股票与债券收益率
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
| 名义 | 名义 | 实际 | 实际 | 10 年期名义 | 50/50 | 10 年期实际 | 50/50 |
| 国债收益率 | 股息收益率 | 国债收益率 | 股息收益率 | 50/50 组合收益率 | 国债收益率 | CPI 通胀率 | 50/50 组合收益率 |
| 1950 | 1.62 | 7.44 | 4.53 | 5.93 | -4.31 | 1.51 | -1.40 |
| 1951 | 2.17 | 6.02 | 4.10 | 6.00 | -3.83 | 0.02 | -1.90 |
| 1952 | 2.35 | 5.41 | 3.88 | 0.75 | 1.60 | 4.66 | 3.13 |
| 1953 | 2.18 | 5.84 | 4.01 | 0.75 | 1.43 | 5.09 | 3.26 |
| 1954 | 1.72 | 4.40 | 3.06 | -0.74 | 2.46 | 5.15 | 3.81 |
| 1955 | 2.80 | 3.61 | 3.21 | 0.37 | 2.43 | 3.24 | 2.83 |
| 1956 | 3.63 | 3.75 | 3.69 | 2.99 | 0.64 | 0.76 | 0.70 |
| 1957 | 2.84 | 4.44 | 3.64 | 2.90 | -0.06 | 1.54 | 0.74 |
| 1958 | 3.81 | 3.27 | 3.54 | 1.76 | 2.05 | 1.51 | 1.78 |
| 1959 | 4.98 | 3.10 | 4.04 | 1.73 | 3.25 | 1.37 | 2.31 |
| 1960 | 3.31 | 3.43 | 3.37 | 1.36 | 1.95 | 2.07 | 2.01 |
| 1961 | 3.84 | 2.82 | 3.33 | 0.67 | 3.17 | 2.14 | 2.66 |
| 1962 | 3.85 | 3.40 | 3.63 | 1.33 | 2.52 | 2.07 | 2.29 |
| 1963 | 4.14 | 3.07 | 3.61 | 1.64 | 2.50 | 1.43 | 1.96 |
| 1964 | 4.21 | 2.98 | 3.59 | 0.97 | 3.24 | 2.01 | 2.62 |
| 1965 | 4.65 | 2.97 | 3.81 | 1.92 | 2.73 | 1.04 | 1.88 |
| 1966 | 4.64 | 3.53 | 4.08 | 3.46 | 1.18 | 0.07 | 0.63 |
| 1967 | 5.70 | 3.06 | 4.38 | 3.04 | 2.66 | 0.02 | 1.34 |
| 1968 | 6.16 | 2.88 | 4.52 | 4.72 | 1.44 | -1.84 | -0.20 |
| 1969 | 7.88 | 3.47 | 5.67 | 6.20 | 1.68 | -2.73 | -0.52 |
| 1970 | 6.50 | 3.49 | 4.99 | 5.57 | 0.93 | -2.08 | -0.58 |
| 1971 | 5.89 | 3.10 | 4.49 | 3.27 | 2.62 | -0.17 | 1.23 |
| 1972 | 6.41 | 2.68 | 4.55 | 3.41 | 3.00 | -0.73 | 1.14 |
| 1973 | 6.90 | 3.57 | 5.23 | 8.71 | -1.81 | -5.14 | -3.47 |
| 1974 | 7.40 | 5.37 | 6.38 | 12.34 | -4.94 | -6.97 | -5.95 |
| 1975 | 7.76 | 4.15 | 5.95 | 6.94 | 0.82 | -2.79 | -0.98 |
| 1976 | 6.81 | 3.87 | 5.34 | 4.86 | 1.95 | -1.00 | 0.47 |
| 1977 | 7.78 | 4.98 | 6.38 | 6.70 | 1.08 | -1.72 | -0.32 |
| 1978 | 9.15 | 5.28 | 7.21 | 9.02 | 0.13 | -3.74 | -1.81 |
| 1979 | 10.33 | 5.24 | 7.79 | 13.29 | -2.96 | -8.05 | -5.51 |
| 1980 | 12.43 | 4.61 | 8.52 | 12.52 | -0.09 | -7.90 | -3.99 |
| 1981 | 13.98 | 5.36 | 9.67 | 8.92 | 5.06 | -3.57 | 0.75 |
| 1982 | 10.36 | 4.93 | 7.64 | 3.83 | 6.53 | 1.10 | 3.81 |
| 1983 | 11.82 | 4.31 | 8.07 | 3.79 | 8.03 | 0.52 | 4.28 |
| 1984 | 11.55 | 4.58 | 8.06 | 3.95 | 7.60 | 0.63 | 4.12 |
| 1985 | 9.00 | 3.81 | 6.41 | 3.80 | 5.20 | 0.01 | 2.61 |
| 1986 | 7.23 | 3.33 | 5.28 | 1.10 | 6.13 | 2.23 | 4.18 |
| 1987 | 8.83 | 3.66 | 6.24 | 4.43 | 4.40 | -0.78 | 1.81 |
| 1988 | 9.14 | 3.52 | 6.33 | 4.42 | 4.72 | -0.90 | 1.91 |
