S&P 500: $20.67 in 1933 → $393,834.09 in 2024

$

Stock market returns since 1933

If you invested $20.67 in the S&P 500 at the beginning of 1933, you would have about $393,834.09 at the end of 2024, assuming you reinvested all dividends. This is a return on investment of 1,905,241.52%, or 11.38% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 78,584.10% cumulatively, or 7.57% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $290,241.62.

The graph below shows the performance of $20.67 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 $20.67 is $393,813.42, or 1,905,241.52%. This means by 2024 you would have $393,834.09 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 1933 was 13.000 and the CPI in 2024 was 314.796.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 91 years.

Adjusted for inflation, the $393,834.09 nominal end value of the original $20.67 investment would have a real return of roughly $16,243.33 in 1933 dollars. This means the inflation-adjusted return is 78,584.10% as opposed to the original 1,905,241.52%.

For more information on inflation, see our U.S. inflation calculator for 1933.

Full monthly data

The table below shows the full dataset pertaining to a $20.67 investment, including gains and losses over the 1097-month period between 1933 and 2024.

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

YearMonthReturn (%)Amount ($)CPI
19331-11.27%18.3412.90
193320.33%18.4012.70
1933311.24%20.4712.60
1933429.32%26.4712.60
1933517.58%31.1312.60
193368.46%33.7612.70
19337-4.64%32.1913.10
19338-0.48%32.0413.20
19339-9.38%29.0313.20
1933102.80%29.8513.20
1933112.32%30.5413.20
1933126.08%32.4013.20
193417.75%34.9113.20
19342-4.80%33.2313.30
193432.02%33.9113.30
19344-9.83%30.5713.30
193451.70%31.0913.30
19346-4.36%29.7413.40
19347-3.51%28.7013.40
19348-2.01%28.1213.40
193491.21%28.4613.60
1934103.21%29.3713.50
1934111.06%29.6813.50
1934120.40%29.8013.40
19351-2.62%29.0213.60
19352-5.93%27.3013.70
193537.94%29.4713.70
193548.27%31.9013.80
193554.17%33.2413.80
193565.60%35.1013.70
193577.10%37.5913.70
193582.43%38.5113.70
193592.99%39.6613.70
1935109.71%43.5113.70
1935110.29%43.6313.80
1935125.82%46.1713.80
193616.03%48.9613.80
193622.41%50.1413.80
193630.41%50.3513.70
19364-5.02%47.8213.70
193654.57%50.0113.70
193666.23%53.1313.80
193672.30%54.3513.90
193681.44%55.1314.00
193695.55%58.1914.00
1936103.10%60.0014.00
193611-1.40%59.1614.00
1936123.46%61.2014.00
193713.30%63.2214.10
193720.23%63.3714.10
19373-5.62%59.8014.20
19374-4.09%57.3614.30
19375-3.34%55.4514.40
193766.39%58.9914.40
193771.44%59.8414.50
19378-13.76%51.6014.50
19379-14.10%44.3314.60
193710-8.27%40.6614.60
193711-1.02%40.2514.50
1937123.24%41.5514.40
19381-1.80%40.8014.20
19382-6.02%38.3514.10
19383-3.44%37.0314.10
193841.56%37.6014.20
193852.93%38.7114.10
1938620.49%46.6414.10
193871.06%47.1314.10
19388-4.08%45.2014.10
1938911.62%50.4614.10
1938100.47%50.6914.00
193811-2.55%49.4014.00
193812-1.16%48.8214.00
19391-0.46%48.6014.00
193920.27%48.7313.90
19393-12.24%42.7613.90
193944.10%44.5213.80
193952.17%45.4813.80
193962.84%46.7713.80
19397-1.07%46.2713.80
1939811.06%51.3913.80
193991.38%52.1014.10
193910-1.41%51.3714.00
193911-1.97%50.3514.00
193912-0.15%50.2814.00
19401-0.23%50.1613.90
19402-0.15%50.0914.00
194031.42%50.8014.00
19404-13.34%44.0214.00
19405-8.09%40.4614.00
194063.87%42.0314.10
194072.65%43.1414.00
194084.76%45.1914.00
194091.47%45.8614.00
1940102.85%47.1614.00
194011-3.59%45.4714.00
1940120.72%45.8014.10
19411-5.72%43.1814.10
194121.18%43.6814.10
19413-2.55%42.5714.20
19414-1.59%41.9014.30
194154.11%43.6214.40
194165.71%46.1114.70
194170.08%46.1414.70
194180.86%46.5414.90
19419-3.43%44.9415.10
194110-4.08%43.1115.30
194111-5.88%40.5715.40
1941122.62%41.6315.50
19421-2.48%40.6015.70
19422-4.76%38.6715.80
19423-3.45%37.3316.00
194241.87%38.0316.10
194255.75%40.2216.30
194264.38%41.9816.30
194270.05%42.0016.40
194281.66%42.7016.50
194297.97%46.1016.50
1942102.15%47.0916.70
1942111.06%47.5916.80
1942126.50%50.6816.90
194316.43%53.9416.90
194324.01%56.1116.90
194333.79%58.2317.20
194344.36%60.7717.40
194352.18%62.1017.50
194362.47%63.6317.50
19437-4.54%60.7517.40
194382.55%62.3017.30
19439-0.50%61.9917.40
194310-4.21%59.3817.40
1943111.77%60.4317.40
1943123.67%62.6417.40
19441-0.24%62.4917.40
194423.24%64.5217.40
19443-1.31%63.6717.40
194442.20%65.0817.50
194455.14%68.4217.50
194463.02%70.4917.60
19447-1.06%69.7417.70
19448-1.23%68.8917.70
194492.88%70.8817.70
194410-0.28%70.6717.70
1944112.60%72.5117.70
1944123.38%74.9717.80
194513.73%77.7617.80
194520.31%78.0117.80
194532.90%80.2717.80
194544.16%83.6117.80
194552.19%85.4417.90
19456-1.70%83.9918.10
194570.71%84.5918.10
194587.18%90.6618.10
194594.51%94.7518.10
1945103.61%98.1718.10
1945112.02%100.1618.10
1945124.30%104.4618.20
194610.59%105.0718.20
19462-2.68%102.2618.10
194636.77%109.1818.30
194640.52%109.7518.40
19465-0.34%109.3818.50
19466-2.55%106.5918.70
19467-1.62%104.8619.80
19468-14.42%89.7420.20
19469-1.87%88.0620.40
194610-0.01%88.0420.80
1946113.39%91.0321.30
1946120.92%91.8721.50
194714.27%95.7921.50
19472-3.67%92.2721.50
19473-3.30%89.2321.90
19474-1.36%88.0221.90
194753.92%91.4721.90
194766.69%97.5922.00
19477-1.56%96.0722.20
19478-2.17%93.9922.50
194793.03%96.8323.00
194710-0.73%96.1223.00
194711-1.12%95.0423.10
194712-0.86%94.2223.40
19481-4.45%90.0323.70
194821.92%91.7623.50
194838.19%99.2723.40
194845.33%104.5623.80
194854.59%109.3623.90
19486-1.96%107.2224.10
19487-2.49%104.5524.40
19488-0.68%103.8424.50
194893.19%107.1524.50
194810-5.10%101.6924.40
194811-0.16%101.5324.20
1948121.63%103.1824.10
19491-3.33%99.7524.00
194921.49%101.2423.80
194930.41%101.6523.80
19494-0.18%101.4723.90
19495-4.91%96.4823.80
194966.26%102.5323.90
194974.17%106.8023.70
194981.87%108.8023.80
194993.14%112.2223.90
