Statistics · 2026 · Stocks
Stock Market Crash Statistics (2026)
The worst U.S. stock market crash on record is the one that began in September 1929: stocks fell 81.8% in 33 months, and it took 15.3 years to regain the old high. Figures use monthly averages of the S&P Composite with dividends reinvested since January 1871 (Shiller data), so they understate single-day lows such as October 19, 1987. The index has fallen 20% or more 14 times.
Key takeaways
- The September 1929 peak-to-June 1932 trough decline of 81.8% is the deepest in the January 1871 to June 2026 data; the second deepest, 49.0%, ended in March 2009.
- The median 20%-plus decline lasted 16 months from peak to trough, and the median full recovery took 32.5 months from the peak.
- Declines of 10% or more happened 31 times in 155 years, or about once every 5.0 years; declines of 30% or more happened 6 times.
- The largest one-day drop in the last 10 years was 12.0% on March 16, 2020.
- Stocks closed a month at a new all-time high in 31.0% of months, so most months are spent below a prior peak.
What were the biggest stock market crashes in history?
The deepest U.S. stock market crash began in September 1929 and cut the market by 81.8% by June 1932. The next two were the October 2007 crash (49.0%) and the August 2000 crash (41.6%). Measures here use monthly averages with dividends reinvested, so single-day lows run deeper.
1. The deepest crash: −81.8% from September 1929 to June 1932
A dollar of total return fell by 81.8% over 33 months. No other decline in the 155-year record came within 33 points (WealthyBud data · 1,866 months · June 2026).
2. The second deepest: −49.0% from October 2007 to March 2009
That decline took 17 months to reach bottom. The third deepest, from August 2000, fell 41.6% over 30 months (WealthyBud data · 1,866 months · June 2026).
3. The Dow closed 89% below its peak in 1932
The Federal Reserve History essay on 1929 reports that the Dow closed at 41.22 in summer 1932, “89 percent below its peak,” and that on October 28, 1929 the Dow “declined nearly 13 percent.” That is a price-only, daily-close Dow measure, so it is not directly comparable with the 81.8% total-return figure above (Federal Reserve History).
4. Black Monday, 1987: the Dow fell 22.6% in one session
The Federal Reserve History essay on the 1987 crash calls it the largest one-day stock market decline in history, with the Dow down 508 points, or 22.6 percent (Federal Reserve History). The monthly series records a 26.0% decline from August 1987 to December 1987 (WealthyBud data · 1,866 months · June 2026).
| Peak | Trough | Decline | Months, peak to trough | Months, peak to recovery |
|---|---|---|---|---|
| September 1929 | June 1932 | −81.8% | 33 | 184 |
| October 2007 | March 2009 | −49.0% | 17 | 58 |
| August 2000 | February 2003 | −41.6% | 30 | 74 |
| January 1973 | December 1974 | −39.2% | 23 | 42 |
| September 1906 | November 1907 | −33.9% | 14 | 27 |
| March 1876 | June 1877 | −33.1% | 15 | 35 |
| November 1916 | December 1917 | −27.9% | 13 | 30 |
| August 1987 | December 1987 | −26.0% | 4 | 21 |
| September 1902 | October 1903 | −25.7% | 13 | 26 |
| December 1968 | June 1970 | −25.3% | 18 | 27 |
For how these declines fit the wider cycle, see our guide to bear markets.
How long does it take stocks to recover from a crash?
The median 20%-plus decline took 32.5 months to recover from the peak, about 2.7 years, and 17 months from the trough. The longest recovery, from September 1929, took 184 months, or 15.3 years. Dividends shorten the wait compared with price alone.
5. Median recovery from the peak: 32.5 months
14 of 14 declines of 20% or more have regained their peak. From peak to full recovery, the median is 32.5 months; from the trough it is 17 months. The shortest took 16 months (December 1961 peak) (WealthyBud data · 1,866 months · June 2026).
6. Longest recovery: 184 months (15.3 years) after September 1929
Total return regained the September 1929 peak in January 1945. The climb back from the trough took 151 months (WealthyBud data · 1,866 months · June 2026).
7. Median decline of 20% or more: 16 months from peak to trough
The longest, from September 1929, ran 33 months (WealthyBud data · 1,866 months · June 2026).
8. All 14 declines of 20% or more have recovered
Each decline in the data was followed by a new total-return high, the most recent in August 2012 (WealthyBud data · 1,866 months · June 2026).
9. The Dow took until November 1954 to regain its 1929 price peak
Federal Reserve History reports the Dow “did not return to its pre-crash heights until November 1954” (Federal Reserve History). Total return, which counts dividends, regained its 1929 peak in January 1945 in this dataset, while the S&P price index without dividends regained it in September 1954, a like-for-like comparison with the Dow.
The 14 completed recoveries ranged from 16 to 184 months. Broad funds such as SPY and the large caps on our stocks hub all fell in these declines.
How often does the market fall 10%, 20% or 30%?
Since January 1871, stocks have fallen at least 10% from a peak 31 times, at least 20% 14 times and at least 30% 6 times. That works out to a 10% decline about every 5 years, a 20% decline about every 11 years and a 30% decline about every 26 years.
10. 31 declines of 10% or more in 155 years
On the monthly total-return index, a 10% decline came about every 5.0 years. Each episode runs from a peak until the index regains it (WealthyBud data · 1,866 months · June 2026).
