A recent analysis conducted by Lévis, Quebec-based Desjardins Group provides a lesson to investors on the benefits of waiting out market fluctuations.

It found that a $10,000 investment made in the Canadian stock market in December 1992 and left in until December 31, 2013 would have netted the investor almost $49,000 at an 8.27% annual compound rate of return.

This is the case even though the period was financially tumultuous thanks to the tech bubble in 2000 and the 2008–2009 financial crisis.

“It pays to be patient when investing, no matter what your investor profile,” says Pierre Payeur, senior advisor of strategy support for Desjardins Group’s wealth management and life and health insurance executive division.

When you take that investment and use the same 21-year period but deduct its presence in the market during the 10 best days, the analysis found the investor would have $26,537 in accumulated capital, which is 46% less than the investor who stayed in the market for the duration.

If that investment had been off the market during the 40 best days, the investor would have a return of $8,775 and suffered $1,225 in lost capital.

World events of the last six months have had an impact on the market. These include tension in Ukraine, economic problems in Europe and a recent drop in oil prices. This came to a head in October 2014 with a significant collective drop in the stock market, according to Payeur.

However, the correction was short-lived and the U.S. market has rebounded to record highs since mid-November of last year. The Canadian market was slightly more sluggish than others to bounce back, due largely to the importance of the energy sector to the Canadian indices.

Some market indices also saw positive returns at the end of 2014. For instance, the S&P/TSX Composite (Canadian shares) was up by 10.55% while the S&P 500 in Canadians dollars (U.S. shares) saw returns of 24%.

Investors have to stay focused on the long term and not get distracted by the ups and downs of the market, says Payeur.