{"slug":"the-8-4-3-rule-mutual-funds","qid":"rate_windows","label":"Annualized SPY price growth over rolling eight-year windows, by starting year end","post_title":"The 8-4-3 Rule for Mutual Funds, Explained","post_url":"/blog/the-8-4-3-rule-mutual-funds#q-rate_windows","columns":["start_year","annualized_8y_pct","multiple_after_8y"],"rows":[{"start_year":2004,"annualized_8y_pct":2.06,"multiple_after_8y":1.18},{"start_year":2005,"annualized_8y_pct":5.04,"multiple_after_8y":1.48},{"start_year":2006,"annualized_8y_pct":4.78,"multiple_after_8y":1.45},{"start_year":2007,"annualized_8y_pct":4.23,"multiple_after_8y":1.39},{"start_year":2008,"annualized_8y_pct":12,"multiple_after_8y":2.48},{"start_year":2009,"annualized_8y_pct":11.53,"multiple_after_8y":2.39},{"start_year":2010,"annualized_8y_pct":8.97,"multiple_after_8y":1.99},{"start_year":2011,"annualized_8y_pct":12.48,"multiple_after_8y":2.56},{"start_year":2012,"annualized_8y_pct":12.82,"multiple_after_8y":2.62},{"start_year":2013,"annualized_8y_pct":12.54,"multiple_after_8y":2.57},{"start_year":2014,"annualized_8y_pct":8.07,"multiple_after_8y":1.86},{"start_year":2015,"annualized_8y_pct":11.16,"multiple_after_8y":2.33},{"start_year":2016,"annualized_8y_pct":12.8,"multiple_after_8y":2.62},{"start_year":2017,"annualized_8y_pct":12.44,"multiple_after_8y":2.55}],"shape":"ranking","sql":"WITH ye AS (\n    SELECT toYear(toTimeZone(window_start, 'America/New_York')) AS year,\n           argMax(close, window_start) AS px\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker = 'SPY'\n      AND toDate(toTimeZone(window_start, 'America/New_York')) BETWEEN toDate('2004-12-01') AND toDate('2025-12-31')\n      AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60\n           + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959\n    GROUP BY year\n)\nSELECT a.year AS start_year,\n       round((pow(b.px / a.px, 1.0 / 8) - 1) * 100, 2) AS annualized_8y_pct,\n       round(b.px / a.px, 2) AS multiple_after_8y\nFROM ye AS a\nINNER JOIN ye AS b ON b.year = a.year + 8\nWHERE a.year >= 2004 AND a.year <= 2017\nORDER BY start_year","computed_at":"2026-07-31T08:37:53.684530+00:00","elapsed":0.01325137}