1949101.95%114.4023.70
1949113.24%118.1123.80
1949122.63%121.2223.60
195012.52%124.2823.50
195021.38%125.9923.50
195033.39%130.2523.60
195043.91%135.3523.60
195052.16%138.2823.70
19506-6.72%128.9823.80
195076.64%137.5424.10
195084.11%143.2024.30
195094.72%149.9624.40
1950100.38%150.5224.60
1950110.19%150.8124.70
1950128.01%162.9025.00
195114.31%169.9225.40
19512-1.11%168.0325.70
195131.93%171.2625.80
195140.63%172.3425.80
19515-1.15%170.3725.90
195162.37%174.4025.90
195174.97%183.0625.90
195183.14%188.8025.90
195190.03%188.8526.10
195110-2.25%184.6026.20
1951113.61%191.2726.40
1951123.83%198.6026.50
19521-1.33%195.9526.50
195220.75%197.4226.30
195230.20%197.8226.30
195240.46%198.7326.40
195253.24%205.1826.40
195263.37%212.0926.50
195270.88%213.9626.70
19528-1.11%211.5826.70
19529-1.61%208.1826.70
1952103.67%215.8126.70
1952114.51%225.5426.70
1952120.99%227.7726.70
19531-0.77%226.0126.60
195320.96%228.1726.50
19533-4.47%217.9726.60
195341.00%220.1526.60
19535-3.11%213.3126.70
195361.91%217.3926.80
195370.90%219.3526.80
19538-4.11%210.3426.90
195393.52%217.7426.90
1953102.71%223.6327.00
1953111.84%227.7426.90
1953123.02%234.6326.90
195412.68%240.9126.90
195422.58%247.1326.90
195434.45%258.1326.90
195444.42%269.5426.80
195451.22%272.8426.90
195464.46%285.0026.90
195472.39%291.8226.90
195482.74%299.8226.90
195492.71%307.9526.80
1954104.30%321.2026.80
1954114.95%337.1126.80
1954122.17%344.4226.70
195513.70%357.1826.70
19552-0.44%355.6226.70
195533.81%369.1626.70
19554-0.08%368.8726.70
195556.15%391.5426.70
195567.64%421.4726.70
19557-0.30%420.2026.80
195584.82%440.4426.80
19559-4.72%419.6326.90
1955107.07%449.2826.90
1955111.24%454.8426.90
195512-2.39%443.9826.80
195610.95%448.2026.80
195627.21%480.4926.80
195631.48%487.6226.80
19564-2.84%473.7826.90
19565-0.26%472.5427.00
195665.75%499.7027.20
19567-0.28%498.2827.40
19568-3.09%482.8927.30
19569-0.95%478.2827.40
195610-0.71%474.8827.50
1956111.81%483.4727.50
195612-1.86%474.4627.60
19571-4.00%455.5027.60
195721.62%462.8827.70
195732.64%475.1227.80
195744.16%494.8927.90
195751.95%504.5628.00
195762.32%516.2828.10
19577-5.21%489.4028.30
19578-3.74%471.1028.30
19579-5.90%443.3228.30
195710-1.80%435.3428.30
1957110.32%436.7328.40
1957122.33%446.9028.40
195810.70%450.0328.60
195822.42%460.9228.60
195830.90%465.0528.80
195843.56%481.6028.90
195852.74%494.7728.90
195863.07%509.9628.90
195874.05%530.6429.00
195882.94%546.2628.90
195894.36%570.0728.90
1958103.33%589.0328.90
1958112.16%601.7729.00
1958124.25%627.3728.90
19591-1.27%619.4429.00
195922.81%636.8228.90
195931.94%649.1528.90
195941.77%660.6129.00
19595-0.61%656.6129.00
195964.23%684.3629.10
19597-0.32%682.1929.20
19598-3.70%656.9229.20
195990.18%658.0829.30
1959100.67%662.4929.40
1959113.46%685.4329.40
195912-1.49%675.2529.40
19601-3.61%650.8729.30
19602-1.08%643.8629.40
196031.58%654.0629.40
19604-0.62%649.9729.50
196053.99%675.8929.50
19606-2.20%661.0529.60
196071.49%670.9129.60
19608-2.72%652.6529.60
19609-1.67%641.7329.60
1960103.54%664.4529.80
1960112.69%682.3329.80
1960125.43%719.3629.80
196114.37%750.8229.80
196123.40%776.3329.80
196132.92%798.9929.80
196141.26%809.0829.80
19615-1.08%800.3429.80
19616-0.03%800.1229.80
196173.84%830.8430.00
19618-0.54%826.3429.90
196191.34%837.4330.00
1961104.77%877.4030.00
1961111.16%887.6030.00
196112-3.49%856.6530.00
196211.91%873.0130.00
196220.34%875.9830.10
19623-2.94%850.1930.10
19624-7.19%789.1030.20
19625-11.41%699.0430.20
196262.72%718.0430.20
196273.02%739.7430.30
19628-0.59%735.3530.30
19629-2.86%714.3530.40
1962107.20%765.7930.40
1962114.62%801.2030.40
1962124.15%834.4230.40
196311.60%847.7330.40
19632-0.11%846.8230.40
196334.98%888.9730.50
196342.27%909.1530.50
196350.22%911.1230.50
19636-1.22%899.9930.60
196373.03%927.2730.70
196382.89%954.1030.70
196390.50%958.8730.70
196310-0.31%955.9330.80
1963112.39%978.8130.80
1963123.33%1,011.4030.90
196411.48%1,026.3730.90
196422.07%1,047.6330.90
196431.69%1,065.3630.90
196441.22%1,078.3630.90
19645-0.35%1,074.5830.90
196463.96%1,117.1531.00
19647-1.23%1,103.4531.10
196481.97%1,125.1431.00
196491.97%1,147.3131.10
1964100.94%1,158.0631.10
196411-1.49%1,140.8031.20
1964122.82%1,172.9831.20
196510.98%1,184.4231.20
196520.34%1,188.3931.20
196531.56%1,206.9031.30
196541.73%1,227.8131.40
19655-4.51%1,172.4731.40
196560.10%1,173.6831.60
196572.12%1,198.5431.60
196583.60%1,241.6431.60
196592.50%1,272.6531.60
1965101.08%1,286.3431.70
196511-0.21%1,283.6231.70
1965121.98%1,309.0431.80
19661-0.43%1,303.4131.80
19662-3.86%1,253.0632.00
196633.32%1,294.6832.10
19664-5.01%1,229.8432.30
19665-0.56%1,222.9632.30
196660.02%1,223.1932.40
19667-5.77%1,152.6232.50
19668-3.22%1,115.4532.70
19669-0.56%1,109.1532.70
1966105.32%1,168.1132.90
1966110.72%1,176.4832.90
1966124.13%1,225.0732.90
196713.73%1,270.7632.90
196722.63%1,304.2332.90
196731.99%1,330.2233.00
196742.06%1,357.5933.10
19675-0.99%1,344.1233.20
196761.99%1,370.9133.30
196771.85%1,396.2933.40
196781.65%1,419.3833.50
196790.10%1,420.7733.60
196710-2.88%1,379.8233.70
1967113.11%1,422.7633.80
196712-0.02%1,422.5133.90
19681-4.26%1,361.9534.10
19682-1.56%1,340.7234.20
196837.66%1,443.4434.30
196842.56%1,480.3634.40
196852.94%1,523.8934.50
196860.05%1,524.6434.70
19687-1.93%1,495.1534.90
196883.51%1,547.6035.00
196892.72%1,589.6535.10
1968101.79%1,618.0435.30
1968111.29%1,638.8335.40
196812-3.99%1,573.5235.50
19691-0.24%1,569.7735.60
19692-1.91%1,539.7335.80
196932.27%1,574.7436.10
196943.51%1,630.0736.30
19695-4.97%1,549.0436.40
19696-4.21%1,483.9036.60
19697-0.28%1,479.6936.80
196980.63%1,488.9937.00
196991.35%1,509.0337.10
1969101.00%1,524.0937.30
196911-5.03%1,447.4637.50
196912-0.59%1,438.9437.70
19701-3.20%1,392.9537.80
197022.01%1,420.9838.00
19703-2.75%1,381.9338.20
19704-11.20%1,227.1738.50
19705-0.27%1,223.8638.60
