Historical performance of shares and bonds in Switzerland (1926-2024)
The original Pictet 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.
This analysis shows, among other things, that a well-diversified Swiss equity portfolio will tend to outperform a bond portfolio over an extended investment period.
Our analysts update the data every year and present the latest updated tables and charts.
Download the full original study
2025 study data update
The update of our long-term Swiss equity and bond performance study is available and can be downloaded by clicking on the link below.
Download the February 2025 update
The study compares the performance of Swiss equities with that of bonds denominated in Swiss francs since the end of 1925 until 2022.
Among other things, our analysis of historical returns confirms that equities remain the investment of choice over the long term, offering superior returns to Swiss government bonds in return for a certain risk tolerance.
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.
Expert commentary | The long-term performance of Swiss assets is back on course
Following their negative performance in 2022, Swiss equities and bonds have bounced back in each of the past two years, reverting to their long-term trend of positive returns. Based on data going back to 1926, investors have enjoyed an average annual return of 4.0% in bonds (in CHF) and a nominal return of 7.7% in equities.
(...)
For illustrative purposes. Past performance shouldnot be taken as a guide to or guarantee of future performance. Performances and returns may increase ordecrease as a result of currency fluctuations.