S&P 500 Returns since 1957

Stock market returns between 1957 and 1999

If you invested $100 in the S&P 500 at the beginning of 1957, you would have about $13,756.10 at the end of 1999, assuming you reinvested all dividends. This is a return on investment of 13,656.10%, or 12.13% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 2,220.21% cumulatively, or 7.59% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $13,327.99.

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 $13,656.10, or 13,656.10%. This means by 1999 you would have $13,756.10 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 1957 was 28.100 and the CPI in 1999 was 166.600.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 42 years.

Adjusted for inflation, the $13,756.10 nominal end value of the original $100 investment would have a real return of roughly $2,220.21 in 1957 dollars. This means the inflation-adjusted return is 2,220.21% as opposed to the original 13,656.10%.

For more information on inflation, see our U.S. inflation calculator for 1957.

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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 516-month period between 1957 and 1999.

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

Year	Month	Return (%)	Amount ($)	CPI
1957	1	-4.00%	96.00	27.60
1957	2	1.62%	97.56	27.70
1957	3	2.64%	100.14	27.80
1957	4	4.16%	104.31	27.90
1957	5	1.95%	106.34	28.00
1957	6	2.32%	108.81	28.10
1957	7	-5.21%	103.15	28.30
1957	8	-3.74%	99.29	28.30
1957	9	-5.90%	93.44	28.30
1957	10	-1.80%	91.76	28.30
1957	11	0.32%	92.05	28.40
1957	12	2.33%	94.19	28.40
1958	1	0.70%	94.85	28.60
1958	2	2.42%	97.15	28.60
1958	3	0.90%	98.02	28.80
1958	4	3.56%	101.50	28.90
1958	5	2.74%	104.28	28.90
1958	6	3.07%	107.48	28.90
1958	7	4.05%	111.84	29.00
1958	8	2.94%	115.13	28.90
1958	9	4.36%	120.15	28.90
1958	10	3.33%	124.15	28.90
1958	11	2.16%	126.83	29.00
1958	12	4.25%	132.23	28.90
1959	1	-1.27%	130.56	29.00
1959	2	2.81%	134.22	28.90
1959	3	1.94%	136.82	28.90
1959	4	1.77%	139.23	29.00
1959	5	-0.61%	138.39	29.00
1959	6	4.23%	144.24	29.10
1959	7	-0.32%	143.78	29.20
1959	8	-3.70%	138.46	29.20
1959	9	0.18%	138.70	29.30
1959	10	0.67%	139.63	29.40
1959	11	3.46%	144.46	29.40
1959	12	-1.49%	142.32	29.40
1960	1	-3.61%	137.18	29.30
1960	2	-1.08%	135.70	29.40
1960	3	1.58%	137.85	29.40
1960	4	-0.62%	136.99	29.50
1960	5	3.99%	142.45	29.50
1960	6	-2.20%	139.33	29.60
1960	7	1.49%	141.40	29.60
1960	8	-2.72%	137.56	29.60
1960	9	-1.67%	135.25	29.60
1960	10	3.54%	140.04	29.80
1960	11	2.69%	143.81	29.80
1960	12	5.43%	151.62	29.80
1961	1	4.37%	158.25	29.80
1961	2	3.40%	163.62	29.80
1961	3	2.92%	168.40	29.80
1961	4	1.26%	170.53	29.80
1961	5	-1.08%	168.68	29.80
1961	6	-0.03%	168.64	29.80
1961	7	3.84%	175.11	30.00
1961	8	-0.54%	174.16	29.90
1961	9	1.34%	176.50	30.00
1961	10	4.77%	184.92	30.00
1961	11	1.16%	187.08	30.00
1961	12	-3.49%	180.55	30.00
1962	1	1.91%	184.00	30.00
1962	2	0.34%	184.63	30.10
1962	3	-2.94%	179.19	30.10
1962	4	-7.19%	166.31	30.20
1962	5	-11.41%	147.33	30.20
1962	6	2.72%	151.34	30.20
1962	7	3.02%	155.91	30.30
1962	8	-0.59%	154.99	30.30
1962	9	-2.86%	150.56	30.40
