With US equities down another 10% today, the S&P 500 is moving increasingly closer to reaching the threshold of a 30% decline. As of this afternoon, the S&P 500 is down 26.7% from its record high less than one month ago. The chart below shows S&P 500 drawdowns from record closing highs since the start of 2000. The last twenty years have really been a period to behold for US equities. Even though it includes one of the longest bull markets in history, the S&P 500 has seen drawdowns of 49.1%, 56.8%, and now 26.9%. Start a two-week free trial to Bespoke Institutional to access our full suite of research and interactive tools.