Peak, bottom, and how long it took to get back to break-even, plus what $10,000 would have been worth at each bottom.
Data as of September 10, 2026
Worst fall on record
August 4, 2020 to October 19, 2023, falling for 3 years 2 months
The 10 deepest falls of 10% or more since July 30, 2002.
Still below that peak today
What $10,000 was worth at the bottom
As of September 9, 2026
In an ordinary year it moves about ±14.3% around its own trend.
Total return with dividends reinvested. Monthly lows; the line touches 0 % only at a new high.
| Year | Worst reading | Date |
|---|---|---|
| 2002 | -6.7% | October 22, 2002 |
| 2003 | -15.7% | August 13, 2003 |
| 2004 | -13.1% | May 13, 2004 |
| 2005 | -7.1% | November 4, 2005 |
| 2006 | -10.8% | May 12, 2006 |
| 2007 | -8.0% | June 12, 2007 |
| 2008 | -7.5% | June 13, 2008 |
| 2009 | -26.6% | June 10, 2009 |
| 2010 | -24.7% | April 5, 2010 |
| 2011 | -21.5% | February 10, 2011 |
| 2012 | -10.4% | March 19, 2012 |
| 2013 | -20.7% | August 21, 2013 |
| 2014 | -19.2% | January 8, 2014 |
| 2015 | -15.8% | June 26, 2015 |
| 2016 | -17.9% | December 14, 2016 |
| 2017 | -17.6% | March 13, 2017 |
| 2018 | -17.3% | November 2, 2018 |
| 2019 | -11.5% | March 1, 2019 |
| 2020 | -15.7% | March 18, 2020 |
| 2021 | -21.3% | March 18, 2021 |
| 2022 | -44.1% | October 24, 2022 |
| 2023 | -48.4% | October 19, 2023 |
| 2024 | -44.2% | April 25, 2024 |
| 2025 | -44.1% | May 21, 2025 |
| 2026 | -42.8% | August 17, 2026 |
| Peak | Bottom | Fall | Peak to bottom | Peak to recovery | Your amount at the bottom |
|---|---|---|---|---|---|
| PeakAugust 4, 2020 | BottomOctober 19, 2023 | Fall-48.4% | Peak to bottom3 years 2 months | Peak to recoveryNot yet | Your amount at the bottom$5,165 |
| PeakDecember 30, 2008 | BottomJune 10, 2009 | Fall-26.6% | Peak to bottom5 months | Peak to recovery2 years 8 months | Your amount at the bottom$7,341 |
| PeakJuly 25, 2012 | BottomAugust 21, 2013 | Fall-20.7% | Peak to bottom1 year 1 month | Peak to recovery2 years 5 months | Your amount at the bottom$7,934 |
| PeakJuly 8, 2016 | BottomDecember 14, 2016 | Fall-17.9% | Peak to bottom5 months | Peak to recovery3 years | Your amount at the bottom$8,212 |
| PeakJanuary 30, 2015 | BottomJune 26, 2015 | Fall-15.8% | Peak to bottom5 months | Peak to recovery1 year 4 months | Your amount at the bottom$8,419 |
| PeakMarch 9, 2020 | BottomMarch 18, 2020 | Fall-15.7% | Peak to bottomunder a month | Peak to recovery1 month | Your amount at the bottom$8,427 |
| PeakJune 13, 2003 | BottomAugust 13, 2003 | Fall-15.7% | Peak to bottom2 months | Peak to recovery1 year 6 months | Your amount at the bottom$8,431 |
| PeakOctober 3, 2011 | BottomOctober 27, 2011 | Fall-10.9% | Peak to bottomunder a month | Peak to recovery3 months | Your amount at the bottom$8,909 |
| PeakJune 30, 2005 | BottomMay 12, 2006 | Fall-10.8% | Peak to bottom10 months | Peak to recovery1 year 5 months | Your amount at the bottom$8,916 |
| PeakDecember 19, 2011 | BottomMarch 19, 2012 | Fall-10.4% | Peak to bottom3 months | Peak to recovery5 months | Your amount at the bottom$8,959 |
Depth is measured from the previous all-time high, and “peak to recovery” runs from that high back to it — not from the bottom, which gives a much shorter number.
The worst fall was -48.4%, from August 4, 2020 to October 19, 2023 — $10,000 invested at that peak was worth $5,165 at the bottom. It has not closed back at that peak since. Today it sits 42.3% below its all-time high.
Computed from daily closing prices with dividends reinvested, snapshotted September 10, 2026.
The tool opens with Long Treasuries (TLT) already loaded. Change the symbol or the amount and it recomputes from the same data.
This page shows what actually happened to a real price series — nothing more. An asset that recovered every time so far carries no promise that it will again, and the next fall will not be the last one. Prices exclude trading costs, spreads, currency conversion and taxes, all of which make a real-world fall worse than the one drawn here. Nothing on this page is investment advice; do your own research or speak to a regulated adviser before investing.
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