11. 14 declines of 20% or more; 6 of 30% or more; 3 of 40% or more
Deeper crashes are rarer: a 40% decline happened 3 times, or once every 52 years (WealthyBud data · 1,866 months · June 2026).
12. The market spent 31.0% of months 10% or more below a prior peak
Of 1,866 months, 31.0% sat 10% or more under the running high and 14.6% sat 20% or more under it (WealthyBud data · 1,866 months · June 2026).
13. Daily closes: 5 declines of 10% or more in the last 10 years, 2 of 20% or more
On S&P 500 daily closes from October 3, 2016 to October 1, 2026, the deepest was 33.9% from February 19, 2020 to March 23, 2020. This is a price index without dividends (FRED) (WealthyBud data · 2,512 days · October 1, 2026).
| Decline of at least | Episodes (nominal) | Episodes (after inflation) | One every (nominal) |
|---|---|---|---|
| 10% | 31 | 30 | 5.0 years |
| 20% | 14 | 15 | 11.1 years |
| 30% | 6 | 8 | 25.9 years |
| 40% | 3 | 5 | 51.8 years |
See market volatility for how often big daily moves occur.
See fundamentals for 103 large-cap stocks
What were the largest one-day drops of the past decade?
The largest one-day drop of the past decade was 12.0% on March 16, 2020, followed by 9.5% on March 12, 2020. Daily data from FRED cover October 3, 2016 to October 1, 2026. 6 days fell 5% or more, and 7 rose 5% or more.
14. Worst day: −11.98% on March 16, 2020
The S&P 500 closed 11.98% below the prior close. The second worst day was March 12, 2020 at −9.51% (FRED SP500) (WealthyBud data · 2,512 days · October 1, 2026).
15. 6 days fell 5% or more; 5 of them came in 2020
Across 2,512 daily changes since 2016, 6 closed 5% or more lower and 7 closed 5% or more higher (WealthyBud data · 2,512 days · October 1, 2026).
16. 3 closes fell more than 7%, the first circuit-breaker level
The SEC’s Investor.gov explains that market-wide trading halts trigger at 7% (Level 1), 13% (Level 2) and 20% (Level 3) single-day declines in the S&P 500 (Investor.gov). 3 daily closes in the data fell by more than 7%; none reached 13% (WealthyBud data · 2,512 days · October 1, 2026).
The five worst days:
- March 16, 2020: the S&P 500 closed −11.98% from the prior close.
- March 12, 2020: the S&P 500 closed −9.51% from the prior close.
- March 9, 2020: the S&P 500 closed −7.60% from the prior close.
- April 4, 2025: the S&P 500 closed −5.97% from the prior close.
- June 11, 2020: the S&P 500 closed −5.89% from the prior close.
How much worse were crashes after inflation?
After inflation, the September 1929 crash fell 76.8%, milder than its 81.8% nominal decline because consumer prices fell 21.4%. The January 1973 crash fell 50.1% after inflation, against 39.2% nominal. The longest real recovery took 12.8 years from August 2000.
17. 1929 to 1932: 76.8% real decline, against 81.8% nominal
Consumer prices fell 21.4% over the decline, which softened the real loss relative to the nominal one. Real total return regained its peak in November 1936, 7.2 years after September 1929 (WealthyBud data · 1,866 months · June 2026).
18. 1973 to 1974: 50.1% real decline against 39.2% nominal
Consumer price inflation turned a 39.2% nominal decline into a 50.1% real one. The real peak from January 1973 was not regained until January 1985, 12.0 years later (WealthyBud data · 1,866 months · June 2026).
19. 2000 to 2009: a 51.8% real decline from August 2000 to March 2009
The real episode that contains the March 2009 trough began in August 2000, because real total return never regained its 2000 high before the October 2007 peak. Its peak differs from stat 2’s, so the two are not like-for-like. Recovery came in May 2013 (WealthyBud data · 1,866 months · June 2026).
20. 15 declines of 20% or more after inflation, against 14 before
The deepest real decline is 76.8% (September 1929 to June 1932) (WealthyBud data · 1,866 months · June 2026).
How often is the market at an all-time high?
U.S. stocks closed a month at a new all-time total-return high in 579 of 1,866 months, or 31.0%. The index sat within 5% of its record high 56.5% of the time, so most months are spent below a prior peak. The latest month, June 2026, was itself a record.
21. New highs in 31.0% of months
579 of 1,866 monthly closes set a record for the total-return index; the rest were below an earlier peak. Highs are common, but each one is followed by an unknown path (WealthyBud data · 1,866 months · June 2026).
22. Within 5% of the high 56.5% of the time; within 10% 69.0%
The market spent 31.0% of months 10% or more below its record, a figure that happens to equal the new-high share. Longest wait for a new high: 184 months, or 15.3 years (WealthyBud data · 1,866 months · June 2026).
Long-run figures are in our guide to long-run stock returns.
What this means for investors
Expect a 10% drop roughly every 5 years. 14 of them grew past 20%. Over 30 years that averages 6 declines of 10% or more and 2.7 of 20% or more.
Match risk to the recovery clock. The median recovery from a 20% decline took 2.7 years and the longest took 15.3.
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