S&P Merval (MERV)
Benchmark index · Argentina · data since 1996-10-08 · last close 2026-09-09
S&P Merval (MERV) monthly returns (%)
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.8 | -17.4 | 13.5 | -5.5 | 11.8 | 0.1 | 3.9 | -7.8 | 2.5 | · | · | · |
| 2025 | 1.2 | -14.0 | 6.0 | -10.2 | 8.5 | -12.5 | 16.3 | -14.4 | -10.7 | 69.3 | 0.8 | 0.8 |
| 2024 | 35.6 | -19.5 | 19.6 | 9.1 | 24.8 | -2.4 | -8.0 | 15.9 | -1.2 | 8.9 | 22.1 | 12.2 |
| 2023 | 25.5 | -2.4 | -0.7 | 21.3 | 14.8 | 24.6 | 7.2 | 43.0 | -13.9 | 3.0 | 40.5 | 14.3 |
| 2022 | 8.9 | -3.2 | 3.4 | -3.0 | 4.6 | -4.2 | 38.5 | 11.2 | 2.1 | 7.8 | 12.4 | 19.9 |
| 2021 | -5.8 | 0.4 | -0.9 | 2.2 | 20.8 | 5.2 | 5.8 | 15.8 | 1.2 | 8.0 | -5.1 | 5.3 |
| 2020 | -3.8 | -12.8 | -30.3 | 34.3 | 15.5 | 2.3 | 27.3 | -4.9 | -11.9 | 9.8 | 20.5 | -6.1 |
| 2019 | 19.9 | -5.1 | -3.0 | -11.6 | 14.8 | 23.1 | 0.6 | -41.5 | 18.1 | 20.4 | -1.4 | 20.8 |
| 2018 | 16.6 | -5.5 | -5.7 | -3.6 | -4.8 | -8.8 | 12.5 | 0.0 | 14.2 | -11.9 | 6.8 | -3.8 |
| 2017 | 12.7 | 0.3 | 6.0 | 3.7 | 6.3 | -1.9 | -1.5 | 9.3 | 10.6 | 7.1 | -3.7 | 11.4 |
| 2016 | -3.2 | 16.0 | -0.9 | 5.6 | -7.6 | 15.8 | 7.6 | -1.0 | 6.6 | 5.6 | -0.9 | -3.0 |
| 2015 | -1.0 | 13.1 | 12.9 | 11.2 | -10.4 | 7.9 | -4.8 | -0.6 | -11.0 | 27.0 | 4.1 | -10.0 |
| 2014 | 11.7 | -3.9 | 10.2 | 6.4 | 13.7 | 2.3 | 3.8 | 19.9 | 27.8 | -12.2 | -11.0 | -12.5 |
| 2013 | 21.3 | -11.9 | 10.9 | 13.8 | -9.3 | -14.7 | 12.8 | 17.2 | 21.5 | 8.0 | 10.7 | -5.7 |
| 2012 | 13.2 | -5.0 | 1.4 | -15.3 | -0.7 | 4.0 | 2.3 | 0.3 | 1.8 | -5.3 | 4.1 | 18.0 |
| 2011 | 1.7 | -3.5 | -2.0 | 0.5 | -4.5 | 3.4 | -1.2 | -10.8 | -16.9 | 17.9 | -11.8 | -3.9 |
| 2010 | -0.9 | -3.4 | 6.9 | 0.9 | -8.0 | -0.9 | 9.6 | -2.4 | 13.1 | 13.8 | 8.5 | 8.0 |
| 2009 | -0.3 | -5.4 | 10.5 | 13.2 | 24.5 | 0.1 | 8.3 | 3.6 | 16.4 | 2.0 | 1.5 | 8.1 |
| 2008 | -6.7 | 7.7 | -2.7 | -0.4 | 5.3 | -4.4 | -8.9 | -7.5 | -10.1 | -36.7 | -1.7 | 8.7 |
| 2007 | -1.0 | -0.1 | 1.7 | 2.5 | 4.1 | -2.3 | -0.5 | -5.4 | 6.1 | 7.5 | -6.1 | -2.5 |
| 2006 | 16.3 | -4.5 | 5.1 | 6.0 | -13.4 | 3.5 | -0.5 | -2.3 | -1.6 | 8.9 | 10.4 | 6.3 |
| 2005 | -0.1 | 13.5 | -10.2 | -3.7 | 10.2 | -8.0 | 10.3 | 4.9 | 7.1 | -5.1 | -3.4 | -0.8 |
| 2004 | 6.4 | 3.7 | 1.6 | -10.3 | -11.6 | -0.7 | 2.1 | -1.4 | 20.1 | 12.6 | -5.8 | 13.4 |
| 2003 | 4.8 | 8.0 | -4.5 | 12.2 | 6.6 | 13.0 | -1.4 | -5.6 | 16.1 | 12.3 | 7.2 | 7.5 |
| 2002 | 48.8 | -9.3 | 9.6 | -11.0 | -18.0 | 10.4 | 2.3 | 4.5 | 5.3 | 10.1 | 14.5 | 5.4 |
| 2001 | 27.8 | -18.2 | 1.8 | -1.8 | 0.7 | -8.4 | -20.1 | -0.3 | -23.8 | -7.8 | -9.8 | 45.3 |
| 2000 | 2.7 | 11.7 | -10.0 | -10.4 | -9.0 | 7.1 | 1.0 | -5.4 | 0.0 | -7.2 | -9.3 | 4.3 |
| 1999 | -13.5 | 2.4 | 10.2 | 34.3 | -7.1 | -4.8 | -4.6 | 6.5 | 5.3 | 0.9 | -0.6 | 2.8 |
