---
title: U.S. Asset Class Returns Based on Time Horizons, Size, and Style
description: This article updates a 2018 analysis of U.S. asset class returns through 2023, adding six years of data to the original 1928 to 2017 dataset.
image: https://content.investmentsandwealth.org/hubfs/RMJ-v14-1-25-a6.png
---

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Retirement Management Journal - Volume 14, Number 1, 2025

# U.S. Asset Class Returns Based on Time Horizons, Size, and Style

Admin

This article updates a 2018 analysis of U.S. asset class returns through 2023, adding six years of data to the original 1928 to 2017 dataset. The core finding is one of stability: the new data changes none of the original conclusions by any significant amount, with average differences of less than 0.2 percent in the primary results table. Readers familiar with the original will find the updated figures and tables essentially unchanged, while those new to the analysis will find a dataset spanning nearly a century of U.S. market history.

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