Accessible Version

The Stock Market–Real Economy "Disconnect": A Closer Look, Accessible Data

Figure 1: The S&P 500 Decomposed Using Dividend Futures

Market price, Daily

Date Dividends 1 to 2 years in the future Dividends 3 to 5 years in the future Dividends 6+ years in the future S&P 500 index
1/2/2020 102.11 98.84 95.71 96.21
1/3/2020 101.94 99.28 94.93 95.53
1/6/2020 102.06 99.44 95.29 95.87
1/7/2020 101.65 98.69 95.06 95.60
1/8/2020 101.38 98.49 95.61 96.07
1/9/2020 101.42 99.21 96.28 96.71
1/10/2020 101.41 99.13 95.98 96.43
1/13/2020 101.65 99.46 96.70 97.11
1/14/2020 101.35 99.51 96.55 96.96
1/15/2020 101.52 99.68 96.73 97.14
1/16/2020 101.42 99.76 97.64 97.95
1/17/2020 101.43 99.66 98.07 98.33
1/21/2020 101.71 100.05 97.74 98.07
1/22/2020 101.70 100.10 97.77 98.10
1/23/2020 101.65 100.29 97.88 98.21
1/24/2020 101.59 99.94 96.92 97.32
1/27/2020 101.61 99.61 95.22 95.79
1/28/2020 101.50 99.59 96.31 96.75
1/29/2020 101.58 99.83 96.19 96.67
1/30/2020 101.20 100.19 96.53 96.97
1/31/2020 100.89 99.76 94.66 95.26
2/3/2020 100.98 99.14 95.46 95.95
2/4/2020 101.10 99.28 97.05 97.38
2/5/2020 101.22 99.98 98.23 98.48
2/6/2020 101.06 100.17 98.59 98.81
2/7/2020 100.91 100.23 98.00 98.27
2/10/2020 100.83 100.76 98.78 98.99
2/11/2020 100.71 99.85 99.03 99.16
2/12/2020 100.69 100.04 99.74 99.80
2/13/2020 100.20 100.12 99.58 99.64
2/14/2020 100.11 100.27 99.78 99.82
2/18/2020 100.22 100.13 99.46 99.53
2/19/2020 100.00 100.00 100.00 100.00
2/20/2020 99.95 99.20 99.62 99.62
2/21/2020 100.07 99.20 98.45 98.57
2/24/2020 99.82 99.33 94.76 95.27
2/25/2020 99.40 98.44 91.61 92.38
2/26/2020 99.49 98.15 91.23 92.03
2/27/2020 98.70 96.54 86.83 87.97
2/28/2020 98.49 97.33 85.98 87.24
3/2/2020 98.97 99.39 90.32 91.26
3/3/2020 98.99 98.86 87.48 88.70
3/4/2020 99.34 100.74 91.54 92.44
3/5/2020 98.30 99.64 88.16 89.30
3/6/2020 96.26 96.67 86.75 87.78
3/9/2020 93.99 93.32 79.63 81.11
3/10/2020 93.50 94.47 84.07 85.12
3/11/2020 91.51 90.25 79.78 80.96
3/12/2020 86.00 83.13 71.92 73.26
3/13/2020 85.02 86.92 79.36 80.06
3/16/2020 77.52 84.15 69.23 70.47
3/17/2020 76.42 80.58 74.24 74.69
3/18/2020 63.77 66.49 71.49 70.82
3/19/2020 63.92 67.97 71.77 71.15
3/20/2020 67.21 75.72 67.66 68.07
3/23/2020 65.89 75.08 65.54 66.08
3/24/2020 66.02 76.83 72.36 72.27
3/25/2020 65.36 76.66 73.35 73.11
3/26/2020 64.52 76.41 78.51 77.67
3/27/2020 63.25 73.84 75.81 75.05
3/30/2020 61.52 74.74 78.67 77.57
3/31/2020 60.66 73.38 77.42 76.33
4/1/2020 57.41 73.52 73.83 72.96
4/2/2020 54.99 70.21 76.03 74.62
4/3/2020 54.96 70.40 74.76 73.49
4/6/2020 58.46 74.62 80.08 78.66
4/7/2020 64.44 81.51 79.18 78.54
4/8/2020 68.09 82.83 81.88 81.21
4/9/2020 70.99 83.48 82.99 82.39
4/13/2020 70.83 84.19 82.02 81.56
4/14/2020 71.71 85.47 84.68 84.05
4/15/2020 70.55 84.38 82.74 82.20
4/16/2020 70.27 85.47 83.23 82.68
4/17/2020 71.11 86.10 85.62 84.89
4/20/2020 70.17 84.33 84.08 83.37
4/21/2020 68.41 82.24 81.45 80.82
4/22/2020 69.89 82.83 83.40 82.67
4/23/2020 70.78 83.27 83.28 82.62
4/24/2020 71.34 83.71 84.50 83.77
4/27/2020 72.25 84.71 85.77 85.01
4/28/2020 72.43 83.67 85.32 84.56
4/29/2020 74.13 86.44 87.57 86.81
4/30/2020 74.27 85.92 86.70 86.01
5/1/2020 72.41 84.33 84.20 83.60
5/4/2020 72.43 84.52 84.59 83.95
5/5/2020 72.77 84.82 85.40 84.71
5/6/2020 72.43 84.52 84.78 84.12
5/7/2020 72.30 84.70 85.85 85.09
5/8/2020 71.65 82.85 87.61 86.52
5/11/2020 71.21 83.46 87.62 86.54
5/12/2020 70.56 76.40 86.09 84.76
5/13/2020 69.04 80.87 84.25 83.28
5/14/2020 68.30 80.85 85.37 84.24
5/15/2020 67.63 80.16 85.82 84.57
5/18/2020 68.67 81.01 88.69 87.24
5/19/2020 67.34 80.59 87.77 86.32
5/20/2020 67.84 80.75 89.34 87.76
5/21/2020 67.56 79.74 88.65 87.08
5/22/2020 67.43 79.66 88.89 87.28
5/26/2020 68.52 78.90 90.08 88.35
5/27/2020 68.86 79.72 91.47 89.66
5/28/2020 69.44 78.58 91.30 89.47
5/29/2020 70.29 77.45 91.80 89.90
6/1/2020 70.80 78.55 92.08 90.24
6/2/2020 72.26 79.11 92.79 90.98
6/3/2020 73.13 79.62 94.10 92.22
6/4/2020 74.30 80.55 93.62 91.91
6/5/2020 77.88 83.96 95.90 94.32
6/8/2020 80.14 86.64 96.88 95.46
6/9/2020 79.80 86.58 96.07 94.71
6/10/2020 79.91 87.24 95.46 94.21
6/11/2020 77.07 83.99 89.61 88.66
6/12/2020 77.15 84.11 90.90 89.82
6/15/2020 78.04 84.49 91.66 90.56
6/16/2020 78.23 84.31 93.58 92.28
6/17/2020 77.85 83.49 93.28 91.95
6/18/2020 77.69 83.53 93.35 92.00
6/19/2020 77.12 83.10 92.82 91.48
6/22/2020 78.43 83.41 93.39 92.08
6/24/2020 78.62 82.99 91.18 90.08
6/25/2020 78.53 83.34 92.27 91.07
6/26/2020 78.16 82.76 89.85 88.86
6/29/2020 78.57 83.19 91.26 90.17
6/30/2020 78.78 84.02 92.76 91.56
7/1/2020 79.29 84.36 93.22 92.02
7/2/2020 79.65 84.86 93.64 92.44
7/6/2020 79.85 84.88 95.26 93.90
7/7/2020 79.62 84.55 94.16 92.89
7/8/2020 79.68 84.83 94.96 93.61
7/9/2020 79.76 84.46 94.38 93.09
7/10/2020 79.48 84.13 95.51 94.06
7/13/2020 79.80 83.96 94.51 93.18
7/14/2020 79.73 85.14 95.84 94.43
7/15/2020 80.29 85.26 96.76 95.29
7/16/2020 80.38 85.32 96.39 94.96
7/17/2020 80.48 85.41 96.68 95.23
7/20/2020 80.97 86.24 97.50 96.03
7/21/2020 80.97 86.29 97.68 96.19
7/22/2020 81.19 86.74 98.26 96.75
7/23/2020 80.66 86.66 96.96 95.56
7/24/2020 80.26 85.28 96.40 94.96
7/27/2020 80.41 85.28 97.18 95.67
7/28/2020 80.36 84.50 96.54 95.05
7/29/2020 80.22 85.06 97.83 96.23
7/30/2020 80.04 84.61 97.47 95.87
7/31/2020 79.71 85.08 98.28 96.60
8/3/2020 79.38 85.44 99.05 97.30
8/4/2020 79.27 84.99 99.48 97.65
8/5/2020 78.57 84.08 100.28 98.28
8/6/2020 78.51 84.85 100.94 98.91
8/7/2020 78.47 84.05 101.06 98.97
8/10/2020 78.57 85.35 101.28 99.24
8/11/2020 78.43 84.73 100.44 98.45
8/12/2020 78.94 86.86 101.83 99.83
8/13/2020 79.21 85.07 101.69 99.62
8/14/2020 78.75 85.54 101.67 99.61
8/17/2020 79.75 84.73 101.96 99.88
8/18/2020 79.62 85.64 102.17 100.11
8/19/2020 79.54 83.96 101.78 99.67
8/20/2020 79.58 84.99 102.07 99.98
8/21/2020 79.70 84.49 102.48 100.33
8/24/2020 80.17 85.32 103.53 101.33
8/25/2020 80.39 85.27 103.93 101.70
8/26/2020 80.95 86.43 104.98 102.73
8/27/2020 80.83 86.20 105.20 102.91
8/28/2020 81.06 85.95 105.97 103.60
8/31/2020 81.39 85.72 105.71 103.37
9/1/2020 81.20 86.51 106.55 104.15

