| Conflict (start date) | 1 month | 3 months | 6 months | 9 months | 12 months |
|---|---|---|---|---|---|
| WWII (9/1/39) | 14% | 9% | 8% | -17% | -6% |
| Korean War (6/25/50) | -9% | 2% | 5% | 12% | 13% |
| Vietnam War (11/1/55) | 7% | 3% | 14% | 17% | 8% |
| Afghan War (4/27/78) | 0% | 2% | -1% | 5% | 5% |
| Persian Gulf War (1/16/91) | 18% | 22% | 22% | 25% | 34% |
| Bosnian Conflict (4/6/92) | 4% | 3% | 1% | 8% | 10% |
| Kosovo Conflict (2/28/98) | 5% | 4% | 7% | 5% | 18% |
| War in Afghanistan (10/7/01) | 4% | 9% | 5% | -8% | -25% |
| Iraq War (3/20/03) | 2% | 14% | 19% | 25% | 27% |
| Syrian Civil War (3/15/11) | 1% | -1% | -8% | -7% | 8% |
| Russian Invasion of Ukraine (2/24/22) | 5% | -6% | -2% | -5% | -5% |
| Israel-Hamas War (10/7/23) | 1% | 9% | 21% | 29% | 33% |
Disclosure Title
Source:
Disclosure
Schwab Center for Financial Research with data provided by Bloomberg and Encyclopedia Britannica.
U.S. equities represented by the S&P 500 Index. The table shows the cumulative price return of the S&P 500 from the start date of each military conflict 1-, 3-, 6-, 9-, 12-months (by calendar date) into the conflict. Cumulative return is the total change in the investment over a set period of time. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. Past performance is no guarantee of future results.