S&P 500: $100 in 1964 → $38,939.45 in 2024

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Stock market returns since 1964

If you invested $100 in the S&P 500 at the beginning of 1964, you would have about $38,939.45 at the end of 2024, assuming you reinvested all dividends. This is a return on investment of 38,839.45%, or 10.38% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 3,724.08% cumulatively, or 6.22% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $34,181.19.

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.

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 $100 is $38,839.45, or 38,839.45%. This means by 2024 you would have $38,939.45 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 1964 was 31.000 and the CPI in 2024 was 315.664.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 60 years.

Adjusted for inflation, the $38,939.45 nominal end value of the original $100 investment would have a real return of roughly $3,724.08 in 1964 dollars. This means the inflation-adjusted return is 3,724.08% as opposed to the original 38,839.45%.

For more information on inflation, see our U.S. inflation calculator for 1964.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 725-month period between 1964 and 2024.

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

YearMonthReturn (%)Amount ($)CPI
196411.48%101.4830.90
196422.07%103.5830.90
196431.69%105.3430.90
196441.22%106.6230.90
19645-0.35%106.2530.90
196463.96%110.4631.00
19647-1.23%109.1031.10
196481.97%111.2531.00
196491.97%113.4431.10
1964100.94%114.5031.10
196411-1.49%112.7931.20
1964122.82%115.9831.20
196510.98%117.1131.20
196520.34%117.5031.20
196531.56%119.3331.30
196541.73%121.4031.40
19655-4.51%115.9331.40
196560.10%116.0431.60
196572.12%118.5031.60
196583.60%122.7631.60
196592.50%125.8331.60
1965101.08%127.1831.70
196511-0.21%126.9131.70
1965121.98%129.4331.80
19661-0.43%128.8731.80
19662-3.86%123.8932.00
196633.32%128.0132.10
19664-5.01%121.6032.30
19665-0.56%120.9232.30
196660.02%120.9432.40
19667-5.77%113.9632.50
19668-3.22%110.2932.70
19669-0.56%109.6632.70
1966105.32%115.4932.90
1966110.72%116.3232.90
1966124.13%121.1332.90
196713.73%125.6432.90
196722.63%128.9532.90
196731.99%131.5233.00
196742.06%134.2333.10
19675-0.99%132.9033.20
196761.99%135.5533.30
196771.85%138.0533.40
196781.65%140.3433.50
196790.10%140.4733.60
196710-2.88%136.4333.70
1967113.11%140.6733.80
196712-0.02%140.6533.90
19681-4.26%134.6634.10
19682-1.56%132.5634.20
196837.66%142.7234.30
196842.56%146.3734.40
196852.94%150.6734.50
196860.05%150.7534.70
19687-1.93%147.8334.90
196883.51%153.0235.00
196892.72%157.1735.10
1968101.79%159.9835.30
1968111.29%162.0435.40
196812-3.99%155.5835.50
19691-0.24%155.2135.60
19692-1.91%152.2435.80
196932.27%155.7036.10
196943.51%161.1736.30
19695-4.97%153.1636.40
19696-4.21%146.7236.60
19697-0.28%146.3036.80
196980.63%147.2237.00
196991.35%149.2037.10
1969101.00%150.6937.30
196911-5.03%143.1137.50
196912-0.59%142.2737.70
19701-3.20%137.7237.80
197022.01%140.5038.00
19703-2.75%136.6438.20
19704-11.20%121.3338.50
19705-0.27%121.0138.60
197060.52%121.6438.80
197073.26%125.6039.00
197086.32%133.5439.00
197092.49%136.8639.20
1970100.21%137.1539.40
1970117.16%146.9639.60
1970124.11%153.0039.80
197114.15%159.3639.80
197122.83%163.8739.90
197133.67%169.8940.00
19714-1.11%168.0140.10
19715-1.60%165.3340.30
19716-0.46%164.5640.60
19717-1.52%162.0640.70
197182.49%166.0940.80
19719-1.86%163.0040.80
197110-4.37%155.8740.90
1971117.16%167.0440.90
1971124.42%174.4341.10
197212.09%178.0741.10
197222.62%182.7341.30
197231.26%185.0341.40
19724-0.78%183.5941.50
197250.52%184.5441.60
19726-0.50%183.6141.70
197273.78%190.5641.90
19728-1.21%188.2542.00
197290.42%189.0442.10
1972105.25%198.9742.30
1972112.31%203.5742.40
1972120.99%205.5842.50
19731-3.33%198.7542.60
19732-1.35%196.0842.90
19733-1.63%192.8743.30
19734-2.57%187.9243.60
