Annual Stock Returns Source: Professor Kenneth French's Data Library http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html Date YYYY Market Risk-Free Rm-Rf HML 1927 32.59 3.12 29.47 -4.54 1928 38.95 3.56 35.39 -6.17 1929 -14.79 4.75 -19.54 11.67 1930 -28.82 2.41 -31.23 -11.54 1931 -44.04 1.07 -45.11 -13.95 1932 -8.43 0.96 -9.39 11.11 1933 57.35 0.3 57.05 32.39 1934 3.18 0.16 3.02 -27.67 1935 45.13 0.17 44.96 10.23 1936 32.25 0.18 32.07 34.55 1937 -34.65 0.31 -34.96 -4.09 1938 28.46 -0.02 28.48 -12.02 1939 2.72 0.02 2.7 -19.23 1940 -7.14 0 -7.14 -0.85 1941 -10.47 0.06 -10.53 11.13 1942 16.47 0.27 16.2 19.82 1943 28.31 0.35 27.96 38.71 1944 21.3 0.33 20.97 15.92 1945 38.71 0.33 38.38 10.8 1946 -6.38 0.35 -6.73 3.11 1947 3.45 0.5 2.95 9.87 1948 1.88 0.81 1.07 3.74 1949 20.22 1.1 19.12 -4.25 1950 30.02 1.2 28.82 27.02 1951 20.71 1.49 19.22 -5.67 1952 13.46 1.66 11.8 3.31 1953 0.77 1.82 -1.05 -7.75 1954 50.21 0.86 49.35 26.05 1955 25.32 1.57 23.75 4.82 1956 8.36 2.46 5.9 -1.99 1957 -10.02 3.14 -13.16 -6.11 1958 44.99 1.54 43.45 13.48 1959 12.71 2.95 9.76 1.7 1960 1.2 2.66 -1.46 -4.62 1961 26.94 2.13 24.81 5.42 1962 -10.17 2.73 -12.9 8.92 1963 20.96 3.12 17.84 15.69 1964 16.08 3.54 12.54 9.72 1965 14.45 3.93 10.52 7.11 1966 -8.75 4.76 -13.51 -0.86 1967 28.7 4.21 24.49 -8.14 1968 14 5.21 8.79 18.56 1969 -10.96 6.58 -17.54 -10.05 1970 0.03 6.52 -6.49 21.52 1971 16.17 4.39 11.78 -11.3 1972 16.89 3.84 13.05 1.8 1973 -19.25 6.93 -26.18 17.47 1974 -27.75 8 -35.75 9.96 1975 38.24 5.8 32.44 9.14 1976 26.99 5.08 21.91 24.38 1977 -3.14 5.12 -8.26 7.46 1978 8.21 7.18 1.03 0.67 1979 23.47 10.38 13.09 -2.33 1980 33.37 11.24 22.13 -24.61 1981 -3.42 14.71 -18.13 25.04 1982 21.2 10.54 10.66 13.29 1983 22.55 8.8 13.75 20.52 1984 3.8 9.85 -6.05 19.13 1985 32.63 7.72 24.91 1.29 1986 16.28 6.16 10.12 9.34 1987 1.6 5.47 -3.87 -1.7 1988 17.9 6.35 11.55 14.99 1989 28.86 8.37 20.49 -4.03 1990 -6.14 7.81 -13.95 -10.03 1991 34.78 5.6 29.18 -14.72 1992 9.74 3.51 6.23 24.49 1993 11.11 2.9 8.21 16.96 1994 -0.2 3.9 -4.1 -0.89 1995 36.82 5.6 31.22 5.97 1996 21.17 5.21 15.96 8.67 1997 31.22 5.26 25.96 19 1998 24.32 4.86 19.46 -10.43 1999 25.25 4.68 20.57 -31.66 2000 -11.71 5.89 -17.6 44.98 2001 -11.38 3.83 -15.21 18.52 2002 -21.11 1.65 -22.76 8.1 2003 31.77 1.02 30.75 4.61 2004 11.92 1.2 10.72 7.61 2005 6.07 2.98 3.09 9.41 2006 15.4 4.8 10.6 11.93 2007 5.7 4.66 1.04 -17.18 2008 -36.74 1.6 -38.34 1.05 2009 28.36 0.1 28.26 -9.65 2010 17.49 0.12 17.37 -5.17 2011 0.48 0.04 0.44 -8.41 2012 16.33 0.06 16.27 9.99 2013 35.22 0.02 35.2 2.6 2014 11.73 0.02 11.71 -1.45 2015 0.11 0.02 0.09 -9.65 2016 13.5 0.2 13.3 22.71 2017 22.31 0.8 21.51 -13.57 2018 -5.12 1.83 -6.95 -9.67 2019 30.43 2.15 28.28 -10.46 2020 24.11 0.45 23.66 -46.67 2021 23.6 0.04 23.56 25.49 2022 -20.17 1.43 -21.6 25.81 2023 26.63 4.95 21.68 -13.57