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  "notes": "The chart illustrates that despite significant intra-year volatility, annual returns are frequently positive.",
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      "text": "Despite average intra-year drops of 14.2%, annual returns were positive in 35 of 46 years",
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      "text": "Source: FactSet, Standard & Poor's, J.P. Morgan Asset Management. Returns are based on price index only and do not include dividends. Intra-year drops refers to the largest peak-to-trough decline during the year. Returns shown are calendar year returns from 1980 to 2025, over which the average annual return was 10.7%. Past performance is no guarantee of future results. Guide to the Markets – Latin America. Data are as of March 31, 2026.",
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