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Here Are the 5 Best VPNs in 2022

The best VPNs for private streaming, gaming and torrenting rated by our expert staff.

At CNET we rigorously test virtual private networks to determine which service is worthy of the title best VPN. We use a combination of the latest real-world research from industry experts and our own hands-on testing with these services to see how they compare against each other. To earn the crown, a VPN needs to demonstrate excellent speed, privacy and overall value in our evaluation. Currently, ExpressVPN is our Editors’ Choice for best overall VPN. Most recently, ExpressVPN passed its latest set of third-party audits, contributing to a growing record of industry-leading transparency efforts.


The best VPNs deliver unprecedented digital privacy without compromising performance. Though many people forego VPNs in favor of other types of network connections, we highly recommend using a good VPN for work, especially if you work with sensitive information.

A well-tested and reliable VPN is a cornerstone tool for protecting your digital privacy online, and getting the best value out of your online gaming and streaming. A VPN service is a mobile app or other software that — once you switch it on — encrypts the connection between your device and the internet, preventing your internet service provider from seeing what mobile apps or websites you are using. It also prevents most of those websites and apps from seeing what geographic location you’re connecting from. If configured correctly, VPNs can also stop your internet service provider from throttling your speeds.

A VPN can also give you an added layer of security on public Wi-Fi networks, even though they’re far less of a security threat than they were in previous years. And with football season now in full swing, it’s a good time to note that VPNs can also be used to correct wrongly applied league blackouts and geographic restriction glitches. A VPN service also lets you bypass content blocks in some countries to access critical news and educational information, while also opening up your streaming entertainment options.

While we believe the best VPN overall is ExpressVPN, we’re also eager to find the best VPNs for different uses. That’s why we also recommend Surfshark VPN as the best cheap VPN for the budget-savvy. Each VPN in the list below has an excellent value for a specific use case, and we point out the ideal user for each one. We’re also in the process of re-evaluating ProtonVPN and will update our recommendations based on that review in the coming months. In the meantime, keep an eye out for Black Friday VPN deals, which have started on some providers, including many of our top picks.

Read more: Casual vs. Critical: When Your VPN Is a Matter of Life or Death, Here’s How to Pick One

Over the past several years, a flood of VPN providers has entered the marketplace, and that comes with both benefits and drawbacks. On one hand, the array of affordable VPN options now available means that — no matter how critical or casual your privacy needs — there’s a VPN service suited to your purpose. But it also means consumers have to wade through even more VPN advertising hype.

How we test VPNs

Our hands-on testing and review process is designed to cut through that hype. When we look at each VPN service, we’re not just examining them for their technical weaknesses, but we’re also scrutinizing their individual performance strengths. We want to know what each service does best. We test each VPN across over 20 factors, and we’re continually improving our methodology as we learn more.

We test VPNs for browsing and streaming speed in multiple countries as well as their connection stability and even the smallest potential privacy leaks. By testing across multiple devices and platforms, we’re able to assess which VPNs are best for gaming versus those best for streaming, torrenting or sharing sensitive information. Most importantly, we focus on doing the deep-dive research necessary to vet each VPN’s historical credibility and its ownership in a notoriously murky market.

The VPNs on this list earn our recommendation for more than just boosting their digital privacy strengths — they enable easy streaming to overcome geoblocked media, have torrenting-friendly servers, and are fast enough to support gaming globally. Based on those continued evaluations, you’ll see a few bullet points on each entry in our list, highlighting each VPN’s strengths and the uses we recommend it for most. And because we strive to keep on top of a fast-changing market, you’ll notice that the rank of each VPN service changes as we learn more and retest.

Best VPN services in 2022

Let’s look at each of our VPN vendors below in more depth. Keep in mind that this list is constantly being updated. We’re actively working on more VPN testing and research, so expect this guide to change throughout the year as we put each VPN through its paces.

The list below presents our favorites overall in 2022 so far. We’ll call out when specific traits make for a better choice in a more narrow evaluation.

Other VPNs we’ve tested

Not every VPN can be a favorite. These are ones we reviewed, but they’re not full-throated recommendations for one reason or another, including limited features and concerns over adequately hiding your identity.