1962	10	7.20%	161.40	30.40
1962	11	4.62%	168.86	30.40
1962	12	4.15%	175.87	30.40
1963	1	1.60%	178.67	30.40
1963	2	-0.11%	178.48	30.40
1963	3	4.98%	187.36	30.50
1963	4	2.27%	191.62	30.50
1963	5	0.22%	192.03	30.50
1963	6	-1.22%	189.69	30.60
1963	7	3.03%	195.44	30.70
1963	8	2.89%	201.09	30.70
1963	9	0.50%	202.10	30.70
1963	10	-0.31%	201.48	30.80
1963	11	2.39%	206.30	30.80
1963	12	3.33%	213.17	30.90
1964	1	1.48%	216.32	30.90
1964	2	2.07%	220.80	30.90
1964	3	1.69%	224.54	30.90
1964	4	1.22%	227.28	30.90
1964	5	-0.35%	226.48	30.90
1964	6	3.96%	235.46	31.00
1964	7	-1.23%	232.57	31.10
1964	8	1.97%	237.14	31.00
1964	9	1.97%	241.81	31.10
1964	10	0.94%	244.08	31.10
1964	11	-1.49%	240.44	31.20
1964	12	2.82%	247.22	31.20
1965	1	0.98%	249.63	31.20
1965	2	0.34%	250.47	31.20
1965	3	1.56%	254.37	31.30
1965	4	1.73%	258.78	31.40
1965	5	-4.51%	247.12	31.40
1965	6	0.10%	247.37	31.60
1965	7	2.12%	252.61	31.60
1965	8	3.60%	261.70	31.60
1965	9	2.50%	268.23	31.60
1965	10	1.08%	271.12	31.70
1965	11	-0.21%	270.54	31.70
1965	12	1.98%	275.90	31.80
1966	1	-0.43%	274.71	31.80
1966	2	-3.86%	264.10	32.00
1966	3	3.32%	272.87	32.10
1966	4	-5.01%	259.21	32.30
1966	5	-0.56%	257.76	32.30
1966	6	0.02%	257.81	32.40
1966	7	-5.77%	242.93	32.50
1966	8	-3.22%	235.10	32.70
1966	9	-0.56%	233.77	32.70
1966	10	5.32%	246.20	32.90
1966	11	0.72%	247.96	32.90
1966	12	4.13%	258.20	32.90
1967	1	3.73%	267.83	32.90
1967	2	2.63%	274.89	32.90
1967	3	1.99%	280.36	33.00
1967	4	2.06%	286.13	33.10
1967	5	-0.99%	283.29	33.20
1967	6	1.99%	288.94	33.30
1967	7	1.85%	294.29	33.40
1967	8	1.65%	299.16	33.50
1967	9	0.10%	299.45	33.60
1967	10	-2.88%	290.82	33.70
1967	11	3.11%	299.87	33.80
1967	12	-0.02%	299.82	33.90
1968	1	-4.26%	287.05	34.10
1968	2	-1.56%	282.58	34.20
1968	3	7.66%	304.23	34.30
1968	4	2.56%	312.01	34.40
1968	5	2.94%	321.18	34.50
1968	6	0.05%	321.34	34.70
1968	7	-1.93%	315.13	34.90
1968	8	3.51%	326.18	35.00
1968	9	2.72%	335.04	35.10
1968	10	1.79%	341.03	35.30
1968	11	1.29%	345.41	35.40
1968	12	-3.99%	331.64	35.50
1969	1	-0.24%	330.85	35.60
1969	2	-1.91%	324.52	35.80
1969	3	2.27%	331.90	36.10
1969	4	3.51%	343.56	36.30
1969	5	-4.97%	326.48	36.40
1969	6	-4.21%	312.75	36.60
1969	7	-0.28%	311.87	36.80
1969	8	0.63%	313.83	37.00
1969	9	1.35%	318.05	37.10
1969	10	1.00%	321.22	37.30
1969	11	-5.03%	305.08	37.50
1969	12	-0.59%	303.28	37.70
1970	1	-3.20%	293.59	37.80
1970	2	2.01%	299.49	38.00
1970	3	-2.75%	291.26	38.20
1970	4	-11.20%	258.64	38.50
1970	5	-0.27%	257.95	38.60
1970	6	0.52%	259.29	38.80
1970	7	3.26%	267.74	39.00
1970	8	6.32%	284.66	39.00
1970	9	2.49%	291.75	39.20
1970	10	0.21%	292.35	39.40
1970	11	7.16%	313.28	39.60
1970	12	4.11%	326.16	39.80
1971	1	4.15%	339.70	39.80
1971	2	2.83%	349.32	39.90
1971	3	3.67%	362.15	40.00
1971	4	-1.11%	358.14	40.10
1971	5	-1.60%	352.42	40.30
1971	6	-0.46%	350.79	40.60
1971	7	-1.52%	345.47	40.70
1971	8	2.49%	354.06	40.80
1971	9	-1.86%	347.46	40.80
1971	10	-4.37%	332.27	40.90
1971	11	7.16%	356.07	40.90
1971	12	4.42%	371.82	41.10
1972	1	2.09%	379.58	41.10
1972	2	2.62%	389.52	41.30
1972	3	1.26%	394.43	41.40
1972	4	-0.78%	391.37	41.50
1972	5	0.52%	393.39	41.60
1972	6	-0.50%	391.40	41.70
1972	7	3.78%	406.21	41.90
