Annual price change distribution
How individual stocks moved each year — average, median, and what share of them finished higher. Price change only, not total return.
- as_of
- 2026-09-04
- Sample period
- 1994-01-05 → 2026-09-04
- Rows
- 56
Methodology
For each stock in each year, the first and last trading day with a closing price are taken and the change between them computed. The year's figures are the average and median of those changes, plus the count and share that finished higher.
From 1994, split by market. This is a PRICE-CHANGE distribution and not a total return: prices are unadjusted, dividends are excluded and rights and dividend adjustments are not applied, so higher-yielding stocks are systematically understated here. Use an adjusted price series for total return. Stocks are excluded only where the close is missing, which is not the same as a close of zero.
What this means, and how to use it
The gap between the average and the median is the point. A year can have a strongly positive average while most stocks fell, because a few very large winners carry it — and the share that finished higher is what tells you which kind of year it was. That is the difference between 'the market went up' and 'my stocks went up'. History, not a forecast.
Data
Download CSV| Year | Market | Median change | Average change | Share up | Stocks up | Stocks counted |
|---|---|---|---|---|---|---|
| 1994 | TPEx | 52.6% | 75.1% | 83.3% | 5 | 6 |
| 1995 | TPEx | -30.9% | -28.2% | 8.3% | 1 | 12 |
| 1996 | TPEx | 47.9% | 67.1% | 81.5% | 22 | 27 |
| 1997 | TPEx | -5.4% | 8.8% | 47.2% | 17 | 36 |
| 1998 | TPEx | -32.7% | -24.6% | 21.5% | 14 | 65 |
| 1999 | TPEx | -29.7% | -11.4% | 19.8% | 21 | 106 |
| 2000 | TPEx | -48.4% | -42.8% | 4.8% | 7 | 145 |
| 2001 | TPEx | -0.5% | 15.9% | 48.1% | 102 | 212 |
| 2002 | TPEx | -18.3% | -3.8% | 30.2% | 95 | 315 |
| 2003 | TPEx | 3.8% | 20.2% | 56.1% | 222 | 396 |
| 2004 | TWSE | -21.0% | -20.7% | 22.1% | 165 | 746 |
| 2004 | TPEx | -21.5% | -14.7% | 24.9% | 114 | 458 |
| 2005 | TWSE | -11.1% | -0.7% | 35.9% | 265 | 738 |
| 2005 | TPEx | 0.7% | 20.1% | 50.2% | 247 | 492 |
| 2006 | TWSE | 25.4% | 48.1% | 76.4% | 558 | 730 |
| 2006 | TPEx | 14.6% | 49.4% | 66.1% | 345 | 522 |
| 2007 | TWSE | -5.1% | 3.1% | 42.4% | 313 | 738 |
| 2007 | TPEx | -19.1% | -12.7% | 22.9% | 127 | 554 |
| 2008 | TWSE | -49.4% | -43.0% | 5.7% | 43 | 754 |
| 2008 | TPEx | -56.1% | -47.5% | 5% | 28 | 558 |
| 2009 | TWSE | 96.3% | 120.7% | 96.8% | 757 | 782 |
| 2009 | TPEx | 126.0% | 163.7% | 95.8% | 529 | 552 |
| 2010 | TWSE | 2.1% | 12.0% | 52.9% | 435 | 823 |
| 2010 | TPEx | -5.9% | 18.0% | 42.9% | 242 | 564 |
| 2011 | TWSE | -32.2% | -27.2% | 12% | 103 | 860 |
| 2011 | TPEx | -36.6% | -25.1% | 13.5% | 82 | 608 |
| 2012 | TWSE | 7.3% | 13.2% | 65.2% | 573 | 879 |
| 2012 | TPEx | 4.1% | 16.0% | 56.9% | 364 | 640 |
| 2013 | TWSE | 8.5% | 22.3% | 67.9% | 614 | 904 |
| 2013 | TPEx | 13.9% | 30.9% | 68% | 451 | 663 |
| 2014 | TWSE | -2.0% | 6.5% | 46.7% | 430 | 921 |
| 2014 | TPEx | 1.4% | 21.1% | 52.1% | 359 | 689 |
| 2015 | TWSE | -16.6% | -9.7% | 24.2% | 230 | 949 |
| 2015 | TPEx | -18.2% | -9.1% | 25.1% | 180 | 717 |
| 2016 | TWSE | 3.2% | 8.4% | 56% | 557 | 995 |
| 2016 | TPEx | -1.1% | 9.8% | 47.9% | 355 | 741 |
| 2017 | TWSE | 7.9% | 20.8% | 66.7% | 698 | 1,046 |
| 2017 | TPEx | 5.6% | 19.4% | 56.8% | 428 | 753 |
| 2018 | TWSE | -11.5% | -9.6% | 27.5% | 300 | 1,091 |
| 2018 | TPEx | -15.2% | -10.9% | 27.3% | 211 | 773 |
| 2019 | TWSE | 10.7% | 17.5% | 71.3% | 803 | 1,127 |
| 2019 | TPEx | 8.5% | 19.2% | 65.4% | 513 | 785 |
| 2020 | TWSE | 7.8% | 24.0% | 61.2% | 698 | 1,141 |
| 2020 | TPEx | 3.2% | 22.2% | 54.8% | 435 | 794 |
| 2021 | TWSE | 9.2% | 20.9% | 66.2% | 769 | 1,162 |
| 2021 | TPEx | 10.2% | 29.3% | 65.3% | 519 | 795 |
| 2022 | TWSE | -13.9% | -11.3% | 23.1% | 277 | 1,198 |
| 2022 | TPEx | -11.9% | -6.1% | 31.3% | 255 | 815 |
| 2023 | TWSE | 14.3% | 26.5% | 73.9% | 907 | 1,228 |
| 2023 | TPEx | 15.4% | 32.7% | 73.2% | 603 | 824 |
| 2024 | TWSE | 1.0% | 11.1% | 51.4% | 659 | 1,281 |
| 2024 | TPEx | -0.9% | 14.8% | 47.7% | 403 | 844 |
| 2025 | TWSE | -5.7% | 3.1% | 40.2% | 540 | 1,344 |
| 2025 | TPEx | -9.2% | 1.8% | 33.3% | 293 | 879 |
| 2026 | TWSE | 3.1% | 21.3% | 56.2% | 781 | 1,389 |
| 2026 | TPEx | 0% | -3.1% | 16.4% | 1,086 | 6,622 |
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