Goldman Sachs (GS) seasonality heatmap
Returns across monthly, quarterly, and yearly periods. Cell color encodes signed magnitude; the scale auto-fits each table.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +6.4% | -8.1% | -1.1% | +9.2% | +11.0% | +4.9% | — | — | — | — | — | — |
| 2025 | +11.8% | -2.3% | -12.2% | +0.2% | +10.2% | +17.9% | +2.2% | +3.5% | +6.9% | -0.9% | +4.6% | +6.9% |
| 2024 | -0.5% | +2.0% | +7.4% | +2.2% | +7.6% | -0.9% | +12.5% | +0.8% | -3.0% | +4.6% | +17.5% | -5.4% |
| 2023 | +6.5% | -3.9% | -6.3% | +5.0% | -5.0% | -0.4% | +10.3% | -7.1% | -1.3% | -6.2% | +13.4% | +13.0% |
| 2022 | -7.3% | -3.8% | -2.7% | -7.5% | +7.6% | -9.1% | +12.2% | +0.5% | -11.9% | +17.6% | +12.8% | -11.1% |
| 2021 | +2.8% | +17.8% | +2.8% | +6.6% | +7.1% | +2.0% | -1.2% | +10.8% | -8.6% | +9.3% | -7.8% | +0.9% |
| 2020 | +3.4% | -15.0% | -23.0% | +18.6% | +7.8% | +0.6% | +0.2% | +4.1% | -1.9% | -5.9% | +22.0% | +15.0% |
| 2019 | +18.5% | -0.3% | -2.4% | +7.3% | -11.0% | +12.1% | +7.6% | -6.8% | +1.6% | +3.0% | +4.3% | +3.9% |
| 2018 | +5.2% | -1.6% | -4.2% | -5.4% | -4.9% | -2.4% | +7.6% | +0.5% | -5.7% | +0.5% | -15.0% | -12.4% |
| 2017 | -4.2% | +8.5% | -7.4% | -2.6% | -5.6% | +5.0% | +1.6% | -0.4% | +6.0% | +2.2% | +2.4% | +2.9% |
| 2016 | -10.4% | -7.0% | +5.0% | +4.5% | -2.4% | -6.8% | +6.9% | +7.1% | -4.8% | +10.5% | +23.4% | +9.2% |
| 2015 | -11.0% | +10.4% | -1.0% | +4.5% | +5.3% | +1.3% | -1.8% | -7.7% | -7.9% | +7.9% | +1.7% | -5.1% |
| 2014 | -7.4% | +1.8% | -1.6% | -2.5% | +0.3% | +4.8% | +3.2% | +3.9% | +2.5% | +3.5% | -0.5% | +2.9% |
| 2013 | +15.9% | +1.6% | -1.7% | -0.7% | +11.3% | -6.7% | +8.4% | -7.0% | +4.0% | +1.7% | +5.4% | +4.9% |
| 2012 | +23.3% | +3.6% | +8.0% | -7.4% | -16.5% | +0.2% | +5.3% | +5.2% | +7.5% | +7.7% | -3.4% | +8.3% |
| 2011 | -2.7% | +0.3% | -3.2% | -4.8% | -6.6% | -5.4% | +1.4% | -13.6% | -18.6% | +15.9% | -12.2% | -5.7% |
| 2010 | -11.9% | +5.4% | +9.1% | -14.9% | -0.4% | -9.0% | +14.9% | -9.0% | +5.6% | +11.4% | -2.9% | +7.7% |
| 2009 | -4.3% | +13.4% | +16.4% | +21.2% | +12.8% | +2.0% | +10.8% | +1.5% | +11.4% | -7.7% | -0.1% | -0.5% |
| 2008 | -7.1% | -15.0% | -2.5% | +15.9% | -7.8% | -0.9% | +5.4% | -10.9% | -21.9% | -27.5% | -14.6% | +6.8% |
| 2007 | +6.6% | -4.9% | +2.4% | +6.0% | +5.6% | -6.1% | -13.0% | -6.5% | +23.1% | +14.6% | -8.6% | -5.1% |
