Stock market returns between 1978 and 2023
If you invested $100 in the S&P 500 at the beginning of 1978, you would have about $17,697.51 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 17,597.51%, or 11.91% per year.
This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 3,686.90% cumulatively, or 8.22% per year.
If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $15,290.20.
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 $17,597.51, or 17,597.51%. This means by 2023 you would have $17,697.51 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 1978 was 65.200 and the CPI in 2023 was 304.702.
The ratio between these CPIs describes how relative buying power of a dollar has changed over 45 years.
Adjusted for inflation, the $17,697.51 nominal end value of the original $100 investment would have a real return of roughly $3,686.90 in 1978 dollars. This means the inflation-adjusted return is 3,686.90% as opposed to the original 17,597.51%.
For more information on inflation, see our U.S. inflation calculator for 1978.
Full monthly data
The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 552-month period between 1978 and 2023.
Note that data shown is the monthly average closing price. Returns include dividends.
| Year | Month | Return (%) | Amount ($) | CPI |
|---|---|---|---|---|
| 1978 | 1 | -0.97% | 99.03 | 62.50 |
| 1978 | 2 | 0.27% | 99.29 | 62.90 |
| 1978 | 3 | 4.83% | 104.09 | 63.40 |
| 1978 | 4 | 5.50% | 109.82 | 63.90 |
| 1978 | 5 | 0.67% | 110.56 | 64.50 |
| 1978 | 6 | -0.06% | 110.49 | 65.20 |
| 1978 | 7 | 7.33% | 118.58 | 65.70 |
| 1978 | 8 | 0.40% | 119.06 | 66.00 |
| 1978 | 9 | -2.77% | 115.76 | 66.50 |
| 1978 | 10 | -5.44% | 109.46 | 67.10 |
| 1978 | 11 | 1.92% | 111.57 | 67.40 |
| 1978 | 12 | 4.19% | 116.24 | 67.70 |
| 1979 | 1 | -1.06% | 115.01 | 68.30 |
| 1979 | 2 | 2.34% | 117.70 | 69.10 |
| 1979 | 3 | 2.43% | 120.56 | 69.80 |
| 1979 | 4 | -1.89% | 118.28 | 70.60 |
| 1979 | 5 | 2.42% | 121.14 | 71.50 |
| 1979 | 6 | 1.42% | 122.86 | 72.30 |
| 1979 | 7 | 5.01% | 129.02 | 73.10 |
| 1979 | 8 | 1.54% | 131.01 | 73.80 |
| 1979 | 9 | -3.35% | 126.61 | 74.60 |
| 1979 | 10 | -0.32% | 126.21 | 75.20 |
| 1979 | 11 | 4.40% | 131.76 | 75.90 |
| 1979 | 12 | 3.31% | 136.13 | 76.70 |
| 1980 | 1 | 4.40% | 142.11 | 77.80 |
| 1980 | 2 | -8.78% | 129.64 | 78.90 |
| 1980 | 3 | -1.16% | 128.13 | 80.10 |
| 1980 | 4 | 5.04% | 134.59 | 81.00 |
| 1980 | 5 | 6.86% | 143.82 | 81.80 |
| 1980 | 6 | 4.97% | 150.97 | 82.70 |
| 1980 | 7 | 3.50% | 156.26 | 82.70 |
| 1980 | 8 | 2.84% | 160.69 | 83.30 |
| 1980 | 9 | 3.32% | 166.03 | 84.00 |
| 1980 | 10 | 4.61% | 173.70 | 84.80 |
| 1980 | 11 | -1.24% | 171.53 | 85.50 |
| 1980 | 12 | 0.01% | 171.55 | 86.30 |
| 1981 | 1 | -3.07% | 166.28 | 87.00 |
| 1981 | 2 | 4.14% | 173.17 | 87.90 |
| 1981 | 3 | 1.29% | 175.41 | 88.50 |
| 1981 | 4 | -1.62% | 172.58 | 89.10 |
| 1981 | 5 | 0.86% | 174.06 | 89.80 |
| 1981 | 6 | -2.02% | 170.55 | 90.60 |
| 1981 | 7 | 0.80% | 171.92 | 91.60 |
| 1981 | 8 | -8.30% | 157.64 | 92.30 |
| 1981 | 9 | 1.73% | 160.37 | 93.20 |
| 1981 | 10 | 3.04% | 165.25 | 93.40 |
| 1981 | 11 | 1.18% | 167.20 | 93.70 |
