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  "documentTitle": "guide to the markets asia",
  "authorId": "JPMorgan",
  "authorName": "J.P. Morgan Asset Management",
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  "notes": "The chart uses a dual-representation (bar for annual return, dot for intra-year decline) to demonstrate market resilience.",
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      "text": "Despite average intra-year drops of -14% (median: -10%), annual returns are positive in 35 of 46 (76%) years",
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      "text": "S&P 500 annual returns and intra-year declines",
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      "text": "Annual return: 76%",
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      "text": "Source: FactSet, Standard & Poor's, J.P. Morgan Asset Management. Returns are price returns based on the S&P 500 Index in U.S. dollar terms. Intra-year decline is the largest peak to trough decline during the respective year. Past performance is not a reliable indicator of current and future results. Guide to the Markets – Asia. Data reflect most recently available as of 31/03/26.",
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      "text": "S&P 500 intra-year declines vs. calendar year returns. Despite average intra-year drops of -14% (median: -10%), annual returns are positive in 35 of 46 (76%) years",
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      "text": "U.S. equity annual returns and intra-year declines",
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