What if you bought the S&P 500 on the day of the Brexit shock?
This uses real data to show what would have happened if you had invested a lump sum in the S&P 500 ETF (SPY) on June 24, 2016 — the day global markets plunged after the UK voted to leave the EU. We honestly examine the recovery path after 'buying on the day of bad news.'
⚠️ Know the risk first
There was a sharp loss stretch for a few days right after entry. The U.S. index recovered quickly this time, but recovery speed differs by event — buying at the 2008 or 2022 peaks took far longer.
What happened that day
After the UK voted to leave the EU on June 23, 2016, the unexpected result sent global markets plunging the next day. The pound crashed and money rushed to safe havens, yet U.S. stocks recovered much of the drop within days.
Why this date
The buy date is June 24, 2016, when global markets plunged on the Brexit vote, computing 'what if you bought the index on the day of a big shock.'
Investment conditions
Asset · S&P 500 ETF (SPY) · lump-sum on the Brexit plunge day, then held long-term
Method · Lump-sum (all at once)
Period · 2016-06-24 ~ 2026-07-01
Amount · $7,407
As of · 2026-07-01
Key metrics
These results do not reflect taxes. Based on historical data.
Buy and final prices are shown in the asset's local currency (US & crypto $, Japan ¥, Korea ₩). Total invested and final value are in Korean won (₩).
Risk & recovery
As important as returns. This service does not hide maximum drawdown or loss periods.
Maximum drawdown (MDD)
-33.7%
Largest drop from peak
Longest loss period
0months
Months in loss: 0
Recovery period
15months
Growth over time
Invested principal (dashed) and portfolio value (solid). Values below match the calculation.
Total invested $7,407 → Final value $31,909 (+330.8%), Maximum drawdown (MDD) -33.7%
Why this period and asset
On June 23, 2016 (local time), the UK voted to leave the EU. The unexpected result sent global markets tumbling the next day, June 24, as money rushed to safe havens and the pound plunged. There was widespread fear of 'a major shock to the world economy,' yet U.S. stocks recovered much of the drop within days. It's a case where a big event did not necessarily lead to a lasting crash.
Interpreting the result
Unlike a single stock, an index is diversified across hundreds of companies, so it tends to recover relatively quickly from shock news. Check the final value and annualized return (XIRR) below, but note there was a brief loss stretch right after entry, and that this is the result of holding for a long time afterward. 'The day of scary news' was not necessarily the worst buy date — but that does not mean 'always buy on bad news' is a rule. Buying the same index at the 2008 or 2022 peaks took far longer to recover — compare with the related cases.
Caveats & limits
This case does not mean 'buying on the day of bad news always wins.' Brexit turned out to be only a brief shock to U.S. stocks; buying the same way at the 2008 or 2022 peaks brought far longer losses. Always review the maximum drawdown and loss periods. Figures use adjusted close and exclude exchange rates, fees, and taxes, and past results do not guarantee the future.
Event fact sources
- BBC — EU referendum result (2016-06-24)
- Reuters, global markets Brexit selloff coverage (2016-06-24)
Requested date vs actual trading date
If the event date is a holiday, the fill uses the next trading day's close. The 'effective trading date' below is the date actually used.
Data sources & limits
- Price data source: Yahoo Finance / FinanceDataReader
- Collected on: 2026-07-28
- Effective trading date: 2026-07-01
- Price basis: Adjusted close (reflects dividends and stock splits)
- Trading fees and taxes are not reflected — figures are pre-tax.
- Based on historical data; does not guarantee future returns.
Frequently asked questions
Why use June 24, 2016 as the buy date?
That is the day global markets plunged on news of the Brexit vote. It captures 'what if you bought the index without panicking on the day a big shock hit.'
How long did the Brexit plunge last?
U.S. stocks fell sharply over June 24 and 27, then recovered much of the drop within days. You can see this brief loss stretch in the maximum drawdown metric below.
So should I buy every time bad news hits?
No. Brexit was just a case where the shock was brief. Buying the same index at the 2008 or 2022 peaks took years to recover. Each event differs, and this page recommends no trading rule.
Are FX and taxes reflected?
No. Exchange rates, trading fees, and taxes are not reflected — figures are pre-tax. In real index investing, USD/KRW moves and taxes would additionally affect results.
Related scenarios
📋 Results are based on historical data; past returns do not guarantee future returns.
📋 This service is provided for educational purposes to help you understand investing, not as investment advice.