S&P 500 Returns since 1946

Stock market returns between 1946 and 1966

If you invested $100 in the S&P 500 at the beginning of 1946, you would have about $1,172.75 at the end of 1966, assuming you reinvested all dividends. This is a return on investment of 1,072.75%, or 12.44% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 605.82% cumulatively, or 9.75% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $1,262.38.

Contents

Overview
Adjusting for inflation
Full monthly data
Dollar cost average
Data source & citation

The graph below shows the performance of $100 over time if invested in an S&P 500 index fund. The returns assume that all dividends are automatically reinvested.

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

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Adjusting stock market return for inflation

The nominal return on investment of $100 is $1,072.75, or 1,072.75%. This means by 1966 you would have $1,172.75 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 1946 was 19.500 and the CPI in 1966 was 32.400.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 20 years.

Adjusted for inflation, the $1,172.75 nominal end value of the original $100 investment would have a real return of roughly $605.82 in 1946 dollars. This means the inflation-adjusted return is 605.82% as opposed to the original 1,072.75%.

For more information on inflation, see our U.S. inflation calculator for 1946.

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Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 252-month period between 1946 and 1966.

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

Year	Month	Return (%)	Amount ($)	CPI
1946	1	0.59%	100.59	18.20
1946	2	-2.68%	97.89	18.10
1946	3	6.77%	104.52	18.30
1946	4	0.52%	105.06	18.40
1946	5	-0.34%	104.70	18.50
1946	6	-2.55%	102.04	18.70
1946	7	-1.62%	100.38	19.80
1946	8	-14.42%	85.90	20.20
1946	9	-1.87%	84.29	20.40
1946	10	-0.01%	84.28	20.80
1946	11	3.39%	87.14	21.30
1946	12	0.92%	87.95	21.50
1947	1	4.27%	91.70	21.50
1947	2	-3.67%	88.33	21.50
1947	3	-3.30%	85.42	21.90
1947	4	-1.36%	84.26	21.90
1947	5	3.92%	87.56	21.90
1947	6	6.69%	93.42	22.00
1947	7	-1.56%	91.96	22.20
1947	8	-2.17%	89.97	22.50
1947	9	3.03%	92.69	23.00
1947	10	-0.73%	92.02	23.00
1947	11	-1.12%	90.99	23.10
1947	12	-0.86%	90.20	23.40
1948	1	-4.45%	86.19	23.70
1948	2	1.92%	87.84	23.50
1948	3	8.19%	95.03	23.40
1948	4	5.33%	100.10	23.80
1948	5	4.59%	104.69	23.90
1948	6	-1.96%	102.64	24.10
1948	7	-2.49%	100.09	24.40
1948	8	-0.68%	99.41	24.50
1948	9	3.19%	102.58	24.50
1948	10	-5.10%	97.34	24.40
1948	11	-0.16%	97.19	24.20
1948	12	1.63%	98.77	24.10
1949	1	-3.33%	95.49	24.00
1949	2	1.49%	96.91	23.80
1949	3	0.41%	97.31	23.80
1949	4	-0.18%	97.13	23.90
1949	5	-4.91%	92.36	23.80
1949	6	6.26%	98.15	23.90
1949	7	4.17%	102.24	23.70
