The Callan Periodic Table of Investment Returns

Annual Returns for Key Indices Ranked in Order of Performance (2003–2022)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Emerging Real Emerging Real Emerging U.S. Emerging Small Cap U.S. Real Small Cap Real Large Small Cap Emerging Cash Large Small Cap Large Cash
Market Estate Market Estate Market Fixed Market Equity Fixed Estate Equity Estate Cap Equity Market Equivalent Cap Equity Cap Equivalent
Equity Equity Equity Income Equity Income Equity Equity Equity Equity
55.82% 37.96% 34.00% 42.12% 39.38% 5.24% 78.51% 26.85% 7.84% 27.73% 38.82% 15.02% 1.38% 21.31% 37.28% 1.87% 31.49% 19.96% 28.71% 1.46%
Small Cap Emerging Real Emerging Dev ex- Glbl ex- High Yield Real High Yield Emerging Large Large U.S. High Yield Dev ex- U.S. Small Cap Large Real High Yield
Equity Market Estate Market U.S. U.S. Estate Market Cap Cap Fixed U.S. Fixed Equity Cap Estate
Equity Equity Equity Fixed Equity Equity Equity Income Equity Income Equity
47.25% 25.55% 15.35% 32.17% 12.44% 4.39% 58.21% 19.63% 4.98% 18.23% 32.39% 13.69% 0.55% 17.13% 24.21% 0.01% 25.52% 18.40% 26.09% -11.19%
Real Dev ex- Dev ex- Dev ex- Glbl ex- Cash Real Emerging Glbl ex- Dev ex- Dev ex- U.S. Cash Large Large High Yield Dev ex- Emerging Small Cap U.S.
Estate U.S. U.S. U.S. U.S. Equivalent Estate Market U.S. U.S. U.S. Fixed Equivalent Cap Cap U.S. Market Equity Fixed
Equity Equity Equity Fixed Equity Fixed Equity Equity Income Equity Equity Equity Equity Income
40.69% 20.38% 14.47% 25.71% 11.03% 2.06% 37.13% 18.88% 4.36% 16.41% 21.02% 5.97% 0.05% 11.96% 21.83% -2.08% 22.49% 18.31% 14.82% -13.01%
Dev ex- Small Cap Large Small Cap U.S. High Yield Dev ex- High Yield Large Small Cap High Yield Small Cap Real Emerging Small Cap Glbl ex- Real Glbl ex- Dev ex- Dev ex-
U.S. Equity Cap Equity Fixed U.S. Cap Equity Equity Estate Market Equity U.S. Estate U.S. U.S. U.S.
Equity Equity Income Equity Equity Equity Fixed Fixed Equity Equity
39.42% 18.33% 4.91% 18.37% 6.97% -26.16% 33.67% 15.12% 2.11% 16.35% 7.44% 4.89% -0.79% 11.19% 14.65% -2.15% 21.91% 10.11% 12.62% -14.29%
High Yield Glbl ex- Small Cap Large Large Small Cap Small Cap Large Cash Large Real High Yield Dev ex- Real Glbl ex- Large Emerging Dev ex- High Yield Large
U.S. Equity Cap Cap Equity Equity Cap Equivalent Cap Estate U.S. Estate U.S. Cap Market U.S. Cap
Fixed Equity Equity Equity Equity Equity Fixed Equity Equity Equity Equity
28.97% 12.54% 4.55% 15.79% 5.49% -33.79% 27.17% 15.06% 0.10% 16.00% 3.67% 2.45% -3.04% 4.06% 10.51% -4.38% 18.44% 7.59% 5.28% -18.11%
Large High Yield Cash High Yield Cash Large Large Dev ex- Small Cap High Yield Cash Cash Small Cap Dev ex- Real Real High Yield U.S. Cash Glbl ex-
Cap Equivalent Equivalent Cap Cap U.S. Equity Equivalent Equivalent Equity U.S. Estate Estate Fixed Equivalent U.S.
Equity Equity Equity Equity Equity Income Fixed
28.68% 11.13% 3.07% 11.85% 5.00% -37.00% 26.47% 8.95% -4.18% 15.81% 0.07% 0.03% -4.41% 2.75% 10.36% -5.63% 14.32% 7.51% 0.05% -18.70%
Glbl ex- Large High Yield Glbl ex- High Yield Dev ex- Glbl ex- U.S. Real U.S. U.S. Emerging High Yield U.S. High Yield Small Cap U.S. High Yield U.S. Emerging
U.S. Cap U.S. U.S. U.S. Fixed Estate Fixed Fixed Market Fixed Equity Fixed Fixed Market
Fixed Equity Fixed Equity Fixed Income Income Income Equity Income Income Income Equity
19.36% 10.88% 2.74% 8.16% 1.87% -43.56% 7.53% 6.54% -6.46% 4.21% -2.02% -2.19% -4.47% 2.65% 7.50% -11.01% 8.72% 7.11% -1.54% -20.09%
U.S. U.S. U.S. Cash Small Cap Real U.S. Glbl ex- Dev ex- Glbl ex- Emerging Glbl ex- Glbl ex- Glbl ex- U.S. Dev ex- Glbl ex- Cash Emerging Small Cap
Fixed Fixed Fixed Equivalent Equity Estate Fixed U.S. U.S. U.S. Market U.S. U.S. U.S. Fixed U.S. U.S. Equivalent Market Equity
Income Income Income Income Fixed Equity Fixed Equity Fixed Fixed Fixed Income Equity Fixed Equity
4.10% 4.34% 2.43% 4.85% -1.57% -48.21% 5.93% 4.95% -12.21% 4.09% -2.60% -3.09% -6.02% 1.49% 3.54% -14.09% 5.09% 0.67% -2.54% -20.44%
Cash Cash Glbl ex- U.S. Real Emerging Cash Cash Emerging Cash Glbl ex- Dev ex- Emerging Cash Cash Emerging Cash Real Glbl ex- Real
Equivalent Equivalent U.S. Fixed Estate Market Equivalent Equivalent Market Equivalent U.S. U.S. Market Equivalent Equivalent Market Equivalent Estate U.S. Estate
Fixed Income Equity Equity Fixed Equity Equity Equity Fixed
1.15% 1.33% -8.65% 4.33% -7.39% -53.33% 0.21% 0.13% -18.42% 0.11% -3.08% -4.32% -14.92% 0.33% 0.86% -14.57% 2.28% -9.04% -7.05% -25.10%

