Historical performance of shares and bonds in Switzerland

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

2024 study data update

The 2023 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 2024 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.

Read the expert commentary

After one of its worst years in close to a century in 2022, the performance of a typical 60/40 Swiss portfolio perked up again in 2023, providing a return in line with its annual average since 1926. The year was unusual in that positive returns from bonds outpaced those from equities—something that has happened in only six of the past 98 years when Swiss equities have gone up.

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