S&P 500: $1 in 1926 → $13,738.63 in 2023

$

Stock market returns between 1926 and 2023

If you invested $1 in the S&P 500 at the beginning of 1926, you would have about $13,738.63 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 1,373,762.80%, or 10.21% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 79,707.02% cumulatively, or 7.06% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $11,905.78.

The graph below shows the performance of $1 over time if invested in an S&P 500 index fund. The returns assume that all dividends are automatically reinvested.

This chart shows the rate of gains and loss by month, including dividends:

Adjusting stock market return for inflation

The nominal return on investment of $1 is $13,737.63, or 1,373,762.80%. This means by 2023 you would have $13,738.63 in your pocket.

However, it's important to take into account the effect of inflation when considering an investment and especially a long-term investment. You can convert S&P returns to their real (inflation-adjusted) value using an inflation calculation based on the U.S. Bureau of Labor Statistics Consumer Price Index (CPI).

In the case of the returns described above, the CPI in 1926 was 17.700 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 97 years.

Adjusted for inflation, the $13,738.63 nominal end value of the original $1 investment would have a real return of roughly $797.07 in 1926 dollars. This means the inflation-adjusted return is 79,707.02% as opposed to the original 1,373,762.80%.

For more information on inflation, see our U.S. inflation calculator for 1926.

Full monthly data

The table below shows the full dataset pertaining to a $1 investment, including gains and losses over the 1176-month period between 1926 and 2023.

Note that data shown is the monthly average closing price. Returns include dividends.

