Denmark
What one unit of currency became
Invested in 1876 and held to 2020, after inflation. Equities ended at 6732.8x, housing at 65588.6x, bonds at 66.5x and bills at 48.2x. The scale is logarithmic, because over a century of compounding a linear axis would flatten three of these four lines into the floor. The dashed line is 1.0: below it, the asset lost purchasing power.
Source: Jorda-Schularick-Taylor Macrohistory Database, Release 6 (Jorda, Knoll, Kuvshinov, Schularick & Taylor) Compounded over the 144 years in which all four assets were reported. 1 year inside the 1876-2020 window are missing at least one asset and are skipped, so the series is not an unbroken run of 145 years. Shaded bars are JST's own banking-crisis years. Methodology
Compound annual real return
| Asset | Real return | Excluding the wars | Volatility | Observations | Span |
|---|---|---|---|---|---|
| Equities | 6.47% | 6.57% | 16.41 | 148 | 1873-2020 |
| Housing | 7.94% | 8.01% | 7.48 | 145 | 1876-2020 |
| Bonds | 3.06% | 3.53% | 10.95 | 149 | 1871-2020 |
| Bills | 2.71% | 3.40% | 5.71 | 146 | 1875-2020 |
Source: Jorda-Schularick-Taylor Macrohistory Database, Release 6 (Jorda, Knoll, Kuvshinov, Schularick & Taylor) Nominal returns deflated by JST's own consumer price index. No observation for this country is flagged as interpolated. Methodology
Coverage for Denmark
Equities 148 years, housing 145, bonds 150, bills 146. JST flags 6 banking crisis years for this country, marked on the chart. An average taken over a short series is a weaker statistic than one taken over a long series, and the counts are here so you can tell which you are reading.