How much do stocks fall in a crash? Peak to trough across past crashes
The essentials in 30 seconds
- Stocks fell from 31.6% to 89% peak to trough in the main US crashes since 1929.
- The Dow fell 89% from 1929 to 1932, and the NASDAQ-100 fell 78% by October 2002.
- On 19 October 1987 the Dow fell 22.6% in one day.
- On a $100,000 portfolio with 60% in stocks, a fall of 54% costs $32,400 (illustration).
- This page is general information, not investment advice.
How much stocks fall in a crash is a question of index, dates, and method. This page, current as of October 2026, lines up the peak-to-trough falls of 1929, 1987, 2000, 2007, and 2020, then converts them into money for a sample portfolio. It belongs to the guide on how long stock market crashes last, which covers the time side of the same episodes.
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How much did stocks fall in the biggest past stock market crashes?
Peak-to-trough falls in the main US crashes range from 31.6% to 89%. The Dow fell 89% from 1929 to 1932 (Federal Reserve History), the NASDAQ-100 fell 78% from its peak by October 2002, the Dow fell 54% from October 2007 to March 2009, the S&P 500 fell 34% in 2020, and the S&P 500 fell 31.6% after Black Monday (Wikipedia).
The table in this section lines up the 5 episodes. Index choice matters, so each row names its index: the Dow, the S&P 500, or the NASDAQ-100. Comparing like with like keeps the figures honest, and the sections below explain how to read the differences. Each figure comes with its source, so you can open the original page and check the dates yourself.
How much can stocks fall in one day of a stock market crash?
On 19 October 1987 the Dow fell 22.6% (508 points) and the S&P 500 fell 20.47%, the largest one-day percentage fall on record (Wikipedia). One day removed almost a quarter of the Dow’s value, which is the fastest single loss in this set.
The 2020 crash produced several large days. The S&P 500 fell 7.6% on 9 March 2020, and the Dow fell 12.93% (2,997 points) on 16 March 2020 (Wikipedia). The total fall of 34% arrived through a series of such days. Single-day falls draw attention, and the total fall from the peak decides the damage to a portfolio.
Why does the size of a stock market fall depend on the index?
Indexes hold different shares, so a single episode gives different numbers. In the 2022 decline the Dow fell 18.78%, the S&P 500 fell 27.55%, and the Nasdaq fell 36.40% from its 19 November high (Wikipedia). The gap of 17.62 points between the Dow and the Nasdaq shows how much the index choice matters.
The dot-com case shows it at larger scale: the NASDAQ-100 fell 78% by October 2002 (Wikipedia), a figure for technology shares. A portfolio loss follows the shares in the portfolio, so the right comparison uses the index closest to what you own.
What is the typical fall in a stock market decline?
Morningstar data cited by Wikipedia gives an average cumulative loss of 30% across bear markets for 1926 to 2014, with an average duration of 13 months. Crashes in this set sit at or beyond that average: the S&P 500 fell 31.6% in 1987 and 34% in 2020, while the Dow fell 54% in 2007 to 2009.
The average describes a middle, and the crashes describe the tails. A plan that relies on the average of 30% leaves a gap when a fall of 54% or 89% arrives. Planning for the tail, then comparing the result with the average, gives a range for the decision. Writing both numbers next to each other shows how far an ordinary decline sits from the worst cases in the record.
What does a stock market fall mean for a $100,000 portfolio?
Translate percentages into money to see the effect. Take a $100,000 portfolio with 60% in stocks. A stock fall of 34% costs $20,400, a fall of 54% costs $32,400, and a fall of 89% costs $53,400. Bond and cash holdings change the total, and the stock share sets the scale of the loss.
The same fall costs more as the stock share rises: at 80% in stocks, a fall of 54% costs $43,200. Checking your stock share before a crash tells you which row of the table applies. This page is general information, not investment advice, and the numbers are an illustration, not a forecast.
How do you measure a stock market fall from peak to trough?