YearMonthReturn (%)Amount ($)CPI
192610.56%1.0117.90
19262-6.38%0.9417.90
19263-2.35%0.9217.80
192641.15%0.9317.90
192655.22%0.9817.80
192664.66%1.0217.70
192674.39%1.0717.50
192681.94%1.0917.40
19269-1.83%1.0717.50
1926101.74%1.0917.60
1926112.71%1.1217.70
192612-0.24%1.1117.70
192712.37%1.1417.50
192721.97%1.1617.40
192732.88%1.2017.30
192743.87%1.2417.30
192751.70%1.2617.40
192762.62%1.3017.60
192775.73%1.3717.30
192786.06%1.4617.20
19279-1.17%1.4417.30
1927102.66%1.4817.40
1927112.72%1.5217.30
1927120.77%1.5317.30
19281-0.83%1.5217.30
192825.75%1.6017.10
192836.66%1.7117.10
192843.44%1.7717.10
19285-4.57%1.6917.20
192861.09%1.7117.10
192873.59%1.7717.10
192887.37%1.9017.10
192892.36%1.9417.30
1928107.08%2.0817.20
1928110.70%2.0917.20
1928127.69%2.2617.10
192910.81%2.2717.10
192922.05%2.3217.10
19293-0.30%2.3117.00
192941.80%2.3616.90
192952.20%2.4117.00
192969.20%2.6317.10
192975.96%2.7917.30
192984.24%2.9017.30
19299-10.32%2.6017.30
192910-26.19%1.9217.30
1929114.37%2.0117.30
1929121.83%2.0417.20
193016.64%2.1817.10
193024.12%2.2717.00
193036.69%2.4216.90
19304-5.65%2.2817.00
19305-9.77%2.0616.90
19306-1.76%2.0216.80
19307-0.90%2.0116.60
193080.34%2.0116.50
19309-13.37%1.7416.60
193010-6.80%1.6216.50
193011-6.19%1.5216.40
1930123.56%1.5816.10
193118.14%1.7115.90
193122.38%1.7515.70
19313-9.08%1.5915.60
19314-9.16%1.4415.50
19315-2.68%1.4015.30
193163.86%1.4615.10
19317-2.49%1.4215.10
19318-14.37%1.2215.10
19319-12.75%1.0615.00
1931102.05%1.0814.90
193111-18.10%0.8914.70
193112-0.85%0.8814.60
19321-0.05%0.8814.30
193221.14%0.8914.10
19323-23.22%0.6814.00
19324-11.31%0.6113.90
19325-12.39%0.5313.70
193266.18%0.5613.60
1932751.35%0.8513.60
1932810.37%0.9413.50
19329-13.22%0.8213.40
193210-0.34%0.8113.30
193211-2.64%0.7913.20
1932124.57%0.8313.10
19331-11.27%0.7412.90
193320.33%0.7412.70
1933311.24%0.8212.60
1933429.32%1.0612.60
1933517.58%1.2512.60
193368.46%1.3612.70
19337-4.64%1.2913.10
19338-0.48%1.2913.20
19339-9.38%1.1713.20
1933102.80%1.2013.20
1933112.32%1.2313.20
1933126.08%1.3013.20
193417.75%1.4013.20
19342-4.80%1.3313.30
193432.02%1.3613.30
19344-9.83%1.2313.30
193451.70%1.2513.30
19346-4.36%1.1913.40
19347-3.51%1.1513.40
19348-2.01%1.1313.40
193491.21%1.1413.60
1934103.21%1.1813.50
1934111.06%1.1913.50
1934120.40%1.2013.40
19351-2.62%1.1613.60
19352-5.93%1.1013.70
193537.94%1.1813.70
193548.27%1.2813.80
193554.17%1.3313.80
193565.60%1.4113.70
193577.10%1.5113.70
193582.43%1.5513.70
193592.99%1.5913.70
1935109.71%1.7513.70
1935110.29%1.7513.80
1935125.82%1.8513.80
193616.03%1.9613.80
193622.41%2.0113.80
193630.41%2.0213.70
19364-5.02%1.9213.70
193654.57%2.0113.70
193666.23%2.1313.80
193672.30%2.1813.90
193681.44%2.2114.00
193695.55%2.3414.00
1936103.10%2.4114.00
193611-1.40%2.3714.00
1936123.46%2.4614.00
193713.30%2.5414.10
193720.23%2.5414.10
19373-5.62%2.4014.20
19374-4.09%2.3014.30
19375-3.34%2.2314.40
193766.39%2.3714.40
193771.44%2.4014.50
19378-13.76%2.0714.50
19379-14.10%1.7814.60
193710-8.27%1.6314.60
193711-1.02%1.6214.50
1937123.24%1.6714.40
19381-1.80%1.6414.20
19382-6.02%1.5414.10
19383-3.44%1.4914.10
193841.56%1.5114.20
193852.93%1.5514.10
1938620.49%1.8714.10
193871.06%1.8914.10
19388-4.08%1.8114.10
1938911.62%2.0314.10
1938100.47%2.0314.00
193811-2.55%1.9814.00
193812-1.16%1.9614.00
19391-0.46%1.9514.00
193920.27%1.9613.90
19393-12.24%1.7213.90
193944.10%1.7913.80
193952.17%1.8313.80
193962.84%1.8813.80
19397-1.07%1.8613.80
1939811.06%2.0613.80
193991.38%2.0914.10
193910-1.41%2.0614.00
193911-1.97%2.0214.00
193912-0.15%2.0214.00
19401-0.23%2.0113.90
19402-0.15%2.0114.00
194031.42%2.0414.00
19404-13.34%1.7714.00
19405-8.09%1.6214.00
194063.87%1.6914.10
194072.65%1.7314.00
194084.76%1.8114.00
194091.47%1.8414.00
1940102.85%1.8914.00
194011-3.59%1.8214.00
1940120.72%1.8414.10
19411-5.72%1.7314.10
194121.18%1.7514.10
19413-2.55%1.7114.20
19414-1.59%1.6814.30
194154.11%1.7514.40
194165.71%1.8514.70
194170.08%1.8514.70
194180.86%1.8714.90
19419-3.43%1.8015.10
194110-4.08%1.7315.30
194111-5.88%1.6315.40
1941122.62%1.6715.50
19421-2.48%1.6315.70
19422-4.76%1.5515.80
19423-3.45%1.5016.00
194241.87%1.5316.10
194255.75%1.6116.30
194264.38%1.6816.30
194270.05%1.6916.40
194281.66%1.7116.50
194297.97%1.8516.50
1942102.15%1.8916.70
1942111.06%1.9116.80
1942126.50%2.0316.90
194316.43%2.1616.90
194324.01%2.2516.90
194333.79%2.3417.20
194344.36%2.4417.40
194352.18%2.4917.50
194362.47%2.5517.50
19437-4.54%2.4417.40
194382.55%2.5017.30
19439-0.50%2.4917.40
194310-4.21%2.3817.40
1943111.77%2.4317.40
1943123.67%2.5117.40
19441-0.24%2.5117.40
194423.24%2.5917.40
19443-1.31%2.5617.40
194442.20%2.6117.50
194455.14%2.7517.50
194463.02%2.8317.60
19447-1.06%2.8017.70
19448-1.23%2.7617.70
194492.88%2.8417.70
194410-0.28%2.8417.70
1944112.60%2.9117.70
1944123.38%3.0117.80
194513.73%3.1217.80
194520.31%3.1317.80
194532.90%3.2217.80
194544.16%3.3617.80
194552.19%3.4317.90
19456-1.70%3.3718.10
194570.71%3.3918.10
194587.18%3.6418.10
194594.51%3.8018.10
1945103.61%3.9418.10
1945112.02%4.0218.10
1945124.30%4.1918.20
194610.59%4.2218.20
19462-2.68%4.1018.10
194636.77%4.3818.30
194640.52%4.4018.40
19465-0.34%4.3918.50
19466-2.55%4.2818.70
19467-1.62%4.2119.80
19468-14.42%3.6020.20
19469-1.87%3.5320.40
194610-0.01%3.5320.80
1946113.39%3.6521.30
1946120.92%3.6921.50
194714.27%3.8421.50
19472-3.67%3.7021.50
19473-3.30%3.5821.90
19474-1.36%3.5321.90
194753.92%3.6721.90
194766.69%3.9222.00
