The S&P 500’s worst day and the best day that followed have something in common: you can’t predict either one. The table below underscores the risk of stepping out of the market during periods of heightened volatility. While selling after a sharp decline may feel like a way to avoid further losses, some of the market’s biggest gains have historically occurred soon after its biggest drops. For example, in 2020 and 2025, the S&P 500’s best day after the year’s worst came just six and three trading days later, respectively.
Not every major downturn is followed by a quick rebound — some recoveries take much longer. In 2018, the best day came more than ten months after February’s big drop. The real takeaway is that investors rarely know when a rebound will come, which makes timing an exit and re-entry very difficult. Successfully avoiding the worst day and re-entering at the ideal moment means being right twice. Staying invested helps ensure participation in the recovery, which can be critical to long-term returns.
Counting the (Trading) Days:
Source: BNY Investment Strategy and Research Group, as of September 30, 2026. Based on the S&P 500 Index from 2017-2026. 1The 2026 period is from January 1, 2026 to September 30, 2026. Table is for illustrative purposes only. Past performance is not necessary indicative of future performance.
S&P 500® Index is a widely accepted, unmanaged index of U.S. stock market performance. An investor cannot invest directly in any index.
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GU-962 - 13 October 2027