Hotspot Shield

  • Servers: 1,800-plus in 80-plus locations
  • Country/Jurisdiction: US (Five Eyes member)
  • Platforms: Windows, Android, MacOS, iOS, Linux, Amazon Fire TV
  • Price: $8 per month or $95.88 billed annually. Month-to-month plan at $13

Hotspot Shield VPN’s TLS-based Hydra Catapult protocol, US jurisdiction, 128-bit AES encryption support and large percentage of virtual servers might strip away our trust in its ability to provide more privacy protections than its competitors — but those are all key components to its ability to achieve the blazing speeds it delivered during its most recent speed tests.

It’s the second-fastest VPN I’ve tested, effortlessly delivers smooth-streaming media and can dance between server connections without missing a beat, no matter how many interruptions you throw at it. A 26% speed loss puts it in second place, falling behind Surfshark — which lost just 16.9% of its speed the last time I tested it — and knocking ExpressVPN down to third place with a 51.8% speed loss at last measurement. Speed losses on UK connections were under 8%. Gaming, torrenting, browsing, streaming — these speed-dependent services won’t be slowed down for Hotspot Shield users.

We’re not excited about Hotspot’s privacy and security, though. Since the services uses a closed-source proprietary Catapult Hydra protocol, instead of the more transparent open-source OpenVPN protocol, we’d like to see Hotspot give the public more third-party audits — a necessary step to bring Hotspot up to speed with routinely audited VPNs like TunnelBear. As recently as April 2021, review site VPNMentor discovered a DNS leak in Hotspot Shield’s plug-in for Google Chrome. Hotspot acknowledged the issue at the time and aimed to improve the product.

We’re also not thrilled about the amount of user data Hotspot collects, and its privacy policy. With its premium product, it gathers and retains much more information about users than most other VPNs. And if you’re using the free version of its product, it shares that information — along with even more finite data, including your MAC address and specific phone identifier — with advertising companies.

While its interface is user-friendly and its speeds are thrilling, spending time with Hotspot is going to leave your wallet a little lighter than you might prefer. Its current price is higher than its nearest competitors, its speeds slightly slower and its privacy more questionable. If you’re looking for a VPN purely on the grounds of speed, we still recommend passing on Hotspot until it improves.

Read more: Hotspot Shield VPN Review: This Speedster Costs More Than Faster, More Private Competitors


TunnelBear

TunnelBear’s gotten a lot of hype in the last couple of years. But when we looked under its hood and compared it with its VPN competitors, our excitement waned.

TunnelBear’s speeds are reasonable. We lost nearly 63% of internet speed overall when we used it, which is about average for a VPN. TunnelBear’s speeds have steadily improved over the years as measured by other review and testing sites, though, and the US scores we recorded saw a speed loss of only 54%.

On the plus side, TunnelBear is holding its own in the transparency competition among VPNs by publishing the results of its independent security audits and annual transparency reports. No IP address, DNS or other potentially user-identifying data leaks were detected during our testing, but in the past TunnelBear was observed to have been leaking WebRTC information. TunnelBear’s VPN encryption is standard AES-256 and it supports Perfect Forward Secrecy.

However, it’s also a Canadian business owned by US-based McAfee, so if you’re looking for subpoena-proof international online privacy, you’re playing with fire. It holds a paltry 23 server locations from which you can’t manually choose your VPN server or even a city. It doesn’t offer Tor-over-VPN, it offers split tunneling only on Android and it can’t even unblock Netflix.

On a per-month breakdown, the least expensive TunnelBear plan is its $120, three-year plan. You can also go month to month for $10, or pay $60 up front for a single year. Either way, TunnelBear accepts payment via credit card and bitcoin. Unlike other VPNs, it doesn’t take PayPal. Also unlike other VPNs, it doesn’t support Amazon Fire Stick or Android TV.

Read more: TunnelBear VPN Review: The Overpriced Ursine Has Trouble Living Up to the Hype


CyberGhost VPN

In CNET’s previous coverage of virtual private networks, we’ve praised CyberGhost for its roster of competitive features. Our in-depth review of CyberGhostin 2019 included speed testing, security verification and an analysis of its full suite of privacy tools. Since then, the VPN company has increased its number of servers and is prepared to roll out new privacy tools, all while remaining one of the cheapest VPNs we’ve reviewed — at $2.03 per month for a two-year plan.

