S&P 500: $1000 in 1960 → $506,948.58 in 2023

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Stock market returns between 1960 and 2023

If you invested $1000 in the S&P 500 at the beginning of 1960, you would have about $506,948.58 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 50,594.86%, or 10.22% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 4,824.70% cumulatively, or 6.28% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $470,162.08.

The graph below shows the performance of $1000 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 $1000 is $505,948.58, or 50,594.86%. This means by 2023 you would have $506,948.58 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 1960 was 29.600 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 63 years.

Adjusted for inflation, the $506,948.58 nominal end value of the original $1000 investment would have a real return of roughly $48,247.03 in 1960 dollars. This means the inflation-adjusted return is 4,824.70% as opposed to the original 50,594.86%.

For more information on inflation, see our U.S. inflation calculator for 1960.

Full monthly data

The table below shows the full dataset pertaining to a $1000 investment, including gains and losses over the 768-month period between 1960 and 2023.

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

YearMonthReturn (%)Amount ($)CPI
19601-3.61%963.9129.30
19602-1.08%953.5229.40
196031.58%968.6229.40
19604-0.62%962.5729.50
196053.99%1,000.9629.50
19606-2.20%978.9829.60
196071.49%993.5729.60
19608-2.72%966.5429.60
19609-1.67%950.3629.60
1960103.54%984.0129.80
1960112.69%1,010.4929.80
1960125.43%1,065.3329.80
196114.37%1,111.9329.80
196123.40%1,149.7029.80
196132.92%1,183.2629.80
196141.26%1,198.2129.80
19615-1.08%1,185.2629.80
19616-0.03%1,184.9329.80
196173.84%1,230.4230.00
19618-0.54%1,223.7629.90
196191.34%1,240.1930.00
1961104.77%1,299.3730.00
1961111.16%1,314.4930.00
196112-3.49%1,268.6530.00
196211.91%1,292.8730.00
196220.34%1,297.2830.10
19623-2.94%1,259.0830.10
19624-7.19%1,168.6130.20
19625-11.41%1,035.2430.20
196262.72%1,063.3730.20
196273.02%1,095.5230.30
19628-0.59%1,089.0230.30
19629-2.86%1,057.9130.40
1962107.20%1,134.0930.40
1962114.62%1,186.5330.40
1962124.15%1,235.7330.40
196311.60%1,255.4530.40
19632-0.11%1,254.0930.40
196334.98%1,316.5230.50
196342.27%1,346.4030.50
196350.22%1,349.3130.50
19636-1.22%1,332.8330.60
196373.03%1,373.2330.70
196382.89%1,412.9630.70
196390.50%1,420.0330.70
196310-0.31%1,415.6730.80
1963112.39%1,449.5630.80
1963123.33%1,497.8330.90
196411.48%1,519.9930.90
196422.07%1,551.4730.90
196431.69%1,577.7430.90
196441.22%1,597.0030.90
19645-0.35%1,591.4030.90
196463.96%1,654.4331.00
19647-1.23%1,634.1531.10
196481.97%1,666.2731.00
196491.97%1,699.1031.10
1964100.94%1,715.0231.10
196411-1.49%1,689.4631.20
1964122.82%1,737.1231.20
196510.98%1,754.0631.20
196520.34%1,759.9431.20
196531.56%1,787.3631.30
196541.73%1,818.3231.40
19655-4.51%1,736.3731.40
196560.10%1,738.1531.60
196572.12%1,774.9831.60
196583.60%1,838.8131.60
196592.50%1,884.7231.60
1965101.08%1,905.0031.70
196511-0.21%1,900.9731.70
1965121.98%1,938.6131.80
19661-0.43%1,930.2731.80
19662-3.86%1,855.7232.00
196633.32%1,917.3432.10
19664-5.01%1,821.3332.30
19665-0.56%1,811.1432.30
196660.02%1,811.4732.40
19667-5.77%1,706.9632.50
19668-3.22%1,651.9132.70
19669-0.56%1,642.5932.70
1966105.32%1,729.9132.90
1966110.72%1,742.2932.90
1966124.13%1,814.2632.90
196713.73%1,881.9332.90
196722.63%1,931.4932.90
196731.99%1,969.9833.00
196742.06%2,010.5133.10
19675-0.99%1,990.5733.20
196761.99%2,030.2333.30
196771.85%2,067.8333.40
196781.65%2,102.0333.50
196790.10%2,104.0733.60
196710-2.88%2,043.4433.70
1967113.11%2,107.0333.80
196712-0.02%2,106.6633.90
19681-4.26%2,016.9834.10
19682-1.56%1,985.5334.20
196837.66%2,137.6534.30
196842.56%2,192.3334.40
196852.94%2,256.8034.50
196860.05%2,257.9034.70
19687-1.93%2,214.2434.90
196883.51%2,291.9135.00
196892.72%2,354.1835.10
1968101.79%2,396.2235.30
1968111.29%2,427.0235.40
196812-3.99%2,330.3035.50
19691-0.24%2,324.7435.60
19692-1.91%2,280.2535.80
196932.27%2,332.1136.10
196943.51%2,414.0536.30
19695-4.97%2,294.0436.40
19696-4.21%2,197.5636.60
19697-0.28%2,191.3336.80
196980.63%2,205.1137.00
196991.35%2,234.8037.10
1969101.00%2,257.0937.30
196911-5.03%2,143.6137.50
196912-0.59%2,130.9937.70
19701-3.20%2,062.8837.80
