S&P Performance Under QE 1 and 2

With the Fed meeting tomorrow, the US economy has been QE free for the last four and a half months, and, for the S&P, the results haven't been particularly pretty.  Since the end of QE1, the S&P 500 is down 6.37%.  The record is even worse considering that while there isn't technically QE in progress, there is still ZIRP and the Fed is still (operation) twisting.  What would equity markets look like without the Fed?