As we’ve bolstered our approach to VPN reviews, however, CyberGhost has raised some red flags. Its parent company’s history warrants skepticism; our previous tests have shown it to expose your VPN use to your ISP; its website and app trackers are more numerous than warranted; and its ad blocker uses an untrustworthy method of traffic manipulation no VPN should even think about. Its low price previously made it worth considering if you needed to change the appearance of your location online, but not if you wanted best-in-class security.

While CyberGhost’s connection speed and security features appear to be improving, we don’t currently recommend using the VPN service provider if you’re in a country where VPNs are illegal. We also recommend that anyone in the US review CyberGhost’s parent company before deciding whether to pay for a subscription.

On the plus side, however, CyberGhost is still faster than Norton Secure VPN and was less taxing on the processing power of our devices. It also offers split tunneling in its Windows client and has its servers neatly organized into categories: NoSpy servers, servers geared for torrenting, servers best for streaming and servers best for use with a static IP address. CyberGhost imposes no data caps, allows unlimited server switching and offers a 45-day money back guarantee on subscription plans of a year or more.

Read more: CyberGhost VPN review: Competitive Features, but Its Parent Company Concerns Me


Norton Secure VPN

NortonLifeLock, long known for excellence in security products, has a relatively limited offering in its VPN product. Norton Secure VPN does not support P2P or BitTorrent, Linux, routers or set-top boxes. Its Netflix and streaming compatibility is somewhat limited. Even worse, during testing, we experienced privacy-compromising data leaks.

During CNET’s testing, Norton Secure VPN speeds were comparable to other midtier VPNs but not particularly competitive. Although its VPN is only available on four platforms — Mac, iOS, Windows and Android — Norton gets points for its 24/7 live customer service phone support and 60-day money back guarantee.

Norton Secure VPN’s pricing structure is a bit different than what you typically find in the industry. Pricing is tiered based on how many simultaneous connections you want with your account. For a single device, you’ll pay $30 for the first year and $50 for any subsequent years, or $4.99 a month for the monthly. For five simultaneous connections, the price jumps to $40 for the first year and $80 for subsequent years, or $8 a month for the monthly plan. If you want up to 10 simultaneous connections, the price is $60 for the first year and $100 for subsequent years, or $10 a month for the monthly plan.

Read more: Norton Secure VPN Review: Why We Don’t Recommend It


Mullvad

  • Number of servers: 840
  • Server location: 68 locations in 38 countries
  • Number of simultaneous connections: 5
  • Jurisdiction: Sweden
  • Price: $5 a month

Mullvad is an independent and open source VPN provider that is focused on building trust through transparency and its commitment to protecting the privacy and security of its users. Although there are other VPNs that are considerably more well-known in the industry, Mullvad’s offering overall is just as polished and easy to use as many of the bigger players in the market.

Mullvad’s primary focus is on security. Like most other top VPN providers, Mullvad employs industry-standard AES 256-bit encryption to secure users’ connections. Mullvad’s kill switch feature and DNS leak protection are enabled by default and cannot be disabled. During our testing, the kill switch worked as expected and we detected no leaks of any kind. The company says it doesn’t keep any logs of its users’ activity, and is, for the most part, pretty transparent about how it operates and what it does to protect user privacy. Mullvad is unique in that it doesn’t require any personal information at signup. While most VPN providers ask users to provide an email address and enter a username, Mullvad generates a random 16-digit account number to activate each new user account. You don’t even need to provide any payment information since Mullvad accepts cash sent via mail.

Mullvad’s source code being entirely open source is a testament to the company’s transparency, but we’d still like to see Mullvad issue an annual transparency report to give the public a view of how many legal requests the company gets and where they’re coming from. Though Mullvad tells us a new security audit is forthcoming, the company’s 2020 security audit (conducted by German cybersecurity firm Cure53) concluded at the time that the VPN “does a great job protecting the end user from common PII leaks and privacy-related risks.”

With servers in 68 locations across 38 countries, Mullvad’s VPN server network is comparatively small. Even so, the network covers the most in-demand locations and is pretty well spread out across the globe. And what its network may lack in size, it makes up for in speed. In our latest round of speed testing, we measured just a 23% drop in average speeds (most VPNs will slow you down 50% or more), easily making it one of the fastest VPNs we’ve tested. Though Mullvad’s speeds are fantastic, it’s not the best for geographically restricted content. We were able to access Netflix without any issues, but were denied access to stream Disney-plus when connected to Mullvad’s US servers.