197022.01%2,104.3938.00
19703-2.75%2,046.5738.20
19704-11.20%1,817.3738.50
19705-0.27%1,812.4738.60
197060.52%1,821.9438.80
197073.26%1,881.2539.00
197086.32%2,000.1739.00
197092.49%2,049.9739.20
1970100.21%2,054.2139.40
1970117.16%2,201.2539.60
1970124.11%2,291.7439.80
197114.15%2,386.8739.80
197122.83%2,454.4739.90
197133.67%2,544.6440.00
19714-1.11%2,516.4540.10
19715-1.60%2,476.2940.30
19716-0.46%2,464.8240.60
19717-1.52%2,427.4340.70
197182.49%2,487.7940.80
19719-1.86%2,441.4240.80
197110-4.37%2,334.6940.90
1971117.16%2,501.9440.90
1971124.42%2,612.5941.10
197212.09%2,667.1241.10
197222.62%2,736.9841.30
197231.26%2,771.4441.40
19724-0.78%2,749.9441.50
197250.52%2,764.1341.60
19726-0.50%2,750.2041.70
197273.78%2,854.2641.90
19728-1.21%2,819.7142.00
197290.42%2,831.4842.10
1972105.25%2,980.2542.30
1972112.31%3,049.1442.40
1972120.99%3,079.3142.50
19731-3.33%2,976.9242.60
19732-1.35%2,936.8742.90
19733-1.63%2,888.9043.30
19734-2.57%2,814.6643.60
19735-1.99%2,758.6643.90
197361.21%2,792.0444.20
19737-1.64%2,746.3844.30
197382.00%2,801.1845.10
197394.24%2,919.8245.20
197310-6.85%2,719.7345.60
197311-6.81%2,534.6445.90
1973121.70%2,577.7446.20
19741-2.47%2,514.0046.60
197424.57%2,629.0047.20
19743-4.82%2,502.3747.80
19744-2.71%2,434.6748.00
197450.46%2,445.8048.60
19746-11.35%2,168.2849.00
19747-3.76%2,086.6549.40
19748-10.01%1,877.7050.00
197492.38%1,922.3350.60
1974103.74%1,994.2951.10
197411-6.09%1,872.8051.50
1974128.63%2,034.4851.90
1975110.81%2,254.3652.10
197524.97%2,366.4852.50
197531.49%2,401.6752.70
197546.71%2,562.8952.90
197552.89%2,637.0753.20
197560.43%2,648.4653.60
19757-7.00%2,463.1754.20
19758-0.85%2,442.1754.30
197594.97%2,563.5754.60
1975102.04%2,615.9154.90
197511-1.18%2,585.0655.30
1975129.55%2,831.8155.50
197614.18%2,950.1255.60
197620.80%2,973.8055.80
197631.10%3,006.3755.90
19764-0.38%2,994.8556.10
197650.90%3,021.8256.50
197662.67%3,102.3656.80
19767-0.56%3,084.9757.10
197682.44%3,160.1857.40
19769-3.11%3,061.9557.60
197610-0.37%3,050.7357.90
1976113.79%3,166.2458.00
197612-0.54%3,149.2358.20
19771-2.37%3,074.6458.50
19772-0.05%3,072.9759.10
19773-1.19%3,036.2959.50
197740.06%3,038.2560.00
197750.90%3,065.5960.30
197761.28%3,104.9060.70
19777-2.08%3,040.3661.00
19778-1.18%3,004.6361.20
19779-2.20%2,938.5961.40
1977100.98%2,967.4261.60
197711-0.08%2,965.0461.90
197712-3.39%2,864.5262.10
19781-0.97%2,836.6862.50
197820.27%2,844.2162.90
197834.83%2,981.5963.40
197845.50%3,145.7063.90
197850.67%3,166.8964.50
19786-0.06%3,164.9265.20
197877.33%3,396.8565.70
197880.40%3,410.4366.00
19789-2.77%3,315.8466.50
197810-5.44%3,135.5367.10
1978111.92%3,195.8267.40
1978124.19%3,329.5867.70
19791-1.06%3,294.3968.30
197922.34%3,371.5169.10
197932.43%3,453.4769.80
19794-1.89%3,388.1070.60
197952.42%3,470.0171.50
197961.42%3,519.3172.30
197975.01%3,695.7873.10
197981.54%3,752.7273.80
19799-3.35%3,626.9074.60
197910-0.32%3,615.2175.20
1979114.40%3,774.4275.90
1979123.31%3,899.4576.70
198014.40%4,070.8677.80
19802-8.78%3,713.5378.90
19803-1.16%3,670.3880.10
198045.04%3,855.2281.00
198056.86%4,119.8081.80
198064.97%4,324.5382.70
198073.50%4,476.0982.70
198082.84%4,603.0283.30
198093.32%4,756.0684.00
1980104.61%4,975.5484.80
198011-1.24%4,913.6085.50
1980120.01%4,914.0986.30
19811-3.07%4,763.2287.00
198124.14%4,960.5887.90
198131.29%5,024.7688.50
19814-1.62%4,943.4989.10
198150.86%4,985.8989.80
19816-2.02%4,885.3690.60
198170.80%4,924.5791.60
19818-8.30%4,515.7092.30
198191.73%4,593.6993.20
1981103.04%4,733.5193.40
1981111.18%4,789.3493.70
198112-4.80%4,559.2594.00
19821-1.91%4,471.9994.30
19822-2.74%4,349.2694.60
198235.47%4,587.1394.50
198240.57%4,613.2694.90
19825-5.27%4,370.1295.80
198260.24%4,380.7797.00
198270.79%4,415.5697.50
1982812.10%4,949.6897.70
198298.88%5,389.2897.90
1982104.50%5,631.7998.20
1982111.36%5,708.1398.00
1982123.93%5,932.2297.60
198312.13%6,058.5797.80
198323.87%6,292.7897.90
198334.20%6,556.9197.90
198344.42%6,846.9998.60
198351.75%6,967.0599.20
198360.71%7,016.3899.50
19837-2.41%6,847.4999.90
198383.31%7,074.40100.20
198390.65%7,120.24100.70
198310-1.14%7,038.97101.00
198311-0.13%7,029.95101.20
1983121.58%7,140.73101.30
19841-5.11%6,775.69101.90
198420.44%6,805.66102.40
198430.51%6,840.18102.60
19844-0.25%6,822.90103.10
19845-1.85%6,696.79103.40
19846-0.91%6,635.96103.70
198479.21%7,246.90104.10
198481.41%7,348.86104.50
19849-0.41%7,318.56105.00
