Here are the S&P500’s returns measured in almost everything except depreciating dollars, from September 1998 until present.
Note that over the same period, the index was up 3% nominally.
From The Big Picture:
- Down 70% in gold
- Down 31% in Aussie dollars
- Down 28% in Canadian dollars
- Down 40% in yen
- Down 34% in euros since January 1999
US Treasuries, up more than the S&P500’s 3% due to compounding coupon payments, outperformed the S&P500 over the same period.