1972	8	-1.21%	401.30	42.00
1972	9	0.42%	402.97	42.10
1972	10	5.25%	424.14	42.30
1972	11	2.31%	433.95	42.40
1972	12	0.99%	438.24	42.50
1973	1	-3.33%	423.67	42.60
1973	2	-1.35%	417.97	42.90
1973	3	-1.63%	411.14	43.30
1973	4	-2.57%	400.58	43.60
1973	5	-1.99%	392.61	43.90
1973	6	1.21%	397.36	44.20
1973	7	-1.64%	390.86	44.30
1973	8	2.00%	398.66	45.10
1973	9	4.24%	415.54	45.20
1973	10	-6.85%	387.07	45.60
1973	11	-6.81%	360.73	45.90
1973	12	1.70%	366.86	46.20
1974	1	-2.47%	357.79	46.60
1974	2	4.57%	374.16	47.20
1974	3	-4.82%	356.13	47.80
1974	4	-2.71%	346.50	48.00
1974	5	0.46%	348.08	48.60
1974	6	-11.35%	308.59	49.00
1974	7	-3.76%	296.97	49.40
1974	8	-10.01%	267.23	50.00
1974	9	2.38%	273.58	50.60
1974	10	3.74%	283.82	51.10
1974	11	-6.09%	266.53	51.50
1974	12	8.63%	289.54	51.90
1975	1	10.81%	320.84	52.10
1975	2	4.97%	336.79	52.50
1975	3	1.49%	341.80	52.70
1975	4	6.71%	364.75	52.90
1975	5	2.89%	375.30	53.20
1975	6	0.43%	376.92	53.60
1975	7	-7.00%	350.55	54.20
1975	8	-0.85%	347.57	54.30
1975	9	4.97%	364.84	54.60
1975	10	2.04%	372.29	54.90
1975	11	-1.18%	367.90	55.30
1975	12	9.55%	403.02	55.50
1976	1	4.18%	419.86	55.60
1976	2	0.80%	423.23	55.80
1976	3	1.10%	427.86	55.90
1976	4	-0.38%	426.22	56.10
1976	5	0.90%	430.06	56.50
1976	6	2.67%	441.52	56.80
1976	7	-0.56%	439.05	57.10
1976	8	2.44%	449.75	57.40
1976	9	-3.11%	435.77	57.60
1976	10	-0.37%	434.17	57.90
1976	11	3.79%	450.61	58.00
1976	12	-0.54%	448.19	58.20
1977	1	-2.37%	437.58	58.50
1977	2	-0.05%	437.34	59.10
1977	3	-1.19%	432.12	59.50
1977	4	0.06%	432.40	60.00
1977	5	0.90%	436.29	60.30
1977	6	1.28%	441.88	60.70
1977	7	-2.08%	432.70	61.00
1977	8	-1.18%	427.61	61.20
1977	9	-2.20%	418.22	61.40
1977	10	0.98%	422.32	61.60
1977	11	-0.08%	421.98	61.90
1977	12	-3.39%	407.67	62.10
1978	1	-0.97%	403.71	62.50
1978	2	0.27%	404.78	62.90
1978	3	4.83%	424.33	63.40
1978	4	5.50%	447.69	63.90
1978	5	0.67%	450.71	64.50
1978	6	-0.06%	450.43	65.20
1978	7	7.33%	483.43	65.70
1978	8	0.40%	485.37	66.00
1978	9	-2.77%	471.90	66.50
1978	10	-5.44%	446.24	67.10
1978	11	1.92%	454.82	67.40
1978	12	4.19%	473.86	67.70
1979	1	-1.06%	468.85	68.30
1979	2	2.34%	479.83	69.10
1979	3	2.43%	491.49	69.80
1979	4	-1.89%	482.19	70.60
1979	5	2.42%	493.85	71.50
1979	6	1.42%	500.86	72.30
1979	7	5.01%	525.98	73.10
1979	8	1.54%	534.08	73.80
1979	9	-3.35%	516.17	74.60
1979	10	-0.32%	514.51	75.20
1979	11	4.40%	537.17	75.90
1979	12	3.31%	554.96	76.70
1980	1	4.40%	579.36	77.80
1980	2	-8.78%	528.50	78.90
1980	3	-1.16%	522.36	80.10
1980	4	5.04%	548.67	81.00
1980	5	6.86%	586.32	81.80
1980	6	4.97%	615.46	82.70
1980	7	3.50%	637.03	82.70
1980	8	2.84%	655.09	83.30
1980	9	3.32%	676.87	84.00
1980	10	4.61%	708.11	84.80
1980	11	-1.24%	699.30	85.50
1980	12	0.01%	699.37	86.30
1981	1	-3.07%	677.89	87.00
1981	2	4.14%	705.98	87.90
1981	3	1.29%	715.11	88.50
1981	4	-1.62%	703.55	89.10
1981	5	0.86%	709.58	89.80
1981	6	-2.02%	695.28	90.60
1981	7	0.80%	700.86	91.60
1981	8	-8.30%	642.67	92.30
1981	9	1.73%	653.77	93.20
1981	10	3.04%	673.67	93.40
1981	11	1.18%	681.61	93.70
1981	12	-4.80%	648.87	94.00
1982	1	-1.91%	636.45	94.30
1982	2	-2.74%	618.98	94.60
1982	3	5.47%	652.83	94.50
1982	4	0.57%	656.55	94.90