1984101.29%7,412.66105.30
198411-0.71%7,360.22105.30
1984124.70%7,705.97105.30
198515.79%8,151.94105.50
19852-0.48%8,112.95106.00
198531.02%8,196.08106.40
198542.74%8,420.30106.90
198552.51%8,631.73107.30
198562.25%8,825.70107.60
19857-1.85%8,662.84107.80
19858-1.88%8,499.55108.00
198591.50%8,626.66108.30
1985106.42%9,180.54108.70
1985115.29%9,666.60109.00
1985120.75%9,739.27109.30
198615.70%10,294.14109.60
198626.18%10,930.60109.30
198632.74%11,230.26108.80
198640.49%11,285.49108.60
198653.13%11,639.09108.90
19866-1.80%11,429.13109.50
198672.28%11,689.81109.50
19868-2.46%11,402.69109.70
19869-0.09%11,392.44110.20
1986103.53%11,794.93110.30
1986111.71%11,996.49110.40
1986126.67%12,797.07110.50
198716.46%13,624.00111.20
198724.38%14,220.24111.60
19873-0.86%14,098.45112.10
198740.17%14,122.82112.70
198754.50%14,758.13113.10
198763.12%15,218.89113.50
198776.45%16,201.12113.80
19878-3.03%15,710.16114.40
19879-11.85%13,847.89115.00
198710-12.30%12,144.13115.30
198711-1.33%11,982.04115.40
1987124.25%12,490.86115.40
198813.33%12,906.63115.70
198823.23%13,323.78116.00
19883-0.89%13,205.73116.50
19884-2.19%12,916.75117.10
198856.00%13,691.53117.50
19886-0.31%13,649.50118.00
19887-1.72%13,414.94118.50
198881.93%13,673.47119.00
198893.80%14,193.28119.80
198810-2.02%13,906.54120.20
1988112.33%14,230.00120.30
1988123.51%14,729.85120.50
198913.30%15,215.91121.10
19892-0.16%15,191.32121.60
198933.56%15,732.86122.30
198944.12%16,380.31123.10
198953.39%16,936.03123.80
198962.80%17,410.27124.10
198974.69%18,226.94124.40
198980.46%18,309.98124.60
198990.29%18,362.39125.00
198910-1.81%18,029.38125.60
1989112.74%18,522.79125.90
198912-2.21%18,113.21126.10
19901-2.53%17,655.45127.40
199022.71%18,133.42128.00
199030.20%18,168.96128.70
199043.85%18,868.63128.90
199053.17%19,466.76129.20
199060.17%19,499.80129.90
19907-7.86%17,966.87130.40
19908-4.34%17,186.92131.60
19909-2.32%16,788.91132.70
1990102.98%17,289.86133.50
1990114.59%18,082.88133.80
199012-0.69%17,958.98133.80
1991111.61%20,043.44134.60
199123.04%20,653.68134.80
199132.26%21,120.22135.00
19914-0.18%21,082.44135.20
199150.35%21,155.59135.60
199160.78%21,320.71136.00
199172.68%21,891.88136.20
19918-0.30%21,825.52136.60
199190.18%21,865.17137.20
1991100.02%21,868.62137.40
1991110.94%22,073.12137.80
1991127.36%23,697.27137.90
19921-0.60%23,554.89138.10
19922-1.01%23,316.42138.60
199230.26%23,378.05139.30
199242.07%23,861.59139.50
19925-1.33%23,544.44139.70
199261.91%23,994.64140.20
199270.94%24,220.60140.50
199280.38%24,312.20140.90
19929-1.18%24,024.82141.30
1992102.76%24,687.16141.80
1992113.27%25,494.72142.00
1992120.14%25,531.15141.90
199311.72%25,971.38142.60
199322.15%26,529.80143.10
19933-1.34%26,173.84143.60
199340.72%26,363.53144.00
199350.87%26,591.62144.20
199360.06%26,607.84144.40
199371.76%27,076.79144.40
199381.35%27,443.68144.80
199391.24%27,784.50145.10
1993100.01%27,786.60145.70
1993110.89%28,033.11145.80
1993121.74%28,519.74145.80
19941-0.08%28,498.15146.20
19942-1.42%28,092.38146.70
19943-3.35%27,152.31147.20
199441.06%27,439.64147.40
199451.11%27,743.70147.50
19946-0.52%27,599.75148.00
199473.08%28,450.39148.40
199480.82%28,682.96149.00
19949-0.44%28,555.61149.40
199410-0.37%28,449.99149.50
199411-1.03%28,158.17149.70
1994122.45%28,848.38149.70
199513.82%29,950.13150.30
199522.56%30,716.30150.90
199533.22%31,704.00151.40
199543.35%32,765.37151.90
199553.18%33,806.80152.20
199563.55%35,006.09152.50
199570.51%35,185.71152.50
199583.72%36,493.80152.90
199590.91%36,826.83153.20
1995102.36%37,695.35153.70
1995113.39%38,972.89153.60
1995120.16%39,036.25153.50
199615.90%41,341.11154.40
19962-0.20%41,258.14154.90
199630.20%41,339.43155.70
199642.35%42,312.91156.30
199651.28%42,853.92156.60
19966-3.48%41,364.07156.70
199673.08%42,636.33157.00
199682.02%43,499.17157.30
199694.12%45,291.12157.80
1996105.05%47,579.26158.30
1996111.20%48,149.37158.60
1996123.26%49,717.86158.60
199714.36%51,886.13159.10
19972-0.62%51,562.53159.60
19973-3.41%49,806.70160.00
199749.22%54,397.79160.20
199755.34%57,300.91160.10
199765.74%60,587.64160.30
199770.35%60,798.36160.50
199781.19%61,523.08160.80
199791.65%62,535.37161.20
199710-1.15%61,814.93161.60
1997112.63%63,443.52161.50
1997120.24%63,593.94161.30
199816.40%67,665.32161.60
199825.31%71,260.30161.90
199833.41%73,687.19162.20
19984-0.22%73,523.71162.50
199850.12%73,609.33162.80
