.7 7.4 7.1 7.6 6.6 7.8 7.1 6.6 6.1 7.31981 8.3 7.7 7.1 7.8 8.7 9.9 10.3 9.4 9.4 8.8 8.4 9.6 9.2 9.3 9.8 10.4 10.3 10.1 9.9 9.3 9.8 10.0 10.2 9.8 9.4 9.1 8.9 9.2 7.9 7.1 7.1 7.9 6.6 6.2 6.7 5.8 6.9 6.1 5.6 5.0 6.11982 8.6 8.0 7.4 8.1 9.0 10.2 10.7 9.8 9.7 9.1 8.8 10.0 9.5 9.6 10.1 10.8 10.7 10.5 10.3 9.7 10.3 10.5 10.7 10.3 9.9 9.6 9.5 9.8 8.5 7.8 7.8 8.6 7.4 7.1 7.5 6.7 7.8 7.1 6.7 6.2 7.31983 8.7 8.1 7.5 8.3 9.1 10.3 10.7 9.9 9.8 9.3 8.9 10.1 9.6 9.7 10.3 10.9 10.8 10.6 10.4 9.9 10.4 10.6 10.8 10.5 10.0 9.8 9.7 9.9 8.7 8.0 8.1 8.8 7.7 7.4 7.8 7.0 8.1 7.5 7.1 6.7 7.71984 8.5 7.9 7.3 8.0 8.9 10.0 10.5 9.6 9.6 9.0 8.6 9.8 9.4 9.5 9.9 10.5 10.5 10.2 10.0 9.5 10.0 10.2 10.4 10.1 9.6 9.4 9.2 9.5 8.3 7.7 7.7 8.4 7.3 7.0 7.4 6.6 7.6 7.0 6.6 6.1 7.11985 8.8 8.3 7.7 8.5 9.3 10.4 10.9 10.0 10.0 9.4 9.1 10.3 9.8 9.9 10.4 11.0 11.0 10.7 10.6 10.1 10.6 10.8 11.0 10.7 10.3 10.0 9.9 10.2 9.1 8.4 8.5 9.2 8.2 7.9 8.3 7.6 8.6 8.1 7.7 7.4 8.41986 9.0 8.5 7.9 8.6 9.4 10.5 10.9 10.1 10.1 9.6 9.2 10.4 9.9 10.0 10.5 11.1 11.1 10.8 10.7 10.2 10.7 10.9 11.1 10.8 10.4 10.2 10.1 10.4 9.3 8.7 8.7 9.4 8.4 8.2 8.6 7.9 8.9 8.4 8.1 7.7 8.71987 8.9 8.4 7.9 8.6 9.3 10.4 10.9 10.1 10.1 9.5 9.2 10.3 9.9 10.0 10.5 11.0 11.0 10.8 10.6 10.1 10.6 10.8 11.0 10.7 10.3 10.1 10.0 10.3 9.2 8.6 8.7 9.3 8.4 8.1 8.6 7.9 8.8 8.3 8.1 7.7 8.71988 9.0 8.5 7.9 8.6 9.4 10.4 10.9 10.1 10.1 9.5 9.2 10.3 9.9 10.0 10.5 11.0 11.0 10.8 10.6 10.1 10.6 10.8 11.0 10.7 10.3 10.1 10.0 10.3 9.3 8.7 8.7 9.4 8.5 8.2 8.6 8.0 8.9 8.4 8.2 7.9 8.81989 9.3 8.9 8.3 9.0 9.8 10.8 11.3 10.5 10.5 10.0 9.7 10.8 10.4 10.5 10.9 11.5 11.5 11.3 11.1 10.7 11.2 11.3 11.5 11.3 10.9 10.7 10.7 10.9 10.0 9.4 9.5 10.1 9.3 9.1 9.5 8.9 9.8 9.4 9.2 8.9 9.81990 9.2 8.8 8.2 8.9 9.6 10.7 11.1 10.3 10.3 9.8 9.5 10.6 10.2 10.3 10.7 11.3 11.3 11.0 10.9 10.5 10.9 11.1 11.3 11.0 10.7 10.5 10.4 10.7 9.7 9.2 9.2 9.9 9.0 8.8 9.2 8.6 9.5 9.1 8.9 8.6 9.51991 9.7 9.2 8.7 9.4 10.1 11.2 11.6 10.9 10.9 10.4 10.1 11.1 10.8 10.9 11.3 11.9 11.9 11.7 11.5 11.1 11.6 11.8 12.0 11.7 11.4 11.2 11.2 11.5 10.6 10.1 10.1 10.8 10.0 9.8 10.2 9.7 10.6 10.2 10.0 9.8 10.71992 9.6 9.2 8.7 9.3 10.1 11.1 11.5 10.8 10.8 10.3 10.0 11.0 10.7 10.8 11.2 11.7 11.7 11.5 11.4 11.0 11.5 11.6 11.8 11.6 11.3 11.1 11.0 11.3 10.4 9.9 10.0 10.6 9.8 9.6 10.1 9.5 10.4 10.0 9.9 9.7 10.51993 9.5 9.1 8.6 9.2 9.9 10.9 11.4 10.6 10.6 10.2 9.9 10.9 10.5 10.6 11.1 11.6 11.5 11.4 11.2 10.8 11.3 11.4 11.6 11.4 11.1 10.9 10.8 11.1 10.2 9.7 9.8 10.4 9.6 9.5 9.8 9.3 10.2 9.8 9.6 9.4 10.21994 9.4 9.0 8.5 9.1 9.8 10.8 11.2 10.5 10.5 10.0 9.7 10.7 10.4 10.5 10.9 11.4 11.3 11.2 11.0 10.6 11.1 11.2 11.4 11.2 10.9 10.7 10.6 10.8 10.0 9.5 9.6 10.1 9.4 9.2 9.6 9.1 9.9 9.5 9.4 9.2 9.91995 9.8 9.3 8.9 9.5 10.2 11.2 11.6 10.9 10.9 10.4 10.1 11.1 10.8 10.9 11.3 11.8 11.8 11.6 11.5 11.1 11.5 11.7 11.9 11.7 11.4 11.2 11.2 11.4 10.6 10.1 10.2 10.8 10.1 9.9 10.3 9.8 10.6 10.3 10.1 10.0 10.71996 9.9 9.5 9.0 9.6 10.3 11.3 11.7 11.0 11.0 10.6 10.3 11.3 11.0 11.1 11.5 12.0 12.0 11.8 11.7 11.3 11.7 11.9 12.1 11.9 11.6 11.4 11.4 11.6 10.8 10.4 10.5 11.0 10.3 10.2 10.6 10.1 10.9 10.6 10.5 10.3 11.11997 10.2 9.8 9.3 9.9 10.6 11.6 12.0 11.3 11.3 10.9 10.6 11.6 11.3 11.4 11.8 12.3 12.3 12.1 12.0 11.7 12.1 12.3 12.4 12.2 12.0 11.8 11.8 12.0 11.3 10.9 10.9 11.5 10.8 10.7 11.1 10.7 11.5 11.2 11.1 10.9 11.71998 10.5 10.1 9.7 10.3 11.0 11.9 12.3 11.7 11.7 11.3 11.0 12.0 11.7 11.8 12.2 12.7 12.7 12.5 12.4 12.1 12.5 12.7 12.9 12.7 12.5 12.3 12.3 12.5 11.8 11.4 11.5 12.1 11.4 11.3 11.7 11.3 12.1 11.8 11.7 11.6 12.41999 10.8 10.4 9.9 10.5 11.2 12.2 12.6 11.9 11.9 11.5 11.3 12.2 11.9 12.1 12.5 13.0 13.0 12.8 12.7 12.4 12.8 13.0 13.2 13.0 12.8 12.6 12.6 12.9 12.2 11.8 11.9 12.5 11.9 11.8 12.2 11.8 12.5 12.3 12.2 12.1 12.92000 10.4 10.0 9.6 10.2 10.8 11.7 12.1 11.5 11.5 11.1 10.8 11.8 11.5 11.6 12.0 12.4 12.4 12.3 12.2 11.8 12.3 12.4 12.6 12.4 12.2 12.0 12.0 12.2 11.5 11.1 11.2 11.8 11.1 11.0 11.4 11.0 11.7 11.5 11.4 11.3 12.02001 9.9 9.5 9.1 9.6 10.3 11.2 11.6 10.9 10.9 10.5 10.3 11.2 10.9 10.9 11.3 11.8 11.8 11.6 11.5 11.2 11.5 11.7 11.8 11.6 11.4 11.2 11.2 11.4 10.7 10.3 10.4 10.9 10.3 10.1 10.5 10.1 10.8 10.5 10.4 10.2 10.92002 9.4 9.0 8.6 9.1 9.8 10.6 11.0 10.4 10.3 9.9 9.7 10.6 10.2 10.3 10.7 11.1 11.1 10.9 10.8 10.5 10.8 11.0 11.1 10.9 10.6 10.5 10.4 10.6 9.9 9.5 9.5 10.0 9.4 9.3 9.6 9.2 9.8 9.5 9.4 9.2 9.82003 9.5 9.1 8.7 9.2 9.9 10.7 11.1 10.5 10.5 10.1 9.8 10.7 10.4 10.4 10.8 11.2 11.2 11.0 10.9 10.6 11.0 11.1 11.2 11.0 10.8 10.6 10.6 10.8 10.1 9.7 9.7 10.2 9.6 9.4 9.7 9.4 10.0 9.7 9.6 9.4 10.02004 9.5 9.1 8.6 9.2 9.8 10.7 11.0 10.4 10.4 10.0 9.7 10.6 10.3 10.4 10.7 11.1 11.1 10.9 10.8 10.5 10.9 11.0 11.1 10.9 10.7 10.5 10.5 10.6 10.0 9.6 9.6 10.1 9.5 9.4 9.6 9.3 9.9 9.6 9.5 9.3 9.92005 9.4 9.0 8.6 9.1 9.7 10.6 10.9 10.3 10.3 9.9 9.6 10.5 10.2 10.2 10.6 11.0 11.0 10.8 10.7 10.4 10.7 10.8 11.0 10.8 10.5 10.4 10.3 10.5 9.8 9.4 9.5 9.9 9.4 9.2 9.5 9.1 9.7 9.4 9.3 9.2 9.72006 9.3 9.0 8.5 9.1 9.7 10.5 10.8 10.2 10.2 9.8 9.6 10.4 10.1 10.2 10.5 10.9 10.9 10.7 10.6 10.3 10.6 10.7 10.9 10.7 10.4 10.3 10.2 10.4 9.7 9.4 9.4 9.8 9.3 9.2 9.4 9.1 9.6 9.4 9.2 9.1 9.62007 9.4 9.0 8.6 9.2 9.7 10.6 10.9 10.3 10.3 9.9 9.7 10.5 10.2 10.3 10.6 11.0 11.0 10.8 10.7 10.4 10.7 10.8 11.0 10.8 10.5 10.4 10.3 10.5 9.9 9.5 9.5 10.0 9.4 9.3 9.5 9.2 9.8 9.5 9.4 9.2 9.82008 8.6 8.3 7.8 8.4 8.9 9.7 10.0 9.4 9.4 9.0 8.8 9.6 9.3 9.3 9.6 10.0 10.0 9.8 9.7 9.3 9.7 9.7 9.9 9.7 9.4 9.2 9.2 9.3 8.7 8.3 8.3 8.7 8.1 8.0 8.2 7.8 8.4 8.1 7.9 7.8 8.22009 9.0 8.6 8.2 8.7 9.3 10.0 10.3 9.8 9.7 9.4 9.1 9.9 9.6 9.7 10.0 10.4 10.3 10.2 10.1 9.7 10.1 10.2 10.3 10.1 9.8 9.7 9.6 9.8 9.1 8.8 8.8 9.2 8.7 8.5 8.8 8.4 8.9 8.7 8.5 8.4 8.82010 9.0 8.7 8.3 8.8 9.4 10.1 10.4 9.9 9.8 9.5 9.3 10.0 9.7 9.8 10.1 10.5 10.4 10.3 10.2 9.9 10.2 10.3 10.4 10.2 10.0 9.8 9.8 9.9 9.3 8.9 9.0 9.3 8.8 8.7 8.9 8.6 9.1 8.8 8.7 8.6 9.02011 9.0 8.7 8.3 8.8 9.3 10.1 10.4 9.8 9.8 9.4 9.2 10.0 9.7 9.7 10.1 10.4 10.4 10.2 10.1 9.8 10.1 10.2 10.3 10.1 9.9 9.7 9.7 9.8 9.2 8.9 8.9 9.3 8.8 8.6 8.9 8.5 9.0 8.8 8.7 8.5 9.0

1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967


US LARGE CAP GROWTH STOCKS1927–2011: Total Returns (%)

In US Dollars


19681968 3.6 19691969 3.3 3.0 19701970 -0.3 -2.2 -7.1 19711971 5.0 5.5 6.7 22.6 19721972 8.4 9.6 11.9 22.8 22.9 19731973 2.9 2.8 2.7 6.2 -1.2 -20.5 19741974 -2.8 -3.8 -5.2 -4.7 -12.3 -26.0 -31.0 19751975 1.4 1.0 0.7 2.4 -2.2 -9.3 -3.1 36.0 19761976 3.0 2.9 2.9 4.7 1.4 -3.3 3.2 26.2 17.1 19771977 1.7 1.4 1.3 2.5 -0.5 -4.6 -0.2 12.9 2.9 -9.6 19781978 2.2 2.1 2.0 3.2 0.7 -2.6 1.4 11.6 4.5 -1.2 7.9 19791979 3.2 3.2 3.2 4.4 2.4 -0.3 3.6 12.4 7.1 4.0 11.5 15.3 19801980 5.6 5.7 6.0 7.4 5.8 3.8 7.9 16.2 12.7 11.6 19.7 26.0 37.7 19811981 4.4 4.5 4.6 5.7 4.2 2.3 5.5 12.1 8.6 7.0 11.6 12.8 11.6 -9.6 19821982 5.8 5.9 6.2 7.3 6.1 4.5 7.7 13.9 11.1 10.1 14.5 16.2 16.5 7.2 27.0 19831983 6.3 6.5 6.8 7.9 6.8 5.4 8.4 14.0 11.5 10.7 14.5 15.9 16.1 9.6 20.7 14.8 19841984 5.8 5.9 6.1 7.1 6.0 4.7 7.4 12.2 9.8 9.0 11.9 12.6 12.0 6.4 12.3 5.7 -2.7 19851985 7.1 7.4 7.6 8.7 7.8 6.7 9.3 14.0 12.0 11.5 14.4 15.4 15.4 11.4 17.4 14.3 14.0 33.7 19861986 7.6 7.8 8.1 9.1 8.3 7.3 9.8 14.1 12.3 11.9 14.5 15.4 15.4 12.1 17.0 14.6 14.5 24.3 15.5 19871987 7.6 7.8 8.1 9.0 8.2 7.3 9.6 13.6 11.9 11.5 13.8 14.5 14.4 11.4 15.4 13.2 12.8 18.5 11.6 7.7 19881988 7.7 7.9 8.2 9.1 8.4 7.5 9.7 13.4 11.8 11.4 13.5 14.1 14.0 11.3 14.6 12.7 12.3 16.4 11.1 9.0 10.3 19891989 8.9 9.1 9.4 10.4 9.8 9.0 11.2 14.8 13.4 13.1 15.3 16.0 16.0 13.8 17.2 15.8 16.0 20.2 17.0 17.5 22.7 36.5 19901990 8.5 8.8 9.1 9.9 9.3 8.6 10.6 13.9 12.6 12.3 14.2 14.7 14.6 12.6 15.3 14.0 13.8 16.9 13.8 13.3 15.2 17.8 1.7 19911991 9.9 10.2 10.5 11.4 10.9 10.3 12.3 15.6 14.4 14.2 16.1 16.8 16.9 15.2 18.0 17.1 17.4 20.5 18.5 19.1 22.1 26.3 21.5 45.2 19921992 9.7 9.9 10.2 11.1 10.6 10.0 11.9 15.0 13.8 13.6 15.4 15.9 16.0 14.3 16.8 15.8 15.9 18.5 16.5 16.6 18.5 20.6 15.7 23.5 5.0 19931993 9.4 9.7 9.9 10.8 10.2 9.7 11.5 14.3 13.2 13.0 14.6 15.0 15.0 13.4 15.6 14.6 14.6 16.7 14.7 14.6 15.8 16.9 12.5 16.3 4.1 3.2 19941994 9.1 9.3 9.6 10.4 9.9 9.3 11.0 13.7 12.6 12.3 13.8 14.2 14.1 12.6 14.5 13.5 13.4 15.1 13.2 12.9 13.7 14.3 10.3 12.5 3.4 2.6 1.9 19951995 10.0 10.3 10.6 11.3 10.9 10.4 12.0 14.7 13.7 13.5 15.0 15.4 15.4 14.0 15.9 15.1 15.2 16.9 15.4 15.4 16.4 17.3 14.3 17.0 10.9 12.9 18.1 36.8 19961996 10.4 10.6 10.9 11.7 11.3 10.8 12.4 15.0 14.0 13.9 15.3 15.7 15.7 14.5 16.3 15.6 15.6 17.3 15.9 15.9 16.9 17.7 15.3 17.7 12.9 14.9 19.1 28.8 21.3 19971997 11.0 11.3 11.6 12.4 12.0 11.6 13.2 15.6 14.8 14.7 16.0 16.5 16.6 15.4 17.2 16.6 16.7 18.3 17.1 17.3 18.3 19.2 17.2 19.6 15.8 18.1 22.2 29.8 26.4 31.7 19981998 11.8 12.1 12.4 13.2 12.8 12.5 14.0 16.4 15.7 15.6 17.0 17.4 17.5 16.5 18.3 17.7 17.9 19.6 18.5 18.8 19.9 20.9 19.2 21.6 18.6 21.0 24.9 31.5 29.7 34.1 36.6 19991999 12.3 12.6 12.9 13.7 13.4 13.1 14.6 17.0 16.2 16.2 17.5 18.0 18.1 17.2 18.9 18.4 18.7 20.2 19.3 19.6 20.7 21.7 20.3 22.5 20.0 22.3 25.8 31.2 29.8 32.8 33.4 30.2 20002000 11.4 11.7 11.9 12.6 12.3 12.0 13.4 15.6 14.8 14.7 15.9 16.3 16.3 15.4 16.9 16.3 16.4 17.7 16.7 16.8 17.5 18.2 16.6 18.2 15.6 17.0 19.1 22.2 19.5 19.0 15.1 5.6 -14.3 20012001 10.3 10.5 10.7 11.4 11.0 10.6 11.9 14.0 13.2 13.0 14.1 14.4 14.3 13.3 14.6 14.0 13.9 15.0 13.9 13.8 14.2 14.6 12.9 14.0 11.2 12.0 13.1 14.8 11.5 9.6 4.7 -4.2 -17.8 -21.0 20022002 9.2 9.4 9.6 10.1 9.7 9.3 10.5 12.4 11.6 11.4 12.4 12.6 12.4 11.4 12.5 11.8 11.7 12.5 11.4 11.1 11.4 11.5 9.7 10.4 7.7 8.0 8.5 9.4 6.0 3.6 -1.2 -8.9 -19.2 -21.5 -21.9 20032003 9.4 9.6 9.8 10.4 10.0 9.6 10.8 12.6 11.8 11.7 12.6 12.8 12.6 11.7 12.7 12.1 12.0 12.8 11.7 11.5 11.8 11.9 10.3 11.0 8.5 8.9 9.4 10.3 7.4 5.5 1.7 -4.1 -11.2 -10.1 -4.1 17.8 20042004 9.3 9.5 9.7 10.2 9.8 9.5 10.6 12.3 11.6 11.4 12.3 12.5 12.3 11.4 12.4 11.8 11.6 12.4 11.4 11.2 11.4 11.4 10.0 10.6 8.3 8.5 9.0 9.8 7.1 5.5 2.2 -2.6 -8.1 -6.5 -1.1 11.3 5.3 20052005 9.1 9.3 9.5 10.0 9.6 9.3 10.4 12.0 11.3 11.1 12.0 12.1 12.0 11.1 12.0 11.4 11.3 12.0 11.0 10.7 10.9 11.0 9.5 10.1 7.9 8.1 8.6 9.2 6.8 5.3 2.3 -1.8 -6.3 -4.6 0.0 8.6 4.3 3.4 20062006 9.1 9.2 9.4 9.9 9.5 9.2 10.2 11.9 11.1 11.0 11.7 11.9 11.8 10.9 11.8 11.2 11.0 11.7 10.7 10.5 10.7 10.7 9.3 9.8 7.8 8.0 8.4 8.9 6.7 5.3 2.7 -0.9 -4.6 -2.9 1.2 8.0 4.9 4.7 6.0 20072007 9.2 9.4 9.5 10.0 9.7 9.4 10.4 12.0 11.3 11.1 11.9 12.0 11.9 11.0 11.9 11.4 11.2 11.9 11.0 10.7 10.9 10.9 9.7 10.1 8.3 8.5 8.9 9.4 7.4 6.2 4.0 0.9 -2.3 -0.5 3.5 9.5 7.5 8.2 10.7 15.7 20082008 7.7 7.8 7.9 8.3 8.0 7.6 8.5 10.0 9.3 9.0 9.7 9.8 9.6 8.7 9.4 8.8 8.6 9.1 8.1 7.8 7.8 7.7 6.3 6.6 4.7 4.6 4.7 4.9 2.8 1.4 -1.0 -4.1 -7.3 -6.4 -4.1 -0.7 -4.1 -6.3 -9.3 -16.1 -39.1 20092009 8.3 8.4 8.6 9.0 8.7 8.3 9.3 10.7 10.0 9.8 10.5 10.6 10.4 9.6 10.3 9.8 9.6 10.1 9.2 8.9 9.0 8.9 7.7 8.0 6.3 6.4 6.6 6.9 5.0 3.8 1.8 -0.9 -3.5 -2.3 0.4 4.1 1.9 1.3 0.8 -0.9 -8.3 38.1 20102010 8.5 8.6 8.8 9.2 8.9 8.6 9.5 10.9 10.2 10.0 10.7 10.8 10.6 9.8 10.6 10.0 9.9 10.4 9.5 9.3 9.4 9.3 8.2 8.5 6.9 7.0 7.2 7.5 5.8 4.8 3.0 0.6 -1.8 -0.4 2.2 5.7 4.0 3.8 3.9 3.4 -0.4 27.5 17.6 20112011 8.5 8.6 8.7 9.2 8.8 8.5 9.4 10.8 10.1 9.9 10.6 10.7 10.5 9.7 10.4 9.9 9.7 10.2 9.4 9.2 9.2 9.2 8.1 8.4 6.8 6.9 7.1 7.5 5.8 4.9 3.2 1.0 -1.1 0.2 2.6 5.8 4.3 4.2 4.3 4.0 1.3 20.0 11.9 6.4

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1927

$1,540

2011


US REAL ESTATE SECURITIES1978–2011: Total Returns (%)

In US Dollars

Data provided by Dow Jones Indexes.

19781978 11.0 19791979 28.6 49.0 19801980 30.1 40.8 33.1 19811981 26.9 32.7 25.3 17.9 19821982 25.7 29.7 23.8 19.4 20.9 19831983 26.8 30.2 25.8 23.5 26.4 32.2 19841984 26.0 28.7 25.0 23.1 24.9 26.9 21.9 19851985 23.4 25.3 21.7 19.6 20.0 19.7 13.9 6.5 19861986 23.0 24.6 21.5 19.6 20.0 19.7 15.8 12.9 19.7 19871987 19.7 20.7 17.5 15.5 15.1 13.9 9.8 6.0 5.8 -6.6 19881988 19.5 20.3 17.5 15.7 15.4 14.5 11.3 8.8 9.5 4.8 17.5 19891989 18.0 18.6 16.0 14.2 13.7 12.7 9.8 7.5 7.8 4.1 9.9 2.7 19901990 14.1 14.4 11.7 9.7 8.8 7.4 4.3 1.6 0.7 -3.6 -2.6 -11.3 -23.4 19911991 14.8 15.1 12.6 10.9 10.3 9.1 6.5 4.5 4.2 1.3 3.4 -0.9 -2.6 23.8 19921992 14.8 15.1 12.8 11.3 10.7 9.7 7.5 5.8 5.7 3.5 5.7 2.9 3.0 19.4 15.1 19931993 14.8 15.1 13.0 11.6 11.1 10.2 8.2 6.8 6.8 5.1 7.2 5.2 5.9 18.0 15.1 15.1 19941994 14.1 14.3 12.3 10.9 10.4 9.5 7.7 6.4 6.4 4.8 6.5 4.8 5.2 13.9 10.8 8.7 2.7 19951995 14.0 14.1 12.3 11.0 10.5 9.8 8.1 6.9 6.9 5.6 7.2 5.8 6.4 13.6 11.2 9.9 7.3 12.2 19961996 15.1 15.3 13.6 12.5 12.1 11.5 10.1 9.1 9.4 8.4 10.2 9.3 10.3 17.2 15.9 16.1 16.4 24.0 37.1 19971997 15.3 15.5 13.9 12.9 12.6 12.0 10.7 9.9 10.2 9.4 11.1 10.4 11.4 17.6 16.5 16.8 17.2 22.6 28.1 19.7 19981998 13.5 13.6 12.0 11.0 10.6 10.0 8.6 7.7 7.8 6.9 8.2 7.3 7.8 12.5 11.0 10.3 9.4 11.2 10.8 -0.3 -17.0 19991999 12.7 12.8 11.3 10.2 9.8 9.2 7.9 7.0 7.0 6.1 7.3 6.4 6.7 10.8 9.2 8.4 7.3 8.3 7.3 -1.1 -10.1 -2.6 20002000 13.5 13.6 12.1 11.2 10.8 10.3 9.1 8.4 8.5 7.7 8.9 8.2 8.7 12.6 11.5 11.0 10.4 11.8 11.7 6.1 1.9 13.0 31.0 20012001 13.4 13.5 12.1 11.2 10.9 10.4 9.3 8.6 8.7 8.0 9.2 8.5 9.0 12.6 11.5 11.2 10.7 11.9 11.8 7.3 4.5 12.8 21.3 12.3 20022002 13.0 13.1 11.7 10.9 10.5 10.0 9.0 8.3 8.4 7.7 8.8 8.2 8.6 11.8 10.8 10.4 9.9 10.8 10.6 6.7 4.3 10.4 15.1 7.9 3.6 20032003 13.8 13.9 12.7 11.9 11.6 11.2 10.2 9.6 9.8 9.2 10.3 9.9 10.4 13.5 12.7 12.5 12.2 13.4 13.5 10.5 9.0 15.1 20.0 16.6 18.8 36.2 20042004 14.5 14.6 13.4 12.7 12.5 12.1 11.2 10.7 10.9 10.5 11.5 11.2 11.8 14.8 14.2 14.1 14.0 15.2 15.5 13.1 12.2 18.0 22.6 20.5 23.4 34.7 33.2 20052005 14.5 14.6 13.4 12.7 12.5 12.2 11.3 10.8 11.1 10.6 11.7 11.3 11.9 14.8 14.1 14.1 14.0 15.1 15.4 13.2 12.4 17.4 21.1 19.2 20.9 27.3 23.1 13.8 20062006 15.1 15.3 14.2 13.5 13.4 13.1 12.3 11.9 12.1 11.8 12.8 12.6 13.2 16.0 15.5 15.5 15.5 16.7 17.1 15.3 14.8 19.5 23.1 21.8 23.8 29.4 27.3 24.4 36.0 20072007 13.9 14.0 12.9 12.2 12.0 11.6 10.9 10.4 10.6 10.2 11.1 10.7 11.2 13.7 13.1 12.9 12.8 13.6 13.7 11.8 11.1 14.7 17.1 15.2 15.7 18.3 14.2 8.5 5.9 -17.6 20082008 11.6 11.6 10.5 9.8 9.5 9.1 8.2 7.7 7.7 7.2 7.9 7.5 7.7 9.8 9.0 8.7 8.2 8.6 8.4 6.3 5.1 7.7 8.9 6.4 5.5 5.9 0.7 -6.1 -12.0 -29.2 -39.2 20092009 12.1 12.1 11.1 10.4 10.1 9.7 8.9 8.5 8.5 8.1 8.8 8.4 8.7 10.7 10.0 9.7 9.4 9.9 9.7 7.8 6.9 9.4 10.7 8.6 8.2 8.8 4.8 -0.1 -3.3 -13.6 -11.6 28.5 20102010 12.5 12.6 11.6 10.9 10.7 10.3 9.6 9.1 9.3 8.8 9.6 9.2 9.5 11.5 10.9 10.7 10.4 10.9 10.8 9.2 8.4 10.8 12.1 10.4 10.2 11.1 7.9 4.2 2.3 -4.7 0.0 28.3 28.1 20112011 12.4 12.5 11.5 10.9 10.6 10.3 9.6 9.2 9.3 8.9 9.6 9.2 9.5 11.4 10.8 10.6 10.4 10.8 10.7 9.2 8.5 10.7 11.9 10.3 10.1 10.9 8.1 4.9 3.5 -2.0 2.3 21.6 18.4 9.4

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1978

$54

1926 2011


CANADIAN LARGE CAP VALUE STOCKS1977–2011: Total Returns (%)

In Canadian Dollars

CANADIAN LARGE CAP GROWTH STOCKS1977–2011: Total Returns (%)

In Canadian Dollars



19771977 12.5 19781978 27.4 44.4 19791979 31.3 41.9 39.5 19801980 28.4 34.2 29.4 20.1 19811981 21.2 23.5 17.3 7.6 -3.7 19821982 16.4 17.2 11.3 3.2 -4.3 -5.0 19831983 20.3 21.6 17.6 12.6 10.2 17.9 46.4 19841984 16.9 17.6 13.7 9.1 6.5 10.1 18.6 -4.0 19851985 17.3 17.9 14.6 10.9 9.1 12.6 19.1 7.5 20.3 19861986 16.3 16.8 13.7 10.4 8.9 11.6 16.2 7.6 13.9 7.8 19871987 16.0 16.4 13.7 10.8 9.5 11.9 15.6 9.0 13.7 10.5 13.2 19881988 16.0 16.4 13.9 11.4 10.3 12.5 15.7 10.3 14.2 12.3 14.6 16.0 19891989 16.4 16.7 14.5 12.2 11.4 13.4 16.3 12.0 15.5 14.3 16.5 18.2 20.5 19901990 13.6 13.7 11.4 9.2 8.1 9.5 11.5 7.2 9.2 7.1 7.0 5.0 -0.2 -17.3 19911991 14.0 14.1 12.0 10.0 9.1 10.5 12.4 8.7 10.6 9.1 9.4 8.4 6.0 -0.6 19.5 19921992 12.0 12.0 10.0 8.0 7.0 8.1 9.5 6.0 7.3 5.6 5.2 3.7 0.8 -5.0 1.8 -13.3 19931993 13.4 13.5 11.7 9.9 9.2 10.3 11.8 8.9 10.4 9.2 9.4 8.8 7.4 4.3 12.7 9.5 38.2 19941994 13.2 13.2 11.5 9.8 9.1 10.2 11.6 8.8 10.2 9.1 9.3 8.8 7.6 5.2 11.7 9.2 22.5 8.6 19951995 13.3 13.4 11.8 10.3 9.6 10.6 12.0 9.5 10.8 9.9 10.1 9.7 8.9 7.0 12.7 11.1 20.6 12.7 16.9 19961996 14.3 14.3 12.9 11.5 11.0 12.0 13.3 11.1 12.5 11.8 12.2 12.1 11.6 10.4 15.8 15.1 23.6 19.1 24.7 33.0 19971997 13.9 14.0 12.6 11.3 10.8 11.8 13.0 10.9 12.1 11.5 11.8 11.7 11.2 10.1 14.7 13.9 20.3 16.2 18.8 19.8 8.0 19981998 13.1 13.2 11.8 10.5 10.0 10.8 11.9 9.9 11.0 10.3 10.5 10.3 9.7 8.6 12.4 11.4 16.1 12.1 13.0 11.8 2.5 -2.8 19991999 13.3 13.4 12.1 10.9 10.4 11.2 12.3 10.4 11.4 10.8 11.1 10.9 10.4 9.5 13.0 12.2 16.4 13.1 14.0 13.3 7.4 7.1 17.9 20002000 13.2 13.2 12.0 10.8 10.4 11.2 12.1 10.4 11.4 10.8 11.0 10.9 10.4 9.6 12.7 11.9 15.6 12.7 13.4 12.7 8.1 8.1 14.0 10.3 20012001 13.2 13.2 12.0 10.9 10.5 11.2 12.2 10.5 11.4 10.9 11.1 11.0 10.6 9.8 12.7 12.0 15.2 12.6 13.2 12.6 9.0 9.2 13.5 11.4 12.5 20022002 11.0 11.0 9.8 8.6 8.1 8.7 9.5 7.8 8.5 7.9 7.9 7.5 6.9 6.0 8.2 7.2 9.5 6.7 6.4 5.0 1.0 -0.4 0.2 -5.0 -11.9 -31.0 20032003 12.4 12.4 11.2 10.2 9.8 10.4 11.2 9.7 10.5 10.0 10.1 9.9 9.5 8.8 11.1 10.4 12.8 10.6 10.8 10.1 7.1 7.0 9.0 6.9 5.9 2.7 52.7 20042004 12.4 12.4 11.4 10.4 10.0 10.6 11.4 9.9 10.7 10.2 10.3 10.2 9.8 9.1 11.3 10.7 13.0 10.9 11.2 10.5 8.0 8.0 9.9 8.4 7.9 6.4 32.2 14.4 20052005 12.3 12.3 11.3 10.3 9.9 10.5 11.3 9.9 10.6 10.1 10.3 10.1 9.8 9.1 11.1 10.6 12.7 10.7 10.9 10.4 8.1 8.1 9.8 8.5 8.1 7.0 23.9 11.6 8.9 20062006 12.4 12.4 11.4 10.4 10.1 10.7 11.4 10.1 10.7 10.3 10.4 10.3 10.0 9.4 11.3 10.8 12.8 11.0 11.2 10.7 8.7 8.8 10.3 9.3 9.1 8.4 21.4 12.4 11.5 14.1 20072007 12.4 12.4 11.5 10.6 10.2 10.8 11.5 10.2 10.9 10.5 10.6 10.5 10.2 9.7 11.5 11.0 12.8 11.2 11.4 11.0 9.2 9.3 10.7 9.9 9.8 9.3 19.9 12.8 12.3 14.1 14.1 20082008 10.7 10.7 9.7 8.8 8.4 8.9 9.5 8.2 8.7 8.3 8.3 8.1 7.7 7.0 8.6 8.0 9.5 7.8 7.7 7.0 5.1 4.9 5.6 4.4 3.7 2.4 9.4 2.4 -0.5 -3.4 -11.1 -30.7 20092009 12.2 12.2 11.3 10.5 10.2 10.7 11.3 10.2 10.8 10.4 10.5 10.4 10.1 9.6 11.3 10.8 12.5 11.0 11.2 10.8 9.2 9.3 10.5 9.8 9.7 9.4 16.8 11.8 11.2 11.8 11.1 9.6 73.4 20102010 12.5 12.5 11.7 10.9 10.6 11.1 11.7 10.6 11.2 10.8 11.0 10.9 10.6 10.2 11.8 11.4 13.0 11.6 11.8 11.5 10.1 10.3 11.4 10.9 10.9 10.7 17.5 13.1 12.9 13.8 13.7 13.5 45.4 21.9 20112011 11.7 11.7 10.8 10.0 9.7 10.2 10.7 9.6 10.2 9.8 9.9 9.7 9.5 9.0 10.4 10.0 11.4 10.1 10.1 9.7 8.3 8.4 9.3 8.6 8.4 8.0 13.5 9.4 8.7 8.7 7.6 6.1 22.3 2.7 -13.5

1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

19771977 0.3 19781978 10.2 21.0 19791979 25.7 40.7 63.6 19801980 21.5 29.6 34.1 9.9 19811981 16.0 20.3 20.0 2.8 -3.9 19821982 12.6 15.2 13.8 0.9 -3.4 -2.8 19831983 14.5 17.1 16.3 6.8 5.8 11.1 27.0 19841984 11.6 13.3 12.1 3.9 2.5 4.7 8.6 -7.1 19851985 12.2 13.8 12.8 6.0 5.3 7.7 11.5 4.4 17.4 19861986 12.1 13.5 12.6 6.7 6.2 8.3 11.3 6.5 14.1 10.8 19871987 11.6 12.8 12.0 6.8 6.3 8.2 10.5 6.7 11.8 9.1 7.3 19881988 11.0 12.1 11.2 6.5 6.1 7.6 9.5 6.3 9.9 7.6 5.9 4.6 19891989 11.5 12.5 11.8 7.6 7.3 8.8 10.6 8.1 11.4 10.0 9.7 11.0 17.7 19901990 9.7 10.5 9.7 5.7 5.3 6.4 7.6 5.1 7.3 5.4 4.0 3.0 2.2 -11.3 19911991 9.2 9.9 9.1 5.5 5.1 6.0 7.1 4.8 6.6 4.9 3.8 2.9 2.3 -4.6 2.7 19921992 8.8 9.3 8.6 5.2 4.8 5.6 6.5 4.4 6.0 4.4 3.4 2.7 2.2 -2.5 2.2 1.7 19931993 9.5 10.1 9.4 6.3 6.0 6.9 7.9 6.1 7.7 6.5 5.9 5.7 5.9 3.2 8.5 11.5 22.4 19941994 9.0 9.6 8.9 6.0 5.7 6.5 7.3 5.7 7.0 5.9 5.3 5.0 5.1 2.8 6.6 8.0 11.2 1.1 19951995 9.2 9.7 9.1 6.4 6.1 6.9 7.7 6.2 7.5 6.6 6.1 5.9 6.1 4.3 7.7 9.1 11.6 6.6 12.4 19961996 9.8 10.3 9.8 7.2 7.0 7.8 8.6 7.3 8.6 7.9 7.6 7.6 8.0 6.7 10.0 11.5 14.1 11.5 17.1 21.9 19971997 9.7 10.2 9.7 7.3 7.1 7.9 8.6 7.4 8.6 7.9 7.7 7.7 8.0 6.9 9.8 11.0 13.0 10.7 14.1 15.0 8.5 19981998 9.7 10.2 9.7 7.4 7.3 8.0 8.7 7.6 8.7 8.1 7.8 7.9 8.2 7.2 9.8 10.8 12.4 10.5 13.0 13.2 9.1 9.7 19991999 11.9 12.5 12.1 10.0 10.0 10.8 11.7 10.8 12.1 11.7 11.8 12.2 12.9 12.4 15.4 17.2 19.5 19.1 23.0 25.9 27.2 37.7 72.9 20002000 11.4 11.9 11.6 9.5 9.5 10.3 11.1 10.2 11.4 11.0 11.0 11.3 11.8 11.3 13.9 15.2 17.0 16.3 19.0 20.4 20.0 24.1 32.0 0.7 20012001 9.1 9.5 9.0 7.0 6.9 7.5 8.0 7.1 8.0 7.4 7.2 7.2 7.4 6.6 8.3 8.9 9.8 8.3 9.3 8.8 6.4 5.9 4.7 -18.6 -34.2 20022002 7.9 8.2 7.7 5.8 5.6 6.1 6.5 5.6 6.3 5.7 5.4 5.3 5.3 4.4 5.8 6.1 6.6 5.0 5.4 4.5 1.8 0.5 -1.6 -18.5 -26.7 -18.3 20032003 8.3 8.7 8.2 6.3 6.2 6.7 7.2 6.2 7.0 6.5 6.2 6.1 6.2 5.5 6.9 7.2 7.7 6.4 7.0 6.3 4.3 3.6 2.4 -10.2 -13.5 -0.9 20.2 20042004 8.4 8.7 8.3 6.5 6.4 6.8 7.3 6.4 7.2 6.6 6.4 6.4 6.5 5.8 7.1 7.4 7.9 6.7 7.3 6.7 5.0 4.5 3.6 -6.4 -8.2 2.6 15.0 10.1 20052005 8.7 9.0 8.6 6.9 6.8 7.2 7.7 6.9 7.6 7.1 7.0 6.9 7.1 6.4 7.7 8.1 8.6 7.6 8.2 7.7 6.3 6.0 5.5 -2.9 -3.6 6.1 15.8 13.6 17.2 20062006 9.1 9.4 9.0 7.4 7.3 7.8 8.2 7.5 8.2 7.8 7.6 7.7 7.8 7.3 8.6 9.0 9.5 8.6 9.2 8.9 7.7 7.6 7.4 0.3 0.2 9.0 17.2 16.2 19.4 21.6 20072007 9.6 9.9 9.6 8.0 7.9 8.4 8.9 8.2 8.9 8.5 8.4 8.5 8.7 8.2 9.5 9.9 10.5 9.7 10.4 10.2 9.2 9.3 9.3 3.2 3.5 11.6 18.8 18.5 21.5 23.6 25.7 20082008 7.6 7.8 7.4 5.9 5.7 6.1 6.5 5.7 6.3 5.8 5.6 5.5 5.6 5.0 6.0 6.2 6.4 5.5 5.8 5.3 4.0 3.6 3.0 -2.7 -3.2 2.3 6.2 3.7 2.1 -2.5 -12.7 -39.3 20092009 8.1 8.4 8.0 6.5 6.4 6.8 7.2 6.5 7.1 6.7 6.5 6.4 6.5 6.0 7.0 7.2 7.6 6.7 7.1 6.7 5.6 5.4 5.0 -0.1 -0.2 5.2 9.0 7.3 6.7 4.2 -1.0 -12.2 27.2 20102010 8.4 8.7 8.3 6.9 6.8 7.2 7.6 6.9 7.5 7.1 6.9 6.9 7.0 6.5 7.5 7.8 8.1 7.4 7.8 7.5 6.5 6.3 6.1 1.5 1.5 6.5 10.1 8.8 8.5 6.9 3.5 -3.0 22.7 18.3 20112011 7.6 7.8 7.5 6.1 5.9 6.3 6.6 6.0 6.5 6.1 5.9 5.8 5.9 5.4 6.2 6.4 6.7 5.9 6.2 5.8 4.8 4.5 4.1 -0.2 -0.3 4.0 6.8 5.2 4.6 2.6 -0.8 -6.5 7.9 -0.6 -16.4

1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1977

$48

1926 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1977

$13

1926 2011


Data provided by S&P/TSX.

S&P/TSX COMPOSITE INDEX1957–2011: Total Returns (%)

In Canadian Dollars

19571957 -20.6 19581958 2.1 31.3 19591959 2.9 17.2 4.6 19601960 2.6 11.8 3.2 1.8 19611961 8.1 16.7 12.2 16.2 32.7 19621962 5.4 11.5 7.0 7.9 11.1 -7.1 19631963 6.8 12.2 8.7 9.8 12.6 3.6 15.6 19641964 8.9 14.0 11.3 12.7 15.6 10.5 20.4 25.4 19651965 8.7 13.0 10.7 11.7 13.8 9.5 15.7 15.7 6.7 19661966 7.0 10.6 8.3 8.8 10.0 6.0 9.5 7.5 -0.4 -7.1 19671967 8.0 11.3 9.3 9.9 11.1 7.9 11.2 10.1 5.4 4.8 18.1 19681968 9.1 12.3 10.6 11.2 12.5 9.9 13.0 12.5 9.4 10.4 20.3 22.5 19691969 8.3 11.1 9.5 10.0 10.9 8.5 10.9 10.1 7.3 7.5 12.8 10.2 -0.8 19701970 7.4 9.9 8.3 8.7 9.4 7.1 9.0 8.1 5.4 5.2 8.4 5.4 -2.2 -3.6 19711971 7.5 9.8 8.3 8.6 9.3 7.2 8.9 8.1 5.8 5.6 8.4 6.1 1.1 2.1 8.0 19721972 8.6 10.9 9.6 10.0 10.7 8.9 10.6 10.0 8.3 8.5 11.3 10.0 7.1 9.9 17.3 27.4 19731973 8.1 10.2 8.9 9.2 9.8 8.1 9.6 9.0 7.3 7.4 9.7 8.3 5.7 7.4 11.3 13.0 0.3 19741974 5.8 7.7 6.3 6.4 6.8 5.0 6.1 5.3 3.4 3.1 4.4 2.6 -0.4 -0.3 0.5 -1.8 -13.8 -25.9 19751975 6.5 8.2 7.0 7.2 7.5 5.9 7.0 6.3 4.7 4.5 5.9 4.5 2.1 2.6 3.9 2.9 -4.2 -6.3 18.5 19761976 6.7 8.4 7.2 7.4 7.7 6.3 7.3 6.7 5.2 5.1 6.4 5.2 3.2 3.8 5.1 4.5 -0.6 -0.9 14.7 11.0 19771977 6.9 8.5 7.4 7.6 7.9 6.5 7.5 6.9 5.6 5.6 6.8 5.7 4.0 4.6 5.8 5.5 1.6 1.9 13.3 10.9 10.7 19781978 7.8 9.4 8.4 8.6 9.0 7.8 8.8 8.3 7.2 7.2 8.5 7.7 6.3 7.1 8.6 8.6 5.8 6.9 17.2 16.8 19.8 29.7 19791979 9.2 10.8 9.9 10.2 10.7 9.5 10.6 10.3 9.4 9.6 11.0 10.4 9.3 10.4 12.1 12.6 10.7 12.5 22.3 23.3 27.6 37.0 44.8 19801980 10.0 11.6 10.8 11.1 11.6 10.5 11.6 11.4 10.6 10.8 12.2 11.8 10.9 12.1 13.8 14.4 12.9 14.9 23.6 24.6 28.3 34.7 37.3 30.1 19811981 9.1 10.6 9.8 10.0 10.4 9.4 10.3 10.1 9.2 9.4 10.6 10.1 9.2 10.0 11.4 11.7 10.1 11.4 18.0 18.0 19.4 21.7 19.1 8.1 -10.2 19821982 9.0 10.4 9.6 9.8 10.2 9.2 10.1 9.8 9.0 9.1 10.3 9.7 8.9 9.7 10.9 11.1 9.6 10.7 16.4 16.1 17.0 18.3 15.6 7.2 -2.7 5.6 19831983 9.9 11.3 10.5 10.8 11.2 10.3 11.2 11.0 10.3 10.5 11.6 11.2 10.5 11.3 12.6 13.0 11.7 13.0 18.4 18.4 19.5 21.0 19.3 13.7 8.7 19.6 35.5 19841984 9.4 10.7 10.0 10.2 10.6 9.7 10.5 10.3 9.6 9.7 10.8 10.4 9.6 10.4 11.4 11.7 10.5 11.5 16.1 15.9 16.5 17.3 15.4 10.3 5.8 11.8 15.0 -2.4 19851985 9.9 11.2 10.5 10.8 11.1 10.3 11.1 10.9 10.3 10.5 11.5 11.1 10.5 11.2 12.3 12.6 11.6 12.5 16.9 16.8 17.4 18.3 16.7 12.6 9.4 14.9 18.3 10.5 25.1 19861986 9.9 11.1 10.5 10.7 11.0 10.3 11.0 10.8 10.2 10.4 11.4 11.0 10.4 11.1 12.1 12.4 11.4 12.3 16.2 16.0 16.5 17.2 15.7 12.1 9.3 13.7 15.9 10.0 16.7 9.0 19871987 9.8 10.9 10.3 10.5 10.8 10.1 10.8 10.6 10.0 10.2 11.1 10.7 10.2 10.8 11.7 11.9 11.0 11.8 15.4 15.1 15.5 16.0 14.6 11.3 8.8 12.4 13.8 8.9 13.0 7.4 5.9 19881988 9.8 10.9 10.3 10.5 10.9 10.1 10.8 10.7 10.1 10.2 11.1 10.8 10.2 10.8 11.7 11.9 11.0 11.7 15.1 14.8 15.1 15.6 14.2 11.3 9.1 12.2 13.3 9.4 12.5 8.6 8.4 11.1 19891989 10.1 11.3 10.7 10.9 11.2 10.5 11.2 11.0 10.5 10.7 11.5 11.2 10.7 11.3 12.2 12.4 11.6 12.3 15.5 15.3 15.6 16.0 14.9 12.2 10.4 13.3 14.4 11.3 14.2 11.7 12.6 16.1 21.4 19901990 9.3 10.4 9.8 9.9 10.2 9.5 10.2 10.0 9.4 9.5 10.3 9.9 9.4 9.9 10.6 10.8 9.9 10.5 13.3 13.0 13.1 13.3 12.0 9.5 7.6 9.8 10.3 7.1 8.8 5.8 5.0 4.7 1.7 -14.8 19911991 9.4 10.4 9.8 10.0 10.3 9.6 10.2 10.0 9.5 9.6 10.3 10.0 9.5 10.0 10.7 10.8 10.0 10.6 13.2 12.9 13.0 13.2 12.0 9.7 8.0 10.0 10.5 7.7 9.2 6.8 6.4 6.5 5.0 -2.3 12.0 19921992 9.1 10.1 9.5 9.6 9.9 9.2 9.8 9.6 9.1 9.2 9.9 9.5 9.0 9.5 10.1 10.2 9.4 9.9 12.4 12.0 12.1 12.2 11.0 8.8 7.2 8.9 9.2 6.7 7.8 5.6 5.0 4.9 3.4 -2.0 5.1 -1.4 19931993 9.6 10.6 10.1 10.2 10.5 9.9 10.5 10.3 9.8 9.9 10.6 10.3 9.9 10.4 11.0 11.1 10.4 11.0 13.3 13.1 13.2 13.3 12.3 10.3 8.9 10.7 11.2 9.0 10.3 8.6 8.6 9.0 8.6 5.7 13.5 14.3 32.5 19941994 9.4 10.3 9.8 9.9 10.2 9.6 10.1 10.0 9.5 9.6 10.2 9.9 9.5 9.9 10.5 10.6 9.9 10.4 12.6 12.3 12.4 12.5 11.5 9.6 8.2 9.8 10.2 8.1 9.2 7.6 7.4 7.7 7.1 4.5 9.9 9.3 15.0 -0.21995 9.5 10.4 9.9 10.1 10.3 9.7 10.3 10.1 9.6 9.7 10.4 10.1 9.7 10.1 10.7 10.8 10.1 10.6 12.7 12.4 12.5 12.6 11.7 9.9 8.7 10.1 10.5 8.7 9.7 8.3 8.2 8.5 8.1 6.1 10.8 10.6 14.9 6.91996 9.9 10.9 10.4 10.5 10.8 10.2 10.8 10.6 10.2 10.3 10.9 10.7 10.3 10.7 11.3 11.4 10.8 11.3 13.4 13.2 13.3 13.4 12.6 10.9 9.8 11.3 11.7 10.1 11.2 10.0 10.1 10.6 10.5 9.0 13.6 13.9 18.1 13.61997 10.1 11.0 10.5 10.6 10.9 10.3 10.9 10.7 10.3 10.4 11.1 10.8 10.4 10.9 11.4 11.6 11.0 11.5 13.5 13.2 13.3 13.5 12.7 11.1 10.1 11.5 11.9 10.4 11.4 10.4 10.5 11.0 11.0 9.7 13.8 14.1 17.5 14.01998 9.8 10.6 10.2 10.3 10.5 10.0 10.5 10.4 10.0 10.1 10.6 10.4 10.0 10.4 10.9 11.1 10.5 10.9 12.8 12.5 12.6 12.7 11.9 10.4 9.4 10.7 11.0 9.6 10.5 9.4 9.5 9.8 9.7 8.4 11.7 11.7 14.1 10.71999 10.2 11.1 10.6 10.8 11.0 10.5 11.0 10.9 10.5 10.6 11.2 11.0 10.7 11.1 11.6 11.7 11.2 11.6 13.5 13.3 13.4 13.5 12.8 11.4 10.5 11.8 12.1 10.8 11.8 10.9 11.0 11.5 11.5 10.6 13.8 14.0 16.4 13.92000 10.2 11.0 10.6 10.7 10.9 10.4 10.9 10.8 10.4 10.5 11.1 10.9 10.6 10.9 11.5 11.6 11.1 11.5 13.2 13.0 13.1 13.2 12.5 11.2 10.3 11.5 11.9 10.6 11.5 10.6 10.8 11.1 11.1 10.3 13.1 13.3 15.3 13.02001 9.6 10.4 10.0 10.1 10.3 9.8 10.3 10.1 9.7 9.8 10.3 10.1 9.8 10.1 10.6 10.7 10.1 10.5 12.2 11.9 12.0 12.0 11.3 10.0 9.1 10.2 10.4 9.2 9.9 9.0 9.0 9.3 9.1 8.2 10.5 10.4 11.8 9.42002 9.1 9.8 9.4 9.5 9.7 9.2 9.6 9.5 9.1 9.2 9.6 9.4 9.0 9.4 9.8 9.8 9.3 9.6 11.2 10.9 10.9 10.9 10.2 8.9 8.0 9.0 9.2 7.9 8.5 7.6 7.5 7.7 7.4 6.4 8.4 8.1 9.1 6.72003 9.4 10.2 9.7 9.9 10.1 9.6 10.0 9.9 9.5 9.6 10.1 9.9 9.5 9.8 10.3 10.3 9.8 10.2 11.7 11.4 11.5 11.5 10.8 9.6 8.8 9.7 9.9 8.8 9.4 8.6 8.6 8.8 8.6 7.7 9.7 9.5 10.6 8.62004 9.5 10.3 9.8 10.0 10.2 9.7 10.1 10.0 9.6 9.7 10.2 10.0 9.7 10.0 10.4 10.5 10.0 10.3 11.8 11.6 11.6 11.6 11.0 9.8 9.0 9.9 10.1 9.1 9.7 8.9 8.9 9.1 9.0 8.2 10.0 9.9 10.9 9.12005 9.8 10.5 10.1 10.3 10.5 10.0 10.4 10.3 10.0 10.0 10.5 10.3 10.0 10.3 10.8 10.8 10.4 10.7 12.2 11.9 12.0 12.0 11.4 10.3 9.6 10.5 10.7 9.7 10.3 9.6 9.7 9.9 9.8 9.1 10.9 10.9 11.9 10.32006 9.9 10.7 10.3 10.4 10.6 10.2 10.6 10.5 10.1 10.2 10.7 10.5 10.2 10.5 10.9 11.0 10.6 10.9 12.3 12.1 12.2 12.2 11.6 10.6 9.9 10.8 11.0 10.0 10.6 10.0 10.0 10.2 10.2 9.6 11.3 11.3 12.2 10.82007 9.9 10.7 10.3 10.4 10.6 10.1 10.6 10.4 10.1 10.2 10.7 10.5 10.2 10.5 10.9 11.0 10.6 10.9 12.2 12.0 12.1 12.1 11.6 10.5 9.9 10.7 10.9 10.0 10.6 10.0 10.0 10.2 10.2 9.6 11.2 11.2 12.1 10.72008 8.9 9.6 9.2 9.3 9.4 9.0 9.4 9.2 8.9 8.9 9.3 9.1 8.8 9.1 9.4 9.5 9.0 9.3 10.5 10.3 10.3 10.3 9.7 8.6 7.9 8.7 8.8 7.8 8.3 7.6 7.6 7.6 7.5 6.8 8.1 7.9 8.5 7.12009 9.3 10.0 9.6 9.7 9.9 9.5 9.9 9.7 9.4 9.5 9.9 9.7 9.4 9.7 10.0 10.1 9.7 9.9 11.2 11.0 11.0 11.0 10.4 9.4 8.8 9.5 9.7 8.8 9.3 8.6 8.6 8.8 8.6 8.0 9.4 9.3 9.9 8.72010 9.5 10.2 9.8 9.9 10.1 9.6 10.0 9.9 9.6 9.6 10.1 9.9 9.6 9.9 10.2 10.3 9.9 10.1 11.4 11.2 11.2 11.2 10.6 9.7 9.1 9.8 9.9 9.1 9.6 9.0 9.0 9.1 9.0 8.5 9.8 9.7 10.3 9.22011 9.1 9.8 9.4 9.5 9.6 9.2 9.6 9.5 9.2 9.2 9.6 9.4 9.1 9.4 9.7 9.8 9.3 9.6 10.8 10.5 10.5 10.5 10.0 9.1 8.4 9.1 9.2 8.4 8.8 8.2 8.2 8.3 8.2 7.6 8.8 8.7 9.2 8.1

1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1957

$122

1926 2011


CANADIAN SMALL CAP STOCKS1991–2011: Total Returns (%)

In Canadian Dollars

Data copyright MSCI 2012, all rights reserved.