1949	8	1.87%	104.15	23.80
1949	9	3.14%	107.43	23.90
1949	10	1.95%	109.52	23.70
1949	11	3.24%	113.07	23.80
1949	12	2.63%	116.04	23.60
1950	1	2.52%	118.97	23.50
1950	2	1.38%	120.61	23.50
1950	3	3.39%	124.69	23.60
1950	4	3.91%	129.57	23.60
1950	5	2.16%	132.38	23.70
1950	6	-6.72%	123.47	23.80
1950	7	6.64%	131.67	24.10
1950	8	4.11%	137.08	24.30
1950	9	4.72%	143.55	24.40
1950	10	0.38%	144.09	24.60
1950	11	0.19%	144.37	24.70
1950	12	8.01%	155.94	25.00
1951	1	4.31%	162.66	25.40
1951	2	-1.11%	160.85	25.70
1951	3	1.93%	163.95	25.80
1951	4	0.63%	164.98	25.80
1951	5	-1.15%	163.09	25.90
1951	6	2.37%	166.95	25.90
1951	7	4.97%	175.24	25.90
1951	8	3.14%	180.73	25.90
1951	9	0.03%	180.79	26.10
1951	10	-2.25%	176.71	26.20
1951	11	3.61%	183.10	26.40
1951	12	3.83%	190.12	26.50
1952	1	-1.33%	187.58	26.50
1952	2	0.75%	188.99	26.30
1952	3	0.20%	189.37	26.30
1952	4	0.46%	190.25	26.40
1952	5	3.24%	196.42	26.40
1952	6	3.37%	203.03	26.50
1952	7	0.88%	204.82	26.70
1952	8	-1.11%	202.55	26.70
1952	9	-1.61%	199.29	26.70
1952	10	3.67%	206.59	26.70
1952	11	4.51%	215.91	26.70
1952	12	0.99%	218.04	26.70
1953	1	-0.77%	216.36	26.60
1953	2	0.96%	218.43	26.50
1953	3	-4.47%	208.66	26.60
1953	4	1.00%	210.75	26.60
1953	5	-3.11%	204.20	26.70
1953	6	1.91%	208.11	26.80
1953	7	0.90%	209.98	26.80
1953	8	-4.11%	201.36	26.90
1953	9	3.52%	208.44	26.90
1953	10	2.71%	214.08	27.00
1953	11	1.84%	218.01	26.90
1953	12	3.02%	224.61	26.90
1954	1	2.68%	230.62	26.90
1954	2	2.58%	236.57	26.90
1954	3	4.45%	247.10	26.90
1954	4	4.42%	258.03	26.80
1954	5	1.22%	261.19	26.90
1954	6	4.46%	272.83	26.90
1954	7	2.39%	279.36	26.90
1954	8	2.74%	287.02	26.90
1954	9	2.71%	294.80	26.80
1954	10	4.30%	307.48	26.80
1954	11	4.95%	322.71	26.80
1954	12	2.17%	329.71	26.70
1955	1	3.70%	341.92	26.70
1955	2	-0.44%	340.43	26.70
1955	3	3.81%	353.39	26.70
1955	4	-0.08%	353.11	26.70
1955	5	6.15%	374.81	26.70
1955	6	7.64%	403.47	26.70
1955	7	-0.30%	402.26	26.80
1955	8	4.82%	421.63	26.80
1955	9	-4.72%	401.71	26.90
1955	10	7.07%	430.10	26.90
1955	11	1.24%	435.42	26.90
1955	12	-2.39%	425.02	26.80
1956	1	0.95%	429.06	26.80
1956	2	7.21%	459.97	26.80
1956	3	1.48%	466.79	26.80
1956	4	-2.84%	453.54	26.90
1956	5	-0.26%	452.36	27.00
1956	6	5.75%	478.36	27.20
1956	7	-0.28%	477.00	27.40
1956	8	-3.09%	462.27	27.30
1956	9	-0.95%	457.86	27.40
1956	10	-0.71%	454.60	27.50
1956	11	1.81%	462.82	27.50
1956	12	-1.86%	454.20	27.60
1957	1	-4.00%	436.05	27.60
1957	2	1.62%	443.12	27.70
1957	3	2.64%	454.83	27.80
1957	4	4.16%	473.75	27.90
1957	5	1.95%	483.01	28.00
1957	6	2.32%	494.23	28.10
1957	7	-5.21%	468.50	28.30
1957	8	-3.74%	450.98	28.30
1957	9	-5.90%	424.39	28.30
1957	10	-1.80%	416.75	28.30
1957	11	0.32%	418.08	28.40
1957	12	2.33%	427.81	28.40
1958	1	0.70%	430.81	28.60
1958	2	2.42%	441.23	28.60
1958	3	0.90%	445.19	28.80
1958	4	3.56%	461.03	28.90
1958	5	2.74%	473.64	28.90