The method has 3 steps: pick one index, find its highest close before the fall, and find its lowest close afterwards. Divide the low by the high and subtract the result from 1. The S&P 500 went from 3,386 to 2,237 in 2020, and 2,237 divided by 3,386 gives 0.66, a fall of about 34%.
The Dow went from 14,164.53 on 9 October 2007 to 6,469.95 on 6 March 2009 (Wikipedia), and the same method gives a fall of about 54%. Using the same index and the same price type for the high and the low keeps the result comparable. Intraday and closing values can differ, so a source should state which it uses.
How can you size risk with the falls of past stock market crashes?
A risk budget starts with the loss you can carry. Choose a fall from the table, such as 54%, multiply it by your stock share, and compare the amount with your cash reserve and your income. If the result is too large, lower the stock share or enlarge the reserve before a fall arrives, since adjustments are easier in calm periods. Repeat the exercise once a year, because your stock share drifts as prices move and the table then applies to a different portfolio.
The EQOS Asia method page explains how a φ(S) score reads the structure of a system across 9 dimensions, and the Λ simulator estimates a score for your case in 10 minutes (EQOS Asia 2008 back-test, 2026). The contact page books a 30-minute call. The score frames risk and leaves the size of the next fall open.
See also in this guide
Frequently asked questions
How much do stocks fall in a crash?
In the main US crashes since 1929, peak-to-trough falls ranged from 31.6% for the S&P 500 in 1987 to 89% for the Dow in 1929 to 1932. The index and the dates matter, so each figure on this page names both, as of October 2026.
How much did the stock market fall in 2008?
The Dow fell from 14,164.53 on 9 October 2007 to 6,469.95 on 6 March 2009, a fall of about 54% over 17 months (Wikipedia). Other indexes show different numbers, which is why a comparison names the index each time.
What was the biggest one-day stock market fall?
Black Monday, 19 October 1987, holds the largest one-day percentage fall on record: the Dow fell 22.6% (508 points) and the S&P 500 fell 20.47% (Wikipedia). The total fall of the S&P 500 reached 31.6% by its November low.
How do I turn a stock market fall into dollars?
Multiply the fall by your stock share and by the portfolio value. A $100,000 portfolio with 60% in stocks loses $32,400 in a fall of 54%. Bond and cash holdings change the total, so the result is an illustration and not a forecast.
Test your knowledge
1. How far did the Dow fall from 1929 to 1932?
- 54%
- 89%
- 22.6%
Show the answer
89%.
2. What did the Dow lose in one day on 19 October 1987?
- 22.6%
- 5%
- 54%
Show the answer
22.6%.
3. What average cumulative loss does the cited Morningstar data give for bear markets?
- 10%
- 89%
- 30%
Show the answer
30%.
4. What does a fall of 54% cost a $100,000 portfolio with 60% in stocks?
- $20,400
- $32,400
- $53,400
Show the answer
$32,400.
5. How do you compute a fall from peak to trough?
- Add the high and the low
- Divide the low by the high and subtract from 1
- Multiply the high by the volume
Show the answer
Divide the low by the high and subtract from 1.
About the author
Stéphane Jambu
President, EQOS Forecast Asia
Stéphane Jambu leads EQOS Forecast Asia and works as a consultant in e-commerce, search visibility, and AI. LinkedIn profile
Sources: EQOS Asia page how long do stock market crashes last (eqos-asia.com/stock-market-crash/how-long-do-stock-market-crashes-last.html), EQOS Asia 2008 back-test (eqos-asia.com/case-studies/crise-2008.html), method page (eqos-asia.com/method.html), simulator (eqos-asia.com/simulator.html) and contact page (eqos-asia.com/contact.html), federalreservehistory.org/essays/stock-market-crash-of-1929, en.wikipedia.org/wiki/Black_Monday_(1987), en.wikipedia.org/wiki/Dot-com_bubble, en.wikipedia.org/wiki/Stock_market_crash, en.wikipedia.org/wiki/Bear_market, en.wikipedia.org/wiki/List_of_stock_market_crashes_and_bear_markets, en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008, en.wikipedia.org/wiki/COVID-19_recession, consulted on 22 October 2026. Page updated on 22 October 2026.