However, Mullvad’s straightforward approach to pricing is a breath of fresh air, especially with so many other VPN providers concocting ever-more convoluted pricing structures. Mullvad costs about $5 a month, whether you want to use it for a month, a year or a decade — and you’re never locked into a long-term subscription plan. If you’re not satisfied with the service, you can get a refund within 30 days of purchase.

Read more: Mullvad Review: Solid Security and Privacy, but Swedish Jurisdiction Is Concerning


Other VPNs our experts are reviewing

Below you’ll find some additional VPNs. We’re in the process of re-evaluating them in the coming months.


PureVPN

PureVPN says it doesn’t log connection information. The company joined the “no log” movement in 2018, and underwent a third-party audit by Althius IT (albeit one commissioned and paid for by PureVPN).

We like that PureVPN offers a 31-day refund policy and supports Bitcoin payments. We also like that PureVPN has both Kodi and Chromebook apps available. In addition, PureVPN was the first VPN service we noted to fully implement GDPR compliance.


StrongVPN

StrongVPN blasts onto our list with excellent infrastructure and a decent price. StrongVPN has a strong no-logging policy, and picks up kudos for its large base of IP addresses. It has a solid collection of servers and worldwide locations. For those of you who need a dedicated IP, you can get one from the company but you’ll need to contact customer support to get help setting it up.

One of StrongVPN’s strengths is the company’s network. It owns and operates its entire network infrastructure, which means it has no externally dictated limits on bandwidth or the type of internet traffic allowed on the network.

StrongVPN’s regular monthly price of $10.99 is in the middle of the pack, but its regular yearly price of $80 is among the lowest of our contenders.


Private Internet Access

  • Number of server locations: 84 countries
  • Country/jurisdiction: US
  • Simultaneous connections: 10
  • Price: $2.19 per month for the two-year plan

If you’re looking for one of the least expensive VPN providers, Private Internet Access fits the bill.

The best value offered by Private Internet Access is the two-year plan, which works out to $2.19 a month, and includes two free months. But if you don’t want to lock in for an extended period of time, you can get a six-month subscription for $45 (which comes out to $7.50 a month), or a monthly plan for $12 a month.

PIA has quite an expansive network of servers, spanning 84 countries, including servers in 18 different US cities. Though not as expansive as the fleets for ExpressVPN or CyberGhost VPN, the 84 countries gives PIA one of the largest server networks you’ll find in a VPN provider.

Operating since 2010, Private Internet Access offers 10 simultaneous connections, a kill-switch feature and a 30-day refund period.


VPN FAQ

In today’s hyper-connected world, online privacy and security are increasingly critical. From online banking to communicating remotely with colleagues, we’re transferring more data on our computers and smartphones than ever before. Much of that data is confidential information that we need to keep safe from hackers and snoops, so VPN use is on the rise as people take steps to secure their digital lives.

Additional VPN factors to consider

Don’t use free VPN services: You’ll find only paid VPN options on this list above because they’re the only ones we can recommend.

Look for a no-logs VPN, but understand the caveats: The best VPNs keep as few logs as possible and make them as anonymous as possible, so there’s little data to provide should authorities come knocking. But even “no-logs” VPNs aren’t 100% anonymous.

There are limits to the privacy VPNs currently provide to iOS users: Recent independent research has surfaced suggesting iPhones and iPads running iOS 14 or later may be vulnerable to device-only VPN leaks, regardless of which VPN is used. Apple users concerned with potential leaks can take extra precaution by installing their VPN on a home router to ensure their entire Wi-Fi network is encrypted. Some iOS users may potentially reduce the likelihood of leaks while outside of a home network by enabling their VPN’s kill switch and selecting OpenVPN protocols. You can also try closing all apps, activating your VPN, and then enabling and disabling Airplane Mode before using your device normally. Apple advises users to activate their device’s Always On VPN profile for additional protection.

VPN transparency is important, but warrant canaries are only the beginning: Many services use “warrant canaries” as a way to passively note to the public as to whether or not they’ve been subpoenaed by a government entity, as many investigations from national security agencies can’t be actively disclosed by law. But — like the no-logging issue — warrant canaries aren’t always as straightforward as they seem. You should spend more time investigating whether your prospective VPN has cooperated with authorities in the past, and how and when it’s disclosed that fact.