1958	6	3.07%	488.18	28.90
1958	7	4.05%	507.98	29.00
1958	8	2.94%	522.93	28.90
1958	9	4.36%	545.72	28.90
1958	10	3.33%	563.88	28.90
1958	11	2.16%	576.07	29.00
1958	12	4.25%	600.58	28.90
1959	1	-1.27%	592.98	29.00
1959	2	2.81%	609.62	28.90
1959	3	1.94%	621.43	28.90
1959	4	1.77%	632.40	29.00
1959	5	-0.61%	628.56	29.00
1959	6	4.23%	655.14	29.10
1959	7	-0.32%	653.05	29.20
1959	8	-3.70%	628.87	29.20
1959	9	0.18%	629.98	29.30
1959	10	0.67%	634.19	29.40
1959	11	3.46%	656.16	29.40
1959	12	-1.49%	646.41	29.40
1960	1	-3.61%	623.08	29.30
1960	2	-1.08%	616.36	29.40
1960	3	1.58%	626.12	29.40
1960	4	-0.62%	622.21	29.50
1960	5	3.99%	647.03	29.50
1960	6	-2.20%	632.82	29.60
1960	7	1.49%	642.25	29.60
1960	8	-2.72%	624.78	29.60
1960	9	-1.67%	614.32	29.60
1960	10	3.54%	636.07	29.80
1960	11	2.69%	653.19	29.80
1960	12	5.43%	688.63	29.80
1961	1	4.37%	718.76	29.80
1961	2	3.40%	743.17	29.80
1961	3	2.92%	764.87	29.80
1961	4	1.26%	774.53	29.80
1961	5	-1.08%	766.16	29.80
1961	6	-0.03%	765.95	29.80
1961	7	3.84%	795.35	30.00
1961	8	-0.54%	791.04	29.90
1961	9	1.34%	801.67	30.00
1961	10	4.77%	839.92	30.00
1961	11	1.16%	849.69	30.00
1961	12	-3.49%	820.06	30.00
1962	1	1.91%	835.72	30.00
1962	2	0.34%	838.57	30.10
1962	3	-2.94%	813.88	30.10
1962	4	-7.19%	755.40	30.20
1962	5	-11.41%	669.19	30.20
1962	6	2.72%	687.37	30.20
1962	7	3.02%	708.15	30.30
1962	8	-0.59%	703.95	30.30
1962	9	-2.86%	683.84	30.40
1962	10	7.20%	733.08	30.40
1962	11	4.62%	766.98	30.40
1962	12	4.15%	798.79	30.40
1963	1	1.60%	811.53	30.40
1963	2	-0.11%	810.65	30.40
1963	3	4.98%	851.01	30.50
1963	4	2.27%	870.32	30.50
1963	5	0.22%	872.21	30.50
1963	6	-1.22%	861.55	30.60
1963	7	3.03%	887.66	30.70
1963	8	2.89%	913.35	30.70
1963	9	0.50%	917.91	30.70
1963	10	-0.31%	915.10	30.80
1963	11	2.39%	937.00	30.80
1963	12	3.33%	968.21	30.90
1964	1	1.48%	982.53	30.90
1964	2	2.07%	1,002.88	30.90
1964	3	1.69%	1,019.86	30.90
1964	4	1.22%	1,032.31	30.90
1964	5	-0.35%	1,028.69	30.90
1964	6	3.96%	1,069.44	31.00
1964	7	-1.23%	1,056.33	31.10
1964	8	1.97%	1,077.09	31.00
1964	9	1.97%	1,098.31	31.10
1964	10	0.94%	1,108.60	31.10
1964	11	-1.49%	1,092.08	31.20
1964	12	2.82%	1,122.89	31.20
1965	1	0.98%	1,133.83	31.20
1965	2	0.34%	1,137.64	31.20
1965	3	1.56%	1,155.36	31.30
1965	4	1.73%	1,175.38	31.40
1965	5	-4.51%	1,122.40	31.40
1965	6	0.10%	1,123.55	31.60
1965	7	2.12%	1,147.36	31.60
1965	8	3.60%	1,188.62	31.60
1965	9	2.50%	1,218.29	31.60
1965	10	1.08%	1,231.40	31.70
1965	11	-0.21%	1,228.80	31.70
1965	12	1.98%	1,253.13	31.80
1966	1	-0.43%	1,247.74	31.80
1966	2	-3.86%	1,199.55	32.00
1966	3	3.32%	1,239.38	32.10
1966	4	-5.01%	1,177.32	32.30
1966	5	-0.56%	1,170.73	32.30
1966	6	0.02%	1,170.95	32.40
1966	7	-5.77%	1,103.39	32.50
1966	8	-3.22%	1,067.81	32.70
1966	9	-0.56%	1,061.78	32.70
1966	10	5.32%	1,118.23	32.90
1966	11	0.72%	1,126.23	32.90
1966	12	4.13%	1,172.75	32.90