Note: Prices are normalized so that Feb. 19, 2020 = 100.

Source: Bloomberg.

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Figure 2: High and Low Price-Dividend Stocks

Market price, Daily

Date S&P 500 price-dividend > 40 S&P 500 price-dividend < 40
1/2/2020 100.26 94.36
1/3/2020 99.77 93.59
1/6/2020 99.90 94.01
1/7/2020 99.47 93.81
1/8/2020 99.54 94.44
1/9/2020 99.88 95.21
1/10/2020 99.66 94.92
1/13/2020 100.17 95.67
1/14/2020 100.10 95.49
1/15/2020 100.34 95.64
1/16/2020 100.99 96.52
1/17/2020 101.22 96.96
1/21/2020 100.95 96.71
1/22/2020 100.87 96.79
1/23/2020 101.03 96.88
1/24/2020 100.30 95.93
1/27/2020 99.32 94.17
1/28/2020 99.69 95.50
1/29/2020 99.32 95.54
1/30/2020 99.53 95.88
1/31/2020 98.08 94.06
2/3/2020 98.11 94.99
2/4/2020 98.97 96.70
2/5/2020 100.20 97.73
2/6/2020 100.27 98.16
2/7/2020 99.82 97.58
2/10/2020 100.16 98.46
2/11/2020 100.48 98.57
2/12/2020 100.74 99.36
2/13/2020 100.48 99.26
2/14/2020 100.49 99.52
2/18/2020 100.07 99.31
2/19/2020 100.00 100.00
2/20/2020 100.18 99.39
2/21/2020 99.95 97.99
2/24/2020 97.46 94.35
2/25/2020 94.86 91.37
2/26/2020 94.18 91.16
2/27/2020 90.10 87.10
2/28/2020 88.57 86.70
3/2/2020 92.66 90.84
3/3/2020 90.70 88.07
3/4/2020 94.55 91.78
3/5/2020 91.85 88.52
3/6/2020 90.51 86.91
3/9/2020 83.74 80.27
3/10/2020 86.97 84.61
3/11/2020 82.53 80.59
3/12/2020 74.64 72.95
3/13/2020 80.59 80.17
3/16/2020 71.94 70.16
3/17/2020 76.90 74.14
3/18/2020 73.24 70.21
3/19/2020 72.23 71.06
3/20/2020 68.54 68.17
3/23/2020 65.34 66.68
3/24/2020 71.02 73.10
3/25/2020 72.13 73.78
3/26/2020 77.12 78.19
3/27/2020 75.47 75.21
3/30/2020 78.04 77.71
3/31/2020 76.56 76.58
4/1/2020 73.41 73.13
4/2/2020 75.78 74.57
4/3/2020 74.81 73.57
4/6/2020 79.23 79.30
4/7/2020 78.96 79.23
4/8/2020 81.93 81.82
4/9/2020 83.40 82.88
4/13/2020 81.91 82.31
4/14/2020 84.09 84.97
4/15/2020 81.69 83.31
4/16/2020 81.46 84.09
4/17/2020 84.41 86.04
4/20/2020 82.46 84.66
4/21/2020 80.52 81.82
4/22/2020 81.91 83.89
4/23/2020 81.84 83.85
4/24/2020 82.70 85.13
4/27/2020 84.13 86.30
4/28/2020 84.47 85.52
4/29/2020 85.59 88.24
4/30/2020 84.15 87.70
5/1/2020 81.83 85.22
5/4/2020 81.93 85.69
5/5/2020 82.34 86.60
5/6/2020 80.94 86.32
5/7/2020 81.17 87.60
5/8/2020 83.10 88.85
5/11/2020 82.69 89.03
5/12/2020 81.45 87.40
5/13/2020 79.93 85.92
5/14/2020 80.79 86.95
5/15/2020 80.64 87.56
5/18/2020 83.61 90.14
5/19/2020 82.09 89.45
5/20/2020 83.09 91.08
5/21/2020 82.50 90.35
5/22/2020 82.57 90.69
5/26/2020 84.13 91.62
5/27/2020 85.65 92.86
5/28/2020 85.65 92.60
5/29/2020 85.97 93.15
6/1/2020 86.05 93.58
6/2/2020 86.90 94.30
6/3/2020 88.55 95.39
6/4/2020 88.46 94.98
6/5/2020 90.81 97.45
6/8/2020 92.57 98.34
6/9/2020 91.12 97.88
6/10/2020 89.69 97.75
6/11/2020 84.31 92.02
6/12/2020 85.37 93.24
6/15/2020 85.83 94.11
6/16/2020 87.37 95.93
6/17/2020 86.60 95.78
6/18/2020 86.64 95.84
6/19/2020 85.76 95.45
6/22/2020 85.50 95.63
6/23/2020 85.30 96.27
6/24/2020 83.23 93.73
6/25/2020 83.85 94.88
6/26/2020 82.23 92.52
6/29/2020 83.68 93.79
6/30/2020 84.62 95.37
7/1/2020 84.65 96.01
7/2/2020 85.04 96.44
7/6/2020 85.50 98.33
7/7/2020 84.68 97.22
7/8/2020 84.78 98.21
7/9/2020 83.45 98.00
7/10/2020 84.76 98.85
7/13/2020 84.87 97.56
7/14/2020 86.03 98.86
7/15/2020 86.85 99.74
7/16/2020 86.91 99.25
7/17/2020 87.31 99.47
7/20/2020 86.50 100.93
7/21/2020 87.46 100.78
7/22/2020 88.16 101.28
7/23/2020 88.05 99.63
7/24/2020 87.53 99.01
7/27/2020 87.78 99.90
7/28/2020 87.89 98.99
7/29/2020 88.52 100.39
7/30/2020 88.08 100.06
7/31/2020 87.79 101.22
8/3/2020 87.88 102.16
8/4/2020 88.65 102.35
8/5/2020 88.72 103.21
8/6/2020 88.63 104.13
8/7/2020 89.49 103.87
8/10/2020 90.18 103.97
8/11/2020 89.81 103.00
8/12/2020 90.78 104.56
8/13/2020 89.83 104.66
8/14/2020 89.95 104.58
8/17/2020 90.04 104.93
8/18/2020 89.77 105.36
8/19/2020 89.37 104.90
8/20/2020 89.09 105.46
8/21/2020 89.17 105.91
8/24/2020 90.25 106.90
8/25/2020 89.90 107.55
8/26/2020 89.55 109.16
8/27/2020 89.95 109.25
8/28/2020 90.65 109.95
8/31/2020 90.10 109.85
9/1/2020 89.86 111.04
9/2/2020 91.57 112.62
9/3/2020 89.78 108.09
9/4/2020 89.72 106.94
9/8/2020 88.18 103.59
9/9/2020 89.17 105.99
9/10/2020 87.83 104.04
9/11/2020 88.40 103.88
9/14/2020 89.32 105.29
9/15/2020 89.42 105.99
9/16/2020 89.82 105.17
9/17/2020 89.53 104.09
9/18/2020 88.83 102.86

