Since 1950, the S&P 500 declined by more than 3% on 87 occasions. I would note that it has also risen by more than 3% on 94 occasions. Thus, we get such a decline about 3 times in every two years. The same can be said for gains of that magnitude.

The last gain of at least 3% was on May 18, 2009. The last drop of worse than 3% was on June 6, 2009.

Given the excessive volatility, 2008 and 2009 (at least the first half) were outliers in terms of large moves. In 2009, the S&P 500 gained more than 3% on 11 occasions and declined by more than 3% on 12 occasions. To no surprise, 2008 was even more volatile, with 19 advances of more than 3% and 23 declines of more than 3%. If you treat 2008 and 2009 as anomalous years, then we get moves of this magnitude up and down about once each every year.

Not sure I agree with the last statement.