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The vast majority of Vanguard's retail and defined contributionclients are staying the course during record market volatility.Self-directed retail investors were the most active traders, buteven among that cohort, more than 90 percent of account holdershave not traded at all.

Across account types, 8 percent of Vanguard retail or workplaceplan clients made a trade between February 19, when equity marketshit record highs, and March 20.

While individuals were mostly stoic, the four-week period sawelevated trading relative to average times. Of the 22 trading dayssince market highs, 16 were among the highest in trading volumesince Vanguard began tracking activity in 2011.

On an average day, about 0.4 percent of Vanguard clients make atrade. On March 12, 1.7 percent made at least one trade.

Perhaps surprisingly, the majority were moving money intoequities—about seven out of 10 trades flowed to equities.

Meantime, flows to fixed income have been positive, whichVanguard says indicates that wealthier households are moving awayfrom equities and selling into market declines, while more typicalhouseholds are buying equities on market dips.

DC participants have lowest level of trading

Participants in Vanguard defined contribution plans have lowertrading volumes than self-directed retail clients.

On its peak day, about 0.2 percent of DC-only clients made atrade. For the 22 trading-day period, 2.5 percent of DC-onlyclients made a trade. Six percent of affluent retail clients thathold an IRA and a taxable account made trades on the peak day. Andfor the period, about a quarter of that group made trades.

Half of households that made a trade during the period only madeone. About 6 percent made four trades, and 7.5 percent made betweensix and nine trades.