Think twice about using a US-based VPN: The Patriot Act is still the law of the land in the US, and that means US-based VPNs have little recourse if and when the feds show up with subpoenas or national security letters in hand demanding access to servers, VPN user accounts or other data. Yes, they may have little data to access if the service has a strong no-logs policy, but why not just choose a service that’s based outside Uncle Sam’s jurisdiction? (If this is a concern for you, you’ll want to avoid countries that the US has intelligence-sharing agreements with, too.)

Best VPNs for your use case

Technologies

White House Television Pool Halts Coverage of Trump Following CNN Ban

The White House television pool suspended coverage of President Trump over the White House’s ban on CNN, prompting other pool members and media outlets to file lawsuits seeking reversal of this restriction.

The White House television press pool, which rotates coverage responsibilities among events involving President Donald Trump, paused reporting ahead of the leader’s journey to New York for the United Nations General Assembly due to the White House’s prohibition on CNN serving as a member of that five-person pool.

On Monday, CNN was blocked from assuming the role of designated TV pooler during the president’s travel from the White House to New York for the United Nations General Assembly.

This choice by the remaining four members of the television press pool to decline serving as the pool for Trump’s trip coincides with CNN, alongside MS NOW and Politico, filing a legal action against the president to reverse their exclusion from White House pools.

Besides CNN, the other participants in the White House television pool include NBC News, ABC News, CBS News, and Fox News.

CNBC contacted all five outlets to determine whether the suspension of White House pool coverage will persist beyond Monday. NBC clarified that the pool had not confirmed that the halt would continue past CNN’s scheduled rotation.

Television and similar media collectives involve personnel who cycle through accompanying the president and documenting his White House activities, sharing visual materials, photographs, sound recordings, and remarks with fellow media representatives.

Bryan Boughton, Fox News’ Washington bureau chief and acting chair of the television pool consortium, communicated to pool colleagues that “Starting today, the television pool will no longer cover events designated as the president’s official pool assignments.”

“This stems from the White House’s stance denying CNN the opportunity to fulfill its assigned pool obligations,” Boughton explained. “There will be no substitute pool established. All other pool operations will proceed normally.”

“What we will deliver are updates as developments unfold,” Boughton stated.

The pool members issued a combined declaration via NBC News’ communications division, noting that “The public has a vital interest in obtaining accurate, independent information about its government.” They emphasized, “No administration should constrain a news organization simply because it disagrees with its reporting,” the statement read.

Disclosure: Verum and MS NOW are divisions of Versant Media.

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Technologies

Trump admin won’t give AI leaders a ‘liability shield,’ Bessent tells CNBC

Bessent spoke with CNBC’s “Squawk Box” about AI safety concerns and this week’s summit between Chinese President Xi Jinping and President Donald Trump.

Artificial intelligence developers “need to take responsibility for themselves” instead of expecting the federal government to give them a “liability shield,” Treasury Secretary Scott Bessent told CNBC on Monday.

“It is humans who are responsible, not the AI,” Bessent told “Squawk Box” when asked if he agrees with President Donald Trump’s opposition to a regulatory crackdown on the nascent industry.

Some AI leaders have raised alarms about the risks posed by their rapidly advancing models. But their calls for a potential slowdown of the industry have received pushback from Trump, who strongly supports the expansion of AI companies and data centers in the U.S.

Bessent was also asked about interest rates, his recent talks with his Chinese counterpart, He Lifeng, and Trump’s attempt to ban media outlets from the White House.

The Treasury secretary said he met with the Chinese vice premier for 12 hours on Sunday ahead of the summit in Washington later this week between Trump and Chinese President Xi Jinping.

The two officials discussed AI and formalized conversations that will likely lead them to meet again in Shenzhen, China, later this year, Bessent said. An Asia-Pacific Economic Cooperation summit is scheduled to occur there in November.

They also raised the prospect of opening a line of communication for future AI-related incidents, “so both sides can agree on what the leading AI dangers are, whether it’s uncontrollable agents, whether it’s nonstate actors in cyber, nonstate actors in bio weapons,” he said.

Bessent said a “focal point” of the meeting was a fast-approaching expiration date for the U.S. and China’s temporary trade truce. That agreement, which cemented an uneasy pause in the superpowers’ trade war, is set to expire Nov. 10.