19477-1.56%3.8622.20
19478-2.17%3.7722.50
194793.03%3.8923.00
194710-0.73%3.8623.00
194711-1.12%3.8123.10
194712-0.86%3.7823.40
19481-4.45%3.6123.70
194821.92%3.6823.50
194838.19%3.9823.40
194845.33%4.2023.80
194854.59%4.3923.90
19486-1.96%4.3024.10
19487-2.49%4.2024.40
19488-0.68%4.1724.50
194893.19%4.3024.50
194810-5.10%4.0824.40
194811-0.16%4.0724.20
1948121.63%4.1424.10
19491-3.33%4.0024.00
194921.49%4.0623.80
194930.41%4.0823.80
19494-0.18%4.0723.90
19495-4.91%3.8723.80
194966.26%4.1123.90
194974.17%4.2923.70
194981.87%4.3723.80
194993.14%4.5023.90
1949101.95%4.5923.70
1949113.24%4.7423.80
1949122.63%4.8723.60
195012.52%4.9923.50
195021.38%5.0623.50
195033.39%5.2323.60
195043.91%5.4323.60
195052.16%5.5523.70
19506-6.72%5.1823.80
195076.64%5.5224.10
195084.11%5.7524.30
195094.72%6.0224.40
1950100.38%6.0424.60
1950110.19%6.0524.70
1950128.01%6.5425.00
195114.31%6.8225.40
19512-1.11%6.7425.70
195131.93%6.8725.80
195140.63%6.9225.80
19515-1.15%6.8425.90
195162.37%7.0025.90
195174.97%7.3525.90
195183.14%7.5825.90
195190.03%7.5826.10
195110-2.25%7.4126.20
1951113.61%7.6826.40
1951123.83%7.9726.50
19521-1.33%7.8626.50
195220.75%7.9226.30
195230.20%7.9426.30
195240.46%7.9826.40
195253.24%8.2326.40
195263.37%8.5126.50
195270.88%8.5926.70
19528-1.11%8.4926.70
19529-1.61%8.3626.70
1952103.67%8.6626.70
1952114.51%9.0526.70
1952120.99%9.1426.70
19531-0.77%9.0726.60
195320.96%9.1626.50
19533-4.47%8.7526.60
195341.00%8.8426.60
19535-3.11%8.5626.70
195361.91%8.7326.80
195370.90%8.8026.80
19538-4.11%8.4426.90
195393.52%8.7426.90
1953102.71%8.9827.00
1953111.84%9.1426.90
1953123.02%9.4226.90
195412.68%9.6726.90
195422.58%9.9226.90
195434.45%10.3626.90
195444.42%10.8226.80
195451.22%10.9526.90
195464.46%11.4426.90
195472.39%11.7126.90
195482.74%12.0326.90
195492.71%12.3626.80
1954104.30%12.8926.80
1954114.95%13.5326.80
1954122.17%13.8226.70
195513.70%14.3426.70
19552-0.44%14.2726.70
195533.81%14.8226.70
19554-0.08%14.8026.70
195556.15%15.7126.70
195567.64%16.9226.70
19557-0.30%16.8626.80
195584.82%17.6826.80
19559-4.72%16.8426.90
1955107.07%18.0326.90
1955111.24%18.2526.90
195512-2.39%17.8226.80
195610.95%17.9926.80
195627.21%19.2826.80
195631.48%19.5726.80
19564-2.84%19.0126.90
19565-0.26%18.9727.00
195665.75%20.0627.20
19567-0.28%20.0027.40
19568-3.09%19.3827.30
19569-0.95%19.2027.40
195610-0.71%19.0627.50
1956111.81%19.4027.50
195612-1.86%19.0427.60
19571-4.00%18.2827.60
195721.62%18.5827.70
195732.64%19.0727.80
195744.16%19.8627.90
195751.95%20.2528.00
195762.32%20.7228.10
19577-5.21%19.6428.30
19578-3.74%18.9128.30
19579-5.90%17.7928.30
195710-1.80%17.4728.30
1957110.32%17.5328.40
1957122.33%17.9428.40
195810.70%18.0628.60
195822.42%18.5028.60
195830.90%18.6628.80
195843.56%19.3328.90
195852.74%19.8628.90
195863.07%20.4728.90
195874.05%21.3029.00
195882.94%21.9228.90
195894.36%22.8828.90
1958103.33%23.6428.90
1958112.16%24.1529.00
1958124.25%25.1828.90
19591-1.27%24.8629.00
195922.81%25.5628.90
195931.94%26.0528.90
195941.77%26.5129.00
19595-0.61%26.3529.00
195964.23%27.4729.10
19597-0.32%27.3829.20
19598-3.70%26.3729.20
195990.18%26.4129.30
1959100.67%26.5929.40
1959113.46%27.5129.40
195912-1.49%27.1029.40
19601-3.61%26.1229.30
19602-1.08%25.8429.40
196031.58%26.2529.40
19604-0.62%26.0929.50
196053.99%27.1329.50
19606-2.20%26.5329.60
196071.49%26.9329.60
19608-2.72%26.1929.60
19609-1.67%25.7629.60
1960103.54%26.6729.80
1960112.69%27.3829.80
1960125.43%28.8729.80
196114.37%30.1329.80
196123.40%31.1629.80
196132.92%32.0729.80
196141.26%32.4729.80
19615-1.08%32.1229.80
19616-0.03%32.1129.80
196173.84%33.3530.00
19618-0.54%33.1629.90
196191.34%33.6130.00
1961104.77%35.2130.00
1961111.16%35.6230.00
196112-3.49%34.3830.00
196211.91%35.0430.00
196220.34%35.1630.10
19623-2.94%34.1230.10
19624-7.19%31.6730.20
19625-11.41%28.0630.20
196262.72%28.8230.20
196273.02%29.6930.30
19628-0.59%29.5130.30
19629-2.86%28.6730.40
1962107.20%30.7330.40
1962114.62%32.1630.40
1962124.15%33.4930.40
196311.60%34.0230.40
19632-0.11%33.9930.40
196334.98%35.6830.50
196342.27%36.4930.50
196350.22%36.5730.50
19636-1.22%36.1230.60
196373.03%37.2230.70
196382.89%38.2930.70
196390.50%38.4830.70
196310-0.31%38.3730.80
1963112.39%39.2830.80
1963123.33%40.5930.90
196411.48%41.1930.90
196422.07%42.0530.90
196431.69%42.7630.90
196441.22%43.2830.90
19645-0.35%43.1330.90
196463.96%44.8431.00
19647-1.23%44.2931.10
196481.97%45.1631.00
196491.97%46.0531.10
1964100.94%46.4831.10
196411-1.49%45.7931.20
1964122.82%47.0831.20
196510.98%47.5431.20
196520.34%47.7031.20
196531.56%48.4431.30
196541.73%49.2831.40
19655-4.51%47.0631.40
196560.10%47.1131.60
196572.12%48.1031.60
196583.60%49.8331.60
196592.50%51.0831.60
1965101.08%51.6331.70
196511-0.21%51.5231.70
1965121.98%52.5431.80
19661-0.43%52.3131.80
19662-3.86%50.2932.00
196633.32%51.9632.10
19664-5.01%49.3632.30
19665-0.56%49.0832.30
196660.02%49.0932.40
19667-5.77%46.2632.50
19668-3.22%44.7732.70
19669-0.56%44.5232.70
1966105.32%46.8832.90
1966110.72%47.2232.90
1966124.13%49.1732.90
196713.73%51.0032.90
196722.63%52.3432.90
196731.99%53.3933.00
196742.06%54.4933.10
19675-0.99%53.9533.20
196761.99%55.0233.30
196771.85%56.0433.40
196781.65%56.9733.50
196790.10%57.0233.60
196710-2.88%55.3833.70
1967113.11%57.1033.80
196712-0.02%57.0933.90
19681-4.26%54.6634.10
19682-1.56%53.8134.20
196837.66%57.9334.30
196842.56%59.4134.40
196852.94%61.1634.50
196860.05%61.1934.70
19687-1.93%60.0134.90
