Stocks for the Long Run: UK vs US

Annualised percentage returns on US and UK stocks and bonds since 1800

Data from Chambers, D. et al. Shows the range of values of the different studies cited by the authors in Table 1 and Table 2. Difference in average returns is the average US return minus the average UK return. For All, only studies with all time periods included are used. US sources are: McQuarrie (2024), including his estimates of Siegel (2014); Taylor (2023); Dimson, Marsh & Staunton (2024). UK sources are: Taylor (2023), Dimson, Marsh & Staunton (2024), and three UK studies: Golez & Koudijs (2018) over 1800–1829, Campbell, Grossman & Turner (2021) over 1830–1899, and Thomas & Dimsdale (2018) for 1800–1899 bond return and inflation data. All returns are annualized geometric means in local currency.
Chart: The UK InvestorSource: Chambers, D. et al. (2024) ‘Long-run asset returns’, Annual Review of Financial Economics, 16(1)Get the dataCreated with Datawrapper