March 2022 Monthly Index Returns

What a quiet month and quarter (not!) with continued global supply chain issues that started during the global pandemic, inflation hitting 40 year highs, and a Russian invasion of Ukraine.

In equities:

  • All US equity indexes were positive for the month with US REITs climbing the most at 6.7%.  
  • On the international front, returns were mixed: developed equities were slightly positive (0.6%) while international small cap was flat, and emerging markets fell -2.3%. 
  • All equity returns were negative for Q1 2022 with small growth (-12.6%) falling the most and large value (-0.7%) falling the least.
  • The S&P 500 had its first negative returning quarter (-4.6%) in two years.  In Q1 2020, the S&P 500 fell -19.6% when the global pandemic really started in force.

In fixed income:

  • Like January and February (with the exception of ST TIPS in February), all non-cash FI indexes experienced negative returns for March.  
  • 10+ Yr Treasuries were negatively impacted the most (-4.8%) while ST TIPS fell the least (-0.7%).
  • It should be no surprise, then, that all non-cash FI indexes also had negative returns for Q1.
  • To put the quarter in perspective, we have data for the Bloomberg US Agg going back to 1/3/1980, over 4 decades ago.  Since that time, it has experienced 169 quarterly return periods. Its Q1 2022 return of -5.9% places it third worst...ever.  The only other two quarters with worse returns were Q1 1980 (-8.7%) and Q3 1980 (-6.6%).  To put it in perspective, inflation was 13.91% in January 1980 and unemployment was 6.3%

Please let us know if you have any questions by emailing 


As an additional note, please keep in mind that these reflect historical performance of the current models, not necessarily how accounts were invested in the past.

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