196883.51%62.1135.00
196892.72%63.8035.10
1968101.79%64.9435.30
1968111.29%65.7735.40
196812-3.99%63.1535.50
19691-0.24%63.0035.60
19692-1.91%61.8035.80
196932.27%63.2036.10
196943.51%65.4236.30
19695-4.97%62.1736.40
19696-4.21%59.5636.60
19697-0.28%59.3936.80
196980.63%59.7637.00
196991.35%60.5637.10
1969101.00%61.1737.30
196911-5.03%58.0937.50
196912-0.59%57.7537.70
19701-3.20%55.9137.80
197022.01%57.0338.00
19703-2.75%55.4638.20
19704-11.20%49.2538.50
19705-0.27%49.1238.60
197060.52%49.3838.80
197073.26%50.9839.00
197086.32%54.2139.00
197092.49%55.5639.20
1970100.21%55.6739.40
1970117.16%59.6639.60
1970124.11%62.1139.80
197114.15%64.6939.80
197122.83%66.5239.90
197133.67%68.9640.00
19714-1.11%68.2040.10
19715-1.60%67.1140.30
19716-0.46%66.8040.60
19717-1.52%65.7840.70
197182.49%67.4240.80
19719-1.86%66.1640.80
197110-4.37%63.2740.90
1971117.16%67.8040.90
1971124.42%70.8041.10
197212.09%72.2841.10
197222.62%74.1741.30
197231.26%75.1141.40
19724-0.78%74.5341.50
197250.52%74.9141.60
19726-0.50%74.5341.70
197273.78%77.3541.90
19728-1.21%76.4242.00
197290.42%76.7342.10
1972105.25%80.7742.30
1972112.31%82.6342.40
1972120.99%83.4542.50
19731-3.33%80.6842.60
19732-1.35%79.5942.90
19733-1.63%78.2943.30
19734-2.57%76.2843.60
19735-1.99%74.7643.90
197361.21%75.6744.20
19737-1.64%74.4344.30
197382.00%75.9145.10
197394.24%79.1345.20
197310-6.85%73.7145.60
197311-6.81%68.6945.90
1973121.70%69.8646.20
19741-2.47%68.1346.60
197424.57%71.2547.20
19743-4.82%67.8247.80
19744-2.71%65.9848.00
197450.46%66.2848.60
19746-11.35%58.7649.00
19747-3.76%56.5549.40
19748-10.01%50.8950.00
197492.38%52.1050.60
1974103.74%54.0551.10
197411-6.09%50.7551.50
1974128.63%55.1451.90
1975110.81%61.0952.10
197524.97%64.1352.50
197531.49%65.0952.70
197546.71%69.4652.90
197552.89%71.4753.20
197560.43%71.7853.60
19757-7.00%66.7554.20
19758-0.85%66.1854.30
197594.97%69.4754.60
1975102.04%70.8954.90
197511-1.18%70.0655.30
1975129.55%76.7455.50
197614.18%79.9555.60
197620.80%80.5955.80
197631.10%81.4755.90
19764-0.38%81.1656.10
197650.90%81.8956.50
197662.67%84.0856.80
19767-0.56%83.6057.10
197682.44%85.6457.40
19769-3.11%82.9857.60
197610-0.37%82.6857.90
1976113.79%85.8158.00
197612-0.54%85.3558.20
19771-2.37%83.3258.50
19772-0.05%83.2859.10
19773-1.19%82.2959.50
197740.06%82.3460.00
197750.90%83.0860.30
197761.28%84.1460.70
19777-2.08%82.4061.00
19778-1.18%81.4361.20
19779-2.20%79.6461.40
1977100.98%80.4261.60
197711-0.08%80.3561.90
197712-3.39%77.6362.10
19781-0.97%76.8862.50
197820.27%77.0862.90
197834.83%80.8063.40
197845.50%85.2563.90
197850.67%85.8264.50
19786-0.06%85.7765.20
197877.33%92.0665.70
197880.40%92.4266.00
19789-2.77%89.8666.50
197810-5.44%84.9767.10
1978111.92%86.6167.40
1978124.19%90.2367.70
19791-1.06%89.2868.30
197922.34%91.3769.10
197932.43%93.5969.80
19794-1.89%91.8270.60
197952.42%94.0471.50
197961.42%95.3872.30
197975.01%100.1673.10
197981.54%101.7073.80
19799-3.35%98.2974.60
197910-0.32%97.9775.20
1979114.40%102.2975.90
1979123.31%105.6876.70
198014.40%110.3277.80
19802-8.78%100.6478.90
19803-1.16%99.4780.10
198045.04%104.4881.00
198056.86%111.6581.80
198064.97%117.2082.70
198073.50%121.3082.70
198082.84%124.7483.30
198093.32%128.8984.00
1980104.61%134.8484.80
198011-1.24%133.1685.50
1980120.01%133.1886.30
19811-3.07%129.0987.00
198124.14%134.4387.90
198131.29%136.1788.50
19814-1.62%133.9789.10
198150.86%135.1289.80
19816-2.02%132.4090.60
198170.80%133.4691.60
19818-8.30%122.3892.30
198191.73%124.4993.20
1981103.04%128.2893.40
1981111.18%129.7993.70
198112-4.80%123.5694.00
19821-1.91%121.1994.30
19822-2.74%117.8794.60
198235.47%124.3194.50
198240.57%125.0294.90
19825-5.27%118.4395.80
198260.24%118.7297.00
198270.79%119.6697.50
1982812.10%134.1497.70
198298.88%146.0597.90
1982104.50%152.6398.20
1982111.36%154.6998.00
1982123.93%160.7797.60
198312.13%164.1997.80
198323.87%170.5497.90
198334.20%177.7097.90
198344.42%185.5698.60
198351.75%188.8199.20
198360.71%190.1599.50
19837-2.41%185.5799.90
198383.31%191.72100.20
198390.65%192.96100.70
198310-1.14%190.76101.00
198311-0.13%190.52101.20
1983121.58%193.52101.30
19841-5.11%183.63101.90
198420.44%184.44102.40
198430.51%185.37102.60
19844-0.25%184.90103.10
19845-1.85%181.49103.40
19846-0.91%179.84103.70
198479.21%196.40104.10
198481.41%199.16104.50
19849-0.41%198.34105.00
1984101.29%200.89105.30
198411-0.71%199.47105.30
1984124.70%208.84105.30
198515.79%220.92105.50
19852-0.48%219.87106.00
198531.02%222.12106.40
198542.74%228.20106.90
198552.51%233.93107.30
198562.25%239.18107.60
19857-1.85%234.77107.80
19858-1.88%230.34108.00
198591.50%233.79108.30
1985106.42%248.80108.70
1985115.29%261.97109.00
1985120.75%263.94109.30
198615.70%278.98109.60
198626.18%296.23109.30
198632.74%304.35108.80
198640.49%305.84108.60
198653.13%315.43108.90
19866-1.80%309.74109.50
198672.28%316.80109.50
19868-2.46%309.02109.70
19869-0.09%308.74110.20
1986103.53%319.65110.30
1986111.71%325.11110.40
1986126.67%346.81110.50
198716.46%369.22111.20
198724.38%385.38111.60
19873-0.86%382.08112.10
198740.17%382.74112.70
198754.50%399.95113.10
198763.12%412.44113.50
198776.45%439.06113.80
19878-3.03%425.76114.40
19879-11.85%375.29115.00
198710-12.30%329.11115.30
198711-1.33%324.72115.40
1987124.25%338.51115.40
198813.33%349.78115.70
198823.23%361.08116.00
19883-0.89%357.88116.50
19884-2.19%350.05117.10
198856.00%371.05117.50
19886-0.31%369.91118.00
19887-1.72%363.55118.50
198881.93%370.56119.00
