“In the period from the start of 1926 to the end of 2020, the average annual growth in the value of an investment in the Swiss equity market was approximately 7.8%.”

Nadia Gharbi & Jacques Henry Asset Allocation & Macro Research, Pictet Wealth Management

January 2021

2021 study update

This year’s update of our long-term study on the performance of equities and bonds in Switzerland can be downloaded here.

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

Among other things, our analysis of historical returns shows that over the last 95 years (with the exception of the 1929 crash), no losses were incurred on investments in Swiss equities of more than 13 years duration.

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.

Download the update

Expert commentary - An unusual year

Pictet yield triangle


Original 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.