Historical performance of shares and bonds in Switzerland (1926-2022)

In 1988 Pictet began to compare the performance of Swiss equities since the end of 1925 with that of bonds denominated in Swiss francs.
Since 1926, nobody who invested in Swiss equities for at least 14 years would have experienced a loss on their initial investment
— Nadia Gharbi, Jacques Henry & Djâafar Aballeche, Pictet Wealth Management

The original Pictet study

In January 1988, Pictet published its first long-term study comparing the performance since the end of 1925 of Swiss equities with that of bonds denominated in Swiss francs.

This analysis shows, among other things, that a well-diversified Swiss equity portfolio will tend to outperform a bond portfolio over an extended investment period.

Our analysts update the data every year and present the latest updated tables and charts.

Download the full original study

2023 study data update

The 2023 update of our long-term Swiss equity and bond performance study is available and can be downloaded by clicking on the link below.

Download the February 2023 update

The study compares the performance of Swiss equities with that of bonds denominated in Swiss francs since the end of 1925 until 2022. 

Among other things, our analysis of historical returns confirms that equities remain the investment of choice over the long term, offering superior returns to Swiss government bonds in return for a certain risk tolerance.

In the expert commentary, in addition to further conclusions on the right investment strategy for long-term investors, you will find a graphical presentation of the results using the Pictet yield triangle.

Past performance should not be taken as a guide to or guarantee of future performance. Performances and returns may increase or decrease as a result of currency fluctuations.

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