197060.52%1,230.2538.80
197073.26%1,270.3139.00
197086.32%1,350.6139.00
197092.49%1,384.2339.20
1970100.21%1,387.0939.40
1970117.16%1,486.3939.60
1970124.11%1,547.4939.80
197114.15%1,611.7239.80
197122.83%1,657.3739.90
197133.67%1,718.2640.00
19714-1.11%1,699.2240.10
19715-1.60%1,672.1040.30
19716-0.46%1,664.3640.60
19717-1.52%1,639.1140.70
197182.49%1,679.8740.80
19719-1.86%1,648.5640.80
197110-4.37%1,576.4940.90
1971117.16%1,689.4240.90
1971124.42%1,764.1441.10
197212.09%1,800.9641.10
197222.62%1,848.1441.30
197231.26%1,871.4041.40
19724-0.78%1,856.8841.50
197250.52%1,866.4641.60
19726-0.50%1,857.0641.70
197273.78%1,927.3341.90
19728-1.21%1,904.0042.00
197290.42%1,911.9442.10
1972105.25%2,012.4042.30
1972112.31%2,058.9242.40
1972120.99%2,079.2942.50
19731-3.33%2,010.1542.60
19732-1.35%1,983.1142.90
19733-1.63%1,950.7243.30
19734-2.57%1,900.5943.60
19735-1.99%1,862.7743.90
197361.21%1,885.3144.20
19737-1.64%1,854.4844.30
197382.00%1,891.4845.10
197394.24%1,971.5945.20
197310-6.85%1,836.4845.60
197311-6.81%1,711.5045.90
1973121.70%1,740.6146.20
19741-2.47%1,697.5646.60
197424.57%1,775.2247.20
19743-4.82%1,689.7247.80
19744-2.71%1,644.0048.00
197450.46%1,651.5148.60
19746-11.35%1,464.1249.00
19747-3.76%1,409.0049.40
19748-10.01%1,267.9150.00
197492.38%1,298.0550.60
1974103.74%1,346.6451.10
197411-6.09%1,264.6051.50
1974128.63%1,373.7751.90
1975110.81%1,522.2452.10
197524.97%1,597.9552.50
197531.49%1,621.7252.70
197546.71%1,730.5852.90
197552.89%1,780.6753.20
197560.43%1,788.3653.60
19757-7.00%1,663.2454.20
19758-0.85%1,649.0654.30
197594.97%1,731.0454.60
1975102.04%1,766.3854.90
197511-1.18%1,745.5555.30
1975129.55%1,912.1655.50
197614.18%1,992.0655.60
197620.80%2,008.0455.80
197631.10%2,030.0455.90
19764-0.38%2,022.2656.10
197650.90%2,040.4756.50
197662.67%2,094.8656.80
19767-0.56%2,083.1157.10
197682.44%2,133.9057.40
19769-3.11%2,067.5757.60
197610-0.37%2,059.9957.90
1976113.79%2,137.9958.00
197612-0.54%2,126.5058.20
19771-2.37%2,076.1458.50
19772-0.05%2,075.0159.10
19773-1.19%2,050.2459.50
197740.06%2,051.5660.00
197750.90%2,070.0260.30
197761.28%2,096.5760.70
19777-2.08%2,052.9961.00
19778-1.18%2,028.8661.20
19779-2.20%1,984.2761.40
1977100.98%2,003.7461.60
197711-0.08%2,002.1361.90
197712-3.39%1,934.2562.10
19781-0.97%1,915.4562.50
197820.27%1,920.5462.90
197834.83%2,013.3063.40
197845.50%2,124.1263.90
197850.67%2,138.4364.50
19786-0.06%2,137.1065.20
197877.33%2,293.7165.70
197880.40%2,302.8766.00
19789-2.77%2,239.0066.50
197810-5.44%2,117.2567.10
1978111.92%2,157.9767.40
1978124.19%2,248.2867.70
19791-1.06%2,224.5268.30
197922.34%2,276.6069.10
197932.43%2,331.9469.80
19794-1.89%2,287.8070.60
197952.42%2,343.1171.50
197961.42%2,376.4072.30
197975.01%2,495.5673.10
197981.54%2,534.0073.80
19799-3.35%2,449.0574.60
197910-0.32%2,441.1575.20
1979114.40%2,548.6675.90
1979123.31%2,633.0976.70
198014.40%2,748.8377.80
19802-8.78%2,507.5478.90
19803-1.16%2,478.4180.10
198045.04%2,603.2281.00
198056.86%2,781.8781.80
198064.97%2,920.1282.70
198073.50%3,022.4682.70
198082.84%3,108.1783.30
198093.32%3,211.5184.00
1980104.61%3,359.7184.80
198011-1.24%3,317.8985.50
1980120.01%3,318.2286.30
19811-3.07%3,216.3487.00
198124.14%3,349.6187.90
198131.29%3,392.9488.50
19814-1.62%3,338.0789.10
198150.86%3,366.7089.80
19816-2.02%3,298.8290.60
198170.80%3,325.2991.60
19818-8.30%3,049.2092.30
198191.73%3,101.8793.20
1981103.04%3,196.2893.40
1981111.18%3,233.9893.70
198112-4.80%3,078.6194.00
19821-1.91%3,019.6994.30
19822-2.74%2,936.8294.60
198235.47%3,097.4494.50
198240.57%3,115.0894.90
19825-5.27%2,950.9095.80
198260.24%2,958.1097.00
198270.79%2,981.5897.50
1982812.10%3,342.2597.70
198298.88%3,639.0897.90
1982104.50%3,802.8498.20
1982111.36%3,854.3998.00
1982123.93%4,005.7097.60
198312.13%4,091.0297.80
198323.87%4,249.1797.90
198334.20%4,427.5297.90
198344.42%4,623.3998.60
198351.75%4,704.4799.20
198360.71%4,737.7899.50
19837-2.41%4,623.7399.90
198383.31%4,776.96100.20
198390.65%4,807.91100.70
198310-1.14%4,753.03101.00
198311-0.13%4,746.94101.20
1983121.58%4,821.75101.30
19841-5.11%4,575.25101.90
198420.44%4,595.49102.40
198430.51%4,618.80102.60
19844-0.25%4,607.13103.10
19845-1.85%4,521.98103.40
19846-0.91%4,480.90103.70
198479.21%4,893.43104.10
198481.41%4,962.28104.50
19849-0.41%4,941.82105.00
1984101.29%5,005.37105.30
198411-0.71%4,969.95105.30
1984124.70%5,203.42105.30
198515.79%5,504.56105.50
19852-0.48%5,478.23106.00
198531.02%5,534.36106.40
198542.74%5,685.76106.90
198552.51%5,828.53107.30
198562.25%5,959.51107.60
19857-1.85%5,849.54107.80
19858-1.88%5,739.28108.00
198591.50%5,825.11108.30
1985106.42%6,199.11108.70
1985115.29%6,527.33109.00
1985120.75%6,576.39109.30
198615.70%6,951.07109.60
198626.18%7,380.84109.30
198632.74%7,583.18108.80
198640.49%7,620.47108.60
198653.13%7,859.24108.90
19866-1.80%7,717.47109.50
198672.28%7,893.49109.50
19868-2.46%7,699.61109.70
19869-0.09%7,692.69110.20
1986103.53%7,964.47110.30
1986111.71%8,100.58110.40
1986126.67%8,641.16110.50
198716.46%9,199.54111.20
198724.38%9,602.15111.60
19873-0.86%9,519.91112.10
198740.17%9,536.37112.70
198754.50%9,965.36113.10
198763.12%10,276.48113.50
198776.45%10,939.73113.80
19878-3.03%10,608.21114.40
19879-11.85%9,350.72115.00
198710-12.30%8,200.27115.30
198711-1.33%8,090.82115.40
1987124.25%8,434.40115.40
198813.33%8,715.14115.70
198823.23%8,996.82116.00
19883-0.89%8,917.11116.50
19884-2.19%8,721.98117.10
198856.00%9,245.14117.50
19886-0.31%9,216.76118.00
19887-1.72%9,058.37118.50
198881.93%9,232.94119.00
198893.80%9,583.94119.80
198810-2.02%9,390.32120.20
1988112.33%9,608.74120.30
1988123.51%9,946.26120.50
198913.30%10,274.47121.10
19892-0.16%10,257.86121.60
198933.56%10,623.54122.30
198944.12%11,060.73123.10
198953.39%11,435.98123.80
198962.80%11,756.20124.10
198974.69%12,307.66124.40
198980.46%12,363.72124.60
