Over the past 46 years, the market has delivered positive returns in roughly three out of every four Decembers. Often, those gains were outsized: December ranked among the top three performing months 12 times and placed fourth or fifth another 12 times. Yet it has also delivered sharp losses, emerging as the worst-performing month in both 1990 and 2014. This year, after the sharpest fall of 5.5% in February, followed by declines in January, July and August, December is on track to be the fifth-worst month of 2025.
