Does the S&P500 usually drop around midterm elections?

I read online that midterms are usually the biggest drop in the election cycle, which seems strange to me. It was saying it historically drops 15-19%, which I find very hard to believe. Another site said it typically drops around 2%, which seems more realistic. I guess what i'm curious is if it does historically drop, does anyone hold onto funds for some amount of sudden drop before buying? With midterms being in November

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