According to @charliebilello, the S&P 500 has delivered an average annual return of 12 percent since 1980 while experiencing an average intra-year drawdown of minus 14 percent, underscoring the risk and return tradeoff that guides equity positioning and timing. source: https://twitter.com/charliebilello/status/1984735736583610691 For traders, this historical drawdown profile implies that position sizing, stop-loss thresholds, and VaR should be calibrated to withstand mid-teens pullbacks even in strong years when managing SPX or SPY exposure. source: https://twitter.com/charliebilello/status/1984735736583610691 Because crypto has exhibited higher co-movement and volatility spillovers with U.S. equities since 2020, equity risk-off phases often coincide with BTC and ETH drawdowns, making these equity drawdown statistics directly relevant for crypto risk budgeting and execution. source: https://blogs.imf.org/en/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-posing-new-risks/