19951995 14.5 19961996 21.2 28.4 19971997 19.1 21.5 15.0 19981998 13.6 13.2 6.4 -1.6 19991999 17.0 17.6 14.2 13.8 31.7 20002000 15.3 15.5 12.5 11.7 18.9 7.4 20012001 10.9 10.3 7.0 5.0 7.3 -3.1 -12.6 20022002 7.6 6.7 3.4 1.3 2.0 -6.3 -12.5 -12.5 20032003 9.6 9.0 6.5 5.1 6.5 1.0 -1.0 5.3 26.7 20042004 10.1 9.6 7.5 6.4 7.8 3.6 2.7 8.3 20.4 14.5 20052005 11.3 11.0 9.2 8.5 10.0 6.8 6.6 12.1 21.7 19.2 24.1 20062006 11.8 11.5 10.0 9.4 10.9 8.2 8.3 13.1 20.5 18.5 20.6 17.3 20072007 11.6 11.4 10.0 9.5 10.8 8.4 8.5 12.5 18.3 16.3 16.9 13.5 9.8 20082008 7.6 7.1 5.5 4.7 5.3 2.8 2.2 4.5 7.6 4.2 1.7 -4.8 -14.2 -33.0 20092009 9.3 8.9 7.5 6.9 7.7 5.6 5.4 7.9 11.2 8.8 7.7 3.9 -0.2 -4.9 35.1 20102010 9.8 9.5 8.2 7.7 8.5 6.6 6.6 8.9 12.0 10.0 9.3 6.5 4.0 2.1 26.0 17.6 20112011 8.6 8.2 7.0 6.5 7.1 5.3 5.1 7.0 9.4 7.5 6.5 3.8 1.3 -0.7 13.2 3.6 -8.7

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

19911991 17.0 19921992 17.7 18.4 19931993 27.9 33.7 50.9 19941994 17.0 17.0 16.3 -10.3 19951995 16.2 16.0 15.2 0.7 13.1 19961996 18.7 19.0 19.2 10.2 22.1 31.9 19971997 18.0 18.1 18.1 11.1 19.3 22.5 13.8 19981998 12.2 11.5 10.4 3.7 7.6 5.8 -5.2 -21.0 19991999 13.5 13.1 12.4 7.0 10.8 10.3 3.9 -0.7 24.8 20002000 12.3 11.8 11.0 6.2 9.2 8.5 3.3 0.0 12.6 1.5 20012001 13.1 12.7 12.1 8.0 10.9 10.6 6.7 5.0 15.5 11.1 21.6 20022002 11.6 11.1 10.4 6.6 9.0 8.4 4.9 3.2 10.3 5.9 8.1 -3.9 20032003 13.3 13.0 12.5 9.3 11.7 11.5 8.9 8.1 15.0 12.7 16.7 14.4 36.1 20042004 13.0 12.6 12.2 9.2 11.4 11.2 8.8 8.1 14.0 11.9 14.7 12.4 21.6 8.6 20052005 12.8 12.5 12.1 9.3 11.3 11.1 9.0 8.5 13.5 11.7 13.9 12.0 17.9 9.7 10.7 20062006 13.4 13.2 12.8 10.3 12.3 12.2 10.4 10.0 14.7 13.3 15.4 14.2 19.2 14.0 16.8 23.2 20072007 12.8 12.5 12.2 9.8 11.5 11.4 9.7 9.3 13.3 12.0 13.6 12.3 15.8 11.2 12.1 12.8 3.4 20082008 8.3 7.8 7.2 4.8 6.0 5.4 3.5 2.6 5.3 3.3 3.6 1.2 2.1 -3.6 -6.5 -11.6 -25.1 -45.7 20092009 10.9 10.5 10.1 7.9 9.3 9.0 7.4 6.9 9.9 8.5 9.3 7.9 9.6 5.8 5.2 3.9 -1.9 -4.4 68.4 20102010 12.1 11.8 11.5 9.5 10.9 10.7 9.4 9.0 12.0 10.9 11.9 10.9 12.9 9.9 10.1 10.0 6.9 8.1 52.5 38.1 20112011 10.8 10.5 10.1 8.2 9.4 9.1 7.8 7.3 9.9 8.7 9.4 8.3 9.7 6.8 6.5 5.9 2.7 2.5 26.7 10.0 -12.4

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1991

$8.57

1926 2011


MSCI EAFE INDEX1970–2011: Total Returns (%)

In Canadian Dollars

INTERNATIONAL SMALL CAP STOCKS1970–2011: Total Returns (%)

In Canadian Dollars


Index data compiled by Dimensional. Prior to 1981, data provided by the Nomura Securities Investment Trust,

Tokyo, and London School of Business.

19701970 -4.9 19711971 25.9 66.7 19721972 37.2 64.9 63.0 19731973 22.2 32.9 18.7 -13.6 19741974 9.7 13.6 0.0 -21.7 -29.0 19751975 16.0 20.7 11.3 -1.9 4.5 53.7 19761976 15.2 19.0 11.2 1.1 6.5 30.4 10.7 19771977 22.6 27.1 21.5 14.5 22.9 47.5 44.5 88.8 19781978 27.9 32.7 28.4 23.4 32.5 54.9 55.3 84.0 79.4 19791979 24.5 28.2 24.1 19.4 26.0 41.3 38.3 49.0 32.4 -2.4 19801980 25.7 29.2 25.6 21.6 27.7 40.8 38.4 46.3 34.4 16.3 38.6 19811981 23.3 26.2 22.7 18.9 23.8 34.0 31.0 35.4 24.6 10.4 17.4 -0.6 19821982 21.6 24.1 20.9 17.3 21.3 29.8 26.7 29.5 20.1 8.7 12.6 1.5 3.7 19831983 22.7 25.1 22.2 19.0 22.9 30.6 28.0 30.7 22.9 14.0 18.5 12.4 19.6 37.9 19841984 22.4 24.7 21.9 19.0 22.5 29.4 26.9 29.1 22.3 14.7 18.5 13.9 19.2 27.8 18.6 19851985 25.3 27.6 25.2 22.7 26.3 33.1 31.2 33.7 28.1 22.1 26.7 24.5 31.6 42.6 45.0 77.2 19861986 27.0 29.3 27.1 24.9 28.5 35.0 33.4 35.9 31.1 26.0 30.7 29.4 36.5 46.2 49.0 67.1 57.5 19871987 27.3 29.5 27.5 25.4 28.8 34.8 33.3 35.6 31.2 26.7 30.9 29.9 35.8 43.3 44.7 54.6 44.4 32.4 19881988 26.6 28.7 26.7 24.8 27.8 33.3 31.9 33.8 29.7 25.6 29.1 28.0 32.7 38.2 38.3 43.8 34.1 23.7 15.6 19891989 26.7 28.6 26.7 24.9 27.8 32.9 31.5 33.3 29.5 25.7 28.9 27.9 32.0 36.6 36.4 40.3 32.3 24.8 21.2 27.0 19901990 24.1 25.7 23.9 22.0 24.5 29.0 27.5 28.8 25.0 21.3 23.7 22.3 25.2 28.2 26.9 28.3 20.3 12.4 6.5 2.2 -17.9 19911991 23.2 24.7 22.9 21.1 23.4 27.4 26.0 27.1 23.5 20.0 22.1 20.7 23.1 25.4 24.0 24.7 17.6 11.0 6.2 3.2 -6.9 5.4 19921992 21.3 22.7 20.9 19.1 21.1 24.8 23.3 24.1 20.7 17.3 19.0 17.5 19.3 21.0 19.2 19.3 12.7 6.6 2.1 -1.0 -8.9 -4.0 -12.7 19931993 22.1 23.4 21.7 20.0 22.0 25.5 24.1 25.0 21.8 18.7 20.4 19.1 20.9 22.6 21.1 21.4 15.8 10.8 7.6 6.1 1.4 8.8 10.5 39.8 19941994 22.0 23.3 21.7 20.1 22.0 25.4 24.0 24.8 21.8 18.9 20.5 19.3 20.9 22.5 21.2 21.5 16.5 12.1 9.5 8.5 5.2 11.9 14.1 30.4 21.7 19951995 21.0 22.2 20.6 19.1 20.8 23.9 22.6 23.2 20.4 17.6 18.9 17.7 19.2 20.4 19.1 19.1 14.5 10.5 8.0 7.0 4.0 9.0 9.9 18.7 9.4 -1.7 19961996 20.3 21.4 19.9 18.4 20.0 22.9 21.6 22.2 19.4 16.7 17.9 16.8 18.0 19.1 17.8 17.7 13.4 9.8 7.5 6.5 3.9 8.0 8.6 14.6 7.3 0.7 3.3 19971997 19.0 20.0 18.5 17.0 18.5 21.2 19.9 20.3 17.7 15.1 16.1 14.9 16.0 16.8 15.5 15.2 11.2 7.7 5.5 4.5 1.9 5.1 5.1 9.0 2.5 -3.3 -4.0 -10.8 19981998 19.0 20.0 18.5 17.1 18.5 21.1 19.8 20.2 17.7 15.2 16.2 15.1 16.1 16.9 15.7 15.4 11.7 8.5 6.6 5.7 3.6 6.7 6.8 10.5 5.4 1.7 2.9 2.7 18.2 19991999 19.1 20.1 18.7 17.3 18.7 21.1 19.9 20.3 17.9 15.6 16.5 15.5 16.5 17.2 16.1 15.9 12.4 9.6 7.8 7.2 5.4 8.3 8.7 12.1 8.1 5.6 7.5 8.9 20.3 22.5 20002000 18.1 19.0 17.6 16.2 17.5 19.8 18.6 19.0 16.6 14.3 15.2 14.1 15.0 15.6 14.4 14.2 10.9 8.1 6.5 5.7 4.0 6.5 6.6 9.3 5.5 3.0 4.0 4.2 9.7 5.7 -8.8 20012001 17.0 17.8 16.5 15.1 16.3 18.5 17.3 17.6 15.3 13.1 13.8 12.8 13.5 14.0 12.8 12.5 9.3 6.7 5.1 4.3 2.6 4.7 4.6 6.7 3.2 0.8 1.2 0.8 3.9 -0.4 -10.2 -11.6 20022002 16.3 17.1 15.8 14.4 15.6 17.6 16.4 16.6 14.4 12.3 13.0 11.9 12.6 13.0 11.9 11.5 8.5 6.0 4.4 3.7 2.1 4.0 3.8 5.6 2.4 0.2 0.5 0.0 2.4 -1.3 -8.1 -7.8 -3.8 20032003 16.8 17.5 16.2 15.0 16.0 18.0 16.9 17.2 15.0 13.0 13.7 12.7 13.4 13.9 12.8 12.5 9.7 7.4 6.0 5.3 3.9 5.8 5.9 7.7 5.0 3.3 3.9 4.0 6.7 4.5 0.5 3.8 12.4 31.3 20042004 16.9 17.6 16.4 15.2 16.3 18.2 17.1 17.3 15.3 13.4 14.0 13.1 13.7 14.2 13.2 13.0 10.3 8.1 6.9 6.3 5.1 7.0 7.1 8.9 6.5 5.0 5.8 6.1 8.8 7.3 4.5 8.2 15.7 26.8 22.5 20052005 17.0 17.7 16.5 15.3 16.4 18.2 17.2 17.4 15.5 13.6 14.2 13.4 14.0 14.5 13.5 13.3 10.7 8.7 7.5 7.1 5.9 7.7 7.9 9.7 7.5 6.3 7.1 7.6 10.1 9.0 6.9 10.4 16.6 24.4 21.0 19.6 20062006 17.2 17.9 16.8 15.6 16.6 18.5 17.5 17.7 15.8 14.0 14.7 13.8 14.4 14.9 14.0 13.8 11.4 9.5 8.4 8.1 7.0 8.8 9.0 10.8 8.8 7.8 8.7 9.3 11.8 11.0 9.4 12.8 18.5 24.8 22.7 22.8 26.1 20072007 16.5 17.1 16.0 14.9 15.8 17.6 16.6 16.8 14.9 13.2 13.8 12.9 13.5 13.9 13.0 12.8 10.5 8.6 7.6 7.1 6.1 7.7 7.9 9.4 7.5 6.5 7.2 7.6 9.6 8.7 7.1 9.6 13.6 17.4 14.2 11.5 7.7 -7.9 20082008 14.7 15.3 14.2 13.0 13.9 15.5 14.5 14.6 12.8 11.1 11.6 10.7 11.2 11.5 10.5 10.2 7.9 6.1 5.0 4.5 3.4 4.7 4.7 5.9 4.0 2.8 3.1 3.1 4.5 3.2 1.3 2.6 4.8 6.3 1.9 -2.6 -9.1 -22.8 -35.2 20092009 15.0 15.6 14.4 13.4 14.2 15.8 14.8 14.9 13.2 11.5 12.0 11.2 11.6 11.9 11.0 10.8 8.6 6.9 5.8 5.4 4.4 5.7 5.7 6.9 5.2 4.1 4.6 4.7 6.1 5.1 3.4 4.9 7.2 8.8 5.5 2.4 -1.5 -9.3 -10.0 25.1 20102010 15.0 15.5 14.5 13.4 14.2 15.7 14.8 14.9 13.2 11.6 12.1 11.3 11.7 12.0 11.2 10.9 8.8 7.2 6.2 5.8 4.9 6.2 6.2 7.3 5.7 4.8 5.2 5.4 6.7 5.8 4.4 5.8 8.0 9.5 6.7 4.3 1.5 -3.9 -2.5 19.7 14.5 20112011 14.2 14.7 13.6 12.6 13.4 14.8 13.9 14.0 12.3 10.7 11.2 10.4 10.8 11.0 10.2 9.9 7.9 6.2 5.3 4.8 3.9 5.1 5.1 6.1 4.5 3.6 3.9 4.0 5.1 4.2 2.8 3.9 5.6 6.7 3.9 1.5 -1.2 -5.9 -5.4 7.3 -0.6 -13.8

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

19701970 -16.7 19711971 3.4 28.4 19721972 13.1 31.8 35.4 19731973 5.4 14.0 7.4 -14.8 19741974 -1.2 3.1 -4.1 -19.3 -23.6 19751975 4.6 9.5 5.2 -3.3 3.0 38.9 19761976 4.2 8.1 4.5 -2.1 2.6 18.9 1.8 19771977 6.9 10.8 8.1 3.3 8.4 21.9 14.2 28.0 19781978 10.5 14.4 12.6 9.2 14.7 27.0 23.3 35.7 43.8 19791979 9.7 13.1 11.3 8.3 12.7 21.8 17.9 23.8 21.7 3.1 19801980 11.1 14.3 12.8 10.3 14.4 22.4 19.4 24.2 22.9 13.7 25.4 19811981 9.8 12.6 11.1 8.7 12.1 18.4 15.3 18.2 15.9 7.9 10.3 -3.0 19821982 9.2 11.7 10.2 8.0 10.9 16.2 13.3 15.3 12.9 6.3 7.4 -0.6 1.7 19831983 10.2 12.7 11.4 9.5 12.3 17.2 14.7 16.7 14.9 9.8 11.6 7.3 12.9 25.3 19841984 10.5 12.8 11.6 9.9 12.4 16.8 14.6 16.3 14.8 10.5 12.1 9.0 13.3 19.5 14.1 19851985 13.3 15.7 14.8 13.4 16.1 20.6 18.9 21.0 20.1 17.1 19.6 18.4 24.5 33.2 37.3 65.2 19861986 15.9 18.4 17.7 16.6 19.4 23.9 22.6 24.9 24.6 22.4 25.4 25.5 32.1 41.0 46.6 66.3 67.3 19871987 16.0 18.3 17.7 16.6 19.2 23.4 22.2 24.2 23.9 21.8 24.4 24.3 29.5 35.9 38.7 48.0 40.1 17.3 19881988 16.1 18.3 17.7 16.7 19.1 23.0 21.8 23.7 23.3 21.4 23.6 23.4 27.7 32.7 34.2 39.8 32.2 17.5 17.7 19891989 15.6 17.7 17.1 16.1 18.4 21.9 20.7 22.3 21.9 20.1 21.9 21.5 25.0 28.7 29.3 32.6 25.5 14.0 12.4 7.4 19901990 13.4 15.2 14.5 13.5 15.4 18.4 17.1 18.3 17.6 15.7 16.9 16.0 18.4 20.6 20.0 21.0 13.7 3.2 -1.1 -9.3 -23.4 19911991 13.3 15.0 14.4 13.4 15.2 18.0 16.8 17.9 17.2 15.3 16.4 15.6 17.7 19.6 18.9 19.6 13.4 4.9 2.0 -2.8 -7.5 11.7 19921992 12.5 14.1 13.5 12.5 14.1 16.7 15.5 16.4 15.7 13.9 14.8 13.9 15.6 17.1 16.2 16.5 10.8 3.5 0.9 -2.9 -6.1 3.9 -3.4 19931993 13.5 15.0 14.5 13.6 15.2 17.7 16.6 17.6 16.9 15.4 16.3 15.6 17.3 18.8 18.2 18.7 13.9 7.8 6.3 4.1 3.3 14.2 15.4 37.9 19941994 13.5 15.0 14.5 13.6 15.2 17.5 16.5 17.4 16.8 15.3 16.1 15.5 17.1 18.5 17.9 18.2 13.9 8.6 7.4 5.8 5.4 14.2 15.0 25.5 14.3 19951995 13.3 14.7 14.2 13.3 14.8 17.1 16.1 16.9 16.3 14.9 15.6 15.0 16.4 17.6 17.0 17.3 13.3 8.5 7.5 6.1 5.9 13.0 13.3 19.5 11.2 8.2 19961996 13.1 14.4 13.9 13.1 14.5 16.6 15.6 16.3 15.8 14.4 15.1 14.5 15.7 16.8 16.2 16.4 12.7 8.3 7.4 6.2 6.0 11.9 11.9 16.1 9.6 7.4 6.6 19971997 12.8 14.1 13.6 12.8 14.1 16.1 15.2 15.8 15.3 13.9 14.6 14.0 15.1 16.1 15.4 15.5 12.1 8.1 7.3 6.2 6.0 11.0 10.9 14.1 8.8 7.0 6.4 6.2 19981998 13.3 14.6 14.1 13.3 14.6 16.6 15.7 16.4 15.9 14.6 15.3 14.7 15.9 16.8 16.3 16.4 13.3 9.7 9.1 8.2 8.3 13.1 13.3 16.4 12.5 12.0 13.3 16.9 28.6 19991999 13.5 14.7 14.3 13.6 14.8 16.7 15.9 16.5 16.0 14.9 15.5 15.0 16.1 17.0 16.5 16.6 13.8 10.4 9.9 9.2 9.4 13.8 14.1 16.8 13.6 13.5 14.8 17.8 24.0 19.5 20002000 12.6 13.8 13.3 12.6 13.8 15.5 14.7 15.2 14.7 13.5 14.1 13.5 14.5 15.2 14.7 14.7 11.9 8.8 8.1 7.4 7.4 11.1 11.0 12.9 9.8 9.0 9.2 9.9 11.1 3.2 -10.8 20012001 11.6 12.7 12.2 11.4 12.5 14.1 13.3 13.8 13.2 12.0 12.5 11.9 12.7 13.3 12.7 12.6 9.9 6.9 6.2 5.3 5.1 8.2 7.9 9.2 6.1 4.9 4.4 4.0 3.4 -3.8 -13.7 -16.5 20022002 10.6 11.6 11.1 10.4 11.3 12.9 12.0 12.4 11.8 10.7 11.0 10.4 11.1 11.6 10.9 10.7 8.1 5.2 4.4 3.6 3.3 5.9 5.4 6.3 3.2 1.9 1.1 0.2 -1.0 -7.2 -14.7 -16.7 -16.8 20032003 10.7 11.7 11.2 10.5 11.4 12.9 12.0 12.4 11.9 10.8 11.1 10.5 11.2 11.6 11.0 10.8 8.4 5.7 5.0 4.2 4.0 6.4 6.0 6.9 4.2 3.2 2.6 2.0 1.3 -3.4 -8.4 -7.6 -2.8 13.6 20042004 10.7 11.6 11.2 10.5 11.4 12.8 12.0 12.4 11.9 10.8 11.1 10.6 11.2 11.6 11.0 10.9 8.6 6.0 5.4 4.6 4.5 6.8 6.4 7.3 4.9 4.0 3.5 3.1 2.7 -1.1 -4.7 -3.2 1.8 12.5 11.5 20052005 10.7 11.6 11.2 10.5 11.4 12.8 12.0 12.4 11.8 10.8 11.1 10.6 11.2 11.6 11.0 10.9 8.7 6.2 5.7 5.0 4.8 7.1 6.7 7.6 5.3 4.6 4.2 4.0 3.7 0.5 -2.3 -0.5 3.9 11.9 11.1 10.7 20062006 11.1 12.0 11.6 10.9 11.8 13.2 12.4 12.8 12.3 11.3 11.6 11.1 11.7 12.2 11.6 11.5 9.5 7.2 6.6 6.1 6.0 8.2 7.9 8.8 6.8 6.2 6.0 6.0 6.0 3.4 1.3 3.5 8.0 15.3 15.9 18.1 26.1 20072007 10.6 11.5 11.1 10.4 11.3 12.6 11.8 12.2 11.7 10.7 11.0 10.5 11.0 11.4 10.9 10.7 8.7 6.5 6.0 5.4 5.3 7.3 7.0 7.8 5.9 5.3 5.0 4.9 4.8 2.4 0.5 2.2 5.7 10.9 10.2 9.8 9.3 -5.3 20082008 9.3 10.1 9.7 9.0 9.8 11.0 10.2 10.5 10.0 9.0 9.2 8.6 9.1 9.4 8.8 8.6 6.6 4.5 3.9 3.2 3.0 4.7 4.3 4.9 3.0 2.2 1.7 1.4 0.9 -1.5 -3.6 -2.7 -0.5 2.5 0.4 -2.1 -6.1 -18.9 -30.7 20092009 9.4 10.2 9.8 9.1 9.9 11.0 10.3 10.6 10.1 9.1 9.3 8.8 9.3 9.6 9.0 8.8 6.9 4.9 4.3 3.7 3.6 5.2 4.9 5.4 3.6 2.9 2.6 2.3 1.9 -0.2 -2.0 -0.9 1.2 4.1 2.6 0.9 -1.5 -9.2 -11.2 13.8 20102010 9.3 10.0 9.6 9.0 9.7 10.8 10.1 10.3 9.8 8.9 9.1 8.6 9.0 9.3 8.7 8.5 6.7 4.7 4.2 3.7 3.5 5.1 4.7 5.2 3.5 2.9 2.5 2.3 2.0 0.0 -1.6 -0.6 1.3 3.8 2.5 1.1 -0.7 -6.5 -6.9 7.9 2.2 20112011 8.7 9.5 9.0 8.4 9.1 10.2 9.5 9.7 9.2 8.3 8.4 7.9 8.3 8.5 8.0 7.8 6.0 4.1 3.6 3.0 2.8 4.3 3.9 4.3 2.7 2.1 1.7 1.4 1.0 -0.8 -2.4 -1.5 0.1 2.2 0.8 -0.6 -2.4 -7.3 -7.8 1.5 -4.2 -10.3

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$34

1926 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$264

1926 2011


INTERNATIONAL LARGE CAP VALUE STOCKS1975–2011: Total Returns (%)

In Canadian Dollars

INTERNATIONAL LARGE CAP GROWTH STOCKS1975–2011: Total Returns (%)

In Canadian Dollars



19751975 42.6 19761976 21.0 2.6 19771977 27.3 20.3 41.0 19781978 33.7 30.8 47.7 54.7 19791979 27.2 23.6 31.6 27.1 4.4 19801980 26.3 23.2 29.0 25.2 12.7 21.6 19811981 23.5 20.6 24.6 20.8 11.2 14.7 8.3 19821982 20.5 17.7 20.4 16.6 8.7 10.1 4.8 1.5 19831983 21.6 19.3 21.8 18.9 12.8 15.0 12.9 15.3 31.1 19841984 21.1 18.9 21.1 18.5 13.3 15.2 13.6 15.5 23.2 15.8 19851985 24.5 22.8 25.2 23.4 19.5 22.2 22.3 26.1 35.6 37.9 64.2 19861986 27.3 26.0 28.6 27.3 24.2 27.4 28.4 32.8 42.0 45.9 63.7 63.3 19871987 27.3 26.1 28.5 27.3 24.6 27.3 28.2 31.8 38.9 41.0 50.5 44.1 27.1 19881988 27.3 26.2 28.4 27.3 24.8 27.3 28.1 31.2 36.9 38.1 44.3 38.2 27.2 27.2 19891989 26.4 25.3 27.3 26.2 23.9 26.0 26.5 29.0 33.5 33.9 37.9 32.0 22.9 20.8 14.8 19901990 22.7 21.5 23.0 21.7 19.3 20.7 20.6 22.1 24.9 24.1 25.5 18.9 9.9 4.6 -5.1 -21.5 19911991 21.9 20.7 22.0 20.8 18.5 19.7 19.6 20.7 23.1 22.2 23.1 17.3 9.8 5.8 -0.4 -7.3 9.5 19921992 20.5 19.3 20.4 19.2 17.0 18.0 17.7 18.6 20.5 19.4 19.8 14.5 7.9 4.5 -0.5 -5.2 4.2 -0.8 19931993 22.0 21.0 22.1 21.0 19.1 20.2 20.1 21.1 23.1 22.3 23.1 18.7 13.4 11.3 8.4 6.8 18.4 23.1 52.8 19941994 22.1 21.1 22.2 21.2 19.3 20.4 20.3 21.3 23.1 22.4 23.1 19.2 14.6 12.9 10.7 9.9 19.6 23.1 37.2 23.2 19951995 21.3 20.3 21.4 20.4 18.6 19.5 19.4 20.2 21.8 21.1 21.6 18.0 13.8 12.2 10.2 9.5 17.0 19.0 26.4 15.0 7.3 19961996 20.8 19.9 20.8 19.8 18.1 19.0 18.8 19.6 21.0 20.3 20.6 17.3 13.5 12.1 10.3 9.7 16.0 17.3 22.3 13.6 9.0 10.8 19971997 20.1 19.1 20.0 19.0 17.4 18.2 18.0 18.6 19.8 19.1 19.3 16.2 12.7 11.3 9.7 9.0 14.3 15.1 18.6 11.3 7.6 7.7 4.8 19981998 20.6 19.7 20.5 19.6 18.1 18.9 18.7 19.3 20.6 19.9 20.2 17.3 14.2 13.0 11.7 11.4 16.4 17.4 20.7 15.2 13.2 15.3 17.6 32.0 19991999 20.7 19.9 20.7 19.9 18.4 19.2 19.0 19.7 20.8 20.2 20.5 17.9 15.0 14.0 12.9 12.7 17.3 18.3 21.3 16.8 15.5 17.7 20.1 28.5 25.2 20002000 20.2 19.4 20.2 19.3 17.9 18.6 18.5 19.0 20.1 19.5 19.7 17.2 14.5 13.5 12.5 12.3 16.4 17.1 19.6 15.5 14.3 15.7 17.0 21.3 16.3 8.1 20012001 18.9 18.1 18.8 17.9 16.5 17.1 16.9 17.4 18.3 17.6 17.7 15.3 12.6 11.7 10.5 10.2 13.7 14.1 15.9 11.9 10.4 10.9 11.0 12.6 6.7 -1.4 -10.1 20022002 17.5 16.7 17.3 16.4 15.0 15.5 15.3 15.6 16.4 15.6 15.6 13.3 10.7 9.7 8.5 8.1 11.0 11.1 12.4 8.6 6.9 6.8 6.2 6.5 0.9 -6.1 -12.4 -14.7 20032003 18.2 17.4 18.0 17.2 15.9 16.4 16.2 16.6 17.3 16.7 16.7 14.5 12.2 11.3 10.3 10.0 12.9 13.2 14.5 11.3 10.0 10.4 10.3 11.3 7.5 3.5 2.1 8.8 38.6 20042004 18.3 17.5 18.1 17.3 16.1 16.6 16.4 16.7 17.5 16.9 16.9 14.9 12.6 11.8 11.0 10.7 13.5 13.8 15.1 12.1 11.1 11.5 11.6 12.6 9.7 6.8 6.5 12.7 29.6 21.1 20052005 18.1 17.4 17.9 17.1 15.9 16.4 16.2 16.6 17.3 16.7 16.7 14.7 12.6 11.9 11.0 10.8 13.4 13.6 14.8 12.1 11.2 11.6 11.7 12.6 10.0 7.7 7.6 12.6 23.5 16.6 12.2 20062006 18.5 17.8 18.4 17.7 16.5 17.0 16.8 17.2 17.9 17.3 17.4 15.5 13.6 12.9 12.1 12.0 14.5 14.8 16.0 13.6 12.8 13.4 13.6 14.7 12.7 11.0 11.5 16.4 25.7 21.7 22.0 32.7 20072007 17.6 16.9 17.3 16.6 15.5 15.9 15.7 16.0 16.6 16.1 16.1 14.3 12.3 11.6 10.9 10.7 12.9 13.1 14.1 11.8 11.0 11.3 11.3 12.0 10.0 8.2 8.2 11.6 17.8 13.1 10.5 9.6 -9.4 20082008 15.6 14.9 15.3 14.6 13.4 13.8 13.5 13.7 14.2 13.6 13.5 11.7 9.7 9.0 8.1 7.8 9.7 9.7 10.4 8.1 7.1 7.0 6.7 6.9 4.7 2.6 2.0 3.8 7.3 1.9 -2.4 -6.8 -22.0 -32.8 20092009 16.0 15.3 15.7 15.0 13.9 14.2 14.0 14.2 14.7 14.1 14.0 12.3 10.5 9.8 9.0 8.7 10.6 10.7 11.4 9.2 8.4 8.4 8.3 8.6 6.6 4.9 4.6 6.6 10.0 5.9 3.1 0.9 -7.9 -7.1 28.4 20102010 15.7 15.1 15.4 14.8 13.7 14.0 13.8 13.9 14.4 13.8 13.8 12.1 10.4 9.7 9.0 8.7 10.5 10.5 11.2 9.1 8.3 8.4 8.2 8.5 6.7 5.2 4.9 6.7 9.7 6.1 3.8 2.2 -4.3 -2.5 17.5 7.5 20112011 14.8 14.1 14.4 13.7 12.7 12.9 12.7 12.8 13.2 12.7 12.5 10.9 9.2 8.5 7.8 7.5 9.1 9.1 9.6 7.6 6.7 6.7 6.4 6.6 4.8 3.3 2.9 4.3 6.6 3.2 0.8 -0.9 -6.6 -5.8 5.3 -4.6 -15.3

1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

19751975 33.0 19761976 15.4 0.1 19771977 17.8 10.8 22.6 19781978 23.5 20.5 32.2 42.6 19791979 19.2 15.9 21.7 21.3 3.1 19801980 21.0 18.7 23.8 24.2 16.0 30.4 19811981 16.3 13.7 16.6 15.2 7.3 9.4 -8.2 19821982 14.5 12.0 14.1 12.5 6.0 7.0 -3.0 2.4 19831983 15.1 13.0 15.0 13.8 8.7 10.2 4.2 11.0 20.3 19841984 14.3 12.4 14.0 12.8 8.5 9.6 5.0 9.8 13.6 7.4 19851985 18.3 16.9 18.9 18.4 15.3 17.5 15.1 21.8 29.0 33.6 66.3 19861986 22.0 21.0 23.4 23.4 21.2 24.1 23.1 30.5 38.6 45.3 69.1 72.0 19871987 21.5 20.6 22.7 22.7 20.6 23.0 22.0 27.9 33.7 37.3 49.1 41.1 15.8 19881988 20.4 19.5 21.3 21.1 19.2 21.1 20.0 24.7 28.8 30.6 37.2 28.6 11.3 6.9 19891989 19.2 18.3 19.8 19.6 17.7 19.2 18.1 21.8 24.9 25.7 29.7 21.9 8.7 5.3 3.8 19901990 15.9 14.8 15.9 15.4 13.4 14.4 12.9 15.5 17.3 16.9 18.5 10.8 -0.8 -5.7 -11.5 -24.5 19911991 15.6 14.5 15.6 15.1 13.2 14.1 12.7 15.1 16.6 16.1 17.4 10.8 1.5 -1.8 -4.6 -8.5 10.8 19921992 14.3 13.3 14.2 13.7 11.8 12.5 11.2 13.1 14.3 13.6 14.4 8.5 0.4 -2.4 -4.6 -7.2 2.9 -4.5 19931993 15.1 14.2 15.0 14.6 12.9 13.7 12.5 14.4 15.5 15.1 16.0 10.9 4.1 2.3 1.4 0.8 11.0 11.1 29.2 19941994 15.0 14.1 14.9 14.5 12.9 13.6 12.5 14.3 15.3 14.9 15.7 11.1 5.2 3.8 3.3 3.2 11.6 11.8 21.0 13.3 19951995 14.8 13.9 14.7 14.3 12.8 13.4 12.4 14.0 14.9 14.5 15.2 11.0 5.7 4.6 4.2 4.3 11.3 11.4 17.2 11.7 10.1 19961996 14.3 13.5 14.2 13.7 12.3 12.9 11.9 13.4 14.2 13.7 14.3 10.4 5.7 4.6 4.3 4.4 10.2 10.0 14.0 9.4 7.4 4.9 19971997 14.1 13.3 13.9 13.5 12.2 12.7 11.7 13.1 13.8 13.4 13.9 10.3 6.0 5.0 4.8 5.0 10.0 9.9 13.0 9.3 8.0 7.0 9.1 19981998 14.8 14.0 14.7 14.3 13.1 13.6 12.8 14.2 14.9 14.6 15.1 11.9 8.0 7.3 7.3 7.7 12.6 12.9 16.1 13.6 13.7 14.9 20.3 32.5 19991999 15.0 14.3 15.0 14.6 13.5 14.0 13.2 14.5 15.3 15.0 15.5 12.5 8.9 8.4 8.5 9.0 13.5 13.9 16.8 14.8 15.1 16.4 20.6 26.7 21.2 20002000 13.5 12.8 13.3 12.9 11.7 12.2 11.3 12.5 13.1 12.6 13.0 10.1 6.7 6.0 5.9 6.1 9.8 9.7 11.6 9.3 8.6 8.3 9.2 9.2 -0.9 -18.9 20012001 12.1 11.4 11.9 11.4 10.2 10.6 9.7 10.7 11.2 10.7 10.9 8.1 4.8 4.0 3.8 3.8 6.9 6.5 7.8 5.4 4.3 3.4 3.1 1.6 -7.0 -18.5 -18.1 20022002 11.0 10.3 10.7 10.2 9.1 9.3 8.5 9.3 9.7 9.1 9.2 6.6 3.4 2.7 2.4 2.3 4.9 4.4 5.3 2.9 1.7 0.5 -0.2 -1.9 -9.0 -17.3 -16.5 -14.9 20032003 11.0 10.2 10.6 10.2 9.1 9.3 8.5 9.3 9.7 9.2 9.2 6.7 3.8 3.1 2.8 2.7 5.2 4.8 5.6 3.5 2.5 1.6 1.1 -0.1 -5.6 -11.4 -8.7 -3.6 9.3 20042004 10.8 10.1 10.5 10.1 9.0 9.2 8.4 9.2 9.6 9.1 9.2 6.8 4.0 3.3 3.1 3.1 5.4 5.0 5.8 3.9 3.0 2.2 1.9 0.9 -3.6 -7.9 -4.9 0.0 8.4 7.4 20052005 10.8 10.2 10.5 10.1 9.1 9.3 8.5 9.3 9.6 9.1 9.2 7.0 4.3 3.7 3.5 3.5 5.7 5.4 6.2 4.4 3.7 3.0 2.8 2.1 -1.7 -5.0 -2.0 2.6 9.1 9.0 10.7 20062006 11.2 10.5 10.9 10.5 9.5 9.8 9.0 9.8 10.1 9.7 9.8 7.7 5.2 4.6 4.5 4.5 6.7 6.4 7.3 5.7 5.1 4.7 4.7 4.2 1.1 -1.5 1.8 6.3 12.3 13.4 16.5 22.5 20072007 10.8 10.1 10.5 10.1 9.1 9.3 8.6 9.3 9.6 9.2 9.3 7.2 4.8 4.3 4.2 4.2 6.2 5.9 6.6 5.2 4.6 4.1 4.0 3.6 0.8 -1.5 1.2 4.9 9.3 9.3 10.0 9.6 -1.9 20082008 9.3 8.7 9.0 8.6 7.6 7.7 7.0 7.6 7.8 7.3 7.3 5.3 3.0 2.4 2.2 2.1 3.8 3.5 4.0 2.5 1.7 1.1 0.8 0.1 -2.7 -5.0 -3.1 -0.7 1.8 0.4 -1.3 -5.0 -16.3 -28.6 20092009 9.1 8.5 8.8 8.4 7.4 7.5 6.8 7.4 7.6 7.1 7.1 5.2 3.0 2.4 2.2 2.1 3.8 3.4 3.9 2.5 1.8 1.2 0.9 0.3 -2.2 -4.3 -2.5 -0.4 1.9 0.7 -0.6 -3.2 -10.5 -14.6 2.3 20102010 9.1 8.4 8.7 8.3 7.4 7.5 6.8 7.4 7.6 7.1 7.1 5.2 3.1 2.6 2.4 2.3 3.9 3.6 4.0 2.7 2.1 1.6 1.3 0.8 -1.5 -3.4 -1.6 0.4 2.5 1.5 0.6 -1.3 -6.5 -8.0 4.4 6.5 20112011 8.6 8.0 8.2 7.8 6.9 7.0 6.4 6.9 7.0 6.6 6.6 4.8 2.7 2.2 2.0 1.9 3.4 3.0 3.4 2.2 1.5 1.0 0.8 0.2 -1.9 -3.6 -2.1 -0.3 1.4 0.5 -0.5 -2.2 -6.5 -7.7 0.6 -0.2 -6.5

1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1975

$164

1926 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1975

$21

1926 2011


JAPAN SMALL CAP STOCKS1970–2011: Total Returns (%)

In Canadian Dollars

Index data compiled by Dimensional. Prior to 1981, index data provided by the

Nomura Securities Investment Trust, Tokyo.

