The long-term performance of Swiss equities and bonds (1900–2025)
In the accompanying commentary, our experts share their findings from the study:
- Swiss equities and bonds have recovered significantly over the past three years, returning to their long-term trend of positive returns.
- In 2025, Swiss equities delivered a total return of 17.8% in Swiss francs (34.7% in US dollars), outperforming many global benchmarks.
- Since 1900, Swiss equities have generated an average annual nominal return of 6.8%, compared to 3.9% for Swiss government bonds.
- Since 1931, no investments made in Swiss equities with a 10-year time horizon have made a loss. The same is true for investments made in 1909 and held for a period of 14 years.
- For more risk-averse investors, a balanced portfolio comprising 60% Swiss equities and 40% Swiss bonds would have achieved a solid annualised nominal return of 6% since 1900. Any 10-year investment begun in 1912 or later would have always produced positive returns, with significantly lower volatility than a portfolio invested entirely in equities (12% versus 19%).
No investor who kept their initial investment in Swiss equities for at least 14 years since 1909 would have experienced a loss.
The detailed study on the performance of Swiss securities underpins a core principle of Pictet’s investment philosophy: our conviction that a longer-term investment strategy provides better returns than attempting to “time the market” through short-term tactical positioning.
The study’s authors, Nadia Gharbi, Senior Economist, and Djâafar Aballeche, Senior Cross-Asset Specialist, at Pictet Wealth Management note: “Our analysis shows that an investment of CHF 1,000 made in 1900 would have grown to CHF 3.97 million by the end of 2025.”
The original study from 1998, the updated edition and the accompanying expert commentary are available for download at:
Note to editors
The Pictet Group
The Pictet Group is a partnership of owner-managers, with principles of succession and transmission of ownership that have remained unchanged since its foundation in 1805. The Group exclusively focuses on wealth management, asset management, alternative investments and related asset services. It does not engage in investment banking, nor does it extend commercial loans.
With CHF 757 billion (EUR 813 billion/USD 955 billion/GBP 710 billion) in assets under management or custody as at 31 December 2025, the Pictet Group is today one of Europe’s leading independent wealth and asset managers for private clients and institutional investors.
Founded and headquartered in Geneva, Switzerland, the Group currently employs over 5,500 people. It has 31 offices worldwide, in Amsterdam, Barcelona, Basel, Brussels, Dubai, Frankfurt, Geneva, Hong Kong, Lausanne, Lisbon, London, Luxembourg, Madrid, Milan, Monaco, Montreal, Munich, Nassau, New York, Osaka, Paris, Rome, Shanghai, Singapore, Stuttgart, Taipei, Tel Aviv, Tokyo, Turin, Verona and Zurich.
