We are using the SPDR STI ETF (ES3.SI) as a benchmark for STI.


Return = (closing price – opening price) / opening price

Return = (closing price – opening price + dividend paid) / opening price


Recommended Read: CPF Account Effective Interest Rates

Analysis: Best Month
The best month is……….. APRIL!
Over the past 13 cycles, STI experienced only 2 non-positive Aprils, with the worse being only -1%.

The second best month is……….. March!
Over the past 13 cycles, STI experienced 3 negative Marches.

Guess we just missed the best time to get in and invest in STI. 😉

In addition, with or without factoring dividend returns does not seem to affect the top 2 months of best return.
Though it did make Februaries’ return looks a lot better.

Analysis: Worse Month
Without factoring dividend return, the worse month is……….. AUGUST!
Followed by February and May.