| 1998 | -11.1 | 12.3 | 3.4 | -1.6 | -13.9 | -8.6 | 7.1 | -39.0 | 5.8 | 20.5 | 6.8 | -12.1 |
| 1997 | 6.8 | 3.6 | -1.7 | 2.4 | 7.6 | 4.0 | 5.1 | -2.0 | -1.2 | -19.8 | -0.6 | 4.9 |
| 1996 | · | · | · | · | · | · | · | · | · | -3.2 | 8.1 | 5.2 |
| Avg | 8.0 | -1.8 | 2.1 | 3.0 | 2.5 | 1.5 | 4.4 | -0.0 | 3.3 | 5.7 | 3.6 | 5.4 |
Values in %. Current and first-listed months are partial (greyed).
returnsview.com
MERV seasonality — average by calendar month
S&P Merval has monthly history back to 1996. Its strongest month by median is October — positive in 21 of 30 years, median +7.6%, and higher in 8 of the last 9. February is the soft spot, down in 18 of 30 with a median of -3.3%. Across its full record it has closed 58% of months higher, swings ±12.5% in an average month and has fallen 76.8% peak to trough.
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Avg | +8.0% | -1.8% | +2.1% | +3.0% | +2.5% | +1.5% | +4.4% | 0.0% | +3.4% | +5.7% | +3.6% | +5.4% |
| Win rate | 63%/30 | 40%/30 | 60%/30 | 57%/30 | 57%/30 | 53%/30 | 67%/30 | 43%/30 | 62%/29 | 70%/30 | 53%/30 | 67%/30 |
Win rate = share of positive months / sample size.
MERV risk & extremes
MERV drawdown & rolling returns
Percent below the all-time high at each month-end — how far underwater the asset was.
Frequently asked questions
What was S&P Merval's best month?+
S&P Merval's strongest completed month on record is October 2025, at +69.31%.
What was S&P Merval's worst month?+
Its weakest completed month on record is August 2019, at -41.49%.
Is S&P Merval up this year?+
S&P Merval is up 1.92% year to date, measured from its last close before 1 January.
What is S&P Merval's 1-year return?+
+79.94% over the past twelve months, comparing the latest close with the most recent close on or before the same date a year earlier.
What is S&P Merval's biggest drawdown?+
The deepest peak-to-trough fall on record is 76.8%, measured on month-end closes since 1996.
Which calendar month is historically best for S&P Merval?+
January has the highest average return across every completed January since 1996. An average is not a forecast.
About S&P Merval
S&P Merval isn't a company — it's the scoreboard: Argentina's benchmark index, tracked here like any other asset, so you can see how a whole market behaves when nobody's stock-picking — with price history on this site back to 1996. And the long game: $100 at its first close here (1996) would be about $531,190 today.
Did you know?
- Its best month on record was October 2025 at +69.31%; its worst, August 2019 at -41.49%.
- It has closed October in the green 21 out of 30 times — past performance, future shrug.
Trivia for entertainment — the numbers come from our price data; the jokes don't.