19701970 -8.0 19711971 18.7 53.1 19721972 43.1 78.4 107.9 19731973 31.0 47.3 44.5 0.5 19741974 23.4 32.8 26.6 -1.2 -2.8 19751975 22.6 29.9 24.7 5.1 7.5 18.9 19761976 24.6 31.1 27.1 12.3 16.6 27.7 37.1 19771977 27.0 33.0 29.9 18.3 23.2 33.3 41.2 45.3 19781978 34.5 41.0 39.4 30.4 37.3 49.7 61.7 75.6 112.1 19791979 27.4 32.0 29.6 21.2 25.0 31.5 34.8 34.0 28.7 -21.9 19801980 28.3 32.7 30.6 23.2 26.8 32.6 35.5 35.1 31.8 3.9 38.3 19811981 25.4 29.0 26.8 20.0 22.7 26.8 28.2 26.5 22.2 1.6 15.9 -2.8 19821982 23.6 26.6 24.5 18.3 20.4 23.7 24.4 22.4 18.2 2.2 11.7 0.4 3.8 19831983 25.1 28.1 26.2 20.6 22.9 26.1 27.0 25.6 22.6 9.9 19.7 14.1 23.6 47.2 19841984 25.1 27.9 26.1 21.0 23.1 26.0 26.8 25.6 23.0 12.3 20.8 16.7 24.1 35.7 25.1 19851985 27.3 30.1 28.6 23.9 26.1 29.1 30.2 29.4 27.6 18.6 27.2 25.1 33.2 44.8 43.7 64.9 19861986 28.8 31.6 30.3 26.0 28.2 31.2 32.4 31.9 30.5 22.8 31.0 29.8 37.6 47.6 47.7 60.5 56.3 19871987 30.6 33.3 32.1 28.2 30.5 33.4 34.7 34.5 33.5 26.8 34.7 34.2 41.6 50.7 51.6 61.6 59.9 63.7 19881988 30.0 32.5 31.4 27.6 29.7 32.4 33.5 33.2 32.1 26.0 32.9 32.3 38.2 45.0 44.5 49.8 45.1 39.9 19.5 19891989 30.2 32.6 31.6 28.1 30.1 32.6 33.6 33.4 32.4 26.9 33.2 32.6 37.9 43.6 43.0 46.9 42.7 38.4 27.3 35.5 19901990 26.2 28.2 27.1 23.6 25.1 27.1 27.7 27.1 25.8 20.4 25.2 24.0 27.4 30.7 28.5 29.1 22.9 15.7 3.1 -4.2 -32.3 19911991 25.2 27.0 25.9 22.6 23.9 25.7 26.2 25.5 24.2 19.1 23.4 22.1 25.0 27.6 25.3 25.3 19.7 13.5 3.6 -1.2 -15.7 5.1 19921992 22.8 24.4 23.2 20.0 21.2 22.6 22.9 22.0 20.6 15.8 19.4 18.0 20.1 21.8 19.3 18.6 13.1 7.2 -1.5 -6.2 -17.0 -8.0 -19.5 19931993 22.9 24.4 23.2 20.2 21.3 22.7 22.9 22.2 20.8 16.4 19.7 18.4 20.4 22.0 19.8 19.2 14.4 9.5 2.4 -0.8 -8.2 1.6 -0.1 24.1 19941994 23.4 24.9 23.8 20.9 22.0 23.4 23.6 22.9 21.7 17.6 20.8 19.7 21.6 23.2 21.3 20.9 16.8 12.6 6.7 4.7 -0.5 9.5 11.1 30.5 37.2 19951995 21.9 23.3 22.2 19.4 20.3 21.6 21.7 20.9 19.7 15.7 18.6 17.4 19.0 20.3 18.3 17.7 13.8 9.8 4.5 2.5 -2.2 5.3 5.4 15.3 11.1 -10.0 19961996 20.0 21.3 20.2 17.4 18.2 19.3 19.3 18.5 17.2 13.4 15.9 14.7 15.9 16.9 14.8 14.0 10.2 6.4 1.5 -0.6 -4.9 0.7 -0.2 5.3 -0.3 -15.0 -19.6 19971997 16.5 17.6 16.4 13.7 14.3 15.1 14.9 14.0 12.6 8.9 10.9 9.5 10.3 10.8 8.6 7.4 3.6 -0.2 -5.0 -7.4 -11.7 -8.3 -10.3 -8.4 -15.1 -27.6 -35.1 -47.5 19981998 16.8 17.8 16.7 14.1 14.7 15.5 15.4 14.5 13.2 9.7 11.7 10.3 11.2 11.6 9.6 8.6 5.1 1.7 -2.6 -4.6 -8.2 -4.6 -6.0 -3.5 -8.2 -17.0 -19.2 -18.9 25.2 19991999 17.6 18.6 17.5 15.0 15.6 16.5 16.4 15.5 14.3 11.0 13.0 11.8 12.7 13.2 11.4 10.5 7.4 4.3 0.5 -1.1 -4.2 -0.4 -1.0 1.9 -1.4 -7.7 -7.1 -2.4 33.0 41.3 20002000 16.5 17.4 16.3 13.9 14.5 15.2 15.0 14.2 13.0 9.8 11.6 10.4 11.2 11.6 9.8 8.9 5.9 3.0 -0.6 -2.1 -4.9 -1.6 -2.4 0.0 -3.0 -8.4 -8.1 -5.0 15.8 11.4 -12.2 20012001 15.4 16.3 15.2 12.9 13.4 14.0 13.8 13.0 11.8 8.7 10.4 9.2 9.9 10.2 8.4 7.5 4.7 1.9 -1.5 -2.9 -5.6 -2.7 -3.4 -1.5 -4.3 -9.0 -8.9 -6.6 8.0 2.7 -12.4 -12.6 20022002 14.9 15.7 14.6 12.4 12.8 13.4 13.2 12.4 11.2 8.3 9.8 8.7 9.3 9.6 7.9 7.0 4.3 1.7 -1.5 -2.8 -5.3 -2.6 -3.3 -1.5 -4.0 -8.1 -7.9 -5.7 6.0 1.7 -8.9 -7.2 -1.5 20032003 15.3 16.1 15.1 12.9 13.4 14.0 13.8 13.0 11.9 9.1 10.6 9.6 10.2 10.5 8.9 8.1 5.6 3.2 0.3 -0.9 -3.1 -0.4 -0.8 1.1 -1.0 -4.5 -3.8 -1.3 9.7 6.8 -0.4 3.9 13.3 30.3 20042004 15.5 16.3 15.4 13.3 13.7 14.3 14.1 13.4 12.3 9.6 11.1 10.1 10.7 11.0 9.6 8.8 6.5 4.2 1.5 0.5 -1.5 1.2 0.9 2.8 1.1 -2.0 -1.1 1.6 11.6 9.5 4.0 8.6 16.7 27.0 23.8 20052005 16.1 16.8 15.9 13.9 14.3 14.9 14.8 14.1 13.1 10.5 12.0 11.1 11.7 12.0 10.7 10.0 7.8 5.7 3.2 2.3 0.5 3.2 3.1 5.1 3.6 1.0 2.2 4.9 14.4 13.0 8.8 13.6 21.3 30.0 29.9 36.3 20062006 15.1 15.8 14.9 12.9 13.3 13.8 13.7 13.0 12.0 9.5 10.9 9.9 10.5 10.7 9.4 8.7 6.6 4.6 2.1 1.2 -0.5 1.9 1.7 3.5 2.0 -0.5 0.4 2.7 10.7 9.0 5.0 8.2 12.9 16.8 12.7 7.5 -15.2 20072007 13.9 14.5 13.6 11.7 12.0 12.5 12.3 11.6 10.6 8.1 9.4 8.5 8.9 9.1 7.8 7.1 5.0 3.0 0.7 -0.2 -1.9 0.3 0.0 1.4 0.0 -2.4 -1.8 0.0 6.7 4.8 1.0 3.0 5.9 7.4 2.3 -3.9 -19.4 -23.3 20082008 13.6 14.2 13.3 11.4 11.7 12.2 12.0 11.3 10.3 7.9 9.2 8.2 8.7 8.9 7.6 6.9 4.9 3.0 0.8 -0.1 -1.7 0.4 0.1 1.5 0.1 -2.1 -1.5 0.2 6.3 4.6 1.1 2.9 5.4 6.6 2.4 -2.4 -12.7 -11.4 2.4 20092009 13.0 13.6 12.7 10.8 11.1 11.6 11.3 10.6 9.7 7.4 8.5 7.6 8.0 8.2 6.9 6.3 4.3 2.5 0.3 -0.5 -2.0 -0.1 -0.4 0.9 -0.4 -2.5 -1.9 -0.4 5.0 3.4 0.2 1.7 3.6 4.4 0.6 -3.5 -11.5 -10.2 -2.8 -7.8 20102010 13.0 13.6 12.7 10.9 11.2 11.6 11.4 10.7 9.8 7.6 8.7 7.8 8.2 8.4 7.1 6.5 4.7 2.9 0.9 0.1 -1.3 0.5 0.3 1.5 0.3 -1.6 -1.0 0.5 5.6 4.1 1.3 2.8 4.6 5.4 2.3 -0.9 -7.0 -4.9 2.2 2.1 13.0 20112011 12.7 13.2 12.4 10.6 10.9 11.3 11.1 10.4 9.6 7.4 8.5 7.6 8.0 8.1 6.9 6.3 4.5 2.9 0.9 0.2 -1.2 0.6 0.4 1.5 0.4 -1.4 -0.8 0.6 5.3 3.9 1.3 2.6 4.3 5.0 2.2 -0.6 -5.7 -3.6 2.0 1.9 7.1 1.5

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$151

1926 2011


JAPAN LARGE CAP STOCKS1970–2011: Total Returns (%)

In Canadian Dollars


19701970 -17.3 19711971 12.2 52.2 19721972 41.3 84.7 124.1 19731973 22.4 39.5 33.6 -20.4 19741974 13.4 22.7 14.2 -18.5 -16.6 19751975 14.8 22.6 16.2 -6.7 1.1 22.4 19761976 16.1 22.9 17.8 0.3 8.3 23.3 24.3 19771977 17.2 23.2 19.0 4.8 12.3 23.9 24.7 25.1 19781978 21.8 27.9 24.7 13.1 21.3 33.2 37.0 43.9 65.6 19791979 17.7 22.4 19.1 8.8 14.7 22.2 22.1 21.4 19.6 -13.6 19801980 19.0 23.4 20.6 11.6 17.1 23.9 24.2 24.1 23.8 7.1 32.7 19811981 18.6 22.6 20.0 11.9 16.8 22.5 22.5 22.2 21.5 9.6 23.4 14.7 19821982 17.3 20.8 18.3 11.0 15.1 19.9 19.5 18.7 17.5 7.8 16.1 8.5 2.7 19831983 17.9 21.2 18.9 12.3 16.2 20.5 20.3 19.7 18.9 11.2 18.5 14.1 13.8 26.1 19841984 18.3 21.4 19.3 13.2 16.9 20.9 20.7 20.3 19.6 13.3 19.6 16.5 17.2 25.1 24.1 19851985 20.2 23.2 21.3 15.8 19.4 23.4 23.5 23.4 23.2 18.1 24.4 22.8 24.9 33.3 37.1 51.4 19861986 23.7 26.9 25.3 20.2 24.1 28.3 28.8 29.3 29.8 25.9 32.8 32.8 36.8 47.0 54.7 72.6 96.9 19871987 24.3 27.3 25.9 21.1 24.8 28.8 29.3 29.8 30.2 26.8 33.1 33.1 36.4 44.4 49.4 58.9 62.8 34.6 19881988 24.3 27.1 25.8 21.3 24.8 28.4 28.9 29.3 29.7 26.6 32.0 32.0 34.6 40.8 44.0 49.4 48.8 29.3 24.2 19891989 22.9 25.5 24.1 19.9 23.0 26.2 26.5 26.7 26.8 23.7 28.3 27.8 29.5 33.9 35.2 37.6 34.3 18.2 10.8 -1.2 19901990 19.1 21.3 19.9 15.8 18.3 21.0 20.9 20.6 20.3 17.1 20.4 19.2 19.8 22.1 21.5 21.1 15.8 1.4 -7.7 -20.5 -36.0 19911991 18.6 20.7 19.3 15.4 17.8 20.2 20.0 19.8 19.4 16.4 19.4 18.2 18.6 20.5 19.8 19.2 14.5 2.8 -3.9 -11.8 -16.7 8.5 19921992 17.0 18.8 17.4 13.7 15.9 18.0 17.7 17.4 16.9 14.0 16.4 15.2 15.2 16.5 15.5 14.5 10.0 -0.2 -5.9 -12.3 -15.7 -3.2 -13.6 19931993 17.5 19.3 18.0 14.5 16.6 18.6 18.4 18.1 17.7 15.0 17.4 16.3 16.4 17.7 16.9 16.2 12.4 3.7 -0.7 -5.0 -5.9 6.9 6.2 30.5 19941994 18.0 19.7 18.5 15.1 17.1 19.1 18.9 18.7 18.3 15.8 18.1 17.1 17.3 18.6 18.0 17.4 14.1 6.6 3.1 -0.1 0.2 12.0 13.2 29.7 28.8 19951995 17.1 18.8 17.5 14.3 16.2 18.0 17.8 17.5 17.1 14.7 16.7 15.7 15.8 16.9 16.2 15.5 12.4 5.6 2.4 -0.4 -0.2 9.1 9.2 18.1 12.3 -2.0 19961996 15.7 17.2 16.0 12.9 14.6 16.3 16.0 15.6 15.1 12.8 14.6 13.5 13.5 14.3 13.4 12.5 9.6 3.3 0.3 -2.3 -2.5 4.6 3.9 8.7 2.3 -8.8 -15.1 19971997 14.2 15.6 14.3 11.3 12.9 14.4 14.0 13.5 13.0 10.7 12.3 11.2 11.0 11.5 10.6 9.6 6.7 0.9 -2.0 -4.5 -4.9 0.6 -0.6 2.2 -3.9 -12.8 -17.8 -20.3 19981998 14.1 15.5 14.3 11.4 12.9 14.3 14.0 13.5 13.0 10.8 12.3 11.3 11.1 11.6 10.7 9.8 7.1 1.8 -0.7 -2.9 -3.1 2.0 1.2 3.8 -0.8 -7.1 -8.7 -5.3 12.6 19991999 15.2 16.6 15.5 12.6 14.2 15.6 15.3 15.0 14.5 12.5 14.0 13.1 13.0 13.7 12.9 12.2 9.8 5.0 2.9 1.1 1.3 6.7 6.4 9.7 6.5 2.6 3.7 10.9 30.8 52.1 20002000 13.6 14.8 13.7 11.0 12.4 13.7 13.3 12.9 12.4 10.4 11.7 10.8 10.6 11.0 10.2 9.4 7.0 2.5 0.4 -1.4 -1.4 2.9 2.3 4.5 1.2 -2.7 -2.9 0.5 8.5 6.5 -25.3 20012001 12.2 13.3 12.2 9.5 10.8 11.9 11.6 11.1 10.5 8.6 9.7 8.7 8.5 8.8 7.9 7.0 4.7 0.4 -1.7 -3.5 -3.6 0.0 -0.8 0.7 -2.5 -6.3 -7.0 -5.3 -1.1 -5.2 -25.2 -25.0 20022002 11.4 12.4 11.3 8.8 9.9 11.0 10.6 10.1 9.6 7.7 8.7 7.7 7.4 7.7 6.8 5.9 3.7 -0.4 -2.4 -4.0 -4.2 -1.0 -1.8 -0.5 -3.5 -6.9 -7.6 -6.3 -3.2 -6.7 -20.8 -18.4 -11.1 20032003 11.4 12.4 11.3 8.8 10.0 11.0 10.6 10.2 9.6 7.8 8.8 7.9 7.6 7.8 7.0 6.2 4.1 0.3 -1.6 -3.1 -3.2 -0.1 -0.8 0.5 -2.1 -5.0 -5.4 -3.9 -0.9 -3.4 -13.7 -9.5 -0.5 11.4 20042004 11.3 12.2 11.2 8.8 9.9 10.9 10.5 10.1 9.5 7.8 8.8 7.9 7.6 7.8 7.0 6.2 4.3 0.7 -1.1 -2.4 -2.5 0.4 -0.2 1.1 -1.3 -3.9 -4.1 -2.6 0.3 -1.6 -9.9 -5.5 2.1 9.4 7.4 20052005 11.6 12.5 11.5 9.2 10.3 11.3 10.9 10.5 10.0 8.3 9.3 8.4 8.2 8.4 7.7 7.0 5.1 1.7 0.1 -1.1 -1.1 1.8 1.3 2.6 0.5 -1.7 -1.7 -0.1 2.8 1.5 -5.1 -0.5 6.8 13.6 14.7 22.4 20062006 11.4 12.3 11.4 9.1 10.1 11.1 10.7 10.3 9.8 8.2 9.2 8.3 8.1 8.3 7.6 6.9 5.2 1.9 0.4 -0.8 -0.7 2.0 1.6 2.8 0.9 -1.1 -1.0 0.5 3.2 2.0 -3.6 0.6 6.6 11.6 11.7 13.9 6.0 20072007 10.5 11.4 10.4 8.2 9.2 10.1 9.7 9.3 8.8 7.2 8.0 7.2 6.9 7.1 6.4 5.7 4.0 0.8 -0.6 -1.8 -1.8 0.7 0.2 1.2 -0.6 -2.5 -2.6 -1.4 0.8 -0.5 -5.6 -2.4 2.0 4.9 3.3 1.9 -7.0 -18.4 20082008 9.8 10.6 9.7 7.5 8.5 9.3 8.9 8.5 8.0 6.4 7.2 6.4 6.1 6.2 5.5 4.8 3.1 0.1 -1.3 -2.4 -2.4 -0.1 -0.6 0.3 -1.5 -3.4 -3.5 -2.4 -0.6 -1.8 -6.5 -3.8 -0.3 1.6 -0.3 -2.1 -9.1 -15.9 -13.3 20092009 9.3 10.1 9.2 7.1 8.0 8.7 8.4 7.9 7.4 5.9 6.7 5.9 5.6 5.7 4.9 4.2 2.6 -0.2 -1.6 -2.7 -2.7 -0.6 -1.1 -0.3 -1.9 -3.7 -3.8 -2.9 -1.3 -2.4 -6.7 -4.3 -1.4 0.1 -1.6 -3.4 -8.9 -13.4 -10.8 -8.2 20102010 9.3 10.1 9.2 7.1 8.0 8.8 8.4 8.0 7.5 6.0 6.7 6.0 5.7 5.8 5.1 4.4 2.9 0.2 -1.1 -2.1 -2.2 -0.1 -0.5 0.3 -1.3 -2.9 -3.0 -2.0 -0.5 -1.5 -5.3 -3.0 -0.2 1.2 -0.1 -1.3 -5.5 -8.2 -4.5 0.3 9.5 20112011 8.7 9.5 8.6 6.6 7.4 8.1 7.8 7.3 6.8 5.4 6.1 5.3 5.0 5.1 4.4 3.8 2.3 -0.4 -1.6 -2.6 -2.7 -0.7 -1.2 -0.5 -1.9 -3.5 -3.6 -2.8 -1.4 -2.4 -5.9 -3.9 -1.5 -0.4 -1.8 -3.0 -6.7 -9.0 -6.6 -4.2 -2.1 -12.5

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$34

1926 2011


19561956 -4.3 19571957 5.2 15.7 19581958 15.5 26.9 39.2 19591959 27.0 39.5 53.2 68.6 19601960 24.1 32.4 38.5 38.1 13.2 19611961 23.4 29.8 33.6 31.8 16.5 19.9 19621962 22.4 27.6 30.1 27.9 16.6 18.4 16.9 19631963 24.5 29.3 31.7 30.2 22.1 25.2 27.9 40.0 19641964 21.3 24.9 26.3 24.2 16.9 17.8 17.1 17.2 -1.9 19651965 20.1 23.2 24.2 22.2 15.8 16.3 15.4 14.9 4.1 10.4 19661966 17.3 19.8 20.2 18.0 12.2 12.0 10.5 8.9 0.2 1.2 -7.2 19671967 17.4 19.6 20.0 18.0 12.9 12.8 11.7 10.7 4.4 6.5 4.6 18.0 19681968 19.2 21.4 21.9 20.3 15.9 16.2 15.7 15.5 11.1 14.6 16.1 29.8 42.8 19691969 16.8 18.6 18.9 17.2 13.0 13.0 12.1 11.5 7.3 9.3 9.0 15.0 13.5 -9.8 19701970 15.4 17.0 17.1 15.4 11.5 11.3 10.4 9.6 5.9 7.2 6.6 10.3 7.9 -6.2 -2.5 19711971 18.7 20.4 20.7 19.4 16.0 16.3 15.9 15.8 13.1 15.4 16.3 21.7 22.6 16.5 32.4 79.8 19721972 19.0 20.6 21.0 19.7 16.6 16.9 16.7 16.6 14.3 16.5 17.4 22.1 22.9 18.4 29.6 49.4 24.2 19731973 15.8 17.1 17.2 15.8 12.8 12.7 12.1 11.7 9.2 10.5 10.5 13.3 12.6 7.4 12.1 17.5 -5.0 -27.4 19741974 10.8 11.7 11.5 9.9 6.9 6.4 5.4 4.5 1.8 2.2 1.3 2.4 0.4 -5.4 -4.4 -4.9 -23.1 -39.5 -49.6 19751975 13.9 14.9 14.9 13.6 10.8 10.7 10.1 9.6 7.3 8.2 8.0 9.8 8.9 4.7 7.3 9.4 -3.3 -11.1 -1.6 92.1 19761976 12.4 13.3 13.2 11.9 9.3 9.0 8.3 7.7 5.6 6.2 5.9 7.3 6.1 2.3 4.1 5.3 -5.4 -11.7 -5.7 29.0 -13.4 19771977 16.4 17.5 17.6 16.6 14.2 14.3 13.9 13.7 12.0 13.2 13.4 15.5 15.3 12.6 15.7 18.6 10.6 8.1 19.4 59.2 44.9 142.5 19781978 17.7 18.8 19.0 18.0 15.8 16.0 15.8 15.7 14.2 15.5 15.9 18.0 18.0 15.8 19.1 22.1 15.5 14.1 24.9 56.8 46.5 90.5 49.7 19791979 17.8 18.9 19.0 18.1 16.1 16.2 16.0 16.0 14.6 15.8 16.2 18.2 18.2 16.2 19.2 21.9 16.1 15.0 24.2 48.7 39.5 63.5 34.3 20.4 19801980 18.5 19.6 19.8 19.0 17.0 17.2 17.0 17.1 15.8 17.0 17.5 19.5 19.6 17.9 20.8 23.4 18.3 17.6 26.0 46.8 39.1 56.5 35.3 28.6 37.3 19811981 17.8 18.8 18.9 18.1 16.2 16.3 16.1 16.1 14.9 16.0 16.3 18.1 18.1 16.4 18.9 21.0 16.3 15.5 22.4 39.0 31.7 43.1 25.5 18.3 17.2 0.1 19821982 17.6 18.5 18.6 17.8 16.0 16.2 16.0 15.9 14.8 15.8 16.1 17.8 17.7 16.1 18.4 20.3 16.0 15.2 21.3 35.4 28.8 37.6 22.9 16.9 15.8 6.3 12.9 19831983 17.9 18.8 18.9 18.1 16.4 16.5 16.4 16.4 15.3 16.3 16.6 18.2 18.2 16.7 18.9 20.7 16.8 16.1 21.7 34.2 28.3 35.8 23.2 18.5 18.1 12.3 18.9 25.2 19841984 17.8 18.7 18.8 18.1 16.4 16.6 16.4 16.4 15.4 16.3 16.6 18.1 18.1 16.7 18.8 20.5 16.8 16.2 21.3 32.4 27.0 33.3 22.4 18.3 17.9 13.5 18.3 21.1 17.1 19851985 19.4 20.3 20.4 19.8 18.2 18.4 18.4 18.4 17.5 18.5 19.0 20.5 20.7 19.5 21.6 23.4 20.1 19.8 24.9 35.7 31.1 37.2 27.8 24.9 25.7 23.5 30.2 36.5 42.5 73.3 19861986 20.0 20.9 21.0 20.4 18.9 19.2 19.1 19.2 18.4 19.4 19.9 21.4 21.6 20.5 22.6 24.4 21.3 21.1 26.0 36.0 31.8 37.4 29.0 26.7 27.6 26.0 32.0 37.2 41.5 55.5 39.5 19871987 20.5 21.4 21.6 21.1 19.7 19.9 19.9 20.0 19.3 20.3 20.7 22.3 22.5 21.5 23.5 25.2 22.4 22.3 27.0 36.3 32.5 37.7 30.1 28.1 29.1 28.0 33.3 37.8 41.2 50.3 39.9 40.3 19881988 19.9 20.7 20.9 20.3 18.9 19.1 19.1 19.2 18.4 19.3 19.7 21.1 21.3 20.3 22.1 23.7 21.0 20.8 24.9 33.3 29.6 34.1 27.0 24.9 25.5 24.1 27.9 30.6 31.7 35.6 25.0 18.3 -0.3 19891989 19.0 19.8 20.0 19.4 18.0 18.2 18.1 18.2 17.4 18.3 18.6 19.9 20.0 19.0 20.6 22.0 19.4 19.1 22.8 30.4 26.8 30.6 24.0 21.9 22.0 20.5 23.3 24.8 24.8 26.4 16.8 10.0 -2.6 -4.8 19901990 18.3 19.1 19.2 18.6 17.2 17.4 17.3 17.3 16.5 17.3 17.6 18.8 18.8 17.8 19.3 20.5 18.0 17.7 21.1 27.9 24.5 27.7 21.6 19.5 19.4 17.8 19.9 20.8 20.2 20.7 12.3 6.4 -3.0 -4.3 -3.9 19911991 18.2 18.9 19.0 18.4 17.1 17.3 17.2 17.2 16.4 17.2 17.5 18.6 18.6 17.6 19.1 20.2 17.8 17.5 20.7 27.0 23.8 26.8 21.0 19.1 19.0 17.4 19.3 20.0 19.4 19.7 12.6 7.8 1.0 1.4 4.6 13.9 19921992 17.6 18.2 18.3 17.7 16.5 16.6 16.5 16.5 15.7 16.4 16.6 17.7 17.6 16.7 18.0 19.0 16.7 16.4 19.3 25.1 22.0 24.7 19.3 17.3 17.1 15.6 17.1 17.5 16.7 16.6 10.2 5.9 0.1 0.3 2.0 5.0 -3.1 19931993 18.1 18.8 18.9 18.4 17.1 17.3 17.2 17.2 16.5 17.2 17.4 18.5 18.5 17.6 18.9 19.9 17.8 17.5 20.3 26.0 23.0 25.6 20.5 18.8 18.7 17.4 18.9 19.5 19.0 19.2 13.7 10.4 6.1 7.4 10.7 16.1 17.2 41.7 19941994 17.8 18.5 18.6 18.0 16.8 16.9 16.8 16.8 16.2 16.8 17.0 18.0 18.0 17.2 18.4 19.4 17.3 16.9 19.6 24.9 22.1 24.5 19.7 18.0 17.9 16.6 17.9 18.4 17.8 17.8 12.9 10.0 6.2 7.3 9.9 13.6 13.6 22.9 6.61995 17.7 18.4 18.4 17.9 16.8 16.9 16.8 16.8 16.1 16.7 17.0 17.9 17.9 17.1 18.2 19.2 17.1 16.8 19.4 24.4 21.7 23.9 19.4 17.8 17.6 16.4 17.7 18.1 17.5 17.5 13.1 10.4 7.2 8.3 10.6 13.8 13.8 20.0 10.51996 18.0 18.7 18.7 18.2 17.1 17.2 17.1 17.1 16.5 17.1 17.4 18.3 18.3 17.5 18.7 19.6 17.6 17.4 19.8 24.6 22.1 24.2 19.9 18.5 18.3 17.2 18.5 18.9 18.4 18.5 14.5 12.3 9.5 10.8 13.2 16.4 16.9 22.5 16.61997 17.8 18.4 18.5 18.0 16.9 17.0 16.9 16.9 16.3 16.9 17.1 18.0 18.0 17.2 18.3 19.1 17.3 17.0 19.3 23.9 21.5 23.4 19.3 17.9 17.8 16.7 17.8 18.2 17.7 17.7 14.0 11.9 9.4 10.5 12.6 15.2 15.4 19.5 14.61998 17.4 18.0 18.1 17.6 16.5 16.6 16.5 16.5 15.9 16.4 16.6 17.5 17.5 16.7 17.7 18.5 16.7 16.4 18.7 23.0 20.6 22.4 18.5 17.1 17.0 15.9 16.9 17.2 16.7 16.6 13.1 11.2 8.8 9.8 11.6 13.6 13.6 16.7 12.21999 17.9 18.5 18.6 18.1 17.1 17.2 17.1 17.1 16.5 17.1 17.3 18.1 18.1 17.4 18.4 19.2 17.5 17.3 19.4 23.6 21.4 23.2 19.4 18.2 18.1 17.1 18.1 18.5 18.1 18.1 14.9 13.2 11.2 12.3 14.2 16.4 16.7 19.9 16.62000 17.4 17.9 18.0 17.5 16.5 16.6 16.5 16.5 15.9 16.4 16.6 17.4 17.4 16.7 17.6 18.4 16.7 16.4 18.5 22.4 20.3 21.9 18.3 17.1 16.9 16.0 16.9 17.1 16.6 16.6 13.6 11.9 10.0 10.9 12.4 14.2 14.2 16.6 13.42001 16.8 17.3 17.4 16.9 15.9 15.9 15.8 15.8 15.2 15.7 15.9 16.6 16.6 15.9 16.8 17.5 15.8 15.5 17.5 21.2 19.1 20.6 17.1 15.9 15.7 14.8 15.5 15.7 15.2 15.1 12.2 10.5 8.7 9.4 10.7 12.1 11.9 13.7 10.62002 15.9 16.4 16.4 15.9 14.9 15.0 14.9 14.8 14.2 14.7 14.8 15.5 15.4 14.7 15.5 16.1 14.5 14.2 16.0 19.5 17.4 18.8 15.5 14.2 14.0 13.0 13.7 13.7 13.1 12.9 10.1 8.5 6.6 7.1 8.1 9.2 8.8 10.0 7.02003 16.2 16.6 16.7 16.2 15.2 15.3 15.2 15.1 14.6 15.0 15.1 15.8 15.8 15.1 15.9 16.5 14.9 14.6 16.4 19.8 17.8 19.1 15.9 14.8 14.5 13.6 14.3 14.3 13.8 13.7 11.0 9.5 7.9 8.4 9.4 10.5 10.3 11.6 8.92004 16.3 16.8 16.8 16.3 15.4 15.4 15.3 15.3 14.7 15.2 15.3 16.0 15.9 15.3 16.1 16.7 15.1 14.9 16.6 19.9 17.9 19.3 16.2 15.0 14.8 14.0 14.6 14.7 14.2 14.1 11.6 10.2 8.7 9.2 10.2 11.3 11.1 12.4 10.12005 16.2 16.6 16.6 16.2 15.3 15.3 15.2 15.2 14.6 15.1 15.2 15.8 15.8 15.1 15.9 16.5 15.0 14.7 16.4 19.6 17.7 19.0 16.0 14.9 14.7 13.8 14.5 14.5 14.1 13.9 11.6 10.2 8.8 9.3 10.3 11.3 11.1 12.3 10.12006 16.6 17.1 17.1 16.7 15.8 15.8 15.8 15.7 15.2 15.7 15.8 16.4 16.4 15.8 16.5 17.1 15.7 15.5 17.1 20.2 18.4 19.7 16.8 15.7 15.6 14.8 15.4 15.6 15.1 15.1 12.8 11.6 10.3 10.9 11.9 13.0 12.9 14.2 12.32007 15.8 16.2 16.2 15.8 14.9 15.0 14.8 14.8 14.3 14.7 14.8 15.4 15.3 14.7 15.4 16.0 14.5 14.3 15.8 18.8 17.0 18.1 15.3 14.3 14.1 13.3 13.9 13.9 13.5 13.3 11.1 9.9 8.6 9.1 9.9 10.8 10.6 11.6 9.72008 14.0 14.4 14.4 13.9 13.0 13.0 12.9 12.8 12.2 12.6 12.6 13.1 13.0 12.4 13.0 13.4 12.0 11.7 13.1 15.8 14.1 15.0 12.3 11.2 10.9 10.1 10.5 10.4 9.8 9.5 7.4 6.1 4.7 5.0 5.5 6.1 5.6 6.2 4.22009 14.5 14.9 14.9 14.5 13.6 13.6 13.5 13.4 12.9 13.3 13.3 13.8 13.7 13.1 13.8 14.2 12.9 12.6 13.9 16.6 14.9 15.9 13.3 12.3 12.0 11.2 11.6 11.6 11.1 10.9 8.8 7.6 6.4 6.7 7.3 7.9 7.6 8.3 6.42010 14.7 15.1 15.0 14.6 13.8 13.8 13.6 13.6 13.1 13.4 13.5 14.0 13.9 13.3 13.9 14.4 13.1 12.8 14.1 16.8 15.1 16.1 13.5 12.5 12.3 11.5 12.0 11.9 11.5 11.3 9.3 8.2 7.0 7.3 7.9 8.6 8.3 9.0 7.32011 14.2 14.6 14.6 14.1 13.3 13.3 13.2 13.1 12.6 12.9 13.0 13.5 13.4 12.8 13.4 13.8 12.5 12.2 13.5 16.0 14.4 15.3 12.8 11.8 11.6 10.8 11.2 11.2 10.7 10.4 8.6 7.5 6.3 6.6 7.1 7.7 7.4 8.0 6.3

1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994


UK SMALL CAP STOCKS1956–2011: Total Returns (%)

In Canadian Dollars

Index data compiled by Dimensional. Prior to 1981, index data provided by the London School of Business.

19951995 14.5 19961996 22.0 30.0 19971997 17.3 18.8 8.5 19981998 13.7 13.4 5.9 3.3 19991999 18.7 19.7 16.5 20.7 41.1 20002000 14.6 14.6 11.0 11.9 16.4 -3.9 20012001 11.2 10.7 7.1 6.8 8.0 -5.5 -7.1 20022002 7.0 6.0 2.4 1.3 0.8 -9.9 -12.8 -18.2 20032003 9.2 8.5 5.8 5.3 5.7 -1.6 -0.8 2.4 28.2 20042004 10.4 10.0 7.7 7.6 8.3 2.7 4.5 8.6 25.2 22.2 20052005 10.5 10.1 8.0 8.0 8.7 4.1 5.7 9.2 20.2 16.4 10.8 20062006 12.8 12.6 11.0 11.3 12.4 8.8 11.0 15.1 25.3 24.3 25.4 42.0 20072007 9.9 9.5 7.9 7.8 8.3 4.8 6.1 8.4 14.7 11.6 8.3 7.0 -19.4 20082008 4.0 3.2 1.2 0.6 0.3 -3.4 -3.3 -2.8 0.1 -4.8 -10.5 -16.7 -36.2 -49.5 20092009 6.4 5.9 4.2 3.9 3.9 0.8 1.3 2.4 5.8 2.4 -1.1 -3.9 -15.6 -13.7 47.5 20102010 7.3 6.9 5.4 5.1 5.3 2.5 3.2 4.4 7.6 5.0 2.4 0.7 -7.5 -3.2 33.9 21.6 20112011 6.3 5.8 4.4 4.1 4.2 1.6 2.1 3.0 5.7 3.2 0.7 -0.9 -7.7 -4.6 17.9 5.5 -8.5

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1956

$1,704

1926 2011


UK LARGE CAP STOCKS1956–2011: Total Returns (%)

In Canadian Dollars

Data published with the permission of FTSE.

19561956 -9.7 19571957 -4.2 1.6 19581958 9.1 20.0 41.8 19591959 19.2 30.8 48.4 55.4 19601960 14.8 21.9 29.5 23.7 -1.5 19611961 14.0 19.4 24.4 19.0 4.2 10.1 19621962 12.3 16.4 19.6 14.6 3.6 6.2 2.4 19631963 13.0 16.7 19.4 15.4 7.1 10.1 10.1 18.3 19641964 10.8 13.7 15.5 11.7 4.5 6.1 4.8 6.0 -5.1 19651965 11.0 13.5 15.1 11.7 5.8 7.3 6.6 8.0 3.2 12.2 19661966 9.5 11.7 12.9 9.7 4.4 5.4 4.4 4.9 0.8 3.9 -3.7 19671967 10.1 12.1 13.2 10.4 5.8 6.9 6.4 7.2 4.5 8.0 5.9 16.5 19681968 12.5 14.6 15.8 13.5 9.6 11.1 11.3 12.8 11.7 16.4 17.8 30.3 45.8 19691969 10.6 12.4 13.3 11.0 7.4 8.4 8.2 9.0 7.6 10.3 9.8 14.7 13.8 -11.1 19701970 9.2 10.7 11.4 9.2 5.7 6.5 6.1 6.5 5.0 6.7 5.7 8.2 5.5 -10.2 -9.3 19711971 11.6 13.2 14.1 12.2 9.2 10.2 10.2 11.1 10.3 12.7 12.7 16.3 16.3 7.9 18.8 55.7 19721972 11.3 12.8 13.6 11.8 9.0 9.9 9.9 10.6 9.8 11.8 11.8 14.6 14.2 7.5 14.5 28.7 6.4 19731973 8.5 9.7 10.2 8.4 5.7 6.2 5.9 6.2 5.1 6.3 5.6 7.0 5.5 -1.1 1.5 5.4 -13.3 -29.3 19741974 4.0 4.9 5.1 3.1 0.3 0.5 -0.2 -0.5 -2.0 -1.7 -3.1 -3.1 -5.6 -12.2 -12.4 -13.1 -28.5 -41.4 -51.4 19751975 8.1 9.1 9.6 7.9 5.5 6.0 5.7 5.9 4.9 5.9 5.3 6.3 5.1 0.3 2.4 4.9 -4.9 -8.4 4.2 123.3 19761976 6.9 7.8 8.1 6.5 4.1 4.5 4.1 4.3 3.2 4.0 3.3 4.0 2.7 -1.7 -0.3 1.3 -7.1 -10.1 -2.7 37.7 -15.1 19771977 9.5 10.5 11.0 9.5 7.4 8.0 7.8 8.2 7.5 8.6 8.3 9.4 8.8 5.3 7.5 10.2 4.0 3.5 13.9 51.3 24.5 82.5 19781978 10.1 11.1 11.6 10.3 8.3 8.9 8.8 9.2 8.6 9.7 9.5 10.7 10.1 7.1 9.3 11.9 6.8 6.8 16.0 44.2 24.7 51.1 25.1 19791979 10.5 11.4 11.9 10.6 8.8 9.3 9.3 9.7 9.2 10.2 10.1 11.2 10.8 8.1 10.2 12.6 8.1 8.4 16.4 38.6 23.1 39.2 21.6 18.3 19801980 11.8 12.8 13.3 12.2 10.4 11.1 11.1 11.6 11.2 12.3 12.3 13.6 13.4 11.0 13.3 15.8 12.1 12.8 20.6 40.3 27.9 41.7 30.2 32.8 49.2 19811981 10.9 11.8 12.2 11.1 9.4 10.0 10.0 10.4 9.9 10.9 10.8 11.9 11.5 9.3 11.2 13.2 9.7 10.1 16.3 31.8 20.7 29.5 18.8 16.8 16.0 -9.7 19821982 11.0 11.8 12.3 11.2 9.6 10.1 10.1 10.5 10.1 11.0 11.0 11.9 11.6 9.5 11.3 13.2 10.0 10.4 16.0 29.3 19.6 26.6 17.7 15.9 15.1 1.1 13.2 19831983 11.2 12.0 12.5 11.4 9.9 10.4 10.4 10.8 10.5 11.4 11.3 12.3 12.0 10.1 11.8 13.6 10.6 11.0 16.1 27.9 19.3 25.3 17.7 16.2 15.7 6.3 15.4 17.6 19841984 11.2 12.0 12.5 11.5 10.0 10.5 10.5 10.9 10.5 11.4 11.3 12.2 12.0 10.2 11.8 13.4 10.7 11.1 15.7 26.2 18.5 23.5 16.8 15.5 14.9 7.7 14.2 14.7 11.9 19851985 12.5 13.4 13.8 12.9 11.5 12.1 12.2 12.6 12.4 13.3 13.3 14.3 14.2 12.6 14.2 16.0 13.6 14.2 18.8 28.9 22.0 27.0 21.4 20.8 21.3 16.4 24.0 27.8 33.2 58.5 19861986 13.0 13.9 14.3 13.5 12.1 12.7 12.8 13.3 13.1 14.0 14.0 15.0 14.9 13.4 15.1 16.8 14.6 15.2 19.6 28.9 22.6 27.2 22.2 21.8 22.4 18.4 25.0 28.1 31.8 43.1 29.1 19871987 13.5 14.4 14.8 14.0 12.7 13.3 13.4 13.9 13.7 14.6 14.7 15.7 15.6 14.2 15.8 17.5 15.4 16.1 20.3 28.9 23.2 27.4 22.9 22.7 23.2 19.9 25.7 28.4 31.2 38.3 29.2 29.3 19881988 13.0 13.8 14.2 13.4 12.2 12.7 12.8 13.2 13.0 13.9 13.9 14.8 14.7 13.4 14.8 16.3 14.4 14.9 18.6 26.5 21.0 24.7 20.4 20.0 20.2 17.0 21.4 22.8 23.8 27.0 18.0 12.8 -1.7 19891989 13.1 13.9 14.3 13.5 12.4 12.9 13.0 13.4 13.2 14.0 14.1 14.9 14.8 13.5 14.9 16.4 14.5 15.0 18.6 25.8 20.8 24.1 20.2 19.7 19.9 17.0 20.8 22.0 22.7 25.0 17.8 14.2 7.3 17.1 19901990 13.0 13.8 14.1 13.4 12.2 12.7 12.8 13.2 13.0 13.8 13.8 14.6 14.6 13.3 14.6 16.0 14.2 14.6 17.9 24.7 19.9 22.9 19.2 18.7 18.8 16.1 19.4 20.2 20.6 22.1 15.9 12.8 7.7 12.8 8.6 19911991 13.1 13.8 14.2 13.5 12.4 12.8 12.9 13.3 13.1 13.9 13.9 14.7 14.6 13.4 14.7 16.0 14.3 14.7 17.9 24.2 19.7 22.5 19.0 18.6 18.6 16.2 19.1 19.8 20.1 21.3 16.0 13.5 9.9 14.1 12.6 16.7 19921992 12.9 13.6 14.0 13.3 12.2 12.7 12.7 13.1 12.9 13.6 13.7 14.4 14.3 13.2 14.4 15.6 14.0 14.4 17.3 23.2 18.9 21.5 18.2 17.7 17.7 15.4 18.0 18.5 18.6 19.4 14.7 12.5 9.4 12.3 10.8 11.9 7.2 19931993 13.4 14.1 14.4 13.7 12.7 13.2 13.3 13.6 13.5 14.2 14.3 15.0 14.9 13.8 15.0 16.2 14.7 15.1 17.9 23.5 19.6 22.0 18.9 18.5 18.6 16.5 19.0 19.5 19.7 20.6 16.6 14.9 12.6 15.7 15.4 17.8 18.3 30.6 19941994 13.2 13.8 14.2 13.5 12.5 12.9 13.0 13.4 13.2 13.9 13.9 14.6 14.6 13.5 14.6 15.7 14.3 14.6 17.3 22.6 18.8 21.0 18.1 17.7 17.7 15.7 17.9 18.3 18.4 19.0 15.3 13.7 11.6 14.0 13.4 14.6 13.9 17.4 5.51995 13.3 14.0 14.3 13.7 12.7 13.1 13.2 13.5 13.4 14.1 14.1 14.8 14.7 13.7 14.8 15.9 14.5 14.8 17.4 22.4 18.8 20.9 18.2 17.8 17.8 15.9 18.0 18.4 18.4 19.1 15.7 14.3 12.5 14.7 14.3 15.5 15.2 18.0 12.21996 13.7 14.3 14.7 14.1 13.1 13.5 13.6 14.0 13.9 14.5 14.6 15.3 15.2 14.2 15.3 16.4 15.0 15.4 17.9 22.7 19.3 21.3 18.8 18.4 18.4 16.7 18.8 19.2 19.3 19.9 16.9 15.7 14.3 16.5 16.4 17.8 18.0 20.9 17.81997 13.9 14.6 14.9 14.3 13.4 13.8 13.9 14.3 14.1 14.8 14.9 15.5 15.5 14.6 15.6 16.6 15.4 15.7 18.1 22.8 19.5 21.5 19.0 18.7 18.7 17.1 19.1 19.5 19.6 20.2 17.5 16.5 15.2 17.3 17.3 18.6 18.9 21.4 19.21998 14.1 14.8 15.1 14.5 13.6 14.0 14.2 14.5 14.4 15.0 15.1 15.8 15.7 14.8 15.9 16.9 15.6 16.0 18.3 22.8 19.7 21.5 19.2 18.9 19.0 17.5 19.3 19.7 19.8 20.4 17.9 17.0 15.9 17.9 18.0 19.2 19.5 21.7 20.01999 14.1 14.7 15.1 14.5 13.6 14.0 14.1 14.5 14.4 15.0 15.1 15.7 15.7 14.8 15.8 16.8 15.6 15.9 18.1 22.4 19.4 21.2 18.9 18.7 18.7 17.3 19.0 19.3 19.4 19.9 17.6 16.7 15.7 17.5 17.5 18.5 18.8 20.5 18.92000 13.5 14.1 14.4 13.8 13.0 13.4 13.5 13.8 13.6 14.2 14.3 14.9 14.8 13.9 14.9 15.8 14.6 14.9 17.0 21.0 18.1 19.7 17.5 17.2 17.2 15.7 17.3 17.5 17.5 17.8 15.5 14.6 13.6 14.9 14.7 15.4 15.2 16.3 14.42001 12.9 13.5 13.8 13.2 12.4 12.7 12.8 13.1 12.9 13.5 13.5 14.0 14.0 13.1 14.0 14.8 13.7 13.9 15.9 19.7 16.8 18.3 16.2 15.8 15.7 14.4 15.7 15.8 15.7 16.0 13.7 12.8 11.7 12.8 12.4 12.8 12.4 13.0 11.02002 12.3 12.8 13.1 12.5 11.6 12.0 12.0 12.3 12.1 12.6 12.6 13.1 13.0 12.2 13.0 13.7 12.6 12.8 14.6 18.2 15.5 16.8 14.8 14.3 14.2 12.8 14.0 14.0 13.9 14.0 11.8 10.8 9.6 10.5 10.0 10.1 9.5 9.8 7.72003 12.2 12.7 13.0 12.4 11.6 11.9 12.0 12.2 12.1 12.5 12.5 13.0 12.9 12.1 12.9 13.6 12.5 12.7 14.5 17.9 15.3 16.6 14.6 14.2 14.0 12.7 13.8 13.9 13.7 13.8 11.7 10.7 9.7 10.5 10.0 10.1 9.6 9.8 7.92004 12.2 12.7 13.0 12.4 11.6 11.9 12.0 12.2 12.1 12.5 12.5 13.0 12.9 12.1 12.9 13.6 12.5 12.7 14.4 17.7 15.2 16.4 14.5 14.1 13.9 12.7 13.8 13.8 13.6 13.7 11.7 10.8 9.8 10.6 10.2 10.3 9.8 10.0 8.32005 12.1 12.6 12.8 12.3 11.5 11.8 11.8 12.1 11.9 12.4 12.4 12.8 12.7 12.0 12.7 13.4 12.3 12.5 14.2 17.3 14.9 16.1 14.2 13.8 13.6 12.4 13.5 13.5 13.3 13.3 11.5 10.6 9.6 10.3 9.9 10.0 9.6 9.7 8.22006 12.5 13.0 13.2 12.7 11.9 12.2 12.3 12.5 12.4 12.8 12.8 13.3 13.2 12.5 13.2 13.9 12.9 13.1 14.7 17.8 15.4 16.6 14.8 14.4 14.3 13.1 14.2 14.2 14.1 14.2 12.4 11.6 10.7 11.5 11.2 11.3 11.0 11.2 9.92007 12.0 12.5 12.7 12.2 11.4 11.7 11.8 12.0 11.8 12.3 12.3 12.7 12.6 11.9 12.5 13.2 12.2 12.4 13.9 16.9 14.5 15.7 13.9 13.5 13.4 12.2 13.2 13.2 13.0 13.0 11.3 10.5 9.7 10.3 9.9 10.0 9.6 9.8 8.42008 10.8 11.2 11.4 10.9 10.1 10.4 10.4 10.5 10.4 10.8 10.7 11.1 11.0 10.2 10.8 11.4 10.4 10.5 11.9 14.7 12.4 13.4 11.7 11.3 11.0 9.9 10.7 10.6 10.3 10.2 8.5 7.7 6.7 7.2 6.7 6.6 6.0 5.9 4.42009 11.0 11.5 11.7 11.2 10.4 10.7 10.7 10.9 10.7 11.1 11.1 11.4 11.3 10.6 11.2 11.8 10.8 10.9 12.3 15.0 12.8 13.8 12.1 11.7 11.5 10.4 11.2 11.1 10.9 10.8 9.2 8.4 7.5 8.0 7.6 7.5 7.0 7.0 5.72010 10.9 11.4 11.5 11.0 10.3 10.6 10.6 10.7 10.6 10.9 10.9 11.3 11.2 10.4 11.0 11.6 10.6 10.8 12.1 14.7 12.6 13.5 11.9 11.5 11.3 10.2 11.0 10.9 10.7 10.6 9.0 8.3 7.4 7.9 7.4 7.4 6.9 6.9 5.62011 10.7 11.1 11.3 10.8 10.1 10.3 10.3 10.5 10.3 10.7 10.6 11.0 10.8 10.1 10.7 11.2 10.3 10.4 11.7 14.3 12.2 13.1 11.5 11.1 10.9 9.8 10.5 10.4 10.2 10.1 8.6 7.8 7.0 7.4 7.0 6.9 6.5 6.4 5.2

1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1956

$295

1926 2011


MSCI EMERGING MARKETS INDEX1988–2011: Total Returns (%)

In Canadian Dollars


19951995 19.4 19961996 24.4 29.7 19971997 24.2 26.7 23.7 19981998 24.0 25.5 23.5 23.3 19991999 21.8 22.4 20.1 18.3 13.5 20002000 15.9 15.2 11.9 8.2 1.3 -9.6 20012001 11.7 10.5 7.1 3.2 -2.7 -9.9 -10.2 20022002 7.9 6.4 3.0 -0.8 -6.0 -11.7 -12.8 -15.3 20032003 8.2 6.9 4.0 1.0 -3.0 -6.7 -5.7 -3.4 10.1 20042004 8.6 7.4 5.0 2.5 -0.6 -3.2 -1.5 1.5 11.2 12.2 20052005 8.4 7.4 5.1 3.0 0.4 -1.6 0.0 2.8 9.6 9.4 6.6 20062006 10.2 9.4 7.6 5.9 4.0 2.7 4.9 8.2 15.0 16.6 18.9 32.6 20072007 8.6 7.8 6.0 4.4 2.5 1.2 2.8 5.1 9.8 9.7 8.9 10.0 -8.7 20082008 4.4 3.3 1.4 -0.5 -2.6 -4.2 -3.5 -2.5 -0.2 -2.2 -5.5 -9.2 -24.9 -38.1 20092009 5.7 4.8 3.1 1.5 -0.2 -1.5 -0.6 0.7 3.2 2.1 0.2 -1.4 -10.7 -11.6 26.3 20102010 5.7 4.8 3.2 1.8 0.2 -1.0 -0.1 1.1 3.4 2.5 0.9 -0.2 -7.0 -6.4 15.1 4.9 20112011 5.2 4.4 2.9 1.5 0.0 -1.0 -0.2 0.8 2.8 1.9 0.5 -0.4 -6.0 -5.3 9.2 1.5 -1.8

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

19881988 28.9 19891989 43.7 60.3 19901990 22.7 19.8 -10.5 19911991 31.0 31.7 19.4 59.3 19921992 29.3 29.4 20.5 39.7 22.5 19931993 36.8 38.5 33.5 52.5 49.3 81.8 19941994 30.5 30.8 25.6 36.7 29.9 33.7 -1.7 19951995 25.0 24.4 19.3 26.3 19.2 18.1 -4.8 -7.8 19961996 22.8 22.0 17.4 22.8 16.6 15.1 -1.1 -0.9 6.5 19971997 19.3 18.3 13.9 17.9 12.1 10.1 -2.8 -3.2 -0.8 -7.7 19981998 15.1 13.8 9.5 12.3 6.8 4.4 -6.5 -7.7 -7.7 -14.1 -20.0 19991999 18.1 17.1 13.5 16.5 12.1 10.7 1.9 2.6 5.4 5.0 12.0 56.6 20002000 13.7 12.5 8.9 11.1 6.7 4.9 -3.0 -3.3 -2.3 -4.4 -3.3 6.3 -27.9 20012001 12.9 11.8 8.5 10.4 6.4 4.8 -2.2 -2.3 -1.4 -2.9 -1.6 5.4 -13.5 3.7 20022002 11.5 10.3 7.2 8.8 5.1 3.5 -2.8 -2.9 -2.2 -3.5 -2.7 2.2 -11.4 -1.7 -6.9 20032003 12.5 11.4 8.6 10.2 6.9 5.5 0.0 0.1 1.2 0.4 1.9 6.9 -2.8 7.3 9.2 28.1 20042004 12.7 11.8 9.1 10.7 7.6 6.4 1.4 1.7 2.8 2.4 3.9 8.5 0.8 9.6 11.7 22.3 16.8 20052005 13.7 12.8 10.4 11.9 9.1 8.2 3.6 4.1 5.3 5.2 7.0 11.5 5.3 13.6 16.3 25.2 23.8 31.2 20062006 14.6 13.8 11.6 13.1 10.5 9.7 5.6 6.2 7.6 7.7 9.5 13.9 8.8 16.5 19.3 26.9 26.6 31.8 32.3 20072007 14.8 14.1 12.0 13.4 11.1 10.3 6.5 7.1 8.5 8.6 10.4 14.5 10.1 16.9 19.3 25.3 24.7 27.4 25.6 19.1 20082008 11.1 10.2 8.1 9.2 6.8 5.9 2.2 2.4 3.3 3.0 4.0 6.8 2.4 7.0 7.4 10.0 6.7 4.3 -3.3 -17.4 -42.7 20092009 12.7 12.0 10.0 11.2 9.0 8.3 4.8 5.3 6.3 6.3 7.5 10.5 6.7 11.4 12.4 15.5 13.5 12.9 8.7 1.8 -5.8 54.7 20102010 12.8 12.1 10.2 11.3 9.3 8.6 5.3 5.8 6.7 6.8 8.0 10.7 7.2 11.6 12.5 15.2 13.5 12.9 9.6 4.5 0.1 32.2 13.1 20112011 11.4 10.7 8.8 9.8 7.8 7.1 4.0 4.3 5.1 5.0 6.0 8.3 5.0 8.7 9.2 11.2 9.2 8.2 4.8 0.0 -4.3 13.5 -2.8 -16.4