Note: Prices are normalized so that Feb. 19, 2020 = 100. Price and dividend uses averages over the past five years.

Source: Center for Research in Security Prices, CRSP/Compustat Merged Database; S&P Dow Jones Indices.

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Figure 3: Tech and FANG Stocks

Market price , Daily

Date S&P 500 info. tech. and FANG S&P 500 ex-info. tech. and ex-FANG
1/2/2020 90.60 98.98
1/3/2020 89.70 98.41
1/6/2020 90.38 98.57
1/7/2020 90.30 98.21
1/8/2020 91.08 98.52
1/9/2020 92.03 99.00
1/10/2020 91.85 98.67
1/13/2020 93.00 99.10
1/14/2020 92.37 99.20
1/15/2020 92.49 99.41
1/16/2020 93.60 100.07
1/17/2020 94.24 100.32
1/21/2020 94.29 99.91
1/22/2020 94.48 99.85
1/23/2020 94.88 99.82
1/24/2020 94.31 98.77
1/27/2020 92.18 97.55
1/28/2020 93.95 98.15
1/29/2020 94.27 97.86
1/30/2020 94.60 98.15
1/31/2020 92.95 96.40
2/3/2020 94.20 96.77
2/4/2020 96.15 98.00
2/5/2020 96.55 99.45
2/6/2020 97.41 99.50
2/7/2020 96.90 98.96
2/10/2020 98.32 99.32
2/11/2020 98.02 99.73
2/12/2020 99.00 100.19
2/13/2020 98.78 100.06
2/14/2020 99.13 100.16
2/18/2020 99.12 99.74
2/19/2020 100.00 100.00
2/20/2020 99.06 99.90
2/21/2020 96.82 99.46
2/24/2020 92.77 96.54
2/25/2020 90.09 93.55
2/26/2020 90.51 92.81
2/27/2020 85.86 89.04
2/28/2020 86.55 87.60
3/2/2020 90.92 91.43
3/3/2020 87.56 89.28
3/4/2020 91.10 93.12
3/5/2020 88.08 89.93
3/6/2020 86.42 88.48
3/9/2020 80.26 81.55
3/10/2020 85.23 85.06
3/11/2020 81.30 80.79
3/12/2020 73.60 73.12
3/13/2020 81.67 79.29
3/16/2020 71.20 70.13
3/17/2020 75.67 74.23
3/18/2020 72.99 69.75
3/19/2020 74.16 69.66
3/20/2020 71.29 66.47
3/23/2020 71.03 63.59
3/24/2020 77.20 69.81
3/25/2020 76.42 71.46
3/26/2020 80.92 76.06
3/27/2020 77.43 73.89
3/30/2020 80.62 76.04
3/31/2020 79.59 74.69
4/1/2020 76.08 71.39
4/2/2020 77.47 73.20
4/3/2020 76.20 72.17
4/6/2020 82.39 76.81
4/7/2020 81.86 76.89
4/8/2020 83.91 79.88
4/9/2020 83.95 81.64
4/13/2020 84.77 79.97
4/14/2020 88.32 81.92
4/15/2020 87.02 79.79
4/16/2020 88.28 79.87
4/17/2020 89.14 82.78
4/20/2020 88.01 81.06
4/21/2020 84.62 78.93
4/22/2020 87.64 80.19
4/23/2020 87.54 80.17
4/24/2020 89.05 81.15
4/27/2020 89.36 82.85
4/28/2020 87.74 83.00
4/29/2020 91.67 84.39
4/30/2020 92.16 82.94
5/1/2020 89.16 80.83
5/4/2020 90.37 80.75
5/5/2020 91.48 81.33
5/6/2020 92.16 80.10
5/7/2020 93.46 80.89
5/8/2020 94.57 82.50
5/11/2020 95.33 82.13
5/12/2020 93.34 80.51
5/13/2020 92.00 78.96
5/14/2020 93.02 79.90
5/15/2020 93.66 80.17
5/18/2020 95.57 83.22
5/19/2020 95.42 81.92
5/20/2020 97.61 82.98
5/21/2020 96.37 82.57
5/22/2020 96.72 82.78
5/26/2020 96.48 84.55
5/27/2020 96.75 86.40
5/28/2020 96.44 86.27
5/29/2020 97.55 86.42
6/1/2020 97.91 86.75
6/2/2020 98.64 87.50
6/3/2020 99.14 89.12
6/4/2020 98.18 89.14
6/5/2020 100.48 91.62
6/8/2020 101.05 93.04
6/9/2020 102.04 91.41
6/10/2020 103.51 89.91
6/11/2020 98.03 84.29
6/12/2020 99.05 85.52
6/15/2020 99.97 86.18
6/16/2020 101.99 87.75
6/17/2020 102.23 87.13
6/18/2020 102.55 87.05
6/19/2020 102.13 86.48
6/22/2020 103.28 85.93
6/23/2020 104.18 86.07
6/24/2020 101.89 83.64
6/25/2020 103.06 84.54
6/26/2020 100.20 82.78
6/29/2020 101.30 84.20
6/30/2020 103.37 85.24
7/1/2020 104.54 85.34
7/2/2020 104.99 85.73
7/6/2020 107.52 86.66
7/7/2020 106.41 85.69
7/8/2020 108.17 85.89
7/9/2020 109.05 84.65
7/10/2020 109.47 85.90
7/13/2020 106.97 85.85
7/14/2020 107.86 87.28
7/15/2020 107.90 88.55
7/16/2020 106.97 88.53
7/17/2020 107.03 88.91
7/20/2020 110.47 88.36
7/21/2020 109.18 89.26
7/22/2020 109.66 89.85
7/23/2020 106.56 89.64
7/24/2020 105.69 89.19
7/27/2020 107.36 89.39
7/28/2020 105.90 89.21
7/29/2020 107.36 90.25
7/30/2020 107.96 89.40
7/31/2020 110.57 89.18
8/3/2020 112.25 89.37
8/4/2020 112.48 89.78
8/5/2020 113.05 90.43
8/6/2020 114.92 90.43
8/7/2020 113.36 91.32
8/10/2020 112.82 92.01
8/11/2020 110.73 91.88
8/12/2020 113.23 92.68
8/13/2020 113.38 92.29
8/14/2020 113.18 92.37
8/17/2020 113.94 92.39
8/18/2020 115.16 92.11
8/19/2020 114.61 91.73
8/20/2020 116.38 91.31
8/21/2020 117.25 91.38
8/24/2020 118.23 92.40
8/25/2020 119.22 92.45
8/26/2020 122.49 92.34
8/27/2020 121.85 92.93
8/28/2020 122.76 93.51
8/31/2020 123.24 92.92
9/1/2020 125.43 92.98
9/2/2020 126.97 94.61
9/3/2020 120.02 92.55
9/4/2020 117.98 92.33
9/8/2020 112.79 90.75
9/9/2020 116.18 92.01
9/10/2020 113.51 90.71
9/11/2020 112.54 91.28
9/14/2020 114.08 92.39
9/15/2020 115.53 92.44
9/16/2020 113.48 92.78
9/17/2020 112.04 92.25
9/18/2020 110.18 91.52

