There are two key observations in this analysis from which your clients may benefit.
First, the S&P 500 is seldom the correct performance benchmark for most portfolios. If you’ve built a broadly diversified portfolio, it would be most appropriate to use a broadly diversified index.
Second, being invested in a broadly diversified portfolio is relatively boring, but boring doesn’t have to be a negative. Sure, years with performance of 30% or better will seldom, if ever, occur. But diversifying is a steadier approach without the dramatic ups and downs.
And the math of gains and losses will be on your side.