1982	5	-5.27%	621.95	95.80
1982	6	0.24%	623.46	97.00
1982	7	0.79%	628.41	97.50
1982	8	12.10%	704.43	97.70
1982	9	8.88%	766.99	97.90
1982	10	4.50%	801.51	98.20
1982	11	1.36%	812.37	98.00
1982	12	3.93%	844.26	97.60
1983	1	2.13%	862.25	97.80
1983	2	3.87%	895.58	97.90
1983	3	4.20%	933.17	97.90
1983	4	4.42%	974.45	98.60
1983	5	1.75%	991.54	99.20
1983	6	0.71%	998.56	99.50
1983	7	-2.41%	974.52	99.90
1983	8	3.31%	1,006.82	100.20
1983	9	0.65%	1,013.34	100.70
1983	10	-1.14%	1,001.77	101.00
1983	11	-0.13%	1,000.49	101.20
1983	12	1.58%	1,016.26	101.30
1984	1	-5.11%	964.30	101.90
1984	2	0.44%	968.57	102.40
1984	3	0.51%	973.48	102.60
1984	4	-0.25%	971.02	103.10
1984	5	-1.85%	953.08	103.40
1984	6	-0.91%	944.42	103.70
1984	7	9.21%	1,031.37	104.10
1984	8	1.41%	1,045.88	104.50
1984	9	-0.41%	1,041.56	105.00
1984	10	1.29%	1,054.96	105.30
1984	11	-0.71%	1,047.49	105.30
1984	12	4.70%	1,096.70	105.30
1985	1	5.79%	1,160.17	105.50
1985	2	-0.48%	1,154.62	106.00
1985	3	1.02%	1,166.45	106.40
1985	4	2.74%	1,198.36	106.90
1985	5	2.51%	1,228.45	107.30
1985	6	2.25%	1,256.06	107.60
1985	7	-1.85%	1,232.88	107.80
1985	8	-1.88%	1,209.64	108.00
1985	9	1.50%	1,227.73	108.30
1985	10	6.42%	1,306.56	108.70
1985	11	5.29%	1,375.73	109.00
1985	12	0.75%	1,386.08	109.30
1986	1	5.70%	1,465.04	109.60
1986	2	6.18%	1,555.62	109.30
1986	3	2.74%	1,598.27	108.80
1986	4	0.49%	1,606.13	108.60
1986	5	3.13%	1,656.46	108.90
1986	6	-1.80%	1,626.57	109.50
1986	7	2.28%	1,663.67	109.50
1986	8	-2.46%	1,622.81	109.70
1986	9	-0.09%	1,621.35	110.20
1986	10	3.53%	1,678.63	110.30
1986	11	1.71%	1,707.32	110.40
1986	12	6.67%	1,821.26	110.50
1987	1	6.46%	1,938.94	111.20
1987	2	4.38%	2,023.80	111.60
1987	3	-0.86%	2,006.47	112.10
1987	4	0.17%	2,009.94	112.70
1987	5	4.50%	2,100.35	113.10
1987	6	3.12%	2,165.93	113.50
1987	7	6.45%	2,305.72	113.80
1987	8	-3.03%	2,235.84	114.40
1987	9	-11.85%	1,970.81	115.00
1987	10	-12.30%	1,728.33	115.30
1987	11	-1.33%	1,705.26	115.40
1987	12	4.25%	1,777.68	115.40
1988	1	3.33%	1,836.85	115.70
1988	2	3.23%	1,896.22	116.00
1988	3	-0.89%	1,879.42	116.50
1988	4	-2.19%	1,838.29	117.10
1988	5	6.00%	1,948.55	117.50
1988	6	-0.31%	1,942.57	118.00
1988	7	-1.72%	1,909.19	118.50
1988	8	1.93%	1,945.98	119.00
1988	9	3.80%	2,019.96	119.80
1988	10	-2.02%	1,979.15	120.20
1988	11	2.33%	2,025.19	120.30
1988	12	3.51%	2,096.33	120.50
1989	1	3.30%	2,165.50	121.10
1989	2	-0.16%	2,162.00	121.60
1989	3	3.56%	2,239.07	122.30
1989	4	4.12%	2,331.22	123.10
1989	5	3.39%	2,410.31	123.80
1989	6	2.80%	2,477.80	124.10
1989	7	4.69%	2,594.03	124.40
1989	8	0.46%	2,605.84	124.60
1989	9	0.29%	2,613.30	125.00
1989	10	-1.81%	2,565.91	125.60
1989	11	2.74%	2,636.13	125.90
1989	12	-2.21%	2,577.84	126.10
1990	1	-2.53%	2,512.69	127.40
1990	2	2.71%	2,580.72	128.00
1990	3	0.20%	2,585.77	128.70
1990	4	3.85%	2,685.35	128.90
1990	5	3.17%	2,770.48	129.20
1990	6	0.17%	2,775.18	129.90
1990	7	-7.86%	2,557.01	130.40
1990	8	-4.34%	2,446.01	131.60
1990	9	-2.32%	2,389.37	132.70
1990	10	2.98%	2,460.66	133.50
1990	11	4.59%	2,573.52	133.80
1990	12	-0.69%	2,555.89	133.80
1991	1	11.61%	2,852.55	134.60
1991	2	3.04%	2,939.40	134.80
1991	3	2.26%	3,005.79	135.00