199864.47%76,897.95163.00
19987-6.97%71,537.39163.20
19988-4.90%68,033.17163.40
199891.29%68,911.38163.60
19981010.97%76,473.98164.00
1998114.10%79,612.55164.00
1998125.05%83,631.14163.90
19991-0.07%83,575.35164.30
199922.92%86,018.68164.50
199934.25%89,674.50165.00
19994-0.10%89,585.87166.20
19995-0.61%89,037.81166.20
199964.52%93,064.45166.20
19997-3.77%89,551.84166.70
19998-0.60%89,016.30167.10
19999-1.27%87,883.60167.90
1999107.11%94,128.56168.20
1999112.81%96,772.38168.30
199912-0.12%96,657.28168.30
20001-2.48%94,262.04168.80
200023.94%97,976.87169.80
200031.42%99,372.71171.20
20004-2.84%96,551.72171.30
200053.16%99,606.12171.50
200060.85%100,453.11172.40
200070.94%101,397.08172.80
20008-1.08%100,302.34172.80
20009-5.21%95,072.35173.70
200010-0.77%94,337.85174.00
200011-3.32%91,205.77174.10
2000120.46%91,620.76174.00
20011-2.14%89,663.51175.10
20012-9.08%81,522.15175.80
200130.45%81,887.93176.20
200146.88%87,521.27176.90
20015-2.39%85,430.70177.70
20016-2.66%83,158.04178.00
20017-2.05%81,456.76177.50
20018-11.25%72,295.06177.50
200193.18%74,596.96178.30
2001105.05%78,366.45177.70
2001111.47%79,515.34177.40
200112-0.30%79,278.63176.70
20021-3.35%76,620.60177.10
200224.95%80,409.70177.80
20023-3.51%77,583.75178.80
20024-2.82%75,395.60179.80
20025-5.92%70,931.46179.80
20026-10.76%63,300.30179.90
200271.14%64,021.16180.10
20028-4.76%60,975.20180.70
20029-1.37%60,141.65181.00
2002106.63%64,126.38181.30
200211-1.04%63,462.63181.30
200212-0.22%63,321.42180.90
20031-6.41%59,259.45181.70
200321.31%60,034.50183.10
200335.29%63,207.84184.20
200345.31%66,565.58183.80
200355.70%70,362.60183.50
200360.60%70,781.89183.70
20037-0.17%70,664.16183.90
200383.16%72,897.99184.60
200392.03%74,376.23185.20
2003101.21%75,276.62185.00
2003113.06%77,582.95184.50
2003124.93%81,411.64184.30
200411.09%82,296.31185.20
20042-1.57%81,008.21186.20
200430.97%81,792.48187.40
20044-2.56%79,695.12188.00
200452.86%81,972.55189.10
20046-2.24%80,137.36189.70
20047-1.39%79,025.40189.40
200482.78%81,224.38189.50
200490.10%81,307.71189.90
2004104.77%85,189.26190.90
2004112.73%87,512.75191.00
200412-1.35%86,332.01190.30
200511.68%87,783.43190.70
20052-0.26%87,559.06191.80
20053-2.41%85,449.84193.30
200541.34%86,591.34194.60
200552.18%88,479.63194.40
200561.81%90,079.16194.50
200570.31%90,358.42195.40
200580.28%90,611.15196.40
20059-2.62%88,233.31198.80
2005103.96%91,728.71199.20
2005112.14%93,695.49197.60
2005121.47%95,069.79196.80
20061-0.02%95,053.97198.30
200621.49%96,466.60198.70
200630.80%97,236.73199.80
20064-0.79%96,471.83201.50
20065-2.71%93,861.50202.50
200660.72%94,537.34202.90
200672.29%96,703.91203.50
200682.53%99,151.65203.90
200693.62%102,736.89202.90
2006102.00%104,793.32201.80
2006112.15%107,044.56201.50
2006120.69%107,786.19201.80
200711.60%109,506.51202.42
20072-2.47%106,797.44203.50
200734.18%111,261.85205.35
200743.39%115,035.57206.69
200750.34%115,432.33207.95
200760.57%116,095.63208.35
20077-4.20%111,218.33208.30
200783.07%114,638.01207.92
200792.99%118,067.55208.49
200710-4.81%112,392.86208.94
2007111.24%113,784.53210.18
200712-6.64%106,234.70210.04
20081-1.56%104,573.23211.08
20082-2.63%101,826.47211.69
200834.24%106,147.79213.53
200842.56%108,867.93214.82
20085-4.25%104,244.77216.63
20086-6.08%97,908.28218.82
200872.11%99,974.67219.96
20088-4.85%95,128.36219.09
20089-20.19%75,918.53218.78
200810-8.61%69,385.48216.57
200811-0.35%69,141.79212.43
200812-1.10%68,384.30210.23
20091-6.70%63,800.84211.14
20092-5.69%60,172.20212.19
2009312.32%67,586.47212.71
200946.66%72,087.61213.24
200952.87%74,155.71213.86
200961.28%75,103.15215.69
200978.12%81,202.09215.35
200983.65%84,166.24215.83
200992.40%86,188.85215.97
2009102.09%87,993.92216.18
2009112.23%89,952.54216.33
2009121.36%91,173.17215.95
20101-2.90%88,530.54216.69
201025.94%93,791.94216.74
201034.09%97,626.09217.63
20104-5.88%91,883.33218.01
20105-3.54%88,627.39218.18
20106-0.16%88,486.41217.97
201070.86%89,250.59218.01
201083.37%92,259.36218.31
201094.58%96,482.47218.44
2010102.49%98,885.77218.71
2010113.71%102,558.13218.80
2010123.46%106,108.89219.18
201113.15%109,452.23220.22
20112-1.11%108,234.62221.31
201132.22%110,638.49223.47
201140.66%111,367.86224.91
20115-3.66%107,288.90225.96
201163.10%110,616.72225.72
20117-10.40%99,111.87225.92
20118-0.79%98,329.63226.55
201193.02%101,298.11226.89
2011101.77%103,088.17226.42
