Reference
How the underlying indices have performed
Most structured notes are built on a handful of indices — the familiar benchmarks like the S&P 500 and Nasdaq 100, plus the engineered (futures-based, leveraged, or volatility-controlled) versions issuers use to price better terms. When our monthly review mentions an underlying, this is the history behind it. All charts share the same percent scale, so an engineered index's bigger swings are visible at a glance.
S&P 500
SPX| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +16% | +21% | +13% |
| 2024 | +23% | +7% | +13% |
| 2023 | +24% | +8% | +14% |
| 2022 | -19% | +6% | +8% |
| 2021 | +27% | +24% | +16% |
| 2020 | +16% | +12% | +13% |
| 2019 | +29% | +13% | +9% |
| 2018 | -6% | +7% | +6% |
| 2017 | +19% | +9% | +13% |
| 2016 | +10% | +7% | +12% |
| 2015 | -1% | +13% | +10% |
| 2014 | +11% | +18% | +13% |
| 2013 | +30% | +14% | +15% |
| 2012 | +13% | +9% | -1% |
| 2011 | 0% | +12% | -2% |
| 2010 | +13% | -5% | 0% |
| 2009 | +23% | -8% | — |
| 2008 | -38% | -10% | — |
| 2007 | +4% | — | — |
| 2006 | +14% | — | — |
S&P 500 Futures
SPXFP| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +12% | +16% | +10% |
| 2024 | +18% | +4% | +11% |
| 2023 | +20% | +7% | +13% |
| 2022 | -20% | +7% | +8% |
| 2021 | +28% | +25% | +17% |
| 2020 | +18% | +12% | +13% |
| 2019 | +28% | +13% | +10% |
| 2018 | -7% | +8% | +7% |
| 2017 | +20% | +10% | +15% |
| 2016 | +11% | +8% | +14% |
| 2015 | +1% | +15% | +12% |
| 2014 | +13% | +20% | +15% |
| 2013 | +32% | +16% | +17% |
| 2012 | +15% | +10% | +1% |
| 2011 | +2% | +14% | -2% |
| 2010 | +15% | -4% | -1% |
| 2009 | +26% | -9% | — |
| 2008 | -39% | -13% | — |
| 2007 | 0% | — | — |
| 2006 | +10% | — | — |
S&P 500 Leveraged
SPXFD356| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +9% | +22% | +10% |
| 2024 | +25% | -1% | +9% |
| 2023 | +34% | +6% | +16% |
| 2022 | -42% | -2% | +3% |
| 2021 | +55% | +39% | +31% |
| 2020 | +4% | +9% | — |
| 2019 | +67% | +34% | — |
| 2018 | -24% | — | — |
| 2017 | +92% | — | — |
| 2016 | — | — | — |
| 2015 | — | — | — |
| 2014 | — | — | — |
| 2013 | — | — | — |
| 2012 | — | — | — |
| 2011 | — | — | — |
| 2010 | — | — | — |
| 2009 | — | — | — |
| 2008 | — | — | — |
| 2007 | — | — | — |
| 2006 | — | — | — |
S&P 500 Leveraged
SPXF4EV6| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +6% | +24% | +10% |
| 2024 | +28% | -1% | +11% |
| 2023 | +40% | +6% | +17% |
| 2022 | -47% | -2% | +4% |
| 2021 | +60% | +44% | +35% |
| 2020 | +12% | +13% | +27% |
| 2019 | +67% | +36% | +17% |
| 2018 | -22% | +21% | +9% |
| 2017 | +94% | +19% | +29% |
| 2016 | +15% | +1% | +18% |
| 2015 | -24% | +18% | +11% |
| 2014 | +16% | +37% | +22% |
| 2013 | +85% | +24% | +24% |
| 2012 | +20% | +7% | -6% |
| 2011 | -13% | +9% | — |
| 2010 | +19% | -11% | — |
| 2009 | +26% | — | — |
| 2008 | -53% | — | — |
| 2007 | — | — | — |
| 2006 | — | — | — |
S&P 500 Leveraged
SPAR4V6| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | -9% | +18% | +10% |
| 2024 | +28% | +1% | +15% |
| 2023 | +38% | +11% | +18% |
| 2022 | -42% | +4% | +3% |
| 2021 | +70% | +42% | +35% |
| 2020 | +15% | +6% | — |
| 2019 | +46% | +32% | — |
| 2018 | -29% | — | — |
| 2017 | +124% | — | — |
| 2016 | — | — | — |
| 2015 | — | — | — |
| 2014 | — | — | — |
| 2013 | — | — | — |
| 2012 | — | — | — |
| 2011 | — | — | — |
| 2010 | — | — | — |
| 2009 | — | — | — |
