Capital Markets Assumptions
The 2025-2034 Capital Markets Assumptions are Callan’s
long-term expectations for return and volatility for
broad asset classes.
Callan's 10-year assumptions by asset class
Explore our long-term outlook for return and risk for all of the major asset classes. In this chart, you can view those assumptions by asset class type, such as equities or fixed income. Simply hover over the various bars in the chart to see the relevant index.
How have our Capital Markets Assumptions done compared to actual returns? Read our blog post here.
Our famous “Risky Business” pie charts use the CMAs to illustrate what it has taken over time to earn the same return. Find the latest results here.
How does asset allocation affect risk and return?
Select different mixes below to see.
Learn more about Callan's Capital Markets Assumptions
History of our assumptions
Look back over the last two decades to see how our projections have changed. Hover over any point on the time line to view projections for any year over the last 20. Click on a specific asset class to highlight its changes over the whole time period.
“Our projections are informed by current market conditions but are not directly built from them since the forecasts are long term in nature.”
Jay Kloepfer
Executive Vice President
and Director of Capital Markets Research group