2011111.55%104,690.93226.23
2011124.78%109,697.84225.67
201214.16%114,264.13226.67
201222.88%117,559.32227.66
20123-0.04%117,514.40229.39
20124-3.09%113,882.09230.09
20125-1.15%112,569.70229.82
201262.92%115,857.96229.48
201273.39%119,782.88229.10
201283.02%123,401.72230.38
20129-0.22%123,133.77231.41
201210-2.84%119,639.86231.32
2012112.18%122,242.66230.22
2012124.27%127,460.91229.60
201312.33%130,434.60230.28
201322.72%133,985.62232.17
201331.45%135,933.50232.77
201344.57%142,151.46232.53
20135-1.12%140,562.53232.95
201363.25%145,137.10233.50
201370.25%145,503.62233.60
201381.19%147,238.70233.88
201392.12%150,356.55234.15
2013103.86%156,160.31233.55
2013111.52%158,536.54233.07
2013120.97%160,070.87233.05
20141-0.13%159,862.72233.92
201422.72%164,214.61234.78
201430.20%164,545.87236.29
201441.53%167,066.77237.07
201453.20%172,406.75237.90
201461.50%174,985.65238.34
20147-0.43%174,238.55238.25
201481.78%177,336.57237.85
20149-2.65%172,643.21238.03
2014105.71%182,493.63237.43
2014110.63%183,650.44236.15
201412-1.11%181,611.83234.81
201512.83%186,746.72233.71
201520.06%186,850.11234.72
201530.88%188,491.42236.12
201540.98%190,336.57236.60
20155-0.44%189,507.65237.81
20156-0.08%189,356.75238.64
20157-2.42%184,765.99238.65
20158-4.51%176,438.41238.32
201594.32%184,055.47237.95
2015102.93%189,452.84237.84
201511-1.10%187,363.23237.34
201512-6.42%175,335.22236.53
20161-0.55%174,371.03236.92
201626.36%185,465.79237.11
201632.83%190,716.81238.13
20164-0.30%190,136.33239.26
201651.07%192,164.12240.23
201663.30%198,500.61241.02
201671.20%200,881.14240.63
20168-0.44%199,999.94240.85
20169-0.51%198,987.97241.43
2016101.20%201,378.14241.73
2016113.95%209,324.45241.35
2016121.44%212,333.77241.43
201712.58%217,804.43242.84
201721.75%221,614.39243.60
20173-0.15%221,273.10243.80
201741.69%225,017.86244.52
201751.78%229,015.14244.73
201760.99%231,277.55244.96
201770.25%231,850.67244.79
201781.65%235,683.77245.52
201792.73%242,129.24246.82
2017101.59%245,978.06246.66
2017112.88%253,070.80246.67
2017124.86%265,374.84246.52
20181-2.89%257,714.30247.87
201820.06%257,880.73248.99
20183-1.66%253,589.67249.55
201841.96%258,564.14250.55
201852.11%264,027.52251.59
201861.58%268,201.11251.99
201872.45%274,774.20252.01
201881.68%279,389.71252.15
20189-3.85%268,636.04252.44
201810-2.08%263,058.87252.89
201811-5.56%248,426.19252.04
2018121.74%252,737.96251.23
201915.83%267,469.81251.71
201921.95%272,680.18252.78
201933.72%282,832.66254.20
20194-1.53%278,500.26255.55
201951.40%282,412.49256.09
201963.83%293,221.39256.14
20197-3.13%284,030.62256.57
201983.09%292,793.61256.56
201990.01%292,822.31256.76
2019104.43%305,805.15257.35
2019112.47%313,356.46257.21
2019123.35%323,842.61256.97
202010.12%324,237.95257.97
20202-18.92%262,899.56258.68
202034.32%274,253.18258.12
202045.89%290,399.46256.39
202056.51%309,299.45256.39
202063.48%320,052.04257.80
202075.89%338,914.32259.10
20208-0.63%336,789.32259.92
202091.73%342,602.31260.28
2020103.95%356,149.21260.39
2020114.26%371,321.45260.23
2020122.80%381,701.00260.47
202112.49%391,211.19261.58
202120.82%394,424.43263.01
202136.02%418,174.64264.88
202140.76%421,353.74267.05
202151.81%428,982.02269.20
202163.07%442,144.05271.70
202172.19%451,805.62273.00
20218-0.08%451,423.85273.57
202190.45%453,465.08274.31
2021104.74%474,980.83276.59
2021110.27%476,241.45277.95
202112-2.05%466,469.20278.80
20221-2.90%452,929.61281.15
20222-0.89%448,886.83283.72
202230.12%449,417.87287.50
20224-7.87%414,036.41289.11
20225-3.37%400,085.93292.30
202260.46%401,945.07296.31
202276.45%427,860.06296.28
20228-7.28%396,722.95296.17
20229-3.09%384,459.55296.81
2022105.29%404,778.60298.01
2022110.01%404,822.47297.71
2022121.38%410,394.67296.80
202313.15%423,309.68299.17
20232-2.59%412,365.31300.84
202334.00%428,844.34301.84
202340.74%432,007.91303.36
202354.94%453,358.54304.13
202363.88%470,930.91305.11
20237-1.00%466,232.73305.69
20238-0.95%461,786.84307.03
20239-3.04%447,760.93307.79
2023104.60%468,365.65307.67
2023115.18%492,604.73307.05
2023122.91%506,948.58306.75
Click to show 750 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 $1,000.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $1,000.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1960. This would result in a final amount of $470,162.08, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $506,948.58).