Note: Prices are normalized so that Feb. 19, 2020 = 100. FANG is Facebook, Amazon, Netflix, and Google.

Source: S&P Dow Jones Indices.

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Figure 4: Returns on US Stocks Sorted by Duration

Market price, Daily

Date Portfolio of high duration stocks Portfolio of medium duration stocks Portfolio of low duration stocks
1/2/2020 94.84 98.62 103.79
1/3/2020 94.13 97.98 103.15
1/6/2020 94.56 98.06 103.34
1/7/2020 94.34 98.08 103.57
1/8/2020 94.85 98.22 103.15
1/9/2020 95.61 98.55 102.82
1/10/2020 95.35 98.11 102.22
1/13/2020 96.11 98.83 102.93
1/14/2020 95.92 99.17 103.68
1/15/2020 96.14 99.16 103.53
1/16/2020 96.97 100.03 104.73
1/17/2020 97.30 100.04 104.33
1/21/2020 97.14 99.29 102.95
1/22/2020 97.24 99.03 102.50
1/23/2020 97.37 99.19 102.54
1/24/2020 96.58 98.05 100.71
1/27/2020 95.12 96.34 98.69
1/28/2020 96.10 97.13 99.46
1/29/2020 96.10 96.70 98.56
1/30/2020 96.41 96.56 98.53
1/31/2020 95.01 94.36 96.25
2/3/2020 95.77 94.87 96.82
2/4/2020 97.49 96.54 98.08
2/5/2020 98.20 98.25 101.01
2/6/2020 98.64 98.30 100.17
2/7/2020 98.10 97.34 98.94
2/10/2020 99.00 97.65 98.78
2/11/2020 98.94 98.93 99.98
2/12/2020 99.56 99.97 101.02
2/13/2020 99.36 99.89 100.46
2/14/2020 99.64 99.69 99.83
2/18/2020 99.48 99.38 99.08
2/19/2020 100.00 100.00 100.00
2/20/2020 99.47 100.02 100.43
2/21/2020 98.23 99.26 99.10
2/24/2020 94.85 96.06 95.39
2/25/2020 92.14 92.64 91.27
2/26/2020 92.01 91.54 88.83
2/27/2020 88.10 88.05 85.54
2/28/2020 87.78 87.25 85.80
3/2/2020 91.82 89.88 87.36
3/3/2020 89.18 87.66 85.12
3/4/2020 92.89 90.69 87.15
3/5/2020 89.98 87.22 83.33
3/6/2020 88.81 85.53 80.14
3/9/2020 82.85 77.31 69.45
3/10/2020 86.93 81.07 72.89
3/11/2020 82.64 76.39 67.55
3/12/2020 75.10 68.22 59.84
3/13/2020 82.02 73.70 65.75
3/16/2020 72.68 64.63 57.07
3/17/2020 76.94 67.46 57.95
3/18/2020 73.66 61.78 51.48
3/19/2020 74.32 63.90 55.83
3/20/2020 71.26 61.97 54.14
3/23/2020 70.09 60.21 52.38
3/24/2020 76.38 67.25 59.09
3/25/2020 76.94 69.28 61.35
3/26/2020 81.65 73.18 64.31
3/27/2020 78.72 70.05 60.90
3/30/2020 81.53 71.58 61.10
3/31/2020 80.45 71.08 61.13
4/1/2020 77.27 67.28 57.42
4/2/2020 79.15 68.31 58.28
4/3/2020 78.06 67.14 57.21
4/6/2020 83.59 72.31 62.37
4/7/2020 83.21 73.31 63.80
4/8/2020 85.62 76.81 67.43
4/9/2020 86.18 78.14 70.09
4/13/2020 86.06 76.46 68.35
4/14/2020 89.16 77.98 69.18
4/15/2020 87.71 75.29 65.74
4/16/2020 88.41 74.81 64.46
4/17/2020 90.57 78.42 68.18
4/20/2020 89.19 76.89 66.43
4/21/2020 86.39 74.78 65.18
4/22/2020 88.56 76.31 66.00
4/23/2020 88.66 77.02 68.10
4/24/2020 89.87 78.02 69.17
4/27/2020 90.90 80.47 72.05
4/28/2020 90.04 81.69 74.36
4/29/2020 92.54 85.14 79.21
4/30/2020 92.14 82.67 76.85
5/1/2020 89.62 79.68 73.34
5/4/2020 90.21 79.76 73.47
5/5/2020 91.14 80.27 73.10
5/6/2020 90.99 79.47 71.82
5/7/2020 92.00 80.95 72.91
5/8/2020 93.48 83.56 76.87
5/11/2020 93.86 82.71 75.14
5/12/2020 92.04 80.41 72.70
5/13/2020 90.64 77.94 69.39
5/14/2020 91.53 79.05 70.09
5/15/2020 92.13 79.27 70.57
5/18/2020 94.73 84.16 76.45
5/19/2020 93.86 83.20 74.95
5/20/2020 95.51 85.12 76.91
5/21/2020 94.80 84.48 77.08
5/22/2020 95.05 84.61 76.99
5/26/2020 95.60 87.32 80.75
5/27/2020 96.50 89.56 84.17
5/28/2020 96.40 88.46 81.76
5/29/2020 97.16 88.49 80.70
6/1/2020 97.32 89.24 82.23
6/2/2020 98.11 90.57 84.02
6/3/2020 99.16 93.00 87.23
6/4/2020 98.51 93.55 88.94
6/5/2020 100.81 96.86 94.04
6/8/2020 101.92 98.71 98.50
6/9/2020 101.54 96.43 94.82
6/10/2020 101.71 94.26 90.86
6/11/2020 96.00 87.84 82.69
6/12/2020 97.14 89.55 85.55
6/15/2020 97.89 90.62 86.58
6/16/2020 99.90 92.42 89.00
6/17/2020 99.65 91.49 86.88
6/18/2020 99.91 91.49 86.59
6/19/2020 99.52 90.92 85.53
6/22/2020 100.33 91.01 85.59
6/23/2020 100.85 91.31 85.80
6/24/2020 98.41 88.14 81.88
6/25/2020 99.29 89.16 82.87
6/26/2020 97.15 87.37 80.69
6/29/2020 98.66 89.49 83.49
6/30/2020 100.13 90.73 84.43
7/1/2020 101.11 90.29 82.90
7/2/2020 101.62 91.02 83.51
7/6/2020 103.65 92.05 84.73
7/7/2020 102.97 90.96 82.44
7/8/2020 104.17 91.13 82.84
7/9/2020 104.37 90.05 80.11
7/10/2020 105.01 91.04 82.49
7/13/2020 103.25 90.57 81.88
7/14/2020 104.49 92.44 83.72
7/15/2020 105.10 94.31 87.18
7/16/2020 104.43 94.28 86.90
7/17/2020 104.83 94.84 86.50
7/20/2020 106.96 94.62 85.18
7/21/2020 106.39 95.39 87.39
7/22/2020 106.88 96.09 87.69
7/23/2020 104.74 96.00 88.17
7/24/2020 103.92 95.21 87.25
7/27/2020 105.25 96.31 87.80
7/28/2020 104.30 95.38 86.82
7/29/2020 105.40 96.83 88.73
7/30/2020 105.59 96.12 87.48
7/31/2020 107.11 95.78 86.75
8/3/2020 108.49 96.49 88.08
8/4/2020 108.91 96.85 89.00
8/5/2020 109.62 97.46 90.52
8/6/2020 110.66 97.24 90.35
8/7/2020 109.89 97.90 91.60
8/10/2020 109.62 98.82 94.32
8/11/2020 108.15 98.64 94.51
8/12/2020 110.24 99.57 94.85
8/13/2020 110.43 99.24 93.99
8/14/2020 110.28 99.35 94.48
8/17/2020 111.20 99.64 93.85
8/18/2020 111.92 99.26 92.74
8/19/2020 111.37 98.98 92.55
8/20/2020 112.39 98.34 91.57
8/21/2020 112.95 98.22 90.94
8/24/2020 113.61 99.42 93.71
8/25/2020 114.24 99.40 93.52
8/26/2020 116.21 99.46 92.90
8/27/2020 116.20 99.54 93.65
8/28/2020 117.05 100.24 95.00
8/31/2020 117.38 99.58 93.20

