On the one-year anniversary of Donald Trump’s win in the U.S. presidential race, the Dow Jones Industrial Average is showing its biggest post-Election Day gain in more than 70 years.

The Dow DJIA, +1.33% has advanced 28.50% since Nov. 8, 2016. That represents its best performance after a White House contest since 1945, when the blue-chip gauge was up 29.83% in a year following the election of Franklin D. Roosevelt and his vice president Harry S. Truman. (FDR died early his fourth term, putting Truman in the Oval Office in April 1945.) The Dow made its debut in 1896.

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The table below from WSJ Market Data Group shows that Calvin Coolidge ranks No. 1 by this measuring stick, FDR gets the silver and bronze medals, Trump is fourth, and Bill Clinton, fifth.

Trump ranks fourth, behind FDR but ahead of Bill Clinton. WSJ Market Data Group

The Dow’s big jump since Election Day was not exactly widely expected, with some strategists saying on Nov. 9, 2016, that they “would be skeptical about buying the dip” in stocks. According to the WSJ Market Data Group, which looked at data going back to 1896, the average 12-month gain following Election Day is 6.04%, with Republican presidents seeing an advance of 8.03% on average and Democrats seeing a rise of 3.55%.

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The positive trend over the past year also holds for the S&P 500 SPX, +1.59% , which is up 21% since what Goldman Sachs analysts described as Trump’s “improbable victory.”

“The Trump rally ranks as the fourth-best 12-month gain following a presidential election since 1936, trailing only Bill Clinton (1996, 32%), John F. Kennedy (1960, 29%), and George H.W. Bush (1988, 23%),” Goldman analysts wrote.

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For the S&P 500, the average market return in the first year of a president’s first term is 6.6%, according to Charles Schwab data that goes back to 1932.

While the returns in Trump’s first year are significantly above that, “the question remains just how correlated, if at all, market performance is with the person in the Oval Office,” noted Kully Samra, a managing director at Schwab. “It seems investors may have ceased paying much attention to day-to-day Washington politics, and instead have shifted focus to the fundamentals of individual companies and underlying economic data: a strong dollar, corporate earnings, wage growth and employment numbers.”

Trump has taken full credit for the equities rally, offering this assessment this week: “The reason our stock market is so successful is because of me.”

Despite that, his administration has had few major legislative successes to its name, and it has seen some high-profile initiatives, such as repealing the Affordable Care Act, fall short. Meanwhile, the factors that many analysts pin the rally on precede last year’s election, or are not considered correlated with what is going on in Washington, D.C. Even the rally itself is the latest step of a multiyear move: The S&P has nearly quadrupled since its financial crisis low in March 2009, early in President Barack Obama’s first term.

Wall Street’s gains have been broad based over the past 12 months, with 10 of the 11 primary S&P 500 sectors in positive territory over that period. The only industry to be negative, telecom, is off 5.4%.

However, the gains have been primarily concentrated within two sectors: technology stocks, up 42.2% over the past 12 months, and financials, up 37.5%. Because tech stocks—principally the FAANG group of mega-cap outperformers Facebook FB, +2.12% , Amazon AMZN, +2.49% , Apple AAPL, +3.75% , Netflix NFLX, +2.07% , and Google parent Alphabet GOOGL, +1.13% —are the largest market sector, their gains have an outsize impact on broader moves. Per Goldman’s data, tech stocks by themselves have contributed to 37% of the S&P 500’s rise over the past year. (While Amazon and Netflix are closely tied to trends in the technology space, they are classified as consumer discretionary stocks.)

The outperformance of tech is another reason why the market’s gains over the past year could be viewed as apolitical, as the sector has never been considered one of the major “Trump trades,” or a part of the market seen benefitting from his policies or legislative initiatives. Instead, the group has largely gained on the back of massive revenue growth and better-than-expected earnings.

The financial sector, on the other hand, is more of a Trump trade. It has risen in part on hopes for deregulation, although it has also benefitted from a rising-rate environment and improving macroeconomic conditions.

Recent gains have had two primary tailwinds: The third-quarter earnings season, which has come in ahead of forecasts, and hopes for tax reform. Details over a potential tax plan were released last week, but it is unclear whether that version could easily pass and be signed into law. Analysts, including Larry Fink, chairman and chief executive of BlackRock Inc. BLK, +2.35% , have said that because optimism over a plan has been baked into the market, stocks would see a “setback” if it fails to pass.

Schwab’s Samra wrote that “even if we do enter a traditional bear market, it will likely be unrelated to the current administration, unless political risk escalates, or tax reform doesn’t come to fruition.” A bear market is often defined as a 20% drop from a peak.

Goldman’s political economist puts a 65% likelihood that tax reform will pass in the first quarter of 2018, but added that further changes were likely before it gets voted on. The plan would boost earnings if enacted, the bank’s analysts wrote, but it “has a long way to go before becoming legislation.”