In the US, the biggest one-year drop in the Global Financial Data extension of Moody's monthly total return index for 30-year corporate bonds (going back to 1857) was 12.5% in the 12 months ending in February 1980. Compare that to the stock market: According to the GFD monthly S&amp;P 500 total return index, an annual loss of 67.8% occurred in the year ending in May 1932, during the Great Depression, and one-year losses have exceeded 12.5% in 23 separate episodes since 1900.
债券市场崩盘其实相对来说比较罕见和温和。在美国，穆迪（Moody’s）30年公司债券月度总回报指数（可追溯至1857年）的全球金融数据（Global Financial Data，GFD）扩展的最大啊单年跌幅为12.5%，发生在1979年3月—1980年2月。与股市比较：GFD标普500月度总回报指数在1931年4月—1932年3月的一年（大萧条期间）中损失了67.8%，自1990年以来出现过23次年损失超12.5%的情况。