According to the chief market strategist, tracking stock market results back to Eisenhower, the election has no impact on stocks.

In the upcoming election, millions of Americans will vote based on their financial interests, as the party in power affects their taxes, retirement plans, Social Security, and student loan forgiveness.

When deciding how to vote, it's wise to consider where potential lawmakers stand on these issues, but don't worry about a candidate's potential impact on the stock market, advises Ryan Detrick, chief market strategist at the Carson Group.

"Avoid blending politics with your investments," he advised CNBC Make It. "Many individuals disliked Presidents Obama, Trump, and Biden. Despite this, the stock market performed well under all three leaders."

He advises you to focus on these aspects while disregarding these others.

Investors: Don't sweat elections results

An analysis of decades of stock market performance under Republican and Democratic administrations was recently published by Detrick.

If you had invested $1,000 in the broad U.S. stock market in 1953 and kept your money invested during Republican presidencies, you would have just under $30,000 today. However, if you followed the same strategy but only invested with Democrats, you would have about $60,000.

If you had remained invested during the entire period, you would have earned $1.7 million. The explanation for this is straightforward: Over the past 20 four-year presidencies, the broad U.S. stock market has risen in 17 of them, just like Ike's administration.

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Detrick's calculations highlight two significant findings. Firstly, the market generally moves upward irrespective of who occupies the Oval Office. Secondly, adopting a short-term investment strategy may hinder you from realizing the benefits of compound interest over an extended period.

What tends to matter for markets

It is wise to avoid making any wholesale moves in your portfolio based on how you expect the election to turn out, regardless of what you see on C-SPAN.

According to Detrick, the most important factor in the upcoming election is the composition of Congress. He believes that a divided Congress is the best outcome.

During Democratic control in Congress, the S&P 500 averaged an annual return of 6.7% from 1951 to 2013. When Republicans controlled both houses, the market posted an average annual return of 11%. However, when things were split, the S&P 500 returned an average of 14.5%.

While past performance may not necessarily predict future results, the actions of the legislative branch have a limited impact on stock performance compared to the financial health of businesses and the success of industries.

"Politics are entertaining to watch, but they should matter to people. However, when it comes to investments, the state of the economy is what truly matters," he remarks. "The economy is still doing well, and those factors are more important."

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