Note: This figure plots prices of value-weighted portfolios of stocks sorted on duration We sort all common stocks listed on NYSE, AMEX, and NASDAQ into terciles based on duration following Weber (2018). Prices are normalized so that Feb. 19, 2020 = 100.)

Source: Center for Research in Security Prices, CRSP/Compustat Merged Database, and Davis et al. (2000) book data.

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Figure 5: The EuroStoxx 50, FTSE 100, and Nikkei 225 Decomposed Using Dividend Futures

Market price, Daily

Date The EuroStoxx 50 Decomposed Using Dividend futures The Nikkei 225 Decomposed Using Dividend futures The FTSE 100 Decomposed Using Dividend futures
Dividend 1 to 2 years in the future Dividend 3 to 5 years in the future Dividend 6+ years in the future EuroStoxx 50 index Dividend 1 to 2 years in the future Dividend 3 to 5 years in the future Dividend 6+ years in the future Nikkei 225 index Dividend 1 to 2 years in the future Dividend 3 to 5 years in the future Dividend 6+ years in the future FTSE 100 index
1-Jan-20 103.98 98.48 96.21 96.89 100.25 100.92 101.14 101.09 101.15 102.01 97.93 101.53
2-Jan-20 104.39 99.66 97.52 98.14 100.27 100.92 101.14 101.09 101.98 102.33 98.37 102.46
3-Jan-20 104.07 99.04 97.00 97.62 100.29 100.93 101.14 101.09 102.22 102.25 98.61 102.74
6-Jan-20 102.97 98.72 96.48 97.09 99.73 99.68 99.10 99.16 101.59 102.21 98.53 101.97
7-Jan-20 103.11 99.04 96.64 97.26 100.05 101.35 100.74 100.75 101.57 102.37 99.10 101.84
8-Jan-20 103.23 99.28 97.01 97.60 99.90 101.16 99.00 99.16 101.58 102.40 99.17 101.85
9-Jan-20 102.85 99.73 97.70 98.21 100.52 101.78 101.47 101.45 101.89 102.34 99.84 102.14
10-Jan-20 102.82 99.82 97.50 98.04 100.39 101.65 102.01 101.92 101.75 102.38 99.41 102.03
13-Jan-20 102.78 99.62 97.23 97.79 100.45 101.66 102.00 101.92 102.15 102.52 99.66 102.48
14-Jan-20 102.63 99.59 97.10 97.66 100.74 101.88 102.81 102.67 102.22 102.56 99.65 102.56
15-Jan-20 102.34 99.55 96.94 97.51 100.78 101.81 102.29 102.20 102.49 102.78 99.84 102.85
16-Jan-20 102.34 99.69 97.08 97.64 100.88 101.92 102.36 102.28 102.05 102.32 100.29 102.28
17-Jan-20 102.64 100.38 98.03 98.53 100.77 101.64 102.90 102.74 102.92 102.45 100.55 103.31
20-Jan-20 101.89 100.26 97.81 98.29 101.08 102.38 103.03 102.92 102.61 102.57 100.67 102.89
21-Jan-20 101.84 100.18 97.52 98.03 100.87 101.89 102.04 101.98 102.06 102.40 100.42 102.27
22-Jan-20 101.63 99.90 96.98 97.53 100.93 102.00 102.82 102.70 101.54 102.22 100.98 101.55
23-Jan-20 101.34 99.46 96.04 96.68 100.14 101.36 101.78 101.69 100.68 102.16 100.71 100.52
24-Jan-20 101.69 100.19 97.23 97.77 100.03 100.97 101.96 101.82 101.73 102.12 100.71 101.84
27-Jan-20 101.00 98.27 94.39 95.15 99.20 99.78 99.78 99.76 99.40 102.08 100.08 99.02
28-Jan-20 101.36 99.26 95.52 96.22 99.01 99.59 99.19 99.21 100.32 102.34 100.28 100.11
29-Jan-20 101.49 99.53 96.01 96.67 99.11 100.58 99.90 99.91 100.36 102.39 100.25 100.16
30-Jan-20 101.04 98.46 94.76 95.49 98.63 99.18 98.11 98.19 98.99 102.35 100.00 98.50
31-Jan-20 100.77 97.33 93.38 94.20 99.00 99.47 99.15 99.16 97.71 102.06 99.73 96.96
3-Feb-20 100.87 97.55 93.97 94.72 98.57 98.84 98.10 98.17 98.25 102.14 100.26 97.55
4-Feb-20 101.56 98.99 95.94 96.56 99.10 99.48 98.57 98.65 99.77 102.39 100.74 99.36
5-Feb-20 101.75 99.81 97.23 97.74 99.40 99.84 99.65 99.65 100.34 102.50 100.55 100.09
6-Feb-20 100.23 100.31 98.13 98.46 100.20 101.42 102.14 102.02 100.64 102.32 100.45 100.50
7-Feb-20 100.09 99.94 97.96 98.27 100.45 101.29 101.92 101.83 100.13 102.45 100.32 99.86
10-Feb-20 100.07 99.84 97.81 98.14 100.44 100.90 101.27 101.22 99.86 102.51 100.25 99.53
11-Feb-20 100.23 100.43 98.74 98.98 100.46 100.90 101.27 101.22 100.57 102.65 100.57 100.35
12-Feb-20 100.21 100.74 99.58 99.72 100.57 101.22 102.08 101.97 101.04 102.49 100.47 100.97
13-Feb-20 100.07 100.31 99.40 99.52 100.50 101.21 101.92 101.82 99.93 100.03 100.39 99.86
14-Feb-20 100.04 100.06 99.25 99.37 100.17 100.67 101.31 101.23 99.36 100.07 100.51 99.12