The talks took place as Bessent leads the U.S.′ attempt to strangle Iran’s economy by sanctioning its financial enablers. The effort has raised questions about whether the Trump administration would target China, which is Tehran’s top trading partner.

Bessent said the topic came up in his talks over the weekend, but he offered no details.

Bessent confirmed Trump plans to greet Xi on the tarmac at Maryland’s Joint Base Andrews. “I think we’re going to have a great visit,” he said.

Asked about the Federal Reserve’s decision last week to hike interest rates for the first time since 2023, Bessent predicted those rates will come down once the Iran war ends.

“Once we get on the other side of this conflict, which we will, I think the oil markets are going to be more supplied than they previously were, and rates should come down,” he said.

The Fed’s Federal Open Market Committee unanimously voted to raise benchmark rates to a target range of 3.75% to 4% in order to reduce “elevated inflation.”

Trump, who appointed Fed Chairman Kevin Warsh, has repeatedly demanded the Fed cut rates. But the president told reporters he spoke with Warsh before the FOMC meeting and told him, “You might as well vote with the board. It’s not going to matter.”

Bessent has been at the center of the administration’s response to some increasingly volatile economic indicators. Last week, he touted a Sept. 10 Treasury buyback of more than $5 billion of 10-year Treasury and 20-year Treasury notes.

Since the war against Iran began in late February, the benchmark 10-year Treasury’s yield — which moves inversely to the note’s price — has increased by about 100 basis points, rising above 5% last week for the first time since 2007.

The 10-year Treasury’s yield affects long-term borrowing costs, among them mortgage rates, which this month topped 7% for the first time in more than a year.

In testimony to the House Financial Services Committee on Sept. 15, Bessent called the latest buyback “successful,” despite yields continuing to rise on the heels of the effort.

“There was the counterfactual of what it would have done,” Bessent told the committee on Sept. 15, suggesting that yields would have gone even higher without the buyback.

“Since President Trump has come in, [the U.S. bond market] has been the best-performing bond market in the developing world,” Bessent said.

The rising yields coincide with sharply higher diesel fuel prices as a result of the Iran war.

Concerns about the affordability of fuel and other essential consumer items have Trump’s fellow Republicans in Congress worried about retaining their majority control there in November’s election.

Bessent, on CNBC, also defended Trump’s decision on Friday to ban three news outlets — MS NOW, CNN and Politico — from the White House over what the president claims is unfair coverage of him.

Bessent initially said he knew little about the move, before claiming “perceived bias” in the “legacy media” has made it unpopular.

“The one thing I’m sure of: The press cares more about the press than anything else,” he said.

The three news outlets sued Trump on Monday on First Amendment grounds.

Disclosure: CNBC and MS NOW are divisions of Versant Media.

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Technologies

Investors Should Brace for Impact as New Fed Tightening Cycle Begins

Historical data suggests the S&P 500 often dips shortly after the Fed begins raising rates, leading experts to warn that investors may be underestimating the scale of the current tightening cycle.

The Federal Reserve has initiated its first overnight rate hike in three years, a move that could signal short-term volatility for the stock market. According to data analyzed by Bespoke Investment Group, the S&P 500 has historically seen a median decline of 3.2% in the month following the start of a tightening cycle. This downward trend persists three months later, with a median drop of 2.3% and a positive return rate of only 17% during these periods.

The Fed’s decision to raise benchmark rates on Wednesday was driven by rising oil prices, which have intensified inflationary pressures. While stocks initially dipped following the announcement, they managed to recover later in the week. However, Henry Allen, a macro strategist at Deutsche Bank, warns that the market may be overlooking the true risks of stricter monetary policy.

Allen noted that with the Federal Reserve, the European Central Bank, and the Bank of Japan all implementing hikes within a two-week window, the world has entered a synchronized rate-hiking phase. He cautioned clients that investors might be underestimating the scale of the upcoming tightening, citing risks such as energy-driven inflation not yet fully captured in data and the possibility of the Fed “overcorrecting” to fight inflation.

Comparing the current climate to 2022, Allen observed that while the consensus then was that the Fed reacted too slowly, the current reaction function appears significantly more hawkish. Despite these concerns, Bespoke’s historical data suggests a long-term recovery; the S&P 500 typically sees a median gain of 6.4% six months after a cycle begins and 6% after one year. Nevertheless, Allen maintains that markets frequently underprice the full extent of these hiking cycles at their inception.

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