Stocks, Bonds, Bills, and Inflation® (SBBI®): 2020 Summary Edition

216 Pages Posted: 14 Sep 2020

See all articles by Roger G. Ibbotson

Roger G. Ibbotson

Yale School of Management; Zebra Capital Management, LLC

James P. Harrington

Duff & Phelps

Date Written: September 14, 2020


This Stocks, Bonds, Bills, and Inflation® (SBBI®): 2020 Summary Edition enables investors to understand how to calculate, interpret, and use the US historical stock and bond data that the CFA Institute Research Foundation has made available to CFA Institute members.

The data include the capital appreciation, income, and total returns of the major asset classes of the US economy: large-cap stocks, small-cap stocks, corporate bonds, government bonds of various maturities, and inflation. Most of the data start in 1926, and are presented in monthly, annual, decade, or longer period form. The raw data itself are mostly monthly but are not included in this summary volume. Rather, this summary volume includes illustrative data, methodology, formulae, and analysis that will help investors and analysts learn how to use market time series raw data, which is separately available.

Suggested Citation

Ibbotson, Roger G. and Harrington, James P., Stocks, Bonds, Bills, and Inflation® (SBBI®): 2020 Summary Edition (September 14, 2020). CFA Institute Research Foundation Publications, August 2020, Available at SSRN: or

Roger G. Ibbotson (Contact Author)

Yale School of Management ( email )

165 Whitney Avenue
P.O. Box 208200
New Haven, CT 06520-8200
United States
203-432-6021 (Phone)
203-432-6970 (Fax)

Zebra Capital Management, LLC ( email )

2187 Atlantic Street
Stamford, CT 06902
United States
203 701 5900 (Phone)

James P. Harrington

Duff & Phelps

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