| 2006 | +10.8% | +0.0% | +11.1% | +2.3% | -5.8% | -0.3% | +1.8% | -2.7% | +13.8% | +12.4% | +2.6% | +2.3% |
| 2005 | +3.9% | +0.9% | +1.1% | -2.7% | -8.7% | +4.6% | +5.6% | +3.4% | +9.4% | +4.1% | +2.1% | -1.0% |
| 2004 | +1.1% | +6.4% | -1.4% | -7.1% | -2.9% | +0.3% | -6.1% | +1.7% | +4.0% | +5.8% | +6.5% | -0.7% |
| 2003 | +0.2% | +2.0% | -2.0% | +11.7% | +7.4% | +2.8% | +4.4% | +1.6% | -5.2% | +12.3% | +2.3% | +2.8% |
| 2002 | -6.1% | -6.9% | +11.5% | -12.6% | -4.2% | -2.8% | -0.1% | +5.7% | -14.6% | +8.6% | +10.2% | -13.5% |
| 2001 | +6.5% | -19.3% | -7.2% | +7.2% | +4.4% | -9.8% | -2.9% | -3.7% | -10.9% | +9.7% | +13.9% | +4.2% |
| 2000 | -2.6% | +0.9% | +13.8% | -11.3% | -21.1% | +29.0% | +4.4% | +29.4% | -11.0% | -12.3% | -17.7% | +30.2% |
| 1999 | — | — | — | — | — | +6.4% | -11.0% | -6.8% | +2.0% | +16.6% | +5.8% | +25.4% |
| Avg | +1.8% | -0.5% | +0.3% | +1.6% | -0.2% | +1.0% | +3.4% | -0.1% | -1.1% | +4.4% | +2.5% | +3.2% |
| Median | +1.1% | +0.3% | -1.4% | +2.2% | -0.4% | +0.2% | +4.4% | +0.5% | -1.3% | +5.8% | +2.4% | +2.9% |
| Last 5Y Avg | +3.4% | -3.2% | -3.0% | +1.8% | +6.3% | +1.9% | +7.2% | +1.7% | -3.6% | +4.9% | +8.1% | +0.9% |
| Std Dev (σ) | 9.1% | 8.4% | 8.4% | 9.2% | 8.9% | 8.4% | 6.7% | 8.5% | 10.3% | 10.0% | 10.8% | 10.1% |
| Consistency (μ/σ) | 0.19 | -0.06 | 0.04 | 0.17 | -0.02 | 0.12 | 0.50 | -0.01 | -0.11 | 0.44 | 0.23 | 0.32 |
| Win Rate (%) | 56% | 56% | 41% | 56% | 48% | 52% | 74% | 56% | 48% | 78% | 63% | 63% |
| Winning / Losing Months | ▲15▼12 | ▲15▼12 | ▲11▼16 | ▲15▼12 | ▲13▼14 | ▲14▼13 | ▲20▼7 | ▲15▼12 | ▲13▼14 | ▲21▼6 | ▲17▼10 | ▲17▼10 |
| Longest Win / Loss Streak | ▲5▼4 | ▲7▼3 | ▲3▼4 | ▲4▼5 | ▲3▼4 | ▲3▼3 | ▲7▼2 | ▲4▼3 | ▲4▼5 | ▲10▼2 | ▲6▼6 | ▲3▼2 |
| Best | +23.3%in January 2012 | +17.8%in February 2021 | +16.4%in March 2009 | +21.2%in April 2009 | +12.8%in May 2009 | +29.0%in June 2000 | +14.9%in July 2010 | +29.4%in August 2000 | +23.1%in September 2007 | +17.6%in October 2022 | +23.4%in November 2016 | +30.2%in December 2000 |
| Worst | -11.9%in January 2010 | -19.3%in February 2001 | -23.0%in March 2020 | -14.9%in April 2010 | -21.1%in May 2000 | -9.8%in June 2001 | -13.0%in July 2007 | -13.6%in August 2011 | -21.9%in September 2008 | -27.5%in October 2008 | -17.7%in November 2000 | -13.5%in December 2002 |
