From Anthony Risola of Ritholtz Wealth Management:

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More on the subject:

Since 1950, the S&P 500 Index has been in a bear market (greater than a 20% loss) 9 times.

Seven of those took place during a recession.

In other words, you ‘can’ get a bear market without a recession, but history would say it is quite rare.

In the 38 years between 1980 to 2017, 19 yrs saw at least a 10% S&P 500 Index peak-to-trough correction.

13 of those 19 years  still finished year positive.

The 6 that didn’t all took place during a recession.

In other words, a 10% correction is normal, but so is a positive year if you avoid a recession.

Hat tip Ryan Detrick.