Click to show 234 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 $100.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $100.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1946. This would result in a final amount of $1,262.38, including dividend reinvestments. In this particular case, dollar-cost average returns are greater than the returns of a lump-sum investment (which ends with $1,172.75).

Year	Month	Contribution ($)	Amount ($)
1946	1	4.16	4.17
1946	2	4.16	8.10
1946	3	4.16	13.07
1946	4	4.16	17.31
1946	5	4.16	21.38
1946	6	4.16	24.88
1946	7	4.16	28.55
1946	8	4.16	27.98
1946	9	4.16	31.53
1946	10	4.16	35.66
1946	11	4.16	41.16
1946	12	4.16	45.72
1947	1	4.16	51.99
1947	2	4.16	54.08
1947	3	4.16	56.30
1947	4	4.16	59.62
1947	5	4.16	66.26
1947	6	4.16	75.12
1947	7	4.16	78.02
1947	8	4.16	80.38
1947	9	4.16	87.09
1947	10	4.16	90.56
1947	11	4.16	93.64
1947	12	4.32	97.09
1948	1	-	92.77
1948	2	-	94.55
1948	3	-	102.29
1948	4	-	107.75
1948	5	-	112.69
1948	6	-	110.48
1948	7	-	107.74
1948	8	-	107.00
1948	9	-	110.42
1948	10	-	104.78
1948	11	-	104.62
1948	12	-	106.32
1949	1	-	102.79
1949	2	-	104.32
1949	3	-	104.75
1949	4	-	104.56
1949	5	-	99.42
1949	6	-	105.65
1949	7	-	110.05
1949	8	-	112.11
1949	9	-	115.64
1949	10	-	117.89
1949	11	-	121.71
1949	12	-	124.91
1950	1	-	128.06
1950	2	-	129.82
1950	3	-	134.22
1950	4	-	139.47
1950	5	-	142.49
1950	6	-	132.91
1950	7	-	141.73
1950	8	-	147.56
1950	9	-	154.52
1950	10	-	155.10
1950	11	-	155.41
1950	12	-	167.86
1951	1	-	175.09
1951	2	-	173.14
1951	3	-	176.48
1951	4	-	177.59
1951	5	-	175.56
1951	6	-	179.71
1951	7	-	188.63
1951	8	-	194.55
1951	9	-	194.60
1951	10	-	190.22
1951	11	-	197.09
1951	12	-	204.65
1952	1	-	201.92
1952	2	-	203.44
1952	3	-	203.85
1952	4	-	204.79
1952	5	-	211.43
1952	6	-	218.55
1952	7	-	220.47
1952	8	-	218.03
1952	9	-	214.52
1952	10	-	222.38
1952	11	-	232.41
1952	12	-	234.71
1953	1	-	232.89
1953	2	-	235.12
1953	3	-	224.61
1953	4	-	226.86
1953	5	-	219.81
1953	6	-	224.02
1953	7	-	226.03
1953	8	-	216.75
1953	9	-	224.37
1953	10	-	230.44
1953	11	-	234.68
1953	12	-	241.77
1954	1	-	248.24
1954	2	-	254.66
1954	3	-	265.99
1954	4	-	277.75
1954	5	-	281.15
1954	6	-	293.68
1954	7	-	300.71
1954	8	-	308.95
1954	9	-	317.33
1954	10	-	330.98
1954	11	-	347.37
1954	12	-	354.91
1955	1	-	368.05
1955	2	-	366.45
1955	3	-	380.40
1955	4	-	380.10
1955	5	-	403.46
1955	6	-	434.30
1955	7	-	433.00
1955	8	-	453.86
1955	9	-	432.41
1955	10	-	462.97
1955	11	-	468.70
1955	12	-	457.50
1956	1	-	461.85
1956	2	-	495.13
1956	3	-	502.47
1956	4	-	488.21
1956	5	-	486.93
1956	6	-	514.92
1956	7	-	513.46
1956	8	-	497.60
1956	9	-	492.85
1956	10	-	489.34
1956	11	-	498.19
1956	12	-	488.91
1957	1	-	469.38
1957	2	-	476.98
1957	3	-	489.59
1957	4	-	509.96