−27.5%+30.2%
2026
Jan+6.4%
Feb-8.1%
Mar-1.1%
Apr+9.2%
May+11.0%
Jun+4.9%
Jul—
Aug—
Sep—
Oct—
Nov—
Dec—
2025
Jan+11.8%
Feb-2.3%
Mar-12.2%
Apr+0.2%
May+10.2%
Jun+17.9%
Jul+2.2%
Aug+3.5%
Sep+6.9%
Oct-0.9%
Nov+4.6%
Dec+6.9%
2024
Jan-0.5%
Feb+2.0%
Mar+7.4%
Apr+2.2%
May+7.6%
Jun-0.9%
Jul+12.5%
Aug+0.8%
Sep-3.0%
Oct+4.6%
Nov+17.5%
Dec-5.4%
2023
Jan+6.5%
Feb-3.9%
Mar-6.3%
Apr+5.0%
May-5.0%
Jun-0.4%
Jul+10.3%
Aug-7.1%
Sep-1.3%
Oct-6.2%
Nov+13.4%
Dec+13.0%
2022
Jan-7.3%
Feb-3.8%
Mar-2.7%
Apr-7.5%
May+7.6%
Jun-9.1%
Jul+12.2%
Aug+0.5%
Sep-11.9%
Oct+17.6%
Nov+12.8%
Dec-11.1%
2021
Jan+2.8%
Feb+17.8%
Mar+2.8%
Apr+6.6%
May+7.1%
Jun+2.0%
Jul-1.2%
Aug+10.8%
Sep-8.6%
Oct+9.3%
Nov-7.8%
Dec+0.9%
2020
Jan+3.4%
Feb-15.0%
Mar-23.0%
Apr+18.6%
May+7.8%
Jun+0.6%
Jul+0.2%
Aug+4.1%
Sep-1.9%
Oct-5.9%
Nov+22.0%
Dec+15.0%
2019
Jan+18.5%
Feb-0.3%
Mar-2.4%
Apr+7.3%
May-11.0%
Jun+12.1%
Jul+7.6%
Aug-6.8%
Sep+1.6%
Oct+3.0%
Nov+4.3%
Dec+3.9%
2018
Jan+5.2%
Feb-1.6%
Mar-4.2%
Apr-5.4%
May-4.9%
Jun-2.4%
Jul+7.6%
Aug+0.5%
Sep-5.7%
Oct+0.5%
Nov-15.0%
Dec-12.4%
2017
Jan-4.2%
Feb+8.5%
Mar-7.4%
Apr-2.6%
May-5.6%
Jun+5.0%
Jul+1.6%
Aug-0.4%
Sep+6.0%
Oct+2.2%
Nov+2.4%
Dec+2.9%
2016
Jan-10.4%
Feb-7.0%
Mar+5.0%
Apr+4.5%
May-2.4%
Jun-6.8%
Jul+6.9%
Aug+7.1%
Sep-4.8%
Oct+10.5%
Nov+23.4%
Dec+9.2%
2015
Jan-11.0%
Feb+10.4%
Mar-1.0%
Apr+4.5%
May+5.3%
Jun+1.3%
Jul-1.8%
Aug-7.7%
Sep-7.9%
Oct+7.9%
Nov+1.7%
Dec-5.1%
2014
Jan-7.4%
Feb+1.8%
Mar-1.6%
Apr-2.5%
May+0.3%
Jun+4.8%
Jul+3.2%
Aug+3.9%
Sep+2.5%
Oct+3.5%
Nov-0.5%
Dec+2.9%
2013
Jan+15.9%
Feb+1.6%
Mar-1.7%
Apr-0.7%
May+11.3%
Jun-6.7%
Jul+8.4%
Aug-7.0%
Sep+4.0%
Oct+1.7%
Nov+5.4%
Dec+4.9%
2012
Jan+23.3%
Feb+3.6%
Mar+8.0%
Apr-7.4%
May-16.5%
Jun+0.2%
Jul+5.3%
Aug+5.2%
Sep+7.5%
Oct+7.7%
Nov-3.4%
Dec+8.3%
2011
Jan-2.7%
Feb+0.3%
Mar-3.2%
Apr-4.8%
May-6.6%
Jun-5.4%
Jul+1.4%
Aug-13.6%
Sep-18.6%
Oct+15.9%
Nov-12.2%
Dec-5.7%
2010
Jan-11.9%
Feb+5.4%
Mar+9.1%
Apr-14.9%
May-0.4%
Jun-9.0%
Jul+14.9%
Aug-9.0%
Sep+5.6%
Oct+11.4%
Nov-2.9%
Dec+7.7%
2009
Jan-4.3%
Feb+13.4%
Mar+16.4%
Apr+21.2%
May+12.8%
Jun+2.0%
Jul+10.8%
Aug+1.5%
Sep+11.4%
Oct-7.7%
Nov-0.1%
Dec-0.5%
2008
Jan-7.1%
Feb-15.0%
Mar-2.5%
Apr+15.9%
May-7.8%
Jun-0.9%
Jul+5.4%
Aug-10.9%
Sep-21.9%
Oct-27.5%
Nov-14.6%
Dec+6.8%
2007
Jan+6.6%
Feb-4.9%
Mar+2.4%
Apr+6.0%
May+5.6%
Jun-6.1%
Jul-13.0%
Aug-6.5%
