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Worldwide Equity Risk Premium Relative to Bonds, 1900-2014 (local currency returns)
| Country / Region | Geometric Mean (%) | Arithmetic Mean (%) | Standard Deviation (%) | Standard Error (%) | Minimum Return (%) | Year of Minimum | Maximum Return (%) | Year of Maximum |
|---|---|---|---|---|---|---|---|---|
| Australia | 5.6 | 7.5 | 1.9 | 20.0 | -53.4 | 2008 | 66.3 | 1980 |
| Belgium | 2.3 | 4.4 | 2.0 | 21.1 | -53.8 | 2008 | 80.1 | 1940 |
| Canada | 3.5 | 5.1 | 1.7 | 18.2 | -40.7 | 2008 | 48.6 | 1950 |
| Denmark | 2.0 | 3.6 | 1.7 | 17.9 | -54.3 | 2008 | 74.9 | 1972 |
| Finland | 5.1 | 8.7 | 2.8 | 30.1 | -55.4 | 2008 | 173.1 | 1999 |
| France | 3.0 | 5.3 | 2.1 | 22.8 | -49.2 | 2008 | 84.3 | 1946 |
| Germany | 4.9 | 8.4 | 2.7 | 28.6 | -51.5 | 2008 | 116.6 | 1949 |
| Ireland | 2.6 | 4.5 | 1.8 | 19.6 | -66.9 | 2008 | 83.2 | 1972 |
| Italy | 3.1 | 6.5 | 2.7 | 29.5 | -48.1 | 2008 | 152.2 | 1946 |
| Japan | 5.1 | 9.1 | 3.0 | 32.6 | -45.2 | 2008 | 193.0 | 1948 |
| Netherlands | 3.2 | 5.6 | 2.1 | 22.3 | -56.4 | 2008 | 107.6 | 1940 |
| New Zealand | 3.9 | 5.5 | 1.7 | 17.9 | -59.7 | 1987 | 72.7 | 1983 |
| Norway | 2.3 | 5.3 | 2.6 | 27.7 | -57.8 | 2008 | 192.1 | 1979 |
| South Africa | 5.4 | 7.1 | 1.8 | 19.6 | -36.1 | 2008 | 70.9 | 1979 |
| Spain | 1.9 | 3.9 | 1.9 | 20.7 | -43.7 | 2008 | 69.1 | 1986 |
| Sweden | 3.0 | 5.3 | 2.0 | 21.5 | -49.5 | 2008 | 84.3 | 1999 |
| Switzerland | 2.1 | 3.6 | 1.6 | 17.5 | -41.3 | 2008 | 51.9 | 1985 |
| United Kingdom | 3.7 | 5.0 | 1.6 | 17.3 | -38.4 | 2008 | 80.8 | 1975 |
| United States | 4.4 | 6.5 | 1.9 | 20.7 | -50.1 | 2008 | 57.2 | 1933 |
| Europe | 3.1 | 4.4 | 1.5 | 16.1 | -48.2 | 2008 | 53.6 | 1923 |
| World (ex-US) | 2.8 | 3.9 | 1.4 | 14.7 | -48.1 | 2008 | 35.8 | 1999 |
| World | 3.2 | 4.5 | 1.4 | 15.5 | -48.2 | 2008 | 37.5 | 1958 |
Real (inflation-adjusted) equity returns in all countries, 1900-2014 (local currency returns)
| Country / Region | Geometric Mean (%) | Arithmetic Mean (%) | Standard Deviation (%) | Standard Error (%) | Minimum Return (%) | Year of Minimum | Maximum Return (%) | Year of Maximum |
|---|---|---|---|---|---|---|---|---|
| Australia | 7.3 | 8.9 | 18.0 | 1.7 | -42.5 | 2008 | 51.5 | 1983 |
| Belgium | 2.7 | 5.4 | 23.8 | 2.2 | -48.9 | 2008 | 105.1 | 1919 |
| Canada | 5.8 | 7.1 | 17.0 | 1.6 | -33.8 | 2008 | 55.2 | 1933 |
| Denmark | 5.3 | 7.2 | 20.8 | 1.9 | -49.2 | 2008 | 107.8 | 1983 |
| Finland | 5.4 | 9.3 | 30.1 | 2.8 | -60.8 | 1918 | 161.7 | 1999 |
| France | 3.2 | 5.7 | 23.2 | 2.2 | -41.5 | 2008 | 66.1 | 1954 |
| Germany | 3.2 | 8.2 | 31.9 | 3.0 | -90.8 | 1948 | 154.6 | 1949 |
| Ireland | 4.2 | 6.8 | 23.0 | 2.1 | -65.4 | 2008 | 68.4 | 1977 |