1957	5	-	519.93
1957	6	-	532.00
1957	7	-	504.31
1957	8	-	485.45
1957	9	-	456.83
1957	10	-	448.60
1957	11	-	450.03
1957	12	-	460.51
1958	1	-	463.74
1958	2	-	474.96
1958	3	-	479.22
1958	4	-	496.26
1958	5	-	509.84
1958	6	-	525.49
1958	7	-	546.80
1958	8	-	562.90
1958	9	-	587.43
1958	10	-	606.97
1958	11	-	620.10
1958	12	-	646.48
1959	1	-	638.30
1959	2	-	656.21
1959	3	-	668.92
1959	4	-	680.73
1959	5	-	676.60
1959	6	-	705.21
1959	7	-	702.96
1959	8	-	676.93
1959	9	-	678.13
1959	10	-	682.66
1959	11	-	706.30
1959	12	-	695.81
1960	1	-	670.70
1960	2	-	663.47
1960	3	-	673.98
1960	4	-	669.77
1960	5	-	696.48
1960	6	-	681.18
1960	7	-	691.34
1960	8	-	672.53
1960	9	-	661.27
1960	10	-	684.69
1960	11	-	703.11
1960	12	-	741.27
1961	1	-	773.69
1961	2	-	799.97
1961	3	-	823.32
1961	4	-	833.72
1961	5	-	824.72
1961	6	-	824.49
1961	7	-	856.14
1961	8	-	851.50
1961	9	-	862.94
1961	10	-	904.12
1961	11	-	914.63
1961	12	-	882.74
1962	1	-	899.60
1962	2	-	902.66
1962	3	-	876.08
1962	4	-	813.13
1962	5	-	720.33
1962	6	-	739.91
1962	7	-	762.27
1962	8	-	757.75
1962	9	-	736.11
1962	10	-	789.11
1962	11	-	825.60
1962	12	-	859.83
1963	1	-	873.55
1963	2	-	872.61
1963	3	-	916.05
1963	4	-	936.84
1963	5	-	938.87
1963	6	-	927.40
1963	7	-	955.51
1963	8	-	983.16
1963	9	-	988.07
1963	10	-	985.04
1963	11	-	1,008.62
1963	12	-	1,042.20
1964	1	-	1,057.63
1964	2	-	1,079.53
1964	3	-	1,097.81
1964	4	-	1,111.21
1964	5	-	1,107.31
1964	6	-	1,151.17
1964	7	-	1,137.06
1964	8	-	1,159.41
1964	9	-	1,182.25
1964	10	-	1,193.33
1964	11	-	1,175.55
1964	12	-	1,208.71
1965	1	-	1,220.49
1965	2	-	1,224.59
1965	3	-	1,243.66
1965	4	-	1,265.21
1965	5	-	1,208.18
1965	6	-	1,209.42
1965	7	-	1,235.05
1965	8	-	1,279.46
1965	9	-	1,311.41
1965	10	-	1,325.52
1965	11	-	1,322.71
1965	12	-	1,348.91
1966	1	-	1,343.10
1966	2	-	1,291.23
1966	3	-	1,334.11
1966	4	-	1,267.30
1966	5	-	1,260.21
1966	6	-	1,260.44
1966	7	-	1,187.72
1966	8	-	1,149.42
1966	9	-	1,142.93
1966	10	-	1,203.69
1966	11	-	1,212.31
1966	12	-	1,262.38

Click to show 234 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.

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.

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S&P 500 from 1946 to 1966
Start Value Average monthly close	$18.02
End Value Average monthly close	$93.32
Change in price	+417.87% +8.57% / yr
Change incl. dividends	+1,072.75% +12.44% / yr
Change incl. dividends, inflation-adjusted	+605.82% +9.75% / yr
Final amount, nominal ($100 base)	$1,172.75
Final amount, inflation-adjusted ($100 base)	$705.82

S&P 500: $100 in 1946 → $1,172.75 in 1966

Stock market returns between 1946 and 1966

Adjusting stock market return for inflation

Full monthly data

Dollar-cost averaging

Data Sources

About the author