Sep+23.1%
Oct+14.6%
Nov-8.6%
Dec-5.1%
2006
Jan+10.8%
Feb+0.0%
Mar+11.1%
Apr+2.3%
May-5.8%
Jun-0.3%
Jul+1.8%
Aug-2.7%
Sep+13.8%
Oct+12.4%
Nov+2.6%
Dec+2.3%
2005
Jan+3.9%
Feb+0.9%
Mar+1.1%
Apr-2.7%
May-8.7%
Jun+4.6%
Jul+5.6%
Aug+3.4%
Sep+9.4%
Oct+4.1%
Nov+2.1%
Dec-1.0%
2004
Jan+1.1%
Feb+6.4%
Mar-1.4%
Apr-7.1%
May-2.9%
Jun+0.3%
Jul-6.1%
Aug+1.7%
Sep+4.0%
Oct+5.8%
Nov+6.5%
Dec-0.7%
2003
Jan+0.2%
Feb+2.0%
Mar-2.0%
Apr+11.7%
May+7.4%
Jun+2.8%
Jul+4.4%
Aug+1.6%
Sep-5.2%
Oct+12.3%
Nov+2.3%
Dec+2.8%
2002
Jan-6.1%
Feb-6.9%
Mar+11.5%
Apr-12.6%
May-4.2%
Jun-2.8%
Jul-0.1%
Aug+5.7%
Sep-14.6%
Oct+8.6%
Nov+10.2%
Dec-13.5%
2001
Jan+6.5%
Feb-19.3%
Mar-7.2%
Apr+7.2%
May+4.4%
Jun-9.8%
Jul-2.9%
Aug-3.7%
Sep-10.9%
Oct+9.7%
Nov+13.9%
Dec+4.2%
2000
Jan-2.6%
Feb+0.9%
Mar+13.8%
Apr-11.3%
May-21.1%
Jun+29.0%
Jul+4.4%
Aug+29.4%
Sep-11.0%
Oct-12.3%
Nov-17.7%
Dec+30.2%
1999
Jan—
Feb—
Mar—
Apr—
May—
Jun+6.4%
Jul-11.0%
Aug-6.8%
Sep+2.0%
Oct+16.6%
Nov+5.8%
Dec+25.4%
Avg
Jan+1.8%
Feb-0.5%
Mar+0.3%
Apr+1.6%
May-0.2%
Jun+1.0%
Jul+3.4%
Aug-0.1%
Sep-1.1%
Oct+4.4%
Nov+2.5%
Dec+3.2%
Median
Jan+1.1%
Feb+0.3%
Mar-1.4%
Apr+2.2%
May-0.4%
Jun+0.2%
Jul+4.4%
Aug+0.5%
Sep-1.3%
Oct+5.8%
Nov+2.4%
Dec+2.9%
Last 5Y Avg
Jan+3.4%
Feb-3.2%
Mar-3.0%
Apr+1.8%
May+6.3%
Jun+1.9%
Jul+7.2%
Aug+1.7%
Sep-3.6%
Oct+4.9%
Nov+8.1%
Dec+0.9%
Std Dev (σ)
Jan9.1%
Feb8.4%
Mar8.4%
Apr9.2%
May8.9%
Jun8.4%
Jul6.7%
Aug8.5%
Sep10.3%
Oct10.0%
Nov10.8%
Dec10.1%
Consistency (μ/σ)
Jan0.19
Feb-0.06
Mar0.04
Apr0.17
May-0.02
Jun0.12
Jul0.50
Aug-0.01
Sep-0.11
Oct0.44
Nov0.23
Dec0.32
Win Rate (%)
Jan56%
Feb56%
Mar41%
Apr56%
May48%
Jun52%
Jul74%
Aug56%
Sep48%
Oct78%
Nov63%
Dec63%
Winning / Losing Months
Jan▲15▼12
Feb▲15▼12
Mar▲11▼16
Apr▲15▼12
May▲13▼14
Jun▲14▼13
Jul▲20▼7
Aug▲15▼12
Sep▲13▼14
Oct▲21▼6
Nov▲17▼10
Dec▲17▼10
Longest Win / Loss Streak
Jan▲5▼4
Feb▲7▼3
Mar▲3▼4
Apr▲4▼5
May▲3▼4
Jun▲3▼3
Jul▲7▼2
Aug▲4▼3
Sep▲4▼5
Oct▲10▼2
Nov▲6▼6
Dec▲3▼2
Best
Jan+23.3%2012
Feb+17.8%2021
Mar+16.4%2009
Apr+21.2%2009
May+12.8%2009
Jun+29.0%2000
Jul+14.9%2010
Aug+29.4%2000
Sep+23.1%2007
Oct+17.6%2022
Nov+23.4%2016
Dec+30.2%2000
Worst
Jan-11.9%2010
Feb-19.3%2001
Mar-23.0%2020
Apr-14.9%2010
May-21.1%2000
Jun-9.8%2001
Jul-13.0%2007
Aug-13.6%2011
Sep-21.9%2008
Oct-27.5%2008
Nov-17.7%2000
Dec-13.5%2002
−27.5%+30.2%
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