198990.29%12,399.11125.00
198910-1.81%12,174.25125.60
1989112.74%12,507.42125.90
198912-2.21%12,230.86126.10
19901-2.53%11,921.76127.40
199022.71%12,244.50128.00
199030.20%12,268.50128.70
199043.85%12,740.95128.90
199053.17%13,144.83129.20
199060.17%13,167.14129.90
19907-7.86%12,132.04130.40
19908-4.34%11,605.38131.60
19909-2.32%11,336.63132.70
1990102.98%11,674.90133.50
1990114.59%12,210.38133.80
199012-0.69%12,126.71133.80
1991111.61%13,534.23134.60
199123.04%13,946.30134.80
199132.26%14,261.32135.00
19914-0.18%14,235.81135.20
199150.35%14,285.21135.60
199160.78%14,396.71136.00
199172.68%14,782.39136.20
19918-0.30%14,737.58136.60
199190.18%14,764.35137.20
1991100.02%14,766.68137.40
1991110.94%14,904.77137.80
1991127.36%16,001.47137.90
19921-0.60%15,905.32138.10
19922-1.01%15,744.30138.60
199230.26%15,785.92139.30
199242.07%16,112.42139.50
19925-1.33%15,898.27139.70
199261.91%16,202.27140.20
199270.94%16,354.85140.50
199280.38%16,416.70140.90
19929-1.18%16,222.64141.30
1992102.76%16,669.89141.80
1992113.27%17,215.19142.00
1992120.14%17,239.79141.90
199311.72%17,537.05142.60
199322.15%17,914.12143.10
19933-1.34%17,673.76143.60
199340.72%17,801.84144.00
199350.87%17,955.86144.20
199360.06%17,966.82144.40
199371.76%18,283.48144.40
199381.35%18,531.21144.80
199391.24%18,761.35145.10
1993100.01%18,762.77145.70
1993110.89%18,929.23145.80
1993121.74%19,257.82145.80
19941-0.08%19,243.24146.20
19942-1.42%18,969.25146.70
19943-3.35%18,334.47147.20
199441.06%18,528.49147.40
199451.11%18,733.80147.50
19946-0.52%18,636.60148.00
199473.08%19,210.99148.40
199480.82%19,368.03149.00
19949-0.44%19,282.04149.40
199410-0.37%19,210.72149.50
199411-1.03%19,013.67149.70
1994122.45%19,479.73149.70
199513.82%20,223.68150.30
199522.56%20,741.04150.90
199533.22%21,407.97151.40
199543.35%22,124.66151.90
199553.18%22,827.88152.20
199563.55%23,637.69152.50
199570.51%23,758.98152.50
199583.72%24,642.26152.90
199590.91%24,867.14153.20
1995102.36%25,453.60153.70
1995113.39%26,316.26153.60
1995120.16%26,359.04153.50
199615.90%27,915.39154.40
19962-0.20%27,859.36154.90
199630.20%27,914.26155.70
199642.35%28,571.59156.30
199651.28%28,936.90156.60
19966-3.48%27,930.89156.70
199673.08%28,789.98157.00
199682.02%29,372.61157.30
199694.12%30,582.61157.80
1996105.05%32,127.67158.30
1996111.20%32,512.63158.60
1996123.26%33,571.74158.60
199714.36%35,035.86159.10
19972-0.62%34,817.35159.60
19973-3.41%33,631.73160.00
199749.22%36,731.85160.20
199755.34%38,692.16160.10
199765.74%40,911.52160.30
199770.35%41,053.80160.50
199781.19%41,543.17160.80
199791.65%42,226.71161.20
199710-1.15%41,740.24161.60
1997112.63%42,839.93161.50
1997120.24%42,941.50161.30
199816.40%45,690.69161.60
199825.31%48,118.17161.90
199833.41%49,756.92162.20
19984-0.22%49,646.53162.50
199850.12%49,704.35162.80
199864.47%51,924.97163.00
19987-6.97%48,305.28163.20
19988-4.90%45,939.07163.40
199891.29%46,532.08163.60
19981010.97%51,638.69164.00
1998114.10%53,757.99164.00
1998125.05%56,471.53163.90
19991-0.07%56,433.86164.30
199922.92%58,083.70164.50
199934.25%60,552.28165.00
19994-0.10%60,492.43166.20
19995-0.61%60,122.36166.20
199964.52%62,841.32166.20
19997-3.77%60,469.45166.70
19998-0.60%60,107.83167.10
19999-1.27%59,342.98167.90
1999107.11%63,559.86168.20
1999112.81%65,345.08168.30
199912-0.12%65,267.37168.30
20001-2.48%63,649.99168.80
200023.94%66,158.41169.80
200031.42%67,100.94171.20
20004-2.84%65,196.09171.30
200053.16%67,258.55171.50
200060.85%67,830.48172.40
200070.94%68,467.89172.80
20008-1.08%67,728.68172.80
20009-5.21%64,197.15173.70
200010-0.77%63,701.18174.00
200011-3.32%61,586.26174.10
2000120.46%61,866.48174.00
20011-2.14%60,544.85175.10
20012-9.08%55,047.44175.80
200130.45%55,294.43176.20
200146.88%59,098.32176.90
20015-2.39%57,686.67177.70
20016-2.66%56,152.07178.00
20017-2.05%55,003.29177.50
20018-11.25%48,816.89177.50
200193.18%50,371.24178.30
2001105.05%52,916.57177.70
2001111.47%53,692.35177.40
200112-0.30%53,532.52176.70
20021-3.35%51,737.69177.10
200224.95%54,296.26177.80
20023-3.51%52,388.06178.80
20024-2.82%50,910.52179.80
20025-5.92%47,896.13179.80
20026-10.76%42,743.22179.90
200271.14%43,229.98180.10
20028-4.76%41,173.21180.70
20029-1.37%40,610.36181.00
2002106.63%43,301.03181.30
200211-1.04%42,852.84181.30
200212-0.22%42,757.48180.90
20031-6.41%40,014.66181.70
200321.31%40,538.01183.10
200335.29%42,680.79184.20
200345.31%44,948.09183.80
200355.70%47,512.01183.50
200360.60%47,795.13183.70
20037-0.17%47,715.64183.90
200383.16%49,224.02184.60
200392.03%50,222.20185.20
2003101.21%50,830.18185.00
2003113.06%52,387.52184.50
2003124.93%54,972.82184.30
200411.09%55,570.19185.20
20042-1.57%54,700.41186.20
200430.97%55,229.98187.40
20044-2.56%53,813.75188.00
200452.86%55,351.57189.10
20046-2.24%54,112.37189.70
20047-1.39%53,361.52189.40
200482.78%54,846.37189.50
200490.10%54,902.64189.90
2004104.77%57,523.64190.90
2004112.73%59,092.57191.00
200412-1.35%58,295.28190.30
200511.68%59,275.34190.70
20052-0.26%59,123.84191.80
20053-2.41%57,699.59193.30
200541.34%58,470.39194.60
200552.18%59,745.45194.40
200561.81%60,825.52194.50
200570.31%61,014.09195.40
200580.28%61,184.74196.40
20059-2.62%59,579.12198.80
2005103.96%61,939.37199.20
2005112.14%63,267.43197.60
2005121.47%64,195.42196.80
20061-0.02%64,184.74198.30
200621.49%65,138.61198.70
200630.80%65,658.63199.80
20064-0.79%65,142.14201.50
20065-2.71%63,379.53202.50
200660.72%63,835.89202.90
200672.29%65,298.85203.50
200682.53%66,951.68203.90
200693.62%69,372.59202.90
2006102.00%70,761.19201.80
2006112.15%72,281.32201.50
2006120.69%72,782.11201.80
200711.60%73,943.74202.42
20072-2.47%72,114.46203.50
200734.18%75,129.03205.35
200743.39%77,677.22206.69
200750.34%77,945.13207.95
200760.57%78,393.02208.35
20077-4.20%75,099.64208.30
200783.07%77,408.76207.92
200792.99%79,724.55208.49
200710-4.81%75,892.74208.94