1991	4	-0.18%	3,000.42	135.20
1991	5	0.35%	3,010.83	135.60
1991	6	0.78%	3,034.33	136.00
1991	7	2.68%	3,115.61	136.20
1991	8	-0.30%	3,106.17	136.60
1991	9	0.18%	3,111.81	137.20
1991	10	0.02%	3,112.30	137.40
1991	11	0.94%	3,141.41	137.80
1991	12	7.36%	3,372.55	137.90
1992	1	-0.60%	3,352.29	138.10
1992	2	-1.01%	3,318.35	138.60
1992	3	0.26%	3,327.12	139.30
1992	4	2.07%	3,395.94	139.50
1992	5	-1.33%	3,350.80	139.70
1992	6	1.91%	3,414.88	140.20
1992	7	0.94%	3,447.03	140.50
1992	8	0.38%	3,460.07	140.90
1992	9	-1.18%	3,419.17	141.30
1992	10	2.76%	3,513.43	141.80
1992	11	3.27%	3,628.37	142.00
1992	12	0.14%	3,633.55	141.90
1993	1	1.72%	3,696.20	142.60
1993	2	2.15%	3,775.68	143.10
1993	3	-1.34%	3,725.02	143.60
1993	4	0.72%	3,752.01	144.00
1993	5	0.87%	3,784.47	144.20
1993	6	0.06%	3,786.78	144.40
1993	7	1.76%	3,853.52	144.40
1993	8	1.35%	3,905.74	144.80
1993	9	1.24%	3,954.24	145.10
1993	10	0.01%	3,954.54	145.70
1993	11	0.89%	3,989.62	145.80
1993	12	1.74%	4,058.88	145.80
1994	1	-0.08%	4,055.81	146.20
1994	2	-1.42%	3,998.06	146.70
1994	3	-3.35%	3,864.27	147.20
1994	4	1.06%	3,905.16	147.40
1994	5	1.11%	3,948.44	147.50
1994	6	-0.52%	3,927.95	148.00
1994	7	3.08%	4,049.01	148.40
1994	8	0.82%	4,082.11	149.00
1994	9	-0.44%	4,063.99	149.40
1994	10	-0.37%	4,048.95	149.50
1994	11	-1.03%	4,007.42	149.70
1994	12	2.45%	4,105.65	149.70
1995	1	3.82%	4,262.45	150.30
1995	2	2.56%	4,371.49	150.90
1995	3	3.22%	4,512.06	151.40
1995	4	3.35%	4,663.11	151.90
1995	5	3.18%	4,811.33	152.20
1995	6	3.55%	4,982.01	152.50
1995	7	0.51%	5,007.57	152.50
1995	8	3.72%	5,193.73	152.90
1995	9	0.91%	5,241.13	153.20
1995	10	2.36%	5,364.74	153.70
1995	11	3.39%	5,546.56	153.60
1995	12	0.16%	5,555.57	153.50
1996	1	5.90%	5,883.60	154.40
1996	2	-0.20%	5,871.79	154.90
1996	3	0.20%	5,883.36	155.70
1996	4	2.35%	6,021.90	156.30
1996	5	1.28%	6,098.90	156.60
1996	6	-3.48%	5,886.86	156.70
1996	7	3.08%	6,067.93	157.00
1996	8	2.02%	6,190.73	157.30
1996	9	4.12%	6,445.75	157.80
1996	10	5.05%	6,771.40	158.30
1996	11	1.20%	6,852.54	158.60
1996	12	3.26%	7,075.76	158.60
1997	1	4.36%	7,384.35	159.10
1997	2	-0.62%	7,338.29	159.60
1997	3	-3.41%	7,088.40	160.00
1997	4	9.22%	7,741.80	160.20
1997	5	5.34%	8,154.97	160.10
1997	6	5.74%	8,622.73	160.30
1997	7	0.35%	8,652.72	160.50
1997	8	1.19%	8,755.86	160.80
1997	9	1.65%	8,899.93	161.20
1997	10	-1.15%	8,797.40	161.60
1997	11	2.63%	9,029.17	161.50
1997	12	0.24%	9,050.58	161.30
1998	1	6.40%	9,630.01	161.60
1998	2	5.31%	10,141.64	161.90
1998	3	3.41%	10,487.03	162.20
1998	4	-0.22%	10,463.77	162.50
1998	5	0.12%	10,475.95	162.80
1998	6	4.47%	10,943.98	163.00
1998	7	-6.97%	10,181.08	163.20
1998	8	-4.90%	9,682.36	163.40
1998	9	1.29%	9,807.35	163.60
1998	10	10.97%	10,883.64	164.00
1998	11	4.10%	11,330.32	164.00
1998	12	5.05%	11,902.24	163.90
1999	1	-0.07%	11,894.30	164.30
1999	2	2.92%	12,242.03	164.50
1999	3	4.25%	12,762.32	165.00
1999	4	-0.10%	12,749.71	166.20
1999	5	-0.61%	12,671.71	166.20
1999	6	4.52%	13,244.77	166.20
1999	7	-3.77%	12,744.86	166.70
1999	8	-0.60%	12,668.65	167.10
1999	9	-1.27%	12,507.44	167.90
1999	10	7.11%	13,396.21	168.20
1999	11	2.81%	13,772.48	168.30
1999	12	-0.12%	13,756.10	168.30