19735-1.99%184.1843.90
197361.21%186.4144.20
19737-1.64%183.3644.30
197382.00%187.0245.10
197394.24%194.9445.20
197310-6.85%181.5845.60
197311-6.81%169.2245.90
1973121.70%172.1046.20
19741-2.47%167.8446.60
197424.57%175.5247.20
19743-4.82%167.0747.80
19744-2.71%162.5548.00
197450.46%163.2948.60
19746-11.35%144.7649.00
19747-3.76%139.3149.40
19748-10.01%125.3650.00
197492.38%128.3450.60
1974103.74%133.1551.10
197411-6.09%125.0351.50
1974128.63%135.8351.90
1975110.81%150.5152.10
197524.97%157.9952.50
197531.49%160.3452.70
197546.71%171.1152.90
197552.89%176.0653.20
197560.43%176.8253.60
19757-7.00%164.4554.20
19758-0.85%163.0554.30
197594.97%171.1554.60
1975102.04%174.6554.90
197511-1.18%172.5955.30
1975129.55%189.0655.50
197614.18%196.9655.60
197620.80%198.5455.80
197631.10%200.7255.90
19764-0.38%199.9556.10
197650.90%201.7556.50
197662.67%207.1256.80
19767-0.56%205.9657.10
197682.44%210.9857.40
19769-3.11%204.4357.60
197610-0.37%203.6857.90
1976113.79%211.3958.00
197612-0.54%210.2558.20
19771-2.37%205.2758.50
19772-0.05%205.1659.10
19773-1.19%202.7159.50
197740.06%202.8460.00
197750.90%204.6760.30
197761.28%207.2960.70
19777-2.08%202.9861.00
19778-1.18%200.6061.20
19779-2.20%196.1961.40
1977100.98%198.1261.60
197711-0.08%197.9661.90
197712-3.39%191.2462.10
19781-0.97%189.3962.50
197820.27%189.8962.90
197834.83%199.0663.40
197845.50%210.0263.90
197850.67%211.4364.50
19786-0.06%211.3065.20
197877.33%226.7865.70
197880.40%227.6966.00
19789-2.77%221.3866.50
197810-5.44%209.3467.10
1978111.92%213.3667.40
1978124.19%222.2967.70
19791-1.06%219.9468.30
197922.34%225.0969.10
197932.43%230.5769.80
19794-1.89%226.2070.60
197952.42%231.6771.50
197961.42%234.9672.30
197975.01%246.7473.10
197981.54%250.5473.80
19799-3.35%242.1474.60
197910-0.32%241.3675.20
1979114.40%251.9975.90
1979123.31%260.3476.70
198014.40%271.7877.80
19802-8.78%247.9378.90
19803-1.16%245.0580.10
198045.04%257.3981.00
198056.86%275.0581.80
198064.97%288.7282.70
198073.50%298.8482.70
198082.84%307.3183.30
198093.32%317.5384.00
1980104.61%332.1884.80
198011-1.24%328.0585.50
1980120.01%328.0886.30
19811-3.07%318.0187.00
198124.14%331.1887.90
198131.29%335.4788.50
19814-1.62%330.0489.10
198150.86%332.8789.80
19816-2.02%326.1690.60
198170.80%328.7891.60
19818-8.30%301.4892.30
198191.73%306.6993.20
1981103.04%316.0393.40
1981111.18%319.7593.70
198112-4.80%304.3994.00
19821-1.91%298.5794.30
19822-2.74%290.3794.60
198235.47%306.2594.50
198240.57%308.0094.90
19825-5.27%291.7695.80
198260.24%292.4797.00
198270.79%294.8097.50
1982812.10%330.4697.70
198298.88%359.8197.90
1982104.50%376.0098.20
1982111.36%381.0998.00
1982123.93%396.0597.60
198312.13%404.4997.80
198323.87%420.1397.90
198334.20%437.7697.90
198344.42%457.1398.60
198351.75%465.1499.20
198360.71%468.4499.50
19837-2.41%457.1699.90
198383.31%472.31100.20
198390.65%475.37100.70
198310-1.14%469.94101.00
198311-0.13%469.34101.20
1983121.58%476.74101.30
19841-5.11%452.37101.90
198420.44%454.37102.40
198430.51%456.67102.60
19844-0.25%455.52103.10
19845-1.85%447.10103.40
19846-0.91%443.04103.70
198479.21%483.83104.10
198481.41%490.63104.50
19849-0.41%488.61105.00
1984101.29%494.89105.30
198411-0.71%491.39105.30
1984124.70%514.48105.30
198515.79%544.25105.50
19852-0.48%541.65106.00
198531.02%547.20106.40
198542.74%562.17106.90
198552.51%576.28107.30
198562.25%589.23107.60
19857-1.85%578.36107.80
19858-1.88%567.46108.00
198591.50%575.94108.30
1985106.42%612.92108.70
1985115.29%645.37109.00
1985120.75%650.23109.30
198615.70%687.27109.60
198626.18%729.76109.30
198632.74%749.77108.80
198640.49%753.46108.60
198653.13%777.06108.90
19866-1.80%763.05109.50
198672.28%780.45109.50
19868-2.46%761.28109.70
19869-0.09%760.60110.20
1986103.53%787.47110.30
1986111.71%800.93110.40
1986126.67%854.37110.50
198716.46%909.58111.20
198724.38%949.39111.60
19873-0.86%941.26112.10
198740.17%942.89112.70
198754.50%985.30113.10
