When a correction becomes a bear–and what to do about it

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Bear markets have generally taken longer to reach bottom and longer to recover:

• The average time from the start of a bear market to its bottom was 373 days. The fastest decline was 60 days; the slowest was 926 days.
• average time from a bear market trough to recovery was 798 days. The fastest recovery was 85 days, the slowest 1,928 days.

Global stock prices (January 1, 1980—January 22, 2016)

	Number	Average return	Average time from peak to trough	Average time from trough to recovery
Correction	12	-13.7%	87 days	121 days
Bear market	7	-33.4%	373 days	798 days

Note: Vanguard analysis based on the MSCI World Index from January 1, 1980, through December 31, 1987, and the MSCI All Country World Index thereafter. Both indexes are denominated in U.S. dollars. Our count of corrections excludes corrections that turned into a bear market. We count corrections that occur after a bear market has recovered from its trough even if stock prices haven't yet reached their previous peak.