17-Feb-20 100.13 100.31 99.59 99.69 100.20 100.42 100.54 100.52 99.68 100.05 100.42 99.54
18-Feb-20 100.01 99.68 99.16 99.26 99.95 99.83 99.03 99.12 98.99 100.00 100.00 98.74
19-Feb-20 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
20-Feb-20 99.69 99.59 98.78 98.91 100.09 100.06 100.36 100.34 99.73 98.79 100.01 99.78
21-Feb-20 99.45 98.81 98.19 98.32 99.93 99.65 99.96 99.94 99.29 98.79 100.00 99.23
24-Feb-20 98.49 95.17 94.00 94.38 99.98 99.65 99.96 99.94 95.97 97.93 98.73 95.37
25-Feb-20 97.71 93.49 91.93 92.43 99.37 98.77 96.34 96.60 94.11 97.68 97.41 93.26
26-Feb-20 97.67 93.54 92.08 92.56 98.98 98.46 95.52 95.84 94.44 97.30 96.90 93.79
27-Feb-20 96.68 90.64 88.75 89.41 96.66 96.91 93.46 93.79 91.14 93.29 96.09 90.20
28-Feb-20 95.39 88.47 85.22 86.14 95.44 94.97 89.82 90.35 88.25 91.90 92.62 87.23
2-Mar-20 95.58 89.11 85.42 86.38 94.50 95.13 90.80 91.21 89.24 91.82 89.94 88.87
3-Mar-20 96.34 89.99 86.28 87.24 94.22 94.50 89.62 90.09 90.09 93.62 90.40 89.68
4-Mar-20 96.61 91.28 87.61 88.50 94.15 95.31 89.65 90.17 91.40 93.01 90.89 91.31
5-Mar-20 95.78 90.05 86.06 87.02 94.55 95.60 90.70 91.15 89.92 89.17 90.26 89.95
6-Mar-20 94.02 86.51 82.55 83.62 93.74 94.80 88.04 88.67 86.66 88.84 89.90 85.97
9-Mar-20 85.67 76.31 75.92 76.56 91.60 90.18 83.45 84.18 80.00 83.16 83.67 79.14
10-Mar-20 85.27 75.07 74.58 75.29 90.73 91.23 84.22 84.90 79.93 80.10 77.00 80.34
11-Mar-20 85.73 75.07 74.41 75.17 89.33 89.05 82.29 82.97 78.81 76.04 76.77 79.39
12-Mar-20 79.61 65.34 64.90 65.85 86.69 85.74 78.56 79.31 70.24 69.56 65.79 70.95
13-Mar-20 79.58 66.96 65.98 66.91 82.39 80.15 73.76 74.49 71.96 74.62 71.33 71.78
16-Mar-20 69.38 62.78 63.03 63.40 78.85 76.57 72.12 72.66 69.08 71.19 67.63 69.07
17-Mar-20 65.88 63.03 65.70 65.47 75.96 74.36 72.44 72.70 71.01 60.37 59.41 73.79
18-Mar-20 57.83 58.65 62.34 61.73 73.15 73.16 71.29 71.48 68.13 61.73 60.97 69.84
19-Mar-20 57.39 58.97 64.42 63.49 71.29 71.19 70.68 70.74 69.08 56.10 57.32 72.14
20-Mar-20 60.16 60.49 66.94 65.93 71.31 71.19 70.68 70.74 69.61 61.30 62.75 71.47
23-Mar-20 55.82 55.52 65.87 64.31 65.74 65.86 72.87 72.17 66.97 48.72 57.65 70.21
24-Mar-20 50.63 56.99 73.10 70.25 64.77 64.93 78.70 77.32 73.03 49.02 58.36 77.65
25-Mar-20 51.88 62.15 75.05 72.45 60.94 61.34 86.01 83.53 76.28 49.58 60.10 81.40
26-Mar-20 53.23 63.36 76.28 73.68 60.83 61.24 81.83 79.76 77.99 48.70 66.37 82.71
27-Mar-20 52.19 61.35 72.93 70.60 60.83 61.22 85.28 82.86 73.89 45.10 62.23 78.57
30-Mar-20 41.42 59.26 75.07 71.55 51.22 65.63 83.94 81.56 74.61 42.92 59.84 80.04
31-Mar-20 41.27 59.66 75.69 72.10 53.84 67.62 82.90 80.84 76.06 42.27 64.54 81.23
1-Apr-20 39.04 57.14 72.87 69.34 52.73 67.62 78.90 77.20 73.15 35.04 56.81 79.47
2-Apr-20 39.24 57.51 73.06 69.56 49.11 63.00 78.20 76.15 73.49 32.70 56.38 80.20
3-Apr-20 40.17 58.53 72.11 68.90 49.19 63.00 78.21 76.15 72.62 32.60 57.42 78.97
6-Apr-20 44.48 63.29 75.34 72.34 51.36 69.31 81.27 79.38 74.86 36.45 55.08 81.71
7-Apr-20 48.53 67.14 76.52 73.93 52.75 72.02 82.80 80.98 76.50 37.83 57.45 83.27
8-Apr-20 50.24 68.43 76.06 73.77 52.88 74.35 84.55 82.70 76.14 39.81 61.81 81.98
9-Apr-20 50.74 71.37 76.97 74.84 54.39 75.66 84.37 82.67 78.35 41.85 63.71 84.26
10-Apr-20 50.77 71.37 76.97 74.84 53.74 75.15 85.15 83.32 78.35 41.89 63.71 84.25
13-Apr-20 50.86 71.38 76.96 74.84 54.47 73.33 83.08 81.38 78.35 42.01 63.72 84.24
14-Apr-20 51.26 72.16 77.61 75.49 56.44 74.62 85.74 83.92 77.66 44.42 65.61 82.85
15-Apr-20 48.30 68.56 74.87 72.65 60.53 77.39 84.95 83.54 75.07 42.07 63.55 80.15
16-Apr-20 48.62 68.95 74.93 72.76 61.53 77.73 83.65 82.43 75.48 42.16 64.66 80.50
17-Apr-20 50.44 69.54 77.05 74.73 63.88 79.58 86.31 85.03 77.60 41.79 63.26 83.40
20-Apr-20 50.91 69.28 77.70 75.27 63.01 77.86 85.38 84.05 77.95 42.11 62.08 83.97
21-Apr-20 50.27 67.15 74.36 72.22 62.19 77.03 83.63 82.39 75.65 40.66 62.11 81.24
22-Apr-20 51.20 68.46 75.48 73.34 60.38 75.69 83.12 81.78 77.39 40.85 62.27 83.36
