The Returns-Sequence Reality Checker

A Stock Cycles Calculator

Key Insight: Two investors can experience the exact same average annual return, yet end up with dramatically different final portfolio values. The sequence of returns matters enormously.

This calculator demonstrates how early losses can actually benefit long-term investors more than early gains, because you're buying more shares when prices are low.

How it works: Enter returns for any years you want (1 to 29 years). Leave the rest blank, and the calculator automatically fills them with whatever return is needed to achieve a 6.5% average over 30 years. You can also import actual historical returns from the U.S. stock market record!

Custom Return Scenarios

Instructions: Fill in returns (%) for any years you want. Leave boxes empty for years you want the calculator to fill automatically. The calculator will determine what return is needed in the empty years to achieve a 6.5% overall average. You can also use the "Import Historical Returns" feature to copy actual market data into any range of years.
Your values (blue)
Calculated values (green)
Empty (will be calculated)
Custom Scenario A
Import Historical Returns into Scenario A
Calculated return for empty years: 6.80% 5 of 30 years filled. 25 years will use the calculated return.
Custom Scenario B
Import Historical Returns into Scenario B
Calculated return for empty years: 8.80% 5 of 30 years filled. 25 years will use the calculated return.

The Sequence Effect

$1,161,051
1971 Start (30 years) wins by 128.4%

Compare how different return patterns affect your final portfolio value.

1971 Start (30 years)

Total Contributions $300,000
Total Investment Gains $1,765,549
Average Annual Return 9.57%
Final Value: $2,065,549

1981 Start (30 years)

Total Contributions $300,000
Total Investment Gains $604,498
Average Annual Return 8.82%
Final Value: $904,498

Why Does This Happen?

When you're regularly contributing to your portfolio, early losses are actually beneficial. Here's why:

Try it yourself: Import historical returns from 1960-1969 into Scenario A's first 10 years, and 1970-1979 into Scenario B's first 10 years. See how different decades of actual market performance affect your final wealth!

Year-by-Year Details

Year Contribution Balance Start Return % Gain/Loss Balance End
1 $10,000 $10,000 10.79% $1,079 $11,079
2 $10,000 $21,079 15.63% $3,295 $24,374
3 $10,000 $34,374 -21.95% $-7,545 $26,829
4 $10,000 $36,829 -34.82% $-12,824 $24,005
5 $10,000 $34,005 26.41% $8,981 $42,986
6 $10,000 $52,986 18.27% $9,680 $62,666
7 $10,000 $72,666 -12.42% $-9,025 $63,641
8 $10,000 $73,641 -1.07% $-788 $72,853
9 $10,000 $82,853 9.07% $7,515 $90,368
10 $10,000 $100,368 21.62% $21,700 $122,067
11 $10,000 $132,067 -13.30% $-17,565 $114,502
12 $10,000 $124,502 17.59% $21,900 $146,402
13 $10,000 $156,402 17.53% $27,417 $183,820
14 $10,000 $193,820 2.30% $4,458 $198,277
15 $10,000 $208,277 27.53% $57,339 $265,616
16 $10,000 $275,616 16.38% $45,146 $320,762
17 $10,000 $330,762 1.83% $6,053 $336,815
18 $10,000 $346,815 12.00% $41,618 $388,433
19 $10,000 $398,433 26.21% $104,429 $502,862
20 $10,000 $512,862 -7.46% $-38,260 $474,603
21 $10,000 $484,603 27.06% $131,133 $615,736
22 $10,000 $625,736 4.67% $29,222 $654,958
23 $10,000 $664,958 7.31% $48,608 $713,566
24 $10,000 $723,566 -1.32% $-9,551 $714,015
25 $10,000 $724,015 34.11% $246,962 $970,977
26 $10,000 $980,977 19.30% $189,329 $1,170,306
27 $10,000 $1,180,306 30.98% $365,659 $1,545,964
28 $10,000 $1,555,964 26.90% $418,554 $1,974,519
29 $10,000 $1,984,519 17.88% $354,832 $2,339,351
30 $10,000 $2,349,351 -12.08% $-283,802 $2,065,549
Year Contribution Balance Start Return % Gain/Loss Balance End
1 $10,000 $10,000 -13.30% $-1,330 $8,670
2 $10,000 $18,670 17.59% $3,284 $21,954
3 $10,000 $31,954 17.53% $5,602 $37,556
4 $10,000 $47,556 2.30% $1,094 $48,649
5 $10,000 $58,649 27.53% $16,146 $74,796
6 $10,000 $84,796 16.38% $13,890 $98,685
7 $10,000 $108,685 1.83% $1,989 $110,674
8 $10,000 $120,674 12.00% $14,481 $135,155
9 $10,000 $145,155 26.21% $38,045 $183,200
10 $10,000 $193,200 -7.46% $-14,413 $178,787
11 $10,000 $188,787 27.06% $51,086 $239,873
12 $10,000 $249,873 4.67% $11,669 $261,542
13 $10,000 $271,542 7.31% $19,850 $291,392
14 $10,000 $301,392 -1.32% $-3,978 $297,414
15 $10,000 $307,414 34.11% $104,859 $412,272
16 $10,000 $422,272 19.30% $81,499 $503,771
17 $10,000 $513,771 30.98% $159,166 $672,937
18 $10,000 $682,937 26.90% $183,710 $866,647
19 $10,000 $876,647 17.88% $156,744 $1,033,392
20 $10,000 $1,043,392 -12.08% $-126,042 $917,350
21 $10,000 $927,350 -13.26% $-122,967 $804,383
22 $10,000 $814,383 -23.80% $-193,823 $620,560
23 $10,000 $630,560 26.38% $166,342 $796,902
24 $10,000 $806,902 7.70% $62,131 $869,033
25 $10,000 $879,033 1.72% $15,119 $894,153
26 $10,000 $904,153 12.79% $115,641 $1,019,794
27 $10,000 $1,029,794 2.04% $21,008 $1,050,802
28 $10,000 $1,060,802 -40.25% $-426,973 $633,829
29 $10,000 $643,829 23.77% $153,038 $796,867
30 $10,000 $806,867 12.10% $97,631 $904,498