198763.12%1,016.06113.50
198776.45%1,081.64113.80
19878-3.03%1,048.86114.40
19879-11.85%924.53115.00
198710-12.30%810.78115.30
198711-1.33%799.96115.40
1987124.25%833.93115.40
198813.33%861.69115.70
198823.23%889.54116.00
19883-0.89%881.66116.50
19884-2.19%862.37117.10
198856.00%914.09117.50
19886-0.31%911.29118.00
19887-1.72%895.63118.50
198881.93%912.89119.00
198893.80%947.59119.80
198810-2.02%928.45120.20
1988112.33%950.04120.30
1988123.51%983.41120.50
198913.30%1,015.87121.10
19892-0.16%1,014.22121.60
198933.56%1,050.38122.30
198944.12%1,093.60123.10
198953.39%1,130.71123.80
198962.80%1,162.37124.10
198974.69%1,216.89124.40
198980.46%1,222.43124.60
198990.29%1,225.93125.00
198910-1.81%1,203.70125.60
1989112.74%1,236.64125.90
198912-2.21%1,209.30126.10
19901-2.53%1,178.74127.40
199022.71%1,210.65128.00
199030.20%1,213.02128.70
199043.85%1,259.73128.90
199053.17%1,299.67129.20
199060.17%1,301.87129.90
19907-7.86%1,199.53130.40
19908-4.34%1,147.46131.60
19909-2.32%1,120.88132.70
1990102.98%1,154.33133.50
1990114.59%1,207.27133.80
199012-0.69%1,199.00133.80
1991111.61%1,338.17134.60
199123.04%1,378.91134.80
199132.26%1,410.06135.00
19914-0.18%1,407.53135.20
199150.35%1,412.42135.60
199160.78%1,423.44136.00
199172.68%1,461.57136.20
19918-0.30%1,457.14136.60
199190.18%1,459.79137.20
1991100.02%1,460.02137.40
1991110.94%1,473.68137.80
1991127.36%1,582.11137.90
19921-0.60%1,572.60138.10
19922-1.01%1,556.68138.60
199230.26%1,560.80139.30
199242.07%1,593.08139.50
19925-1.33%1,571.91139.70
199261.91%1,601.96140.20
199270.94%1,617.05140.50
199280.38%1,623.16140.90
19929-1.18%1,603.98141.30
1992102.76%1,648.20141.80
1992113.27%1,702.11142.00
1992120.14%1,704.54141.90
199311.72%1,733.94142.60
199322.15%1,771.22143.10
19933-1.34%1,747.45143.60
199340.72%1,760.12144.00
199350.87%1,775.34144.20
199360.06%1,776.43144.40
199371.76%1,807.74144.40
199381.35%1,832.23144.80
199391.24%1,854.99145.10
1993100.01%1,855.13145.70
1993110.89%1,871.58145.80
1993121.74%1,904.07145.80
19941-0.08%1,902.63146.20
19942-1.42%1,875.54146.70
19943-3.35%1,812.78147.20
199441.06%1,831.96147.40
199451.11%1,852.26147.50
19946-0.52%1,842.65148.00
199473.08%1,899.44148.40
199480.82%1,914.97149.00
19949-0.44%1,906.47149.40
199410-0.37%1,899.42149.50
199411-1.03%1,879.93149.70
1994122.45%1,926.01149.70
199513.82%1,999.57150.30
199522.56%2,050.72150.90
199533.22%2,116.66151.40
199543.35%2,187.53151.90
199553.18%2,257.05152.20
199563.55%2,337.12152.50
199570.51%2,349.12152.50
199583.72%2,436.45152.90
199590.91%2,458.68153.20
1995102.36%2,516.67153.70
1995113.39%2,601.96153.60
1995120.16%2,606.19153.50
199615.90%2,760.07154.40
19962-0.20%2,754.53154.90
199630.20%2,759.96155.70
199642.35%2,824.95156.30
199651.28%2,861.07156.60
19966-3.48%2,761.60156.70
199673.08%2,846.54157.00
199682.02%2,904.15157.30
199694.12%3,023.79157.80
1996105.05%3,176.55158.30
1996111.20%3,214.61158.60
1996123.26%3,319.33158.60
199714.36%3,464.09159.10
19972-0.62%3,442.49159.60
19973-3.41%3,325.26160.00
199749.22%3,631.78160.20
199755.34%3,825.60160.10
199765.74%4,045.03160.30
199770.35%4,059.10160.50
199781.19%4,107.49160.80
199791.65%4,175.07161.20
199710-1.15%4,126.97161.60
1997112.63%4,235.70161.50
1997120.24%4,245.74161.30
199816.40%4,517.56161.60
199825.31%4,757.57161.90
199833.41%4,919.60162.20
19984-0.22%4,908.69162.50
199850.12%4,914.40162.80
199864.47%5,133.96163.00
19987-6.97%4,776.07163.20
19988-4.90%4,542.12163.40
199891.29%4,600.75163.60
19981010.97%5,105.66164.00
1998114.10%5,315.20164.00
1998125.05%5,583.49163.90
19991-0.07%5,579.77164.30
199922.92%5,742.89164.50
199934.25%5,986.97165.00
19994-0.10%5,981.05166.20
19995-0.61%5,944.46166.20
199964.52%6,213.29166.20
19997-3.77%5,978.78166.70
19998-0.60%5,943.02167.10
19999-1.27%5,867.40167.90
1999107.11%6,284.34168.20
1999112.81%6,460.85168.30
199912-0.12%6,453.16168.30
20001-2.48%6,293.25168.80
200023.94%6,541.26169.80
