NEW YORK — Americans missed out on nearly $200 billion of stock gains as they drained money from the market in the past four years, haunted by the financial ­crisis.

Assets in equity mutual, ­exchange-traded, and closed-end funds have increased about 85 percent to $5.6 trillion since the bull market began in March 2009, trailing the Standard & Poor’s 500 index’s 94 percent advance, according to data compiled by Bloomberg and Morningstar Inc. The proportion of retirement funds in stocks fell about 0.5 percentage point, compared with an average rise of 8.2 percentage points during rallies since 1990.