Are Bonds really safer than Stocks?

Over short term time periods of one year, the returns to equities can be decidedly negative and much worse than bonds. But over 10 year periods, equity investors rarely earn lower returns in stocks than in bonds, and when they do, the underperformance is relatively minor.

Over 20 year periods, stocks are less risky than bonds in that their worst returns have been significantly superior to the worst returns earned by bonds. In fact, over this longer time horizon, the worst return for stocks has been better than the average return for bonds.

While conventional wisdom holds that stocks are riskier than bonds, in fact, over 20 year periods stocks deliver better average returns, dramatically better returns during great periods, and yet still deliver better returns under the worst outcomes.

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