2007111.24%76,832.46210.18
200712-6.64%71,734.48210.04
20081-1.56%70,612.57211.08
20082-2.63%68,757.84211.69
200834.24%71,675.78213.53
200842.56%73,512.55214.82
20085-4.25%70,390.78216.63
20086-6.08%66,112.10218.82
200872.11%67,507.42219.96
20088-4.85%64,234.97219.09
20089-20.19%51,263.63218.78
200810-8.61%46,852.21216.57
200811-0.35%46,687.66212.43
200812-1.10%46,176.17210.23
20091-6.70%43,081.21211.14
20092-5.69%40,630.99212.19
2009312.32%45,637.44212.71
200946.66%48,676.81213.24
200952.87%50,073.28213.86
200961.28%50,713.04215.69
200978.12%54,831.32215.35
200983.65%56,832.85215.83
200992.40%58,198.61215.97
2009102.09%59,417.47216.18
2009112.23%60,740.02216.33
2009121.36%61,564.24215.95
20101-2.90%59,779.82216.69
201025.94%63,332.56216.74
201034.09%65,921.55217.63
20104-5.88%62,043.78218.01
20105-3.54%59,845.22218.18
20106-0.16%59,750.02217.97
201070.86%60,266.03218.01
201083.37%62,297.69218.31
201094.58%65,149.33218.44
2010102.49%66,772.14218.71
2010113.71%69,251.88218.80
2010123.46%71,649.52219.18
201113.15%73,907.10220.22
20112-1.11%73,084.91221.31
201132.22%74,708.11223.47
201140.66%75,200.61224.91
20115-3.66%72,446.32225.96
201163.10%74,693.41225.72
20117-10.40%66,924.81225.92
20118-0.79%66,396.61226.55
201193.02%68,401.06226.89
2011101.77%69,609.79226.42
2011111.55%70,692.05226.23
2011124.78%74,072.94225.67
201214.16%77,156.31226.67
201222.88%79,381.37227.66
20123-0.04%79,351.04229.39
20124-3.09%76,898.33230.09
20125-1.15%76,012.15229.82
201262.92%78,232.53229.48
201273.39%80,882.81229.10
201283.02%83,326.42230.38
20129-0.22%83,145.49231.41
201210-2.84%80,786.24231.32
2012112.18%82,543.77230.22
2012124.27%86,067.37229.60
201312.33%88,075.34230.28
201322.72%90,473.15232.17
201331.45%91,788.44232.77
201344.57%95,987.09232.53
20135-1.12%94,914.17232.95
201363.25%98,003.13233.50
201370.25%98,250.62233.60
201381.19%99,422.23233.88
201392.12%101,527.54234.15
2013103.86%105,446.50233.55
2013111.52%107,051.04233.07
2013120.97%108,087.08233.05
20141-0.13%107,946.53233.92
201422.72%110,885.13234.78
201430.20%111,108.81236.29
201441.53%112,811.04237.07
201453.20%116,416.83237.90
201461.50%118,158.22238.34
20147-0.43%117,653.75238.25
201481.78%119,745.67237.85
20149-2.65%116,576.50238.03
2014105.71%123,227.95237.43
2014110.63%124,009.08236.15
201412-1.11%122,632.52234.81
201512.83%126,099.83233.71
201520.06%126,169.64234.72
201530.88%127,277.93236.12
201540.98%128,523.86236.60
20155-0.44%127,964.14237.81
20156-0.08%127,862.24238.64
20157-2.42%124,762.35238.65
20158-4.51%119,139.19238.32
201594.32%124,282.57237.95
2015102.93%127,927.12237.84
201511-1.10%126,516.12237.34
201512-6.42%118,394.27236.53
20161-0.55%117,743.21236.92
201626.36%125,234.88237.11
201632.83%128,780.61238.13
20164-0.30%128,388.65239.26
201651.07%129,757.90240.23
201663.30%134,036.59241.02
201671.20%135,644.03240.63
20168-0.44%135,049.00240.85
20169-0.51%134,365.68241.43
2016101.20%135,979.62241.73
2016113.95%141,345.33241.35
2016121.44%143,377.36241.43
201712.58%147,071.40242.84
201721.75%149,644.06243.60
20173-0.15%149,413.60243.80
201741.69%151,942.23244.52
201751.78%154,641.38244.73
201760.99%156,169.06244.96
201770.25%156,556.05244.79
201781.65%159,144.33245.52
201792.73%163,496.61246.82
2017101.59%166,095.50246.66
2017112.88%170,884.84246.67
2017124.86%179,193.09246.52
20181-2.89%174,020.35247.87
201820.06%174,132.73248.99
20183-1.66%171,235.21249.55
201841.96%174,594.20250.55
201852.11%178,283.32251.59
201861.58%181,101.52251.99
201872.45%185,539.96252.01
201881.68%188,656.57252.15
20189-3.85%181,395.20252.44
201810-2.08%177,629.24252.89
201811-5.56%167,748.59252.04
2018121.74%170,660.10251.23
201915.83%180,607.71251.71
201921.95%184,125.99252.78
201933.72%190,981.40254.20
20194-1.53%188,055.97255.55
201951.40%190,697.68256.09
201963.83%197,996.34256.14
20197-3.13%191,790.31256.57
201983.09%197,707.48256.56
201990.01%197,726.86256.76
2019104.43%206,493.46257.35
2019112.47%211,592.45257.21
2019123.35%218,673.17256.97
202010.12%218,940.12257.97
20202-18.92%177,521.67258.68
202034.32%185,188.14258.12
202045.89%196,090.84256.39
202056.51%208,852.97256.39
202063.48%216,113.61257.80
202075.89%228,850.27259.10
20208-0.63%227,415.38259.92
202091.73%231,340.57260.28
2020103.95%240,488.04260.39
2020114.26%250,733.03260.23
2020122.80%257,741.77260.47
202112.49%264,163.48261.58
202120.82%266,333.21263.01
202136.02%282,370.42264.88
202140.76%284,517.09267.05
202151.81%289,668.05269.20
202163.07%298,555.65271.70
202172.19%305,079.58273.00
20218-0.08%304,821.79273.57
202190.45%306,200.12274.31
2021104.74%320,728.53276.59
2021110.27%321,579.76277.95
202112-2.05%314,981.09278.80
20221-2.90%305,838.55281.15
20222-0.89%303,108.68283.72
202230.12%303,467.26287.50
20224-7.87%279,576.10289.11
20225-3.37%270,156.11292.30
202260.46%271,411.49296.31
202276.45%288,910.45296.28
20228-7.28%267,885.27296.17
20229-3.09%259,604.47296.81
2022105.29%273,324.81298.01
2022110.01%273,354.43297.71
2022121.38%277,117.04296.80
202313.15%285,837.83299.17
20232-2.59%278,447.70300.84
202334.00%289,575.09301.84
202340.74%291,711.27303.36
202354.94%306,128.18304.13
202363.88%317,993.84305.11
20237-1.00%314,821.42305.69
20238-0.95%311,819.35307.03
20239-3.04%302,348.42307.79
2023104.60%316,261.66307.67
2023115.18%332,628.99307.05
2023122.91%342,314.60306.75
202414.20%356,689.32308.42
202423.28%368,396.29310.33
20243-1.01%364,678.70312.33
202442.52%373,856.62313.55
202455.34%393,834.09314.07
Click to show 1086 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 $20.67 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $20.67 was invested in the S&P 500 over a period of no more than 24 months beginning in 1933. This would result in a final amount of $290,241.62, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $393,834.09).

