Exactly one year ago, American President Joe Biden was sworn in on the steps of the American Capitol.

With the beginning of his term of office, many citizens had high hopes.

A kind of subdued euphoria also prevailed on the stock exchanges.

This was also shown by the fact that Joe Biden had the best start on the stock market since Franklin D. Roosevelt, who led the United States out of the economic crisis at the time and is still one of the most popular politicians in the USA today.

If you take a completely neutral look at the development of the S&P 500, there is a plus of 22 percent after twelve months.

This ranks Biden fifth out of 18 presidents since Warren Hading, who was installed in 1921.

This is what the analysts at MacroTrends list.

In contrast, the S&P 500 gained 23.9 percent under Donald Trump.

Clear victory for Trump – right?

It's all a matter of calculation

In fact, it's not that simple. Analysts at Bloomberg, for example, pointed out that for such rankings, each cut-off date is somewhat arbitrary. You can also measure the development on the stock markets from the time of the election. Then the expectations of the future president are already priced in, regardless of the governing head of government. If you did the math, Joe Biden would be the most successful president of modern times, as Bloomberg noted. Only the bad January had spoiled the balance sheet a bit, otherwise the index has always done better than in the comparable period under Donald Trump.

Looking at other key figures, things are looking much better for Biden: Not only that the economy has grown as strongly as it did under Jimmy Carter in the 1970s.

The S&P 500 also posted 70 closing records.

That's the second-highest number ever, only 1995 seeing 77 highs in one year.

During Trump's first year, it was a record 62.

Trump excelled at smaller companies

In his first year in office, Trump excelled in small companies, which are represented in the Small-capitalization Russell 2000 Index. That index jumped 14.1 percent under Trump, compared to just 4.7 percent under Biden. Smaller companies in particular react more sensitively when the economic outlook deteriorates or there is a risk of higher interest rates, the experts at Marketwatch have determined.

Things went particularly well in the first year for companies in the energy sector.

This is also where expectations are best reflected.

David Kostin, the chief strategist at Goldman Sachs, said last year that a possible stimulus package and a Green New Deal would boost the stock markets.

The corresponding energy sector index therefore also rose by around 50 percent.

In contrast, during Donald Trump's tenure, it was the only industry index to fall by almost 50 percent.

So you might think he's caught up on his losses a bit.

Joe Biden as friend of the financial world

The second large block that is in front are papers from the financial world. These include the corresponding index for real estate, which increased by 29 percent, for banks with a plus of 28 percent, for various financial companies (plus 27 percent) and insurance companies (plus 25 percent). That too is hardly surprising. Contrary to what is often assumed, the financial industry has no major worries about Biden – after all, he was Vice President under Barack Obama and was a Delaware Senator for decades. Since a series of deregulations in the 1970s and 1980s, the state has been home to numerous financial companies, particularly in the credit industry. "Biden was seen as the closest friend of numerous credit card companies for many years. He's clearly not from the left wing of the party," explains Sheila Krumholz,Director of the Center for Responsible Policy.

The third major block that has performed well are companies from the hardware industry (up 26 percent) and the semiconductor industry (up 24 percent). This reflects the hope that the trade conflicts will continue to calm down and that demand for the relevant products will remain high.

But why are Biden's concerns greater than initially thought?

This is mainly due to inflation.

While this is a global phenomenon, the US government's planned spending program is likely to have an impact.

Democrats and many economists argue that the $2 trillion plan to fight climate change and provide financial support for families would only increase inflation minimally in the short term.

Republicans, on the other hand, argue that no more spending should be made.

Democratic Senator Joe Manchin, who often votes with Republicans, said inflation concerns were the main reason he opposed the welfare package.