The Most Volatile Decade

There were 22 trading days in March of 2020. Just one day out of those 22 saw a move of less than plus or minus 1%. Every other day saw a large move including 8 days of down 3% or worse and 8 days of up 3% or better. These were the daily returns during that fateful month: It felt like a year’s worth of volatility in a single month.1 It was one of the most volatile months in stock market history, right up there with...