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1988

$13

1926 2011


19261926 7.8 19271927 8.4 8.9 19281928 5.5 4.4 0.1 19291929 5.0 4.1 1.7 3.4 19301930 4.9 4.2 2.7 4.0 4.7 19311931 3.1 2.2 0.6 0.8 -0.5 -5.3 19321932 5.0 4.5 3.7 4.6 5.0 5.2 16.8 19331933 4.4 3.9 3.1 3.7 3.7 3.4 8.1 -0.1 19341934 5.0 4.6 4.0 4.7 4.9 5.0 8.7 4.9 10.0 19351935 5.0 4.7 4.1 4.7 5.0 5.0 7.8 4.9 7.5 5.0 19361936 5.2 4.9 4.5 5.1 5.3 5.4 7.7 5.5 7.5 6.2 7.5 19371937 4.8 4.5 4.1 4.5 4.7 4.7 6.4 4.5 5.6 4.2 3.8 0.2 19381938 4.8 4.6 4.2 4.6 4.8 4.8 6.3 4.6 5.6 4.5 4.4 2.8 5.5 19391939 4.9 4.7 4.3 4.7 4.9 4.9 6.3 4.8 5.7 4.8 4.8 3.9 5.7 5.9 19401940 5.0 4.8 4.5 4.9 5.0 5.0 6.2 5.0 5.7 5.0 5.0 4.4 5.9 6.0 6.1 19411941 4.7 4.5 4.2 4.5 4.6 4.6 5.7 4.5 5.1 4.4 4.3 3.7 4.6 4.3 3.5 0.9 19421942 4.6 4.4 4.2 4.5 4.5 4.5 5.5 4.4 4.9 4.3 4.2 3.6 4.3 4.0 3.4 2.1 3.2 19431943 4.5 4.3 4.0 4.3 4.4 4.3 5.2 4.2 4.6 4.0 3.9 3.4 3.9 3.6 3.1 2.1 2.6 2.1 19441944 4.4 4.2 4.0 4.2 4.2 4.2 5.0 4.1 4.4 3.9 3.8 3.3 3.8 3.5 3.0 2.3 2.7 2.4 2.8 19451945 4.7 4.6 4.3 4.6 4.6 4.6 5.4 4.6 5.0 4.5 4.5 4.1 4.6 4.5 4.3 3.9 4.7 5.1 6.7 10.7 19461946 4.5 4.3 4.1 4.3 4.4 4.3 5.0 4.2 4.6 4.1 4.0 3.7 4.1 3.9 3.6 3.2 3.7 3.8 4.4 5.2 -0.1 19471947 4.1 4.0 3.7 3.9 4.0 3.9 4.5 3.7 4.0 3.6 3.5 3.1 3.4 3.2 2.8 2.4 2.6 2.5 2.6 2.5 -1.4 -2.6 19481948 4.1 3.9 3.7 3.9 3.9 3.9 4.5 3.7 4.0 3.6 3.5 3.1 3.4 3.2 2.9 2.5 2.7 2.6 2.7 2.7 0.2 0.3 3.4 19491949 4.2 4.1 3.8 4.0 4.1 4.0 4.6 3.9 4.1 3.8 3.7 3.4 3.6 3.5 3.2 2.9 3.2 3.2 3.4 3.5 1.7 2.3 4.9 6.4 19501950 4.0 3.9 3.7 3.8 3.9 3.8 4.3 3.7 3.9 3.5 3.4 3.1 3.4 3.2 2.9 2.6 2.8 2.8 2.9 2.9 1.4 1.8 3.3 3.2 0.1 19511951 3.7 3.6 3.3 3.5 3.5 3.4 3.9 3.3 3.4 3.1 2.9 2.6 2.8 2.6 2.3 2.0 2.1 2.0 2.0 1.9 0.5 0.6 1.4 0.8 -2.0 -3.9 19521952 3.6 3.5 3.3 3.4 3.4 3.3 3.8 3.1 3.3 3.0 2.8 2.6 2.7 2.5 2.3 1.9 2.0 1.9 1.9 1.8 0.6 0.7 1.4 0.9 -0.9 -1.4 1.2 19531953 3.6 3.5 3.3 3.4 3.4 3.3 3.8 3.2 3.3 3.0 2.9 2.6 2.8 2.6 2.4 2.1 2.2 2.1 2.1 2.0 0.9 1.1 1.7 1.4 0.2 0.2 2.4 3.6 19541954 3.7 3.6 3.4 3.5 3.5 3.5 3.9 3.3 3.5 3.2 3.1 2.9 3.0 2.9 2.7 2.4 2.5 2.5 2.5 2.5 1.6 1.8 2.5 2.3 1.5 1.9 4.0 5.4 7.2 19551955 3.6 3.4 3.2 3.4 3.4 3.3 3.7 3.1 3.3 3.0 2.9 2.6 2.8 2.6 2.4 2.2 2.3 2.2 2.2 2.1 1.3 1.5 2.0 1.8 1.1 1.3 2.6 3.1 2.9 -1.3 19561956 3.3 3.1 2.9 3.0 3.0 2.9 3.3 2.8 2.9 2.6 2.5 2.2 2.3 2.1 1.9 1.7 1.7 1.6 1.6 1.5 0.7 0.8 1.1 0.9 0.1 0.1 0.9 0.9 0.0 -3.5 -5.6 19571957 3.4 3.3 3.1 3.2 3.2 3.1 3.4 2.9 3.1 2.8 2.7 2.5 2.6 2.4 2.2 2.0 2.1 2.0 2.0 1.9 1.2 1.3 1.8 1.6 1.0 1.1 2.0 2.2 1.8 0.1 0.7 7.5 19581958 3.1 2.9 2.8 2.9 2.8 2.8 3.1 2.6 2.7 2.4 2.3 2.1 2.1 2.0 1.8 1.5 1.6 1.5 1.4 1.3 0.6 0.7 1.0 0.8 0.2 0.2 0.8 0.7 0.2 -1.5 -1.6 0.5 -6.1 19591959 2.9 2.8 2.6 2.7 2.7 2.6 2.9 2.4 2.5 2.2 2.1 1.9 1.9 1.8 1.6 1.3 1.4 1.2 1.2 1.1 0.4 0.5 0.7 0.5 -0.1 -0.1 0.4 0.3 -0.3 -1.7 -1.8 -0.5 -4.2 -2.3 19601960 3.2 3.1 2.9 3.0 3.0 2.9 3.2 2.8 2.9 2.6 2.5 2.3 2.4 2.3 2.1 1.9 2.0 1.9 1.9 1.8 1.3 1.4 1.7 1.5 1.1 1.2 1.8 1.9 1.6 0.7 1.2 2.9 1.4 5.5 13.8 19611961 3.2 3.0 2.9 2.9 2.9 2.9 3.2 2.7 2.8 2.6 2.5 2.3 2.4 2.2 2.1 1.9 1.9 1.9 1.8 1.8 1.3 1.3 1.6 1.5 1.1 1.2 1.7 1.8 1.6 0.8 1.1 2.5 1.3 3.9 7.2 1.0 19621962 3.3 3.1 3.0 3.1 3.1 3.0 3.3 2.9 3.0 2.7 2.6 2.5 2.5 2.4 2.3 2.1 2.2 2.1 2.1 2.1 1.6 1.7 2.0 1.9 1.5 1.7 2.2 2.3 2.1 1.5 1.9 3.2 2.4 4.7 7.1 3.9 6.9 19631963 3.2 3.1 2.9 3.0 3.0 2.9 3.2 2.8 2.9 2.7 2.6 2.4 2.5 2.4 2.2 2.1 2.1 2.1 2.1 2.0 1.6 1.7 1.9 1.8 1.5 1.6 2.1 2.2 2.0 1.5 1.8 2.9 2.2 4.0 5.6 3.0 4.0 1.2 19641964 3.2 3.1 2.9 3.0 3.0 3.0 3.2 2.8 2.9 2.7 2.6 2.4 2.5 2.4 2.3 2.1 2.2 2.1 2.1 2.1 1.7 1.8 2.0 1.9 1.6 1.8 2.2 2.3 2.2 1.7 2.0 3.0 2.4 3.9 5.2 3.1 3.8 2.4 3.5 19651965 3.1 3.0 2.9 3.0 2.9 2.9 3.2 2.8 2.9 2.6 2.6 2.4 2.5 2.4 2.2 2.1 2.1 2.1 2.1 2.0 1.6 1.7 1.9 1.9 1.6 1.7 2.1 2.2 2.1 1.6 1.9 2.8 2.2 3.4 4.4 2.6 3.0 1.8 2.1 0.7 19661966 3.2 3.0 2.9 3.0 3.0 2.9 3.2 2.8 2.9 2.7 2.6 2.4 2.5 2.4 2.3 2.1 2.2 2.1 2.1 2.1 1.7 1.8 2.0 2.0 1.7 1.8 2.2 2.3 2.2 1.8 2.0 2.8 2.3 3.5 4.3 2.8 3.2 2.3 2.6 2.2 3.6 19671967 2.8 2.7 2.6 2.6 2.6 2.6 2.8 2.4 2.5 2.3 2.2 2.0 2.1 2.0 1.8 1.7 1.7 1.6 1.6 1.6 1.2 1.2 1.4 1.3 1.1 1.1 1.4 1.5 1.3 0.9 1.1 1.7 1.1 2.0 2.5 1.0 1.0 -0.1 -0.5 -1.8 -3.0 -9.21968 2.8 2.7 2.5 2.6 2.6 2.5 2.7 2.3 2.4 2.2 2.1 2.0 2.0 1.9 1.8 1.6 1.6 1.6 1.6 1.5 1.1 1.2 1.4 1.3 1.0 1.0 1.3 1.4 1.2 0.8 1.0 1.5 1.0 1.7 2.2 0.8 0.8 -0.2 -0.4 -1.4 -2.1 -4.81969 2.6 2.5 2.3 2.4 2.4 2.3 2.5 2.1 2.2 2.0 1.9 1.7 1.8 1.7 1.5 1.4 1.4 1.3 1.3 1.2 0.9 0.9 1.1 0.9 0.7 0.7 1.0 1.0 0.8 0.4 0.5 1.0 0.5 1.1 1.4 0.2 0.1 -0.9 -1.2 -2.1 -2.8 -4.91970 2.8 2.7 2.5 2.6 2.6 2.5 2.7 2.4 2.5 2.3 2.2 2.0 2.1 2.0 1.9 1.7 1.7 1.7 1.7 1.6 1.3 1.3 1.5 1.4 1.2 1.3 1.5 1.6 1.4 1.1 1.3 1.8 1.3 2.0 2.4 1.3 1.3 0.7 0.6 0.1 0.0 -0.91971 3.0 2.9 2.8 2.8 2.8 2.8 3.0 2.7 2.7 2.5 2.5 2.3 2.4 2.3 2.2 2.1 2.1 2.1 2.1 2.0 1.7 1.8 2.0 1.9 1.7 1.8 2.1 2.1 2.1 1.8 2.0 2.5 2.1 2.8 3.2 2.3 2.5 2.0 2.1 1.9 2.1 1.81972 3.1 3.0 2.8 2.9 2.9 2.8 3.1 2.7 2.8 2.6 2.6 2.4 2.5 2.4 2.3 2.2 2.2 2.2 2.2 2.2 1.9 1.9 2.1 2.1 1.9 2.0 2.3 2.3 2.2 2.0 2.2 2.7 2.4 3.0 3.4 2.6 2.8 2.3 2.5 2.3 2.6 2.41973 3.0 2.9 2.7 2.8 2.8 2.8 3.0 2.6 2.7 2.5 2.5 2.3 2.4 2.3 2.2 2.1 2.1 2.1 2.1 2.1 1.8 1.8 2.0 1.9 1.8 1.8 2.1 2.2 2.1 1.8 2.0 2.5 2.1 2.7 3.1 2.3 2.4 2.0 2.1 2.0 2.1 1.91974 3.0 2.9 2.8 2.8 2.8 2.8 3.0 2.7 2.7 2.6 2.5 2.4 2.4 2.4 2.3 2.1 2.2 2.1 2.1 2.1 1.8 1.9 2.1 2.0 1.9 1.9 2.2 2.2 2.2 1.9 2.1 2.6 2.3 2.8 3.2 2.5 2.6 2.2 2.3 2.2 2.4 2.21975 3.1 3.0 2.9 3.0 3.0 2.9 3.1 2.8 2.9 2.7 2.7 2.5 2.6 2.5 2.4 2.3 2.4 2.4 2.4 2.3 2.1 2.2 2.3 2.3 2.1 2.2 2.5 2.5 2.5 2.3 2.5 2.9 2.6 3.2 3.5 2.9 3.0 2.7 2.9 2.8 3.0 3.01976 3.4 3.3 3.2 3.2 3.2 3.2 3.4 3.1 3.2 3.0 3.0 2.9 3.0 2.9 2.8 2.7 2.8 2.7 2.8 2.8 2.5 2.6 2.8 2.8 2.6 2.7 3.0 3.1 3.1 2.9 3.1 3.5 3.3 3.9 4.3 3.7 3.9 3.7 3.9 3.9 4.2 4.31977 3.3 3.2 3.1 3.2 3.2 3.1 3.3 3.0 3.1 3.0 2.9 2.8 2.9 2.8 2.7 2.6 2.7 2.7 2.7 2.7 2.4 2.5 2.7 2.7 2.5 2.6 2.9 2.9 2.9 2.7 2.9 3.3 3.1 3.7 4.0 3.4 3.6 3.4 3.5 3.5 3.8 3.81978 3.2 3.1 3.0 3.1 3.1 3.0 3.2 2.9 3.0 2.9 2.8 2.7 2.8 2.7 2.6 2.5 2.6 2.5 2.6 2.5 2.3 2.4 2.6 2.5 2.4 2.5 2.7 2.8 2.8 2.6 2.7 3.1 2.9 3.4 3.7 3.2 3.3 3.1 3.2 3.2 3.4 3.41979 3.1 3.0 2.9 3.0 3.0 2.9 3.1 2.9 2.9 2.8 2.7 2.6 2.7 2.6 2.5 2.4 2.5 2.4 2.5 2.4 2.2 2.3 2.4 2.4 2.3 2.3 2.6 2.6 2.6 2.4 2.6 2.9 2.7 3.2 3.5 2.9 3.1 2.8 2.9 2.9 3.1 3.01980 3.0 2.9 2.8 2.8 2.8 2.8 3.0 2.7 2.8 2.6 2.6 2.5 2.5 2.4 2.3 2.3 2.3 2.3 2.3 2.3 2.0 2.1 2.2 2.2 2.1 2.1 2.3 2.4 2.3 2.2 2.3 2.6 2.4 2.8 3.1 2.6 2.7 2.4 2.5 2.5 2.6 2.51981 3.0 2.9 2.8 2.8 2.8 2.8 3.0 2.7 2.7 2.6 2.5 2.4 2.5 2.4 2.3 2.2 2.3 2.3 2.3 2.2 2.0 2.1 2.2 2.2 2.1 2.1 2.3 2.4 2.3 2.2 2.3 2.6 2.4 2.8 3.0 2.6 2.6 2.4 2.5 2.4 2.5 2.51982 3.5 3.5 3.4 3.4 3.4 3.4 3.6 3.3 3.4 3.3 3.2 3.1 3.2 3.2 3.1 3.0 3.1 3.1 3.1 3.1 2.9 3.0 3.2 3.1 3.0 3.1 3.4 3.5 3.4 3.3 3.5 3.9 3.7 4.1 4.4 4.0 4.2 4.0 4.2 4.2 4.4 4.51983 3.5 3.4 3.3 3.4 3.4 3.3 3.5 3.3 3.3 3.2 3.2 3.1 3.2 3.1 3.0 3.0 3.0 3.0 3.0 3.0 2.8 2.9 3.1 3.1 3.0 3.1 3.3 3.4 3.4 3.2 3.4 3.7 3.6 4.0 4.3 3.9 4.0 3.9 4.0 4.0 4.2 4.31984 3.7 3.6 3.5 3.6 3.6 3.6 3.7 3.5 3.6 3.4 3.4 3.3 3.4 3.4 3.3 3.2 3.3 3.3 3.3 3.3 3.2 3.2 3.4 3.4 3.3 3.4 3.6 3.7 3.7 3.6 3.8 4.1 4.0 4.4 4.7 4.3 4.5 4.4 4.5 4.6 4.8 4.91985 4.1 4.0 3.9 4.0 4.0 4.0 4.2 4.0 4.0 3.9 3.9 3.8 3.9 3.9 3.8 3.8 3.8 3.9 3.9 3.9 3.8 3.9 4.0 4.1 4.0 4.1 4.4 4.5 4.5 4.4 4.6 5.0 4.9 5.3 5.6 5.3 5.5 5.4 5.6 5.7 6.0 6.11986 4.4 4.3 4.3 4.3 4.3 4.3 4.5 4.3 4.4 4.3 4.3 4.2 4.3 4.3 4.2 4.2 4.3 4.3 4.3 4.4 4.2 4.3 4.5 4.6 4.5 4.6 4.9 5.0 5.0 5.0 5.2 5.6 5.5 5.9 6.3 6.0 6.2 6.2 6.4 6.5 6.8 6.91987 4.3 4.2 4.1 4.2 4.2 4.2 4.4 4.2 4.3 4.2 4.1 4.1 4.1 4.1 4.1 4.0 4.1 4.1 4.2 4.2 4.1 4.2 4.3 4.4 4.3 4.4 4.7 4.8 4.8 4.7 4.9 5.3 5.2 5.6 5.9 5.6 5.8 5.8 6.0 6.1 6.3 6.51988 4.4 4.3 4.2 4.3 4.3 4.3 4.5 4.3 4.4 4.3 4.2 4.2 4.3 4.2 4.2 4.2 4.2 4.2 4.3 4.3 4.2 4.3 4.5 4.5 4.4 4.6 4.8 4.9 4.9 4.9 5.1 5.4 5.4 5.8 6.0 5.8 6.0 5.9 6.1 6.2 6.5 6.61989 4.6 4.5 4.4 4.5 4.5 4.5 4.7 4.5 4.6 4.5 4.5 4.4 4.5 4.5 4.5 4.4 4.5 4.5 4.6 4.6 4.5 4.6 4.8 4.8 4.8 4.9 5.1 5.2 5.3 5.2 5.4 5.8 5.7 6.1 6.4 6.2 6.4 6.4 6.6 6.7 6.9 7.11990 4.6 4.5 4.5 4.5 4.6 4.6 4.7 4.5 4.6 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.6 4.6 4.7 4.5 4.6 4.8 4.8 4.8 4.9 5.2 5.3 5.3 5.3 5.5 5.8 5.7 6.1 6.4 6.2 6.4 6.4 6.5 6.7 6.9 7.01991 4.8 4.7 4.7 4.8 4.8 4.8 5.0 4.8 4.8 4.8 4.8 4.7 4.8 4.8 4.8 4.7 4.8 4.8 4.9 4.9 4.8 4.9 5.1 5.2 5.1 5.2 5.5 5.6 5.7 5.6 5.8 6.2 6.1 6.5 6.8 6.6 6.8 6.8 7.0 7.1 7.4 7.51992 4.9 4.8 4.8 4.8 4.8 4.9 5.0 4.8 4.9 4.8 4.8 4.8 4.9 4.9 4.8 4.8 4.9 4.9 5.0 5.0 4.9 5.0 5.2 5.2 5.2 5.3 5.6 5.7 5.8 5.7 5.9 6.2 6.2 6.6 6.9 6.7 6.9 6.9 7.1 7.2 7.4 7.61993 5.0 5.0 4.9 5.0 5.0 5.1 5.2 5.0 5.1 5.1 5.1 5.0 5.1 5.1 5.1 5.1 5.1 5.2 5.2 5.3 5.2 5.3 5.5 5.5 5.5 5.6 5.9 6.0 6.0 6.0 6.2 6.6 6.5 6.9 7.2 7.0 7.2 7.2 7.4 7.6 7.8 8.01994 4.8 4.8 4.7 4.8 4.8 4.8 5.0 4.8 4.9 4.8 4.8 4.8 4.9 4.8 4.8 4.8 4.9 4.9 5.0 5.0 4.9 5.0 5.2 5.2 5.2 5.3 5.5 5.6 5.7 5.6 5.8 6.2 6.1 6.5 6.7 6.5 6.7 6.7 6.9 7.0 7.2 7.41995 5.2 5.1 5.1 5.2 5.2 5.2 5.4 5.2 5.3 5.2 5.2 5.2 5.3 5.3 5.3 5.2 5.3 5.4 5.4 5.5 5.4 5.5 5.7 5.7 5.7 5.8 6.1 6.2 6.2 6.2 6.4 6.7 6.7 7.1 7.4 7.2 7.4 7.4 7.6 7.7 8.0 8.11996 5.1 5.1 5.0 5.1 5.1 5.1 5.3 5.1 5.2 5.1 5.1 5.1 5.2 5.2 5.1 5.1 5.2 5.2 5.3 5.4 5.2 5.4 5.5 5.6 5.6 5.7 5.9 6.0 6.1 6.0 6.2 6.5 6.5 6.9 7.1 7.0 7.1 7.1 7.3 7.4 7.7 7.81997 5.2 5.2 5.2 5.2 5.3 5.3 5.4 5.3 5.4 5.3 5.3 5.2 5.3 5.3 5.3 5.3 5.4 5.4 5.5 5.5 5.4 5.6 5.7 5.8 5.8 5.9 6.1 6.2 6.3 6.3 6.4 6.8 6.7 7.1 7.4 7.2 7.4 7.4 7.6 7.7 7.9 8.11998 5.3 5.3 5.3 5.3 5.4 5.4 5.5 5.4 5.5 5.4 5.4 5.4 5.5 5.5 5.4 5.4 5.5 5.6 5.6 5.7 5.6 5.7 5.9 5.9 5.9 6.0 6.3 6.4 6.4 6.4 6.6 6.9 6.9 7.2 7.5 7.3 7.5 7.5 7.7 7.8 8.1 8.21999 5.1 5.1 5.0 5.1 5.1 5.2 5.3 5.1 5.2 5.2 5.2 5.1 5.2 5.2 5.2 5.2 5.2 5.3 5.3 5.4 5.3 5.4 5.6 5.6 5.6 5.7 5.9 6.0 6.1 6.0 6.2 6.5 6.5 6.8 7.0 6.9 7.0 7.0 7.2 7.3 7.5 7.62000 5.3 5.3 5.3 5.3 5.4 5.4 5.5 5.4 5.5 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.5 5.5 5.6 5.7 5.6 5.7 5.8 5.9 5.9 6.0 6.2 6.3 6.4 6.4 6.5 6.8 6.8 7.1 7.4 7.2 7.4 7.4 7.6 7.7 7.9 8.02001 5.3 5.3 5.2 5.3 5.3 5.3 5.5 5.3 5.4 5.4 5.4 5.3 5.4 5.4 5.4 5.4 5.5 5.5 5.6 5.6 5.5 5.6 5.8 5.8 5.8 5.9 6.2 6.3 6.3 6.3 6.5 6.8 6.7 7.1 7.3 7.1 7.3 7.3 7.5 7.6 7.8 7.92002 5.5 5.4 5.4 5.5 5.5 5.5 5.7 5.5 5.6 5.5 5.5 5.5 5.6 5.6 5.6 5.6 5.7 5.7 5.8 5.8 5.7 5.8 6.0 6.1 6.0 6.2 6.4 6.5 6.5 6.5 6.7 7.0 7.0 7.3 7.5 7.4 7.5 7.6 7.7 7.8 8.0 8.22003 5.4 5.4 5.3 5.4 5.4 5.5 5.6 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.6 5.6 5.7 5.7 5.7 5.8 5.9 6.0 6.0 6.1 6.3 6.4 6.4 6.4 6.6 6.9 6.8 7.2 7.4 7.2 7.4 7.4 7.6 7.7 7.9 8.02004 5.5 5.4 5.4 5.5 5.5 5.5 5.6 5.5 5.6 5.5 5.5 5.5 5.6 5.6 5.6 5.6 5.6 5.7 5.7 5.8 5.7 5.8 6.0 6.0 6.0 6.1 6.3 6.4 6.5 6.5 6.6 6.9 6.9 7.2 7.4 7.3 7.4 7.4 7.6 7.7 7.9 8.02005 5.5 5.5 5.4 5.5 5.5 5.5 5.7 5.5 5.6 5.6 5.6 5.5 5.6 5.6 5.6 5.6 5.7 5.7 5.8 5.8 5.7 5.8 6.0 6.0 6.0 6.1 6.3 6.4 6.5 6.5 6.6 6.9 6.9 7.2 7.4 7.3 7.4 7.4 7.6 7.7 7.9 8.02006 5.4 5.4 5.4 5.4 5.5 5.5 5.6 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.6 5.6 5.7 5.7 5.7 5.8 5.9 6.0 5.9 6.1 6.2 6.3 6.4 6.4 6.5 6.8 6.8 7.1 7.3 7.1 7.3 7.3 7.4 7.5 7.7 7.82007 5.5 5.5 5.4 5.5 5.5 5.5 5.7 5.5 5.6 5.5 5.6 5.5 5.6 5.6 5.6 5.6 5.7 5.7 5.8 5.8 5.7 5.8 6.0 6.0 6.0 6.1 6.3 6.4 6.5 6.4 6.6 6.9 6.8 7.1 7.3 7.2 7.3 7.3 7.5 7.6 7.8 7.92008 5.7 5.7 5.6 5.7 5.7 5.8 5.9 5.8 5.9 5.8 5.8 5.8 5.9 5.9 5.9 5.9 5.9 6.0 6.0 6.1 6.0 6.1 6.3 6.3 6.3 6.4 6.6 6.7 6.8 6.8 6.9 7.2 7.2 7.5 7.7 7.6 7.7 7.7 7.9 8.0 8.1 8.32009 5.4 5.4 5.4 5.4 5.5 5.5 5.6 5.5 5.6 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.6 5.6 5.7 5.7 5.7 5.8 5.9 5.9 5.9 6.0 6.2 6.3 6.4 6.3 6.5 6.7 6.7 7.0 7.2 7.0 7.2 7.2 7.3 7.4 7.6 7.72010 5.5 5.5 5.4 5.5 5.5 5.5 5.7 5.5 5.6 5.6 5.6 5.5 5.6 5.6 5.6 5.6 5.7 5.7 5.8 5.8 5.7 5.8 6.0 6.0 6.0 6.1 6.3 6.4 6.4 6.4 6.6 6.8 6.8 7.0 7.2 7.1 7.2 7.2 7.4 7.5 7.6 7.72011 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.8 5.9 5.8 5.8 5.8 5.9 5.9 5.9 5.9 6.0 6.0 6.1 6.1 6.0 6.1 6.3 6.3 6.3 6.4 6.6 6.7 6.8 6.8 6.9 7.1 7.1 7.4 7.6 7.5 7.6 7.6 7.8 7.9 8.0 8.1

1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967


Data provided by Ibbotson Associates.

US LONG-TERM GOVERNMENT BONDS1926–2011: Total Returns (%)

In US Dollars

19681968 -0.3 19691969 -2.7 -5.1 19701970 2.0 3.2 12.1 19711971 4.7 6.4 12.7 13.2 19721972 4.9 6.2 10.3 9.4 5.7 19731973 3.9 4.7 7.3 5.8 2.2 -1.1 19741974 3.9 4.7 6.7 5.4 2.9 1.6 4.4 19751975 4.6 5.3 7.1 6.2 4.5 4.1 6.7 9.2 19761976 5.9 6.7 8.5 7.9 6.8 7.1 10.0 12.9 16.8 19771977 5.2 5.8 7.3 6.6 5.5 5.5 7.2 8.2 7.7 -0.7 19781978 4.6 5.1 6.3 5.6 4.5 4.4 5.5 5.8 4.7 -0.9 -1.2 19791979 4.1 4.5 5.5 4.8 3.8 3.5 4.3 4.3 3.2 -1.0 -1.2 -1.2 19801980 3.5 3.8 4.6 3.9 2.9 2.6 3.1 2.9 1.7 -1.8 -2.1 -2.6 -4.0 19811981 3.3 3.6 4.4 3.7 2.8 2.5 3.0 2.8 1.7 -1.0 -1.1 -1.1 -1.1 1.9 19821982 5.5 5.9 6.8 6.4 5.8 5.8 6.6 6.8 6.5 4.9 6.0 7.9 11.1 19.6 40.4 19831983 5.2 5.5 6.3 5.9 5.3 5.3 6.0 6.1 5.8 4.3 5.1 6.4 8.4 12.9 18.9 0.7 19841984 5.8 6.1 6.9 6.6 6.1 6.1 6.8 7.0 6.8 5.6 6.6 7.9 9.8 13.6 17.8 7.9 15.5 19851985 7.0 7.5 8.3 8.1 7.7 7.8 8.6 9.0 9.0 8.2 9.3 10.9 13.1 16.8 20.9 15.1 23.0 31.0 19861986 7.9 8.3 9.2 9.0 8.7 9.0 9.8 10.2 10.3 9.7 10.9 12.5 14.6 18.1 21.6 17.3 23.5 27.7 24.5 19871987 7.3 7.7 8.5 8.3 8.0 8.1 8.8 9.2 9.2 8.5 9.5 10.7 12.3 14.9 17.2 13.0 16.3 16.6 10.0 -2.7 19881988 7.4 7.8 8.6 8.4 8.1 8.2 8.9 9.2 9.2 8.6 9.5 10.6 12.0 14.2 16.1 12.5 15.0 14.8 9.9 3.3 9.7 19891989 7.9 8.3 9.0 8.9 8.6 8.8 9.4 9.8 9.8 9.3 10.2 11.3 12.6 14.6 16.3 13.3 15.5 15.5 11.9 8.0 13.8 18.1 19901990 7.8 8.2 8.9 8.7 8.5 8.6 9.2 9.6 9.6 9.1 9.9 10.9 12.0 13.8 15.2 12.3 14.1 13.9 10.7 7.6 11.2 12.0 6.2 19911991 8.3 8.7 9.3 9.2 9.0 9.2 9.8 10.1 10.2 9.7 10.5 11.5 12.6 14.2 15.6 13.1 14.7 14.6 12.1 9.8 13.2 14.4 12.5 19.3 19921992 8.3 8.7 9.3 9.2 9.0 9.2 9.8 10.1 10.1 9.7 10.4 11.3 12.4 13.8 15.0 12.7 14.1 14.0 11.7 9.7 12.4 13.1 11.5 14.2 9.4 19931993 8.7 9.1 9.7 9.6 9.4 9.6 10.2 10.5 10.6 10.2 10.9 11.8 12.8 14.2 15.3 13.2 14.5 14.4 12.5 10.9 13.4 14.1 13.1 15.6 13.7 18.2 19941994 8.0 8.4 8.9 8.8 8.6 8.7 9.2 9.5 9.5 9.1 9.7 10.4 11.3 12.4 13.3 11.3 12.3 12.0 10.1 8.4 10.1 10.1 8.6 9.2 6.1 4.4 -7.8 19951995 8.8 9.1 9.7 9.6 9.5 9.7 10.2 10.5 10.5 10.2 10.8 11.6 12.4 13.6 14.5 12.7 13.8 13.7 12.1 10.8 12.6 13.0 12.1 13.4 12.0 12.8 10.2 31.7 19961996 8.4 8.8 9.3 9.2 9.1 9.2 9.7 9.9 9.9 9.6 10.2 10.9 11.6 12.7 13.4 11.7 12.6 12.4 10.8 9.5 11.0 11.1 10.2 10.9 9.3 9.2 6.4 14.2 -0.9 19971997 8.7 9.0 9.5 9.4 9.3 9.5 9.9 10.2 10.2 9.9 10.5 11.1 11.8 12.8 13.6 12.0 12.8 12.6 11.2 10.1 11.5 11.7 10.9 11.6 10.3 10.5 8.7 14.8 7.1 15.9 19981998 8.8 9.1 9.7 9.6 9.4 9.6 10.0 10.3 10.3 10.0 10.6 11.2 11.9 12.9 13.5 12.0 12.8 12.7 11.4 10.3 11.6 11.8 11.1 11.7 10.7 10.9 9.5 14.3 9.1 14.5 13.1 19991999 8.2 8.5 9.0 8.9 8.7 8.8 9.2 9.4 9.5 9.1 9.6 10.2 10.8 11.6 12.2 10.7 11.3 11.1 9.8 8.7 9.7 9.7 8.9 9.2 8.0 7.8 6.2 9.2 4.3 6.0 1.4 -9.0 20002000 8.6 8.9 9.4 9.3 9.1 9.3 9.7 9.9 9.9 9.6 10.1 10.6 11.2 12.1 12.6 11.3 11.9 11.7 10.5 9.6 10.6 10.7 10.0 10.4 9.5 9.5 8.3 11.2 7.5 9.7 7.7 5.2 21.5 20012001 8.4 8.7 9.2 9.1 9.0 9.1 9.5 9.6 9.7 9.4 9.8 10.3 10.9 11.7 12.2 10.8 11.4 11.2 10.1 9.2 10.1 10.1 9.5 9.8 8.9 8.8 7.7 10.1 6.9 8.5 6.7 4.7 12.2 3.7 20022002 8.7 9.0 9.4 9.4 9.2 9.4 9.7 9.9 10.0 9.7 10.1 10.6 11.2 11.9 12.4 11.2 11.8 11.6 10.5 9.7 10.6 10.6 10.1 10.4 9.7 9.7 8.8 11.0 8.4 10.0 8.8 7.8 14.1 10.5 17.8 20032003 8.5 8.8 9.2 9.1 9.0 9.1 9.4 9.6 9.6 9.4 9.8 10.3 10.8 11.4 11.9 10.7 11.2 11.0 10.0 9.2 10.0 10.0 9.5 9.7 8.9 8.9 8.0 9.9 7.5 8.7 7.6 6.5 10.8 7.4 9.3 1.4 20042004 8.5 8.7 9.2 9.1 9.0 9.1 9.4 9.6 9.6 9.4 9.7 10.2 10.7 11.3 11.8 10.6 11.1 10.9 9.9 9.2 9.9 9.9 9.4 9.6 8.9 8.9 8.1 9.8 7.6 8.7 7.7 6.8 10.3 7.7 9.1 4.9 8.5 20052005 8.5 8.7 9.1 9.1 8.9 9.0 9.4 9.5 9.5 9.3 9.7 10.1 10.6 11.2 11.6 10.5 10.9 10.7 9.8 9.1 9.8 9.8 9.3 9.5 8.8 8.8 8.0 9.6 7.6 8.6 7.7 7.0 9.9 7.7 8.7 5.9 8.2 7.8 20062006 8.3 8.5 8.9 8.8 8.7 8.8 9.1 9.3 9.3 9.0 9.4 9.8 10.2 10.8 11.2 10.1 10.5 10.3 9.4 8.7 9.3 9.3 8.8 9.0 8.3 8.2 7.5 8.9 7.0 7.8 7.0 6.2 8.6 6.6 7.2 4.7 5.8 4.4 1.2 20072007 8.3 8.6 8.9 8.9 8.7 8.8 9.1 9.3 9.3 9.0 9.4 9.8 10.2 10.7 11.1 10.1 10.5 10.3 9.4 8.7 9.3 9.3 8.9 9.0 8.4 8.3 7.7 8.9 7.2 8.0 7.3 6.6 8.8 7.1 7.6 5.7 6.8 6.2 5.4 9.9 20082008 8.7 9.0 9.3 9.3 9.2 9.3 9.6 9.7 9.7 9.5 9.9 10.3 10.7 11.3 11.6 10.6 11.1 10.9 10.1 9.5 10.1 10.1 9.7 9.9 9.4 9.4 8.8 10.1 8.6 9.4 8.8 8.4 10.5 9.2 10.1 8.8 10.3 10.8 11.8 17.6 25.8 20092009 8.1 8.3 8.7 8.6 8.4 8.5 8.8 8.9 8.9 8.7 9.0 9.4 9.7 10.2 10.5 9.6 9.9 9.7 8.9 8.3 8.8 8.7 8.3 8.4 7.8 7.7 7.1 8.2 6.7 7.3 6.6 6.1 7.7 6.3 6.6 5.1 5.7 5.1 4.5 5.6 3.5 -14.9 20102010 8.1 8.3 8.7 8.6 8.5 8.6 8.8 9.0 9.0 8.7 9.0 9.4 9.7 10.2 10.5 9.6 9.9 9.7 8.9 8.3 8.9 8.8 8.4 8.5 8.0 7.9 7.3 8.3 6.9 7.5 6.9 6.4 7.9 6.6 7.0 5.7 6.3 5.9 5.6 6.7 5.6 -3.2 10.1 20112011 8.6 8.8 9.1 9.0 8.9 9.0 9.3 9.4 9.5 9.3 9.6 9.9 10.3 10.8 11.1 10.2 10.5 10.4 9.6 9.1 9.6 9.6 9.2 9.4 8.9 8.9 8.4 9.4 8.1 8.8 8.3 7.9 9.5 8.4 8.9 8.0 8.8 8.9 9.0 10.7 10.9 6.3 18.8 28.2

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1926

$120

2011


19261926 7.4 19271927 7.4 7.4 19281928 5.9 5.1 2.8 19291929 5.2 4.5 3.1 3.3 19301930 5.8 5.4 4.7 5.6 8.0 19311931 4.4 3.9 3.0 3.1 2.9 -1.9 19321932 5.3 5.0 4.5 4.9 5.5 4.3 10.8 19331933 6.0 5.8 5.5 6.0 6.7 6.3 10.6 10.4 19341934 6.8 6.7 6.6 7.3 8.1 8.1 11.7 12.1 13.8 19351935 7.1 7.0 7.0 7.6 8.3 8.4 11.2 11.3 11.7 9.6 19361936 7.1 7.0 7.0 7.5 8.1 8.1 10.3 10.1 10.0 8.2 6.7 19371937 6.7 6.6 6.5 7.0 7.4 7.4 9.0 8.6 8.2 6.3 4.7 2.7 19381938 6.6 6.6 6.5 6.9 7.3 7.2 8.6 8.2 7.8 6.3 5.2 4.4 6.1 19391939 6.4 6.4 6.3 6.6 6.9 6.8 8.0 7.6 7.1 5.8 4.9 4.3 5.0 4.0 19401940 6.2 6.2 6.1 6.3 6.6 6.5 7.5 7.0 6.6 5.4 4.6 4.1 4.5 3.7 3.4 19411941 6.0 5.9 5.8 6.1 6.3 6.1 7.0 6.6 6.1 5.0 4.3 3.8 4.0 3.4 3.1 2.7 19421942 5.8 5.7 5.6 5.8 6.0 5.8 6.6 6.2 5.7 4.7 4.0 3.6 3.8 3.2 2.9 2.7 2.6 19431943 5.6 5.5 5.4 5.6 5.8 5.6 6.3 5.8 5.4 4.5 3.9 3.5 3.6 3.1 2.9 2.7 2.7 2.8 19441944 5.6 5.5 5.4 5.5 5.7 5.5 6.1 5.8 5.3 4.5 4.0 3.6 3.8 3.4 3.3 3.2 3.4 3.8 4.7 19451945 5.5 5.4 5.3 5.5 5.6 5.4 6.0 5.6 5.2 4.5 4.0 3.7 3.8 3.5 3.4 3.4 3.6 3.9 4.4 4.1 19461946 5.3 5.2 5.1 5.3 5.4 5.2 5.7 5.3 5.0 4.3 3.8 3.5 3.6 3.3 3.2 3.1 3.2 3.3 3.5 2.9 1.7 19471947 5.0 4.9 4.7 4.8 4.9 4.7 5.2 4.8 4.4 3.7 3.3 2.9 3.0 2.6 2.4 2.3 2.2 2.2 2.0 1.1 -0.3 -2.3 19481948 4.9 4.8 4.7 4.8 4.9 4.7 5.1 4.8 4.4 3.8 3.3 3.0 3.1 2.8 2.6 2.5 2.5 2.5 2.4 1.9 1.1 0.8 4.1 19491949 4.9 4.8 4.6 4.7 4.8 4.6 5.0 4.7 4.3 3.7 3.3 3.1 3.1 2.8 2.7 2.6 2.6 2.6 2.6 2.2 1.7 1.7 3.7 3.3 19501950 4.8 4.7 4.5 4.6 4.7 4.5 4.9 4.5 4.2 3.6 3.2 3.0 3.0 2.8 2.6 2.6 2.6 2.6 2.5 2.1 1.8 1.8 3.2 2.7 2.1 19511951 4.5 4.3 4.2 4.3 4.3 4.2 4.5 4.1 3.8 3.2 2.9 2.6 2.6 2.3 2.2 2.1 2.0 2.0 1.8 1.4 1.0 0.9 1.7 0.9 -0.3 -2.7 19521952 4.4 4.3 4.2 4.2 4.3 4.1 4.4 4.1 3.8 3.3 2.9 2.7 2.7 2.4 2.3 2.2 2.2 2.1 2.0 1.7 1.4 1.3 2.0 1.5 0.9 0.4 3.5 19531953 4.4 4.3 4.2 4.2 4.3 4.1 4.4 4.1 3.8 3.3 2.9 2.7 2.7 2.5 2.4 2.3 2.3 2.2 2.2 1.9 1.6 1.6 2.3 1.9 1.6 1.4 3.5 3.4 19541954 4.4 4.3 4.2 4.3 4.3 4.2 4.4 4.1 3.8 3.4 3.1 2.9 2.9 2.7 2.6 2.5 2.5 2.5 2.5 2.2 2.0 2.1 2.7 2.5 2.3 2.4 4.1 4.4 5.4 19551955 4.3 4.2 4.1 4.1 4.2 4.0 4.3 4.0 3.7 3.2 2.9 2.7 2.7 2.5 2.4 2.4 2.4 2.3 2.3 2.1 1.9 1.9 2.4 2.2 2.0 2.0 3.2 3.1 2.9 0.5 19561956 3.9 3.8 3.7 3.7 3.7 3.6 3.8 3.5 3.2 2.8 2.4 2.2 2.2 2.0 1.9 1.8 1.7 1.6 1.6 1.3 1.1 1.0 1.4 1.0 0.7 0.5 1.1 0.5 -0.4 -3.2 -6.8 19571957 4.1 4.0 3.8 3.9 3.9 3.7 4.0 3.7 3.4 3.0 2.7 2.5 2.5 2.3 2.2 2.2 2.1 2.1 2.1 1.9 1.7 1.7 2.1 1.8 1.7 1.6 2.3 2.1 1.8 0.6 0.7 8.7 19581958 3.9 3.8 3.6 3.7 3.7 3.5 3.7 3.5 3.2 2.8 2.5 2.3 2.3 2.1 2.0 1.9 1.9 1.8 1.8 1.6 1.4 1.3 1.7 1.4 1.2 1.1 1.7 1.4 1.0 -0.1 -0.3 3.1 -2.2 19591959 3.7 3.6 3.5 3.5 3.5 3.4 3.6 3.3 3.0 2.6 2.3 2.2 2.1 1.9 1.8 1.8 1.7 1.7 1.6 1.4 1.2 1.2 1.5 1.2 1.0 0.9 1.3 1.0 0.6 -0.3 -0.5 1.7 -1.6 -1.0 19601960 3.9 3.8 3.7 3.7 3.7 3.6 3.7 3.5 3.3 2.9 2.6 2.4 2.4 2.3 2.2 2.1 2.1 2.1 2.0 1.8 1.7 1.7 2.0 1.8 1.7 1.7 2.2 2.0 1.8 1.2 1.4 3.5 1.8 3.9 9.1 19611961 3.9 3.8 3.7 3.7 3.7 3.6 3.8 3.5 3.3 2.9 2.7 2.5 2.5 2.4 2.3 2.2 2.2 2.2 2.2 2.0 1.9 1.9 2.2 2.1 2.0 2.0 2.4 2.3 2.2 1.7 1.9 3.8 2.6 4.2 6.9 4.8 19621962 4.0 3.9 3.8 3.8 3.9 3.7 3.9 3.7 3.5 3.1 2.9 2.7 2.7 2.6 2.5 2.5 2.5 2.5 2.5 2.3 2.2 2.3 2.6 2.5 2.4 2.4 2.9 2.9 2.8 2.5 2.8 4.5 3.6 5.1 7.3 6.4 7.9 19631963 4.0 3.9 3.8 3.8 3.8 3.7 3.9 3.6 3.4 3.1 2.9 2.7 2.7 2.6 2.5 2.5 2.5 2.5 2.5 2.3 2.2 2.3 2.6 2.5 2.4 2.4 2.9 2.8 2.7 2.4 2.7 4.1 3.4 4.5 6.0 5.0 5.0 2.2 19641964 4.0 3.9 3.8 3.8 3.8 3.7 3.9 3.7 3.5 3.1 2.9 2.8 2.8 2.7 2.6 2.6 2.6 2.6 2.6 2.5 2.4 2.4 2.7 2.6 2.6 2.6 3.0 3.0 2.9 2.7 2.9 4.2 3.6 4.6 5.7 4.9 4.9 3.5 4.8 19651965 3.9 3.8 3.7 3.7 3.7 3.6 3.8 3.6 3.3 3.0 2.8 2.7 2.7 2.5 2.5 2.5 2.4 2.4 2.4 2.3 2.2 2.3 2.5 2.4 2.4 2.4 2.8 2.7 2.6 2.4 2.6 3.7 3.1 3.8 4.7 3.8 3.6 2.1 2.1 -0.5 19661966 3.8 3.7 3.6 3.6 3.6 3.5 3.7 3.5 3.2 2.9 2.7 2.6 2.6 2.5 2.4 2.4 2.4 2.3 2.3 2.2 2.1 2.1 2.4 2.3 2.2 2.2 2.6 2.5 2.4 2.2 2.4 3.3 2.7 3.4 4.0 3.2 2.9 1.7 1.5 -0.1 0.2 19671967 3.6 3.5 3.4 3.4 3.4 3.3 3.4 3.2 3.0 2.7 2.5 2.3 2.3 2.2 2.1 2.1 2.1 2.0 2.0 1.9 1.8 1.8 2.0 1.9 1.8 1.8 2.1 2.0 1.9 1.6 1.7 2.5 1.9 2.4 2.9 2.0 1.5 0.3 -0.2 -1.8 -2.4 -5.01968 3.5 3.4 3.3 3.4 3.4 3.2 3.4 3.2 3.0 2.7 2.5 2.3 2.3 2.2 2.2 2.1 2.1 2.1 2.0 1.9 1.8 1.8 2.0 1.9 1.9 1.8 2.1 2.0 1.9 1.7 1.8 2.5 2.0 2.4 2.8 2.1 1.7 0.7 0.4 -0.7 -0.8 -1.31969 3.3 3.2 3.1 3.1 3.1 2.9 3.1 2.9 2.7 2.4 2.2 2.0 2.0 1.9 1.8 1.7 1.7 1.7 1.6 1.5 1.4 1.4 1.6 1.4 1.3 1.3 1.5 1.4 1.3 1.0 1.1 1.7 1.1 1.4 1.7 0.9 0.4 -0.6 -1.1 -2.2 -2.7 -3.61970 3.6 3.5 3.4 3.4 3.4 3.3 3.4 3.2 3.1 2.8 2.6 2.5 2.5 2.3 2.3 2.3 2.2 2.2 2.2 2.1 2.0 2.0 2.2 2.1 2.1 2.1 2.3 2.3 2.2 2.0 2.1 2.8 2.4 2.7 3.1 2.5 2.3 1.6 1.5 0.9 1.2 1.51971 3.7 3.6 3.6 3.6 3.6 3.5 3.6 3.4 3.3 3.0 2.8 2.7 2.7 2.6 2.6 2.5 2.5 2.5 2.5 2.4 2.4 2.4 2.6 2.5 2.5 2.5 2.8 2.7 2.7 2.5 2.7 3.3 3.0 3.4 3.7 3.3 3.1 2.6 2.6 2.3 2.8 3.31972 3.8 3.7 3.6 3.7 3.7 3.6 3.7 3.5 3.4 3.1 2.9 2.8 2.8 2.7 2.7 2.7 2.7 2.7 2.7 2.6 2.5 2.6 2.8 2.7 2.7 2.7 3.0 2.9 2.9 2.8 2.9 3.6 3.2 3.6 4.0 3.6 3.5 3.0 3.1 2.9 3.4 4.01973 3.7 3.7 3.6 3.6 3.6 3.5 3.6 3.5 3.3 3.0 2.9 2.8 2.8 2.7 2.6 2.6 2.6 2.6 2.6 2.5 2.5 2.5 2.7 2.6 2.6 2.6 2.9 2.9 2.8 2.7 2.8 3.4 3.1 3.5 3.8 3.4 3.3 2.9 2.9 2.7 3.1 3.61974 3.6 3.5 3.4 3.4 3.5 3.4 3.5 3.3 3.1 2.9 2.7 2.6 2.6 2.5 2.5 2.4 2.4 2.4 2.4 2.3 2.3 2.3 2.5 2.4 2.4 2.4 2.6 2.6 2.5 2.4 2.5 3.1 2.7 3.0 3.3 2.9 2.8 2.4 2.4 2.1 2.4 2.71975 3.8 3.7 3.7 3.7 3.7 3.6 3.7 3.6 3.4 3.2 3.0 2.9 2.9 2.8 2.8 2.8 2.8 2.8 2.8 2.7 2.7 2.7 2.9 2.9 2.8 2.9 3.1 3.1 3.1 3.0 3.1 3.6 3.4 3.7 4.0 3.7 3.6 3.3 3.3 3.2 3.6 4.01976 4.1 4.0 3.9 4.0 4.0 3.9 4.0 3.9 3.7 3.5 3.4 3.3 3.3 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.4 3.4 3.4 3.4 3.7 3.7 3.7 3.6 3.8 4.3 4.1 4.5 4.8 4.5 4.5 4.3 4.4 4.4 4.9 5.41977 4.0 4.0 3.9 3.9 3.9 3.9 4.0 3.8 3.7 3.5 3.3 3.2 3.2 3.2 3.2 3.1 3.2 3.2 3.2 3.1 3.1 3.2 3.3 3.3 3.3 3.4 3.6 3.6 3.6 3.5 3.7 4.2 4.0 4.3 4.6 4.4 4.3 4.1 4.2 4.2 4.6 5.01978 4.0 3.9 3.8 3.8 3.9 3.8 3.9 3.7 3.6 3.4 3.2 3.2 3.2 3.1 3.1 3.1 3.1 3.1 3.1 3.0 3.0 3.1 3.2 3.2 3.2 3.2 3.5 3.5 3.5 3.4 3.5 4.0 3.8 4.1 4.4 4.1 4.1 3.8 4.0 3.9 4.2 4.61979 3.8 3.7 3.7 3.7 3.7 3.6 3.7 3.6 3.4 3.2 3.1 3.0 3.0 2.9 2.9 2.9 2.9 2.9 2.9 2.8 2.8 2.8 3.0 3.0 2.9 3.0 3.2 3.2 3.2 3.1 3.2 3.6 3.4 3.7 3.9 3.7 3.6 3.4 3.4 3.3 3.6 3.91980 3.7 3.6 3.5 3.6 3.6 3.5 3.6 3.4 3.3 3.1 2.9 2.8 2.9 2.8 2.7 2.7 2.7 2.7 2.7 2.7 2.6 2.7 2.8 2.8 2.8 2.8 3.0 3.0 2.9 2.8 2.9 3.4 3.1 3.4 3.6 3.3 3.3 3.0 3.1 3.0 3.2 3.41981 3.6 3.5 3.5 3.5 3.5 3.4 3.5 3.3 3.2 3.0 2.8 2.8 2.8 2.7 2.7 2.6 2.6 2.6 2.6 2.6 2.5 2.6 2.7 2.7 2.6 2.7 2.8 2.8 2.8 2.7 2.8 3.2 3.0 3.2 3.4 3.1 3.0 2.8 2.8 2.7 2.9 3.11982 4.2 4.1 4.1 4.1 4.1 4.0 4.2 4.0 3.9 3.7 3.6 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.7 3.7 3.7 3.7 4.0 4.0 4.0 3.9 4.1 4.5 4.4 4.6 4.9 4.7 4.7 4.5 4.7 4.7 5.0 5.31983 4.2 4.1 4.1 4.1 4.1 4.1 4.2 4.0 3.9 3.7 3.6 3.5 3.6 3.5 3.5 3.5 3.5 3.5 3.6 3.5 3.5 3.6 3.7 3.7 3.7 3.8 4.0 4.0 4.0 4.0 4.1 4.5 4.4 4.6 4.9 4.7 4.7 4.5 4.7 4.7 5.0 5.21984 4.4 4.3 4.3 4.3 4.3 4.3 4.4 4.3 4.2 4.0 3.9 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.9 4.0 4.0 4.1 4.1 4.3 4.4 4.4 4.4 4.5 4.9 4.8 5.1 5.3 5.2 5.2 5.1 5.2 5.2 5.5 5.81985 4.8 4.7 4.7 4.7 4.8 4.7 4.8 4.7 4.6 4.4 4.3 4.3 4.3 4.3 4.3 4.3 4.3 4.4 4.4 4.4 4.4 4.5 4.7 4.7 4.7 4.8 5.0 5.1 5.1 5.1 5.3 5.7 5.6 5.9 6.2 6.1 6.1 6.1 6.2 6.3 6.7 7.01986 5.0 5.0 4.9 5.0 5.0 5.0 5.1 5.0 4.9 4.7 4.6 4.6 4.6 4.6 4.6 4.6 4.7 4.7 4.8 4.8 4.8 4.9 5.0 5.1 5.1 5.2 5.4 5.5 5.6 5.6 5.7 6.2 6.1 6.4 6.7 6.6 6.7 6.6 6.8 6.9 7.3 7.61987 4.9 4.9 4.9 4.9 4.9 4.9 5.0 4.9 4.8 4.6 4.5 4.5 4.5 4.5 4.5 4.5 4.6 4.6 4.6 4.6 4.7 4.7 4.9 4.9 5.0 5.0 5.3 5.3 5.4 5.4 5.5 6.0 5.9 6.2 6.4 6.3 6.4 6.3 6.5 6.6 6.9 7.21988 5.0 5.0 4.9 5.0 5.0 5.0 5.1 5.0 4.9 4.7 4.6 4.6 4.6 4.6 4.6 4.6 4.7 4.7 4.8 4.8 4.8 4.9 5.0 5.1 5.1 5.2 5.4 5.5 5.5 5.5 5.7 6.1 6.0 6.3 6.6 6.5 6.5 6.5 6.7 6.7 7.1 7.41989 5.2 5.2 5.1 5.2 5.2 5.1 5.3 5.2 5.1 4.9 4.8 4.8 4.8 4.8 4.8 4.9 4.9 5.0 5.0 5.0 5.0 5.1 5.3 5.3 5.4 5.5 5.7 5.7 5.8 5.8 6.0 6.4 6.3 6.6 6.9 6.8 6.9 6.8 7.0 7.1 7.4 7.81990 5.2 5.2 5.1 5.2 5.2 5.2 5.3 5.2 5.1 5.0 4.9 4.8 4.9 4.9 4.9 4.9 4.9 5.0 5.0 5.1 5.1 5.2 5.3 5.4 5.4 5.5 5.7 5.8 5.8 5.8 6.0 6.4 6.3 6.6 6.9 6.8 6.9 6.8 7.0 7.1 7.4 7.71991 5.4 5.4 5.4 5.4 5.4 5.4 5.5 5.4 5.3 5.2 5.1 5.1 5.1 5.1 5.1 5.2 5.2 5.3 5.3 5.3 5.4 5.5 5.6 5.7 5.7 5.8 6.0 6.1 6.2 6.2 6.4 6.8 6.7 7.0 7.3 7.2 7.3 7.3 7.4 7.5 7.9 8.21992 5.5 5.4 5.4 5.5 5.5 5.5 5.6 5.5 5.4 5.3 5.2 5.2 5.2 5.2 5.2 5.3 5.3 5.4 5.4 5.4 5.5 5.5 5.7 5.8 5.8 5.9 6.1 6.2 6.3 6.3 6.5 6.8 6.8 7.1 7.3 7.3 7.3 7.3 7.5 7.6 7.9 8.21993 5.6 5.6 5.5 5.6 5.6 5.6 5.7 5.6 5.5 5.4 5.3 5.3 5.4 5.3 5.4 5.4 5.5 5.5 5.6 5.6 5.6 5.7 5.9 5.9 6.0 6.1 6.3 6.4 6.4 6.5 6.6 7.0 7.0 7.2 7.5 7.4 7.5 7.5 7.7 7.8 8.1 8.41994 5.4 5.4 5.3 5.4 5.4 5.4 5.5 5.4 5.3 5.2 5.1 5.1 5.1 5.1 5.1 5.2 5.2 5.3 5.3 5.3 5.3 5.4 5.6 5.6 5.7 5.8 6.0 6.0 6.1 6.1 6.2 6.6 6.6 6.8 7.0 7.0 7.1 7.0 7.2 7.3 7.5 7.81995 5.7 5.6 5.6 5.7 5.7 5.7 5.8 5.7 5.6 5.5 5.4 5.4 5.5 5.4 5.5 5.5 5.6 5.6 5.7 5.7 5.7 5.8 6.0 6.0 6.1 6.2 6.4 6.5 6.5 6.6 6.7 7.1 7.0 7.3 7.5 7.5 7.6 7.6 7.7 7.8 8.1 8.41996 5.6 5.6 5.6 5.6 5.6 5.6 5.7 5.6 5.6 5.4 5.4 5.3 5.4 5.4 5.4 5.4 5.5 5.5 5.6 5.6 5.6 5.7 5.9 5.9 6.0 6.1 6.3 6.3 6.4 6.4 6.6 6.9 6.9 7.1 7.4 7.3 7.4 7.4 7.5 7.6 7.9 8.21997 5.7 5.7 5.7 5.7 5.7 5.7 5.8 5.7 5.7 5.5 5.5 5.5 5.5 5.5 5.5 5.6 5.6 5.7 5.7 5.7 5.8 5.9 6.0 6.1 6.1 6.2 6.4 6.5 6.5 6.6 6.7 7.1 7.0 7.3 7.5 7.5 7.5 7.5 7.7 7.8 8.1 8.31998 5.8 5.8 5.7 5.8 5.8 5.8 5.9 5.8 5.7 5.6 5.6 5.5 5.6 5.6 5.6 5.7 5.7 5.8 5.8 5.8 5.9 5.9 6.1 6.2 6.2 6.3 6.5 6.6 6.6 6.7 6.8 7.2 7.1 7.4 7.6 7.6 7.6 7.6 7.8 7.9 8.1 8.41999 5.6 5.6 5.5 5.6 5.6 5.6 5.7 5.6 5.5 5.4 5.3 5.3 5.4 5.4 5.4 5.4 5.5 5.5 5.6 5.6 5.6 5.7 5.8 5.9 5.9 6.0 6.2 6.2 6.3 6.3 6.5 6.8 6.8 7.0 7.2 7.1 7.2 7.2 7.3 7.4 7.6 7.92000 5.7 5.7 5.6 5.7 5.7 5.7 5.8 5.7 5.6 5.5 5.5 5.4 5.5 5.5 5.5 5.5 5.6 5.6 5.7 5.7 5.7 5.8 6.0 6.0 6.1 6.1 6.3 6.4 6.4 6.5 6.6 6.9 6.9 7.1 7.3 7.3 7.3 7.3 7.5 7.5 7.8 8.02001 5.7 5.7 5.7 5.7 5.8 5.7 5.9 5.8 5.7 5.6 5.5 5.5 5.6 5.6 5.6 5.6 5.7 5.7 5.8 5.8 5.8 5.9 6.1 6.1 6.1 6.2 6.4 6.5 6.5 6.6 6.7 7.0 7.0 7.2 7.4 7.4 7.4 7.4 7.6 7.6 7.9 8.12002 5.9 5.9 5.8 5.9 5.9 5.9 6.0 5.9 5.9 5.7 5.7 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.9 6.0 6.0 6.1 6.2 6.3 6.3 6.4 6.6 6.7 6.7 6.8 6.9 7.2 7.2 7.4 7.6 7.6 7.6 7.6 7.8 7.9 8.1 8.32003 5.9 5.8 5.8 5.9 5.9 5.9 6.0 5.9 5.9 5.7 5.7 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.9 5.9 6.0 6.1 6.2 6.3 6.3 6.4 6.6 6.6 6.7 6.7 6.9 7.2 7.1 7.4 7.5 7.5 7.6 7.6 7.7 7.8 8.0 8.22004 5.9 5.9 5.9 5.9 5.9 5.9 6.0 6.0 5.9 5.8 5.7 5.7 5.8 5.8 5.8 5.8 5.9 5.9 6.0 6.0 6.0 6.1 6.3 6.3 6.3 6.4 6.6 6.7 6.7 6.8 6.9 7.2 7.2 7.4 7.6 7.5 7.6 7.6 7.7 7.8 8.0 8.22005 5.9 5.9 5.9 5.9 5.9 5.9 6.0 6.0 5.9 5.8 5.7 5.7 5.8 5.8 5.8 5.8 5.9 5.9 6.0 6.0 6.0 6.1 6.2 6.3 6.3 6.4 6.6 6.7 6.7 6.7 6.9 7.2 7.1 7.3 7.5 7.5 7.6 7.6 7.7 7.8 8.0 8.22006 5.9 5.8 5.8 5.9 5.9 5.9 6.0 5.9 5.9 5.7 5.7 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.9 5.9 6.0 6.0 6.2 6.2 6.3 6.4 6.5 6.6 6.7 6.7 6.8 7.1 7.1 7.3 7.4 7.4 7.5 7.5 7.6 7.7 7.9 8.12007 5.8 5.8 5.8 5.8 5.9 5.8 5.9 5.9 5.8 5.7 5.7 5.6 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.9 5.9 6.0 6.1 6.2 6.2 6.3 6.5 6.5 6.6 6.6 6.7 7.0 7.0 7.2 7.3 7.3 7.4 7.3 7.5 7.5 7.7 7.92008 5.9 5.8 5.8 5.9 5.9 5.9 6.0 5.9 5.8 5.7 5.7 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.9 5.9 6.0 6.0 6.2 6.2 6.3 6.3 6.5 6.6 6.6 6.6 6.8 7.0 7.0 7.2 7.4 7.3 7.4 7.4 7.5 7.6 7.8 7.92009 5.8 5.8 5.8 5.8 5.9 5.8 5.9 5.9 5.8 5.7 5.7 5.6 5.7 5.7 5.7 5.7 5.8 5.8 5.9 5.9 5.9 6.0 6.1 6.2 6.2 6.3 6.4 6.5 6.5 6.6 6.7 7.0 6.9 7.1 7.3 7.2 7.3 7.3 7.4 7.5 7.6 7.82010 5.9 5.9 5.9 5.9 5.9 5.9 6.0 6.0 5.9 5.8 5.7 5.7 5.8 5.8 5.8 5.8 5.9 5.9 6.0 6.0 6.0 6.1 6.2 6.3 6.3 6.4 6.5 6.6 6.6 6.7 6.8 7.1 7.0 7.2 7.4 7.3 7.4 7.4 7.5 7.6 7.7 7.92011 6.0 6.0 6.0 6.0 6.1 6.1 6.2 6.1 6.0 5.9 5.9 5.9 5.9 5.9 6.0 6.0 6.0 6.1 6.1 6.2 6.2 6.3 6.4 6.4 6.5 6.6 6.7 6.8 6.8 6.9 7.0 7.2 7.2 7.4 7.6 7.5 7.6 7.6 7.7 7.8 8.0 8.1

