Livret A vs CAC 40 GR
On one side a rate set by the French government, a guaranteed balance and instant access; on the other forty French companies, dividends reinvested, with no guarantee of any kind. The two curves differ in more than their end point: the Livret A never falls, while the CAC 40 GR has lost more than half its value twice.
Over the period both series share, CAC 40 GR comes out ahead at +8.7% a year.
| Asset | Total return | Annualised | Volatility | Largest drawdown |
|---|---|---|---|---|
| Livret A | +163.0% | +2.5% a year | 0.4% | 0.0% |
| CAC 40 GR | ×25.9 | +8.7% a year | 19.0% | −59.4% (April 2003) |
Figures calculated on 26/10/2026 from monthly closing prices. Past performance is no guide to future performance.
What a Livret A is
The Livret A is a regulated French savings account. Its rate is set by the state, interest is exempt from income tax and social levies, deposits are capped, and the balance cannot fall. Its curve rises in steps and never goes backwards by a single cent.
The CAC 40 GR measures the French stock market with dividends included. Nothing about it is guaranteed: not the capital, not the return, not how long it takes to recover a lost high. In exchange, it is a stake in the results of forty companies, where the savings account only pays interest on a deposit.
What the Livret A curve does not show
The chart compares nominal amounts. The Livret A is meant to track inflation, and there have been several years running where it did not: a rising curve can mean falling purchasing power. Comparing in current euros therefore flatters the savings account more than a comparison in constant euros would.
Tax cuts the other way. Livret A interest is net of everything, while dividends and gains on the CAC 40 GR are taxed — unless held in a PEA, the French equity savings plan. The gap shown by the chart therefore overstates what a private investor would actually have kept on the equity side.
Frequently asked questions
Why does the comparison start so early?
It starts on the first day both series exist. A chart that began the savings account before the index would compare part of one with all of the other.
Can a Livret A lose money?
Not in euros: the balance and the interest earned are guaranteed. In purchasing power, yes, as soon as inflation runs above its rate.