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  "authorId": "JPMorgan",
  "authorName": "J.P. Morgan Asset Management",
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  "notes": "The chart highlights that even in positive market years, a vast majority of individual stocks experience significant intra-year drawdowns.",
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      "text": "Despite positive index returns in 22 of 30 years, roughly 75% of stocks experienced a drawdown of 5% or more in any given year.",
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      "text": "Grouped bar chart showing 'At the end of the year' (grey) vs 'At some point in the year' (green) for S&P 500 stocks with 5%+ drawdowns.",
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      "text": "Number of S&P 500 stocks with a drawdown of 5% or more: 379",
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      "text": "Number of S&P 500 stocks with a drawdown of 5% or more. Despite positive index returns in 22 of 30 years, roughly 75% of stocks experienced a drawdown of 5% or more in any given year",
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      "text": "Source: FactSet, Standard & Poor's, J.P. Morgan Asset Management. A 5% drawdown is calculated from each stock's start-of-year price. Data for 2026 are year-to-date as of the latest completed month. Guide to the Markets – U.S. Data are as of March 30, 2026.",
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      "text": "Single-stock volatility and equity market returns",
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