200031.42%6,634.45171.20
20004-2.84%6,446.11171.30
200053.16%6,650.04171.50
200060.85%6,706.58172.40
200070.94%6,769.61172.80
20008-1.08%6,696.52172.80
20009-5.21%6,347.35173.70
200010-0.77%6,298.31174.00
200011-3.32%6,089.20174.10
2000120.46%6,116.91174.00
20011-2.14%5,986.23175.10
20012-9.08%5,442.69175.80
200130.45%5,467.11176.20
200146.88%5,843.21176.90
20015-2.39%5,703.64177.70
20016-2.66%5,551.91178.00
20017-2.05%5,438.32177.50
20018-11.25%4,826.66177.50
200193.18%4,980.34178.30
2001105.05%5,232.01177.70
2001111.47%5,308.71177.40
200112-0.30%5,292.91176.70
20021-3.35%5,115.45177.10
200224.95%5,368.42177.80
20023-3.51%5,179.75178.80
20024-2.82%5,033.66179.80
20025-5.92%4,735.62179.80
20026-10.76%4,226.14179.90
200271.14%4,274.27180.10
20028-4.76%4,070.91180.70
20029-1.37%4,015.26181.00
2002106.63%4,281.29181.30
200211-1.04%4,236.98181.30
200212-0.22%4,227.55180.90
20031-6.41%3,956.36181.70
200321.31%4,008.10183.10
200335.29%4,219.97184.20
200345.31%4,444.14183.80
200355.70%4,697.64183.50
200360.60%4,725.63183.70
20037-0.17%4,717.77183.90
200383.16%4,866.91184.60
200392.03%4,965.60185.20
2003101.21%5,025.72185.00
2003113.06%5,179.70184.50
2003124.93%5,435.31184.30
200411.09%5,494.38185.20
20042-1.57%5,408.38186.20
200430.97%5,460.74187.40
20044-2.56%5,320.71188.00
200452.86%5,472.76189.10
20046-2.24%5,350.24189.70
20047-1.39%5,276.00189.40
200482.78%5,422.81189.50
200490.10%5,428.37189.90
2004104.77%5,687.52190.90
2004112.73%5,842.64191.00
200412-1.35%5,763.81190.30
200511.68%5,860.71190.70
20052-0.26%5,845.73191.80
20053-2.41%5,704.92193.30
200541.34%5,781.13194.60
200552.18%5,907.19194.40
200561.81%6,013.98194.50
200570.31%6,032.63195.40
200580.28%6,049.50196.40
20059-2.62%5,890.75198.80
2005103.96%6,124.11199.20
2005112.14%6,255.42197.60
2005121.47%6,347.18196.80
20061-0.02%6,346.12198.30
200621.49%6,440.43198.70
200630.80%6,491.85199.80
20064-0.79%6,440.78201.50
20065-2.71%6,266.51202.50
200660.72%6,311.63202.90
200672.29%6,456.28203.50
200682.53%6,619.69203.90
200693.62%6,859.06202.90
2006102.00%6,996.35201.80
2006112.15%7,146.65201.50
2006120.69%7,196.16201.80
200711.60%7,311.02202.42
20072-2.47%7,130.15203.50
200734.18%7,428.21205.35
200743.39%7,680.16206.69
200750.34%7,706.65207.95
200760.57%7,750.93208.35
20077-4.20%7,425.31208.30
200783.07%7,653.61207.92
200792.99%7,882.58208.49
200710-4.81%7,503.72208.94
2007111.24%7,596.63210.18
200712-6.64%7,092.58210.04
20081-1.56%6,981.66211.08
20082-2.63%6,798.27211.69
200834.24%7,086.78213.53
200842.56%7,268.39214.82
20085-4.25%6,959.73216.63
20086-6.08%6,536.68218.82
200872.11%6,674.64219.96
20088-4.85%6,351.09219.09
20089-20.19%5,068.57218.78
200810-8.61%4,632.41216.57
200811-0.35%4,616.14212.43
200812-1.10%4,565.56210.23
20091-6.70%4,259.56211.14
20092-5.69%4,017.30212.19
2009312.32%4,512.30212.71
200946.66%4,812.81213.24
200952.87%4,950.88213.86
200961.28%5,014.14215.69
200978.12%5,421.32215.35
200983.65%5,619.22215.83
200992.40%5,754.25215.97
2009102.09%5,874.77216.18
2009112.23%6,005.53216.33
2009121.36%6,087.02215.95
20101-2.90%5,910.59216.69
201025.94%6,261.86216.74
201034.09%6,517.84217.63
20104-5.88%6,134.44218.01
20105-3.54%5,917.06218.18
20106-0.16%5,907.65217.97
201070.86%5,958.67218.01
201083.37%6,159.54218.31
201094.58%6,441.49218.44
2010102.49%6,601.94218.71
2010113.71%6,847.12218.80
2010123.46%7,084.18219.18
201113.15%7,307.40220.22
20112-1.11%7,226.10221.31
201132.22%7,386.59223.47
201140.66%7,435.29224.91
20115-3.66%7,162.96225.96
201163.10%7,385.14225.72
20117-10.40%6,617.04225.92
20118-0.79%6,564.81226.55
201193.02%6,763.00226.89
2011101.77%6,882.51226.42
2011111.55%6,989.52226.23
2011124.78%7,323.79225.67
201214.16%7,628.65226.67
201222.88%7,848.65227.66
20123-0.04%7,845.65229.39
20124-3.09%7,603.15230.09
20125-1.15%7,515.53229.82
201262.92%7,735.06229.48
201273.39%7,997.10229.10
201283.02%8,238.71230.38
20129-0.22%8,220.82231.41
201210-2.84%7,987.56231.32