1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967


US LONG-TERM CORPORATE BONDS1926–2011: Total Returns (%)

In US Dollars

Data provided by Ibbotson Associates.

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1926

$154

2011

19681968 2.6 19691969 -2.9 -8.1 19701970 3.7 4.3 18.4 19711971 5.5 6.5 14.6 11.0 19721972 5.8 6.7 12.1 9.1 7.3 19731973 5.0 5.6 9.3 6.4 4.2 1.1 19741974 3.9 4.1 6.7 3.9 1.7 -1.0 -3.1 19751975 5.1 5.5 8.0 6.0 4.8 4.0 5.4 14.6 19761976 6.6 7.1 9.4 8.0 7.4 7.5 9.7 16.6 18.6 19771977 6.1 6.5 8.4 7.1 6.4 6.3 7.6 11.4 9.9 1.7 19781978 5.5 5.8 7.5 6.2 5.5 5.2 6.0 8.4 6.4 0.8 -0.1 19791979 4.7 4.8 6.2 5.0 4.2 3.8 4.3 5.8 3.7 -0.9 -2.2 -4.2 19801980 4.1 4.2 5.4 4.2 3.4 3.0 3.2 4.3 2.4 -1.3 -2.3 -3.4 -2.6 19811981 3.7 3.8 4.9 3.7 3.0 2.5 2.7 3.6 1.8 -1.2 -2.0 -2.6 -1.8 -1.0 19821982 6.0 6.2 7.4 6.6 6.2 6.1 6.6 7.9 7.0 5.1 5.8 7.4 11.5 19.3 43.8 19831983 5.9 6.1 7.2 6.4 6.0 5.9 6.4 7.5 6.7 5.1 5.6 6.8 9.8 14.2 22.7 4.7 19841984 6.5 6.7 7.8 7.1 6.8 6.8 7.3 8.4 7.7 6.4 7.1 8.4 11.1 14.8 20.6 10.4 16.4 19851985 7.7 8.0 9.1 8.5 8.4 8.5 9.1 10.3 9.8 8.9 9.8 11.3 14.1 17.8 23.1 16.8 23.4 30.9 19861986 8.3 8.7 9.7 9.2 9.1 9.2 9.9 11.0 10.7 9.9 10.9 12.4 14.9 18.2 22.4 17.6 22.2 25.3 19.8 19871987 7.9 8.2 9.2 8.6 8.5 8.6 9.1 10.1 9.8 9.0 9.7 10.9 12.9 15.3 18.3 13.8 16.2 16.1 9.3 -0.3 19881988 8.0 8.3 9.2 8.8 8.6 8.7 9.2 10.2 9.8 9.1 9.8 10.9 12.7 14.7 17.2 13.3 15.1 14.7 9.8 5.1 10.7 19891989 8.4 8.7 9.6 9.1 9.0 9.1 9.7 10.6 10.3 9.7 10.3 11.3 13.0 14.9 17.1 13.7 15.2 15.0 11.4 8.7 13.4 16.2 19901990 8.3 8.6 9.4 9.0 8.9 9.0 9.5 10.3 10.0 9.4 10.1 11.0 12.4 14.1 15.9 12.8 14.0 13.6 10.4 8.2 11.2 11.4 6.8 19911991 8.8 9.0 9.9 9.5 9.4 9.5 10.0 10.9 10.6 10.1 10.7 11.6 13.0 14.6 16.3 13.6 14.7 14.5 12.0 10.4 13.3 14.2 13.1 19.9 19921992 8.8 9.1 9.9 9.5 9.4 9.5 10.0 10.8 10.6 10.1 10.6 11.5 12.8 14.1 15.6 13.1 14.1 13.8 11.6 10.3 12.5 13.0 11.9 14.5 9.4 19931993 9.0 9.2 10.0 9.7 9.6 9.7 10.2 10.9 10.7 10.2 10.8 11.6 12.8 14.1 15.4 13.1 14.0 13.8 11.8 10.7 12.6 13.0 12.2 14.1 11.3 13.2 19941994 8.3 8.5 9.3 8.9 8.8 8.9 9.3 9.9 9.7 9.2 9.7 10.3 11.3 12.4 13.5 11.3 11.9 11.5 9.5 8.3 9.6 9.4 8.1 8.4 4.8 2.6 -7.0 19951995 8.9 9.2 9.9 9.6 9.5 9.6 10.0 10.7 10.5 10.1 10.5 11.2 12.2 13.3 14.4 12.4 13.1 12.8 11.1 10.2 11.5 11.7 10.9 11.8 9.8 10.0 8.4 26.4 19961996 8.7 8.9 9.6 9.2 9.2 9.2 9.6 10.2 10.0 9.6 10.0 10.6 11.6 12.5 13.5 11.6 12.1 11.8 10.2 9.3 10.4 10.3 9.5 10.0 8.1 7.8 6.0 13.2 1.4 19971997 8.8 9.0 9.7 9.4 9.3 9.4 9.7 10.3 10.1 9.8 10.2 10.7 11.6 12.5 13.4 11.7 12.2 11.9 10.4 9.6 10.6 10.6 9.9 10.4 8.9 8.8 7.7 13.1 7.0 12.9 19981998 8.9 9.1 9.7 9.4 9.4 9.4 9.8 10.4 10.2 9.8 10.2 10.7 11.6 12.4 13.3 11.6 12.1 11.8 10.4 9.7 10.6 10.6 10.0 10.4 9.1 9.1 8.3 12.5 8.3 11.8 10.8 19991999 8.3 8.5 9.1 8.8 8.7 8.8 9.1 9.6 9.4 9.0 9.3 9.8 10.6 11.3 12.0 10.4 10.8 10.4 9.0 8.3 9.0 8.9 8.1 8.3 6.9 6.6 5.5 8.2 4.1 5.0 1.2 -7.5 20002000 8.4 8.6 9.2 8.9 8.9 8.9 9.2 9.7 9.5 9.1 9.5 9.9 10.7 11.4 12.1 10.5 10.9 10.5 9.3 8.6 9.3 9.2 8.6 8.7 7.6 7.3 6.5 9.0 5.8 6.9 5.0 2.2 12.9 20012001 8.5 8.7 9.3 9.0 8.9 9.0 9.3 9.7 9.6 9.2 9.5 10.0 10.7 11.3 12.0 10.5 10.9 10.5 9.4 8.7 9.4 9.3 8.7 8.9 7.9 7.7 7.0 9.2 6.6 7.6 6.4 4.9 11.7 10.6 20022002 8.7 8.9 9.5 9.2 9.1 9.2 9.5 10.0 9.8 9.5 9.8 10.2 10.9 11.6 12.2 10.8 11.1 10.9 9.8 9.2 9.8 9.8 9.3 9.5 8.6 8.5 8.0 10.1 7.9 9.1 8.3 7.7 13.3 13.5 16.3 20032003 8.6 8.8 9.3 9.1 9.0 9.1 9.4 9.8 9.6 9.3 9.6 10.0 10.7 11.3 11.9 10.5 10.8 10.6 9.5 8.9 9.5 9.5 9.0 9.2 8.3 8.2 7.8 9.5 7.6 8.5 7.8 7.2 11.2 10.7 10.7 5.3 20042004 8.6 8.8 9.3 9.1 9.0 9.1 9.3 9.8 9.6 9.3 9.6 10.0 10.6 11.2 11.7 10.5 10.7 10.5 9.5 8.9 9.5 9.4 9.0 9.1 8.4 8.3 7.8 9.5 7.7 8.5 7.9 7.4 10.7 10.2 10.0 7.0 8.7 20052005 8.6 8.7 9.2 9.0 8.9 9.0 9.2 9.6 9.5 9.2 9.5 9.8 10.4 11.0 11.5 10.3 10.5 10.2 9.3 8.8 9.3 9.2 8.8 8.9 8.2 8.1 7.7 9.1 7.5 8.2 7.7 7.2 9.9 9.3 9.0 6.6 7.3 5.9 20062006 8.4 8.6 9.1 8.8 8.7 8.8 9.0 9.4 9.3 9.0 9.2 9.6 10.1 10.6 11.1 10.0 10.2 9.9 9.0 8.5 9.0 8.9 8.5 8.6 7.8 7.7 7.3 8.6 7.1 7.7 7.2 6.7 8.9 8.3 7.8 5.8 5.9 4.5 3.2 20072007 8.3 8.4 8.9 8.6 8.6 8.6 8.8 9.2 9.1 8.8 9.0 9.3 9.8 10.3 10.8 9.6 9.9 9.6 8.7 8.2 8.6 8.5 8.1 8.2 7.5 7.4 7.0 8.1 6.7 7.2 6.7 6.2 8.1 7.4 6.9 5.1 5.1 3.9 2.9 2.6 20082008 8.3 8.4 8.9 8.6 8.6 8.6 8.8 9.2 9.0 8.8 9.0 9.3 9.8 10.3 10.7 9.6 9.8 9.6 8.7 8.2 8.6 8.5 8.2 8.2 7.6 7.5 7.1 8.2 6.9 7.4 6.9 6.5 8.2 7.6 7.2 5.7 5.8 5.1 4.8 5.6 8.8 20092009 8.1 8.3 8.7 8.5 8.4 8.5 8.7 9.0 8.9 8.6 8.8 9.1 9.6 10.0 10.4 9.4 9.5 9.3 8.5 8.0 8.4 8.3 7.9 8.0 7.3 7.2 6.8 7.8 6.6 7.0 6.6 6.2 7.6 7.1 6.6 5.3 5.3 4.7 4.4 4.8 5.9 3.0 20102010 8.2 8.4 8.8 8.6 8.5 8.6 8.8 9.1 9.0 8.7 8.9 9.2 9.7 10.1 10.5 9.5 9.7 9.4 8.6 8.2 8.6 8.5 8.1 8.2 7.6 7.5 7.2 8.1 7.0 7.4 7.0 6.7 8.1 7.6 7.3 6.2 6.3 5.9 5.9 6.6 8.0 7.6 12.4 20112011 8.5 8.6 9.0 8.8 8.8 8.8 9.0 9.3 9.2 8.9 9.2 9.5 9.9 10.3 10.7 9.8 9.9 9.7 9.0 8.5 8.9 8.9 8.5 8.6 8.1 8.0 7.7 8.7 7.7 8.1 7.7 7.5 8.9 8.5 8.3 7.4 7.7 7.6 7.9 8.8 10.4 11.0 15.2 17.9

1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011


DEX LONG-TERM BOND INDEX 1948–2011: Total Returns (%)

In Canadian Dollars

Data provided by PC-Bond, a business unit of TSX Inc.;copyright © TSX Inc., all rights reserved.

19481948 -0.1 19491949 2.5 5.2 19501950 2.2 3.4 1.7 19511951 -0.4 -0.5 -3.2 -7.9 19521952 0.7 0.9 -0.5 -1.6 5.0 19531953 1.4 1.7 0.8 0.5 5.0 5.0 19541954 2.9 3.4 3.0 3.3 7.4 8.5 12.2 19551955 2.5 2.9 2.5 2.7 5.5 5.7 6.0 0.1 19561956 1.2 1.3 0.8 0.7 2.5 1.8 0.8 -4.5 -8.9 19571957 1.8 2.1 1.7 1.7 3.4 3.0 2.5 -0.5 -0.8 8.0 19581958 1.8 2.0 1.7 1.7 3.1 2.8 2.4 0.1 0.1 4.9 1.9 19591959 1.3 1.4 1.0 0.9 2.1 1.7 1.1 -1.0 -1.2 1.5 -1.7 -5.1 19601960 2.1 2.2 2.0 2.0 3.2 2.9 2.6 1.1 1.3 4.0 2.8 3.2 12.2 19611961 2.5 2.8 2.6 2.6 3.7 3.6 3.4 2.2 2.6 5.1 4.3 5.2 10.7 9.2 19621962 2.7 2.9 2.7 2.8 3.9 3.7 3.6 2.6 2.9 5.0 4.5 5.1 8.8 7.1 5.0 19631963 2.8 3.0 2.9 3.0 3.9 3.8 3.7 2.8 3.1 5.0 4.5 5.0 7.7 6.2 4.8 4.5 19641964 3.0 3.2 3.1 3.2 4.1 4.0 3.9 3.1 3.5 5.1 4.7 5.2 7.4 6.2 5.2 5.4 6.2 19651965 2.9 3.0 2.9 3.0 3.8 3.7 3.6 2.8 3.1 4.5 4.1 4.4 6.1 4.9 3.9 3.6 3.1 0.0 19661966 2.6 2.8 2.7 2.7 3.5 3.4 3.2 2.5 2.7 4.0 3.5 3.7 5.1 3.9 2.9 2.4 1.7 -0.5 -1.0 19671967 2.5 2.6 2.5 2.5 3.2 3.1 3.0 2.3 2.5 3.6 3.1 3.3 4.4 3.3 2.3 1.8 1.1 -0.5 -0.8 -0.5 19681968 2.5 2.6 2.5 2.5 3.2 3.0 2.9 2.3 2.4 3.4 3.0 3.2 4.1 3.1 2.3 1.9 1.3 0.2 0.2 0.8 2.1 19691969 2.2 2.3 2.2 2.2 2.8 2.7 2.5 1.9 2.0 2.9 2.5 2.6 3.4 2.5 1.6 1.2 0.6 -0.5 -0.6 -0.4 -0.4 -2.9 19701970 2.8 2.9 2.8 2.9 3.5 3.4 3.3 2.8 2.9 3.9 3.5 3.7 4.5 3.8 3.2 3.0 2.7 2.2 2.6 3.5 4.9 6.3 16.4 19711971 3.3 3.4 3.3 3.4 4.0 4.0 3.9 3.4 3.7 4.6 4.3 4.5 5.3 4.7 4.3 4.2 4.2 3.9 4.6 5.7 7.3 9.1 15.6 14.8 19721972 3.5 3.6 3.5 3.6 4.2 4.2 4.1 3.7 3.9 4.8 4.6 4.7 5.5 5.0 4.6 4.6 4.6 4.4 5.1 6.1 7.5 8.8 13.1 11.4 8.1 19731973 3.4 3.5 3.5 3.6 4.1 4.1 4.0 3.6 3.8 4.6 4.4 4.6 5.3 4.8 4.4 4.4 4.3 4.1 4.7 5.5 6.5 7.4 10.2 8.2 5.0 2.0 19741974 3.1 3.2 3.1 3.2 3.7 3.7 3.6 3.2 3.3 4.1 3.8 4.0 4.6 4.1 3.7 3.6 3.5 3.2 3.6 4.2 4.9 5.3 7.1 4.8 1.7 -1.3 -4.6 19751975 3.3 3.4 3.3 3.4 3.9 3.8 3.8 3.4 3.6 4.3 4.1 4.2 4.8 4.3 4.0 3.9 3.9 3.7 4.0 4.6 5.3 5.7 7.2 5.5 3.3 1.7 1.6 8.1 19761976 3.9 4.1 4.0 4.1 4.6 4.6 4.6 4.3 4.5 5.2 5.0 5.2 5.8 5.5 5.2 5.2 5.3 5.2 5.7 6.4 7.2 7.8 9.4 8.3 7.0 6.8 8.4 15.6 23.6 19771977 4.1 4.2 4.2 4.3 4.8 4.8 4.8 4.5 4.7 5.4 5.2 5.4 6.0 5.7 5.4 5.5 5.5 5.5 6.0 6.6 7.4 7.9 9.4 8.4 7.4 7.2 8.6 13.4 16.1 9.0 19781978 4.1 4.2 4.2 4.3 4.8 4.7 4.7 4.4 4.6 5.3 5.2 5.3 5.9 5.6 5.4 5.4 5.4 5.4 5.8 6.4 7.1 7.6 8.8 7.9 6.9 6.7 7.7 11.0 11.9 6.5 4.1 19791979 3.9 4.0 3.9 4.0 4.5 4.5 4.4 4.1 4.3 4.9 4.8 4.9 5.5 5.1 4.9 4.9 4.9 4.8 5.2 5.7 6.2 6.6 7.6 6.6 5.6 5.3 5.8 8.1 8.1 3.3 0.6 -2.8 19801980 3.8 3.9 3.9 4.0 4.4 4.4 4.4 4.1 4.2 4.8 4.7 4.8 5.3 5.0 4.7 4.7 4.7 4.7 5.0 5.4 5.9 6.2 7.1 6.2 5.2 4.9 5.3 7.1 6.9 3.0 1.1 -0.4 2.2 19811981 3.6 3.7 3.7 3.8 4.2 4.1 4.1 3.8 4.0 4.5 4.4 4.5 5.0 4.6 4.4 4.4 4.3 4.2 4.5 4.9 5.3 5.5 6.3 5.4 4.5 4.1 4.4 5.7 5.3 2.0 0.3 -0.9 0.0 -2.1 19821982 4.6 4.8 4.8 4.9 5.3 5.3 5.3 5.1 5.3 5.9 5.8 6.0 6.5 6.2 6.1 6.1 6.2 6.2 6.6 7.1 7.6 8.0 8.9 8.3 7.7 7.7 8.3 10.0 10.3 8.2 8.1 9.1 13.4 19.5 45.8 19831983 4.8 4.9 4.9 5.0 5.4 5.5 5.5 5.2 5.4 6.0 5.9 6.1 6.6 6.4 6.2 6.3 6.4 6.4 6.7 7.2 7.7 8.1 8.9 8.4 7.9 7.8 8.4 10.0 10.2 8.4 8.3 9.2 12.5 16.1 26.4 9.6 19841984 5.1 5.2 5.2 5.3 5.8 5.8 5.8 5.6 5.8 6.4 6.3 6.5 7.0 6.8 6.7 6.7 6.8 6.9 7.3 7.7 8.2 8.6 9.4 9.0 8.5 8.6 9.2 10.7 11.0 9.5 9.5 10.5 13.3 16.3 23.2 13.2 16.91985 5.6 5.8 5.8 5.9 6.3 6.4 6.4 6.2 6.4 7.0 7.0 7.2 7.7 7.5 7.4 7.5 7.7 7.8 8.2 8.7 9.2 9.6 10.5 10.1 9.7 9.9 10.5 12.0 12.4 11.3 11.5 12.6 15.4 18.3 24.0 17.5 21.71986 5.9 6.1 6.1 6.2 6.6 6.7 6.7 6.6 6.8 7.3 7.3 7.5 8.0 7.9 7.8 7.9 8.1 8.2 8.6 9.1 9.6 10.0 10.8 10.5 10.2 10.4 11.0 12.5 12.9 11.8 12.2 13.2 15.7 18.1 22.6 17.4 20.21987 5.8 5.9 6.0 6.1 6.5 6.5 6.6 6.4 6.6 7.2 7.1 7.3 7.8 7.6 7.6 7.7 7.8 7.9 8.2 8.7 9.2 9.6 10.3 10.0 9.7 9.8 10.4 11.6 11.9 10.9 11.1 11.9 13.9 15.6 18.9 14.1 15.31988 5.9 6.1 6.1 6.2 6.6 6.7 6.7 6.6 6.8 7.3 7.3 7.4 7.9 7.8 7.7 7.8 7.9 8.0 8.4 8.8 9.3 9.7 10.4 10.0 9.8 9.9 10.4 11.6 11.8 10.9 11.1 11.8 13.6 15.1 17.8 13.6 14.51989 6.1 6.3 6.3 6.4 6.8 6.9 6.9 6.8 7.0 7.5 7.5 7.7 8.1 8.0 8.0 8.1 8.2 8.3 8.7 9.1 9.6 9.9 10.6 10.3 10.1 10.2 10.7 11.8 12.1 11.2 11.4 12.1 13.7 15.1 17.4 13.9 14.61990 6.1 6.2 6.3 6.4 6.8 6.8 6.9 6.7 6.9 7.4 7.4 7.6 8.0 7.9 7.8 7.9 8.1 8.1 8.5 8.9 9.3 9.7 10.3 10.0 9.7 9.8 10.3 11.3 11.5 10.7 10.9 11.4 12.8 14.0 15.9 12.6 13.11991 6.5 6.6 6.7 6.8 7.2 7.3 7.3 7.2 7.4 7.9 7.9 8.1 8.5 8.4 8.4 8.5 8.6 8.7 9.1 9.5 9.9 10.3 10.9 10.7 10.5 10.6 11.1 12.1 12.4 11.6 11.8 12.5 13.8 15.0 16.8 14.0 14.51992 6.6 6.8 6.8 6.9 7.3 7.4 7.4 7.3 7.5 8.0 8.0 8.2 8.6 8.5 8.5 8.6 8.7 8.8 9.2 9.6 10.0 10.3 11.0 10.7 10.5 10.7 11.1 12.1 12.3 11.6 11.8 12.4 13.7 14.7 16.3 13.7 14.21993 6.9 7.1 7.1 7.2 7.6 7.7 7.8 7.7 7.9 8.4 8.4 8.6 9.0 8.9 8.9 9.0 9.2 9.3 9.6 10.0 10.5 10.8 11.4 11.2 11.0 11.2 11.7 12.6 12.8 12.2 12.4 13.0 14.2 15.2 16.8 14.5 15.01994 6.6 6.7 6.8 6.9 7.3 7.3 7.4 7.3 7.4 7.9 7.9 8.1 8.5 8.4 8.3 8.5 8.6 8.7 9.0 9.4 9.7 10.0 10.6 10.3 10.2 10.3 10.7 11.5 11.7 11.0 11.2 11.6 12.7 13.4 14.7 12.5 12.71995 7.0 7.1 7.2 7.3 7.7 7.7 7.8 7.7 7.9 8.3 8.4 8.5 8.9 8.8 8.8 9.0 9.1 9.2 9.5 9.9 10.3 10.6 11.2 10.9 10.8 10.9 11.3 12.2 12.4 11.8 12.0 12.4 13.5 14.3 15.5 13.5 13.81996 7.1 7.3 7.3 7.4 7.8 7.9 7.9 7.8 8.0 8.5 8.5 8.7 9.1 9.0 9.0 9.1 9.2 9.3 9.7 10.0 10.4 10.7 11.3 11.1 10.9 11.0 11.5 12.2 12.4 11.9 12.1 12.5 13.5 14.3 15.4 13.5 13.81997 7.3 7.5 7.5 7.7 8.0 8.1 8.2 8.1 8.3 8.7 8.7 8.9 9.3 9.2 9.2 9.4 9.5 9.6 9.9 10.3 10.7 11.0 11.5 11.3 11.2 11.3 11.7 12.5 12.7 12.2 12.4 12.8 13.8 14.5 15.6 13.8 14.21998 7.4 7.6 7.6 7.8 8.1 8.2 8.3 8.2 8.4 8.8 8.8 9.0 9.4 9.3 9.3 9.5 9.6 9.7 10.0 10.4 10.7 11.0 11.6 11.4 11.3 11.4 11.8 12.5 12.7 12.2 12.4 12.8 13.7 14.4 15.5 13.8 14.11999 7.2 7.3 7.3 7.5 7.8 7.9 7.9 7.8 8.0 8.4 8.5 8.6 9.0 8.9 8.9 9.0 9.1 9.2 9.5 9.8 10.2 10.5 10.9 10.7 10.6 10.7 11.0 11.7 11.9 11.4 11.5 11.9 12.6 13.2 14.1 12.5 12.72000 7.3 7.4 7.5 7.6 7.9 8.0 8.0 7.9 8.1 8.5 8.6 8.7 9.1 9.0 9.0 9.1 9.2 9.3 9.6 9.9 10.3 10.5 11.0 10.8 10.7 10.8 11.1 11.8 11.9 11.4 11.6 11.9 12.7 13.2 14.1 12.5 12.72001 7.2 7.4 7.4 7.5 7.9 7.9 8.0 7.9 8.1 8.5 8.5 8.7 9.0 8.9 8.9 9.0 9.2 9.2 9.5 9.8 10.1 10.4 10.8 10.7 10.5 10.6 10.9 11.5 11.7 11.2 11.3 11.6 12.4 12.9 13.7 12.2 12.32002 7.3 7.4 7.5 7.6 7.9 8.0 8.1 8.0 8.1 8.5 8.6 8.7 9.1 9.0 9.0 9.1 9.2 9.3 9.5 9.9 10.2 10.4 10.8 10.7 10.5 10.6 10.9 11.5 11.7 11.2 11.3 11.6 12.3 12.8 13.5 12.1 12.32003 7.3 7.5 7.5 7.6 8.0 8.0 8.1 8.0 8.2 8.6 8.6 8.7 9.1 9.0 9.0 9.1 9.2 9.3 9.5 9.8 10.1 10.4 10.8 10.6 10.5 10.6 10.9 11.4 11.6 11.1 11.2 11.5 12.2 12.6 13.3 12.0 12.12004 7.4 7.5 7.6 7.7 8.0 8.1 8.1 8.0 8.2 8.6 8.6 8.8 9.1 9.0 9.0 9.1 9.2 9.3 9.6 9.8 10.1 10.4 10.8 10.6 10.5 10.6 10.8 11.4 11.5 11.1 11.2 11.5 12.1 12.5 13.2 11.9 12.02005 7.5 7.6 7.7 7.8 8.1 8.2 8.2 8.1 8.3 8.7 8.7 8.9 9.2 9.1 9.1 9.2 9.3 9.4 9.7 9.9 10.2 10.5 10.9 10.7 10.6 10.7 10.9 11.5 11.6 11.2 11.3 11.6 12.2 12.6 13.2 12.0 12.12006 7.4 7.6 7.6 7.7 8.0 8.1 8.1 8.1 8.2 8.6 8.6 8.8 9.1 9.0 9.0 9.1 9.2 9.3 9.5 9.8 10.1 10.3 10.7 10.5 10.4 10.5 10.7 11.2 11.3 11.0 11.0 11.3 11.8 12.2 12.8 11.6 11.72007 7.4 7.5 7.5 7.6 7.9 8.0 8.1 8.0 8.1 8.5 8.5 8.7 9.0 8.9 8.9 9.0 9.1 9.1 9.4 9.6 9.9 10.1 10.5 10.3 10.2 10.3 10.5 11.0 11.1 10.7 10.8 11.0 11.5 11.9 12.5 11.3 11.42008 7.3 7.4 7.5 7.6 7.9 7.9 8.0 7.9 8.0 8.4 8.4 8.5 8.8 8.8 8.7 8.8 8.9 9.0 9.2 9.5 9.7 9.9 10.3 10.1 10.0 10.0 10.3 10.7 10.8 10.4 10.5 10.7 11.2 11.5 12.1 11.0 11.02009 7.3 7.4 7.4 7.5 7.8 7.9 7.9 7.8 8.0 8.3 8.3 8.5 8.8 8.7 8.7 8.8 8.8 8.9 9.1 9.4 9.6 9.8 10.1 10.0 9.9 9.9 10.1 10.6 10.7 10.3 10.3 10.5 11.0 11.3 11.8 10.8 10.82010 7.3 7.5 7.5 7.6 7.9 7.9 8.0 7.9 8.1 8.4 8.4 8.5 8.8 8.8 8.8 8.8 8.9 9.0 9.2 9.4 9.7 9.9 10.2 10.0 9.9 10.0 10.2 10.6 10.7 10.4 10.4 10.6 11.1 11.4 11.9 10.8 10.92011 7.5 7.6 7.7 7.8 8.1 8.1 8.2 8.1 8.2 8.6 8.6 8.7 9.0 8.9 8.9 9.0 9.1 9.2 9.4 9.6 9.9 10.1 10.4 10.2 10.1 10.2 10.4 10.8 10.9 10.6 10.6 10.8 11.3 11.6 12.1 11.1 11.1

1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1948

$103

1926 2011


19851985 26.7 19861986 21.8 17.2 19871987 14.8 9.2 1.8 19881988 13.9 9.9 6.4 11.3 19891989 14.1 11.2 9.3 13.2 15.2 19901990 12.4 9.8 8.0 10.2 9.6 4.3 19911991 14.2 12.2 11.3 13.8 14.6 14.3 25.3 19921992 13.9 12.1 11.3 13.3 13.8 13.4 18.2 11.6 19931993 14.7 13.3 12.8 14.7 15.4 15.5 19.5 16.7 22.1 19941994 12.3 10.8 10.0 11.3 11.3 10.5 12.1 8.1 6.3 -7.4 19951995 13.5 12.3 11.7 13.1 13.3 13.0 14.8 12.4 12.6 8.2 26.3 19961996 13.6 12.5 12.0 13.2 13.4 13.2 14.7 12.7 13.0 10.1 20.1 14.2 19971997 13.9 12.9 12.6 13.7 14.0 13.8 15.3 13.7 14.1 12.2 19.6 16.3 18.5 19981998 13.9 12.9 12.6 13.6 13.9 13.7 14.9 13.5 13.9 12.3 17.8 15.1 15.6 12.8 19991999 12.4 11.5 11.0 11.8 11.9 11.6 12.4 10.9 10.8 9.0 12.6 9.5 7.9 3.0 -6.0 20002000 12.5 11.6 11.2 11.9 12.0 11.7 12.5 11.1 11.1 9.6 12.7 10.1 9.2 6.2 3.1 13.0 20012001 12.1 11.2 10.8 11.5 11.5 11.2 11.9 10.6 10.5 9.1 11.7 9.5 8.5 6.2 4.1 9.5 6.1 20022002 12.0 11.2 10.8 11.5 11.5 11.2 11.8 10.6 10.6 9.3 11.6 9.7 8.9 7.1 5.8 10.0 8.5 11.1 20032003 11.9 11.1 10.7 11.3 11.3 11.1 11.6 10.5 10.4 9.3 11.3 9.6 9.0 7.5 6.4 9.8 8.7 10.1 9.1 20042004 11.8 11.0 10.7 11.3 11.3 11.0 11.5 10.5 10.4 9.4 11.2 9.7 9.1 7.9 7.0 9.9 9.1 10.1 9.7 10.3 20052005 11.9 11.2 10.9 11.4 11.4 11.2 11.6 10.7 10.7 9.8 11.5 10.1 9.6 8.6 8.0 10.5 10.0 11.0 11.0 12.0 13.8 20062006 11.5 10.8 10.5 11.0 11.0 10.7 11.2 10.3 10.2 9.3 10.8 9.5 9.1 8.1 7.5 9.6 9.0 9.6 9.3 9.3 8.8 4.1 20072007 11.1 10.5 10.2 10.6 10.6 10.3 10.7 9.8 9.7 8.9 10.2 9.0 8.5 7.6 7.0 8.8 8.2 8.6 8.1 7.8 7.0 3.8 3.4 20082008 10.8 10.1 9.8 10.2 10.2 9.9 10.2 9.4 9.3 8.5 9.7 8.5 8.0 7.1 6.6 8.1 7.5 7.7 7.1 6.8 5.9 3.4 3.0 2.7 20092009 10.6 9.9 9.6 10.0 9.9 9.7 10.0 9.2 9.0 8.3 9.4 8.3 7.8 7.0 6.5 7.8 7.3 7.4 6.9 6.6 5.8 3.9 3.9 4.1 5.5 20102010 10.6 10.0 9.7 10.1 10.1 9.8 10.1 9.4 9.2 8.5 9.6 8.6 8.2 7.4 7.0 8.2 7.8 8.0 7.6 7.4 6.9 5.6 6.0 6.8 9.0 12.5 20112011 10.9 10.3 10.1 10.4 10.4 10.2 10.5 9.8 9.7 9.0 10.1 9.1 8.8 8.2 7.8 9.0 8.7 8.9 8.7 8.7 8.4 7.6 8.3 9.5 11.9 15.3 18.1

1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

DEX SHORT-TERM BOND INDEX 1980–2011: Total Returns (%)

In Canadian Dollars


19801980 10.6 19811981 9.9 9.2 19821982 15.6 18.2 28.0 19831983 15.1 16.6 20.5 13.4 19841984 14.6 15.6 17.9 13.1 12.8 19851985 14.7 15.5 17.1 13.7 13.9 15.0 19861986 14.2 14.8 16.0 13.1 13.1 13.2 11.4 19871987 13.3 13.7 14.4 11.9 11.5 11.1 9.2 7.0 19881988 12.7 13.0 13.5 11.3 10.9 10.4 8.9 7.7 8.4 19891989 12.5 12.7 13.1 11.2 10.8 10.4 9.3 8.6 9.4 10.4 19901990 12.3 12.5 12.8 11.1 10.8 10.4 9.5 9.1 9.8 10.4 10.5 19911991 12.8 13.0 13.3 11.8 11.6 11.5 10.9 10.8 11.7 12.9 14.1 17.9 19921992 12.4 12.6 12.9 11.5 11.3 11.1 10.5 10.4 11.1 11.8 12.3 13.1 8.6 19931993 12.5 12.7 12.9 11.7 11.5 11.3 10.9 10.8 11.5 12.1 12.5 13.2 11.0 13.4 19941994 11.5 11.6 11.8 10.5 10.3 10.0 9.5 9.3 9.6 9.8 9.7 9.5 6.8 5.9 -1.0 19951995 11.8 11.9 12.1 10.9 10.7 10.5 10.1 9.9 10.3 10.6 10.6 10.7 8.9 9.0 6.9 15.5 19961996 11.7 11.8 12.0 10.9 10.7 10.5 10.2 10.0 10.4 10.6 10.7 10.7 9.3 9.5 8.2 13.1 10.8 19971997 11.3 11.4 11.5 10.5 10.3 10.1 9.7 9.6 9.8 10.0 9.9 9.8 8.5 8.5 7.3 10.3 7.8 4.9 19981998 11.1 11.1 11.2 10.3 10.1 9.9 9.5 9.3 9.5 9.6 9.6 9.4 8.3 8.2 7.2 9.4 7.4 5.8 6.7 19991999 10.6 10.6 10.7 9.8 9.5 9.3 8.9 8.8 8.9 8.9 8.8 8.6 7.5 7.4 6.4 7.9 6.1 4.6 4.5 2.3 20002000 10.5 10.5 10.6 9.7 9.5 9.3 8.9 8.7 8.9 8.9 8.8 8.6 7.6 7.5 6.6 8.0 6.5 5.5 5.7 5.2 8.2 20012001 10.5 10.5 10.5 9.7 9.5 9.3 8.9 8.8 8.9 8.9 8.8 8.7 7.8 7.7 7.0 8.2 7.0 6.3 6.6 6.6 8.8 9.4 20022002 10.3 10.3 10.3 9.5 9.3 9.1 8.8 8.6 8.7 8.7 8.6 8.4 7.6 7.5 6.9 7.9 6.9 6.3 6.6 6.5 7.9 7.8 6.3 20032003 10.1 10.0 10.1 9.3 9.1 8.9 8.6 8.4 8.5 8.5 8.4 8.2 7.4 7.3 6.7 7.6 6.7 6.1 6.3 6.2 7.2 6.9 5.7 5.1 20042004 9.9 9.8 9.8 9.1 8.9 8.7 8.4 8.2 8.3 8.3 8.1 8.0 7.2 7.1 6.6 7.4 6.5 6.0 6.1 6.0 6.8 6.4 5.5 5.1 5.1 20052005 9.6 9.5 9.5 8.8 8.6 8.4 8.1 7.9 7.9 7.9 7.8 7.6 6.9 6.8 6.2 6.9 6.1 5.6 5.7 5.5 6.0 5.6 4.7 4.2 3.7 2.4 20062006 9.3 9.3 9.3 8.6 8.4 8.2 7.9 7.7 7.7 7.7 7.5 7.4 6.7 6.6 6.0 6.7 5.9 5.4 5.5 5.3 5.8 5.3 4.6 4.1 3.8 3.2 4.0 20072007 9.2 9.1 9.1 8.4 8.2 8.0 7.7 7.5 7.5 7.5 7.3 7.2 6.5 6.4 5.9 6.5 5.7 5.3 5.3 5.2 5.5 5.2 4.5 4.1 3.9 3.5 4.0 4.1 20082008 9.1 9.1 9.1 8.4 8.2 8.0 7.7 7.6 7.6 7.6 7.4 7.2 6.6 6.5 6.1 6.6 6.0 5.6 5.6 5.5 5.9 5.6 5.1 4.9 4.8 4.7 5.5 6.3 8.6 20092009 9.0 8.9 8.9 8.3 8.1 7.9 7.6 7.4 7.5 7.4 7.3 7.1 6.5 6.4 6.0 6.5 5.8 5.5 5.5 5.4 5.7 5.5 5.0 4.8 4.8 4.7 5.3 5.7 6.5 4.5 20102010 8.8 8.7 8.7 8.1 7.9 7.7 7.4 7.3 7.3 7.2 7.1 6.9 6.4 6.2 5.8 6.3 5.7 5.3 5.4 5.3 5.5 5.3 4.8 4.7 4.6 4.5 4.9 5.2 5.5 4.0 3.6 20112011 8.7 8.6 8.6 8.0 7.8 7.6 7.3 7.2 7.2 7.1 7.0 6.8 6.3 6.2 5.8 6.2 5.6 5.3 5.3 5.2 5.5 5.2 4.8 4.7 4.6 4.5 4.9 5.1 5.3 4.3 4.1 4.7

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1980

$14

1926 2011


DEX UNIVERSE BOND INDEX 1980–2011: Total Returns (%)

In Canadian Dollars

CANADIAN ONE-MONTH TREASURY BILLS1974–2011: Total Returns (%)

