If you put $1,000 into an S&P 500 ETF 20 years ago, here's what you'd have today
An ASU finance expert's stock market research study found that between 1990 and 2020, more than 55% of stocks underperformed.
In this article published July 1, 2026, in Kiplinger:
Between 1990 and 2020, more than 55% of all U.S. stocks underperformed risk-free, one-month U.S. Treasury bills, according to Hendrik Bessembinder, professor of finance at Arizona State University's W. P. Carey School of Business. These stocks didn't just lag the S&P 500; they failed to beat cash.
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