YearMonthContribution ($)Amount ($)
193310.860.76
193320.861.62
193330.862.75
193340.864.66
193350.866.49
193360.867.97
193370.868.42
193380.869.23
193390.869.14
1933100.8610.28
1933110.8611.39
1933120.8613.00
193410.8614.93
193420.8615.03
193430.8616.20
193440.8615.38
193450.8616.52
193460.8616.62
193470.8616.86
193480.8617.36
193490.8618.44
1934100.8619.91
1934110.8620.99
1934120.8921.96
19351-21.39
19352-20.12
19353-21.72
19354-23.51
19355-24.49
19356-25.87
19357-27.70
19358-28.38
19359-29.22
193510-32.06
193511-32.16
193512-34.03
19361-36.08
19362-36.95
19363-37.10
19364-35.24
19365-36.85
19366-39.15
19367-40.05
19368-40.63
19369-42.88
193610-44.21
193611-43.60
193612-45.10
19371-46.59
19372-46.70
19373-44.07
19374-42.27
19375-40.86
19376-43.47
19377-44.10
19378-38.03
19379-32.67
193710-29.97
193711-29.66
193712-30.62
19381-30.07
19382-28.26
19383-27.29
19384-27.71
19385-28.53
19386-34.37
19387-34.73
19388-33.31
19389-37.18
193810-37.36
193811-36.40
193812-35.98
19391-35.82
19392-35.91
19393-31.52
19394-32.81
19395-33.52
19396-34.47
19397-34.10
19398-37.87
19399-38.40
193910-37.86
193911-37.11
193912-37.05
19401-36.97
19402-36.92
19403-37.44
19404-32.44
19405-29.82
19406-30.97
19407-31.79
19408-33.31
19409-33.79
194010-34.76
194011-33.51
194012-33.75
19411-31.82
19412-32.19
19413-31.37
19414-30.88
19415-32.14
19416-33.98
19417-34.01
19418-34.30
19419-33.12
194110-31.77
194111-29.90
194112-30.68
19421-29.92
19422-28.50
19423-27.51
19424-28.03
19425-29.64
19426-30.94
19427-30.95
19428-31.46
19429-33.97
194210-34.70
194211-35.07
194212-37.35
19431-39.75
19432-41.35
19433-42.92
19434-44.79
19435-45.77
19436-46.90
19437-44.77
19438-45.91
19439-45.68
194310-43.76
194311-44.53
194312-46.17
19441-46.05
19442-47.55
19443-46.92
19444-47.96
19445-50.42
19446-51.95
19447-51.40
19448-50.77
19449-52.23
194410-52.08
194411-53.44
194412-55.25
19451-57.31
19452-57.49
19453-59.16
19454-61.62
19455-62.97
19456-61.90
19457-62.34
19458-66.81
19459-69.83
194510-72.35
194511-73.81
194512-76.98
19461-77.44
19462-75.36
19463-80.46
19464-80.88
19465-80.61
19466-78.55
19467-77.28
19468-66.13
19469-64.89
194610-64.89
194611-67.09
194612-67.70
19471-70.60
19472-68.00
19473-65.76
19474-64.86
19475-67.41
19476-71.92
19477-70.80
19478-69.26
19479-71.36
194710-70.84
194711-70.04
194712-69.44
19481-66.35
19482-67.62
19483-73.16
19484-77.06
19485-80.59
19486-79.02
19487-77.05
19488-76.53
19489-78.97
194810-74.94
194811-74.82
194812-76.04
19491-73.51
19492-74.61
19493-74.92
19494-74.78
19495-71.10
19496-75.56
19497-78.71
19498-80.18
19499-82.70
194910-84.31
194911-87.04
194912-89.33
19501-91.59
19502-92.85
19503-95.99
19504-99.75
19505-101.91
19506-95.06
19507-101.37
19508-105.53
19509-110.51
195010-110.93
195011-111.14
195012-120.05
19511-125.22
19512-123.83
19513-126.22
19514-127.01
19515-125.55
19516-128.53
19517-134.91
19518-139.14
19519-139.18
195110-136.04
195111-140.96
195112-146.36
19521-144.41
19522-145.49
19523-145.79
19524-146.46
19525-151.21
19526-156.30
19527-157.68
19528-155.93
19529-153.42
195210-159.05
195211-166.22
195212-167.86
19531-166.56
19532-168.16
19533-160.63
19534-162.25
19535-157.20
19536-160.21
19537-161.65
19538-155.01
19539-160.46
195310-164.81
195311-167.84
195312-172.91
19541-177.54
19542-182.12
19543-190.23
19544-198.64
19545-201.07
19546-210.04
19547-215.06
19548-220.96
19549-226.95
195410-236.71
195411-248.43
195412-253.82
19551-263.23
19552-262.08
19553-272.06
19554-271.84
19555-288.55
19556-310.60
19557-309.68
19558-324.59
19559-309.25
195510-331.11
195511-335.20
195512-327.20
19561-330.31
19562-354.11
19563-359.36
19564-349.16
19565-348.24
19566-368.26
19567-367.21
19568-355.87
19569-352.48
195610-349.97
195611-356.30
195612-349.66
19571-335.69
19572-341.13
19573-350.15
19574-364.72
19575-371.84
19576-380.48
19577-360.67
19578-347.19
19579-326.71
195710-320.83
195711-321.85
195712-329.35
19581-331.66
19582-339.68
19583-342.73
19584-354.92
19585-364.63
19586-375.82
19587-391.06
19588-402.57
19589-420.12
195810-434.10
195811-443.48
195812-462.35
19591-456.50
19592-469.31
19593-478.40
19594-486.85
19595-483.90
19596-504.35
19597-502.75
19598-484.13
19599-484.98
195910-488.23
195911-505.14
195912-497.63
19601-479.67
19602-474.50
19603-482.02
19604-479.01
19605-498.11
19606-487.17
19607-494.43
19608-480.98
19609-472.93
196010-489.68
196011-502.85
196012-530.14
19611-553.33
19612-572.13
19613-588.83
19614-596.27
19615-589.82
19616-589.66
19617-612.30
19618-608.98
19619-617.16
196110-646.61
196111-654.13
196112-631.32
19621-643.37
19622-645.57
19623-626.56
19624-581.54
19625-515.17
19626-529.17
19627-545.16
19628-541.93
19629-526.45
196210-564.36
196211-590.45
196212-614.94
19631-624.75
19632-624.07
19633-655.14
19634-670.01
19635-671.46
19636-663.26
19637-683.36
19638-703.14
19639-706.65
196310-704.48
196311-721.34
196312-745.37
19641-756.40
19642-772.06
19643-785.13
19644-794.72
19645-791.93
19646-823.30
19647-813.21
19648-829.19
19649-845.53
196410-853.45
196411-840.73
196412-864.44
19651-872.87
19652-875.80
19653-889.44
19654-904.86
19655-864.07
19656-864.96
19657-883.28
19658-915.05
19659-937.90
196510-947.99
196511-945.98
196512-964.72
19661-960.56
19662-923.46
19663-954.13
19664-906.35
19665-901.28
19666-901.45
19667-849.44
19668-822.04
19669-817.40
196610-860.86
196611-867.02
196612-902.83
19671-936.51
19672-961.17
19673-980.32
19674-1,000.50
19675-990.57
19676-1,010.31
19677-1,029.02
19678-1,046.03
19679-1,047.05
196710-1,016.88
196711-1,048.52
196712-1,048.34
19681-1,003.71
19682-988.06
19683-1,063.76
19684-1,090.97
19685-1,123.05
19686-1,123.60