2012112.18%8,161.33230.22
2012124.27%8,509.71229.60
201312.33%8,708.25230.28
201322.72%8,945.33232.17
201331.45%9,075.37232.77
201344.57%9,490.50232.53
20135-1.12%9,384.42232.95
201363.25%9,689.84233.50
201370.25%9,714.31233.60
201381.19%9,830.15233.88
201392.12%10,038.30234.15
2013103.86%10,425.78233.55
2013111.52%10,584.43233.07
2013120.97%10,686.86233.05
20141-0.13%10,672.97233.92
201422.72%10,963.51234.78
201430.20%10,985.63236.29
201441.53%11,153.93237.07
201453.20%11,510.45237.90
201461.50%11,682.62238.34
20147-0.43%11,632.75238.25
201481.78%11,839.58237.85
20149-2.65%11,526.24238.03
2014105.71%12,183.88237.43
2014110.63%12,261.11236.15
201412-1.11%12,125.01234.81
201512.83%12,467.83233.71
201520.06%12,474.74234.72
201530.88%12,584.31236.12
201540.98%12,707.50236.60
20155-0.44%12,652.16237.81
20156-0.08%12,642.09238.64
20157-2.42%12,335.59238.65
20158-4.51%11,779.62238.32
201594.32%12,288.16237.95
2015102.93%12,648.50237.84
201511-1.10%12,508.99237.34
201512-6.42%11,705.96236.53
20161-0.55%11,641.59236.92
201626.36%12,382.31237.11
201632.83%12,732.89238.13
20164-0.30%12,694.13239.26
201651.07%12,829.52240.23
201663.30%13,252.56241.02
201671.20%13,411.49240.63
20168-0.44%13,352.66240.85
20169-0.51%13,285.10241.43
2016101.20%13,444.68241.73
2016113.95%13,975.20241.35
2016121.44%14,176.11241.43
201712.58%14,541.35242.84
201721.75%14,795.71243.60
20173-0.15%14,772.93243.80
201741.69%15,022.94244.52
201751.78%15,289.81244.73
201760.99%15,440.86244.96
201770.25%15,479.12244.79
201781.65%15,735.03245.52
201792.73%16,165.35246.82
2017101.59%16,422.31246.66
2017112.88%16,895.85246.67
2017124.86%17,717.31246.52
20181-2.89%17,205.87247.87
201820.06%17,216.98248.99
20183-1.66%16,930.49249.55
201841.96%17,262.60250.55
201852.11%17,627.36251.59
201861.58%17,906.00251.99
201872.45%18,344.84252.01
201881.68%18,652.99252.15
20189-3.85%17,935.04252.44
201810-2.08%17,562.69252.89
201811-5.56%16,585.76252.04
2018121.74%16,873.63251.23
201915.83%17,857.18251.71
201921.95%18,205.04252.78
201933.72%18,882.85254.20
20194-1.53%18,593.60255.55
201951.40%18,854.80256.09
201963.83%19,576.44256.14
20197-3.13%18,962.83256.57
201983.09%19,547.88256.56
201990.01%19,549.79256.76
2019104.43%20,416.57257.35
2019112.47%20,920.72257.21
2019123.35%21,620.81256.97
202010.12%21,647.21257.97
20202-18.92%17,552.05258.68
202034.32%18,310.06258.12
202045.89%19,388.03256.39
202056.51%20,649.86256.39
202063.48%21,367.74257.80
202075.89%22,627.05259.10
20208-0.63%22,485.18259.92
202091.73%22,873.27260.28
2020103.95%23,777.71260.39
2020114.26%24,790.66260.23
2020122.80%25,483.63260.47
202112.49%26,118.56261.58
202120.82%26,333.09263.01
202136.02%27,918.73264.88
202140.76%28,130.98267.05
202151.81%28,640.27269.20
202163.07%29,519.01271.70
202172.19%30,164.05273.00
20218-0.08%30,138.56273.57
202190.45%30,274.84274.31
2021104.74%31,711.30276.59
2021110.27%31,795.46277.95
202112-2.05%31,143.04278.80
20221-2.90%30,239.09281.15
20222-0.89%29,969.18283.72
202230.12%30,004.63287.50
20224-7.87%27,642.45289.11
20225-3.37%26,711.07292.30
202260.46%26,835.19296.31
202276.45%28,565.36296.28
20228-7.28%26,486.55296.17
20229-3.09%25,667.80296.81
2022105.29%27,024.37298.01
2022110.01%27,027.30297.71
2022121.38%27,399.31296.80
202313.15%28,261.56299.17
20232-2.59%27,530.88300.84
202334.00%28,631.08301.84
202340.74%28,842.29303.36
202354.94%30,267.73304.13
202363.88%31,440.92305.11
20237-1.00%31,127.25305.69
20238-0.95%30,830.43307.03
20239-3.04%29,894.01307.79
2023104.60%31,269.65307.67
2023115.18%32,887.93307.05
2023122.91%33,845.58306.75
202414.20%35,266.84308.42
202423.28%36,424.34310.33
20243-1.01%36,056.77312.33
202442.52%36,964.22313.55
202455.34%38,939.45314.07
Click to show 714 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 1964. This would result in a final amount of $34,181.19, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $38,939.45).