198893.80%384.65119.80
198810-2.02%376.88120.20
1988112.33%385.64120.30
1988123.51%399.19120.50
198913.30%412.36121.10
19892-0.16%411.69121.60
198933.56%426.37122.30
198944.12%443.92123.10
198953.39%458.98123.80
198962.80%471.83124.10
198974.69%493.96124.40
198980.46%496.21124.60
198990.29%497.63125.00
198910-1.81%488.61125.60
1989112.74%501.98125.90
198912-2.21%490.88126.10
19901-2.53%478.47127.40
199022.71%491.43128.00
199030.20%492.39128.70
199043.85%511.35128.90
199053.17%527.56129.20
199060.17%528.46129.90
19907-7.86%486.91130.40
19908-4.34%465.78131.60
19909-2.32%454.99132.70
1990102.98%468.57133.50
1990114.59%490.06133.80
199012-0.69%486.70133.80
1991111.61%543.19134.60
199123.04%559.73134.80
199132.26%572.37135.00
19914-0.18%571.35135.20
199150.35%573.33135.60
199160.78%577.80136.00
199172.68%593.28136.20
19918-0.30%591.49136.60
199190.18%592.56137.20
1991100.02%592.65137.40
1991110.94%598.20137.80
1991127.36%642.21137.90
19921-0.60%638.35138.10
19922-1.01%631.89138.60
199230.26%633.56139.30
199242.07%646.66139.50
19925-1.33%638.07139.70
199261.91%650.27140.20
199270.94%656.39140.50
199280.38%658.88140.90
19929-1.18%651.09141.30
1992102.76%669.04141.80
1992113.27%690.92142.00
1992120.14%691.91141.90
199311.72%703.84142.60
199322.15%718.97143.10
19933-1.34%709.33143.60
199340.72%714.47144.00
199350.87%720.65144.20
199360.06%721.09144.40
199371.76%733.80144.40
199381.35%743.74144.80
199391.24%752.98145.10
1993100.01%753.03145.70
1993110.89%759.72145.80
1993121.74%772.90145.80
19941-0.08%772.32146.20
19942-1.42%761.32146.70
19943-3.35%735.84147.20
199441.06%743.63147.40
199451.11%751.87147.50
19946-0.52%747.97148.00
199473.08%771.02148.40
199480.82%777.33149.00
19949-0.44%773.88149.40
199410-0.37%771.01149.50
199411-1.03%763.10149.70
1994122.45%781.81149.70
199513.82%811.67150.30
199522.56%832.43150.90
199533.22%859.20151.40
199543.35%887.96151.90
199553.18%916.19152.20
199563.55%948.69152.50
199570.51%953.56152.50
199583.72%989.01152.90
199590.91%998.03153.20
1995102.36%1,021.57153.70
1995113.39%1,056.19153.60
1995120.16%1,057.91153.50
199615.90%1,120.37154.40
19962-0.20%1,118.12154.90
199630.20%1,120.32155.70
199642.35%1,146.71156.30
199651.28%1,161.37156.60
19966-3.48%1,120.99156.70
199673.08%1,155.47157.00
199682.02%1,178.86157.30
199694.12%1,227.42157.80
1996105.05%1,289.43158.30
1996111.20%1,304.88158.60
1996123.26%1,347.39158.60
199714.36%1,406.15159.10
19972-0.62%1,397.38159.60
19973-3.41%1,349.79160.00
199749.22%1,474.21160.20
199755.34%1,552.89160.10
199765.74%1,641.96160.30
199770.35%1,647.67160.50
199781.19%1,667.31160.80
199791.65%1,694.75161.20
199710-1.15%1,675.22161.60
1997112.63%1,719.36161.50
1997120.24%1,723.44161.30
199816.40%1,833.77161.60
199825.31%1,931.20161.90
199833.41%1,996.97162.20
19984-0.22%1,992.54162.50
199850.12%1,994.86162.80
199864.47%2,083.98163.00
19987-6.97%1,938.71163.20
19988-4.90%1,843.74163.40
199891.29%1,867.54163.60
19981010.97%2,072.49164.00
1998114.10%2,157.55164.00
1998125.05%2,266.46163.90
19991-0.07%2,264.95164.30
199922.92%2,331.16164.50
199934.25%2,430.24165.00
19994-0.10%2,427.83166.20
19995-0.61%2,412.98166.20
199964.52%2,522.11166.20
19997-3.77%2,426.91166.70
19998-0.60%2,412.40167.10
19999-1.27%2,381.70167.90
1999107.11%2,550.94168.20
1999112.81%2,622.59168.30
199912-0.12%2,619.47168.30
20001-2.48%2,554.56168.80
200023.94%2,655.24169.80
200031.42%2,693.06171.20
20004-2.84%2,616.61171.30
200053.16%2,699.39171.50
200060.85%2,722.34172.40
200070.94%2,747.93172.80
20008-1.08%2,718.26172.80
20009-5.21%2,576.52173.70
200010-0.77%2,556.62174.00
200011-3.32%2,471.73174.10
2000120.46%2,482.98174.00
20011-2.14%2,429.94175.10
20012-9.08%2,209.30175.80
200130.45%2,219.21176.20
200146.88%2,371.88176.90
20015-2.39%2,315.23177.70
20016-2.66%2,253.64178.00
20017-2.05%2,207.53177.50
20018-11.25%1,959.24177.50
200193.18%2,021.62178.30
2001105.05%2,123.78177.70
2001111.47%2,154.92177.40
200112-0.30%2,148.50176.70
20021-3.35%2,076.47177.10
200224.95%2,179.15177.80
20023-3.51%2,102.57178.80
20024-2.82%2,043.27179.80
20025-5.92%1,922.29179.80
20026-10.76%1,715.48179.90
200271.14%1,735.01180.10
20028-4.76%1,652.47180.70
20029-1.37%1,629.88181.00
2002106.63%1,737.87181.30
200211-1.04%1,719.88181.30
200212-0.22%1,716.05180.90
20031-6.41%1,605.97181.70
200321.31%1,626.97183.10
200335.29%1,712.97184.20
200345.31%1,803.97183.80
200355.70%1,906.87183.50
200360.60%1,918.23183.70
20037-0.17%1,915.04183.90
200383.16%1,975.58184.60
200392.03%2,015.64185.20
2003101.21%2,040.04185.00
2003113.06%2,102.55184.50
2003124.93%2,206.31184.30
200411.09%2,230.28185.20
20042-1.57%2,195.37186.20
200430.97%2,216.63187.40
20044-2.56%2,159.79188.00
200452.86%2,221.51189.10
20046-2.24%2,171.77189.70
20047-1.39%2,141.64189.40
200482.78%2,201.23189.50
200490.10%2,203.49189.90
2004104.77%2,308.68190.90
2004112.73%2,371.65191.00
200412-1.35%2,339.65190.30
200511.68%2,378.99190.70
20052-0.26%2,372.91191.80
20053-2.41%2,315.74193.30
200541.34%2,346.68194.60
200552.18%2,397.85194.40
200561.81%2,441.20194.50
200570.31%2,448.77195.40
200580.28%2,455.62196.40
20059-2.62%2,391.18198.80
2005103.96%2,485.91199.20
2005112.14%2,539.21197.60
2005121.47%2,576.45196.80
20061-0.02%2,576.02198.30
200621.49%2,614.31198.70
200630.80%2,635.18199.80
20064-0.79%2,614.45201.50
20065-2.71%2,543.71202.50
200660.72%2,562.02202.90
200672.29%2,620.74203.50
200682.53%2,687.07203.90