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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 1957. This would result in a final amount of $13,327.99, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $13,756.10).

Year	Month	Contribution ($)	Amount ($)
1957	1	4.16	3.98
1957	2	4.16	8.26
1957	3	4.16	12.73
1957	4	4.16	17.58
1957	5	4.16	22.15
1957	6	4.16	26.91
1957	7	4.16	29.44
1957	8	4.16	32.33
1957	9	4.16	34.33
1957	10	4.16	37.78
1957	11	4.16	42.06
1957	12	4.16	47.28
1958	1	4.16	51.79
1958	2	4.16	57.28
1958	3	4.16	61.98
1958	4	4.16	68.48
1958	5	4.16	74.61
1958	6	4.16	81.18
1958	7	4.16	88.78
1958	8	4.16	95.67
1958	9	4.16	104.17
1958	10	4.16	111.92
1958	11	4.16	118.58
1958	12	4.32	128.11
1959	1	-	126.49
1959	2	-	130.04
1959	3	-	132.56
1959	4	-	134.90
1959	5	-	134.08
1959	6	-	139.75
1959	7	-	139.31
1959	8	-	134.15
1959	9	-	134.38
1959	10	-	135.28
1959	11	-	139.97
1959	12	-	137.89
1960	1	-	132.91
1960	2	-	131.48
1960	3	-	133.56
1960	4	-	132.73
1960	5	-	138.02
1960	6	-	134.99
1960	7	-	137.00
1960	8	-	133.28
1960	9	-	131.04
1960	10	-	135.68
1960	11	-	139.34
1960	12	-	146.90
1961	1	-	153.32
1961	2	-	158.53
1961	3	-	163.16
1961	4	-	165.22
1961	5	-	163.43
1961	6	-	163.39
1961	7	-	169.66
1961	8	-	168.74
1961	9	-	171.01
1961	10	-	179.17
1961	11	-	181.25
1961	12	-	174.93
1962	1	-	178.27
1962	2	-	178.88
1962	3	-	173.61
1962	4	-	161.14
1962	5	-	142.75
1962	6	-	146.63
1962	7	-	151.06
1962	8	-	150.16
1962	9	-	145.87
1962	10	-	156.38
1962	11	-	163.61
1962	12	-	170.39
1963	1	-	173.11
1963	2	-	172.93
1963	3	-	181.53
1963	4	-	185.65
1963	5	-	186.06
1963	6	-	183.78
1963	7	-	189.35
1963	8	-	194.83
1963	9	-	195.81
1963	10	-	195.21
1963	11	-	199.88
1963	12	-	206.53
1964	1	-	209.59
1964	2	-	213.93
1964	3	-	217.55
1964	4	-	220.21
1964	5	-	219.44
1964	6	-	228.13
1964	7	-	225.33
1964	8	-	229.76
1964	9	-	234.29
1964	10	-	236.48
1964	11	-	232.96
1964	12	-	239.53
1965	1	-	241.87
1965	2	-	242.68
1965	3	-	246.46
1965	4	-	250.73
1965	5	-	239.43
1965	6	-	239.67
1965	7	-	244.75
1965	8	-	253.55
1965	9	-	259.88
1965	10	-	262.68
1965	11	-	262.12
1965	12	-	267.31
1966	1	-	266.16
1966	2	-	255.88
1966	3	-	264.38
1966	4	-	251.14
1966	5	-	249.74
1966	6	-	249.78
1966	7	-	235.37
1966	8	-	227.78
1966	9	-	226.50
1966	10	-	238.54
1966	11	-	240.24
1966	12	-	250.17
1967	1	-	259.50
1967	2	-	266.33
1967	3	-	271.64
1967	4	-	277.23
1967	5	-	274.48
1967	6	-	279.95
1967	7	-	285.13
1967	8	-	289.85
1967	9	-	290.13
1967	10	-	281.77
1967	11	-	290.54
1967	12	-	290.49
1968	1	-	278.12
1968	2	-	273.78
1968	3	-	294.76
1968	4	-	302.30
1968	5	-	311.19
1968	6	-	311.34
1968	7	-	305.32
1968	8	-	316.03
1968	9	-	324.62
1968	10	-	330.41
1968	11	-	334.66
1968	12	-	321.32
1969	1	-	320.56
1969	2	-	314.42
1969	3	-	321.57
1969	4	-	332.87
1969	5	-	316.32
1969	6	-	303.02
1969	7	-	302.16
1969	8	-	304.06
1969	9	-	308.15
1969	10	-	311.23
1969	11	-	295.58
1969	12	-	293.84
1970	1	-	284.45
1970	2	-	290.17
1970	3	-	282.20
1970	4	-	250.60
1970	5	-	249.92
1970	6	-	251.23
1970	7	-	259.40
1970	8	-	275.80
1970	9	-	282.67
1970	10	-	283.25
1970	11	-	303.53
1970	12	-	316.01
1971	1	-	329.12
1971	2	-	338.44
1971	3	-	350.88
1971	4	-	346.99
1971	5	-	341.45
1971	6	-	339.87
1971	7	-	334.72
1971	8	-	343.04
1971	9	-	336.65
1971	10	-	321.93
1971	11	-	344.99
1971	12	-	360.25