YearMonthContribution ($)Amount ($)
196414.164.21
196424.168.53
196434.1612.90
196444.1617.26
196454.1621.33
196464.1626.49
196474.1630.27
196484.1635.09
196494.1640.01
1964104.1644.58
1964114.1648.00
1964124.1653.62
196514.1658.34
196524.1662.70
196534.1667.89
196544.1673.29
196554.1673.94
196564.1678.17
196574.1684.07
196584.1691.39
196594.1697.93
1965104.16103.17
1965114.16107.10
1965124.32113.61
19661-113.12
19662-108.75
19663-112.37
19664-106.74
19665-106.14
19666-106.16
19667-100.04
19668-96.81
19669-96.26
196610-101.38
196611-102.11
196612-106.32
19671-110.29
19672-113.20
19673-115.45
19674-117.83
19675-116.66
19676-118.98
19677-121.19
19678-123.19
19679-123.31
196710-119.76
196711-123.48
196712-123.46
19681-118.21
19682-116.36
19683-125.28
19684-128.48
19685-132.26
19686-132.32
19687-129.77
19688-134.32
19689-137.97
196810-140.43
196811-142.24
196812-136.57
19691-136.24
19692-133.63
19693-136.67
19694-141.48
19695-134.44
19696-128.79
19697-128.42
19698-129.23
19699-130.97
196910-132.28
196911-125.63
196912-124.89
19701-120.90
19702-123.33
19703-119.94
19704-106.51
19705-106.22
19706-106.77
19707-110.25
19708-117.22
19709-120.14
197010-120.39
197011-129.00
197012-134.31
19711-139.88
19712-143.84
19713-149.13
19714-147.48
19715-145.12
19716-144.45
19717-142.26
19718-145.80
19719-143.08
197110-136.82
197111-146.63
197112-153.11
19721-156.31
19722-160.40
19723-162.42
19724-161.16
19725-161.99
19726-161.18
19727-167.27
19728-165.25
19729-165.94
197210-174.66
197211-178.70
197212-180.46
19731-174.46
19732-172.12
19733-169.30
19734-164.95
19735-161.67
19736-163.63
19737-160.95
19738-164.16
19739-171.12
197310-159.39
197311-148.54
197312-151.07
19741-147.33
19742-154.07
19743-146.65
19744-142.68
19745-143.34
19746-127.07
19747-122.29
19748-110.04
19749-112.66
197410-116.88
197411-109.76
197412-119.23
19751-132.12
19752-138.69
19753-140.75
19754-150.20
19755-154.55
19756-155.21
19757-144.35
19758-143.12
19759-150.24
197510-153.31
197511-151.50
197512-165.96
19761-172.89
19762-174.28
19763-176.19
19764-175.51
19765-177.09
19766-181.81
19767-180.79
19768-185.20
19769-179.45
197610-178.79
197611-185.56
197612-184.56
19771-180.19
19772-180.09
19773-177.94
19774-178.06
19775-179.66
19776-181.96
19777-178.18
19778-176.09
19779-172.22
197710-173.91
197711-173.77
197712-167.88
19781-166.24
19782-166.69
19783-174.74
19784-184.35
19785-185.60
19786-185.48
19787-199.07
19788-199.87
19789-194.32
197810-183.76
197811-187.29
197812-195.13
19791-193.07
19792-197.59
19793-202.39
19794-198.56
19795-203.36
19796-206.25
19797-216.59
19798-219.93
19799-212.56
197910-211.87
197911-221.20
197912-228.53
19801-238.57
19802-217.63
19803-215.10
19804-225.94
19805-241.44
19806-253.44
19807-262.32
19808-269.76
19809-278.73
198010-291.59
198011-287.96
198012-287.99
19811-279.15
19812-290.72
19813-294.48
19814-289.71
19815-292.20
19816-286.31
19817-288.60
19818-264.64
19819-269.21
198110-277.41
198111-280.68
198112-267.20
19821-262.08
19822-254.89
19823-268.83
19824-270.36
19825-256.11
19826-256.74
19827-258.77
19828-290.08
19829-315.84
198210-330.05
198211-334.53
198212-347.66
19831-355.06
19832-368.79
19833-384.27
19834-401.27
19835-408.30
19836-411.20
19837-401.30
19838-414.60
19839-417.28
198310-412.52
198311-411.99
198312-418.48
19841-397.09
19842-398.85
19843-400.87
19844-399.86
19845-392.47
19846-388.90
19847-424.71
19848-430.68
19849-428.90
198410-434.42
198411-431.35
198412-451.61
19851-477.75
19852-475.46
19853-480.33
19854-493.47
19855-505.86
19856-517.23
19857-507.69
19858-498.12
19859-505.57
198510-538.03
198511-566.51
198512-570.77
19861-603.29
19862-640.59
19863-658.15
19864-661.39
19865-682.11
19866-669.81
19867-685.08
19868-668.26
