Historical S&P 500 Trends: Coca-Cola's Performance in Down Markets

### Session Tape — Weekend Review As markets pause for the weekend, historical data underscores how certain defensive large-caps have weathered broader index declines across multiple economic cycles since 1980.

## Catalyst Analysis: Historical Resilience in Down Cycles Long-term performance records indicate that when the S&P 500 has experienced negative calendar-year returns, select consumer staples have historically demonstrated relative downside protection. Across eight down years for the broader index between 1980 and recent periods—including 1981, 1990, the 2000–2002 tech contraction, 2008, 2018, and 2022—data shows that specific defensive holdings frequently delivered total returns exceeding the headline index.

While the S&P 500 averaged steep losses during those specific adverse years, historical figures highlight that certain multinational beverage operators managed to post positive returns in a majority of those downturns, dampening overall portfolio drawdown. However, strategists note that entry valuations remain an important consideration heading into future volatility, given current equity pricing levels relative to historical averages.