| 1989 | 7.93 | 3.17 | 5.55 | 4.65 | 3.28 | -1.48 | 0.90 |
| 1990 | 8.08 | 3.68 | 5.88 | 6.11 | 1.97 | -2.43 | -0.23 |
| 1991 | 6.71 | 3.14 | 4.93 | 3.06 | 3.65 | 0.08 | 1.86 |
| 1992 | 6.70 | 2.84 | 4.77 | 2.90 | 3.80 | -0.06 | 1.87 |
| 名义 | 名义 | 实际 | 实际 | 10 年期名义 | 50/50 | 10 年期实际 | 50/50 |
| 国债收益率 | 股息收益率 | 国债收益率 | 股息收益率 | 50/50 组合收益率 | 国债收益率 | CPI 通胀率 | 50/50 组合收益率 |
| 1993 | 5.83 | 2.70 | 4.26 | 2.75 | 3.08 | -0.05 | 1.52 |
| 1994 | 7.84 | 2.90 | 5.37 | 2.67 | 5.17 | 0.22 | 2.69 |
| 1995 | 5.58 | 2.24 | 3.91 | 2.54 | 3.04 | -0.29 | 1.37 |
| 1996 | 6.43 | 2.00 | 4.22 | 3.32 | 3.11 | -1.32 | 0.89 |
| 1997 | 5.75 | 1.61 | 3.68 | 1.70 | 4.05 | -0.09 | 1.98 |
| 1998 | 4.65 | 1.36 | 3.01 | 1.61 | 3.04 | -0.25 | 1.39 |
| 1999 | 6.45 | 1.15 | 3.80 | 2.68 | 3.77 | -1.53 | 1.12 |
| 2000 | 5.12 | 1.22 | 3.17 | 3.39 | 1.73 | -2.16 | -0.22 |
| 2001 | 5.07 | 1.37 | 3.22 | 1.55 | 3.52 | -0.18 | 1.67 |
| 2002 | 3.83 | 1.79 | 2.81 | 2.38 | 1.45 | -0.59 | 0.43 |
| 2003 | 4.27 | 1.61 | 2.94 | 1.88 | 2.39 | -0.27 | 1.06 |
| 2004 | 4.24 | 1.62 | 2.93 | 3.26 | 0.98 | -1.63 | -0.33 |
| 2005 | 4.39 | 1.76 | 3.08 | 3.42 | 0.97 | -1.66 | -0.34 |
| 2006 | 4.71 | 1.76 | 3.23 | 2.54 | 2.17 | -0.78 | 0.69 |
| 2007 | 4.04 | 1.87 | 2.96 | 4.08 | -0.04 | -2.21 | -1.12 |
| 2008 | 2.25 | 3.24 | 2.74 | 0.09 | 2.16 | 3.14 | 2.65 |
| 2009 | 3.85 | 2.02 | 2.93 | 2.72 | 1.13 | -0.70 | 0.21 |
| 2010 | 3.30 | 1.83 | 2.57 | 1.50 | 1.80 | 0.34 | 1.07 |
| 2011 | 1.89 | 2.13 | 2.01 | 2.96 | -1.07 | -0.84 | -0.95 |
| 2012 | 1.78 | 2.20 | 1.99 | 1.74 | 0.04 | 0.46 | 0.25 |
| 2013 | 3.04 | 1.94 | 2.49 | 1.50 | 1.54 | 0.43 | 0.99 |
| 2014 | 2.17 | 1.92 | 2.04 | 0.76 | 1.41 | 1.16 | 1.29 |
| 2015 | 2.31 | 2.08 | 2.20 | 0.97 | 1.34 | 1.11 | 1.23 |
| 平均值 | 5.67 | 3.27 | 4.47 | 3.60 | 2.07 | -0.33 | 0.87 |
| 名义收益率 > 4% 的年份数 | 45 | 16 | 34 |
Nominal Nominal Real Real 10-Year Nominal 50/50 10-Year Real 50/50 Treasury Dividend Stock/Bond CPI Treasury Dividend Stock/Bond Yield Yield Yield Inflation Yield Yield Yield 1950 1.62 7.44 4.53 5.93 -4.31 1.51 -1.40 1951 2.17 6.02 4.10 6.00 -3.83 0.02 -1.90 1952 2.35 5.41 3.88 0.75 1.60 4.66 3.13 1953 2.18 5.84 4.01 0.75 1.43 5.09 3.26 1954 1.72 4.40 3.06 -0.74 2.46 5.15 3.81 1955 2.80 3.61 3.21 0.37 2.43 3.24 2.83 1956 3.63 3.75 3.69 2.99 0.64 0.76 0.70 1957 2.84 4.44 3.64 2.90 -0.06 1.54 0.74 1958 3.81 3.27 3.54 1.76 2.05 1.51 1.78 1959 4.98 3.10 4.04 1.73 3.25 1.37 2.31 1960 3.31 3.43 3.37 1.36 1.95 2.07 2.01 1961 3.84 2.82 3.33 0.67 3.17 2.14 