19869-667.65
198610-691.24
198611-703.06
198612-749.97
19871-798.44
19872-833.38
19873-826.24
19874-827.67
19875-864.90
19876-891.90
19877-949.47
19878-920.70
19879-811.56
198710-711.71
198711-702.21
198712-732.03
19881-756.39
19882-780.84
19883-773.92
19884-756.99
19885-802.39
19886-799.93
19887-786.18
19888-801.33
19889-831.80
198810-814.99
198811-833.95
198812-863.24
19891-891.73
19892-890.29
19893-922.03
19894-959.97
19895-992.54
19896-1,020.33
19897-1,068.19
19898-1,073.06
19899-1,076.13
198910-1,056.61
198911-1,085.53
198912-1,061.53
19901-1,034.70
19902-1,062.71
19903-1,064.79
19904-1,105.80
19905-1,140.85
19906-1,142.79
19907-1,052.95
19908-1,007.24
19909-983.92
199010-1,013.27
199011-1,059.75
199012-1,052.49
19911-1,174.65
19912-1,210.41
19913-1,237.75
19914-1,235.54
19915-1,239.83
19916-1,249.50
19917-1,282.98
19918-1,279.09
19919-1,281.41
199110-1,281.61
199111-1,293.60
199112-1,388.78
19921-1,380.44
19922-1,366.46
19923-1,370.07
19924-1,398.41
19925-1,379.82
19926-1,406.21
19927-1,419.45
19928-1,424.82
19929-1,407.98
199210-1,446.79
199211-1,494.12
199212-1,496.26
19931-1,522.05
19932-1,554.78
19933-1,533.92
19934-1,545.04
19935-1,558.40
19936-1,559.36
19937-1,586.84
19938-1,608.34
19939-1,628.31
199310-1,628.44
199311-1,642.88
199312-1,671.40
19941-1,670.14
19942-1,646.36
19943-1,591.26
19944-1,608.10
19945-1,625.92
19946-1,617.49
19947-1,667.34
19948-1,680.97
19949-1,673.50
199410-1,667.31
199411-1,650.21
199412-1,690.66
19951-1,755.23
19952-1,800.13
19953-1,858.02
19954-1,920.22
19955-1,981.25
19956-2,051.54
19957-2,062.06
19958-2,138.72
19959-2,158.24
199510-2,209.14
199511-2,284.01
199512-2,287.72
19961-2,422.80
19962-2,417.94
19963-2,422.70
19964-2,479.75
19965-2,511.46
19966-2,424.15
19967-2,498.71
19968-2,549.27
19969-2,654.29
199610-2,788.39
199611-2,821.80
199612-2,913.72
19971-3,040.79
19972-3,021.83
19973-2,918.93
19974-3,187.99
19975-3,358.13
19976-3,550.74
19977-3,563.09
19978-3,605.57
19979-3,664.89
199710-3,622.67
199711-3,718.11
199712-3,726.93
19981-3,965.53
19982-4,176.22
19983-4,318.44
19984-4,308.86
19985-4,313.88
19986-4,506.61
19987-4,192.46
19988-3,987.09
19989-4,038.56
199810-4,481.76
199811-4,665.70
199812-4,901.21
19991-4,897.94
19992-5,041.13
19993-5,255.38
19994-5,250.19
19995-5,218.07
19996-5,454.05
19997-5,248.19
19998-5,216.81
19999-5,150.43
199910-5,516.41
199911-5,671.35
199912-5,664.61
20001-5,524.24
20002-5,741.94
20003-5,823.75
20004-5,658.42
20005-5,837.43
20006-5,887.06
20007-5,942.39
20008-5,878.23
20009-5,571.72
200010-5,528.68
200011-5,345.12
200012-5,369.44
20011-5,254.74
20012-4,777.61
20013-4,799.05
20014-5,129.19
20015-5,006.67
20016-4,873.49
20017-4,773.78
20018-4,236.86
20019-4,371.76
200110-4,592.67
200111-4,660.00
200112-4,646.13
20021-4,490.36
20022-4,712.42
20023-4,546.80
20024-4,418.57
20025-4,156.95
20026-3,709.72
20027-3,751.97
20028-3,573.46
20029-3,524.61
200210-3,758.13
200211-3,719.23
200212-3,710.96
20031-3,472.91
20032-3,518.33
20033-3,704.30
20034-3,901.08
20035-4,123.61
20036-4,148.18
20037-4,141.28
20038-4,272.19
20039-4,358.83
200310-4,411.59
200311-4,546.76
200312-4,771.14
20041-4,822.98
20042-4,747.49
20043-4,793.46
20044-4,670.54
20045-4,804.01
20046-4,696.46
20047-4,631.29
20048-4,760.16
20049-4,765.05
200410-4,992.52
200411-5,128.69
200412-5,059.50
20051-5,144.56
20052-5,131.41
20053-5,007.80
20054-5,074.69
20055-5,185.36
20056-5,279.10
20057-5,295.46
20058-5,310.28
20059-5,170.92
200510-5,375.77
200511-5,491.03
200512-5,571.57
20061-5,570.65
20062-5,653.43
20063-5,698.57
20064-5,653.74
20065-5,500.76
20066-5,540.37
20067-5,667.34
20068-5,810.79
20069-6,020.91
200610-6,141.42
200611-6,273.36
200612-6,316.82
20071-6,417.64
20072-6,258.87