YearMonthContribution ($)Amount ($)
1960141.6640.04
1960241.6680.71
1960341.66124.18
1960441.66164.68
1960541.66214.45
1960641.66250.37
1960741.66296.26
1960841.66328.61
1960941.66363.95
19601041.66419.84
19601141.66473.80
19601241.66543.31
1961141.66610.45
1961241.66674.15
1961341.66736.60
1961441.66787.99
1961541.66820.59
1961641.66861.90
1961741.66938.15
1961841.66974.40
1961941.661,029.60
19611041.661,122.28
19611141.661,177.38
19611241.821,176.59
19621-1,199.06
19622-1,203.15
19623-1,167.71
19624-1,083.81
19625-960.12
19626-986.21
19627-1,016.02
19628-1,009.99
19629-981.15
196210-1,051.80
196211-1,100.43
196212-1,146.06
19631-1,164.35
19632-1,163.09
19633-1,220.99
19634-1,248.70
19635-1,251.40
19636-1,236.11
19637-1,273.58
19638-1,310.43
19639-1,316.98
196310-1,312.95
196311-1,344.37
196312-1,389.14
19641-1,409.70
19642-1,438.89
19643-1,463.25
19644-1,481.11
19645-1,475.92
19646-1,534.38
19647-1,515.57
19648-1,545.36
19649-1,575.81
196410-1,590.57
196411-1,566.87
196412-1,611.06
19651-1,626.77
19652-1,632.23
19653-1,657.66
19654-1,686.38
19655-1,610.37
19656-1,612.02
19657-1,646.18
19658-1,705.37
19659-1,747.95
196510-1,766.76
196511-1,763.02
196512-1,797.94
19661-1,790.20
19662-1,721.06
19663-1,778.21
19664-1,689.17
19665-1,679.72
19666-1,680.02
19667-1,583.10
19668-1,532.04
19669-1,523.40
196610-1,604.38
196611-1,615.87
196612-1,682.61
19671-1,745.37
19672-1,791.34
19673-1,827.03
19674-1,864.62
19675-1,846.13
19676-1,882.91
19677-1,917.78
19678-1,949.49
19679-1,951.39
196710-1,895.16
196711-1,954.13
196712-1,953.79
19681-1,870.62
19682-1,841.45
19683-1,982.54
19684-2,033.24
19685-2,093.04
19686-2,094.06
19687-2,053.56
19688-2,125.59
19689-2,183.35
196810-2,222.34
196811-2,250.90
196812-2,161.20
19691-2,156.05
19692-2,114.78
19693-2,162.88
19694-2,238.87
19695-2,127.57
19696-2,038.10
19697-2,032.32
19698-2,045.09
19699-2,072.63
196910-2,093.30
196911-1,988.06
196912-1,976.35
19701-1,913.19
19702-1,951.68
19703-1,898.06
19704-1,685.49
19705-1,680.94
19706-1,689.73
19707-1,744.74
19708-1,855.03
19709-1,901.21
197010-1,905.14
197011-2,041.52
197012-2,125.44
19711-2,213.67
19712-2,276.36
19713-2,359.99
19714-2,333.84
19715-2,296.60
19716-2,285.97
19717-2,251.28
19718-2,307.26
19719-2,264.26
197110-2,165.28
197111-2,320.39
197112-2,423.01
19721-2,473.58
19722-2,538.38
19723-2,570.33
19724-2,550.39
19725-2,563.55
19726-2,550.63
19727-2,647.14
19728-2,615.10
19729-2,626.02
197210-2,763.99
197211-2,827.88
197212-2,855.86
19731-2,760.90
19732-2,723.76
19733-2,679.27
19734-2,610.42
19735-2,558.48
19736-2,589.44
19737-2,547.09
19738-2,597.91
19739-2,707.94
197310-2,522.37
197311-2,350.72
197312-2,390.69
19741-2,331.57
19742-2,438.23
19743-2,320.79
19744-2,258.00
19745-2,268.32
19746-2,010.94
19747-1,935.23
19748-1,741.45
19749-1,782.84
197410-1,849.58
197411-1,736.91
197412-1,886.85
19751-2,090.77
19752-2,194.76
19753-2,227.39
19754-2,376.91
19755-2,445.71
19756-2,456.28
19757-2,284.43
19758-2,264.95
19759-2,377.55
197510-2,426.09
197511-2,397.47
197512-2,626.32
19761-2,736.05
19762-2,758.00
19763-2,788.22
19764-2,777.53
19765-2,802.54
19766-2,877.24
19767-2,861.11
19768-2,930.86
19769-2,839.76
197610-2,829.35
197611-2,936.49
197612-2,920.71
19771-2,851.53
19772-2,849.98
19773-2,815.96
19774-2,817.78
19775-2,843.13
19776-2,879.60
19777-2,819.74
19778-2,786.60
19779-2,725.35
197710-2,752.09
197711-2,749.89
197712-2,656.66
19781-2,630.83
19782-2,637.82
19783-2,765.23
19784-2,917.44
19785-2,937.09
19786-2,935.26
19787-3,150.36
19788-3,162.95
19789-3,075.23
197810-2,908.01
197811-2,963.92
197812-3,087.97
19791-3,055.33
19792-3,126.86
19793-3,202.87
19794-3,142.24
19795-3,218.21
19796-3,263.94
19797-3,427.60
19798-3,480.40
19799-3,363.72
197910-3,352.87
197911-3,500.53
197912-3,616.49
19801-3,775.46
19802-3,444.06
19803-3,404.04
19804-3,575.47
19805-3,820.84
19806-4,010.72
19807-4,151.28
19808-4,269.00
19809-4,410.94
198010-4,614.49
198011-4,557.05
198012-4,557.51
19811-4,417.58
19812-4,600.62
19813-4,660.14
19814-4,584.77
19815-4,624.09
19816-4,530.86
19817-4,567.22
19818-4,188.02
19819-4,260.36
198110-4,390.03
198111-4,441.80
198112-4,228.41
19821-4,147.49
19822-4,033.66
19823-4,254.27
19824-4,278.50
19825-4,053.00
19826-4,062.88
19827-4,095.14
19828-4,590.51
19829-4,998.21
198210-5,223.12
198211-5,293.92
