Recent analysis indicates that the S&P 500 index has consistently underperformed relative to global assets correlated with risk sentiment over the past 20 days. The cumulative underperformance of the S&P 500 has varied, with figures reported at -1.86%, -1.91%, -1.76%, -2.49%, and -2.43% during this period. Additionally, a market expert noted that despite a yearly gain of over 20% for the S&P 500, the index has seen less than 3% growth in the last three months, leading to concerns about forward returns for the next three to six months. Another analyst highlighted the equity risk premium, which currently stands below 4%, suggesting a cautious approach to investing, as historically, a premium of 5-6% has been seen as a favorable buying opportunity.