The battery is designed to retain up to 80% of original capacity over 500 complete discharge/charge cycles. Time or age of the battery really is not the measure of how fast it will lose capacity. But cycle counts is what matters in terms of capacity loss.
A very heavy device user who completes a full discharge/charge cycle daily or so can easily wear out a battery (capacity drops below 80% of original) in under 2 years or eve less.
Also note that the capacity measure is an estimate only. It is dependent on multiple factors such as temperature, recent usage pattern and so forth, so it will fluctuate over time as well if you check it frequently. It really is just a general guide to battery health and not a precise measure of it.