In Canadian Dollars



19801980 6.6 19811981 5.4 4.2 19821982 14.5 18.8 35.4 19831983 13.8 16.3 22.9 11.5 19841984 14.0 15.9 20.1 13.1 14.6 19851985 15.1 16.9 20.4 15.7 17.9 21.2 19861986 15.1 16.6 19.2 15.5 16.8 17.9 14.7 19871987 13.6 14.7 16.5 13.1 13.5 13.1 9.2 4.0 19881988 13.2 14.1 15.5 12.5 12.7 12.3 9.4 6.9 9.8 19891989 13.2 13.9 15.2 12.6 12.7 12.4 10.3 8.8 11.3 12.8 19901990 12.6 13.3 14.3 11.9 12.0 11.5 9.7 8.5 10.0 10.1 7.5 19911991 13.4 14.0 15.1 13.0 13.2 13.0 11.7 11.1 12.9 14.0 14.6 22.1 19921992 13.1 13.7 14.6 12.7 12.8 12.6 11.4 10.9 12.3 13.0 13.0 15.8 9.9 19931993 13.5 14.0 14.9 13.2 13.3 13.2 12.2 11.9 13.3 14.0 14.3 16.6 13.9 18.1 19941994 12.2 12.6 13.3 11.6 11.6 11.3 10.3 9.7 10.6 10.7 10.3 11.0 7.5 6.3 -4.3 19951995 12.7 13.1 13.8 12.3 12.3 12.1 11.3 10.9 11.8 12.1 11.9 12.8 10.6 10.9 7.5 20.7 19961996 12.7 13.1 13.7 12.3 12.3 12.1 11.4 11.0 11.8 12.1 12.0 12.8 11.0 11.2 9.0 16.4 12.3 19971997 12.5 12.9 13.4 12.1 12.1 12.0 11.2 10.9 11.6 11.8 11.7 12.3 10.7 10.9 9.2 14.1 11.0 9.6 19981998 12.3 12.7 13.2 11.9 11.9 11.8 11.1 10.8 11.4 11.6 11.4 11.9 10.5 10.6 9.2 12.8 10.4 9.4 9.2 19991999 11.6 11.9 12.3 11.1 11.1 10.8 10.1 9.8 10.3 10.3 10.1 10.4 9.0 8.9 7.4 9.9 7.4 5.8 3.9 -1.2 20002000 11.5 11.8 12.2 11.1 11.0 10.8 10.1 9.8 10.3 10.3 10.1 10.4 9.1 9.0 7.8 10.0 7.9 6.9 6.0 4.4 10.2 20012001 11.4 11.6 12.0 10.9 10.9 10.6 10.0 9.7 10.1 10.1 9.9 10.2 9.0 8.9 7.8 9.7 8.0 7.1 6.5 5.6 9.1 8.1 20022002 11.3 11.5 11.8 10.8 10.7 10.5 9.9 9.6 10.0 10.0 9.8 10.0 9.0 8.9 7.9 9.6 8.1 7.4 6.9 6.4 9.0 8.4 8.7 20032003 11.1 11.3 11.6 10.6 10.5 10.3 9.8 9.5 9.8 9.8 9.6 9.8 8.8 8.7 7.8 9.2 7.9 7.3 6.9 6.4 8.4 7.8 7.7 6.7 20042004 10.9 11.1 11.4 10.4 10.4 10.2 9.6 9.3 9.7 9.7 9.4 9.6 8.7 8.6 7.7 9.0 7.8 7.3 6.9 6.6 8.2 7.7 7.5 6.9 7.1 20052005 10.7 10.9 11.2 10.3 10.2 10.0 9.5 9.2 9.5 9.5 9.3 9.4 8.5 8.4 7.6 8.8 7.7 7.2 6.9 6.5 7.9 7.4 7.3 6.8 6.8 6.5 20062006 10.5 10.6 10.9 10.0 9.9 9.7 9.2 8.9 9.2 9.2 8.9 9.0 8.2 8.1 7.4 8.4 7.3 6.9 6.6 6.2 7.3 6.8 6.6 6.1 5.9 5.3 4.1 20072007 10.2 10.4 10.6 9.7 9.7 9.4 8.9 8.7 8.9 8.9 8.6 8.7 7.9 7.8 7.1 8.0 7.0 6.6 6.3 5.9 6.9 6.4 6.1 5.6 5.3 4.7 3.9 3.7 20082008 10.1 10.2 10.5 9.6 9.5 9.3 8.8 8.6 8.8 8.7 8.5 8.6 7.8 7.7 7.0 7.9 7.0 6.6 6.3 6.0 6.8 6.4 6.2 5.7 5.5 5.1 4.7 5.0 6.4 20092009 9.9 10.1 10.3 9.4 9.4 9.2 8.7 8.4 8.6 8.6 8.4 8.4 7.7 7.6 6.9 7.7 6.9 6.5 6.2 5.9 6.7 6.3 6.1 5.7 5.5 5.2 4.9 5.2 5.9 5.4 20102010 9.8 9.9 10.2 9.3 9.3 9.1 8.6 8.4 8.5 8.5 8.3 8.3 7.6 7.5 6.9 7.7 6.9 6.5 6.2 6.0 6.7 6.3 6.1 5.8 5.7 5.5 5.3 5.6 6.2 6.1 6.7 20112011 9.8 9.9 10.1 9.4 9.3 9.1 8.6 8.4 8.6 8.5 8.4 8.4 7.7 7.6 7.1 7.8 7.0 6.7 6.5 6.3 6.9 6.6 6.5 6.2 6.2 6.0 6.0 6.4 7.0 7.3 8.2 9.7

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

19741974 7.9 19751975 7.7 7.4 19761976 8.2 8.3 9.2 19771977 8.0 8.0 8.4 7.5 19781978 8.1 8.2 8.5 8.1 8.6 19791979 8.8 8.9 9.3 9.4 10.4 12.1 19801980 9.4 9.6 10.1 10.3 11.3 12.6 13.1 19811981 10.6 11.0 11.7 12.2 13.4 15.0 16.4 19.9 19821982 11.1 11.5 12.2 12.7 13.7 15.0 16.0 17.5 15.1 19831983 11.0 11.3 11.8 12.2 13.0 13.9 14.4 14.8 12.3 9.5 19841984 11.0 11.3 11.8 12.1 12.7 13.4 13.7 13.9 11.9 10.4 11.2 19851985 10.9 11.2 11.5 11.8 12.4 12.9 13.0 13.0 11.4 10.1 10.5 9.7 19861986 10.8 11.0 11.3 11.6 12.0 12.4 12.5 12.4 10.9 9.9 10.1 9.5 9.3 19871987 10.6 10.8 11.1 11.2 11.6 11.9 11.9 11.8 10.5 9.6 9.6 9.0 8.7 8.1 19881988 10.5 10.7 10.9 11.1 11.4 11.7 11.6 11.5 10.3 9.5 9.5 9.1 8.9 8.7 9.3 19891989 10.6 10.8 11.0 11.2 11.5 11.7 11.7 11.6 10.6 9.9 10.0 9.7 9.7 9.9 10.8 12.3 19901990 10.8 11.0 11.2 11.3 11.6 11.9 11.9 11.8 10.9 10.4 10.5 10.4 10.5 10.8 11.7 13.0 13.6 19911991 10.7 10.9 11.1 11.2 11.5 11.7 11.7 11.5 10.7 10.3 10.4 10.2 10.3 10.5 11.1 11.8 11.5 9.4 19921992 10.5 10.6 10.8 10.9 11.2 11.3 11.3 11.1 10.4 9.9 10.0 9.8 9.8 9.9 10.3 10.5 9.9 8.1 6.8 19931993 10.2 10.3 10.5 10.6 10.8 10.9 10.8 10.7 9.9 9.5 9.4 9.2 9.2 9.2 9.4 9.4 8.7 7.1 5.9 4.9 19941994 10.0 10.1 10.2 10.3 10.4 10.5 10.4 10.2 9.5 9.1 9.0 8.8 8.7 8.6 8.7 8.6 7.9 6.5 5.6 4.9 4.9 19951995 9.8 9.9 10.0 10.1 10.2 10.3 10.2 10.0 9.3 8.9 8.8 8.6 8.5 8.5 8.5 8.4 7.7 6.6 5.9 5.6 5.9 6.9 19961996 9.6 9.7 9.8 9.8 9.9 10.0 9.9 9.7 9.0 8.6 8.5 8.3 8.2 8.1 8.1 7.9 7.3 6.3 5.6 5.4 5.5 5.8 4.6 19971997 9.3 9.3 9.4 9.5 9.6 9.6 9.5 9.3 8.6 8.2 8.1 7.9 7.7 7.6 7.5 7.3 6.7 5.8 5.2 4.8 4.8 4.8 3.7 2.8 19981998 9.1 9.1 9.2 9.2 9.3 9.3 9.2 9.0 8.4 8.0 7.9 7.6 7.5 7.3 7.3 7.1 6.5 5.6 5.1 4.8 4.8 4.7 4.0 3.7 4.6 19991999 8.9 9.0 9.0 9.0 9.1 9.1 9.0 8.8 8.2 7.8 7.7 7.4 7.3 7.1 7.0 6.8 6.3 5.5 5.0 4.8 4.7 4.7 4.2 4.0 4.6 4.6 20002000 8.8 8.8 8.9 8.9 8.9 8.9 8.8 8.6 8.0 7.6 7.5 7.3 7.1 7.0 6.9 6.7 6.2 5.5 5.0 4.8 4.8 4.8 4.4 4.3 4.8 4.9 5.2 20012001 8.6 8.6 8.7 8.7 8.7 8.7 8.6 8.4 7.8 7.4 7.3 7.1 6.9 6.8 6.7 6.5 6.0 5.4 5.0 4.8 4.8 4.7 4.4 4.3 4.7 4.7 4.8 4.4 20022002 8.4 8.4 8.5 8.4 8.5 8.5 8.3 8.1 7.6 7.2 7.1 6.8 6.7 6.5 6.4 6.2 5.8 5.1 4.7 4.5 4.5 4.4 4.1 4.0 4.2 4.1 4.0 3.4 2.4 20032003 8.2 8.2 8.2 8.2 8.2 8.2 8.1 7.9 7.3 7.0 6.9 6.6 6.5 6.3 6.2 6.0 5.5 4.9 4.6 4.4 4.3 4.3 3.9 3.8 4.0 3.9 3.7 3.2 2.6 2.9 20042004 8.0 8.0 8.0 8.0 8.0 8.0 7.8 7.6 7.1 6.8 6.6 6.4 6.2 6.1 5.9 5.7 5.3 4.8 4.4 4.2 4.1 4.1 3.7 3.6 3.7 3.6 3.4 3.0 2.5 2.6 2.3 20052005 7.8 7.8 7.9 7.8 7.8 7.8 7.6 7.4 6.9 6.6 6.4 6.2 6.0 5.9 5.8 5.6 5.1 4.6 4.3 4.1 4.0 3.9 3.6 3.5 3.6 3.5 3.3 2.9 2.5 2.6 2.4 2.6 20062006 7.7 7.7 7.7 7.7 7.7 7.6 7.5 7.3 6.8 6.5 6.3 6.1 5.9 5.8 5.7 5.5 5.1 4.6 4.2 4.1 4.0 3.9 3.6 3.6 3.6 3.5 3.4 3.1 2.8 2.9 2.9 3.3 3.9 20072007 7.6 7.6 7.6 7.6 7.6 7.5 7.4 7.2 6.7 6.4 6.2 6.0 5.9 5.7 5.6 5.4 5.0 4.5 4.2 4.1 4.0 3.9 3.7 3.6 3.7 3.6 3.5 3.2 3.0 3.2 3.3 3.6 4.1 4.3 20082008 7.5 7.5 7.5 7.4 7.4 7.4 7.2 7.0 6.5 6.2 6.1 5.9 5.7 5.6 5.4 5.3 4.9 4.4 4.1 4.0 3.9 3.8 3.6 3.5 3.6 3.5 3.4 3.1 3.0 3.1 3.1 3.3 3.6 3.4 2.6 20092009 7.3 7.2 7.2 7.2 7.2 7.1 7.0 6.8 6.3 6.0 5.9 5.7 5.5 5.3 5.2 5.0 4.7 4.2 3.9 3.8 3.7 3.6 3.4 3.3 3.3 3.2 3.1 2.8 2.6 2.7 2.7 2.7 2.8 2.4 1.5 0.4 20102010 7.1 7.0 7.0 7.0 7.0 6.9 6.7 6.5 6.1 5.8 5.7 5.5 5.3 5.1 5.0 4.8 4.5 4.0 3.7 3.6 3.5 3.4 3.2 3.1 3.1 3.0 2.8 2.6 2.4 2.4 2.3 2.3 2.3 1.9 1.1 0.4 0.4 20112011 6.9 6.9 6.9 6.8 6.8 6.7 6.6 6.4 5.9 5.6 5.5 5.3 5.1 5.0 4.8 4.6 4.3 3.9 3.6 3.4 3.4 3.3 3.0 2.9 2.9 2.8 2.7 2.4 2.2 2.2 2.2 2.1 2.1 1.7 1.1 0.6 0.7 0.9

1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

$13

1926 20111974

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1980

$20

1926 2011


INFLATION: CHANGES TO THE CONSUMER PRICE INDEX1970–2011: Inflation (%)

In Canadian Dollars

Data provided by the Bank of Canada.

19701970 1.3 19711971 3.1 4.9 19721972 3.8 5.0 5.1 19731973 5.1 6.5 7.2 9.4 19741974 6.5 7.9 8.9 10.8 12.3 19751975 7.0 8.2 9.0 10.4 10.9 9.4 19761976 6.8 7.8 8.4 9.2 9.2 7.6 5.8 19771977 7.2 8.0 8.6 9.3 9.2 8.2 7.6 9.5 19781978 7.3 8.1 8.5 9.1 9.1 8.3 7.9 8.9 8.4 19791979 7.5 8.3 8.7 9.2 9.2 8.6 8.4 9.2 9.1 9.8 19801980 7.9 8.6 9.0 9.5 9.5 9.0 8.9 9.7 9.8 10.4 11.1 19811981 8.2 8.9 9.3 9.8 9.8 9.4 9.4 10.2 10.4 11.0 11.6 12.2 19821982 8.3 8.9 9.3 9.7 9.7 9.4 9.4 10.0 10.1 10.6 10.8 10.7 9.3 19831983 8.0 8.6 8.9 9.2 9.2 8.9 8.8 9.2 9.2 9.3 9.2 8.6 6.9 4.6 19841984 7.7 8.2 8.5 8.8 8.7 8.3 8.2 8.5 8.4 8.4 8.1 7.4 5.8 4.1 3.7 19851985 7.5 8.0 8.2 8.4 8.3 8.0 7.8 8.1 7.9 7.8 7.5 6.8 5.5 4.2 4.0 4.4 19861986 7.3 7.7 7.9 8.1 8.0 7.7 7.5 7.7 7.5 7.3 7.0 6.3 5.2 4.2 4.1 4.3 4.2 19871987 7.1 7.5 7.7 7.8 7.7 7.4 7.2 7.3 7.1 7.0 6.6 6.0 5.0 4.2 4.1 4.2 4.2 4.1 19881988 7.0 7.3 7.4 7.6 7.5 7.1 7.0 7.1 6.8 6.7 6.3 5.8 4.9 4.2 4.1 4.2 4.1 4.1 4.0 19891989 6.9 7.2 7.3 7.5 7.3 7.0 6.8 6.9 6.7 6.5 6.2 5.7 4.9 4.3 4.3 4.4 4.4 4.4 4.6 5.2 19901990 6.8 7.1 7.2 7.3 7.2 6.9 6.7 6.8 6.6 6.4 6.1 5.6 4.9 4.4 4.4 4.5 4.5 4.6 4.7 5.1 5.0 19911991 6.7 6.9 7.0 7.1 7.0 6.7 6.5 6.6 6.4 6.2 5.9 5.5 4.8 4.3 4.3 4.4 4.4 4.4 4.5 4.7 4.4 3.8 19921992 6.5 6.7 6.8 6.9 6.7 6.4 6.3 6.3 6.1 5.9 5.6 5.2 4.6 4.1 4.1 4.1 4.1 4.0 4.0 4.0 3.6 3.0 2.1 19931993 6.3 6.5 6.5 6.6 6.5 6.2 6.0 6.0 5.8 5.6 5.3 4.9 4.3 3.9 3.8 3.8 3.8 3.7 3.6 3.6 3.1 2.5 1.9 1.7 19941994 6.0 6.2 6.3 6.3 6.2 5.9 5.7 5.7 5.5 5.3 5.0 4.6 4.0 3.6 3.5 3.5 3.4 3.3 3.1 3.0 2.5 1.9 1.3 0.9 0.2 19951995 5.8 6.0 6.1 6.1 6.0 5.7 5.5 5.5 5.3 5.1 4.8 4.4 3.8 3.4 3.3 3.3 3.2 3.1 3.0 2.8 2.4 1.9 1.5 1.2 1.0 1.8 19961996 5.7 5.9 5.9 5.9 5.8 5.5 5.3 5.3 5.1 4.9 4.6 4.2 3.7 3.3 3.2 3.2 3.1 3.0 2.9 2.7 2.4 2.0 1.6 1.5 1.4 2.0 2.2 19971997 5.5 5.7 5.7 5.7 5.6 5.3 5.1 5.1 4.9 4.7 4.4 4.0 3.5 3.2 3.1 3.0 2.9 2.8 2.7 2.5 2.2 1.8 1.5 1.3 1.2 1.6 1.5 0.8 19981998 5.4 5.5 5.5 5.5 5.4 5.1 4.9 4.9 4.7 4.5 4.2 3.9 3.4 3.0 2.9 2.9 2.8 2.6 2.5 2.4 2.0 1.7 1.4 1.3 1.2 1.4 1.3 0.9 1.0 19991999 5.3 5.4 5.4 5.4 5.3 5.0 4.8 4.8 4.6 4.4 4.1 3.8 3.3 3.0 2.9 2.9 2.8 2.6 2.5 2.4 2.1 1.8 1.5 1.5 1.4 1.7 1.6 1.5 1.8 2.6 20002000 5.2 5.3 5.3 5.4 5.2 4.9 4.8 4.7 4.5 4.4 4.1 3.8 3.3 3.0 2.9 2.9 2.8 2.7 2.6 2.5 2.2 1.9 1.7 1.7 1.7 1.9 1.9 1.9 2.3 2.9 3.2 20012001 5.1 5.2 5.2 5.2 5.0 4.8 4.6 4.6 4.4 4.2 3.9 3.6 3.2 2.9 2.8 2.8 2.7 2.5 2.4 2.3 2.1 1.8 1.6 1.6 1.6 1.7 1.7 1.7 1.9 2.2 2.0 0.7 20022002 5.0 5.1 5.1 5.1 5.0 4.8 4.6 4.5 4.3 4.2 3.9 3.6 3.2 2.9 2.9 2.8 2.7 2.6 2.5 2.4 2.2 2.0 1.8 1.8 1.8 2.0 2.0 2.0 2.3 2.6 2.6 2.2 3.8 20032003 4.9 5.0 5.0 5.0 4.9 4.7 4.5 4.4 4.3 4.1 3.9 3.6 3.2 2.9 2.8 2.8 2.7 2.6 2.5 2.4 2.2 2.0 1.8 1.8 1.8 2.0 2.0 2.0 2.2 2.5 2.4 2.2 2.9 2.1 20042004 4.9 5.0 5.0 5.0 4.8 4.6 4.4 4.4 4.2 4.0 3.8 3.5 3.1 2.9 2.8 2.7 2.7 2.6 2.5 2.4 2.2 2.0 1.9 1.8 1.9 2.0 2.1 2.0 2.2 2.4 2.4 2.2 2.7 2.1 2.1 20052005 4.8 4.9 4.9 4.9 4.7 4.5 4.3 4.3 4.1 3.9 3.7 3.4 3.1 2.8 2.8 2.7 2.6 2.5 2.5 2.4 2.2 2.0 1.9 1.9 1.9 2.0 2.1 2.0 2.2 2.4 2.3 2.2 2.5 2.1 2.1 2.1 20062006 4.7 4.8 4.8 4.8 4.6 4.4 4.2 4.2 4.0 3.9 3.6 3.4 3.0 2.8 2.7 2.7 2.6 2.5 2.4 2.3 2.2 2.0 1.9 1.8 1.9 2.0 2.0 2.0 2.1 2.3 2.2 2.1 2.4 2.0 2.0 1.9 1.7 20072007 4.6 4.7 4.7 4.7 4.6 4.3 4.2 4.1 4.0 3.8 3.6 3.3 3.0 2.8 2.7 2.6 2.6 2.5 2.4 2.3 2.2 2.0 1.9 1.9 1.9 2.0 2.0 2.0 2.2 2.3 2.3 2.1 2.4 2.1 2.1 2.0 2.0 2.4 20082008 4.5 4.6 4.6 4.6 4.5 4.2 4.1 4.0 3.9 3.7 3.5 3.3 2.9 2.7 2.6 2.6 2.5 2.4 2.4 2.3 2.1 2.0 1.9 1.8 1.8 2.0 2.0 2.0 2.1 2.2 2.1 2.0 2.2 1.9 1.9 1.8 1.7 1.8 1.2 20092009 4.5 4.5 4.5 4.5 4.4 4.2 4.0 4.0 3.8 3.6 3.4 3.2 2.9 2.7 2.6 2.5 2.5 2.4 2.3 2.2 2.1 1.9 1.8 1.8 1.8 1.9 1.9 1.9 2.0 2.1 2.1 1.9 2.1 1.8 1.8 1.7 1.6 1.6 1.2 1.3 20102010 4.4 4.5 4.5 4.5 4.3 4.1 4.0 3.9 3.7 3.6 3.4 3.2 2.9 2.6 2.6 2.5 2.5 2.4 2.3 2.2 2.1 1.9 1.9 1.8 1.8 2.0 2.0 1.9 2.0 2.1 2.1 2.0 2.1 1.9 1.9 1.8 1.8 1.8 1.6 1.8 2.4 20112011 4.4 4.4 4.4 4.4 4.3 4.1 3.9 3.9 3.7 3.6 3.4 3.1 2.8 2.6 2.6 2.5 2.4 2.4 2.3 2.2 2.1 2.0 1.9 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.0 2.1 1.9 1.9 1.9 1.9 1.9 1.8 2.0 2.3 2.3

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$5.99

1926 2011


S&P 500 INDEX1970–2011: Real Returns (%)

In Canadian Dollars, Inflation Adjusted

US SMALL CAP STOCKS1970–2011: Real Returns (%)


Data provided by Standard & Poor’s Index Services Group.


19701970 -17.6 19711971 -3.0 14.2 19721972 -2.3 6.4 -0.9 19731973 -13.7 -12.4 -23.3 -40.6 19741974 -18.8 -19.1 -27.9 -38.6 -36.4 19751975 -10.7 -9.3 -14.4 -18.5 -4.5 43.6 19761976 -5.0 -2.7 -5.8 -7.0 8.0 40.8 38.2 19771977 -2.2 0.2 -2.0 -2.2 10.8 33.3 28.4 19.4 19781978 0.0 2.5 0.9 1.2 12.5 29.8 25.5 19.7 20.0 19791979 2.4 4.9 3.8 4.5 14.8 29.2 25.9 22.0 23.3 26.8 19801980 4.4 6.8 6.1 7.0 16.3 28.7 25.9 23.0 24.2 26.4 26.0 19811981 3.1 5.3 4.4 5.0 12.8 22.4 19.2 15.7 14.8 13.2 6.9 -9.2 19821982 4.5 6.5 5.9 6.6 13.7 22.3 19.5 16.7 16.1 15.2 11.6 5.0 21.5 19831983 6.1 8.1 7.7 8.5 15.2 23.1 20.7 18.4 18.2 17.9 15.8 12.6 25.4 29.4 19841984 5.5 7.4 6.9 7.6 13.6 20.4 18.0 15.7 15.2 14.4 12.1 8.9 15.7 12.9 -1.4 19851985 7.1 9.0 8.6 9.4 15.1 21.5 19.5 17.6 17.4 17.0 15.5 13.5 20.0 19.5 14.8 33.7 19861986 6.8 8.6 8.2 8.9 14.1 19.8 17.8 15.9 15.6 15.0 13.4 11.5 16.1 14.8 10.4 16.8 2.0 19871987 5.3 6.9 6.4 6.9 11.5 16.4 14.4 12.5 11.8 10.9 9.1 6.9 9.8 7.7 2.8 4.3 -7.9 -16.9 19881988 5.5 7.0 6.6 7.0 11.3 15.9 14.0 12.2 11.5 10.7 9.1 7.1 9.7 7.8 4.0 5.4 -2.7 -5.0 8.7 19891989 5.6 7.0 6.6 7.1 11.1 15.3 13.5 11.8 11.2 10.5 9.0 7.2 9.5 7.8 4.6 5.9 -0.1 -0.8 8.3 8.0 19901990 4.0 5.2 4.7 5.1 8.7 12.4 10.5 8.8 8.0 7.1 5.4 3.6 5.1 3.2 -0.1 0.2 -5.4 -7.2 -3.8 -9.4 -24.1 19911991 5.5 6.7 6.4 6.7 10.3 13.9 12.3 10.7 10.1 9.4 8.1 6.6 8.3 6.9 4.4 5.3 1.2 1.0 6.1 5.2 3.9 42.1 19921992 6.4 7.7 7.4 7.8 11.2 14.7 13.2 11.8 11.3 10.7 9.6 8.3 10.1 9.0 7.0 8.0 4.8 5.3 10.4 10.8 11.8 35.6 29.4 19931993 7.1 8.3 8.0 8.5 11.8 15.1 13.7 12.4 12.0 11.5 10.5 9.4 11.1 10.2 8.4 9.6 6.9 7.6 12.4 13.1 14.4 31.2 26.1 22.9 19941994 6.9 8.1 7.8 8.2 11.4 14.5 13.2 11.9 11.5 11.0 10.0 9.0 10.5 9.6 8.0 9.0 6.6 7.1 11.1 11.5 12.2 23.7 18.1 12.9 3.7 19951995 7.6 8.7 8.5 8.9 12.0 15.0 13.7 12.6 12.2 11.8 10.9 10.0 11.5 10.7 9.3 10.4 8.3 9.0 12.7 13.3 14.2 24.0 19.8 16.7 13.8 24.9 19961996 7.8 9.0 8.8 9.2 12.1 15.0 13.8 12.7 12.4 12.0 11.2 10.3 11.7 11.1 9.8 10.8 8.9 9.6 13.0 13.6 14.4 22.5 18.9 16.4 14.4 20.1 15.5 19971997 8.6 9.7 9.5 9.9 12.8 15.7 14.5 13.5 13.2 12.9 12.2 11.4 12.8 12.3 11.1 12.2 10.5 11.3 14.6 15.3 16.3 23.6 20.7 19.1 18.1 23.4 22.7 30.3 19981998 8.4 9.5 9.3 9.7 12.4 15.1 14.0 13.0 12.7 12.4 11.7 10.9 12.3 11.7 10.6 11.5 10.0 10.7 13.6 14.1 14.8 20.9 18.1 16.4 15.1 18.1 16.0 16.2 3.6 19991999 8.7 9.7 9.6 10.0 12.6 15.2 14.2 13.2 13.0 12.6 12.0 11.3 12.6 12.1 11.1 11.9 10.5 11.2 13.9 14.4 15.1 20.5 18.1 16.6 15.5 18.1 16.4 16.7 10.5 17.8 20002000 8.0 8.9 8.8 9.1 11.6 14.1 13.0 12.1 11.8 11.4 10.7 10.0 11.1 10.6 9.6 10.3 8.9 9.4 11.7 12.0 12.4 16.9 14.3 12.6 11.2 12.5 10.2 8.9 2.6 2.0 -11.6 20012001 8.5 9.4 9.3 9.6 12.1 14.4 13.4 12.5 12.3 12.0 11.3 10.7 11.8 11.3 10.3 11.1 9.8 10.3 12.6 12.9 13.3 17.5 15.3 13.9 12.8 14.1 12.4 11.8 7.6 9.0 4.9 24.5 20022002 7.3 8.2 8.0 8.3 10.6 12.8 11.8 10.9 10.6 10.2 9.5 8.8 9.8 9.2 8.2 8.8 7.5 7.8 9.7 9.8 9.9 13.4 11.1 9.4 8.0 8.6 6.4 5.0 0.5 -0.2 -5.6 -2.4 -23.6 20032003 7.8 8.7 8.6 8.9 11.1 13.3 12.3 11.4 11.1 10.8 10.2 9.5 10.5 10.0 9.1 9.7 8.5 8.9 10.7 10.9 11.1 14.4 12.3 10.9 9.7 10.4 8.8 7.8 4.5 4.6 1.6 6.4 -1.6 26.7 20042004 7.8 8.7 8.5 8.8 11.0 13.1 12.1 11.3 11.0 10.7 10.1 9.5 10.4 9.9 9.0 9.6 8.5 8.8 10.6 10.7 10.9 13.9 12.0 10.6 9.6 10.2 8.7 7.9 5.0 5.2 2.9 6.9 1.6 17.1 8.2 20052005 7.6 8.5 8.3 8.6 10.7 12.7 11.8 10.9 10.6 10.3 9.7 9.1 10.0 9.5 8.7 9.2 8.1 8.4 10.0 10.1 10.2 13.0 11.2 9.9 8.8 9.3 7.9 7.1 4.5 4.6 2.5 5.6 1.4 11.4 4.4 0.9 20062006 7.8 8.6 8.5 8.8 10.8 12.7 11.9 11.1 10.8 10.5 9.9 9.3 10.2 9.7 8.9 9.4 8.4 8.7 10.3 10.3 10.5 13.1 11.4 10.2 9.3 9.8 8.5 7.8 5.6 5.8 4.2 7.1 4.0 12.3 7.8 7.7 14.9 20072007 7.0 7.8 7.6 7.9 9.8 11.6 10.7 9.9 9.6 9.3 8.7 8.1 8.9 8.4 7.6 8.0 7.0 7.2 8.6 8.6 8.6 10.9 9.2 8.0 7.0 7.2 5.9 5.1 2.8 2.7 1.0 3.0 -0.3 5.2 0.4 -2.0 -3.5 -18.9 20082008 6.0 6.7 6.5 6.8 8.6 10.3 9.4 8.6 8.3 7.9 7.3 6.7 7.3 6.8 6.0 6.3 5.3 5.4 6.6 6.5 6.5 8.5 6.8 5.5 4.4 4.5 3.0 2.1 -0.2 -0.5 -2.4 -1.2 -4.4 -0.7 -5.5 -8.6 -11.5 -22.4 -25.7 20092009 6.5 7.2 7.0 7.2 9.0 10.7 9.8 9.1 8.8 8.4 7.9 7.3 7.9 7.5 6.7 7.0 6.0 6.2 7.4 7.4 7.3 9.3 7.7 6.6 5.6 5.7 4.5 3.7 1.7 1.6 0.1 1.5 -1.1 2.6 -0.9 -2.6 -3.5 -8.9 -3.5 25.4 20102010 6.8 7.5 7.3 7.5 9.3 10.9 10.1 9.4 9.1 8.8 8.2 7.7 8.3 7.9 7.2 7.5 6.6 6.8 7.9 7.9 7.9 9.8 8.3 7.3 6.4 6.6 5.5 4.8 3.1 3.0 1.8 3.2 1.1 4.7 1.8 0.8 0.8 -2.4 3.8 22.7 20.1 20112011 6.5 7.1 7.0 7.2 8.9 10.5 9.7 8.9 8.6 8.3 7.8 7.2 7.8 7.4 6.7 7.0 6.1 6.2 7.3 7.3 7.3 9.0 7.6 6.6 5.7 5.8 4.7 4.1 2.4 2.3 1.1 2.4 0.4 3.5 0.9 -0.1 -0.3 -3.1 1.4 12.5 6.5 -5.5

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$8.04

1926 2011

19701970 -3.2 19711971 2.2 7.9 19721972 5.5 10.1 12.4 19731973 -2.1 -1.8 -6.3 -21.9 19741974 -9.8 -11.4 -17.0 -28.7 -34.9 19751975 -4.3 -4.5 -7.4 -13.2 -8.5 28.6 19761976 -1.6 -1.3 -3.1 -6.6 -0.9 22.2 16.2 19771977 -2.4 -2.3 -3.9 -6.9 -2.7 11.2 3.4 -8.1 19781978 -1.5 -1.3 -2.5 -4.8 -1.0 10.0 4.4 -1.0 6.5 19791979 -0.7 -0.5 -1.5 -3.3 0.2 9.2 4.8 1.3 6.4 6.2 19801980 1.1 1.6 0.9 -0.5 3.0 11.2 8.1 6.1 11.3 13.8 21.9 19811981 -0.4 -0.1 -0.9 -2.3 0.5 6.9 3.7 1.3 3.8 2.9 1.3 -15.8 19821982 0.7 1.0 0.4 -0.7 2.0 7.9 5.2 3.5 6.0 5.8 5.7 -1.5 15.2 19831983 1.9 2.3 1.8 0.9 3.6 9.0 6.8 5.5 8.0 8.3 8.8 4.8 16.9 18.6 19841984 2.4 2.8 2.4 1.6 4.0 9.0 7.0 5.9 8.1 8.4 8.8 5.8 14.1 13.6 8.9 19851985 4.1 4.6 4.4 3.8 6.2 11.1 9.5 8.7 11.1 11.7 12.7 10.9 18.8 20.0 20.8 34.0 19861986 4.6 5.1 4.9 4.3 6.7 11.2 9.7 9.1 11.2 11.8 12.6 11.1 17.5 18.0 17.9 22.6 12.2 19871987 4.0 4.4 4.2 3.7 5.8 9.9 8.4 7.7 9.5 9.8 10.3 8.7 13.4 13.1 11.7 12.7 3.3 -4.9 19881988 4.0 4.4 4.2 3.7 5.6 9.4 8.0 7.3 8.9 9.1 9.4 8.0 11.9 11.3 9.9 10.2 3.2 -1.0 3.1 19891989 4.8 5.2 5.0 4.6 6.6 10.1 8.9 8.4 9.9 10.2 10.6 9.4 13.0 12.7 11.8 12.3 7.5 6.0 11.9 21.4 19901990 4.1 4.5 4.3 3.9 5.7 8.9 7.7 7.1 8.4 8.6 8.8 7.6 10.5 10.0 8.8 8.8 4.3 2.4 5.0 5.9 -7.6 19911991 5.0 5.4 5.3 4.9 6.7 9.8 8.7 8.3 9.5 9.8 10.1 9.0 11.9 11.6 10.7 11.0 7.5 6.6 9.7 12.0 7.6 25.2 19921992 5.5 5.9 5.8 5.5 7.1 10.1 9.1 8.7 9.9 10.2 10.5 9.6 12.3 12.0 11.3 11.6 8.7 8.1 10.9 13.0 10.3 20.5 15.9 19931993 5.8 6.2 6.1 5.8 7.4 10.3 9.3 8.9 10.1 10.3 10.7 9.8 12.3 12.0 11.4 11.7 9.2 8.7 11.2 12.9 10.8 17.8 14.2 12.6 19941994 5.8 6.2 6.1 5.9 7.4 10.1 9.2 8.8 9.9 10.2 10.4 9.6 11.9 11.6 11.0 11.2 8.9 8.5 10.6 11.9 10.1 15.0 11.8 9.9 7.3 19951995 6.7 7.1 7.1 6.9 8.4 11.1 10.2 9.9 11.0 11.3 11.6 11.0 13.2 13.0 12.6 12.9 11.0 10.9 13.0 14.5 13.4 18.2 16.5 16.7 18.8 31.5 19961996 7.2 7.6 7.6 7.4 8.9 11.5 10.7 10.5 11.5 11.8 12.2 11.6 13.7 13.6 13.2 13.6 11.9 11.9 13.9 15.3 14.5 18.6 17.3 17.7 19.5 26.1 20.9 19971997 8.2 8.6 8.6 8.5 10.0 12.5 11.8 11.6 12.7 13.1 13.5 13.0 15.1 15.1 14.8 15.3 13.9 14.0 16.1 17.6 17.2 21.2 20.6 21.5 23.9 30.0 29.2 38.1 19981998 9.0 9.5 9.6 9.5 10.9 13.4 12.8 12.7 13.8 14.1 14.6 14.2 16.2 16.3 16.2 16.7 15.5 15.7 17.8 19.4 19.2 23.0 22.7 23.9 26.3 31.6 31.6 37.3 36.5 19991999 9.1 9.6 9.6 9.5 10.9 13.3 12.7 12.6 13.6 14.0 14.4 14.0 15.9 16.0 15.8 16.3 15.1 15.4 17.2 18.6 18.3 21.6 21.2 22.0 23.6 27.2 26.1 27.9 23.1 11.0 20002000 8.5 8.9 8.9 8.8 10.2 12.4 11.8 11.6 12.6 12.9 13.2 12.8 14.5 14.5 14.2 14.6 13.4 13.5 15.0 16.1 15.6 18.2 17.5 17.7 18.4 20.4 18.3 17.6 11.5 0.8 -8.5 20012001 8.0 8.3 8.4 8.2 9.5 11.6 11.0 10.8 11.7 11.9 12.2 11.7 13.3 13.2 12.9 13.2 12.0 12.0 13.3 14.1 13.5 15.7 14.8 14.6 14.9 16.0 13.6 12.2 6.5 -1.9 -7.8 -7.1 20022002 6.8 7.1 7.1 6.9 8.0 10.0 9.4 9.1 9.9 10.0 10.2 9.7 11.1 10.9 10.5 10.6 9.3 9.1 10.1 10.7 9.9 11.5 10.3 9.8 9.5 9.7 6.9 4.8 -0.9 -8.5 -14.2 -16.9 -25.7 20032003 6.6 7.0 6.9 6.8 7.9 9.8 9.2 8.9 9.6 9.7 9.9 9.4 10.7 10.5 10.1 10.2 9.0 8.8 9.7 10.2 9.4 10.8 9.7 9.2 8.8 9.0 6.5 4.6 -0.2 -6.2 -10.1 -10.6 -12.4 3.3 20042004 6.5 6.8 6.7 6.6 7.6 9.5 8.8 8.6 9.3 9.4 9.5 9.0 10.2 10.0 9.6 9.7 8.5 8.3 9.2 9.5 8.8 10.1 9.0 8.4 8.1 8.1 5.8 4.1 -0.1 -5.1 -8.0 -7.9 -8.2 2.0 0.7 20052005 6.3 6.6 6.5 6.4 7.4 9.1 8.5 8.3 8.9 9.0 9.1 8.6 9.8 9.6 9.2 9.2 8.1 7.9 8.6 9.0 8.2 9.4 8.3 7.8 7.4 7.4 5.2 3.6 0.0 -4.4 -6.7 -6.4 -6.2 1.4 0.4 0.2 20062006 6.5 6.8 6.7 6.6 7.6 9.3 8.7 8.5 9.1 9.2 9.3 8.8 10.0 9.7 9.4 9.4 8.4 8.2 8.9 9.2 8.6 9.6 8.7 8.2 7.9 7.9 6.0 4.6 1.4 -2.3 -4.0 -3.3 -2.5 4.3 4.7 6.7 13.7 20072007 5.9 6.2 6.2 6.0 6.9 8.6 8.0 7.7 8.3 8.4 8.4 8.0 9.0 8.8 8.4 8.4 7.3 7.1 7.7 8.0 7.3 8.2 7.2 6.7 6.3 6.2 4.3 2.9 0.0 -3.4 -5.1 -4.6 -4.2 0.8 0.2 0.0 -0.1 -12.2 20082008 5.1 5.3 5.2 5.0 5.9 7.4 6.9 6.6 7.1 7.1 7.1 6.6 7.6 7.3 6.9 6.8 5.7 5.5 6.0 6.1 5.4 6.1 5.1 4.5 4.0 3.7 1.8 0.4 -2.5 -5.7 -7.4 -7.2 -7.3 -3.8 -5.1 -6.5 -8.7 -18.2 -23.7 20092009 5.1 5.3 5.3 5.1 6.0 7.5 6.9 6.6 7.1 7.1 7.2 6.7 7.6 7.3 6.9 6.8 5.8 5.6 6.1 6.2 5.5 6.2 5.3 4.7 4.2 4.0 2.3 1.0 -1.6 -4.5 -6.0 -5.7 -5.5 -2.2 -3.1 -3.8 -4.8 -10.3 -9.3 7.8 20102010 5.2 5.4 5.3 5.1 6.0 7.4 6.9 6.6 7.1 7.1 7.1 6.7 7.6 7.3 6.9 6.8 5.9 5.6 6.1 6.2 5.5 6.3 5.3 4.8 4.3 4.2 2.6 1.4 -1.0 -3.6 -4.9 -4.5 -4.2 -1.1 -1.8 -2.2 -2.6 -6.3 -4.3 7.2 6.7 20112011 5.1 5.3 5.2 5.1 5.9 7.3 6.7 6.5 6.9 7.0 7.0 6.5 7.4 7.1 6.7 6.6 5.7 5.5 5.9 6.0 5.4 6.0 5.2 4.6 4.2 4.0 2.5 1.4 -0.8 -3.2 -4.3 -3.9 -3.6 -0.8 -1.3 -1.6 -1.9 -4.7 -2.8 5.4 4.3 2.0

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$14

1926 2011


US SMALL CAP VALUE STOCKS1970–2011: Real Returns (%)


US LARGE CAP VALUE STOCKS1970–2011: Real Returns (%)




19701970 2.4 19711971 7.5 12.7 19721972 9.2 12.7 12.7 19731973 3.4 3.7 -0.5 -12.1 19741974 -3.4 -4.8 -10.1 -19.7 -26.6 19751975 2.5 2.5 0.1 -3.7 0.8 38.3 19761976 7.4 8.2 7.3 6.0 12.8 39.9 41.5 19771977 5.5 5.9 4.9 3.3 7.6 22.3 14.9 -6.6 19781978 5.3 5.6 4.7 3.4 6.8 17.3 11.0 -1.7 3.5 19791979 5.8 6.2 5.4 4.4 7.4 15.9 10.9 2.2 7.0 10.6 19801980 5.9 6.3 5.6 4.7 7.4 14.4 10.1 3.5 7.0 8.9 7.2 19811981 5.7 6.0 5.3 4.5 6.8 12.7 8.9 3.4 6.1 6.9 5.2 3.2 19821982 6.3 6.7 6.1 5.5 7.7 12.9 9.7 5.2 7.7 8.8 8.2 8.6 14.4 19831983 7.9 8.3 8.0 7.6 9.8 14.8 12.1 8.5 11.2 12.8 13.4 15.5 22.3 30.7 19841984 8.2 8.6 8.3 7.9 10.0 14.5 12.1 8.9 11.3 12.7 13.1 14.7 18.8 21.0 12.0 19851985 9.6 10.1 9.9 9.7 11.7 16.1 14.0 11.3 13.8 15.4 16.2 18.1 22.1 24.8 22.0 32.8 19861986 9.8 10.3 10.2 10.0 11.9 15.9 14.0 11.6 13.8 15.2 15.9 17.4 20.5 22.0 19.3 23.0 13.9 19871987 8.9 9.3 9.1 8.8 10.5 14.0 12.2 9.9 11.7 12.6 12.9 13.7 15.6 15.8 12.3 12.4 3.4 -6.1 19881988 8.9 9.3 9.1 8.9 10.4 13.7 12.0 9.8 11.5 12.3 12.5 13.2 14.7 14.7 11.7 11.7 5.4 1.4 9.5 19891989 9.3 9.7 9.5 9.4 10.9 14.0 12.4 10.4 12.0 12.8 13.0 13.7 15.0 15.1 12.7 12.9 8.3 6.5 13.5 17.7 19901990 7.3 7.6 7.3 7.0 8.2 10.9 9.3 7.3 8.4 8.9 8.7 8.9 9.5 8.9 6.1 5.2 0.4 -2.8 -1.6 -6.8 -26.1 19911991 8.2 8.5 8.3 8.1 9.3 11.9 10.4 8.6 9.8 10.3 10.3 10.6 11.3 11.0 8.8 8.3 4.7 2.9 5.3 4.0 -2.3 29.3 19921992 8.9 9.2 9.0 8.9 10.1 12.6 11.2 9.6 10.8 11.3 11.4 11.7 12.5 12.3 10.5 10.3 7.4 6.3 9.0 8.9 6.1 27.1 25.0 19931993 9.6 9.9 9.8 9.7 10.9 13.3 12.1 10.6 11.7 12.3 12.4 12.8 13.7 13.6 12.0 12.0 9.7 9.1 11.9 12.3 11.0 27.2 26.1 27.3 19941994 9.4 9.8 9.6 9.5 10.6 12.9 11.7 10.3 11.4 11.9 12.0 12.3 13.0 12.9 11.4 11.4 9.2 8.6 10.9 11.2 9.9 21.4 18.9 15.9 5.5 19951995 10.3 10.6 10.5 10.4 11.6 13.8 12.7 11.4 12.5 13.1 13.2 13.6 14.4 14.4 13.2 13.3 11.5 11.2 13.6 14.2 13.6 23.8 22.5 21.6 18.9 33.9 19961996 10.6 10.9 10.8 10.8 11.9 14.0 13.0 11.7 12.8 13.3 13.5 13.9 14.7 14.7 13.5 13.6 12.0 11.9 14.1 14.6 14.2 22.8 21.5 20.7 18.6 25.7 18.0 19971997 11.5 11.8 11.8 11.7 12.9 15.0 14.0 12.9 13.9 14.5 14.8 15.2 16.0 16.1 15.1 15.4 14.0 14.0 16.3 17.1 17.0 24.9 24.2 24.1 23.3 29.8 27.8 38.5 19981998 11.7 12.1 12.0 12.0 13.1 15.2 14.2 13.1 14.2 14.7 15.0 15.4 16.2 16.3 15.4 15.6 14.4 14.4 16.5 17.2 17.2 24.2 23.4 23.2 22.4 27.0 24.8 28.3 18.8 19991999 11.2 11.5 11.5 11.5 12.5 14.4 13.5 12.4 13.4 13.9 14.1 14.4 15.1 15.1 14.2 14.4 13.2 13.1 14.9 15.4 15.1 21.0 19.9 19.2 17.9 20.6 17.5 17.3 8.0 -1.9 20002000 10.6 10.9 10.9 10.8 11.8 13.6 12.7 11.6 12.5 12.9 13.0 13.3 13.9 13.9 12.9 13.0 11.8 11.6 13.1 13.4 13.1 18.0 16.8 15.8 14.2 15.7 12.4 11.1 3.2 -3.8 -5.8 20012001 10.4 10.6 10.6 10.5 11.4 13.1 12.3 11.2 12.1 12.4 12.5 12.8 13.3 13.2 12.3 12.4 11.2 11.0 12.3 12.6 12.1 16.5 15.3 14.2 12.7 13.8 10.7 9.3 3.0 -1.7 -1.7 2.6 20022002 8.7 8.9 8.8 8.6 9.4 11.0 10.1 9.1 9.7 10.0 10.0 10.1 10.5 10.3 9.3 9.1 7.9 7.5 8.5 8.4 7.7 11.2 9.7 8.2 6.3 6.4 3.0 0.6 -5.6 -10.9 -13.7 -17.4 -33.5 20032003 8.7 8.9 8.8 8.7 9.5 11.0 10.1 9.1 9.7 10.0 10.0 10.1 10.4 10.2 9.3 9.2 8.0 7.6 8.6 8.5 7.9 11.0 9.6 8.3 6.6 6.7 3.8 1.9 -3.2 -7.1 -8.4 -9.2 -14.6 9.5 20042004 8.7 8.9 8.7 8.6 9.4 10.8 10.0 9.0 9.6 9.9 9.8 10.0 10.3 10.1 9.2 9.0 7.9 7.6 8.5 8.4 7.8 10.7 9.4 8.2 6.6 6.8 4.1 2.5 -1.8 -4.9 -5.5 -5.5 -8.0 8.2 6.9 20052005 8.6 8.7 8.6 8.5 9.2 10.6 9.8 8.9 9.5 9.7 9.6 9.7 10.0 9.8 9.0 8.8 7.8 7.4 8.2 8.2 7.6 10.3 9.1 8.0 6.5 6.6 4.2 2.7 -1.0 -3.6 -3.9 -3.5 -5.0 7.0 5.8 4.8 20062006 8.8 9.0 8.9 8.8 9.5 10.9 10.1 9.2 9.8 10.0 10.0 10.1 10.4 10.2 9.4 9.3 8.3 8.0 8.8 8.8 8.3 10.9 9.8 8.8 7.4 7.6 5.5 4.3 1.1 -1.0 -0.8 0.0 -0.5 10.1 10.2 12.0 19.6 20072007 7.7 7.9 7.7 7.6 8.2 9.5 8.7 7.8 8.3 8.5 8.4 8.4 8.7 8.4 7.6 7.4 6.4 6.0 6.7 6.5 5.9 8.2 7.0 5.9 4.5 4.4 2.3 1.0 -2.2 -4.2 -4.5 -4.4 -5.5 1.4 -0.5 -2.9 -6.5 -26.9 20082008 6.0 6.0 5.9 5.7 6.2 7.4 6.6 5.6 6.1 6.2 6.0 6.0 6.1 5.8 4.9 4.6 3.5 3.0 3.5 3.2 2.5 4.4 3.1 1.9 0.3 0.0 -2.2 -3.8 -6.9 -9.1 -9.9 -10.4 -12.1 -8.0 -11.1 -15.1 -20.9 -35.6 -43.3 20092009 6.2 6.3 6.2 6.0 6.5 7.7 6.9 6.0 6.4 6.5 6.4 6.3 6.5 6.2 5.3 5.1 4.0 3.6 4.1 3.8 3.2 5.0 3.8 2.7 1.3 1.1 -1.0 -2.3 -5.1 -7.0 -7.5 -7.7 -8.9 -4.7 -6.9 -9.4 -12.7 -21.4 -18.4 17.2 20102010 6.3 6.4 6.3 6.1 6.7 7.8 7.0 6.1 6.6 6.6 6.5 6.5 6.6 6.4 5.5 5.3 4.3 3.9 4.4 4.2 3.6 5.3 4.2 3.2 1.9 1.7 -0.2 -1.4 -3.9 -5.6 -5.9 -5.9 -6.8 -2.8 -4.5 -6.3 -8.3 -14.2 -9.5 14.3 11.4 20112011 5.6 5.7 5.5 5.4 5.9 6.9 6.2 5.3 5.7 5.7 5.6 5.5 5.6 5.3 4.5 4.2 3.3 2.9 3.3 3.0 2.4 4.0 2.8 1.8 0.5 0.2 -1.6 -2.7 -5.2 -6.8 -7.2 -7.3 -8.3 -4.9 -6.6 -8.4 -10.4 -15.4 -12.3 1.5 -5.6 -20.0

