CoinMeta data: The S&P 500 index has reached a record high. Historical data shows that since 1950, the average return over five years following a new high for the S&P 500 has been 55.8%. Analysis by Vanguard indicates that investing on the day of a record high results in an average annual return of 9.5%, 30.2% after three years, and 55.8% after five years. Despite the currently abnormally high yields on government bonds and the market's ongoing uncertainty regarding inflation, the S&P 500 and NASDAQ indices have still reached new highs. Vanguard found that the average annual return after a record high is 9.5%, compared to 9.2% on other trading days. The current rebound of the S&P 500 is still exceptionally concentrated, with over 70% of its constituent stocks still at least 10% below their recent highs.