“Anyone who had invested CHF 1,000 at the beginning of 1926 would, according to our analysis, have seen that amount rise to CHF 1,230,000 by the end of 2019.”

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

Wednesday 29 January 2020

2020 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 94 years, 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 - From one extreme to another

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.