198212-5,501.75
19831-5,618.94
19832-5,836.14
19833-6,081.11
19834-6,350.14
19835-6,461.49
19836-6,507.24
19837-6,350.60
19838-6,561.05
19839-6,603.56
198310-6,528.19
198311-6,519.82
198312-6,622.57
19841-6,284.01
19842-6,311.81
19843-6,343.82
19844-6,327.80
19845-6,210.84
19846-6,154.42
19847-6,721.03
19848-6,815.60
19849-6,787.49
198410-6,874.77
198411-6,826.13
198412-7,146.79
19851-7,560.40
19852-7,524.23
19853-7,601.34
19854-7,809.28
19855-8,005.37
19856-8,185.27
19857-8,034.22
19858-7,882.78
19859-8,000.67
198510-8,514.36
198511-8,965.15
198512-9,032.54
19861-9,547.15
19862-10,137.43
19863-10,415.34
19864-10,466.56
19865-10,794.51
19866-10,599.78
19867-10,841.55
19868-10,575.25
19869-10,565.75
198610-10,939.03
198611-11,125.97
198612-11,868.45
19871-12,635.38
19872-13,188.35
19873-13,075.41
19874-13,098.00
19875-13,687.21
19876-14,114.54
19877-15,025.49
19878-14,570.16
19879-12,843.03
198710-11,262.90
198711-11,112.57
198712-11,584.47
19881-11,970.07
19882-12,356.95
19883-12,247.46
19884-11,979.45
19885-12,698.01
19886-12,659.03
19887-12,441.49
19888-12,681.26
19889-13,163.35
198810-12,897.42
198811-13,197.41
198812-13,660.99
19891-14,111.78
19892-14,088.97
19893-14,591.21
19894-15,191.68
19895-15,707.08
19896-16,146.90
19897-16,904.31
19898-16,981.32
19899-17,029.93
198910-16,721.08
198911-17,178.69
198912-16,798.83
19901-16,374.29
19902-16,817.57
19903-16,850.53
19904-17,499.43
19905-18,054.16
19906-18,084.80
19907-16,663.11
19908-15,939.76
19909-15,570.63
199010-16,035.23
199011-16,770.70
199012-16,655.79
19911-18,588.99
19912-19,154.96
19913-19,587.64
19914-19,552.60
19915-19,620.45
19916-19,773.58
19917-20,303.30
19918-20,241.76
19919-20,278.53
199110-20,281.74
199111-20,471.40
199112-21,977.69
19921-21,845.64
19922-21,624.48
19923-21,681.63
19924-22,130.08
19925-21,835.95
19926-22,253.48
19927-22,463.04
19928-22,548.00
19929-22,281.47
199210-22,895.75
199211-23,644.71
199212-23,678.50
19931-24,086.77
19932-24,604.68
19933-24,274.54
19934-24,450.47
19935-24,662.01
19936-24,677.05
19937-25,111.98
19938-25,452.24
19939-25,768.33
199310-25,770.28
199311-25,998.90
199312-26,450.21
19941-26,430.19
19942-26,053.87
19943-25,182.01
19944-25,448.50
19945-25,730.49
19946-25,596.98
19947-26,385.90
19948-26,601.60
19949-26,483.48
199410-26,385.53
199411-26,114.89
199412-26,755.01
19951-27,776.81
19952-28,487.39
19953-29,403.41
19954-30,387.77
19955-31,353.62
19956-32,465.88
19957-32,632.47
19958-33,845.64
19959-34,154.50
199510-34,960.00
199511-36,144.84
199512-36,203.61
19961-38,341.21
19962-38,264.26
19963-38,339.66
19964-39,242.49
19965-39,744.24
19966-38,362.51
19967-39,542.44
19968-40,342.67
19969-42,004.59
199610-44,126.70
199611-44,655.43
199612-46,110.10
19971-48,121.04
19972-47,820.92
19973-46,192.50
19974-50,450.44
19975-53,142.89
19976-56,191.13
19977-56,386.56
19978-57,058.69
19979-57,997.52
199710-57,329.36
199711-58,839.77
199712-58,979.27
19981-62,755.22
19982-66,089.32
19983-68,340.11
19984-68,188.49
19985-68,267.90
19986-71,317.89
19987-66,346.31
19988-63,096.37
19989-63,910.85
199810-70,924.68
199811-73,835.50
199812-77,562.49
19991-77,510.74
19992-79,776.78
19993-83,167.31
19994-83,085.11
19995-82,576.82
19996-86,311.27
19997-83,053.55
19998-82,556.87
19999-81,506.36
199910-87,298.16
199911-89,750.13
199912-89,643.39
20001-87,421.96
20002-90,867.22
20003-92,161.77
20004-89,545.49
20005-92,378.24
20006-93,163.77
20007-94,039.24
20008-93,023.95
20009-88,173.47
200010-87,492.27
200011-84,587.46
200012-84,972.34
20011-83,157.11
20012-75,606.53
20013-75,945.77
20014-81,170.33
20015-79,231.45
20016-77,123.72
20017-75,545.89
20018-67,049.00
20019-69,183.86
200110-72,679.82
200111-73,745.34
200112-73,525.81
20021-71,060.66
20022-74,574.80
20023-71,953.92
20024-69,924.55
20025-65,784.35
20026-58,706.94
20027-59,375.49
20028-56,550.57
20029-55,777.50
200210-59,473.08
200211-58,857.49
200212-58,726.52
20031-54,959.31
20032-55,678.13
20033-58,621.19
20034-61,735.28
20035-65,256.77
20036-65,645.64
20037-65,536.45
20038-67,608.18
20039-68,979.16
200310-69,814.21
200311-71,953.18
200312-75,504.04
20041-76,324.52
20042-75,129.89
20043-75,857.25
20044-73,912.08
20045-76,024.25
20046-74,322.23
20047-73,290.96
20048-75,330.37
20049-75,407.65
200410-79,007.54
200411-81,162.43
200412-80,067.37
20051-81,413.46
