Nope, not a bond yield.
Today is the 20th anniversary of the peak of the dot-com bubble. According to the Leuthold Group, returns for the S&P 500 have averaged 4.4% per year from that date to this one. The MSCI Emerging Markets and Barclays Bond Aggregate have had identical 5% returns. Mid-caps and small caps have substantially bested all three.
Among the sliced and diced domestic sub-sectors:
S&P 500 High Beta: -1.4% annually
S&P 500 Low Volatility: 9.2%
S&P 500 Dividend Aristocrats: 9.3%
FSTE NAREIT Index: 9.0%
Spot gold: 9.0%
Of course measuring for the moment before one market collapse to a moment somewhere within another one is weird and unrepresentative. We ought all remember that the next time someone tries pedaling an investment based on its 3- or 5-year returns when those returns fall within a window of steadily rising prices.
See? I'm an optimist! I'm foreseeing the New Bull and the New Bull marketing campaigns.