| 2008 | — | — | — |
| 2007 | — | — | — |
| 2006 | — | — | — |
S&P 500 Leveraged
SPXFD406| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +11% | +26% | +12% |
| 2024 | +30% | -1% | +11% |
| 2023 | +39% | +7% | +18% |
| 2022 | -46% | -3% | +3% |
| 2021 | +66% | +45% | +34% |
| 2020 | +3% | +9% | — |
| 2019 | +78% | +36% | — |
| 2018 | -30% | — | — |
| 2017 | +103% | — | — |
| 2016 | — | — | — |
| 2015 | — | — | — |
| 2014 | — | — | — |
| 2013 | — | — | — |
| 2012 | — | — | — |
| 2011 | — | — | — |
| 2010 | — | — | — |
| 2009 | — | — | — |
| 2008 | — | — | — |
| 2007 | — | — | — |
| 2006 | — | — | — |
S&P 500 Leveraged
MQUSLVA| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +5% | +21% | +9% |
| 2024 | +28% | 0% | +9% |
| 2023 | +31% | +4% | +14% |
| 2022 | -41% | -3% | +3% |
| 2021 | +47% | +35% | +28% |
| 2020 | +6% | +10% | +21% |
| 2019 | +59% | +29% | +13% |
| 2018 | -20% | +15% | +4% |
| 2017 | +71% | +13% | +21% |
| 2016 | +11% | -3% | +12% |
| 2015 | -24% | +11% | +8% |
| 2014 | +7% | +28% | +16% |
| 2013 | +67% | +21% | +19% |
| 2012 | +16% | +5% | -7% |
| 2011 | -9% | +7% | -12% |
| 2010 | +10% | -13% | -9% |
| 2009 | +21% | -20% | — |
| 2008 | -50% | -22% | — |
| 2007 | -15% | — | — |
| 2006 | +12% | — | — |
Nasdaq 100
NDX| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +20% | +32% | +14% |
| 2024 | +25% | +9% | +19% |
| 2023 | +54% | +9% | +22% |
| 2022 | -33% | +8% | +11% |
| 2021 | +27% | +37% | +27% |
| 2020 | +48% | +26% | +23% |
| 2019 | +38% | +22% | +16% |
| 2018 | -1% | +11% | +12% |
| 2017 | +32% | +15% | +19% |
| 2016 | +6% | +11% | +16% |
| 2015 | +8% | +20% | +16% |
| 2014 | +18% | +23% | +18% |
| 2013 | +35% | +17% | +24% |
| 2012 | +17% | +13% | +5% |
| 2011 | +3% | +23% | +5% |
| 2010 | +19% | +2% | +6% |
| 2009 | +54% | +2% | — |
| 2008 | -42% | -10% | — |
| 2007 | +19% | — | — |
| 2006 | +7% | — | — |
Nasdaq 100 Futures
NDXNQER| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +15% | +26% | +11% |
| 2024 | +18% | +5% | +17% |
| 2023 | +47% | +7% | +20% |
| 2022 | -34% | +8% | +11% |
| 2021 | +27% | +37% | +27% |
| 2020 | +48% | +25% | +22% |
| 2019 | +36% | +20% | +15% |
| 2018 | -3% | +11% | +12% |
| 2017 | +31% | +15% | +20% |
| 2016 | +6% | +11% | +17% |
| 2015 | +9% | +21% | +16% |
| 2014 | +19% | +24% | +19% |
| 2013 | +36% | +18% | +25% |
| 2012 | +18% | +13% | +5% |
| 2011 | +3% | +24% | +4% |
| 2010 | +20% | +2% | +4% |
| 2009 | +54% | 0% | — |
| 2008 | -43% | -13% | — |
| 2007 | +13% | — | — |
| 2006 | +2% | — | — |
Russell 2000
RTY| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +11% | +12% | +5% |
| 2024 | +10% | 0% | +6% |
| 2023 | +15% | +1% | +8% |
| 2022 | -22% | +2% | +3% |
| 2021 | +14% | +19% | +11% |
| 2020 | +18% | +9% | +12% |
| 2019 | +24% | +7% | +7% |
| 2018 | -12% | +6% | +3% |
| 2017 | +13% | +8% | +13% |
| 2016 | +19% | +5% | +13% |
| 2015 | -6% | +10% | +8% |
| 2014 | +4% | +18% | +14% |
| 2013 | +37% | +14% | +18% |
| 2012 | +15% | +11% | +2% |
| 2011 | -5% | +14% | -1% |
| 2010 | +25% | +1% | +3% |
| 2009 | +25% | -7% | — |
| 2008 | -35% | -9% | — |
| 2007 | -3% | — | — |
| 2006 | +17% | — | — |
EURO STOXX 50
SX5E| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +37% | +22% | +12% |
| 2024 | +4% | +4% | +6% |
| 2023 | +27% | +7% | +10% |
| 2022 | -15% | +1% | +2% |
| 2021 | +14% | +15% | +10% |
| 2020 | +6% | +4% | +7% |
