At first glance, this picture does seem to indicate that there have indeed been pullbacks during the terms of these Federal Reserve chairpersons, but there is a slight difference.

Arthur Burns took office in February 1970, and the largest pullback occurred in 1973-1974, three years after taking office.

Paul Volcker took office in August 1979, and the largest pullback occurred in 1980-1982, less than a year after taking office.

Alan Greenspan took office in August 1987, and the largest pullback occurred in October 1987, two months after taking office.

Ben Bernanke took office in February 2006, and the largest pullback occurred in 2007-2009, one year after taking office.

Janet Yellen took office in February 2014, and the largest pullback occurred in 2015-2016, one year after taking office.

Jerome Powell took office in February 2018, and the largest pullback occurred in 2020, two years after taking office.

So there is no absolute consistency here; in fact, looking at it from another angle, it is even more interesting:

During Arthur Burns' term, the S&P 500 had a maximum increase of about 57%.

G. William Miller had 17%.

Paul Volcker had 220%.

Alan Greenspan had 516%.

Ben Bernanke had 141%.

Janet Yellen had 54%.

Jerome Powell had 189%.

However, I did conduct a backtest based on the experiences compiled by Barclays since 1930 regarding changes in Federal Reserve chairpersons. According to point-to-point returns, the actual percentage of declines after 1 month, 3 months, and 6 months is about 33%, 50%, and 33%, respectively.

So this is not necessarily a mandatory decline during transitions, but rather the transition period tends to amplify volatility.

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