The Callan Periodic Table of Investment Returns conveys the strong case for diversification across asset classes A printable copy of The Callan Periodic Table
(stocks vs. bonds), capitalizations (large vs. small), and equity markets (U.S. vs. global ex-U.S.). The Table highlights the of Investment Returns is available on our
uncertainty inherent in all capital markets. Rankings change every year. Also noteworthy is the difference between website at callan.com/periodic-table/.
absolute and relative performance, as returns for the top-performing asset class span a wide range over the past 20 years. © 2023 Callan LLC
The Callan Periodic Table of Investment Returns 2003–2022
Callan’s Periodic Table of Investment Returns depicts annual returns for 8 asset classes and cash equivalents, ranked from best to
worst performance for each calendar year. The asset classes are color-coded to enable easy tracking over time. We describe the well-
known, industry-standard market indices that we use as proxies for each asset class below.
Callan was founded as an employee-owned
Large Cap Equity (S&P 500) measures the performance of large capitalization U.S. stocks. The S&P 500 is a market-value- investment consulting firm in 1973. Ever
weighted index of 500 stocks. The weightings make each company’s influence on the Index performance directly proportional to since, we have empowered institutional clients
that company’s market value. with creative, customized investment solutions
backed by proprietary research, exclusive
Small Cap Equity (Russell 2000) measures the performance of small capitalization U.S. stocks. The Russell 2000 is a data, and ongoing education. Today, Callan
market-value-weighted index of the 2,000 smallest stocks in the broad-market Russell 3000 Index.
advises on more than $3 trillion in total
institutional investor assets, which makes it

Developed ex-U.S. Equity (MSCI World ex USA) is an index that is designed to measure the performance of large and mid among the largest independently owned
cap equities in developed markets in Europe, the Middle East, the Pacific region, and Canada. investment consulting firms in the U.S. We
use a client-focused consulting model to serve
pension and defined contribution plan
Emerging Market Equity (MSCI Emerging Markets) is an index that is designed to measure the performance of equity sponsors, endowments, foundations,
markets in 24 emerging countries around the world. independent investment advisers, investment
managers, and other asset owners. Callan
has six offices throughout the U.S. Learn
U.S. Fixed Income (Bloomberg US Aggregate Bond Index) includes U.S. government, corporate, and mortgage-backed
more at callan.com.
securities with maturities of at least one year.
Corporate Headquarters :San Francisco

Regional Consulting Offices: Atlanta,

High Yield (Bloomberg High Yield Bond Index) measures the market of USD-denominated, non-investment grade, fixed-
Chicago, Denver, Portland, and Summit, NJ
rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is
Ba1/BB+/BB+ or below, excluding emerging market debt. The Callan Institute (the “Institute”) is, and will
be, the sole owner and copyright holder of all
Global ex-U.S. Fixed Income (Bloomberg Global Aggregate ex US Bond Index) is an unmanaged index that is material prepared or developed by the
comprised of several other Bloomberg indices that measure the fixed income performance of regions around the world, Institute. No party has the right to reproduce,
excluding the U.S. revise, resell, disseminate externally,
disseminate to any affiliate firms, or post on
Real Estate (FTSE EPRA Nareit Developed REIT Index) is designed to measure the stock performance of companies internal websites any part of any material
engaged in specific real estate activities in the North American, European, and Asian real estate markets. prepared or developed by the Institute,
without the Institute’s permission. Institute
clients only have the right to utilize such
Cash Equivalent (90-day T-bill) is a short-term debt obligation backed by the Treasury Department of the U.S. government.
material internally in their business.
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