The overall level of solar activity, and space weather response at Earth, varies within and between successive solar cycles and can be characterized by the statistics of bursts, i.e., time series excursions above a threshold. We consider nonoverlapping 1‐year samples of the auroral electrojet index (AE) and the SuperMAG‐based ring current index (SMR), across the last four solar cycles. These indices, respectively, characterize high latitude and equatorial geomagnetic disturbances. We suggest that average burst duration τ ̄ $\bar{\tau }$ and burst return period R ̄ $\bar{R}$ form an activity parameter, τ ̄ / R ̄ $\bar{\tau }/\bar{R}$ which characterizes the fraction of time the magnetosphere spends, on average, in an active state for a given...