Hold equity longer and it gets calmer.
And wilder.
18 to 4
The 1 sigma swing in your yearly return, in percentage points, holding one year versus twenty
That tightening is why everyone says equity is safe in the long run. For the return per year, it is. But the rupees you actually walk away with do the opposite. They fan out. Both are true at once, and missing the second one is how a long horizon gets mistaken for a guarantee.