2.66 1962 3.85 3.40 3.63 1.33 2.52 2.07 2.29 1963 4.14 3.07 3.61 1.64 2.50 1.43 1.96 1964 4.21 2.98 3.59 0.97 3.24 2.01 2.62 1965 4.65 2.97 3.81 1.92 2.73 1.04 1.88 1966 4.64 3.53 4.08 3.46 1.18 0.07 0.63 1967 5.70 3.06 4.38 3.04 2.66 0.02 1.34 1968 6.16 2.88 4.52 4.72 1.44 -1.84 -0.20 1969 7.88 3.47 5.67 6.20 1.68 -2.73 -0.52 1970 6.50 3.49 4.99 5.57 0.93 -2.08 -0.58 1971 5.89 3.10 4.49 3.27 2.62 -0.17 1.23 1972 6.41 2.68 4.55 3.41 3.00 -0.73 1.14 1973 6.90 3.57 5.23 8.71 -1.81 -5.14 -3.47 1974 7.40 5.37 6.38 12.34 -4.94 -6.97 -5.95 1975 7.76 4.15 5.95 6.94 0.82 -2.79 -0.98 1976 6.81 3.87 5.34 4.86 1.95 -1.00 0.47 1977 7.78 4.98 6.38 6.70 1.08 -1.72 -0.32 1978 9.15 5.28 7.21 9.02 0.13 -3.74 -1.81 1979 10.33 5.24 7.79 13.29 -2.96 -8.05 -5.51 1980 12.43 4.61 8.52 12.52 -0.09 -7.90 -3.99 1981 13.98 5.36 9.67 8.92 5.06 -3.57 0.75 1982 10.36 4.93 7.64 3.83 6.53 1.10 3.81 1983 11.82 4.31 8.07 3.79 8.03 0.52 4.28 1984 11.55 4.58 8.06 3.95 7.60 0.63 4.12 1985 9.00 3.81 6.41 3.80 5.20 0.01 2.61 1986 7.23 3.33 5.28 1.10 6.13 2.23 4.18 1987 8.83 3.66 6.24 4.43 4.40 -0.78 1.81 1988 9.14 3.52 6.33 4.42 4.72 -0.90 1.91 1989 7.93 3.17 5.55 4.65 3.28 -1.48 0.90 1990 8.08 3.68 5.88 6.11 1.97 -2.43 -0.23 1991 6.71 3.14 4.93 3.06 3.65 0.08 1.86 1992 6.70 2.84 4.77 2.90 3.80 -0.06 1.87 Nominal Nominal Real Real 10-Year Nominal 50/50 10-Year Real 50/50 Treasury Dividend Stock/Bond CPI Treasury Dividend Stock/Bond Yield Yield Yield Inflation Yield Yield Yield 1993 5.83 2.70 4.26 2.75 3.08 -0.05 1.52 1994 7.84 2.90 5.37 2.67 5.17 0.22 2.69 1995 5.58 2.24 3.91 2.54 3.04 -0.29 1.37 1996 6.43 2.00 4.22 3.32 3.11 -1.32 0.89 1997 5.75 1.61 3.68 1.70 4.05 -0.09 1.98 1998 4.65 1.36 3.01 1.61 3.04 -0.25 1.39 1999 6.45 1.15 3.80 2.68 3.77 -1.53 1.12 2000 5.12 1.22 3.17 3.39 1.73 -2.16 -0.22 2001 5.07 1.37 3.22 1.55 3.52 -0.18 1.67 2002 3.83 1.79 2.81 2.38 1.45 -0.59 0.43 2003 4.27 1.61 2.94 1.88 2.39 -0.27 1.06 2004 4.24 1.62 2.93 3.26 0.98 -1.63 -0.33 2005 4.39 1.76 3.08 3.42 0.97 -1.66 -0.34 2006 4.71 1.76 3.23 2.54 2.17 -0.78 0.69 2007 4.04 1.87 2.96 4.08 -0.04 -2.21 -1.12 2008 2.25 3.24 2.74 0.09 2.16 3.14 2.65 2009 3.85 2.02 2.93 2.72 1.13 -0.70 0.21 2010 3.30 1.83 2.57 1.50 1.80 0.34 1.07 2011 1.89 2.13 2.01 2.96 -1.07 -0.84 -0.95 2012 1.78 2.20 1.99 1.74 0.04 0.46 0.25 2013 3.04 1.94 2.49 1.50 1.54 0.43 0.99 2014 2.17 1.92 2.04 0.76 1.41 1.16 1.29 2015 2.31 2.08 2.20 0.97 1.34 1.11 1.23 Average 5.67 3.27 4.47 3.60 2.07 -0.33 0.87 Number of years nominal yield > 4% 45 16 34