The source adds the following information: "The three asset classes are equities, long-term government bonds, and US Treasury bills. All returns include reinvested income, are adjusted for inflation, and are expressed as geometric mean returns."
Citation formats
Real return on equities, bonds and bills in the U.S. 2004-2023
This statistic presents the annualized real returns on equities, bonds and bills in the United States between 2004 and 2023. During that time period, the real return on bonds in the U.S. amounted to 1.5 percent.
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UBS. (February 23, 2024). Annualized real return on equities, bonds and bills in the United States between 2004 and 2023 [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 19, 2026, from /statistics/710711/return-on-equities-bonds-bills-usa/
UBS. "Annualized real return on equities, bonds and bills in the United States between 2004 and 2023." Chart. February 23, 2024. ÌÇÐÄÆƽâ°æ. Accessed July 19, 2026. /statistics/710711/return-on-equities-bonds-bills-usa/
UBS. (2024). Annualized real return on equities, bonds and bills in the United States between 2004 and 2023. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 19, 2026. /statistics/710711/return-on-equities-bonds-bills-usa/
UBS. "Annualized Real Return on Equities, Bonds and Bills in The United States between 2004 and 2023." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 23 Feb 2024, /statistics/710711/return-on-equities-bonds-bills-usa/
UBS, Annualized real return on equities, bonds and bills in the United States between 2004 and 2023 ÌÇÐÄÆƽâ°æ, /statistics/710711/return-on-equities-bonds-bills-usa/ (last visited July 19, 2026)
Annualized real return on equities, bonds and bills in the United States between 2004 and 2023 [Graph], UBS, February 23, 2024. [Online]. Available: /statistics/710711/return-on-equities-bonds-bills-usa/