| Italy | 1.9 | 5.9 | 28.7 | 2.7 | -72.9 | 1945 | 120.7 | 1946 |
| Japan | 4.1 | 8.8 | 29.7 | 2.8 | -85.5 | 1946 | 121.1 | 1952 |
| Netherlands | 5.0 | 7.1 | 21.5 | 2.0 | -50.4 | 2008 | 101.6 | 1940 |
| New Zealand | 6.1 | 7.8 | 19.5 | 1.8 | -54.7 | 1987 | 105.3 | 1983 |
| Norway | 4.2 | 7.2 | 27.0 | 2.5 | -53.6 | 2008 | 166.9 | 1979 |
| South Africa | 7.4 | 9.5 | 22.2 | 2.1 | -52.2 | 1920 | 102.9 | 1933 |
| Spain | 3.7 | 5.9 | 22.0 | 2.1 | -43.3 | 1977 | 99.4 | 1986 |
| Sweden | 5.8 | 8.0 | 21.3 | 2.0 | -42.5 | 1918 | 67.5 | 1999 |
| Switzerland | 4.5 | 6.3 | 19.6 | 1.8 | -37.8 | 1974 | 59.4 | 1922 |
| United Kingdom | 5.3 | 7.1 | 19.7 | 1.8 | -57.1 | 1974 | 96.7 | 1975 |
| United States | 6.5 | 8.5 | 20.1 | 1.9 | -37.6 | 1931 | 56.3 | 1933 |
| Europe | 4.3 | 6.2 | 19.9 | 1.9 | -47.5 | 2008 | 75.7 | 1933 |
| World (ex-US) | 4.4 | 6.2 | 19.1 | 1.8 | -44.2 | 2008 | 80.5 | 1933 |
| World | 5.2 | 6.6 | 17.4 | 1.6 | -41.0 | 2008 | 68.2 | 1933 |
Worldwide Equity Risk Premium Relative to Bills, 1900-2014 (local currency returns)
| Country / Region | Geometric Mean (%) | Arithmetic Mean (%) | Standard Deviation (%) | Standard Error (%) | Minimum Return (%) | Year of Minimum | Maximum Return (%) | Year of Maximum |
|---|---|---|---|---|---|---|---|---|
| Australia | 6.6 | 8.1 | 17.5 | 1.6 | -44.4 | 2008 | 49.2 | 1983 |
| Belgium | 3.0 | 5.4 | 23.9 | 2.2 | -49.7 | 2008 | 125.0 | 1940 |
| Canada | 4.2 | 5.6 | 16.9 | 1.6 | -34.7 | 2008 | 49.1 | 1933 |
| Denmark | 3.2 | 5.0 | 20.5 | 1.9 | -50.3 | 2008 | 95.3 | 1983 |
| Finland | 5.9 | 9.5 | 29.9 | 2.8 | -53.3 | 2008 | 159.2 | 1999 |
| France | 6.1 | 8.7 | 24.2 | 2.3 | -43.1 | 2008 | 85.7 | 1941 |
| Germany | 5.9 | 9.9 | 31.5 | 2.9 | -44.7 | 2008 | 131.4 | 1949 |
| Ireland | 3.5 | 5.8 | 21.3 | 2.0 | -66.3 | 2008 | 72.0 | 1977 |
| Italy | 5.7 | 9.5 | 31.6 | 2.9 | -48.6 | 2008 | 150.3 | 1946 |
| Japan | 6.1 | 9.3 | 27.7 | 2.6 | -48.3 | 1920 | 108.6 | 1952 |
| Netherlands | 4.4 | 6.5 | 22.5 | 2.1 | -51.4 | 2008 | 126.7 | 1940 |
| New Zealand | 4.4 | 5.9 | 18.1 | 1.7 | -58.3 | 1987 | 97.3 | 1983 |
| Norway | 3.1 | 5.9 | 26.1 | 2.4 | -55.0 | 2008 | 157.1 | 1979 |
| South Africa | 6.3 | 8.4 | 21.7 | 2.0 | -33.9 | 1920 | 106.2 | 1933 |
| Spain | 3.4 | 5.5 | 21.6 | 2.0 | -39.3 | 2008 | 98.1 | 1986 |
| Sweden | 3.9 | 5.9 | 20.5 | 1.9 | -40.8 | 2008 | 64.6 | 1999 |
| Switzerland | 3.7 | 5.3 | 18.7 | 1.7 | -37.0 | 1974 | 54.8 | 1985 |
| United Kingdom | 4.4 | 6.1 | 19.7 | 1.8 | -54.6 | 1974 | 121.8 | 1975 |
| United States | 5.6 | 7.5 | 19.6 | 1.8 | -44.1 | 1931 | 56.6 | 1933 |
| Europe | 3.4 | 5.2 | 19.3 | 1.8 | -48.3 | 2008 | 76.0 | 1933 |
| World (ex-US) | 3.6 | 5.2 | 18.6 | 1.7 | -45.1 | 2008 | 80.9 | 1933 |
| World | 4.3 | 5.7 | 17.0 | 1.6 | -41.9 | 2008 | 68.6 | 1933 |