200693.62%2,784.23202.90
2006102.00%2,839.97201.80
2006112.15%2,900.98201.50
2006120.69%2,921.07201.80
200711.60%2,967.70202.42
20072-2.47%2,894.28203.50
200734.18%3,015.27205.35
200743.39%3,117.54206.69
200750.34%3,128.29207.95
200760.57%3,146.27208.35
20077-4.20%3,014.09208.30
200783.07%3,106.76207.92
200792.99%3,199.71208.49
200710-4.81%3,045.92208.94
2007111.24%3,083.63210.18
200712-6.64%2,879.03210.04
20081-1.56%2,834.00211.08
20082-2.63%2,759.56211.69
200834.24%2,876.67213.53
200842.56%2,950.39214.82
20085-4.25%2,825.10216.63
20086-6.08%2,653.38218.82
200872.11%2,709.38219.96
20088-4.85%2,578.04219.09
20089-20.19%2,057.44218.78
200810-8.61%1,880.39216.57
200811-0.35%1,873.79212.43
200812-1.10%1,853.26210.23
20091-6.70%1,729.04211.14
20092-5.69%1,630.70212.19
2009312.32%1,831.64212.71
200946.66%1,953.62213.24
200952.87%2,009.67213.86
200961.28%2,035.34215.69
200978.12%2,200.63215.35
200983.65%2,280.96215.83
200992.40%2,335.77215.97
2009102.09%2,384.69216.18
2009112.23%2,437.77216.33
2009121.36%2,470.85215.95
20101-2.90%2,399.23216.69
201025.94%2,541.82216.74
201034.09%2,645.73217.63
20104-5.88%2,490.10218.01
20105-3.54%2,401.86218.18
20106-0.16%2,398.04217.97
201070.86%2,418.75218.01
201083.37%2,500.29218.31
201094.58%2,614.74218.44
2010102.49%2,679.87218.71
2010113.71%2,779.39218.80
2010123.46%2,875.62219.18
201113.15%2,966.22220.22
20112-1.11%2,933.23221.31
201132.22%2,998.37223.47
201140.66%3,018.14224.91
20115-3.66%2,907.60225.96
201163.10%2,997.78225.72
20117-10.40%2,685.99225.92
20118-0.79%2,664.80226.55
201193.02%2,745.24226.89
2011101.77%2,793.75226.42
2011111.55%2,837.19226.23
2011124.78%2,972.88225.67
201214.16%3,096.63226.67
201222.88%3,185.93227.66
20123-0.04%3,184.71229.39
20124-3.09%3,086.28230.09
20125-1.15%3,050.71229.82
201262.92%3,139.82229.48
201273.39%3,246.19229.10
201283.02%3,344.26230.38
20129-0.22%3,337.00231.41
201210-2.84%3,242.32231.32
2012112.18%3,312.85230.22
2012124.27%3,454.27229.60
201312.33%3,534.86230.28
201322.72%3,631.10232.17
201331.45%3,683.88232.77
201344.57%3,852.39232.53
20135-1.12%3,809.33232.95
201363.25%3,933.31233.50
201370.25%3,943.24233.60
201381.19%3,990.26233.88
201392.12%4,074.76234.15
2013103.86%4,232.04233.55
2013111.52%4,296.44233.07
2013120.97%4,338.02233.05
20141-0.13%4,332.38233.92
201422.72%4,450.32234.78
201430.20%4,459.30236.29
201441.53%4,527.62237.07
201453.20%4,672.33237.90
201461.50%4,742.22238.34
20147-0.43%4,721.98238.25
201481.78%4,805.93237.85
20149-2.65%4,678.74238.03
2014105.71%4,945.69237.43
2014110.63%4,977.04236.15
201412-1.11%4,921.80234.81
201512.83%5,060.95233.71
201520.06%5,063.76234.72
201530.88%5,108.24236.12
201540.98%5,158.24236.60
20155-0.44%5,135.78237.81
20156-0.08%5,131.69238.64
20157-2.42%5,007.28238.65
20158-4.51%4,781.59238.32
201594.32%4,988.02237.95
2015102.93%5,134.29237.84
201511-1.10%5,077.66237.34
201512-6.42%4,751.70236.53
20161-0.55%4,725.57236.92
201626.36%5,026.24237.11
201632.83%5,168.55238.13
20164-0.30%5,152.82239.26
201651.07%5,207.77240.23
201663.30%5,379.49241.02
201671.20%5,444.01240.63
20168-0.44%5,420.13240.85
20169-0.51%5,392.70241.43
2016101.20%5,457.48241.73
2016113.95%5,672.83241.35
2016121.44%5,754.38241.43
201712.58%5,902.64242.84
201721.75%6,005.89243.60
20173-0.15%5,996.64243.80
201741.69%6,098.13244.52
201751.78%6,206.46244.73
201760.99%6,267.77244.96
201770.25%6,283.30244.79
201781.65%6,387.18245.52
201792.73%6,561.86246.82
2017101.59%6,666.16246.66
2017112.88%6,858.38246.67
2017124.86%7,191.83246.52
20181-2.89%6,984.22247.87
201820.06%6,988.73248.99
20183-1.66%6,872.44249.55
201841.96%7,007.25250.55
201852.11%7,155.31251.59
201861.58%7,268.42251.99
201872.45%7,446.56252.01
201881.68%7,571.64252.15
20189-3.85%7,280.21252.44
201810-2.08%7,129.06252.89
201811-5.56%6,732.51252.04
2018121.74%6,849.36251.23
201915.83%7,248.60251.71
201921.95%7,389.81252.78
201933.72%7,664.94254.20
20194-1.53%7,547.53255.55
201951.40%7,653.56256.09
201963.83%7,946.49256.14
20197-3.13%7,697.41256.57
201983.09%7,934.89256.56
201990.01%7,935.67256.76
2019104.43%8,287.51257.35
2019112.47%8,492.16257.21
2019123.35%8,776.34256.97
202010.12%8,787.05257.97
20202-18.92%7,124.74258.68
202034.32%7,432.43258.12
202045.89%7,870.01256.39
202056.51%8,382.21256.39
202063.48%8,673.61257.80
202075.89%9,184.79259.10
20208-0.63%9,127.20259.92
202091.73%9,284.74260.28
2020103.95%9,651.87260.39
2020114.26%10,063.05260.23
2020122.80%10,344.34260.47
202112.49%10,602.07261.58
202120.82%10,689.15263.01
202136.02%11,332.80264.88
202140.76%11,418.95267.05
202151.81%11,625.68269.20
202163.07%11,982.38271.70
202172.19%12,244.22273.00
20218-0.08%12,233.87273.57
202190.45%12,289.19274.31
2021104.74%12,872.28276.59
2021110.27%12,906.45277.95
202112-2.05%12,641.61278.80
20221-2.90%12,274.68281.15
20222-0.89%12,165.12283.72
202230.12%12,179.51287.50
20224-7.87%11,220.65289.11
20225-3.37%10,842.58292.30
202260.46%10,892.97296.31
202276.45%11,595.28296.28
20228-7.28%10,751.44296.17
20229-3.09%10,419.10296.81
2022105.29%10,969.76298.01
2022110.01%10,970.95297.71
2022121.38%11,121.96296.80
202313.15%11,471.96299.17
20232-2.59%11,175.36300.84
202334.00%11,621.95301.84
202340.74%11,707.69303.36
202354.94%12,286.30304.13
202363.88%12,762.53305.11
20237-1.00%12,635.20305.69
20238-0.95%12,514.72307.03
20239-3.04%12,134.61307.79
2023104.60%12,693.01307.67
2023115.18%13,349.90307.05
2023122.91%13,738.63306.75
Click to show 1158 more rows