20052-81,205.38
20053-79,249.21
20054-80,307.88
20055-82,059.15
20056-83,542.61
20057-83,801.60
20058-84,035.99
20059-81,830.70
200510-85,072.46
200511-86,896.52
200512-88,171.09
20061-88,156.42
20062-89,466.55
20063-90,180.79
20064-89,471.39
20065-87,050.48
20066-87,677.28
20067-89,686.63
20068-91,956.76
20069-95,281.83
200610-97,189.04
200611-99,276.92
200612-99,964.73
20071-101,560.22
20072-99,047.73
20073-103,188.18
20074-106,688.07
20075-107,056.04
20076-107,671.20
20077-103,147.82
20078-106,319.35
20079-109,500.03
200710-104,237.12
200711-105,527.81
200712-98,525.83
20081-96,984.92
20082-94,437.48
20083-98,445.22
20084-100,967.98
20085-96,680.29
20086-90,803.61
20087-92,720.05
20088-88,225.41
20089-70,409.54
200810-64,350.55
200811-64,124.54
200812-63,422.02
20091-59,171.16
20092-55,805.84
20093-62,682.09
20094-66,856.61
20095-68,774.63
20096-69,653.32
20097-75,309.69
20098-78,058.75
20099-79,934.59
200910-81,608.68
200911-83,425.17
200912-84,557.23
20101-82,106.36
20102-86,985.97
20103-90,541.89
20104-85,215.86
20105-82,196.18
20106-82,065.43
20107-82,774.16
20108-85,564.60
20109-89,481.27
201010-91,710.17
201011-95,116.04
201012-98,409.14
20111-101,509.88
20112-100,380.62
20113-102,610.06
20114-103,286.50
20115-99,503.53
20116-102,589.87
20117-91,919.86
20118-91,194.38
20119-93,947.46
201110-95,607.62
201111-97,094.08
201112-101,737.66
20121-105,972.61
20122-109,028.68
20123-108,987.02
20124-105,618.29
20125-104,401.13
20126-107,450.78
20127-111,090.89
20128-114,447.13
20129-114,198.62
201210-110,958.24
201211-113,372.18
201212-118,211.77
20131-120,969.67
20132-124,263.02
20133-126,069.54
20134-131,836.30
20135-130,362.67
20136-134,605.29
20137-134,945.21
20138-136,554.39
20139-139,446.00
201310-144,828.60
201311-147,032.40
201312-148,455.39
20141-148,262.35
20142-152,298.45
20143-152,605.67
20144-154,943.64
20145-159,896.14
20146-162,287.90
20147-161,595.01
20148-164,468.22
20149-160,115.43
201410-169,251.06
201411-170,323.92
201412-168,433.25
20151-173,195.53
20152-173,291.42
20153-174,813.62
20154-176,524.88
20155-175,756.12
20156-175,616.16
20157-171,358.53
20158-163,635.23
20159-170,699.56
201510-175,705.28
201511-173,767.30
201512-162,612.10
20161-161,717.88
20162-172,007.55
20163-176,877.53
20164-176,339.17
20165-178,219.81
20166-184,096.50
20167-186,304.29
20168-185,487.03
20169-184,548.50
201610-186,765.23
201611-194,134.91
201612-196,925.86
20171-201,999.55
20172-205,533.04
20173-205,216.51
20174-208,689.54
20175-212,396.76
20176-214,495.00
20177-215,026.53
20178-218,581.48
20179-224,559.24
201710-228,128.77
201711-234,706.83
201712-246,118.04
20181-239,013.38
20182-239,167.73
20183-235,188.05
20184-239,801.55
20185-244,868.48
20186-248,739.22
20187-254,835.33
20188-259,115.92
20189-249,142.59
201810-243,970.12
201811-230,399.25
201812-234,398.14
20191-248,060.98
20192-252,893.26
20193-262,309.04
20194-258,291.02
20195-261,919.36
20196-271,943.91
20197-263,420.06
20198-271,547.17
20199-271,573.79
201910-283,614.54
201911-290,617.89
201912-300,343.12
20201-300,709.77
20202-243,822.37
20203-254,352.12
20204-269,326.75
20205-286,855.27
20206-296,827.61
20207-314,321.16
20208-312,350.36
20209-317,741.53
202010-330,305.40
202011-344,376.67
202012-354,003.03
20211-362,823.12
20212-365,803.20
20213-387,829.98
20214-390,778.39
20215-397,853.13
20216-410,060.07
20217-419,020.54
20218-418,666.48
20219-420,559.59
202110-440,514.06
202111-441,683.20
202112-432,620.07
20221-420,062.97
20222-416,313.56
20223-416,806.06
20224-383,992.05
20225-371,053.88
20226-372,778.11
20227-396,812.58
20228-367,934.93
20229-356,561.41
202210-375,406.02
202211-375,446.71
202212-380,614.57
20231-392,592.40
20232-382,442.21
20233-397,725.44
20234-400,659.45
20235-420,460.78
20236-436,758.02
20237-432,400.76
20238-428,277.49
20239-415,269.36
202310-434,378.91
202311-456,859.09
202312-470,162.08
Click to show 750 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 1960 to 2023
Start Value
Average monthly close
$58.03
End Value
Average monthly close
$3,960.66
Change in price+6,725.19%
+6.93% / yr
Change incl. dividends+50,594.86%
+10.22% / yr
Change incl. dividends, inflation-adjusted+4,824.70%
+6.28% / yr
Final amount, nominal
($1000 base)
$506,948.58
Final amount, inflation-adjusted
($1000 base)
$49,247.03