Last week, the S&P 500 marked its first 10% decline in nearly two years. While such a decline may be unnerving, it’s more common than you think.

In fact, two years is an unusually long period for markets to go without a 10% decline. Capital Group reports that since 1900, the stock market has declined 10% every 11 months on average.

In more recent decades, 10% declines have been a common occurrence even as stocks have delivered solid returns. Since 1980, stocks have returned more than 10% on average while experiencing a nearly 14% decline in the typical year.

Long-term investors should take these declines in stride, knowing that short-term volatility will always be a fact of life in financial markets.

Source: Hefren-Tillotson, Bloomberg; Data as of 12/31/2017. Ignores fees, taxes and other costs of investing. PAST PERFORMANCE DOES NOT PREDICT FUTURE RESULTS