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

19701970 -7.8 19711971 0.4 9.4 19721972 0.0 4.2 -0.8 19731973 -11.2 -12.2 -21.4 -37.8 19741974 -15.1 -16.9 -24.2 -33.7 -29.3 19751975 -6.0 -5.7 -9.1 -11.7 5.1 56.4 19761976 0.2 1.7 0.2 0.4 17.8 52.0 47.7 19771977 2.6 4.2 3.3 4.1 18.4 40.7 33.4 20.5 19781978 4.6 6.3 5.8 6.9 19.2 35.8 29.6 21.3 22.2 19791979 6.0 7.7 7.5 8.7 19.3 32.5 27.1 20.9 21.1 20.0 19801980 6.7 8.2 8.1 9.2 18.4 29.0 24.1 18.9 18.3 16.4 12.9 19811981 6.4 7.8 7.6 8.6 16.4 25.0 20.4 15.6 14.4 11.9 8.0 3.3 19821982 8.1 9.5 9.5 10.6 17.9 25.7 21.8 18.0 17.5 16.3 15.1 16.2 30.7 19831983 10.3 11.9 12.1 13.3 20.3 27.6 24.4 21.4 21.6 21.5 21.8 25.0 37.5 44.5 19841984 10.1 11.5 11.6 12.7 19.0 25.3 22.3 19.4 19.3 18.8 18.5 20.0 26.1 23.9 6.2 19851985 11.2 12.6 12.8 13.9 19.8 25.7 23.0 20.5 20.5 20.3 20.3 21.9 27.0 25.8 17.4 29.7 19861986 10.5 11.7 11.9 12.8 18.1 23.3 20.7 18.2 18.0 17.5 17.1 17.8 21.0 18.7 11.1 13.6 -0.4 19871987 8.9 10.0 10.1 10.8 15.5 19.9 17.3 14.9 14.3 13.5 12.7 12.6 14.3 11.3 4.2 3.5 -7.5 -14.0 19881988 9.3 10.3 10.4 11.1 15.5 19.6 17.2 14.9 14.4 13.7 13.0 13.0 14.4 11.9 6.4 6.4 -0.4 -0.4 15.4 19891989 8.9 9.9 9.9 10.6 14.6 18.4 16.1 13.9 13.4 12.6 11.9 11.8 12.9 10.6 5.8 5.7 0.4 0.7 9.0 3.0 19901990 6.7 7.5 7.4 7.9 11.4 14.6 12.3 10.1 9.3 8.3 7.3 6.8 7.2 4.6 -0.2 -1.2 -6.4 -7.9 -5.7 -14.8 -29.5 19911991 7.9 8.8 8.7 9.2 12.7 15.8 13.7 11.7 11.1 10.3 9.5 9.2 9.9 7.8 3.9 3.5 -0.3 -0.2 3.5 -0.1 -1.7 37.2 19921992 9.3 10.2 10.2 10.8 14.2 17.3 15.3 13.6 13.1 12.5 12.0 11.9 12.7 11.0 7.8 8.0 5.2 6.2 10.8 9.7 12.0 41.2 45.4 19931993 10.2 11.0 11.1 11.7 15.0 18.0 16.2 14.6 14.2 13.7 13.2 13.3 14.2 12.8 10.0 10.4 8.2 9.5 14.0 13.7 16.6 37.9 38.3 31.5 19941994 10.2 11.0 11.0 11.6 14.8 17.6 15.8 14.3 13.9 13.4 13.0 13.0 13.8 12.5 9.9 10.3 8.3 9.5 13.3 13.0 15.1 30.2 27.9 20.0 9.4 19951995 10.6 11.4 11.4 12.0 15.0 17.7 16.1 14.6 14.3 13.9 13.5 13.5 14.3 13.1 10.8 11.2 9.6 10.7 14.3 14.1 16.1 28.3 26.2 20.3 15.1 21.1 19961996 10.9 11.7 11.8 12.3 15.3 17.9 16.3 14.9 14.6 14.2 13.9 13.9 14.7 13.6 11.5 12.0 10.5 11.7 14.9 14.9 16.7 26.9 25.0 20.3 16.8 20.7 20.3 19971997 11.9 12.7 12.8 13.4 16.3 18.8 17.3 16.1 15.8 15.5 15.3 15.4 16.2 15.3 13.5 14.0 12.8 14.1 17.4 17.6 19.6 29.0 27.6 24.4 22.6 27.4 30.6 41.8 19981998 11.3 12.0 12.1 12.6 15.4 17.7 16.3 15.0 14.8 14.4 14.1 14.2 14.9 14.0 12.2 12.6 11.4 12.4 15.2 15.2 16.6 24.2 22.4 19.0 16.6 18.5 17.7 16.4 -4.5 19991999 10.7 11.4 11.5 12.0 14.5 16.8 15.3 14.1 13.8 13.5 13.1 13.1 13.7 12.8 11.1 11.4 10.2 11.0 13.4 13.3 14.3 20.7 18.7 15.4 12.9 13.6 11.8 9.0 -4.4 -4.3 20002000 10.3 10.9 11.0 11.4 13.9 16.0 14.6 13.4 13.1 12.7 12.3 12.3 12.8 11.9 10.2 10.5 9.3 10.0 12.1 11.9 12.7 18.1 16.2 13.0 10.5 10.7 8.8 6.0 -3.7 -3.3 -2.4 20012001 11.3 12.0 12.1 12.5 14.9 17.0 15.7 14.6 14.4 14.0 13.8 13.8 14.4 13.6 12.0 12.4 11.4 12.2 14.4 14.3 15.3 20.6 19.0 16.4 14.7 15.4 14.5 13.4 7.2 11.5 20.3 48.3 20022002 10.4 11.0 11.0 11.4 13.7 15.7 14.4 13.2 13.0 12.6 12.3 12.3 12.7 11.9 10.4 10.6 9.6 10.2 12.1 11.8 12.6 17.0 15.4 12.7 10.8 11.0 9.6 7.9 2.2 3.9 6.8 11.8 -15.8 20032003 11.1 11.8 11.8 12.3 14.5 16.4 15.2 14.1 13.9 13.6 13.3 13.3 13.8 13.1 11.7 12.0 11.1 11.8 13.7 13.5 14.3 18.7 17.2 15.0 13.4 13.9 13.0 12.0 7.7 10.3 14.3 20.5 8.6 40.1 20042004 11.3 11.9 12.0 12.4 14.5 16.4 15.2 14.2 14.0 13.7 13.4 13.4 13.9 13.2 11.9 12.2 11.3 12.0 13.8 13.7 14.4 18.4 17.1 15.0 13.6 14.1 13.3 12.5 8.8 11.2 14.6 19.2 10.9 27.3 15.6 20052005 10.9 11.5 11.6 12.0 14.0 15.8 14.7 13.7 13.4 13.1 12.9 12.9 13.3 12.6 11.3 11.5 10.7 11.3 12.9 12.8 13.4 17.1 15.8 13.8 12.4 12.7 11.9 11.0 7.6 9.5 12.0 15.1 8.0 17.3 7.4 -0.2 20062006 11.1 11.7 11.8 12.2 14.2 15.9 14.8 13.9 13.6 13.3 13.1 13.1 13.5 12.9 11.6 11.9 11.1 11.7 13.3 13.2 13.8 17.2 16.0 14.2 12.9 13.2 12.5 11.8 8.9 10.7 13.0 15.8 10.2 17.9 11.3 9.2 19.5 20072007 9.7 10.2 10.3 10.6 12.5 14.1 12.9 12.0 11.7 11.4 11.1 11.0 11.3 10.6 9.4 9.5 8.7 9.1 10.4 10.2 10.6 13.5 12.2 10.3 8.9 8.9 7.9 6.8 3.9 4.8 6.0 7.3 1.7 5.6 -1.6 -6.8 -9.9 -32.1 20082008 8.3 8.8 8.8 9.1 10.8 12.3 11.2 10.2 9.9 9.5 9.1 9.0 9.2 8.5 7.2 7.3 6.4 6.7 7.8 7.5 7.7 10.3 8.9 6.9 5.5 5.2 4.0 2.8 -0.2 0.3 0.8 1.2 -4.2 -2.1 -8.9 -14.1 -18.3 -32.4 -32.8 20092009 9.1 9.6 9.6 9.9 11.7 13.1 12.1 11.1 10.8 10.5 10.2 10.1 10.3 9.7 8.5 8.6 7.8 8.2 9.3 9.0 9.3 11.9 10.6 8.9 7.6 7.5 6.5 5.6 3.0 3.7 4.5 5.3 0.9 3.6 -1.5 -4.6 -5.7 -12.8 -1.3 45.1 20102010 9.5 10.0 10.0 10.3 12.0 13.4 12.4 11.5 11.2 10.9 10.6 10.6 10.8 10.2 9.1 9.2 8.4 8.8 9.9 9.7 10.0 12.5 11.3 9.7 8.5 8.5 7.7 6.8 4.5 5.3 6.2 7.1 3.3 6.0 1.9 -0.3 -0.3 -4.7 6.7 34.5 24.7 20112011 9.0 9.4 9.4 9.7 11.3 12.7 11.7 10.8 10.5 10.2 9.9 9.8 10.0 9.4 8.3 8.4 7.6 7.9 9.0 8.7 9.0 11.3 10.1 8.5 7.3 7.2 6.4 5.5 3.3 4.0 4.7 5.4 1.8 4.0 0.2 -1.8 -2.1 -5.9 2.0 17.3 5.4 -10.9

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$37

1926 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$9.96

1926 2011


MSCI EAFE INDEX1970–2011: Real Returns (%)


INTERNATIONAL SMALL CAP STOCKS 1970–2011: Real Returns (%)



Index data compiled by Dimensional. Prior to 1981, data provided by the Nomura Securities Investment Trust,

Tokyo, and London School of Business.

19701970 -6.1 19711971 22.1 58.9 19721972 32.3 57.0 55.1 19731973 16.3 24.9 10.7 -21.0 19741974 2.9 5.3 -8.2 -29.3 -36.8 19751975 8.4 11.6 2.1 -11.2 -5.8 40.4 19761976 7.9 10.4 2.6 -7.5 -2.5 21.2 4.6 19771977 14.4 17.6 11.9 4.8 12.5 36.3 34.3 72.4 19781978 19.2 22.8 18.3 13.1 21.5 43.1 44.0 68.9 65.5 19791979 15.7 18.4 14.2 9.3 15.4 30.1 27.6 36.4 21.3 -11.0 19801980 16.5 19.1 15.3 11.1 16.7 29.2 27.1 33.4 22.5 5.3 24.7 19811981 13.9 15.9 12.3 8.3 12.7 22.4 19.6 22.9 12.9 -0.6 5.1 -11.4 19821982 12.3 14.0 10.6 6.9 10.6 18.6 15.8 17.7 9.1 -1.7 1.6 -8.3 -5.1 19831983 13.6 15.3 12.2 9.0 12.5 20.0 17.6 19.6 12.6 4.2 8.4 3.5 11.8 31.8 19841984 13.6 15.2 12.4 9.4 12.7 19.4 17.3 19.0 12.8 5.8 9.6 6.1 12.7 22.8 14.3 19851985 16.5 18.2 15.8 13.2 16.6 23.3 21.7 23.8 18.7 13.2 17.9 16.6 24.8 36.8 39.3 69.8 19861986 18.3 20.1 17.8 15.5 19.0 25.4 24.1 26.3 22.0 17.4 22.1 21.7 29.7 40.2 43.2 60.2 51.2 19871987 18.8 20.5 18.4 16.3 19.5 25.5 24.4 26.3 22.5 18.4 22.8 22.5 29.3 37.5 39.0 48.3 38.6 27.1 19881988 18.4 19.9 18.0 15.9 19.0 24.4 23.3 25.0 21.4 17.7 21.4 21.0 26.5 32.7 32.9 38.0 28.8 18.9 11.1 19891989 18.5 20.0 18.1 16.2 19.1 24.2 23.1 24.7 21.3 18.0 21.3 21.0 25.8 30.9 30.8 34.4 26.7 19.5 15.8 20.7 19901990 16.2 17.4 15.6 13.7 16.2 20.7 19.4 20.6 17.3 14.0 16.6 15.8 19.3 22.8 21.5 22.8 15.1 7.5 1.7 -2.8 -21.7 19911991 15.5 16.6 14.8 13.0 15.3 19.4 18.2 19.2 16.1 13.0 15.3 14.4 17.4 20.2 18.8 19.5 12.7 6.3 1.6 -1.4 -10.8 1.6 19921992 14.0 15.0 13.2 11.5 13.5 17.3 16.0 16.8 13.8 10.8 12.7 11.7 14.1 16.2 14.6 14.6 8.4 2.5 -1.8 -4.8 -12.1 -6.8 -14.5 19931993 14.9 15.9 14.2 12.6 14.6 18.2 17.1 17.9 15.1 12.4 14.3 13.5 15.9 18.0 16.7 16.9 11.6 6.9 3.8 2.4 -1.7 6.1 8.4 37.4 19941994 15.1 16.1 14.5 13.0 14.9 18.4 17.3 18.1 15.5 12.9 14.7 14.0 16.3 18.3 17.1 17.4 12.7 8.6 6.2 5.4 2.6 9.7 12.6 29.2 21.5 19951995 14.4 15.3 13.7 12.2 14.0 17.3 16.2 16.8 14.3 11.9 13.5 12.8 14.7 16.4 15.2 15.3 10.9 7.2 4.9 4.1 1.5 7.0 8.4 17.2 8.3 -3.5 19961996 13.8 14.7 13.2 11.7 13.4 16.5 15.4 16.0 13.6 11.3 12.7 12.0 13.8 15.3 14.1 14.1 10.0 6.6 4.5 3.7 1.5 6.0 6.9 13.0 5.8 -1.2 1.1 19971997 12.8 13.6 12.1 10.7 12.2 15.1 14.0 14.5 12.2 9.9 11.2 10.5 12.0 13.3 12.0 11.9 8.0 4.8 2.8 1.9 -0.2 3.3 3.6 7.6 1.2 -4.8 -5.4 -11.5 19981998 13.0 13.7 12.3 10.9 12.4 15.2 14.2 14.6 12.4 10.3 11.5 10.8 12.3 13.5 12.4 12.2 8.7 5.8 4.0 3.3 1.5 4.9 5.4 9.1 4.2 0.3 1.5 1.7 17.0 19991999 13.2 13.9 12.5 11.2 12.7 15.3 14.4 14.8 12.7 10.7 11.9 11.3 12.7 13.8 12.8 12.7 9.4 6.7 5.2 4.7 3.2 6.4 7.0 10.5 6.6 3.8 5.7 7.3 18.2 19.4 20002000 12.3 12.9 11.6 10.3 11.7 14.2 13.2 13.6 11.5 9.6 10.7 10.0 11.2 12.2 11.2 11.0 7.9 5.3 3.8 3.2 1.7 4.5 4.8 7.5 3.8 1.1 2.0 2.2 7.3 2.7 -11.6 20012001 11.4 12.0 10.7 9.4 10.7 13.0 12.1 12.4 10.4 8.5 9.5 8.8 9.9 10.8 9.7 9.5 6.5 4.0 2.6 1.9 0.5 2.8 2.9 5.1 1.6 -0.9 -0.5 -0.8 2.0 -2.5 -11.9 -12.2 20022002 10.8 11.4 10.1 8.8 10.0 12.2 11.3 11.6 9.7 7.8 8.7 8.0 9.0 9.8 8.8 8.5 5.6 3.3 1.9 1.2 -0.1 1.9 2.0 3.8 0.6 -1.8 -1.5 -1.9 0.1 -3.7 -10.4 -9.8 -7.3 20032003 11.3 11.8 10.6 9.4 10.6 12.8 11.9 12.2 10.3 8.6 9.5 8.8 9.9 10.6 9.7 9.4 6.8 4.6 3.4 2.9 1.7 3.8 4.0 5.8 3.1 1.2 1.8 1.9 4.4 2.0 -1.9 1.5 9.2 28.7 20042004 11.5 12.1 10.9 9.7 10.9 13.0 12.2 12.4 10.7 9.0 9.9 9.3 10.3 11.0 10.1 9.9 7.5 5.4 4.3 3.9 2.8 4.9 5.1 6.9 4.5 3.0 3.7 4.0 6.5 4.8 2.1 5.9 12.7 24.2 19.9 20052005 11.7 12.2 11.1 10.0 11.1 13.1 12.3 12.6 10.9 9.3 10.1 9.6 10.6 11.3 10.5 10.3 7.9 6.0 5.0 4.6 3.7 5.6 5.9 7.7 5.5 4.2 5.0 5.4 7.7 6.5 4.5 8.0 13.8 21.8 18.5 17.1 20062006 12.0 12.5 11.4 10.3 11.5 13.5 12.7 13.0 11.3 9.8 10.6 10.1 11.1 11.8 11.0 10.9 8.6 6.9 5.9 5.6 4.8 6.7 7.0 8.8 6.8 5.7 6.6 7.1 9.4 8.5 7.1 10.5 15.7 22.3 20.3 20.5 24.0 20072007 11.3 11.8 10.8 9.7 10.8 12.7 11.9 12.1 10.5 9.0 9.8 9.3 10.2 10.8 10.0 9.9 7.7 6.0 5.0 4.7 3.9 5.6 5.9 7.4 5.5 4.4 5.1 5.4 7.3 6.3 4.7 7.3 11.0 15.0 11.9 9.3 5.6 -10.1 20082008 9.8 10.2 9.1 8.1 9.0 10.8 10.0 10.2 8.6 7.1 7.8 7.2 8.0 8.5 7.7 7.4 5.3 3.6 2.6 2.2 1.3 2.7 2.8 4.0 2.1 0.8 1.1 1.1 2.4 1.0 -0.8 0.6 2.6 4.3 0.1 -4.4 -10.6 -24.1 -36.0 20092009 10.1 10.5 9.5 8.5 9.4 11.2 10.4 10.6 9.0 7.6 8.3 7.7 8.5 9.0 8.2 8.0 6.0 4.4 3.4 3.1 2.3 3.7 3.8 5.0 3.3 2.2 2.6 2.7 4.0 2.9 1.4 2.9 5.0 6.9 3.6 0.6 -3.1 -10.7 -11.1 23.5 20102010 10.1 10.6 9.6 8.6 9.5 11.2 10.4 10.6 9.1 7.7 8.4 7.9 8.6 9.1 8.4 8.2 6.2 4.7 3.8 3.5 2.7 4.1 4.3 5.4 3.8 2.8 3.2 3.3 4.6 3.6 2.3 3.8 5.7 7.5 4.8 2.4 -0.3 -5.6 -4.0 17.6 11.9 20112011 9.4 9.8 8.8 7.9 8.7 10.3 9.6 9.8 8.3 6.9 7.5 7.0 7.7 8.2 7.4 7.2 5.3 3.8 2.9 2.6 1.8 3.1 3.2 4.2 2.6 1.6 1.9 1.9 3.0 2.0 0.6 1.8 3.4 4.6 2.0 -0.4 -3.0 -7.7 -7.1 5.2 -2.9 -15.7

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

19701970 -17.8 19711971 0.3 22.4 19721972 9.0 25.5 28.8 19731973 0.2 7.1 0.1 -22.1 19741974 -7.2 -4.4 -12.0 -27.2 -32.0 19751975 -2.3 1.2 -3.5 -12.4 -7.1 26.9 19761976 -2.5 0.3 -3.6 -10.3 -6.0 10.5 -3.8 19771977 -0.3 2.5 -0.4 -5.4 -0.7 12.6 6.1 16.9 19781978 3.0 5.9 3.7 0.0 5.2 17.3 14.3 24.5 32.6 19791979 2.0 4.5 2.4 -0.9 3.2 12.2 8.8 13.3 11.6 -6.1 19801980 3.0 5.3 3.6 0.8 4.5 12.3 9.6 13.2 12.0 3.0 12.9 19811981 1.5 3.4 1.7 -0.9 2.1 8.2 5.4 7.3 5.0 -2.8 -1.2 -13.5 19821982 0.8 2.5 0.9 -1.5 1.1 6.2 3.5 4.8 2.5 -3.9 -3.1 -10.3 -6.9 19831983 2.1 3.8 2.3 0.2 2.8 7.6 5.4 6.8 5.2 0.4 2.2 -1.2 5.6 19.8 19841984 2.6 4.2 2.9 1.0 3.4 7.8 5.9 7.2 5.9 2.0 3.7 1.5 7.0 14.8 10.0 19851985 5.4 7.1 6.1 4.6 7.2 11.7 10.3 11.9 11.3 8.6 11.3 10.9 18.0 27.8 32.0 58.3 19861986 8.0 9.9 9.1 7.8 10.5 15.1 14.1 16.1 16.0 14.0 17.2 18.0 25.5 35.3 40.9 59.4 60.5 19871987 8.3 10.0 9.3 8.1 10.7 14.9 14.0 15.7 15.6 13.9 16.6 17.2 23.3 30.4 33.2 42.0 34.5 12.6 19881988 8.5 10.2 9.5 8.4 10.9 14.8 13.9 15.5 15.4 13.8 16.3 16.7 21.8 27.4 28.9 34.2 27.0 12.9 13.2 19891989 8.2 9.8 9.1 8.1 10.3 13.9 13.0 14.4 14.2 12.7 14.8 15.0 19.1 23.4 24.0 27.0 20.2 9.2 7.5 2.1 19901990 6.2 7.6 6.8 5.7 7.6 10.8 9.8 10.8 10.4 8.7 10.1 9.9 12.8 15.6 15.0 15.8 8.8 -1.3 -5.5 -13.7 -27.0 19911991 6.3 7.6 6.9 5.8 7.6 10.6 9.6 10.6 10.2 8.6 9.9 9.7 12.3 14.7 14.0 14.6 8.6 0.4 -2.4 -7.1 -11.4 7.6 19921992 5.7 6.9 6.2 5.2 6.9 9.6 8.7 9.5 9.0 7.5 8.7 8.3 10.6 12.5 11.7 11.9 6.5 -0.6 -3.0 -6.7 -9.4 0.9 -5.4 19931993 6.8 8.0 7.4 6.5 8.2 10.9 10.0 10.9 10.5 9.2 10.4 10.2 12.4 14.4 13.9 14.3 9.7 3.9 2.6 0.6 0.2 11.3 13.2 35.6 19941994 7.1 8.3 7.7 6.8 8.5 11.0 10.2 11.1 10.7 9.5 10.6 10.5 12.6 14.4 13.9 14.3 10.2 5.2 4.1 2.7 2.8 12.0 13.5 24.4 14.1 19951995 7.1 8.2 7.7 6.8 8.4 10.8 10.0 10.8 10.5 9.3 10.4 10.2 12.1 13.7 13.2 13.5 9.8 5.3 4.4 3.2 3.4 10.8 11.7 18.0 10.1 6.3 19961996 7.0 8.1 7.5 6.7 8.2 10.5 9.8 10.5 10.2 9.0 10.0 9.8 11.6 13.0 12.5 12.7 9.3 5.2 4.4 3.3 3.5 9.7 10.2 14.4 8.2 5.3 4.3 19971997 6.9 8.0 7.4 6.7 8.1 10.3 9.6 10.2 9.9 8.8 9.7 9.5 11.2 12.5 12.0 12.2 9.0 5.2 4.5 3.6 3.8 9.1 9.3 12.6 7.5 5.3 4.8 5.4 19981998 7.6 8.6 8.1 7.4 8.8 10.9 10.3 11.0 10.7 9.7 10.6 10.5 12.1 13.4 13.0 13.2 10.3 6.9 6.4 5.7 6.1 11.2 11.8 14.9 11.2 10.4 11.9 15.9 27.3 19991999 7.8 8.9 8.4 7.7 9.1 11.1 10.5 11.2 10.9 10.0 10.9 10.8 12.3 13.6 13.2 13.4 10.7 7.6 7.2 6.7 7.1 11.8 12.3 15.1 12.0 11.6 13.0 16.1 21.8 16.5 20002000 7.1 8.0 7.6 6.9 8.1 10.1 9.4 10.0 9.7 8.8 9.6 9.4 10.8 11.8 11.4 11.5 8.9 5.9 5.4 4.8 5.1 9.0 9.1 11.1 8.0 7.0 7.1 7.8 8.6 0.3 -13.6 20012001 6.2 7.1 6.6 5.9 7.1 8.9 8.3 8.8 8.5 7.5 8.2 8.0 9.2 10.1 9.6 9.6 7.1 4.2 3.6 2.9 3.0 6.3 6.1 7.5 4.4 3.1 2.6 2.3 1.5 -5.9 -15.4 -17.1 20022002 5.3 6.1 5.6 5.0 6.0 7.7 7.1 7.5 7.2 6.2 6.8 6.5 7.6 8.4 7.8 7.7 5.3 2.5 1.9 1.1 1.0 3.8 3.5 4.4 1.4 -0.1 -0.9 -1.8 -3.2 -9.6 -16.9 -18.5 -19.8 20032003 5.5 6.3 5.8 5.2 6.2 7.9 7.2 7.7 7.3 6.4 7.0 6.7 7.7 8.5 8.0 7.9 5.6 3.0 2.4 1.8 1.7 4.4 4.1 5.0 2.4 1.1 0.5 0.0 -0.9 -5.7 -10.6 -9.6 -5.5 11.3 20042004 5.6 6.4 5.9 5.3 6.3 7.9 7.3 7.7 7.4 6.5 7.1 6.8 7.8 8.5 8.0 7.9 5.8 3.3 2.8 2.2 2.2 4.7 4.5 5.4 3.0 1.9 1.4 1.1 0.5 -3.4 -7.0 -5.2 -0.9 10.2 9.2 20052005 5.7 6.4 6.0 5.4 6.4 7.9 7.3 7.7 7.4 6.6 7.1 6.9 7.8 8.5 8.0 7.9 5.9 3.6 3.1 2.6 2.6 4.9 4.8 5.6 3.4 2.5 2.1 1.9 1.4 -1.8 -4.5 -2.6 1.4 9.6 8.8 8.4 20062006 6.1 6.9 6.5 5.9 6.9 8.4 7.8 8.2 8.0 7.2 7.7 7.5 8.4 9.1 8.7 8.6 6.7 4.5 4.1 3.7 3.7 6.0 5.9 6.8 4.9 4.1 3.9 3.9 3.7 1.1 -0.9 1.4 5.5 13.1 13.7 16.0 24.0 20072007 5.7 6.5 6.1 5.5 6.4 7.9 7.3 7.7 7.4 6.6 7.1 6.9 7.8 8.4 8.0 7.9 6.0 3.9 3.5 3.0 3.1 5.2 5.1 5.8 3.9 3.2 2.9 2.8 2.6 0.1 -1.8 0.1 3.3 8.6 8.0 7.6 7.1 -7.5 20082008 4.6 5.2 4.8 4.2 5.1 6.4 5.9 6.2 5.9 5.1 5.5 5.2 6.0 6.5 6.0 5.9 4.0 2.0 1.5 1.0 0.9 2.7 2.4 3.0 1.1 0.2 -0.2 -0.6 -1.1 -3.6 -5.6 -4.6 -2.6 0.6 -1.4 -3.9 -7.7 -20.4 -31.5 20092009 4.8 5.4 5.0 4.4 5.3 6.6 6.1 6.4 6.1 5.3 5.7 5.5 6.2 6.7 6.3 6.1 4.4 2.4 2.0 1.5 1.4 3.2 3.0 3.5 1.8 1.0 0.6 0.3 -0.1 -2.2 -3.9 -2.8 -0.9 2.2 0.8 -0.8 -3.0 -10.7 -12.2 12.4 20102010 4.6 5.3 4.9 4.3 5.1 6.4 5.9 6.2 5.9 5.1 5.5 5.3 6.0 6.5 6.0 5.9 4.2 2.3 1.9 1.4 1.4 3.0 2.8 3.3 1.6 0.9 0.6 0.3 -0.1 -2.1 -3.6 -2.5 -0.8 1.9 0.6 -0.7 -2.5 -8.1 -8.4 5.9 -0.1 20112011 4.2 4.8 4.4 3.8 4.6 5.9 5.3 5.6 5.3 4.5 4.9 4.7 5.3 5.8 5.3 5.1 3.5 1.7 1.3 0.8 0.7 2.3 2.0 2.4 0.8 0.1 -0.3 -0.6 -1.0 -2.9 -4.4 -3.5 -2.0 0.2 -1.1 -2.5 -4.2 -9.0 -9.4 -0.5 -6.4 -12.3

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$5.64

1926 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$44

1926 2011


INTERNATIONAL LARGE CAP VALUE STOCKS1975–2011: Real Returns (%)


INTERNATIONAL LARGE CAP GROWTH STOCKS1975–2011: Real Returns (%)




19751975 30.3 19761976 12.4 -3.0 19771977 17.6 11.8 28.8 19781978 23.4 21.2 35.6 42.7 19791979 17.2 14.1 20.5 16.5 -4.9 19801980 15.8 13.2 17.6 14.1 2.0 9.5 19811981 12.9 10.2 13.1 9.4 0.2 2.8 -3.5 19821982 10.1 7.5 9.4 5.9 -1.7 -0.6 -5.3 -7.1 19831983 11.7 9.6 11.5 8.9 3.2 5.3 3.9 7.9 25.3 19841984 11.7 9.8 11.6 9.3 4.5 6.5 5.8 9.1 18.3 11.7 19851985 15.3 13.9 15.9 14.4 10.8 13.7 14.6 19.6 30.1 32.6 57.3 19861986 18.3 17.2 19.5 18.5 15.7 19.0 20.7 26.2 36.3 40.2 57.0 56.7 19871987 18.5 17.6 19.7 18.8 16.4 19.4 20.9 25.5 33.3 35.4 44.4 38.3 22.1 19881988 18.8 18.0 19.9 19.1 17.0 19.7 21.1 25.1 31.4 32.7 38.5 32.8 22.2 22.3 19891989 18.1 17.3 19.0 18.3 16.3 18.6 19.7 22.9 28.0 28.4 32.1 26.4 17.7 15.5 9.1 19901990 14.8 13.8 15.2 14.2 12.1 13.7 14.2 16.3 19.7 18.9 20.1 13.8 5.1 -0.1 -9.7 -25.2 19911991 14.2 13.3 14.5 13.5 11.5 13.0 13.4 15.2 18.0 17.1 17.9 12.4 5.2 1.3 -4.9 -11.2 5.5 19921992 13.2 12.3 13.3 12.3 10.4 11.7 11.9 13.4 15.7 14.7 15.1 10.1 3.8 0.4 -4.4 -8.5 1.2 -2.9 19931993 14.9 14.1 15.2 14.4 12.7 14.1 14.5 16.1 18.5 17.8 18.5 14.4 9.4 7.4 4.7 3.6 15.5 20.8 50.2 19941994 15.3 14.6 15.6 14.9 13.3 14.7 15.1 16.6 18.9 18.3 19.0 15.3 11.0 9.5 7.5 7.2 17.3 21.5 35.9 23.0 19951995 14.8 14.1 15.1 14.3 12.9 14.1 14.4 15.8 17.8 17.2 17.7 14.3 10.4 9.0 7.2 6.9 14.8 17.3 24.9 13.9 5.5 19961996 14.5 13.8 14.7 14.0 12.6 13.7 14.0 15.3 17.1 16.5 16.9 13.8 10.2 8.9 7.4 7.1 13.7 15.4 20.6 12.0 6.9 8.4 19971997 14.0 13.3 14.2 13.5 12.1 13.2 13.4 14.5 16.2 15.5 15.8 12.9 9.6 8.4 7.0 6.7 12.3 13.4 17.0 10.0 5.9 6.2 4.0 19981998 14.7 14.0 14.9 14.3 13.0 14.0 14.3 15.4 17.0 16.5 16.8 14.2 11.2 10.3 9.1 9.1 14.4 15.8 19.2 13.8 11.6 13.8 16.5 30.7 19991999 15.0 14.4 15.2 14.6 13.4 14.4 14.7 15.8 17.3 16.8 17.2 14.7 12.0 11.2 10.3 10.4 15.2 16.5 19.6 15.1 13.6 15.8 18.3 26.3 22.0 20002000 14.6 14.0 14.7 14.2 13.0 13.9 14.2 15.2 16.6 16.1 16.4 14.0 11.5 10.7 9.8 9.8 14.1 15.1 17.6 13.6 12.1 13.5 14.8 18.6 13.0 4.7 20012001 13.5 12.9 13.6 13.0 11.9 12.7 12.8 13.7 14.9 14.4 14.5 12.3 9.8 9.0 8.0 8.0 11.6 12.2 14.1 10.2 8.5 9.0 9.1 10.5 4.5 -3.3 -10.8 20022002 12.2 11.6 12.2 11.6 10.4 11.1 11.2 12.0 13.0 12.4 12.5 10.3 7.9 7.0 6.0 5.7 8.8 9.1 10.4 6.7 4.8 4.7 4.1 4.1 -1.6 -8.4 -14.4 -17.8 20032003 12.9 12.4 13.0 12.4 11.3 12.1 12.2 13.0 14.0 13.5 13.6 11.5 9.3 8.6 7.7 7.6 10.7 11.1 12.5 9.3 7.9 8.2 8.1 8.8 4.9 1.1 -0.1 5.7 35.8 20042004 13.1 12.6 13.2 12.6 11.6 12.3 12.4 13.2 14.2 13.7 13.8 11.9 9.8 9.1 8.4 8.3 11.2 11.7 13.0 10.1 8.9 9.3 9.4 10.2 7.1 4.3 4.2 9.8 26.9 18.5 20052005 13.0 12.5 13.1 12.5 11.5 12.2 12.3 13.1 14.0 13.5 13.6 11.8 9.8 9.2 8.5 8.4 11.1 11.6 12.7 10.1 9.0 9.3 9.4 10.1 7.5 5.3 5.4 9.8 21.0 14.2 9.9 20062006 13.5 13.0 13.6 13.1 12.2 12.9 13.0 13.7 14.7 14.2 14.4 12.6 10.8 10.2 9.6 9.6 12.3 12.7 13.9 11.5 10.6 11.1 11.4 12.2 10.1 8.5 9.2 13.7 23.3 19.4 19.8 30.6 20072007 12.7 12.2 12.7 12.2 11.3 11.9 12.0 12.6 13.5 13.0 13.1 11.4 9.6 9.0 8.4 8.3 10.7 11.0 12.0 9.7 8.7 9.0 9.1 9.6 7.5 5.8 6.0 9.0 15.4 10.8 8.3 7.5 -11.5 20082008 10.9 10.4 10.8 10.3 9.4 9.9 9.9 10.4 11.2 10.7 10.6 8.9 7.1 6.5 5.7 5.6 7.6 7.7 8.4 6.1 5.0 5.0 4.7 4.7 2.4 0.5 0.0 1.6 5.2 0.0 -4.2 -8.4 -23.3 -33.5 20092009 11.4 10.8 11.3 10.8 9.9 10.4 10.5 11.0 11.7 11.2 11.2 9.6 7.9 7.3 6.7 6.5 8.5 8.7 9.4 7.3 6.3 6.4 6.2 6.4 4.4 2.8 2.6 4.4 8.1 4.0 1.3 -0.7 -9.3 -8.2 26.7 20102010 11.2 10.7 11.1 10.6 9.7 10.2 10.3 10.8 11.5 11.0 11.0 9.4 7.8 7.2 6.6 6.5 8.4 8.5 9.2 7.1 6.2 6.3 6.1 6.3 4.5 3.0 2.9 4.5 7.7 4.2 1.9 0.4 -6.0 -4.0 15.3 5.0 20112011 10.3 9.8 10.2 9.7 8.8 9.3 9.3 9.7 10.3 9.8 9.8 8.3 6.7 6.1 5.4 5.3 7.0 7.1 7.6 5.6 4.7 4.6 4.4 4.4 2.6 1.2 0.9 2.1 4.6 1.2 -1.0 -2.8 -8.3 -7.5 3.3 -6.8 -17.2

1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

19751975 21.6 19761976 7.3 -5.4 19771977 8.8 3.0 12.0 19781978 14.1 11.7 21.4 31.5 19791979 9.7 7.0 11.4 11.2 -6.0 19801980 11.0 9.0 12.9 13.2 5.0 17.4 19811981 6.3 3.9 5.9 4.4 -3.4 -2.0 -18.2 19821982 4.6 2.4 3.7 2.2 -4.1 -3.4 -12.4 -6.3 19831983 5.7 3.9 5.3 4.2 -0.6 0.9 -4.1 3.8 15.0 19841984 5.5 3.8 5.1 4.1 0.1 1.4 -2.2 3.7 9.1 3.5 19851985 9.5 8.4 10.0 9.8 7.0 9.3 7.8 15.5 23.8 28.4 59.3 19861986 13.3 12.6 14.6 14.9 12.9 16.0 15.7 24.0 33.0 39.6 62.2 65.0 19871987 13.2 12.5 14.3 14.5 12.7 15.3 15.1 21.8 28.3 31.9 43.0 35.5 11.2 19881988 12.4 11.7 13.3 13.4 11.7 13.9 13.4 18.9 23.7 25.5 31.7 23.5 6.9 2.8 19891989 11.4 10.7 12.1 12.1 10.5 12.3 11.7 16.1 19.7 20.5 24.3 16.8 4.1 0.7 -1.4 19901990 8.4 7.6 8.6 8.3 6.6 7.8 6.9 10.1 12.4 12.0 13.5 6.0 -5.1 -10.0 -15.8 -28.1 19911991 8.3 7.5 8.5 8.2 6.6 7.7 6.9 9.8 11.7 11.3 12.5 6.1 -2.8 -6.1 -8.8 -12.3 6.8 19921992 7.4 6.7 7.5 7.2 5.6 6.6 5.7 8.2 9.7 9.2 9.9 4.2 -3.5 -6.1 -8.3 -10.4 -0.1 -6.5 19931993 8.4 7.7 8.5 8.3 6.9 7.9 7.2 9.6 11.2 10.8 11.7 6.8 0.4 -1.3 -2.1 -2.3 8.2 9.0 27.0 19941994 8.6 8.0 8.8 8.6 7.3 8.2 7.6 9.9 11.4 11.0 11.8 7.5 1.9 0.6 0.3 0.6 9.4 10.3 19.8 13.1 19951995 8.6 8.0 8.7 8.6 7.3 8.2 7.6 9.8 11.1 10.8 11.5 7.6 2.6 1.5 1.4 1.8 9.2 9.8 15.8 10.6 8.1 19961996 8.3 7.7 8.4 8.2 7.1 7.9 7.3 9.3 10.5 10.2 10.7 7.1 2.6 1.7 1.5 2.0 8.1 8.3 12.4 7.9 5.4 2.7 19971997 8.3 7.7 8.4 8.2 7.1 7.9 7.4 9.2 10.3 10.0 10.5 7.2 3.1 2.3 2.3 2.7 8.1 8.3 11.5 8.0 6.3 5.4 8.3 19981998 9.2 8.7 9.4 9.2 8.2 9.0 8.6 10.4 11.5 11.3 11.9 8.9 5.2 4.7 4.8 5.6 10.7 11.3 14.6 12.3 12.1 13.4 19.2 31.2 19991999 9.5 9.0 9.7 9.6 8.7 9.5 9.1 10.8 11.9 11.7 12.3 9.5 6.1 5.7 6.0 6.8 11.5 12.1 15.1 13.2 13.2 14.6 18.8 24.5 18.1 20002000 8.1 7.6 8.2 8.0 7.1 7.7 7.3 8.8 9.7 9.4 9.8 7.1 3.9 3.3 3.4 3.8 7.7 7.8 9.7 7.5 6.5 6.2 7.1 6.8 -3.7 -21.5 20012001 7.0 6.5 7.0 6.8 5.8 6.4 5.9 7.3 8.0 7.6 7.9 5.3 2.2 1.6 1.5 1.7 5.0 4.8 6.1 3.8 2.5 1.6 1.4 -0.3 -9.0 -20.1 -18.7 20022002 6.0 5.4 5.9 5.6 4.7 5.2 4.7 5.9 6.5 6.1 6.3 3.8 0.8 0.1 -0.1 0.0 2.8 2.5 3.4 1.1 -0.3 -1.5 -2.1 -4.1 -11.3 -19.4 -18.3 -18.0 20032003 6.0 5.5 5.9 5.7 4.8 5.3 4.8 5.9 6.6 6.2 6.3 3.9 1.1 0.6 0.4 0.5 3.2 2.9 3.8 1.7 0.5 -0.4 -0.9 -2.3 -7.9 -13.5 -10.6 -6.3 7.1 20042004 6.0 5.5 5.9 5.7 4.8 5.3 4.8 5.9 6.5 6.1 6.2 4.0 1.4 0.8 0.7 0.8 3.3 3.0 3.9 2.0 0.9 0.2 -0.1 -1.3 -5.9 -10.0 -6.9 -2.6 6.1 5.2 20052005 6.1 5.6 6.0 5.8 4.9 5.4 4.9 6.0 6.6 6.2 6.3 4.2 1.7 1.2 1.1 1.3 3.6 3.4 4.2 2.5 1.6 1.0 0.8 -0.1 -3.9 -7.2 -4.0 0.0 6.9 6.8 8.4 20062006 6.5 6.0 6.4 6.3 5.5 5.9 5.5 6.6 7.1 6.8 7.0 4.9 2.6 2.2 2.1 2.3 4.6 4.5 5.3 3.8 3.1 2.6 2.6 2.0 -1.2 -3.7 -0.3 3.8 10.1 11.2 14.3 20.5 20072007 6.2 5.7 6.1 5.9 5.1 5.5 5.1 6.1 6.7 6.3 6.4 4.5 2.3 1.8 1.8 2.0 4.1 3.9 4.6 3.2 2.5 2.0 2.0 1.4 -1.5 -3.7 -0.9 2.5 7.1 7.1 7.8 7.5 -4.2 20082008 4.9 4.4 4.7 4.5 3.7 4.1 3.6 4.5 5.0 4.6 4.6 2.7 0.5 0.1 -0.1 0.0 1.9 1.6 2.1 0.6 -0.2 -0.8 -1.1 -1.9 -4.7 -7.0 -5.0 -2.9 -0.1 -1.5 -3.1 -6.6 -17.8 -29.5 20092009 4.8 4.3 4.6 4.4 3.6 4.0 3.5 4.4 4.8 4.4 4.5 2.7 0.6 0.1 0.0 0.1 1.8 1.5 2.0 0.6 -0.1 -0.7 -1.0 -1.7 -4.2 -6.2 -4.4 -2.4 0.1 -1.1 -2.3 -4.8 -12.0 -15.6 1.0 20102010 4.8 4.3 4.6 4.4 3.6 4.0 3.5 4.4 4.8 4.4 4.5 2.7 0.7 0.3 0.2 0.2 1.9 1.7 2.1 0.8 0.1 -0.4 -0.6 -1.3 -3.6 -5.3 -3.5 -1.7 0.6 -0.3 -1.2 -3.1 -8.2 -9.5 2.5 4.1 20112011 4.4 3.9 4.2 4.0 3.2 3.6 3.1 3.9 4.3 3.9 4.0 2.3 0.3 -0.1 -0.2 -0.2 1.4 1.1 1.5 0.3 -0.4 -0.9 -1.2 -1.8 -4.0 -5.6 -4.0 -2.4 -0.5 -1.4 -2.3 -4.0 -8.3 -9.3 -1.3 -2.5 -8.6

1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1975

$38

1926 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1975

$4.86

1926 2011


S&P/TSX COMPOSITE INDEX 1970–2011: Real Returns (%)

Inflation Adjusted

Data provided by S&P/TSX.