1972	1	-	367.77
1972	2	-	377.40
1972	3	-	382.15
1972	4	-	379.19
1972	5	-	381.14
1972	6	-	379.22
1972	7	-	393.57
1972	8	-	388.81
1972	9	-	390.43
1972	10	-	410.94
1972	11	-	420.44
1972	12	-	424.60
1973	1	-	410.48
1973	2	-	404.96
1973	3	-	398.35
1973	4	-	388.11
1973	5	-	380.39
1973	6	-	384.99
1973	7	-	378.70
1973	8	-	386.25
1973	9	-	402.61
1973	10	-	375.02
1973	11	-	349.50
1973	12	-	355.44
1974	1	-	346.65
1974	2	-	362.51
1974	3	-	345.05
1974	4	-	335.71
1974	5	-	337.25
1974	6	-	298.98
1974	7	-	287.73
1974	8	-	258.91
1974	9	-	265.07
1974	10	-	274.99
1974	11	-	258.24
1974	12	-	280.53
1975	1	-	310.85
1975	2	-	326.31
1975	3	-	331.16
1975	4	-	353.39
1975	5	-	363.62
1975	6	-	365.19
1975	7	-	339.64
1975	8	-	336.75
1975	9	-	353.49
1975	10	-	360.71
1975	11	-	356.45
1975	12	-	390.48
1976	1	-	406.79
1976	2	-	410.05
1976	3	-	414.55
1976	4	-	412.96
1976	5	-	416.68
1976	6	-	427.78
1976	7	-	425.38
1976	8	-	435.75
1976	9	-	422.21
1976	10	-	420.66
1976	11	-	436.59
1976	12	-	434.24
1977	1	-	423.96
1977	2	-	423.73
1977	3	-	418.67
1977	4	-	418.94
1977	5	-	422.71
1977	6	-	428.13
1977	7	-	419.23
1977	8	-	414.31
1977	9	-	405.20
1977	10	-	409.18
1977	11	-	408.85
1977	12	-	394.99
1978	1	-	391.15
1978	2	-	392.19
1978	3	-	411.13
1978	4	-	433.76
1978	5	-	436.68
1978	6	-	436.41
1978	7	-	468.39
1978	8	-	470.26
1978	9	-	457.22
1978	10	-	432.36
1978	11	-	440.67
1978	12	-	459.11
1979	1	-	454.26
1979	2	-	464.90
1979	3	-	476.20
1979	4	-	467.18
1979	5	-	478.48
1979	6	-	485.27
1979	7	-	509.61
1979	8	-	517.46
1979	9	-	500.11
1979	10	-	498.50
1979	11	-	520.45
1979	12	-	537.69
1980	1	-	561.33
1980	2	-	512.06
1980	3	-	506.11
1980	4	-	531.59
1980	5	-	568.07
1980	6	-	596.31
1980	7	-	617.20
1980	8	-	634.71
1980	9	-	655.81
1980	10	-	686.07
1980	11	-	677.53
1980	12	-	677.60
1981	1	-	656.80
1981	2	-	684.01
1981	3	-	692.86
1981	4	-	681.65
1981	5	-	687.50
1981	6	-	673.64
1981	7	-	679.04
1981	8	-	622.67
1981	9	-	633.42
1981	10	-	652.70
1981	11	-	660.40
1981	12	-	628.67
1982	1	-	616.64
1982	2	-	599.72
1982	3	-	632.52
1982	4	-	636.12
1982	5	-	602.59
1982	6	-	604.06
1982	7	-	608.86
1982	8	-	682.51
1982	9	-	743.12
1982	10	-	776.56
1982	11	-	787.09
1982	12	-	817.99
1983	1	-	835.41
1983	2	-	867.71
1983	3	-	904.13
1983	4	-	944.12
1983	5	-	960.68
1983	6	-	967.48
1983	7	-	944.19
1983	8	-	975.48
1983	9	-	981.80
1983	10	-	970.60
1983	11	-	969.35
1983	12	-	984.63
1984	1	-	934.29
1984	2	-	938.43
1984	3	-	943.19
1984	4	-	940.80
1984	5	-	923.41
1984	6	-	915.03
1984	7	-	999.27
1984	8	-	1,013.33
1984	9	-	1,009.15
1984	10	-	1,022.13
1984	11	-	1,014.89
1984	12	-	1,062.57
1985	1	-	1,124.06
1985	2	-	1,118.69
1985	3	-	1,130.15
1985	4	-	1,161.07
1985	5	-	1,190.22
1985	6	-	1,216.97
1985	7	-	1,194.51
1985	8	-	1,171.99
1985	9	-	1,189.52
1985	10	-	1,265.90
1985	11	-	1,332.92
1985	12	-	1,342.94
1986	1	-	1,419.45
1986	2	-	1,507.21
1986	3	-	1,548.53
1986	4	-	1,556.15
1986	5	-	1,604.90
1986	6	-	1,575.95
1986	7	-	1,611.90
1986	8	-	1,572.31
1986	9	-	1,570.89
1986	10	-	1,626.39
1986	11	-	1,654.19
1986	12	-	1,764.58
1987	1	-	1,878.60
1987	2	-	1,960.82
1987	3	-	1,944.02
1987	4	-	1,947.38
1987	5	-	2,034.99
1987	6	-	2,098.52
1987	7	-	2,233.96
1987	8	-	2,166.26
1987	9	-	1,909.47
1987	10	-	1,674.54
1987	11	-	1,652.19
1987	12	-	1,722.35
1988	1	-	1,779.68
1988	2	-	1,837.20
