If you’re immersed in the market narrative — and you are, otherwise you wouldn’t be here — you’ve heard plenty of “correction reflections” in recent days.

Perhaps the most notable aspect of the pullback for US equities during Donald Trump’s first few months (back) in office was the rapidity of the slide.

I’ve mentioned, and alluded to, these statistics before, but I wanted to re-highlight the numbers, this time with some new visuals for additional context.

The “Trump correction,” as it was dubbed by the media, was among the fastest in history. On Deutsche Bank’s reckoning — and frankly I’m not sure why there should be any variance in this particular stat, but I’ve seen different rankings from different banks — 2025’s early-year correction was the 11th-fastest ever.

The figure shows the number of days from 52-week highs to a 10% drawdown. The COVID crash was the fastest ever, followed by the fireworks around “Volmageddon” in 2018.

The bank’s Jim Reid counted 59 corrections for the sample, split just about evenly between those that occurred in and around recessions and those that didn’t.

The figure below shows the breakdown. 12% of historical corrections occurred when the US economy was already in recession, while a third presaged a downturn within 12 months.

That leaves 56% of corrections which, in hindsight, weren’t the result or harbingers of a broader economic swoon.

Although the median return out 12 months following corrections is unsurprisingly high, there are some outlier drawdowns, which is to say buying down 10% generally gives you some upside asymmetry on the look-ahead, except when it doesn’t. And those exceptions can be quite harrowing.

The figure below, from the same slide deck, shows the total drawdown in each episode, color-coded by whether the economy was already in a recession, headed into one or didn’t experience a downturn.

Out of 59 total corrections, 17 “went on to become bear markets,” Reid wrote, leaving 42 to “stall out” before breaching the 20% threshold.

Obviously, the Great Depression is the grandaddy of them all, followed by the GFC, then the recovery setback in ’37 and the dot-com bust.