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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 13.8% (median 11.5%), annual returns are positive in 23 out of 32 years",
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      "text": "Source: FactSet, MSCI, J.P. Morgan Asset Management. Returns are based on price only and exclude dividends. Intra-year decline refers to the largest market fall from peak to trough in a short period of time during the calendar year. Past performance is not a reliable indicator of current and future results. Guide to the Markets – Australia. Data as of 31 March 2026.",
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      "text": "ASX 200 Index intra-year declines vs. calendar year returns. Despite average intra-year drops of 13.8% (median 11.5%), annual returns are positive in 23 out of 32 years",
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