23-Apr-20 52.23 69.21 75.86 73.80 59.59 74.44 84.62 83.03 78.14 41.13 61.58 84.37
24-Apr-20 53.06 69.06 74.50 72.68 60.35 74.35 83.80 82.31 77.14 43.34 61.58 82.90
27-Apr-20 54.75 70.67 76.43 74.57 61.96 75.52 86.13 84.54 78.41 41.35 60.23 84.88
28-Apr-20 55.74 72.00 77.74 75.86 62.66 79.61 85.76 84.49 79.90 43.57 65.20 85.80
29-Apr-20 56.73 73.79 79.43 77.51 62.73 79.61 85.76 84.49 82.01 45.27 64.79 88.31
30-Apr-20 55.74 72.50 77.56 75.75 65.33 81.82 87.50 86.30 79.14 42.73 61.82 85.42
1-May-20 55.77 72.51 77.56 75.75 63.18 79.68 85.01 83.84 77.28 43.07 62.08 83.04
4-May-20 53.40 69.70 74.63 72.87 66.12 83.47 84.63 83.84 77.16 42.85 61.06 83.05
5-May-20 55.38 71.52 76.10 74.41 66.19 83.47 84.63 83.84 78.44 43.64 62.20 84.41
6-May-20 56.08 70.91 75.14 73.57 66.27 83.47 84.62 83.84 78.50 44.06 62.19 84.44
7-May-20 56.07 73.04 76.03 74.53 64.33 79.53 85.24 84.08 79.60 43.88 62.41 85.80
8-May-20 56.32 73.14 76.84 75.24 66.73 81.97 87.36 86.23 79.60 43.93 62.42 85.79
11-May-20 54.74 72.32 76.30 74.61 67.22 82.43 88.31 87.14 79.65 45.12 61.89 85.81
12-May-20 54.48 71.99 76.37 74.62 66.87 82.34 88.22 87.03 80.39 44.97 61.38 86.82
13-May-20 53.27 69.73 74.45 72.71 66.68 81.68 87.80 86.61 79.17 45.02 61.40 85.29
14-May-20 50.91 66.99 73.38 71.41 67.19 81.15 86.14 85.10 77.00 42.34 60.19 83.03
15-May-20 50.81 67.77 73.63 71.68 67.66 81.58 86.68 85.63 77.78 43.36 61.20 83.75
18-May-20 52.28 71.18 77.46 75.34 68.48 81.94 87.07 86.04 81.11 44.06 62.19 87.70
19-May-20 52.13 71.16 77.19 75.10 68.35 82.29 88.48 87.32 80.49 43.71 60.71 87.17
20-May-20 52.86 71.98 78.27 76.13 69.33 83.60 89.11 88.01 81.36 43.94 60.93 88.21
21-May-20 51.54 71.12 77.31 75.16 70.85 84.67 88.77 87.83 80.67 43.29 60.69 87.44
22-May-20 51.64 70.73 77.36 75.17 70.31 84.01 88.06 87.13 80.37 43.60 60.97 87.00
25-May-20 52.04 72.02 79.21 76.87 70.62 84.46 89.70 88.64 80.37 43.73 60.98 86.98
26-May-20 51.80 72.31 80.05 77.60 72.48 85.47 92.06 90.90 81.37 43.82 61.68 88.12
27-May-20 52.23 72.92 81.53 78.94 74.87 86.95 92.56 91.53 82.40 43.86 61.40 89.44
28-May-20 53.45 74.90 82.56 80.06 75.38 88.53 94.79 93.66 83.40 44.27 61.91 90.57
29-May-20 54.65 75.18 81.09 78.91 74.31 87.71 94.71 93.49 81.49 44.67 62.39 88.08
1-Jun-20 57.18 77.35 81.51 79.63 73.81 87.68 95.61 94.28 82.69 45.13 64.33 89.25
2-Jun-20 57.31 78.70 83.84 81.73 73.88 87.86 96.84 95.41 83.41 46.77 65.62 89.79
3-Jun-20 59.07 80.98 86.84 84.59 75.08 88.81 98.10 96.64 85.59 49.58 69.21 91.70
4-Jun-20 59.43 80.46 86.63 84.39 75.46 88.95 98.46 96.99 85.04 49.87 69.21 90.98
5-Jun-20 62.08 83.61 89.84 87.56 75.82 89.76 99.19 97.71 86.96 51.42 72.02 92.80
8-Jun-20 63.91 84.83 89.03 87.09 76.82 90.64 100.58 99.05 86.80 52.09 73.08 92.39
9-Jun-20 62.00 83.76 87.89 85.91 76.63 90.63 100.17 98.68 84.96 51.06 70.74 90.54
10-Jun-20 61.47 82.59 87.23 85.21 76.82 90.34 100.35 98.82 84.87 51.09 70.75 90.42
11-Jun-20 58.48 77.59 83.43 81.36 75.99 88.90 97.38 96.04 81.49 48.96 67.04 86.96
12-Jun-20 57.57 75.77 83.97 81.59 75.10 88.75 96.64 95.32 81.87 48.52 66.51 87.56
15-Jun-20 57.49 75.49 83.48 81.15 73.57 86.73 93.16 92.01 81.33 48.22 65.51 87.06
16-Jun-20 59.13 78.31 86.30 83.89 76.14 89.21 97.87 96.50 83.72 48.12 66.22 89.95
17-Jun-20 58.80 78.17 87.09 84.53 75.74 89.30 97.28 95.96 83.86 49.61 68.22 89.68
18-Jun-20 58.95 78.43 86.52 84.08 74.88 88.57 96.90 95.53 83.47 48.84 66.88 89.46
19-Jun-20 58.28 78.86 87.11 84.58 74.87 88.83 97.46 96.06 84.38 49.71 67.91 90.37
22-Jun-20 57.92 78.41 86.35 83.87 74.70 88.07 97.32 95.88 83.74 49.97 69.07 89.37
23-Jun-20 59.18 79.86 87.85 85.35 74.94 88.41 97.82 96.36 84.75 50.42 69.10 90.58
24-Jun-20 58.04 77.72 85.02 82.69 74.88 88.04 97.78 96.30 82.12 50.11 67.32 87.58
25-Jun-20 58.33 77.99 85.67 83.28 74.05 87.02 96.58 95.12 82.43 49.51 66.05 88.22
26-Jun-20 57.84 77.27 85.33 82.90 74.10 87.33 97.76 96.20 82.60 49.70 66.21 88.38
29-Jun-20 58.04 78.05 86.08 83.62 71.68 85.98 95.50 93.99 83.49 49.80 66.16 89.50
