The one thing that kills a bull market

A recession.

In a recent note to clients, a UBS team led by strategist Julian Emanuel shared a chart showing the S&P 500 compared with recessions in the US.

Notably, downturns in the market overlap with rough economic times.

“It is worth noting that no US equity bear market of the last 25 years has begun without a recession starting within 12 months following the market top,” the team wrote.

Check it out below.