To summarize, here are some of the key differences between the two:
While corrections and bear markets can be daunting, remember they’re normal occurrences within a healthy economy. Learning to differentiate between the two will allow you to navigate them better.
In terms of recovery time, markets tend to recover from corrections faster—typically within a couple of months. Bear markets, however, take a heavier toll on markets due to their longer duration and the greater magnitude of the price decline. As such, recovery from a recent bear market can take several months to a couple of years.