The first chart compares the drawdowns experienced during the 2008 financial crisis and the COVID-19 crash. The second chart examines the five-year recovery following the bottom of each crisis. The third chart measures performance from the bottom of each crisis to the present day.
Market history is often narrated through individual crises, each explained by its own set of circumstances. The financial crisis of 2008 is typically associated with leverage and systemic fragility in global banking, while the market disruption of 2020 is understood as the consequence of an abrupt halt in economic activity during the pandemic.
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