The best months for stocks have been November, April and December. From 1950 through 2025, the S&P 500 averaged a 1.9% gain in November, the most of any month, and rose in December 72% of the time, the highest hit rate. September is the worst month, with an average loss of 0.6%.
That is the short version of stock market seasonality. The calendar tilts the odds a little, but it never decides a year on its own. All figures are S&P 500 price changes from 1950 through 2025.
What are the best and worst months for stocks?
Ranked by average return since 1950, the strongest months are November (1.9%), April (1.4%) and December (1.4%). July (1.3%) and January (1.1%) follow.
The worst months for the stock market sit in late summer and early fall. September is the only month with an average loss of more than a rounding error, at 0.6%. February averages flat, and June and August average 0.2% or less.
Averages can be pulled around by a few huge moves. October shows it best. It holds the single worst month in the data, a 21.8% drop in October 1987, yet it still averages a 0.9% gain and rose in 45 of 76 years. More on that in our look at S&P 500 October returns.
How often is each month positive for the S&P 500?
The median and the win rate show what a typical year looks like. Here is every month from 1950 through 2025, 76 years each.
Month | Average return | Median return | Years up (of 76) |
|---|---|---|---|
January | 1.1% | 1.6% | 46 |
February | 0.0% | 0.3% | 41 |
March | 1.0% | 1.4% | 49 |
April | 1.4% | 1.2% | 53 |
May | 0.4% | 1.1% | 47 |
June | 0.2% | 0.1% | 42 |
July | 1.3% | 1.3% | 46 |
August | 0.0% | 0.9% | 42 |
September | -0.6% | -0.3% | 34 |
October | 0.9% | 1.0% | 45 |
November | 1.9% | 2.0% | 53 |
December | 1.4% | 1.4% | 55 |
Eleven of 12 months have finished higher more often than not. September is the exception, up in just 34 of 76 years, or 45% of the time.
Is November a good month for stocks?
Yes, by the numbers. November has the highest average gain (1.9%) and the highest median (2.0%) of any month since 1950, and the S&P 500 rose in 53 of 76 Novembers, or 70% of the time.
The best November was 2020, up 10.8%
The worst November was 1973, down 11.4%
The index rose in each of the last four Novembers, 2022 through 2025
November and December together averaged a 3.3% gain and rose in 59 of 76 years
Midterm years have been even kinder. In the 19 midterm election years from 1950 through 2022, November averaged a 2.7% gain and rose 15 times. That fits the broader pattern of strong fourth quarters in midterm years, and 2026 is a midterm year. See how the index has done after every midterm election and across the presidential election cycle.
December keeps the run going. It has the best win rate of any month, up in 55 of 76 years, with a 1.4% average gain.
Why is September a bad month for stocks?
September is the weakest month on every measure here. It has the lowest average (-0.6%), the only negative median (-0.3%) and the lowest win rate (45%).
There is no single proven cause. What the record shows is that the weakness is broad, not one crash, since even the typical September has slipped. It has also had strong years, including an 8.8% gain in September 2010. Our September stock market history digs deeper.
Does sell in May and go away work?
The saying points to a real gap, but not a reason to sit out. From 1950 through 2025, the S&P 500 gained an average of 2.1% from the end of April to the end of October and rose in 50 of 76 of those six-month stretches.
The November-to-April stretch did much better, with a 7.0% average gain and 57 gains in 75 stretches from 1950-51 through 2024-25. Summer has still been positive on average, so selling in May has usually meant giving up gains, not dodging losses.
Is stock market seasonality a reliable signal?
Not on its own. The gap between the best and worst months is about 2.5 percentage points on average, and November alone has ranged from a 10.8% gain to an 11.4% loss. Bigger forces drive returns, like how long bull markets last, market breadth and how much the Magnificent 7 stocks move the S&P 500.
Seasonality works best as context. It tells you which months have leaned bullish, not what this one will do. For more history in charts, see the Opening Bell market charts.
Past returns don't predict future ones.
Frequently asked questions
What is the best month for the stock market?
November. From 1950 through 2025, the S&P 500 averaged a 1.9% gain in November, the highest of any month, and rose in 53 of 76 years.
What is the worst month for stocks?
September. From 1950 through 2025, the S&P 500 averaged a 0.6% loss in September and rose in only 34 of 76 years, the lowest of any month.
Is November a good month for stocks?
Historically, yes. November has the highest average (1.9%) and median (2.0%) S&P 500 return of any month from 1950 through 2025. In midterm years it averaged 2.7% and rose in 15 of 19.
Does sell in May and go away work?
Only partly. From 1950 through 2025, the S&P 500 averaged a 2.1% gain from May through October versus 7.0% from November through April. Summer was still positive on average.
How does the stock market do in December?
December rose in 55 of 76 years from 1950 through 2025, the best win rate of any month, with a 1.4% average S&P 500 gain.
What is stock market seasonality?
It is the tendency of stocks to do better or worse at certain times of year. For the S&P 500 since 1950, November through April has been the stronger half and September the weakest month.
By Opening Bell Daily Staff. Updated October 24, 2026, with S&P 500 data from January 1950 through December 2025.
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