This study examines the impact of the 2008 financial crisis and the 2019 global pandemic on stock return volatility in both developed (G7) and emerging (E7) markets. Using daily return data from E7 and G7 countries, the study employs univariate GARCH models (GARCH, EGARCH, and TGARCH) to analyze the volatility characteristics during these two crises. The findings indicate that emerging markets responded similarly to both crises, while developed markets exhibited different behaviors. Specifically, developed markets were more volatile and sensitive to the 2019 pandemic compared to the 2008 financial crisis. The study also reveals that economic strength does not always shield markets from economic turmoil. The results have implications for investors, who can use this information to identify diversification opportunities, and for portfolio and fund managers, who can better understand market behavior during crises. The study contributes to the literature by providing a comprehensive comparison of the impact of different financial crises on stock markets in both developed and emerging economies.This study examines the impact of the 2008 financial crisis and the 2019 global pandemic on stock return volatility in both developed (G7) and emerging (E7) markets. Using daily return data from E7 and G7 countries, the study employs univariate GARCH models (GARCH, EGARCH, and TGARCH) to analyze the volatility characteristics during these two crises. The findings indicate that emerging markets responded similarly to both crises, while developed markets exhibited different behaviors. Specifically, developed markets were more volatile and sensitive to the 2019 pandemic compared to the 2008 financial crisis. The study also reveals that economic strength does not always shield markets from economic turmoil. The results have implications for investors, who can use this information to identify diversification opportunities, and for portfolio and fund managers, who can better understand market behavior during crises. The study contributes to the literature by providing a comprehensive comparison of the impact of different financial crises on stock markets in both developed and emerging economies.