Topdown Charts, an analysis firm, noted that over the past decade, the S&P 500's inflation-adjusted annualized total return was approximately 12%, while U.S. Treasuries yielded about negative 3%. This means U.S. equities outperformed Treasuries by 15 percentage points annually. This gap is three times the historical norm (around 5 percentage points) since the 1880s and represents the largest equity outperformance over Treasuries in U.S. financial history, with the exception of the late 1950s. The firm warned that this record-high gap suggests equities are expensive relative to bonds, and long-term cycles may eventually narrow this advantage.