19687-1,101.87
19688-1,140.52
19689-1,171.51
196810-1,192.43
196811-1,207.76
196812-1,159.63
19691-1,156.86
19692-1,134.72
19693-1,160.53
19694-1,201.31
19695-1,141.58
19696-1,093.58
19697-1,090.48
19698-1,097.33
19699-1,112.10
196910-1,123.20
196911-1,066.73
196912-1,060.45
19701-1,026.55
19702-1,047.21
19703-1,018.44
19704-904.38
19705-901.94
19706-906.65
19707-936.17
19708-995.35
19709-1,020.13
197010-1,022.24
197011-1,095.41
197012-1,140.44
19711-1,187.78
19712-1,221.42
19713-1,266.29
19714-1,252.26
19715-1,232.28
19716-1,226.57
19717-1,207.97
19718-1,238.00
19719-1,214.93
197110-1,161.82
197111-1,245.05
197112-1,300.11
19721-1,327.24
19722-1,362.01
19723-1,379.16
19724-1,368.45
19725-1,375.52
19726-1,368.59
19727-1,420.37
19728-1,403.18
19729-1,409.03
197210-1,483.07
197211-1,517.35
197212-1,532.36
19731-1,481.41
19732-1,461.48
19733-1,437.61
19734-1,400.66
19735-1,372.79
19736-1,389.41
19737-1,366.69
19738-1,393.96
19739-1,452.99
197310-1,353.42
197311-1,261.32
197312-1,282.77
19741-1,251.04
19742-1,308.28
19743-1,245.26
19744-1,211.57
19745-1,217.11
19746-1,079.00
19747-1,038.38
19748-934.40
19749-956.61
197410-992.42
197411-931.97
197412-1,012.42
19751-1,121.84
19752-1,177.63
19753-1,195.15
19754-1,275.37
19755-1,312.29
19756-1,317.96
19757-1,225.75
19758-1,215.30
19759-1,275.72
197510-1,301.76
197511-1,286.41
197512-1,409.20
19761-1,468.07
19762-1,479.85
19763-1,496.07
19764-1,490.33
19765-1,503.75
19766-1,543.83
19767-1,535.18
19768-1,572.60
19769-1,523.72
197610-1,518.14
197611-1,575.62
197612-1,567.16
19771-1,530.04
19772-1,529.21
19773-1,510.95
19774-1,511.93
19775-1,525.53
19776-1,545.10
19777-1,512.98
19778-1,495.20
19779-1,462.34
197710-1,476.68
197711-1,475.50
197712-1,425.48
19781-1,411.62
19782-1,415.37
19783-1,483.73
19784-1,565.40
19785-1,575.95
19786-1,574.96
19787-1,690.38
19788-1,697.14
19789-1,650.07
197810-1,560.34
197811-1,590.34
197812-1,656.90
19791-1,639.39
19792-1,677.77
19793-1,718.56
19794-1,686.02
19795-1,726.79
19796-1,751.32
19797-1,839.14
19798-1,867.47
19799-1,804.86
197910-1,799.04
197911-1,878.27
197912-1,940.49
19801-2,025.79
19802-1,847.97
19803-1,826.50
19804-1,918.48
19805-2,050.14
19806-2,152.02
19807-2,227.44
19808-2,290.61
19809-2,366.77
198010-2,475.98
198011-2,445.16
198012-2,445.41
19811-2,370.33
19812-2,468.54
19813-2,500.48
19814-2,460.04
19815-2,481.14
19816-2,431.11
19817-2,450.62
19818-2,247.15
19819-2,285.97
198110-2,355.55
198111-2,383.33
198112-2,268.83
19821-2,225.41
19822-2,164.33
19823-2,282.70
19824-2,295.71
19825-2,174.71
19826-2,180.01
19827-2,197.32
19828-2,463.12
19829-2,681.87
198210-2,802.56
198211-2,840.55
198212-2,952.06
19831-3,014.94
19832-3,131.48
19833-3,262.92
19834-3,407.28
19835-3,467.02
19836-3,491.57
19837-3,407.53
19838-3,520.45
19839-3,543.26
198310-3,502.81
198311-3,498.32
198312-3,553.45
19841-3,371.80
19842-3,386.71
19843-3,403.89
19844-3,395.29
19845-3,332.54
19846-3,302.26
19847-3,606.29
19848-3,657.03
19849-3,641.94
198410-3,688.78
198411-3,662.68
198412-3,834.73
19851-4,056.66
19852-4,037.26
19853-4,078.63
19854-4,190.20
19855-4,295.42
19856-4,391.95
19857-4,310.90
19858-4,229.64
19859-4,292.90
198510-4,568.53
198511-4,810.41
198512-4,846.57
19861-5,122.69
19862-5,439.41
19863-5,588.53
19864-5,616.02
19865-5,791.98
19866-5,687.50
19867-5,817.22
19868-5,674.34
19869-5,669.24
198610-5,869.53
198611-5,969.83
198612-6,368.22
19871-6,779.73
19872-7,076.44
19873-7,015.84
19874-7,027.96
19875-7,344.11
19876-7,573.40
19877-8,062.19
19878-7,817.87
19879-6,891.15
198710-6,043.30
198711-5,962.64
198712-6,215.85
19881-6,422.75
19882-6,630.33
19883-6,571.59
19884-6,427.78
19885-6,813.33
19886-6,792.42
19887-6,675.70
19888-6,804.35
19889-7,063.02
198810-6,920.33
198811-7,081.30
198812-7,330.04
19891-7,571.92
19892-7,559.68
19893-7,829.17
19894-8,151.36
19895-8,427.90
19896-8,663.90
19897-9,070.30
19898-9,111.62
19899-9,137.70
198910-8,971.99
198911-9,217.52
198912-9,013.70
19901-8,785.91
19902-9,023.76
19903-9,041.45
19904-9,389.62
19905-9,687.27
19906-9,703.71
19907-8,940.88
19908-8,552.75
19909-8,354.69
199010-8,603.98
199011-8,998.61
199012-8,936.95
19911-9,974.25
19912-10,277.92
19913-10,510.09
19914-10,491.28
19915-10,527.69
19916-10,609.86
19917-10,894.09
19918-10,861.07
19919-10,880.80
199110-10,882.52
199111-10,984.28
199112-11,792.51
19921-11,721.65
19922-11,602.99
19923-11,633.65
19924-11,874.28
19925-11,716.46
19926-11,940.49
19927-12,052.94
19928-12,098.52
19929-11,955.51
199210-12,285.11
199211-12,686.98
199212-12,705.11
19931-12,924.18
19932-13,202.06
19933-13,024.93
19934-13,119.32
19935-13,232.83
19936-13,240.90
19937-13,474.27
19938-13,656.84
19939-13,826.44
199310-13,827.49
199311-13,950.16
199312-14,192.32
19941-14,181.58
19942-13,979.66
19943-13,511.84
19944-13,654.83
19945-13,806.14
19946-13,734.50
19947-14,157.81
19948-14,273.55
19949-14,210.17
199410-14,157.61
199411-14,012.40
199412-14,355.86
19951-14,904.13
19952-15,285.40
19953-15,776.91
19954-16,305.08
19955-16,823.33
19956-17,420.13
19957-17,509.52
19958-18,160.46
19959-18,326.19
199510-18,758.39
199511-19,394.14
199512-19,425.67
19961-20,572.64
19962-20,531.35
19963-20,571.81
19964-21,056.24
19965-21,325.46
19966-20,584.07
19967-21,217.18
19968-21,646.56
19969-22,538.29
199610-23,676.94
199611-23,960.65
199612-24,741.17
19971-25,820.18
19972-25,659.14
19973-24,785.38
19974-27,070.06
19975-28,514.74
19976-30,150.32
19977-30,255.18
19978-30,615.83
19979-31,119.57
199710-30,761.06
199711-31,571.50
199712-31,646.35
19981-33,672.40
19982-35,461.37
19983-36,669.07
19984-36,587.72
19985-36,630.33
19986-38,266.85
19987-35,599.26