Remember, returns are based on the average closing price across the entire month. Some losses are offset by dividend returns.

Dollar-cost averaging

Dollar-cost averaging is an alternative to investing the full lump-sum of $1.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $1.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1926. This would result in a final amount of $11,905.78, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $13,738.63).

YearMonthContribution ($)Amount ($)
192610.040.04
192620.040.07
192630.040.11
192640.040.15
192650.040.20
192660.040.25
192670.040.31
192680.040.35
192690.040.39
1926100.040.43
1926110.040.49
1926120.040.52
192710.040.58
192720.040.63
192730.040.69
192740.040.76
192750.040.81
192760.040.87
192770.040.97
192780.041.07
192790.041.09
1927100.041.16
1927110.041.24
1927120.041.28
192810.041.31
19282-1.39
19283-1.48
19284-1.53
19285-1.46
19286-1.48
19287-1.53
19288-1.64
19289-1.68
192810-1.80
192811-1.82
192812-1.95
19291-1.97
19292-2.01
19293-2.01
19294-2.04
19295-2.09
19296-2.28
19297-2.41
19298-2.52
19299-2.26
192910-1.67
192911-1.74
192912-1.77
19301-1.89
19302-1.97
19303-2.10
19304-1.98
19305-1.78
19306-1.75
19307-1.74
19308-1.74
19309-1.51
193010-1.41
193011-1.32
193012-1.37
19311-1.48
19312-1.51
19313-1.38
19314-1.25
19315-1.22
19316-1.26
19317-1.23
19318-1.06
19319-0.92
193110-0.94
193111-0.77
193112-0.76
19321-0.76
19322-0.77
19323-0.59
19324-0.53
19325-0.46
19326-0.49
19327-0.74
19328-0.82
19329-0.71
193210-0.71
193211-0.69
193212-0.72
19331-0.64
19332-0.64
19333-0.71
19334-0.92
19335-1.08
19336-1.17
19337-1.12
19338-1.11
19339-1.01
193310-1.04
193311-1.06
193312-1.13
19341-1.21
19342-1.16
19343-1.18
19344-1.06
19345-1.08
19346-1.03
19347-1.00
19348-0.98
19349-0.99
193410-1.02
193411-1.03
193412-1.04
19351-1.01
19352-0.95
19353-1.02
19354-1.11
19355-1.16
19356-1.22
19357-1.31
19358-1.34
19359-1.38
193510-1.51
193511-1.52
193512-1.61
19361-1.70
19362-1.74
19363-1.75
19364-1.66
19365-1.74
19366-1.85
19367-1.89
19368-1.92
19369-2.02
193610-2.09
193611-2.06
193612-2.13
19371-2.20
19372-2.20
19373-2.08
19374-2.00
19375-1.93
19376-2.05
19377-2.08
19378-1.79
19379-1.54
193710-1.41
193711-1.40
193712-1.45
19381-1.42
19382-1.33
19383-1.29
19384-1.31
19385-1.35
19386-1.62
19387-1.64
19388-1.57
19389-1.75
193810-1.76
193811-1.72
193812-1.70
19391-1.69
19392-1.69
19393-1.49
19394-1.55
19395-1.58
19396-1.63
19397-1.61
19398-1.79
19399-1.81
193910-1.79
193911-1.75
193912-1.75
19401-1.74
19402-1.74
19403-1.77
19404-1.53
19405-1.41
19406-1.46
19407-1.50
19408-1.57
19409-1.59
194010-1.64
194011-1.58
194012-1.59
19411-1.50
19412-1.52
19413-1.48
19414-1.46
19415-1.52
19416-1.60
19417-1.60
19418-1.62
19419-1.56
194110-1.50
194111-1.41
194112-1.45
19421-1.41
19422-1.34
19423-1.30
19424-1.32
19425-1.40
19426-1.46
19427-1.46
19428-1.48
19429-1.60
194210-1.64
194211-1.66
194212-1.76
19431-1.88
19432-1.95
19433-2.03
19434-2.11
19435-2.16
19436-2.21
19437-2.11
19438-2.17
19439-2.16
194310-2.07
194311-2.10
194312-2.18
19441-2.17
19442-2.24
19443-2.21
19444-2.26
19445-2.38
19446-2.45
19447-2.43
19448-2.40
19449-2.47
194410-2.46
194411-2.52
194412-2.61
19451-2.70
19452-2.71
19453-2.79
19454-2.91
19455-2.97
19456-2.92
19457-2.94
19458-3.15
19459-3.30
194510-3.41
194511-3.48
194512-3.63
19461-3.65
19462-3.56
19463-3.80
19464-3.82
19465-3.80
19466-3.71
19467-3.65
19468-3.12
19469-3.06
194610-3.06
194611-3.17
194612-3.20
19471-3.33
19472-3.21
19473-3.10
19474-3.06
19475-3.18
19476-3.39
19477-3.34
19478-3.27
19479-3.37
194710-3.34
194711-3.31
194712-3.28
19481-3.13
19482-3.19
19483-3.45
19484-3.64
19485-3.80
19486-3.73
19487-3.64
19488-3.61
19489-3.73
194810-3.54
194811-3.53
194812-3.59
19491-3.47
19492-3.52
19493-3.54
19494-3.53
19495-3.36
19496-3.57
19497-3.71
19498-3.78
19499-3.90
194910-3.98
194911-4.11
194912-4.22
19501-4.32
19502-4.38
19503-4.53
19504-4.71
19505-4.81
19506-4.49
19507-4.78
19508-4.98
19509-5.22
195010-5.24
195011-5.25
195012-5.67
19511-5.91
19512-5.84
19513-5.96
19514-5.99
19515-5.93
19516-6.07
19517-6.37
19518-6.57
19519-6.57
195110-6.42
195111-6.65
195112-6.91
19521-6.82
19522-6.87
19523-6.88
19524-6.91
19525-7.14
19526-7.38
19527-7.44
19528-7.36
19529-7.24
195210-7.51
195211-7.84
195212-7.92
19531-7.86
19532-7.94
19533-7.58
19534-7.66
19535-7.42
19536-7.56
19537-7.63
19538-7.32
19539-7.57
195310-7.78
195311-7.92
195312-8.16
19541-8.38
19542-8.60
19543-8.98
19544-9.37
19545-9.49
19546-9.91
19547-10.15
19548-10.43
19549-10.71
195410-11.17
195411-11.72
195412-11.98
19551-12.42
19552-12.37
19553-12.84
19554-12.83
19555-13.62
19556-14.66
19557-14.61
19558-15.32
19559-14.59
195510-15.63
195511-15.82
195512-15.44
19561-15.59
19562-16.71
19563-16.96
19564-16.48
19565-16.43
19566-17.38
19567-17.33
19568-16.79
19569-16.63
195610-16.52
195611-16.82
195612-16.50
19571-15.84
19572-16.10
19573-16.52
19574-17.21
19575-17.55
19576-17.96
19577-17.02
19578-16.39
19579-15.42
195710-15.14
195711-15.19
195712-15.54
19581-15.65
19582-16.03
19583-16.17
19584-16.75
19585-17.21
19586-17.74
19587-18.46
19588-19.00
19589-19.83
195810-20.49
195811-20.93
195812-21.82
19591-21.54
19592-22.15
19593-22.58
19594-22.98
19595-22.84
19596-23.80
19597-23.73
19598-22.85
19599-22.89
195910-23.04
195911-23.84
195912-23.49
19601-22.64
19602-22.39
19603-22.75
19604-22.61
19605-23.51
19606-22.99
19607-23.33
19608-22.70
19609-22.32
196010-23.11
196011-23.73
196012-25.02
19611-26.11
19612-27.00
19613-27.79
19614-28.14
19615-27.84
19616-27.83
19617-28.90
19618-28.74
19619-29.13
196110-30.52
196111-30.87
196112-29.79
19621-30.36
19622-30.47
19623-29.57
19624-27.45
19625-24.31
19626-24.97
19627-25.73
19628-25.58
19629-24.85
196210-26.63
196211-27.87
196212-29.02
19631-29.48
19632-29.45
19633-30.92
19634-31.62
19635-31.69
19636-31.30
19637-32.25
19638-33.18
19639-33.35
196310-33.25
196311-34.04
196312-35.18
19641-35.70
19642-36.44
19643-37.05
19644-37.51
19645-37.37
19646-38.85
19647-38.38
19648-39.13
19649-39.90
196410-40.28
196411-39.68
196412-40.80
19651-41.19
19652-41.33
19653-41.98
19654-42.70
19655-40.78
19656-40.82
19657-41.69
19658-43.18
19659-44.26
196510-44.74
196511-44.64
196512-45.53
19661-45.33
19662-43.58
19663-45.03
19664-42.77
19665-42.53
19666-42.54
19667-40.09
19668-38.80
19669-38.58
196610-40.63
196611-40.92
196612-42.61
19671-44.20
19672-45.36
19673-46.27
19674-47.22
19675-46.75
19676-47.68
19677-48.56
19678-49.37
19679-49.41
196710-47.99
196711-49.48
196712-49.48
19681-47.37
19682-46.63
19683-50.20
19684-51.49
19685-53.00
19686-53.03
19687-52.00
19688-53.83
19689-55.29
196810-56.28
196811-57.00
196812-54.73
19691-54.60
19692-53.55
19693-54.77
19694-56.69
19695-53.88
19696-51.61
19697-51.46
19698-51.79
19699-52.48
196910-53.01
196911-50.34
196912-50.05
19701-48.45
19702-49.42
19703-48.06
19704-42.68
19705-42.57
19706-42.79
19707-44.18
19708-46.97
19709-48.14
197010-48.24
197011-51.70
197012-53.82
19711-56.06
19712-57.64
19713-59.76
19714-59.10
19715-58.16
19716-57.89
19717-57.01
19718-58.43
19719-57.34
197110-54.83
197111-58.76
197112-61.36
19721-62.64
19722-64.28
19723-65.09
19724-64.58
19725-64.92
19726-64.59
19727-67.03
19728-66.22
19729-66.50
197210-69.99
197211-71.61
197212-72.32
19731-69.91
19732-68.97
19733-67.85
19734-66.10
19735-64.79
19736-65.57
19737-64.50
19738-65.79
19739-68.57
197310-63.87
197311-59.53
197312-60.54
19741-59.04
19742-61.74
19743-58.77
19744-57.18
19745-57.44
19746-50.92
19747-49.01
19748-44.10
19749-45.15
197410-46.84
197411-43.98
197412-47.78
19751-52.94
19752-55.58
19753-56.40
19754-60.19
19755-61.93
19756-62.20
19757-57.85
19758-57.35
19759-60.21
197510-61.44
197511-60.71
197512-66.51
19761-69.28
19762-69.84
19763-70.61
19764-70.33
19765-70.97
19766-72.86
19767-72.45
19768-74.22
19769-71.91
197610-71.65
197611-74.36
197612-73.96
19771-72.21
19772-72.17
19773-71.31
19774-71.35
19775-72.00
19776-72.92
19777-71.40
19778-70.56
19779-69.01
197710-69.69
197711-69.63
197712-67.27
19781-66.62
19782-66.80
19783-70.02
19784-73.88
19785-74.38
19786-74.33
19787-79.78
19788-80.09
19789-77.87
197810-73.64
197811-75.05
197812-78.20
19791-77.37
19792-79.18
19793-81.11
19794-79.57
19795-81.49
19796-82.65
19797-86.80
19798-88.13
19799-85.18
197910-84.90
197911-88.64
197912-91.58
19801-95.61
19802-87.21
19803-86.20
19804-90.54
19805-96.75
19806-101.56
19807-105.12
19808-108.10
19809-111.70
198010-116.85
198011-115.40
198012-115.41
19811-111.87
19812-116.50
