![](/media/W1siZiIsIjIwMjQvMDYvMjQvMzYzcGk2NW9lN19TUF81MDBfU25hcHNob3RfTm92ZW1iZXJfUmFsbHlfTGl2ZXNfT24ucG5nIl0sWyJwIiwiZW5jb2RlIiwianBnIiwiLXF1YWxpdHkgODAiXSxbInAiLCJ0aHVtYiIsIjIzMngxNzQjIl1d/SP-500-Snapshot-November-Rally-Lives-On.jpg)
The S&P 500 rose for a third straight week, finishing up 0.61% from last Friday. The index is currently up 15.22% year to date and has recorded a new all-time high 31 times this year.
The table below summarizes the number of record highs reached each year dating back to 2008.
![Record Highs One](/media/W1siZiIsIjIwMjQvMDYvMjQvN2VzZ2U0dmt3Nl9yZWNvcmRfaGlnaHNfMS5wbmciXSxbInAiLCJ0aHVtYiIsIjc1MHhcdTAwM2UiXV0/record-highs-1.png)
Here is a snapshot of the index over the past 5 days:
![SPX Five Day One](/media/W1siZiIsIjIwMjQvMDYvMjQvODQ5enpmbzZod19TUFhfZml2ZV9kYXlfMS5wbmciXSxbInAiLCJ0aHVtYiIsIjc1MHhcdTAwM2UiXV0/SPX-five-day-1.png)
Here is a snapshot of the index from the past six months with a 50-day moving average:
![Here is a snapshot of the index](/media/W1siZiIsIjIwMjQvMDYvMjQvNTJ5eTRpeXEwZF9TUFhfMl8xLnBuZyJdLFsicCIsInRodW1iIiwiNzUweFx1MDAzZSJdXQ/SPX-2-1.png)
The U.S. Treasury put the closing yield on the 10-year note, as of June 21st, at 4.25% which is above its record low (0.52% on 8/4/2020). The 2-year note is at 4.70%. ETFs associated with Treasuries include: iShares 1-3 Year Treasury Bond ETF (SHY ), iShares 7-10 Year Treasury Bond ETF (IEF ), and iShares 20+ Year Treasury Bond ETF (TLT ). See our latest Treasury Snapshot here.
S&P 500: A Perspective on Drawdowns
On October 9, 2007 the S&P 500 reached a then all-time high, closing the day at 1565.15. Then on March 9, 2009, the index dropped ~57% off of its high from exactly 17 months before, closing the day at 676.53. This time period became known as the Global Financial Crisis. It took over 5 years before the index reached a new then all-time high on March 28, 2013, where it closed out at 1569.19. The chart below is a snapshot of record highs and selloffs since the 2007 peak reached on October 9, 2007.
![A Perspective on Drawdowns](/media/W1siZiIsIjIwMjQvMDYvMjQvODBlZmpyaGxpdl9TUFhfZHJhd2Rvd25zXzEwMDkwN18xLnBuZyJdLFsicCIsInRodW1iIiwiNzUweFx1MDAzZSJdXQ/SPX-drawdowns-100907-1.png)
What happens if we take out the Global Financial Crisis? Here’s a snapshot the same chart above where the start date has been changed to the trough reached on March 9, 2009. Note the recent selloffs in 2022.
![What happens if we take](/media/W1siZiIsIjIwMjQvMDYvMjQvdjcxZXR2eHA1X1NQWF9kcmF3ZG93bnNfMS5wbmciXSxbInAiLCJ0aHVtYiIsIjc1MHhcdTAwM2UiXV0/SPX-drawdowns-1.png)
Here’s a table with the number of days of a 1% or greater change in either direction and the number of days of corrections (down 10% or more from the record high) going back to 2013.
![Here's a table with the number](/media/W1siZiIsIjIwMjQvMDYvMjQvNHY5YmltOGc2Nl91cF9kb3duXzFfcGVyY2VudF8xLnBuZyJdLFsicCIsInRodW1iIiwiNzUweFx1MDAzZSJdXQ/up-down-1-percent-1.png)
![Corrections SP Days](/media/W1siZiIsIjIwMjQvMDYvMjQvN2NqMnBhcmh5eF9jb3JyZWN0aW9uc18xLnBuZyJdLFsicCIsInRodW1iIiwiNzUweFx1MDAzZSJdXQ/corrections-1.png)
Here is a linear chart of the index since October 9, 2007:
![Here is a linear chart](/media/W1siZiIsIjIwMjQvMDYvMjQvNGV6ODhtY2p6al9TUFhfc25hcHNob3RfMS5wbmciXSxbInAiLCJ0aHVtYiIsIjc1MHhcdTAwM2UiXV0/SPX-snapshot-1.png)
Here is a linearly scaled version of the same chart with the 50- and 200-day moving averages. As of November 3rd, the index has been above both its 200-day moving average. As of May 6th, the index has been above its 50-day moving average.
![Here is a linearly scaled version](/media/W1siZiIsIjIwMjQvMDYvMjQvMzNwMjlzNnQyZ19TUFhfc25hcHNob3RfTUFzXzEucG5nIl0sWyJwIiwidGh1bWIiLCI3NTB4XHUwMDNlIl1d/SPX-snapshot-MAs-1.png)
S&P 500: A Perspective on Volatility
For a sense of the correlation between the closing price and intraday volatility, the chart below overlays the S&P 500 since 2007 with the intraday price range. I’ve also included a 20-day moving average to identify trends in volatility.
![For a sense of the correlation between](/media/W1siZiIsIjIwMjQvMDYvMjQvN2l3cDNsYmh0bF9TUFhfdm9sYXRpbGl0eV9zaW5jZV8yMDA3XzEucG5nIl0sWyJwIiwidGh1bWIiLCI3NTB4XHUwMDNlIl1d/SPX-volatility-since-2007-1.png)
S&P 500 versus S&P Equal Weight
The S&P 500 is market cap-weighted index which includes roughly the 500 largest U.S. stocks spanning 11 sectors. The S&P 500 Equal Weight Index includes the same constituents as the S&P 500 but each company is equally weighted at a fixed weight. So how do these two indexes match up against each other this year?
The S&P 500 is currently up 15.22% year to date while the S&P Equal Weight is only up 4.40% year to date.
![S&P 500 versus S&P](/media/W1siZiIsIjIwMjQvMDYvMjQvNzdvZmE3bGV4M19TUFhfc25hcHNob3RfRXF1YWxfV2VpZ2h0X2NvbXBhcmlzb25fMS5wbmciXSxbInAiLCJ0aHVtYiIsIjc1MHhcdTAwM2UiXV0/SPX-snapshot-Equal-Weight-comparison-1.png)
ETFs associated with the S&P 500 include: iShares Core S&P 500 ETF (IVV ), SPDR S&P 500 ETF Trust (SPY ), Vanguard S&P 500 ETF (VOO ), SPDR Portfolio S&P 500 ETF (SPLG ), and Invesco S&P 500® Equal Weight ETF (RSP ).
For more news, information, and analysis, visit the Innovative ETFs Channel.