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S&P/ASX 200

^AXJOAustralia

Australia's premier investable benchmark tracking the 200 largest eligible index-ranked stocks on the ASX.

-4.10%
Minor Dip·(0% to -5%)

As of Oct 29, 2026, S&P/ASX 200 (^AXJO) closed at 8,891.80 pts, representing a -4.10% drawdown from its all-time high of 9,271.60 pts recorded on Aug 6, 2026 (84 days ago). Returning to all-time high requires a +4.3% gain.

Last Close
8,891.80pts
Oct 29, 2026
All-Time High
9,271.60pts
Aug 6, 2026
Days Below Peak
84d
Days below ATH
Gain to ATH
+4.3%
Needed to recover
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Drawdowns of Top Holdings

BHP$81.82
BHP Group
-20.32%Correction
CMWAY$117.25
Commonwealth Bank
-11.24%Pullback
NABZY$14.53
National Australia Bank
-25.49%Correction
CSLLY$35.00
CSL Limited
-40.55%Bear Market
RIO$83.25
Rio Tinto
-38.56%Bear Market

Historical Maximum Drawdowns & Annual Drops

Deepest peak-to-trough drop recorded within each calendar year.

Over the last 10 completed years, S&P/ASX 200 experienced an average intra-year drawdown of -11.9% lasting an average of 77 days peak-to-trough, with its deepest drawdown reaching -36.5% in 2020.

10Y Avg Drawdown
-11.86%
Correction
Deepest Drawdown
-36.53%
2020 · Bear Market
Avg Peak-to-Trough
77 days
YearMax Intra-Year DrawdownPeak HighBottom TroughPeak-to-TroughYearly Return
2025
-14.17%Correction
Feb 14, 2025
8,555.80
Apr 7, 2025
7,343.30
52 days
+6.80%
2024
-5.73%Pullback
Aug 1, 2024
8,114.70
Aug 5, 2024
7,649.60
4 days
+7.49%
2023
-10.39%Correction
Feb 3, 2023
7,558.10
Oct 30, 2023
6,772.90
269 days
+7.84%
2022
-15.25%Correction
Apr 21, 2022
7,592.80
Jun 20, 2022
6,434.70
60 days
-5.45%
2021
-5.81%Pullback
Aug 13, 2021
7,628.90
Oct 1, 2021
7,185.50
49 days
+13.02%
2020
-36.53%Bear Market
Feb 20, 2020
7,162.50
Mar 23, 2020
4,546.00
32 days
-1.45%
2019
-6.42%Pullback
Jul 30, 2019
6,845.10
Aug 16, 2019
6,405.50
17 days
+18.38%
2018
-13.93%Correction
Aug 29, 2018
6,352.20
Dec 21, 2018
5,467.60
114 days
-6.90%
2017
-5.12%Pullback
May 1, 2017
5,956.50
Oct 5, 2017
5,651.80
157 days
+7.05%
2016
-5.26%Pullback
Oct 25, 2016
5,442.80
Nov 9, 2016
5,156.60
15 days
+4.76%

S&P/ASX 200 Historical Maximum Drawdown & Bear Market History

Historical Maximum Drawdowns & Major Crashes

Australia's S&P/ASX 200 suffered its deepest modern drawdown during the 2007–2009 Global Financial Crisis, tumbling -54.0% from its November 2007 peak of 6,828.70 down to a March 2009 trough of 3,145.50. During the March 2020 COVID-19 panic, the index fell -36.5% from 7,162 down to 4,546 in just 31 calendar days. In 2022, global central bank rate hikes triggered a milder -15.7% correction.

Typical Pullback Frequency

Dominated by major commercial banks and global mining leaders (BHP, Rio Tinto, Fortescue), the S&P/ASX 200 exhibits moderate price volatility buffered by high dividend payout ratios. Routine pullbacks of -5% to -10% occur roughly once per year, while deeper corrections (> -15%) typically require either a commodity price slump or a global credit contraction.

Historical Recovery Timelines

Because Australian corporations pay out a high share of earnings as franked dividends rather than conducting share buybacks, the price-only ASX 200 index required 11.7 years (4,282 days) to finally surpass its November 2007 peak in July 2019. In contrast, modern cyclical recoveries have been much brisker: the 2020 crash recovered in 446 days, and the 2022 correction reclaimed all-time highs in early 2024.

Frequently Asked Questions about S&P/ASX 200

Click to expand
How is the current drawdown of S&P/ASX 200 calculated?
For S&P/ASX 200, drawdown measures the percentage decline from its all-time high closing peak of 9,271.60 pts (reached on Aug 6, 2026) to its latest daily close of 8,891.80 pts: ((8,891.80 pts - 9,271.60 pts) / 9,271.60 pts) × 100 = -4.10% Calculations use official daily settled closes to filter out intraday wick noise. The drawdown only resets to 0.00% when a new settled close surpasses 9,271.60 pts.
At what prices does S&P/ASX 200 enter a dip, pullback, correction, or bear market?
Measuring from S&P/ASX 200's all-time high closing price of 9,271.60 pts: • -5% Dip: Triggers at 8,808.02 pts • -10% Pullback: Triggers at 8,344.44 pts • -20% Correction: Triggers at 7,417.28 pts • -20% Bear Market: Triggers at 7,417.28 pts At its latest close of 8,891.80 pts (-4.10%), S&P/ASX 200 is currently in Minor Dip territory (Routine market dip (< 5% decline).).
How much does S&P/ASX 200 need to rise to reach a new all-time high?
From its current drawdown of -4.10%, S&P/ASX 200 must gain +4.3% from its current price of 8,891.80 pts to break even back at its all-time high of 9,271.60 pts. Because losses compound on a reduced capital base, the recovery gain required always exceeds the drawdown percentage. For example, on a hypothetical $1,000 capital base at today's price, returning to prior all-time highs equals $1,042.71 (a +$42.71 recovery increase).
Calculate custom drawdown & break-even targets with the Drawdown Calculator
What is the typical annual drawdown and duration for S&P/ASX 200?
Across completed annual calendar cycles, S&P/ASX 200 experienced an average intra-year pullback of -11.9%, taking an average of 77 calendar days to reach bottom from its intra-year peak. The deepest annual decline occurred in 2020 with a -36.5% drop, while the mildest year was 2017 with a pullback of only -5.1%.
What is the historical maximum drawdown for S&P/ASX 200?
The maximum historical drawdown recorded for S&P/ASX 200 across tracked cycles is -36.53%. In recent market history, its deepest calendar year decline occurred in 2020, falling -36.5% from 7,162.50 pts (Feb 20, 2020) down to a trough of 4,546.00 pts (Mar 23, 2020), spanning 32 days from peak to bottom.
What are the top holdings in S&P/ASX 200 and their current drawdowns?
The top tracked constituent holdings in S&P/ASX 200 (^AXJO) and their current drawdowns from all-time highs are: • BHP Group (BHP): -20.32% drawdown • Commonwealth Bank (CMWAY): -11.24% drawdown • National Australia Bank (NABZY): -25.49% drawdown • CSL Limited (CSLLY): -40.55% drawdown • Rio Tinto (RIO): -38.56% drawdown
Educational & Informational Purpose Only: All data shown is for informational purposes only and does not constitute financial advice. Past drawdowns and recoveries are not indicative of future returns. See our Terms of Service for full disclaimers.