1988	3	-	1,820.93
1988	4	-	1,781.08
1988	5	-	1,887.91
1988	6	-	1,882.12
1988	7	-	1,849.77
1988	8	-	1,885.42
1988	9	-	1,957.10
1988	10	-	1,917.56
1988	11	-	1,962.16
1988	12	-	2,031.09
1989	1	-	2,098.11
1989	2	-	2,094.72
1989	3	-	2,169.39
1989	4	-	2,258.67
1989	5	-	2,335.29
1989	6	-	2,400.69
1989	7	-	2,513.30
1989	8	-	2,524.75
1989	9	-	2,531.97
1989	10	-	2,486.05
1989	11	-	2,554.09
1989	12	-	2,497.61
1990	1	-	2,434.49
1990	2	-	2,500.40
1990	3	-	2,505.30
1990	4	-	2,601.78
1990	5	-	2,684.25
1990	6	-	2,688.81
1990	7	-	2,477.44
1990	8	-	2,369.89
1990	9	-	2,315.01
1990	10	-	2,384.08
1990	11	-	2,493.43
1990	12	-	2,476.35
1991	1	-	2,763.77
1991	2	-	2,847.92
1991	3	-	2,912.25
1991	4	-	2,907.04
1991	5	-	2,917.13
1991	6	-	2,939.89
1991	7	-	3,018.65
1991	8	-	3,009.50
1991	9	-	3,014.97
1991	10	-	3,015.44
1991	11	-	3,043.64
1991	12	-	3,267.60
1992	1	-	3,247.96
1992	2	-	3,215.08
1992	3	-	3,223.58
1992	4	-	3,290.25
1992	5	-	3,246.52
1992	6	-	3,308.60
1992	7	-	3,339.76
1992	8	-	3,352.39
1992	9	-	3,312.76
1992	10	-	3,404.09
1992	11	-	3,515.44
1992	12	-	3,520.47
1993	1	-	3,581.17
1993	2	-	3,658.17
1993	3	-	3,609.09
1993	4	-	3,635.24
1993	5	-	3,666.69
1993	6	-	3,668.93
1993	7	-	3,733.60
1993	8	-	3,784.18
1993	9	-	3,831.18
1993	10	-	3,831.47
1993	11	-	3,865.46
1993	12	-	3,932.56
1994	1	-	3,929.58
1994	2	-	3,873.63
1994	3	-	3,744.01
1994	4	-	3,783.63
1994	5	-	3,825.55
1994	6	-	3,805.70
1994	7	-	3,923.00
1994	8	-	3,955.07
1994	9	-	3,937.51
1994	10	-	3,922.94
1994	11	-	3,882.71
1994	12	-	3,977.88
1995	1	-	4,129.80
1995	2	-	4,235.44
1995	3	-	4,371.64
1995	4	-	4,517.99
1995	5	-	4,661.59
1995	6	-	4,826.96
1995	7	-	4,851.73
1995	8	-	5,032.10
1995	9	-	5,078.02
1995	10	-	5,197.78
1995	11	-	5,373.94
1995	12	-	5,382.67
1996	1	-	5,700.49
1996	2	-	5,689.05
1996	3	-	5,700.26
1996	4	-	5,834.49
1996	5	-	5,909.09
1996	6	-	5,703.66
1996	7	-	5,879.09
1996	8	-	5,998.06
1996	9	-	6,245.15
1996	10	-	6,560.66
1996	11	-	6,639.27
1996	12	-	6,855.55
1997	1	-	7,154.53
1997	2	-	7,109.91
1997	3	-	6,867.80
1997	4	-	7,500.86
1997	5	-	7,901.17
1997	6	-	8,354.38
1997	7	-	8,383.43
1997	8	-	8,483.36
1997	9	-	8,622.95
1997	10	-	8,523.61
1997	11	-	8,748.17
1997	12	-	8,768.91
1998	1	-	9,330.31
1998	2	-	9,826.02
1998	3	-	10,160.66
1998	4	-	10,138.12
1998	5	-	10,149.93
1998	6	-	10,603.39
1998	7	-	9,864.23
1998	8	-	9,381.03
1998	9	-	9,502.13
1998	10	-	10,544.93
1998	11	-	10,977.70
1998	12	-	11,531.82
1999	1	-	11,524.13
1999	2	-	11,861.04
1999	3	-	12,365.14
1999	4	-	12,352.92
1999	5	-	12,277.35
1999	6	-	12,832.57
1999	7	-	12,348.22
1999	8	-	12,274.38
1999	9	-	12,118.19
1999	10	-	12,979.30
1999	11	-	13,343.86
1999	12	-	13,327.99

Click to show 498 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 1957 to 1999
Start Value Average monthly close	$45.43
End Value Average monthly close	$1,248.77
Change in price	+2,648.78% +8.21% / yr
Change incl. dividends	+13,656.10% +12.13% / yr
Change incl. dividends, inflation-adjusted	+2,220.21% +7.59% / yr
Final amount, nominal ($100 base)	$13,756.10
Final amount, inflation-adjusted ($100 base)	$2,320.21

S&P 500: $100 in 1957 → $13,756.10 in 1999

Stock market returns between 1957 and 1999

Adjusting stock market return for inflation

Full monthly data

Dollar-cost averaging

Data Sources

About the author