30-Jun-20 58.59 78.56 86.05 83.67 71.91 86.02 96.88 95.25 82.74 49.93 66.26 88.53
1-Jul-20 58.42 78.21 85.93 83.53 71.52 85.55 96.14 94.53 82.58 49.78 67.15 88.22
2-Jul-20 58.95 80.09 88.49 85.90 71.80 85.63 96.23 94.64 83.68 49.84 67.62 89.52
3-Jul-20 58.72 79.57 87.77 85.23 72.90 85.85 96.93 95.32 82.57 49.88 67.61 88.13
6-Jul-20 59.44 80.85 89.28 86.67 74.16 86.99 98.74 97.07 84.30 49.75 66.39 90.48
7-Jul-20 58.82 80.41 88.51 85.94 74.15 87.01 98.26 96.64 83.01 49.79 66.39 88.86
8-Jul-20 58.16 79.43 87.58 85.02 74.20 86.92 97.43 95.89 82.56 50.81 67.43 88.04
9-Jul-20 57.16 78.45 86.99 84.37 75.32 87.43 97.78 96.28 81.13 50.20 67.10 86.37
10-Jul-20 56.87 78.15 88.12 85.28 74.84 87.12 96.69 95.26 81.74 51.00 67.83 86.95
13-Jul-20 57.70 79.50 89.55 86.67 74.71 88.18 98.97 97.37 82.82 51.15 67.81 88.28
14-Jul-20 57.46 78.72 88.78 85.93 74.55 87.54 98.08 96.52 82.87 51.21 67.83 88.34
15-Jul-20 57.89 80.09 90.34 87.40 75.17 88.28 99.70 98.05 84.39 50.60 67.12 90.39
16-Jul-20 57.84 79.66 90.00 87.07 74.83 87.68 98.93 97.31 83.82 50.82 67.31 89.64
17-Jul-20 57.97 79.65 90.00 87.08 75.00 87.47 98.58 96.99 84.35 50.86 67.30 90.30
20-Jul-20 58.94 80.29 90.55 87.66 75.24 87.43 98.68 97.08 83.97 51.02 67.31 89.80
21-Jul-20 59.27 80.15 91.06 88.10 75.86 87.74 99.42 97.79 84.08 51.11 67.50 89.90
22-Jul-20 58.70 79.38 90.13 87.21 75.87 87.56 98.80 97.23 83.24 51.34 67.81 88.78
23-Jul-20 58.35 79.00 90.22 87.23 75.95 87.56 98.80 97.23 83.30 50.52 65.95 89.21
24-Jul-20 57.22 76.67 88.70 85.66 76.03 87.57 98.79 97.23 82.12 50.29 64.81 87.93
27-Jul-20 57.38 76.37 88.47 85.45 76.10 87.30 98.64 97.07 81.87 50.50 64.82 87.59
28-Jul-20 57.35 76.27 88.51 85.47 76.18 87.36 98.36 96.82 82.19 50.38 64.91 88.00
29-Jul-20 57.39 76.18 88.41 85.38 75.72 86.84 97.17 95.71 82.22 50.98 64.18 88.08
30-Jul-20 56.21 73.49 85.98 83.00 75.77 86.67 96.91 95.46 80.33 49.76 61.95 86.16
31-Jul-20 56.21 72.63 85.04 82.13 74.62 85.42 94.06 92.78 79.09 50.46 61.83 84.56
3-Aug-20 56.83 73.60 87.14 84.04 74.85 86.24 96.29 94.85 80.90 51.08 62.42 86.68
4-Aug-20 57.36 73.66 87.28 84.19 75.73 87.04 98.00 96.47 80.94 51.22 62.53 86.70
5-Aug-20 57.47 73.97 87.67 84.56 75.53 86.20 97.79 96.21 81.87 51.82 63.22 87.69
6-Aug-20 56.81 73.07 86.96 83.84 74.86 85.85 97.38 95.80 80.82 51.34 63.19 86.44
7-Aug-20 56.89 73.00 87.34 84.15 74.38 85.56 97.00 95.42 80.89 51.12 62.27 86.68
10-Aug-20 57.03 72.90 87.55 84.34 74.65 85.57 96.99 95.42 81.14 51.60 62.62 86.89
11-Aug-20 57.23 74.52 89.58 86.21 75.13 85.87 98.94 97.22 82.53 51.63 63.02 88.57
12-Aug-20 57.93 75.66 90.35 87.01 75.31 86.25 99.35 97.62 84.22 52.66 64.83 90.30
13-Aug-20 58.02 75.75 89.72 86.49 76.07 87.14 101.19 99.35 82.95 51.32 64.76 88.87
14-Aug-20 57.47 74.70 88.71 85.51 76.07 87.12 101.38 99.52 81.67 50.79 63.62 87.49
17-Aug-20 57.96 75.11 88.66 85.53 76.06 86.84 100.48 98.70 82.17 52.08 63.84 87.95
18-Aug-20 57.63 74.75 88.23 85.11 76.07 86.89 100.26 98.51 81.49 50.92 62.97 87.35
19-Aug-20 58.31 75.60 88.94 85.83 76.29 87.05 100.52 98.76 81.96 50.97 63.30 87.88
20-Aug-20 58.21 74.89 87.69 84.70 76.15 86.75 99.46 97.78 80.64 50.63 63.12 86.30
21-Aug-20 57.68 74.26 87.36 84.34 76.21 86.65 99.65 97.95 80.49 50.20 62.43 86.25
24-Aug-20 59.20 75.91 89.27 86.20 76.35 86.82 99.94 98.23 81.87 51.29 63.63 87.68
25-Aug-20 59.57 76.14 89.16 86.15 77.06 87.45 101.35 99.56 80.96 51.57 63.63 86.52
26-Aug-20 60.29 76.56 89.89 86.85 77.09 87.23 101.33 99.53 81.07 51.63 63.40 86.69
27-Aug-20 60.26 76.06 89.16 86.18 77.10 87.24 100.94 99.18 80.46 51.44 63.12 85.99
28-Aug-20 59.95 75.93 88.72 85.78 76.32 86.64 99.47 97.79 79.97 51.46 62.93 85.40
31-Aug-20 59.74 74.85 87.54 84.67 77.05 87.46 100.60 98.88 79.97 51.65 62.94 85.38
1-Sep-20 59.90 74.90 87.68 84.80 77.01 87.18 100.61 98.88 78.61 51.57 61.83 83.85

Note: Prices are normalized so that Feb. 19, 2020 = 100.

Source: Bloomberg.

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Last Update: October 14, 2020