19988-33,855.45
19989-34,292.47
199810-38,055.86
199811-39,617.72
199812-41,617.49
19991-41,589.73
19992-42,805.61
19993-44,624.86
19994-44,580.76
19995-44,308.02
19996-46,311.81
19997-44,563.82
19998-44,297.32
19999-43,733.65
199910-46,841.34
199911-48,156.99
199912-48,099.71
20001-46,907.77
20002-48,756.38
20003-49,450.99
20004-48,047.18
20005-49,567.14
20006-49,988.64
20007-50,458.38
20008-49,913.61
20009-47,311.00
200010-46,945.49
200011-45,386.87
200012-45,593.38
20011-44,619.39
20012-40,567.99
20013-40,750.02
20014-43,553.35
20015-42,513.01
20016-41,382.07
20017-40,535.46
20018-35,976.30
20019-37,121.80
200110-38,997.62
200111-39,569.34
200112-39,451.55
20021-38,128.83
20022-40,014.40
20023-38,608.12
20024-37,519.23
20025-35,297.73
20026-31,500.23
20027-31,858.95
20028-30,343.18
20029-29,928.38
200210-31,911.31
200211-31,581.01
200212-31,510.73
20031-29,489.37
20032-29,875.06
20033-31,454.22
20034-33,125.13
20035-35,014.65
20036-35,223.30
20037-35,164.72
20038-36,276.34
20039-37,011.96
200310-37,460.02
200311-38,607.73
200312-40,513.00
20041-40,953.24
20042-40,312.24
20043-40,702.52
20044-39,658.80
20045-40,792.12
20046-39,878.88
20047-39,325.53
20048-40,419.81
20049-40,461.28
200410-42,392.86
200411-43,549.10
200412-42,961.53
20051-43,683.80
20052-43,572.15
20053-42,522.53
20054-43,090.58
20055-44,030.26
20056-44,826.23
20057-44,965.20
20058-45,090.96
20059-43,907.68
200510-45,647.10
200511-46,625.83
200512-47,309.73
20061-47,301.85
20062-48,004.82
20063-48,388.06
20064-48,007.42
20065-46,708.44
20066-47,044.76
20067-48,122.92
20068-49,340.99
20069-51,125.12
200610-52,148.46
200611-53,268.75
200612-53,637.81
20071-54,493.89
20072-53,145.77
20073-55,367.40
20074-57,245.33
20075-57,442.77
20076-57,772.85
20077-55,345.75
20078-57,047.49
20079-58,754.14
200710-55,930.23
200711-56,622.77
200712-52,865.74
20081-52,038.94
20082-50,672.06
20083-52,822.49
20084-54,176.12
20085-51,875.48
20086-48,722.25
20087-49,750.55
20088-47,338.87
20089-37,779.46
200810-34,528.40
200811-34,407.13
200812-34,030.18
20091-31,749.31
20092-29,943.59
20093-33,633.16
20094-35,873.07
20095-36,902.22
20096-37,373.70
20097-40,408.72
20098-41,883.78
20099-42,890.29
200910-43,788.55
200911-44,763.22
200912-45,370.64
20101-44,055.59
20102-46,673.83
20103-48,581.82
20104-45,724.05
20105-44,103.78
20106-44,033.63
20107-44,413.91
20108-45,911.17
20109-48,012.72
201010-49,208.68
201011-51,036.16
201012-52,803.13
20111-54,466.88
20112-53,860.96
20113-55,057.20
20114-55,420.16
20115-53,390.34
20116-55,046.37
20117-49,321.19
20118-48,931.93
20119-50,409.13
201110-51,299.92
201111-52,097.51
201112-54,589.10
20121-56,861.44
20122-58,501.23
20123-58,478.87
20124-56,671.32
20125-56,018.23
20126-57,654.57
20127-59,607.74
20128-61,408.59
20129-61,275.25
201210-59,536.57
201211-60,831.81
201212-63,428.57
20131-64,908.37
20132-66,675.47
20133-67,644.80
20134-70,739.05
20135-69,948.35
20136-72,224.80
20137-72,407.19
20138-73,270.62
20139-74,822.16
201310-77,710.29
201311-78,892.78
201312-79,656.31
20141-79,552.73
20142-81,718.37
20143-81,883.21
20144-83,137.69
20145-85,795.04
20146-87,078.38
20147-86,706.60
20148-88,248.27
20149-85,912.71
201410-90,814.59
201411-91,390.25
201412-90,375.78
20151-92,931.06
20152-92,982.51
20153-93,799.28
20154-94,717.48
20155-94,304.99
20156-94,229.89
20157-91,945.38
20158-87,801.32
20159-91,591.81
201510-94,277.71
201511-93,237.85
201512-87,252.34
20161-86,772.53
20162-92,293.63
20163-94,906.70
20164-94,617.84
20165-95,626.93
20166-98,780.17
20167-99,964.79
20168-99,526.28
20169-99,022.69
201610-100,212.11
201611-104,166.45
201612-105,663.98
20171-108,386.36
20172-110,282.31
20173-110,112.47
20174-111,975.99
20175-113,965.16
20176-115,091.00
20177-115,376.20
20178-117,283.68
20179-120,491.15
201710-122,406.44
201711-125,936.01
201712-132,058.89
20181-128,246.77
20182-128,329.59
20183-126,194.22
20184-128,669.67
20185-131,388.42
20186-133,465.33
20187-136,736.31
20188-139,033.13
20189-133,681.77
201810-130,906.39
201811-123,624.71
201812-125,770.38
20191-133,101.41
20192-135,694.26
20193-140,746.45
20194-138,590.52
20195-140,537.36
20196-145,916.21
20197-141,342.59
20198-145,703.33
20199-145,717.62
201910-152,178.29
201911-155,936.06
201912-161,154.30
20201-161,351.03
20202-130,827.11
20203-136,477.03
20204-144,511.93
20205-153,917.16
20206-159,267.99
20207-168,654.46
20208-167,596.99
20209-170,489.72
202010-177,231.08
202011-184,781.26
202012-189,946.45
20211-194,679.02
20212-196,278.04
20213-208,096.89
20214-209,678.91
20215-213,474.98
20216-220,024.83
20217-224,832.72
20218-224,642.74
20219-225,658.52
202110-236,365.44
202111-236,992.77
202112-232,129.79
20221-225,392.06
20222-223,380.24
20223-223,644.51
20224-206,037.58
20225-199,095.38
20226-200,020.55
20227-212,916.66
20228-197,421.85
20229-191,319.20
202210-201,430.60
202211-201,452.43
202212-204,225.33
20231-210,652.25
20232-205,205.99
20233-213,406.47
20234-214,980.76
20235-225,605.51
20236-234,350.07
20237-232,012.11
20238-229,799.70
20239-222,819.96
202310-233,073.52
202311-245,135.65
202312-252,273.60
20241-262,867.26
20242-271,494.88
20243-268,755.14
20244-275,518.94
20245-290,241.62
Click to show 1086 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 1933 to 2024
Start Value
Average monthly close
$7.09
End Value
Average monthly close
$5,509.01
Change in price+77,601.13%
+7.59% / yr
Change incl. dividends+1,905,241.52%
+11.38% / yr
Change incl. dividends, inflation-adjusted+78,584.10%
+7.57% / yr
Final amount, nominal
($20.67 base)
$393,834.09
Final amount, inflation-adjusted
($20.67 base)
$16,264.00