19701970 -4.8 19711971 -1.0 2.9 19721972 5.9 11.7 21.2 19731973 2.2 4.6 5.4 -8.3 19741974 -6.4 -6.8 -9.8 -22.2 -34.1 19751975 -4.1 -4.0 -5.6 -13.2 -15.5 8.3 19761976 -2.9 -2.6 -3.6 -9.0 -9.2 6.6 4.9 19771977 -2.4 -2.0 -2.8 -7.0 -6.7 4.7 3.0 1.1 19781978 -0.2 0.4 0.1 -3.0 -2.0 8.3 8.3 10.0 19.6 19791979 2.7 3.5 3.6 1.3 3.0 12.6 13.7 16.9 25.6 31.9 19801980 3.9 4.8 5.0 3.2 4.9 13.4 14.4 16.9 22.7 24.3 17.1 19811981 1.7 2.3 2.2 0.3 1.4 7.9 7.8 8.4 10.3 7.3 -3.2 -20.0 19821982 1.3 1.8 1.7 -0.1 0.9 6.4 6.1 6.3 7.4 4.5 -3.3 -12.1 -3.4 19831983 3.1 3.7 3.8 2.3 3.4 8.7 8.8 9.4 10.8 9.1 4.1 0.0 11.9 29.5 19841984 2.4 3.0 3.0 1.6 2.6 7.2 7.1 7.3 8.3 6.5 2.0 -1.5 5.6 10.4 -5.9 19851985 3.5 4.0 4.1 2.9 3.9 8.3 8.3 8.7 9.6 8.3 4.8 2.5 9.0 13.5 6.2 19.8 19861986 3.5 4.1 4.1 3.0 3.9 8.0 7.9 8.2 9.1 7.8 4.7 2.8 8.1 11.2 5.6 11.9 4.6 19871987 3.4 3.9 4.0 2.9 3.8 7.5 7.4 7.6 8.3 7.1 4.4 2.6 7.0 9.2 4.6 8.4 3.1 1.7 19881988 3.6 4.1 4.1 3.2 4.0 7.4 7.3 7.6 8.2 7.1 4.6 3.2 7.0 8.8 5.1 8.0 4.3 4.2 6.8 19891989 4.1 4.6 4.7 3.8 4.7 7.9 7.9 8.1 8.7 7.8 5.6 4.4 8.0 9.7 6.7 9.4 7.0 7.8 11.0 15.3 19901990 2.9 3.3 3.3 2.4 3.1 6.0 5.9 5.9 6.3 5.3 3.1 1.8 4.6 5.7 2.6 4.1 1.2 0.4 0.0 -3.2 -18.8 19911991 3.1 3.5 3.6 2.7 3.4 6.1 6.0 6.1 6.4 5.5 3.5 2.4 4.9 5.9 3.3 4.7 2.3 1.9 1.9 0.4 -6.4 7.9 19921992 2.8 3.2 3.2 2.4 3.0 5.6 5.4 5.5 5.7 4.8 3.0 1.9 4.1 4.9 2.5 3.6 1.5 1.0 0.8 -0.6 -5.4 2.1 -3.5 19931993 3.9 4.3 4.3 3.6 4.2 6.7 6.7 6.8 7.1 6.4 4.7 3.8 6.1 7.0 5.0 6.3 4.7 4.7 5.2 4.9 2.5 10.7 12.1 30.3 19941994 3.7 4.1 4.1 3.4 4.0 6.4 6.3 6.4 6.7 5.9 4.4 3.5 5.6 6.4 4.5 5.6 4.1 4.1 4.4 4.0 1.9 7.8 7.8 13.9 -0.4 19951995 4.0 4.4 4.4 3.8 4.4 6.7 6.6 6.7 7.0 6.3 4.9 4.1 6.1 6.8 5.1 6.2 4.9 5.0 5.4 5.2 3.6 8.8 9.0 13.5 5.9 12.5 19961996 4.7 5.1 5.2 4.6 5.2 7.5 7.4 7.6 7.9 7.3 6.0 5.3 7.3 8.1 6.6 7.7 6.7 6.9 7.5 7.6 6.5 11.4 12.1 16.4 12.1 18.9 25.6 19971997 5.1 5.5 5.6 5.0 5.6 7.7 7.7 7.9 8.2 7.6 6.4 5.8 7.7 8.5 7.1 8.2 7.3 7.5 8.1 8.3 7.4 11.8 12.4 15.9 12.6 17.3 19.7 14.1 19981998 4.8 5.2 5.2 4.7 5.2 7.3 7.3 7.4 7.7 7.1 5.9 5.3 7.1 7.8 6.4 7.4 6.5 6.6 7.1 7.1 6.3 9.9 10.2 12.6 9.4 12.0 11.8 5.4 -2.6 19991999 5.5 5.9 6.0 5.5 6.0 8.1 8.1 8.2 8.5 8.0 7.0 6.4 8.1 8.9 7.7 8.7 7.9 8.2 8.7 8.9 8.3 11.8 12.3 14.7 12.3 15.1 15.7 12.6 11.8 28.3 20002000 5.5 5.8 5.9 5.4 6.0 7.9 7.9 8.0 8.3 7.8 6.8 6.3 7.9 8.6 7.5 8.4 7.6 7.9 8.4 8.5 7.9 11.0 11.3 13.4 11.1 13.2 13.3 10.4 9.2 15.6 4.1 20012001 4.8 5.1 5.2 4.7 5.2 7.0 7.0 7.1 7.3 6.8 5.8 5.3 6.8 7.3 6.2 7.0 6.2 6.3 6.7 6.6 5.9 8.5 8.6 10.0 7.7 8.9 8.4 5.2 3.1 5.1 -5.0 -13.2 20022002 4.1 4.4 4.5 4.0 4.4 6.1 6.1 6.1 6.3 5.8 4.8 4.2 5.6 6.0 4.9 5.6 4.8 4.8 5.0 4.9 4.1 6.3 6.1 7.2 4.8 5.5 4.6 1.4 -1.0 -0.6 -8.7 -14.4 -15.7 20032003 4.7 5.0 5.0 4.6 5.0 6.7 6.7 6.7 6.9 6.5 5.5 5.0 6.3 6.8 5.8 6.5 5.8 5.8 6.1 6.1 5.4 7.6 7.5 8.6 6.6 7.4 6.8 4.4 2.8 4.0 -1.4 -3.1 2.3 24.2 20042004 4.9 5.2 5.2 4.8 5.2 6.9 6.8 6.9 7.1 6.7 5.8 5.3 6.6 7.1 6.1 6.7 6.1 6.2 6.4 6.4 5.9 7.9 7.9 8.9 7.1 7.9 7.4 5.3 4.1 5.3 1.2 0.5 5.5 18.0 12.1 20052005 5.3 5.6 5.7 5.3 5.7 7.3 7.3 7.4 7.6 7.2 6.3 5.9 7.2 7.7 6.8 7.4 6.8 6.9 7.2 7.3 6.8 8.7 8.8 9.8 8.3 9.1 8.7 7.0 6.1 7.5 4.3 4.4 9.3 19.2 16.7 21.6 20062006 5.6 5.9 6.0 5.5 6.0 7.6 7.5 7.6 7.9 7.5 6.7 6.3 7.5 8.0 7.1 7.7 7.2 7.3 7.6 7.7 7.3 9.1 9.2 10.2 8.8 9.6 9.3 7.8 7.1 8.4 5.8 6.1 10.5 18.2 16.3 18.4 15.3 20072007 5.6 5.9 6.0 5.6 6.0 7.6 7.5 7.6 7.9 7.5 6.7 6.3 7.5 7.9 7.1 7.7 7.2 7.3 7.6 7.7 7.3 9.0 9.1 10.0 8.7 9.4 9.1 7.8 7.1 8.3 6.0 6.3 9.9 15.9 13.9 14.6 11.2 7.3 20082008 4.4 4.6 4.7 4.2 4.6 6.0 6.0 6.0 6.2 5.7 4.9 4.5 5.6 5.9 5.1 5.6 5.0 5.0 5.2 5.1 4.6 6.1 5.9 6.6 5.1 5.6 5.0 3.5 2.6 3.1 0.6 0.2 2.3 5.6 2.2 -0.1 -6.4 -15.7 -33.8 20092009 5.0 5.3 5.3 4.9 5.3 6.7 6.7 6.7 6.9 6.5 5.8 5.4 6.5 6.8 6.0 6.6 6.0 6.1 6.3 6.3 5.9 7.3 7.3 8.0 6.7 7.2 6.8 5.5 4.8 5.5 3.5 3.4 5.7 9.2 6.8 5.8 2.2 -1.8 -6.0 33.3 20102010 5.2 5.5 5.6 5.2 5.6 7.0 6.9 7.0 7.2 6.8 6.1 5.7 6.7 7.1 6.4 6.9 6.4 6.5 6.7 6.7 6.3 7.7 7.7 8.4 7.2 7.7 7.4 6.2 5.6 6.3 4.5 4.5 6.7 9.9 8.0 7.3 4.6 2.1 0.5 23.8 14.9 20112011 4.8 5.1 5.1 4.7 5.1 6.4 6.4 6.4 6.6 6.2 5.5 5.1 6.1 6.4 5.7 6.2 5.7 5.7 5.9 5.8 5.4 6.7 6.7 7.2 6.1 6.5 6.1 4.9 4.3 4.9 3.1 3.0 4.8 7.4 5.4 4.5 1.9 -0.6 -2.5 11.0 1.3 -10.8

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1970

$7.21

1926 2011


DEX UNIVERSE BOND INDEX 1980–2011: Real Returns (%)

Inflation Adjusted

CANADIAN ONE-MONTH TREASURY BILLS1974–2011: Real Returns (%)

Inflation Adjusted



19801980 -4.1 19811981 -5.6 -7.1 19821982 3.3 7.3 23.9 19831983 4.2 7.1 14.9 6.6 19841984 5.4 7.9 13.5 8.6 10.6 19851985 7.1 9.5 14.1 11.0 13.3 16.1 19861986 7.5 9.6 13.3 10.8 12.2 13.1 10.1 19871987 6.6 8.2 10.9 8.5 9.0 8.5 4.9 -0.1 19881988 6.4 7.8 10.2 8.0 8.3 7.8 5.1 2.7 5.6 19891989 6.5 7.8 9.8 7.9 8.1 7.7 5.6 4.2 6.4 7.2 19901990 6.1 7.2 9.0 7.2 7.3 6.8 5.0 3.8 5.1 4.8 2.5 19911991 7.1 8.1 9.8 8.3 8.5 8.3 7.0 6.4 8.1 8.9 9.8 17.7 19921992 7.1 8.1 9.6 8.3 8.4 8.2 7.1 6.6 8.0 8.6 9.1 12.5 7.6 19931993 7.7 8.7 10.1 8.9 9.2 9.0 8.2 7.9 9.3 10.1 10.8 13.7 11.8 16.1 19941994 6.9 7.7 8.9 7.8 7.9 7.6 6.7 6.3 7.2 7.5 7.5 8.9 6.1 5.3 -4.5 19951995 7.6 8.4 9.6 8.6 8.7 8.5 7.8 7.6 8.6 9.0 9.3 10.7 9.1 9.6 6.4 18.6 19961996 7.7 8.5 9.6 8.6 8.8 8.7 8.0 7.8 8.7 9.1 9.4 10.6 9.2 9.6 7.6 14.1 9.9 19971997 7.8 8.5 9.6 8.7 8.8 8.7 8.1 7.9 8.7 9.1 9.3 10.3 9.2 9.5 7.9 12.3 9.3 8.8 19981998 7.8 8.5 9.5 8.6 8.8 8.6 8.1 7.9 8.7 9.0 9.2 10.0 9.0 9.2 7.9 11.3 8.9 8.4 8.1 19991999 7.2 7.8 8.7 7.9 7.9 7.8 7.2 7.0 7.6 7.8 7.8 8.4 7.3 7.3 5.9 8.1 5.6 4.2 2.0 -3.7 20002000 7.2 7.7 8.6 7.8 7.9 7.7 7.2 7.0 7.5 7.7 7.7 8.3 7.3 7.2 6.0 7.9 5.9 4.9 3.6 1.4 6.8 20012001 7.2 7.7 8.5 7.8 7.8 7.7 7.2 7.0 7.5 7.7 7.7 8.2 7.3 7.2 6.2 7.8 6.1 5.4 4.5 3.3 7.1 7.3 20022002 7.1 7.6 8.3 7.6 7.7 7.5 7.0 6.8 7.3 7.4 7.5 7.9 7.0 7.0 6.0 7.4 5.9 5.3 4.6 3.7 6.3 6.0 4.7 20032003 6.9 7.5 8.2 7.5 7.5 7.4 6.9 6.7 7.1 7.2 7.2 7.6 6.8 6.8 5.9 7.1 5.7 5.2 4.6 3.9 5.8 5.5 4.6 4.5 20042004 6.9 7.3 8.0 7.4 7.4 7.2 6.8 6.6 7.0 7.1 7.1 7.4 6.7 6.6 5.8 6.9 5.6 5.1 4.6 4.0 5.7 5.4 4.7 4.7 4.9 20052005 6.8 7.2 7.9 7.2 7.2 7.1 6.7 6.5 6.9 6.9 6.9 7.2 6.5 6.4 5.7 6.6 5.5 5.0 4.6 4.1 5.4 5.1 4.6 4.6 4.6 4.3 20062006 6.6 7.0 7.6 7.0 7.0 6.9 6.4 6.3 6.6 6.7 6.6 6.9 6.2 6.1 5.4 6.3 5.2 4.8 4.3 3.9 5.0 4.7 4.2 4.0 3.8 3.3 2.3 20072007 6.4 6.8 7.4 6.8 6.8 6.6 6.2 6.0 6.3 6.4 6.3 6.6 5.9 5.8 5.1 5.9 4.9 4.4 4.0 3.6 4.5 4.2 3.7 3.5 3.2 2.6 1.8 1.3 20082008 6.4 6.8 7.3 6.7 6.7 6.6 6.2 6.0 6.3 6.3 6.3 6.5 5.9 5.8 5.1 5.8 4.9 4.5 4.1 3.7 4.6 4.3 3.9 3.7 3.6 3.3 2.9 3.2 5.2 20092009 6.3 6.7 7.2 6.6 6.6 6.5 6.1 5.9 6.2 6.2 6.2 6.4 5.8 5.7 5.0 5.7 4.8 4.5 4.1 3.8 4.5 4.3 3.9 3.8 3.7 3.4 3.2 3.5 4.6 4.0 20102010 6.2 6.6 7.1 6.5 6.5 6.4 6.0 5.8 6.1 6.1 6.1 6.3 5.7 5.6 5.0 5.6 4.8 4.5 4.1 3.8 4.5 4.3 3.9 3.9 3.8 3.6 3.4 3.7 4.5 4.2 4.3 20112011 6.2 6.6 7.1 6.6 6.5 6.4 6.0 5.9 6.1 6.2 6.1 6.3 5.8 5.7 5.1 5.7 5.0 4.6 4.3 4.1 4.7 4.5 4.3 4.2 4.2 4.1 4.0 4.4 5.2 5.2 5.7 7.2

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

19741974 -3.9 19751975 -2.9 -1.9 19761976 -0.9 0.6 3.2 19771977 -1.1 -0.2 0.7 -1.8 19781978 -0.9 -0.1 0.5 -0.8 0.2 19791979 -0.4 0.3 0.9 0.2 1.2 2.1 19801980 -0.1 0.6 1.1 0.6 1.4 2.0 1.8 19811981 0.8 1.5 2.0 1.8 2.7 3.6 4.3 6.9 19821982 1.3 1.9 2.5 2.4 3.2 4.0 4.7 6.1 5.4 19831983 1.6 2.2 2.8 2.7 3.5 4.2 4.7 5.7 5.1 4.7 19841984 2.1 2.7 3.3 3.3 4.0 4.7 5.2 6.0 5.8 6.0 7.2 19851985 2.4 2.9 3.4 3.5 4.2 4.7 5.2 5.9 5.6 5.7 6.2 5.1 19861986 2.5 3.1 3.6 3.6 4.2 4.7 5.1 5.7 5.5 5.5 5.7 5.0 4.9 19871987 2.6 3.2 3.6 3.6 4.2 4.6 5.0 5.4 5.2 5.1 5.2 4.6 4.3 3.8 19881988 2.8 3.3 3.7 3.8 4.3 4.7 5.0 5.4 5.2 5.1 5.2 4.7 4.6 4.4 5.1 19891989 3.0 3.5 3.9 4.0 4.5 4.9 5.2 5.5 5.4 5.4 5.5 5.1 5.1 5.2 5.9 6.8 19901990 3.3 3.8 4.2 4.3 4.8 5.1 5.4 5.8 5.7 5.7 5.9 5.6 5.7 6.0 6.7 7.5 8.2 19911991 3.5 3.9 4.3 4.4 4.8 5.2 5.4 5.8 5.7 5.7 5.8 5.6 5.7 5.9 6.4 6.8 6.8 5.4 19921992 3.5 3.9 4.3 4.4 4.8 5.1 5.4 5.7 5.6 5.6 5.7 5.5 5.5 5.6 6.0 6.3 6.1 5.0 4.6 19931993 3.5 3.9 4.2 4.3 4.7 5.0 5.2 5.5 5.4 5.4 5.4 5.2 5.2 5.3 5.5 5.6 5.3 4.4 3.9 3.2 19941994 3.6 3.9 4.3 4.3 4.7 5.0 5.2 5.4 5.3 5.3 5.4 5.2 5.2 5.2 5.4 5.5 5.2 4.5 4.2 4.0 4.7 19951995 3.6 4.0 4.3 4.4 4.7 5.0 5.2 5.4 5.3 5.3 5.3 5.2 5.2 5.2 5.4 5.4 5.2 4.6 4.4 4.3 4.9 5.1 19961996 3.6 3.9 4.2 4.3 4.6 4.8 5.0 5.2 5.1 5.1 5.1 4.9 4.9 4.9 5.0 5.0 4.8 4.2 4.0 3.8 4.1 3.7 2.4 19971997 3.5 3.8 4.1 4.2 4.5 4.7 4.8 5.0 4.9 4.9 4.9 4.7 4.7 4.7 4.7 4.7 4.4 3.9 3.7 3.5 3.6 3.2 2.2 2.1 19981998 3.5 3.8 4.1 4.1 4.4 4.6 4.8 4.9 4.8 4.8 4.8 4.6 4.6 4.6 4.6 4.6 4.3 3.9 3.7 3.5 3.6 3.3 2.7 2.8 3.6 19991999 3.4 3.8 4.0 4.0 4.3 4.5 4.6 4.8 4.7 4.6 4.6 4.4 4.4 4.4 4.4 4.3 4.1 3.7 3.4 3.3 3.3 3.0 2.5 2.5 2.7 1.9 20002000 3.4 3.7 3.9 3.9 4.2 4.4 4.5 4.6 4.5 4.5 4.5 4.3 4.2 4.2 4.2 4.1 3.9 3.5 3.3 3.1 3.1 2.8 2.4 2.4 2.5 1.9 1.9 20012001 3.4 3.7 3.9 3.9 4.2 4.4 4.5 4.6 4.5 4.4 4.4 4.2 4.2 4.1 4.2 4.1 3.9 3.5 3.3 3.2 3.2 2.9 2.6 2.6 2.7 2.5 2.8 3.6 20022002 3.2 3.5 3.7 3.7 3.9 4.1 4.2 4.3 4.2 4.1 4.1 3.9 3.9 3.8 3.8 3.7 3.5 3.1 2.9 2.7 2.6 2.4 2.0 1.9 1.9 1.5 1.4 1.1 -1.4 20032003 3.1 3.4 3.6 3.6 3.8 4.0 4.0 4.1 4.0 4.0 3.9 3.8 3.7 3.6 3.6 3.5 3.3 2.9 2.7 2.5 2.5 2.2 1.8 1.8 1.7 1.4 1.2 1.0 -0.3 0.8 20042004 3.0 3.3 3.5 3.5 3.7 3.8 3.9 4.0 3.9 3.8 3.7 3.6 3.5 3.4 3.4 3.3 3.1 2.7 2.5 2.3 2.2 2.0 1.7 1.6 1.5 1.1 1.0 0.8 -0.2 0.4 0.1 20052005 3.0 3.2 3.4 3.4 3.6 3.7 3.8 3.8 3.7 3.6 3.6 3.4 3.3 3.3 3.2 3.1 2.9 2.5 2.3 2.2 2.1 1.9 1.5 1.4 1.4 1.1 0.9 0.7 0.0 0.5 0.3 0.5 20062006 2.9 3.2 3.3 3.3 3.5 3.6 3.7 3.8 3.7 3.6 3.5 3.4 3.3 3.2 3.2 3.1 2.9 2.5 2.3 2.2 2.1 1.9 1.6 1.5 1.5 1.2 1.1 1.0 0.4 0.9 0.9 1.3 2.2 20072007 2.9 3.1 3.3 3.3 3.5 3.6 3.6 3.7 3.6 3.5 3.5 3.3 3.2 3.1 3.1 3.0 2.8 2.5 2.3 2.2 2.1 1.9 1.6 1.5 1.5 1.3 1.2 1.1 0.7 1.1 1.2 1.5 2.0 1.8 20082008 2.9 3.1 3.2 3.2 3.4 3.5 3.6 3.6 3.5 3.4 3.4 3.2 3.1 3.1 3.0 2.9 2.7 2.4 2.3 2.1 2.0 1.8 1.6 1.5 1.5 1.3 1.2 1.1 0.8 1.1 1.2 1.5 1.8 1.6 1.4 20092009 2.8 3.0 3.1 3.1 3.3 3.4 3.4 3.5 3.3 3.3 3.2 3.0 3.0 2.9 2.8 2.7 2.5 2.2 2.1 1.9 1.8 1.7 1.4 1.3 1.3 1.1 1.0 0.9 0.6 0.8 0.8 1.0 1.1 0.8 0.2 -0.9 20102010 2.6 2.8 3.0 3.0 3.1 3.2 3.2 3.3 3.2 3.1 3.0 2.9 2.8 2.7 2.6 2.5 2.3 2.0 1.9 1.7 1.6 1.4 1.2 1.1 1.0 0.8 0.7 0.6 0.3 0.5 0.5 0.5 0.5 0.1 -0.5 -1.4 -1.9 20112011 2.5 2.7 2.8 2.8 3.0 3.1 3.1 3.1 3.0 2.9 2.9 2.7 2.6 2.5 2.5 2.3 2.2 1.9 1.7 1.5 1.5 1.3 1.0 0.9 0.9 0.7 0.6 0.4 0.1 0.3 0.2 0.2 0.2 -0.2 -0.7 -1.4 -1.6 -1.4

1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1980

$6.95

1926 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1974

$2.58

1926 2011


19521952 4.3 19531953 1.9 -0.3 19541954 1.6 0.2 0.8 19551955 0.3 -1.0 -1.3 -3.3 19561956 1.1 0.3 0.5 0.3 4.1 19571957 0.5 -0.3 -0.3 -0.6 0.8 -2.5 19581958 0.7 0.1 0.2 0.0 1.2 -0.2 2.0 19591959 0.8 0.3 0.4 0.3 1.2 0.3 1.7 1.3 19601960 0.2 -0.3 -0.3 -0.5 0.1 -0.9 -0.4 -1.6 -4.4 19611961 -0.3 -0.8 -0.9 -1.1 -0.7 -1.7 -1.5 -2.6 -4.5 -4.5 19621962 -0.6 -1.0 -1.1 -1.4 -1.1 -1.9 -1.8 -2.7 -4.0 -3.8 -3.1 19631963 -0.5 -1.0 -1.0 -1.2 -1.0 -1.7 -1.6 -2.3 -3.1 -2.7 -1.7 -0.3 19641964 -0.5 -0.8 -0.9 -1.1 -0.8 -1.4 -1.2 -1.8 -2.4 -1.9 -1.0 0.2 0.6 19651965 -0.4 -0.8 -0.8 -1.0 -0.7 -1.3 -1.1 -1.5 -2.0 -1.5 -0.7 0.1 0.3 -0.1 19661966 -0.5 -0.8 -0.8 -1.0 -0.7 -1.2 -1.1 -1.5 -1.8 -1.4 -0.8 -0.2 -0.1 -0.5 -0.8 19671967 -0.4 -0.7 -0.7 -0.9 -0.7 -1.1 -0.9 -1.3 -1.6 -1.2 -0.6 -0.1 0.0 -0.2 -0.3 0.3 19681968 -0.3 -0.6 -0.6 -0.8 -0.6 -0.9 -0.8 -1.1 -1.3 -0.9 -0.4 0.1 0.1 0.0 0.1 0.5 0.7 19691969 -0.3 -0.6 -0.6 -0.7 -0.5 -0.9 -0.7 -1.0 -1.2 -0.8 -0.4 0.1 0.1 0.0 0.0 0.3 0.4 0.0 19701970 0.0 -0.2 -0.2 -0.3 -0.1 -0.4 -0.2 -0.4 -0.5 -0.2 0.3 0.8 1.0 1.0 1.2 1.7 2.2 3.0 6.1 19711971 0.0 -0.2 -0.2 -0.2 0.0 -0.3 -0.1 -0.3 -0.4 -0.1 0.4 0.8 0.9 1.0 1.2 1.6 1.9 2.3 3.5 0.9 19721972 0.1 -0.1 -0.1 -0.2 0.0 -0.2 -0.1 -0.2 -0.3 0.0 0.4 0.8 0.9 1.0 1.1 1.4 1.7 1.9 2.6 0.8 0.7 19731973 0.1 -0.1 -0.1 -0.2 0.0 -0.2 -0.1 -0.2 -0.3 0.0 0.4 0.7 0.8 0.8 1.0 1.2 1.4 1.5 1.9 0.5 0.3 -0.1 19741974 0.1 -0.1 -0.1 -0.1 0.0 -0.2 0.0 -0.2 -0.3 0.0 0.4 0.7 0.8 0.8 0.9 1.1 1.3 1.3 1.6 0.5 0.4 0.2 0.6 19751975 0.0 -0.2 -0.2 -0.2 -0.1 -0.3 -0.2 -0.3 -0.4 -0.1 0.2 0.5 0.5 0.5 0.6 0.7 0.8 0.8 0.9 -0.1 -0.3 -0.7 -1.0 -2.5 19761976 0.0 -0.2 -0.2 -0.2 0.0 -0.2 -0.1 -0.3 -0.3 -0.1 0.2 0.5 0.5 0.5 0.6 0.7 0.8 0.8 0.9 0.0 -0.1 -0.3 -0.4 -0.9 0.7 19771977 -0.3 -0.5 -0.5 -0.5 -0.4 -0.6 -0.5 -0.7 -0.8 -0.5 -0.3 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 -0.2 -1.1 -1.4 -1.9 -2.3 -3.3 -3.6 -7.8 19781978 -0.6 -0.8 -0.8 -0.9 -0.7 -1.0 -0.9 -1.0 -1.1 -1.0 -0.7 -0.6 -0.6 -0.7 -0.8 -0.7 -0.8 -1.0 -1.1 -2.0 -2.4 -2.9 -3.4 -4.4 -5.0 -7.8 -7.7 19791979 -0.5 -0.7 -0.7 -0.8 -0.6 -0.8 -0.8 -0.9 -1.0 -0.8 -0.6 -0.5 -0.5 -0.6 -0.6 -0.6 -0.6 -0.8 -0.8 -1.6 -1.9 -2.2 -2.6 -3.2 -3.4 -4.7 -3.2 1.6 19801980 -0.6 -0.7 -0.8 -0.8 -0.7 -0.9 -0.8 -1.0 -1.1 -0.9 -0.7 -0.6 -0.6 -0.7 -0.7 -0.7 -0.8 -0.9 -1.0 -1.6 -1.9 -2.3 -2.6 -3.1 -3.2 -4.1 -2.9 -0.3 -2.3 19811981 -0.5 -0.7 -0.7 -0.8 -0.7 -0.8 -0.8 -0.9 -1.0 -0.8 -0.6 -0.5 -0.5 -0.6 -0.6 -0.6 -0.7 -0.8 -0.8 -1.4 -1.7 -1.9 -2.2 -2.5 -2.5 -3.2 -2.0 0.0 -0.8 0.7 19821982 -0.6 -0.8 -0.8 -0.9 -0.8 -0.9 -0.9 -1.0 -1.1 -0.9 -0.8 -0.7 -0.7 -0.7 -0.8 -0.8 -0.9 -1.0 -1.0 -1.6 -1.8 -2.1 -2.3 -2.7 -2.7 -3.2 -2.3 -0.9 -1.7 -1.4 -3.5 19831983 -0.6 -0.8 -0.8 -0.9 -0.8 -1.0 -0.9 -1.0 -1.1 -1.0 -0.8 -0.7 -0.7 -0.8 -0.8 -0.8 -0.9 -1.0 -1.1 -1.6 -1.8 -2.0 -2.2 -2.5 -2.5 -3.0 -2.1 -1.0 -1.6 -1.4 -2.4 -1.3 19841984 -0.8 -1.0 -1.0 -1.0 -1.0 -1.1 -1.1 -1.2 -1.3 -1.2 -1.0 -0.9 -1.0 -1.0 -1.1 -1.1 -1.2 -1.3 -1.4 -1.9 -2.1 -2.3 -2.5 -2.8 -2.9 -3.3 -2.7 -1.8 -2.5 -2.5 -3.6 -3.6 -5.9 19851985 -0.9 -1.1 -1.1 -1.2 -1.1 -1.3 -1.2 -1.4 -1.5 -1.3 -1.2 -1.1 -1.2 -1.3 -1.3 -1.3 -1.4 -1.5 -1.6 -2.1 -2.4 -2.6 -2.8 -3.1 -3.1 -3.6 -3.0 -2.3 -3.0 -3.1 -4.0 -4.2 -5.7 -5.5 19861986 -0.9 -1.0 -1.1 -1.1 -1.0 -1.2 -1.2 -1.3 -1.4 -1.2 -1.1 -1.0 -1.1 -1.1 -1.2 -1.2 -1.3 -1.4 -1.5 -1.9 -2.1 -2.3 -2.5 -2.7 -2.8 -3.1 -2.6 -1.9 -2.4 -2.4 -3.0 -2.9 -3.4 -2.2 1.3 19871987 -0.7 -0.8 -0.8 -0.9 -0.8 -1.0 -0.9 -1.0 -1.1 -1.0 -0.8 -0.7 -0.8 -0.8 -0.9 -0.9 -0.9 -1.0 -1.1 -1.5 -1.6 -1.8 -1.9 -2.1 -2.0 -2.3 -1.7 -1.0 -1.3 -1.2 -1.5 -1.1 -1.1 0.6 3.7 6.3 19881988 -0.4 -0.6 -0.6 -0.6 -0.5 -0.7 -0.6 -0.7 -0.8 -0.6 -0.5 -0.4 -0.4 -0.4 -0.4 -0.4 -0.5 -0.5 -0.6 -0.9 -1.0 -1.1 -1.2 -1.3 -1.2 -1.4 -0.8 -0.1 -0.2 0.0 -0.1 0.5 0.9 2.6 5.5 7.6 9.0 19891989 -0.4 -0.5 -0.5 -0.5 -0.4 -0.6 -0.5 -0.6 -0.7 -0.5 -0.4 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.4 -0.4 -0.7 -0.8 -0.9 -0.9 -1.0 -0.9 -1.1 -0.5 0.2 0.1 0.3 0.3 0.8 1.2 2.7 4.8 6.0 5.9 2.91990 -0.3 -0.5 -0.5 -0.5 -0.4 -0.6 -0.5 -0.6 -0.6 -0.5 -0.4 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.4 -0.4 -0.7 -0.8 -0.8 -0.9 -1.0 -0.9 -1.0 -0.4 0.2 0.1 0.3 0.2 0.7 1.0 2.2 3.8 4.5 3.9 1.41991 -0.3 -0.4 -0.4 -0.5 -0.4 -0.5 -0.5 -0.5 -0.6 -0.5 -0.3 -0.2 -0.2 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.6 -0.7 -0.8 -0.8 -0.9 -0.8 -0.9 -0.4 0.2 0.1 0.3 0.3 0.7 0.9 1.9 3.2 3.6 3.0 1.11992 -0.6 -0.7 -0.7 -0.7 -0.6 -0.8 -0.7 -0.8 -0.9 -0.8 -0.6 -0.5 -0.6 -0.6 -0.6 -0.6 -0.6 -0.7 -0.7 -1.0 -1.1 -1.2 -1.3 -1.4 -1.3 -1.4 -1.0 -0.5 -0.7 -0.5 -0.6 -0.3 -0.2 0.5 1.4 1.4 0.5 -1.61993 -0.6 -0.8 -0.8 -0.8 -0.7 -0.9 -0.8 -0.9 -1.0 -0.9 -0.7 -0.7 -0.7 -0.7 -0.7 -0.7 -0.8 -0.8 -0.9 -1.2 -1.2 -1.3 -1.4 -1.5 -1.5 -1.6 -1.2 -0.7 -0.9 -0.8 -0.9 -0.7 -0.6 0.0 0.7 0.6 -0.3 -2.01994 -0.8 -0.9 -0.9 -0.9 -0.9 -1.0 -1.0 -1.0 -1.1 -1.0 -0.9 -0.8 -0.8 -0.9 -0.9 -0.9 -1.0 -1.0 -1.1 -1.4 -1.4 -1.5 -1.6 -1.7 -1.7 -1.8 -1.4 -1.0 -1.2 -1.1 -1.3 -1.1 -1.1 -0.6 0.0 -0.2 -1.1 -2.71995 -0.7 -0.8 -0.8 -0.8 -0.8 -0.9 -0.9 -0.9 -1.0 -0.9 -0.8 -0.7 -0.7 -0.8 -0.8 -0.8 -0.8 -0.9 -0.9 -1.2 -1.3 -1.4 -1.4 -1.5 -1.5 -1.6 -1.2 -0.8 -1.0 -0.9 -1.0 -0.8 -0.8 -0.3 0.3 0.1 -0.6 -1.91996 -0.7 -0.8 -0.8 -0.8 -0.8 -0.9 -0.8 -0.9 -1.0 -0.9 -0.8 -0.7 -0.7 -0.8 -0.8 -0.8 -0.8 -0.9 -0.9 -1.2 -1.2 -1.3 -1.4 -1.5 -1.4 -1.5 -1.2 -0.8 -0.9 -0.9 -1.0 -0.8 -0.7 -0.3 0.2 0.1 -0.6 -1.71997 -0.7 -0.9 -0.9 -0.9 -0.9 -1.0 -0.9 -1.0 -1.1 -1.0 -0.9 -0.8 -0.8 -0.9 -0.9 -0.9 -0.9 -1.0 -1.0 -1.3 -1.4 -1.4 -1.5 -1.6 -1.5 -1.6 -1.3 -1.0 -1.1 -1.1 -1.2 -1.0 -1.0 -0.6 -0.2 -0.3 -1.0 -2.01998 -0.9 -1.0 -1.0 -1.0 -1.0 -1.1 -1.1 -1.2 -1.2 -1.1 -1.0 -1.0 -1.0 -1.0 -1.1 -1.1 -1.1 -1.2 -1.2 -1.5 -1.6 -1.6 -1.7 -1.8 -1.8 -1.9 -1.6 -1.3 -1.4 -1.4 -1.5 -1.4 -1.4 -1.1 -0.7 -0.9 -1.5 -2.51999 -0.7 -0.8 -0.9 -0.9 -0.8 -0.9 -0.9 -1.0 -1.0 -0.9 -0.8 -0.8 -0.8 -0.8 -0.9 -0.9 -0.9 -1.0 -1.0 -1.2 -1.3 -1.4 -1.4 -1.5 -1.5 -1.5 -1.3 -0.9 -1.1 -1.0 -1.1 -0.9 -0.9 -0.6 -0.2 -0.3 -0.9 -1.72000 -0.8 -0.9 -0.9 -1.0 -0.9 -1.0 -1.0 -1.0 -1.1 -1.0 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 -1.0 -1.0 -1.1 -1.3 -1.4 -1.5 -1.5 -1.6 -1.5 -1.6 -1.4 -1.1 -1.2 -1.1 -1.2 -1.1 -1.1 -0.8 -0.5 -0.6 -1.1 -1.92001 -0.9 -1.0 -1.0 -1.1 -1.0 -1.1 -1.1 -1.2 -1.2 -1.1 -1.1 -1.0 -1.0 -1.1 -1.1 -1.1 -1.1 -1.2 -1.2 -1.5 -1.5 -1.6 -1.7 -1.7 -1.7 -1.8 -1.6 -1.3 -1.4 -1.4 -1.5 -1.4 -1.4 -1.1 -0.8 -0.9 -1.4 -2.22002 -0.9 -1.0 -1.0 -1.0 -1.0 -1.1 -1.0 -1.1 -1.2 -1.1 -1.0 -0.9 -1.0 -1.0 -1.0 -1.0 -1.1 -1.1 -1.2 -1.4 -1.5 -1.5 -1.6 -1.6 -1.6 -1.7 -1.5 -1.2 -1.3 -1.3 -1.4 -1.2 -1.2 -1.0 -0.7 -0.8 -1.3 -2.02003 -0.5 -0.6 -0.6 -0.6 -0.5 -0.6 -0.6 -0.6 -0.7 -0.6 -0.5 -0.4 -0.4 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.7 -0.8 -0.8 -0.9 -0.9 -0.9 -0.9 -0.6 -0.3 -0.4 -0.3 -0.4 -0.2 -0.2 0.1 0.4 0.4 0.0 -0.52004 -0.3 -0.4 -0.4 -0.4 -0.4 -0.5 -0.4 -0.5 -0.5 -0.4 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.5 -0.5 -0.6 -0.6 -0.6 -0.6 -0.6 -0.3 0.0 -0.1 0.0 0.0 0.1 0.2 0.5 0.8 0.8 0.5 0.02005 -0.3 -0.4 -0.4 -0.4 -0.3 -0.4 -0.4 -0.4 -0.4 -0.4 -0.3 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.4 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.2 0.1 0.0 0.1 0.1 0.2 0.3 0.6 0.9 0.9 0.6 0.12006 -0.3 -0.3 -0.3 -0.4 -0.3 -0.4 -0.3 -0.4 -0.4 -0.3 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.4 -0.4 -0.5 -0.5 -0.5 -0.4 -0.5 -0.2 0.1 0.0 0.1 0.1 0.2 0.3 0.6 0.9 0.8 0.6 0.12007 0.0 0.0 0.0 -0.1 0.0 -0.1 0.0 -0.1 -0.1 0.0 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.3 0.6 0.6 0.7 0.7 0.9 0.9 1.2 1.6 1.6 1.3 1.02008 -0.3 -0.4 -0.4 -0.4 -0.4 -0.5 -0.4 -0.5 -0.5 -0.4 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.5 -0.5 -0.6 -0.6 -0.6 -0.5 -0.6 -0.3 -0.1 -0.1 -0.1 -0.1 0.0 0.1 0.3 0.6 0.6 0.3 -0.12009 -0.1 -0.1 -0.1 -0.2 -0.1 -0.2 -0.1 -0.2 -0.2 -0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.1 0.0 0.1 -0.1 -0.1 -0.1 -0.2 -0.2 -0.1 -0.1 0.1 0.4 0.3 0.4 0.4 0.6 0.6 0.9 1.2 1.2 1.0 0.62010 0.0 0.0 0.0 -0.1 0.0 -0.1 0.0 -0.1 -0.1 0.0 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.3 0.5 0.5 0.6 0.6 0.7 0.8 1.1 1.4 1.4 1.2 0.82011 0.0 -0.1 -0.1 -0.1 0.0 -0.1 -0.1 -0.1 -0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 -0.1 -0.1 -0.1 0.0 0.0 0.2 0.5 0.4 0.5 0.5 0.6 0.7 1.0 1.2 1.2 1.0 0.7

1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989


CANADIAN DOLLAR VS. US DOLLAR 1952–2011: Currency Returns (%)

Data provided by the Bank of Canada.

19901990 -0.1 19911991 0.1 0.4 19921992 -3.0 -4.5 -9.1 19931993 -3.2 -4.3 -6.5 -3.9 19941994 -3.7 -4.6 -6.2 -4.8 -5.7 19951995 -2.7 -3.2 -4.1 -2.3 -1.6 2.8 19961996 -2.4 -2.7 -3.4 -1.9 -1.2 1.1 -0.5 19971997 -2.6 -2.9 -3.5 -2.3 -2.0 -0.7 -2.3 -4.2 19981998 -3.1 -3.4 -4.0 -3.1 -2.9 -2.2 -3.8 -5.4 -6.7 19991999 -2.2 -2.4 -2.7 -1.8 -1.5 -0.6 -1.4 -1.7 -0.4 6.2 20002000 -2.3 -2.5 -2.9 -2.0 -1.8 -1.1 -1.9 -2.2 -1.6 1.1 -3.8 20012001 -2.6 -2.8 -3.2 -2.5 -2.3 -1.8 -2.6 -3.0 -2.7 -1.3 -4.8 -5.9 20022002 -2.3 -2.5 -2.8 -2.1 -1.9 -1.5 -2.1 -2.3 -1.9 -0.7 -2.9 -2.5 1.0 20032003 -0.8 -0.8 -0.9 -0.2 0.2 0.9 0.7 0.8 1.7 3.5 2.8 5.1 11.0 22.0 20042004 -0.2 -0.2 -0.3 0.5 0.9 1.6 1.4 1.7 2.6 4.2 3.8 5.8 9.9 14.7 7.9 20052005 -0.1 -0.1 -0.1 0.6 1.0 1.7 1.6 1.8 2.6 4.0 3.6 5.1 8.1 10.5 5.2 2.6 20062006 0.0 0.0 -0.1 0.6 1.0 1.5 1.4 1.6 2.3 3.5 3.1 4.3 6.4 7.8 3.5 1.4 0.2 20072007 0.9 0.9 0.9 1.7 2.1 2.7 2.7 3.0 3.7 4.9 4.8 6.0 8.2 9.7 6.8 6.4 8.4 17.3 20082008 -0.3 -0.3 -0.3 0.3 0.5 1.0 0.9 1.0 1.5 2.3 1.9 2.6 3.9 4.4 1.2 -0.4 -1.4 -2.1 -18.3 20092009 0.5 0.5 0.5 1.1 1.4 1.9 1.9 2.1 2.6 3.5 3.2 4.0 5.3 6.0 3.5 2.7 2.7 3.5 -2.8 15.7 20102010 0.7 0.8 0.8 1.4 1.7 2.1 2.1 2.3 2.8 3.6 3.4 4.2 5.3 5.9 3.8 3.1 3.2 4.0 -0.1 10.5 5.4 20112011 0.6 0.6 0.6 1.2 1.5 1.9 1.8 2.0 2.4 3.2 2.9 3.6 4.6 5.0 3.0 2.3 2.3 2.7 -0.6 6.1 1.6 -2.1

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$100,000

$10,000

$1,000

$100

$10

$1

$0

GROWTH OF $1

1952

$0.99

1926 2011


Can $2

5%

US $14

44%

Developed ex US $12

36%

Emerging $5

14%

Not Invested $0.40

1%

Where Dimensional Invests: Developed Markets Emerging Markets Not Invested

$32.3 Trillion as of December 31, 2011

MSFT1

$222B

BRAZIL$628B

2%

IRELAND$45B

NORWAY$111B

BELGIUM$117B

DENMARK$120B

AUSTRIA$42B

POLAND$63B

CZECH REPUBLIC$13B

HUNGARY$12B

TURKEY$75B

ISRAEL$100B

SAUDI ARABIA

$147B

UNITED STATES$14,338B

44%

CANADA$1,549B 5%

MEXICO$194B

CHILE$109B

UNITED KINGDOM$2,482B

8%

JAPAN$2,654B

8%

AUSTRALIA$1,052B

3%NEW ZEALAND$26B

SWEDEN$355B

1%

FINLAND$110B

RUSSIA$294B

1%

PORTUGAL$23B

SPAIN$373B

1%

FRANCE$951B

3%

NETHERLANDS$290B

1%

GERMANY$859B

3%

SWITZERLAND$962B

3%

ITALY$274B

1%

GREECE$22B

TAIWAN$462B

1%

SOUTHKOREA$725B

2%

CHINA$734B

2%

HONG KONG$349B

1%INDIA$329B

1%

THAILAND$98B

MALAYSIA$160B

SINGAPORE$218B

PHILIPPINES$54B

INDONESIA$168B

SOUTHAFRICA$305B

1%

COLOMBIA$55B

PERU$50B

ARGENTINA

MOROCCOEGYPT$23B

OTHERAFRICAN NATIONS

PAKISTAN

LEBANON

JORDAN

KUWAIT

BAHRAINQATAR

UAEOMAN

SRI LANKA

VIETNAM

OTHEREUROPEANNATIONS

2007$40.5 Trillion

2008$28.1 Trillion

-31%

2009$32.4 Trillion

+15%

2010$35.3 Trillion

+9%

2011$32.3 Trillion

-8%

CAPITALIZATION BY NATION ($ BILLIONS)CAPITALIZATION BY ASSET CLASS ($ TRILLIONS)

In Canadian dollars. Market cap data is free-float adjusted from Bloomberg Securities Data. Many small nations not displayed. Totals may not equal 100% due to rounding. For educational purposes; should not be used as investment advice. Dimensional makes case-by-case determinations about the suitability of investing in each emerging market, making considerations that include local market accessibility, government stability, and property rights, before making investments. 1. An example large cap stock provided for comparison.

Israel 100

Thailand 98

Turkey 75

Poland 63

Colombia 55

Philippines 54

Peru 50

Ireland 45

Austria 42

Kuwait 38

United States 14,338

Japan 2,654

United Kingdom 2,482

Canada 1,549

Australia 1,052

Switzerland 962

France 95 1

Germany 859

China 734

South Korea 725

Brazil 628

Taiwan 462

Spain 373

Sweden 355

Hong Kong 349

India 329

South Africa 305

Russia 294

Netherlands 290

Italy 274

Singapore 218

Mexico 194

Indonesia 168

Malaysia 160

Saudi Arabia 145

Denmark 120

Belgium 117

Norway 1 1 1

Finland 110

Chile 109


CAPITALIZATION OVER TIME

WORLD

MARKET

CAPITALIZATION

This cartogram illustrates the balance of equity investment opportunities around the world, with each country sized according to its relative market capitalization. Of course, this is just a snapshot in time. The world is in motion, and markets are continually adjusting to changing expectations that ride on bits and waves of new information. The change can be gradual or sudden. But this dynamic landscape also offers a testament to the increased flow of data and quickened response of market participants. As global competition intensifies, securities prices hasten toward equilibrium. This view of the world has profound implications. Rather than trying to predict the future direction of markets, Dimensional builds strategies that seek diversified access to the risk and return dimensions around the world. Capital flows to markets offering the best expected returns. Dimensional will be there to help investors pursue opportunity.

MSFT1

$222B

BRAZIL$628B

2%

IRELAND$45B

NORWAY$111B

BELGIUM$117B

DENMARK$120B

AUSTRIA$42B

POLAND$63B

CZECH REPUBLIC$13B

HUNGARY$12B

TURKEY$75B

ISRAEL$100B

SAUDI ARABIA

$147B

UNITED STATES$14,338B

44%

CANADA$1,549B 5%

MEXICO$194B

CHILE$109B

UNITED KINGDOM$2,482B

8%

JAPAN$2,654B

8%

AUSTRALIA$1,052B

3%NEW ZEALAND$26B

SWEDEN$355B

1%

FINLAND$110B

RUSSIA$294B

1%

PORTUGAL$23B

SPAIN$373B

1%

FRANCE$951B

3%

NETHERLANDS$290B

1%

GERMANY$859B

3%

SWITZERLAND$962B

3%

ITALY$274B

1%

GREECE$22B

TAIWAN$462B

1%

SOUTHKOREA$725B

2%

CHINA$734B

2%

HONG KONG$349B

1%INDIA$329B

1%

THAILAND$98B

MALAYSIA$160B

SINGAPORE$218B

PHILIPPINES$54B

INDONESIA$168B

SOUTHAFRICA$305B

1%

COLOMBIA$55B

PERU$50B

ARGENTINA

MOROCCOEGYPT$23B

OTHERAFRICAN NATIONS

PAKISTAN

LEBANON

JORDAN

KUWAIT

BAHRAINQATAR

UAEOMAN

SRI LANKA

VIETNAM

OTHEREUROPEANNATIONS

2007$40.5 Trillion

2008$28.1 Trillion

-31%

2009$32.4 Trillion

+15%

2010$35.3 Trillion

+9%

2011$32.3 Trillion

-8%

UAE 27

New Zealand 26

Portugal 23

Egypt 23

Greece 22

Qatar 2 1

Nigeria 18

Morocco 17

Argentina 15

Czech Republic 13

Hungary 12

Vietnam 10

Pakistan 9

Oman 7

Sri Lanka 6

Croatia 5

Jordan 5

Kazakhstan 5

Kenya 4

Tunisia 3

Mauritius 3

Slovenia 3

Bahrain 3

Ukraine 3

Lebanon 2

Romania 2

Bulgaria 1

Lithuania 1

Estonia 1


US EQUITIES

S&P 500 INDEXProvided by Standard & Poor’s Index Services Group. “Standard & Poor’s®,” “S&P®,” “S&P 500®,” “Standard & Poor’s 500®,” and “500” are trade-marks of the McGraw-Hill Companies, Inc. and have been licensed for use by Dimensional Fund Advisors.

US SMALL CAP STOCKSFama/French US Small Cap Index provided by Fama/French from CRSP securities data.1 Includes the lower-half range in market cap of NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973).

US SMALL CAP VALUE STOCKSFama/French US Small Cap Value Index provided by Fama/French from CRSP securities data.1 Includes the lower-half range in market cap and the upper 30% in book-to-market of NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973), excluding utilities.

US LARGE CAP VALUE STOCKSFama/French US Large Cap Value Index provided by Fama/French from CRSP securities data.1 Includes the upper-half range in market cap and the upper 30% in book-to-market of NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973), excluding utilities.

US SMALL CAP GROWTH STOCKSFama/French US Small Cap Growth Index provided by Fama/French from CRSP securities data.1 Includes the lower-half range in market cap and the lower 30% in book-to-market of NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973), excluding utilities.

US LARGE CAP GROWTH STOCKSFama/French US Large Cap Growth Index provided by Fama/French from CRSP securities data.1 Includes the upper-half range in market cap and the lower 30% in book-to-market of NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973), excluding utilities.

US REAL ESTATE SECURITIESDow Jones US Select REIT Index provided by Dow Jones Indexes. Includes US real estate investment trusts.

CANADIAN EQUITIES

CANADIAN VALUE STOCKS2008–present: Fama/French Canadian Value Index provided by Fama/

French from Bloomberg securities data. Simulated strategy of Canadian stocks in the upper 30% book-to-market range.

1977–2007: Provided by Fama/French from MSCI securities data.

CANADIAN GROWTH STOCKSFama/French Canada Growth Index provided by Fama/French from MSCI securities data. Includes companies in the MSCI Canada universe in the lower 30% book-to-market range.

S&P/TSX COMPOSITE INDEXProvided by S&P/TSX.

CANADIAN SMALL CAP STOCKS1999–present: MSCI Canada Small Cap Index (gross dividends) copyright

MSCI 2012, all rights reserved. 1991–1998: Barra Canada Small Cap Index provided by Barra.

INTERNATIONAL EQUITIES

MSCI EAFE INDEXMSCI EAFE Index (net dividends) copyright MSCI 2012, all rights reserved. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form, and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI nor any third party involved in or related to the computing or compiling of the data makes any express or implied warranties, representations, or guarantees concerning the MSCI index-related data, and in no event will MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential, or any other damages (including lost profits) relating to any use of this information.

INTERNATIONAL SMALL CAP STOCKS 1994–present: Dimensional International Small Cap Index compiled by

Dimensional from Bloomberg securities data. Includes securities of MSCI World ex US countries in the bottom 10% range of market capitalization; market-capitalization weighted; each company is capped at 5%; rebalanced annually.

July 1981–1993: Compiled by Dimensional from StyleResearch securities data. Includes securities in the bottom 10% range of market capitalization, excluding the bottom 1%; market-capitalization weighted; each country is capped at 50%; rebalanced semiannually.

1970–June 1981: 50% UK Small Cap Index and 50% Japan Small Cap Index (see below).1 . CRSP is the Center for Research in Security Prices, University of Chicago.


SOURCES AND

DESCRIPTIONS

OF DATA

INTERNATIONAL LARGE CAP VALUE STOCKS2008–present: Fama/French International Value Index provided by Fama/

French from Bloomberg securities data. Simulated strategy of MSCI EAFE countries in the upper 30% book-to-market range.


INTERNATIONAL LARGE CAP GROWTH STOCKS2008–present: Fama/French International Growth Index provided by Fama/

French from Bloomberg securities data. Simulated strategy of MSCI EAFE countries in the lower 30% book-to-market range.


JAPAN SMALL CAP STOCKS

1994–present: Dimensional Japan Small Cap Index compiled by Dimensional from Bloomberg securities data. Includes Japanese securities in the bottom 10% range of market capitalization; market-capitalization weighted; each company is capped at 10%; excludes REITs; rebalanced annually.

July 1981–1993: Compiled by Dimensional from StyleResearch securities data. Includes Japanese securities in the bottom 10% range of market capitalization, excluding the bottom 1%; market-capitalization weighted; rebalanced semiannually.

1970–June 1981: Nomura Japanese Small Companies Index provided by Nomura Securities Investment Trust Management Company, Ltd., Tokyo. Includes securities of Tokyo Stock Exchange in the smaller half of first section; market-capitalization weighted; rebalanced semiannually.

JAPAN LARGE CAP STOCKS

MSCI Japan Index (net dividends) copyright MSCI 2012, all rights reserved.

UK SMALL CAP STOCKS

1994–present: Dimensional UK Small Cap Index compiled from Bloomberg securities data. Includes UK securities in the bottom 10% range of market capitalization; market-capitalization weighted; each company is capped at 10%; excludes REITs; rebalanced annually.

July 1981–1993: Compiled by Dimensional from StyleResearch securities data. Includes UK securities in the bottom 10% range of market capitalization, excluding the bottom 1%; market capitalization weighted; rebalanced semiannually.

1956–June 1981: Hoare Govett Smaller Companies Index provided by the London Business School and ABN AMRO. Includes securities of London Stock Exchange in the bottom 10% of market capitalization of fully listed UK stocks; market-capitalization weighted; rebalanced annually.

UK LARGE CAP STOCKSFTSE All-Share Index published with the permission of FTSE. Includes 98%–99% of the UK market capitalization and is an aggregation of the FTSE 100, FTSE 250, and FTSE Small Cap indices. FTSE™ is a trade-mark of the London Stock Exchange plc and the Financial Times Limited and is used by FTSE International Limited under licence.

MSCI EMERGING MARKETS INDEXMSCI Emerging Markets Index (gross dividends) copyright MSCI 2012, all rights reserved.

FIXED INCOME

US LONG-TERM GOVERNMENT BONDS© Stocks, Bonds, Bills, and Inflation Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield). Includes US government bonds with an average maturity of twenty years. Used with permission. All rights reserved.

US LONG-TERM CORPORATE BONDS© Stocks, Bonds, Bills, and Inflation Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield). Includes US corporate bonds with an average maturity of twenty years. Used with permission. All rights reserved.

DEX LONG-TERM BOND INDEXData provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. Includes Canadian bonds rated BBB or higher with maturities greater than ten years.

DEX SHORT-TERM BOND INDEXData provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. Includes Canadian bonds rated BBB or higher with maturities greater than ten years.

DEX UNIVERSE BOND INDEXData provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. Includes Canadian bonds rated BBB or higher with maturities greater than one year.

CANADIAN ONE-MONTH TREASURY BILLSData provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. Includes thirty-day Canadian Treasury bills.

INFLATION AND CURRENCIES

INFLATION: CHANGES TO THE CONSUMER PRICE INDEXProvided by the Bank of Canada. Not seasonally adjusted.

CANADIAN DOLLAR VS. US DOLLARNovember 2003–present: Provided by WM/Reuters from the Bank of Canada.

Includes currency returns at London close.1952–October 2003: Provided by Statistics Canada from the Bank of

Canada. Includes currency returns at New York close.


This information is provided for registered investment advisors and institutional investors, and is not intended for public use. Dimensional Fund Advisors is an investment advisor registered with the Securities and Exchange Commission. Consider the investment objectives, risks, and charges and expenses of the Dimensional funds carefully before investing. For this and other information about the Dimensional funds, please read the prospectus carefully before investing. Prospectuses are available by calling Dimensional Fund Advisors collect at (512) 306-7400 or at www.dimensional.com. Dimensional funds are distributed by DFA Securities LLC.

The Dimensional Matrix Book 2012 contains copyrighted data owned by Dimensional Fund Advisors and/or licensed for use by Dimensional Fund Advisors pursuant to agreements with index data providers. This book and the data contained herein may not be reproduced, copied, modified, transferred, disclosed, or used in any way not expressly permitted by Dimensional Fund Advisors. Any such reproduction, copying, modification, transfer, disclosure, or use may constitute a violation of the rights of Dimensional Fund Advisors or its licensors under the copyright laws of the United States (17 U.S.C. 101 et seq) and/or the Trade Secret Laws of several states and may subject the user to civil and criminal penalties as provided under these laws.

Copyright © 2012 by Dimensional Fund Advisors.

DIMENSIONAL FUND ADVISORS CANADA

SLX 501: 03/12 CA

Economy & Finance

2012 matrix book