19813-118.01
19814-116.10
19815-117.09
19816-114.73
19817-115.65
19818-106.05
19819-107.88
198110-111.17
198111-112.48
198112-107.07
19821-105.03
19822-102.14
19823-107.73
19824-108.34
19825-102.63
19826-102.88
19827-103.70
19828-116.24
19829-126.57
198210-132.26
198211-134.06
198212-139.32
19831-142.29
19832-147.79
19833-153.99
19834-160.80
19835-163.62
19836-164.78
19837-160.81
19838-166.14
19839-167.22
198310-165.31
198311-165.10
198312-167.70
19841-159.13
19842-159.83
19843-160.64
19844-160.24
19845-157.28
19846-155.85
19847-170.19
19848-172.59
19849-171.88
198410-174.09
198411-172.86
198412-180.98
19851-191.45
19852-190.53
19853-192.49
19854-197.75
19855-202.72
19856-207.27
19857-203.45
19858-199.61
19859-202.60
198510-215.61
198511-227.02
198512-228.73
19861-241.76
19862-256.71
19863-263.74
19864-265.04
19865-273.35
19866-268.42
19867-274.54
19868-267.79
19869-267.55
198610-277.01
198611-281.74
198612-300.54
19871-319.96
19872-333.96
19873-331.10
19874-331.68
19875-346.60
19876-357.42
19877-380.49
19878-368.96
19879-325.22
198710-285.21
198711-281.40
198712-293.35
19881-303.11
19882-312.91
19883-310.14
19884-303.35
19885-321.55
19886-320.56
19887-315.05
19888-321.12
19889-333.33
198810-326.60
198811-334.19
198812-345.93
19891-357.35
19892-356.77
19893-369.49
19894-384.69
19895-397.75
19896-408.88
19897-428.06
19898-430.01
19899-431.24
198910-423.42
198911-435.01
198912-425.39
19901-414.64
19902-425.87
19903-426.70
19904-443.13
19905-457.18
19906-457.96
19907-421.96
19908-403.64
19909-394.29
199010-406.06
199011-424.68
199012-421.77
19911-470.72
19912-485.06
19913-496.01
19914-495.13
19915-496.84
19916-500.72
19917-514.13
19918-512.58
19919-513.51
199110-513.59
199111-518.39
199112-556.53
19921-553.19
19922-547.59
19923-549.04
19924-560.39
19925-552.95
19926-563.52
19927-568.83
19928-570.98
19929-564.23
199210-579.78
199211-598.75
199212-599.60
19931-609.94
19932-623.06
19933-614.70
19934-619.15
19935-624.51
19936-624.89
19937-635.90
19938-644.52
19939-652.52
199310-652.57
199311-658.36
199312-669.79
19941-669.28
19942-659.76
19943-637.68
19944-644.43
19945-651.57
19946-648.19
19947-668.16
19948-673.62
19949-670.63
199410-668.15
199411-661.30
199412-677.51
19951-703.38
19952-721.38
19953-744.57
19954-769.50
19955-793.96
19956-822.12
19957-826.34
19958-857.06
19959-864.89
199510-885.28
199511-915.29
199512-916.77
19961-970.90
19962-968.96
19963-970.86
19964-993.73
19965-1,006.43
19966-971.44
19967-1,001.32
19968-1,021.59
19969-1,063.67
199610-1,117.41
199611-1,130.80
199612-1,167.63
19971-1,218.56
19972-1,210.96
19973-1,169.72
19974-1,277.54
19975-1,345.72
19976-1,422.91
19977-1,427.86
19978-1,444.88
19979-1,468.66
199710-1,451.74
199711-1,489.98
199712-1,493.52
19981-1,589.13
19982-1,673.56
19983-1,730.56
19984-1,726.72
19985-1,728.73
19986-1,805.96
19987-1,680.07
19988-1,597.77
19989-1,618.40
199810-1,796.01
199811-1,869.72
199812-1,964.09
19991-1,962.78
19992-2,020.17
19993-2,106.02
19994-2,103.94
19995-2,091.07
19996-2,185.64
19997-2,103.14
19998-2,090.56
19999-2,063.96
199910-2,210.63
199911-2,272.72
199912-2,270.01
20001-2,213.76
20002-2,301.01
20003-2,333.79
20004-2,267.54
20005-2,339.27
20006-2,359.16
20007-2,381.33
20008-2,355.62
20009-2,232.79
200010-2,215.54
200011-2,141.98
200012-2,151.73
20011-2,105.76
20012-1,914.56
20013-1,923.15
20014-2,055.45
20015-2,006.36
20016-1,952.98
20017-1,913.03
20018-1,697.86
20019-1,751.92
200110-1,840.45
200111-1,867.43
200112-1,861.87
20021-1,799.45
20022-1,888.44
20023-1,822.07
20024-1,770.68
20025-1,665.84
20026-1,486.62
20027-1,503.55
20028-1,432.01
20029-1,412.44
200210-1,506.02
200211-1,490.43
200212-1,487.12
20031-1,391.72
20032-1,409.92
20033-1,484.45
20034-1,563.31
20035-1,652.48
20036-1,662.33
20037-1,659.56
20038-1,712.02
20039-1,746.74
200310-1,767.89
200311-1,822.05
200312-1,911.97
20041-1,932.74
20042-1,902.49
20043-1,920.91
20044-1,871.66
20045-1,925.14
20046-1,882.04
20047-1,855.93
20048-1,907.57
20049-1,909.53
200410-2,000.69
200411-2,055.25
200412-2,027.52
20051-2,061.61
20052-2,056.34
20053-2,006.81
20054-2,033.61
20055-2,077.96
20056-2,115.53
20057-2,122.08
20058-2,128.02
20059-2,072.18
200510-2,154.27
200511-2,200.46
200512-2,232.73
20061-2,232.36
20062-2,265.54
20063-2,283.62
20064-2,265.66
20065-2,204.36
20066-2,220.23
20067-2,271.11
20068-2,328.60
20069-2,412.80
200610-2,461.09
200611-2,513.96
200612-2,531.38
20071-2,571.78
20072-2,508.16
20073-2,613.01
20074-2,701.63
20075-2,710.95
20076-2,726.53
20077-2,611.98
20078-2,692.30
20079-2,772.84
200710-2,639.57
200711-2,672.25
200712-2,494.94
20081-2,455.92
20082-2,391.41
20083-2,492.90
20084-2,556.78
20085-2,448.21
20086-2,299.39
20087-2,347.92
20088-2,234.11
20089-1,782.96
200810-1,629.53
200811-1,623.81
200812-1,606.02
20091-1,498.37
20092-1,413.16
20093-1,587.28
20094-1,692.99
20095-1,741.56
20096-1,763.81
20097-1,907.05
20098-1,976.66
20099-2,024.16
200910-2,066.55
200911-2,112.55
200912-2,141.22
20101-2,079.16
20102-2,202.72
20103-2,292.77
20104-2,157.90
20105-2,081.43
20106-2,078.12
20107-2,096.07
20108-2,166.73
20109-2,265.91
201010-2,322.35
201011-2,408.60
201012-2,491.99
20111-2,570.51
20112-2,541.91
20113-2,598.37
20114-2,615.50
20115-2,519.70
20116-2,597.85
20117-2,327.66
20118-2,309.29
20119-2,379.01
201110-2,421.05
201111-2,458.69
201112-2,576.27
20121-2,683.51
20122-2,760.90
20123-2,759.85
20124-2,674.54
20125-2,643.72
20126-2,720.95
20127-2,813.12
20128-2,898.11
20129-2,891.82
201210-2,809.76
201211-2,870.89
201212-2,993.44
20131-3,063.28
20132-3,146.68
20133-3,192.42
20134-3,338.45
20135-3,301.14
20136-3,408.57
20137-3,417.18
20138-3,457.93
20139-3,531.15
201310-3,667.45
201311-3,723.26
201312-3,759.29
20141-3,754.41
20142-3,856.61
20143-3,864.39
20144-3,923.59
20145-4,049.01
20146-4,109.57
20147-4,092.03
20148-4,164.78
20149-4,054.56
201410-4,285.90
201411-4,313.07
201412-4,265.19
20151-4,385.78
20152-4,388.21
20153-4,426.76
20154-4,470.09
20155-4,450.62
20156-4,447.08
20157-4,339.26
20158-4,143.69
20159-4,322.58
201510-4,449.34
201511-4,400.26
201512-4,117.78
20161-4,095.14
20162-4,355.70
20163-4,479.02
20164-4,465.39
20165-4,513.01
20166-4,661.82
20167-4,717.73
20168-4,697.04
20169-4,673.27
201610-4,729.40
201611-4,916.02
201612-4,986.70
20171-5,115.18
20172-5,204.66
20173-5,196.64
20174-5,284.59
20175-5,378.46
20176-5,431.60
20177-5,445.06
20178-5,535.08
20179-5,686.45
201710-5,776.84
201711-5,943.42
201712-6,232.38
20181-6,052.47
20182-6,056.38
20183-5,955.60
20184-6,072.43
20185-6,200.74
20186-6,298.75
20187-6,453.12
20188-6,561.52
20189-6,308.97
201810-6,177.99
201811-5,834.34
201812-5,935.60
20191-6,281.58
20192-6,403.95
20193-6,642.38
20194-6,540.63
20195-6,632.51
20196-6,886.36
20197-6,670.51
20198-6,876.31
20199-6,876.99
201910-7,181.89
201911-7,359.24
201912-7,605.51
20201-7,614.79
20202-6,174.25
20203-6,440.89
20204-6,820.09
20205-7,263.96
20206-7,516.48
20207-7,959.47
20208-7,909.56
20209-8,046.08
202010-8,364.23
202011-8,720.55
202012-8,964.32
20211-9,187.67
20212-9,263.13
20213-9,820.91
20214-9,895.57
20215-10,074.72
20216-10,383.84
20217-10,610.74
20218-10,601.78
20219-10,649.71
202110-11,155.02
202111-11,184.62
202112-10,955.12
20221-10,637.14
20222-10,542.19
20223-10,554.66
20224-9,723.72
20225-9,396.09
20226-9,439.76
20227-10,048.37
20228-9,317.11
20229-9,029.11
202210-9,506.30
202211-9,507.33
202212-9,638.20
20231-9,941.51
20232-9,684.48
20233-10,071.49
20234-10,145.79
20235-10,647.21
20236-11,059.90
20237-10,949.56
20238-10,845.15
20239-10,515.75
202310-10,999.66
202311-11,568.92
202312-11,905.78
Click to show 1158 more rows

Data Sources

The information on this page is derived from Robert Shiller's book, Irrational Exuberance and the accompanying dataset, as well as the U.S. Bureau of Labor Statistics' monthly CPI logs.

Note that S&P index value for the current quarter is based on a moving average of closing prices, per Robert Shiller's methodology. The inflation data used is based on annual CPI averages.


Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

Email · LinkedIn · Twitter


S&P 500 from 1926 to 2023
Start Value
Average monthly close
$12.65
End Value
Average monthly close
$3,960.66
Change in price+31,209.54%
+6.10% / yr
Change incl. dividends+1,373,762.80%
+10.21% / yr
Change incl. dividends, inflation-adjusted+79,707.02%
+7.06% / yr
Final amount, nominal
($1 base)
$13,738.63
Final amount, inflation-adjusted
($1 base)
$798.07