A study by Professor Robert M. Soldofsky and Dale F. Max finds the real return on equities was 1.62% a year from 1910 through 1976; bonds adjusted for inflation returned 1.24% in the same period. The spread between stocks and bonds is much narrower than the Ibbotson-Sinquefield and Fisher-Lorie studies.
https://www.pionline.com/article/19981019/PRINT/810190705/the-way-we-were-1978-79
Ed McQuarrie talks the REAL History of Stocks and Bond performance.