20073-6,520.51
20074-6,741.67
20075-6,764.92
20076-6,803.80
20077-6,517.96
20078-6,718.37
20079-6,919.36
200710-6,586.79
200711-6,668.35
200712-6,225.90
20081-6,128.52
20082-5,967.55
20083-6,220.80
20084-6,380.22
20085-6,109.27
20086-5,737.92
20087-5,859.03
20088-5,575.01
20089-4,449.21
200810-4,066.34
200811-4,052.06
200812-4,007.67
20091-3,739.05
20092-3,526.40
20093-3,960.91
20094-4,224.70
20095-4,345.90
20096-4,401.43
20097-4,758.86
20098-4,932.57
20099-5,051.11
200910-5,156.89
200911-5,271.68
200912-5,343.21
20101-5,188.34
20102-5,496.69
20103-5,721.39
20104-5,384.83
20105-5,194.02
20106-5,185.75
20107-5,230.54
20108-5,406.87
20109-5,654.36
201010-5,795.21
201011-6,010.43
201012-6,218.52
20111-6,414.46
20112-6,343.10
20113-6,483.98
20114-6,526.72
20115-6,287.68
20116-6,482.70
20117-5,808.46
20118-5,762.62
20119-5,936.59
201110-6,041.49
201111-6,135.42
201112-6,428.85
20121-6,696.46
20122-6,889.58
20123-6,886.94
20124-6,674.07
20125-6,597.16
20126-6,789.87
20127-7,019.89
20128-7,231.97
20129-7,216.27
201210-7,011.51
201211-7,164.04
201212-7,469.86
20131-7,644.13
20132-7,852.24
20133-7,966.40
20134-8,330.80
20135-8,237.68
20136-8,505.77
20137-8,527.25
20138-8,628.94
20139-8,811.66
201310-9,151.79
201311-9,291.05
201312-9,380.97
20141-9,368.77
20142-9,623.81
20143-9,643.23
20144-9,790.96
20145-10,103.91
20146-10,255.05
20147-10,211.27
20148-10,392.83
20149-10,117.77
201410-10,695.06
201411-10,762.85
201412-10,643.38
20151-10,944.31
20152-10,950.37
20153-11,046.56
20154-11,154.69
20155-11,106.11
20156-11,097.27
20157-10,828.23
20158-10,340.19
20159-10,786.59
201510-11,102.90
201511-10,980.44
201512-10,275.54
20161-10,219.03
20162-10,869.24
20163-11,176.98
20164-11,142.96
20165-11,261.80
20166-11,633.15
20167-11,772.66
20168-11,721.02
20169-11,661.71
201610-11,801.79
201611-12,267.48
201612-12,443.84
20171-12,764.45
20172-12,987.73
20173-12,967.73
20174-13,187.19
20175-13,421.45
20176-13,554.04
20177-13,587.63
20178-13,812.27
20179-14,190.01
201710-14,415.57
201711-14,831.24
201712-15,552.32
20181-15,103.37
20182-15,113.13
20183-14,861.65
20184-15,153.18
20185-15,473.36
20186-15,717.95
20187-16,103.17
20188-16,373.66
20189-15,743.44
201810-15,416.59
201811-14,559.04
201812-14,811.73
20191-15,675.09
20192-15,980.45
20193-16,575.44
20194-16,321.54
20195-16,550.81
20196-17,184.27
20197-16,645.64
20198-17,159.20
20199-17,160.88
201910-17,921.74
201911-18,364.29
201912-18,978.83
20201-19,002.00
20202-15,407.25
20203-16,072.63
20204-17,018.89
20205-18,126.52
20206-18,756.68
20207-19,862.11
20208-19,737.57
20209-20,078.24
202010-20,872.16
202011-21,761.33
202012-22,369.62
20211-22,926.97
20212-23,115.28
20213-24,507.17
20214-24,693.48
20215-25,140.53
20216-25,911.90
20217-26,478.11
20218-26,455.74
20219-26,575.37
202110-27,836.30
202111-27,910.18
202112-27,337.47
20221-26,543.98
20222-26,307.06
20223-26,338.18
20224-24,264.64
20225-23,447.08
20226-23,556.03
20227-25,074.78
20228-23,249.99
20229-22,531.29
202210-23,722.09
202211-23,724.66
202212-24,051.22
20231-24,808.10
20232-24,166.71
20233-25,132.46
20234-25,317.87
20235-26,569.12
20236-27,598.95
20237-27,323.61
20238-27,063.06
20239-26,241.07
202310-27,448.62
202311-28,869.15
202312-29,709.77
20241-30,957.37
20242-31,973.42
20243-31,650.77
20244-32,447.33
20245-34,181.19
Click to show 714 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 1964 to 2024
Start Value
Average monthly close
$76.45
End Value
Average monthly close
$5,509.01
Change in price+7,106.03%
+7.39% / yr
Change incl. dividends+38,839.45%
+10.38% / yr
Change incl. dividends, inflation-adjusted+3,724.08%
+6.22% / yr
Final amount, nominal
($100 base)
$38,939.45
Final amount, inflation-adjusted
($100 base)
$3,824.08