| 2019 | +26% | +9% | +5% |
| 2018 | -16% | +2% | -2% |
| 2017 | +24% | +6% | +7% |
| 2016 | 0% | -4% | +6% |
| 2015 | -5% | +4% | +2% |
| 2014 | -8% | +12% | +1% |
| 2013 | +27% | +8% | +8% |
| 2012 | +20% | -3% | -9% |
| 2011 | -17% | -1% | -8% |
| 2010 | -10% | -14% | +1% |
| 2009 | +30% | -5% | — |
| 2008 | -46% | -4% | — |
| 2007 | +22% | — | — |
| 2006 | +32% | — | — |
Emerging Market
EEM| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +34% | +16% | +4% |
| 2024 | +7% | -3% | +1% |
| 2023 | +9% | -6% | +3% |
| 2022 | -21% | -4% | -2% |
| 2021 | -4% | +10% | +9% |
| 2020 | +17% | +5% | +12% |
| 2019 | +18% | +11% | +5% |
| 2018 | -15% | +9% | +1% |
| 2017 | +37% | +8% | +3% |
| 2016 | +11% | -4% | 0% |
| 2015 | -16% | -8% | -6% |
| 2014 | -4% | +3% | +1% |
| 2013 | -4% | -2% | +13% |
| 2012 | +19% | +4% | -1% |
| 2011 | -19% | +17% | +2% |
| 2010 | +17% | 0% | +12% |
| 2009 | +69% | +5% | — |
| 2008 | -49% | -4% | — |
| 2007 | +33% | — | — |
| 2006 | +31% | — | — |
Gold Leveraged
MQUSGVA| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +146% | +65% | +28% |
| 2024 | +64% | +19% | +15% |
| 2023 | +11% | -5% | +15% |
| 2022 | -8% | +4% | +6% |
| 2021 | -17% | +25% | +13% |
| 2020 | +46% | +20% | +17% |
| 2019 | +60% | +16% | -3% |
| 2018 | -25% | -2% | -16% |
| 2017 | +30% | -10% | -27% |
| 2016 | -4% | -25% | -32% |
| 2015 | -41% | -45% | -26% |
| 2014 | -24% | -36% | -9% |
| 2013 | -63% | -22% | +3% |
| 2012 | -5% | +31% | +21% |
| 2011 | +37% | +48% | +48% |
| 2010 | +72% | +27% | — |
| 2009 | +39% | +45% | — |
| 2008 | -15% | — | — |
| 2007 | +157% | — | — |
| 2006 | — | — | — |
Multi-Asset
BNPIMAD5| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +7% | +4% | +2% |
| 2024 | +1% | 0% | +1% |
| 2023 | +5% | +1% | +4% |
| 2022 | -6% | 0% | +2% |
| 2021 | +4% | +7% | +4% |
| 2020 | +3% | +4% | +5% |
| 2019 | +13% | +5% | +4% |
| 2018 | -4% | +3% | +3% |
| 2017 | +6% | +4% | +6% |
| 2016 | +6% | +5% | +7% |
| 2015 | 0% | +7% | +7% |
| 2014 | +10% | +10% | +9% |
| 2013 | +10% | +8% | +7% |
| 2012 | +10% | +8% | +6% |
| 2011 | +5% | +5% | +4% |
| 2010 | +8% | +5% | +4% |
| 2009 | +3% | +3% | — |
| 2008 | +3% | +2% | — |
| 2007 | +1% | — | — |
| 2006 | +2% | — | — |
Multi-Asset
BNPIMADX| Year | 1 yr | 3 yr* | 5 yr* |
|---|---|---|---|
| 2025 | +5% | +4% | +2% |
| 2024 | +4% | +1% | +2% |
| 2023 | +3% | +1% | +3% |
| 2022 | -4% | +1% | +2% |
| 2021 | +4% | +6% | +4% |
| 2020 | +4% | +3% | +4% |
| 2019 | +9% | +5% | +3% |
| 2018 | -4% | +3% | +3% |
| 2017 | +10% | +4% | +6% |
| 2016 | +3% | +3% | +5% |
| 2015 | -1% | +6% | +5% |
| 2014 | +7% | +8% | +7% |
| 2013 | +13% | +7% | +7% |
| 2012 | +4% | +5% | +4% |
| 2011 | +4% | +7% | +3% |
| 2010 | +8% | +4% | +3% |
| 2009 | +8% | +2% | — |
| 2008 | -4% | 0% | — |
| 2007 | +1% | — | — |
| 2006 | +3% | — | — |
* 1-year figures are calendar-year percent changes; 3- and 5-year figures are annualized returns over the trailing period ending that year.
These charts and tables are approximations — values are rounded to the nearest percent and are meant to show the shape and scale of each index's yearly moves, not exact performance. Engineered indices typically have shorter live histories; earlier figures may be hypothetical back-tests published by the index sponsor. Past performance does not predict future results — verify anything that matters in the issuer's offering documents.