| 1981 | 12 | -4.80% | 159.16 | 94.00 |
| 1982 | 1 | -1.91% | 156.12 | 94.30 |
| 1982 | 2 | -2.74% | 151.83 | 94.60 |
| 1982 | 3 | 5.47% | 160.14 | 94.50 |
| 1982 | 4 | 0.57% | 161.05 | 94.90 |
| 1982 | 5 | -5.27% | 152.56 | 95.80 |
| 1982 | 6 | 0.24% | 152.93 | 97.00 |
| 1982 | 7 | 0.79% | 154.15 | 97.50 |
| 1982 | 8 | 12.10% | 172.79 | 97.70 |
| 1982 | 9 | 8.88% | 188.14 | 97.90 |
| 1982 | 10 | 4.50% | 196.61 | 98.20 |
| 1982 | 11 | 1.36% | 199.27 | 98.00 |
| 1982 | 12 | 3.93% | 207.09 | 97.60 |
| 1983 | 1 | 2.13% | 211.50 | 97.80 |
| 1983 | 2 | 3.87% | 219.68 | 97.90 |
| 1983 | 3 | 4.20% | 228.90 | 97.90 |
| 1983 | 4 | 4.42% | 239.03 | 98.60 |
| 1983 | 5 | 1.75% | 243.22 | 99.20 |
| 1983 | 6 | 0.71% | 244.94 | 99.50 |
| 1983 | 7 | -2.41% | 239.04 | 99.90 |
| 1983 | 8 | 3.31% | 246.97 | 100.20 |
| 1983 | 9 | 0.65% | 248.57 | 100.70 |
| 1983 | 10 | -1.14% | 245.73 | 101.00 |
| 1983 | 11 | -0.13% | 245.41 | 101.20 |
| 1983 | 12 | 1.58% | 249.28 | 101.30 |
| 1984 | 1 | -5.11% | 236.54 | 101.90 |
| 1984 | 2 | 0.44% | 237.58 | 102.40 |
| 1984 | 3 | 0.51% | 238.79 | 102.60 |
| 1984 | 4 | -0.25% | 238.19 | 103.10 |
| 1984 | 5 | -1.85% | 233.78 | 103.40 |
| 1984 | 6 | -0.91% | 231.66 | 103.70 |
| 1984 | 7 | 9.21% | 252.99 | 104.10 |
| 1984 | 8 | 1.41% | 256.55 | 104.50 |
| 1984 | 9 | -0.41% | 255.49 | 105.00 |
| 1984 | 10 | 1.29% | 258.78 | 105.30 |
| 1984 | 11 | -0.71% | 256.94 | 105.30 |
| 1984 | 12 | 4.70% | 269.01 | 105.30 |
| 1985 | 1 | 5.79% | 284.58 | 105.50 |
| 1985 | 2 | -0.48% | 283.22 | 106.00 |
| 1985 | 3 | 1.02% | 286.12 | 106.40 |
| 1985 | 4 | 2.74% | 293.95 | 106.90 |
| 1985 | 5 | 2.51% | 301.33 | 107.30 |
| 1985 | 6 | 2.25% | 308.10 | 107.60 |
| 1985 | 7 | -1.85% | 302.42 | 107.80 |
| 1985 | 8 | -1.88% | 296.72 | 108.00 |
| 1985 | 9 | 1.50% | 301.16 | 108.30 |
| 1985 | 10 | 6.42% | 320.49 | 108.70 |
| 1985 | 11 | 5.29% | 337.46 | 109.00 |
| 1985 | 12 | 0.75% | 340.00 | 109.30 |
| 1986 | 1 | 5.70% | 359.37 | 109.60 |
| 1986 | 2 | 6.18% | 381.59 | 109.30 |
| 1986 | 3 | 2.74% | 392.05 | 108.80 |
| 1986 | 4 | 0.49% | 393.98 | 108.60 |
| 1986 | 5 | 3.13% | 406.32 | 108.90 |
| 1986 | 6 | -1.80% | 398.99 | 109.50 |
| 1986 | 7 | 2.28% | 408.09 | 109.50 |
| 1986 | 8 | -2.46% | 398.07 | 109.70 |
| 1986 | 9 | -0.09% | 397.71 | 110.20 |
| 1986 | 10 | 3.53% | 411.76 | 110.30 |
| 1986 | 11 | 1.71% | 418.80 | 110.40 |
| 1986 | 12 | 6.67% | 446.74 | 110.50 |
| 1987 | 1 | 6.46% | 475.61 | 111.20 |
| 1987 | 2 | 4.38% | 496.43 | 111.60 |
| 1987 | 3 | -0.86% | 492.18 | 112.10 |
| 1987 | 4 | 0.17% | 493.03 | 112.70 |
| 1987 | 5 | 4.50% | 515.20 | 113.10 |
| 1987 | 6 | 3.12% | 531.29 | 113.50 |
| 1987 | 7 | 6.45% | 565.58 | 113.80 |
| 1987 | 8 | -3.03% | 548.44 | 114.40 |
| 1987 | 9 | -11.85% | 483.43 | 115.00 |
| 1987 | 10 | -12.30% | 423.95 | 115.30 |
| 1987 | 11 | -1.33% | 418.29 | 115.40 |
| 1987 | 12 | 4.25% | 436.05 | 115.40 |
| 1988 | 1 | 3.33% | 450.57 | 115.70 |
| 1988 | 2 | 3.23% | 465.13 | 116.00 |
| 1988 | 3 | -0.89% | 461.01 | 116.50 |
| 1988 | 4 | -2.19% | 450.92 | 117.10 |
| 1988 | 5 | 6.00% | 477.97 | 117.50 |
| 1988 | 6 | -0.31% | 476.50 | 118.00 |
| 1988 | 7 | -1.72% | 468.31 | 118.50 |
| 1988 | 8 | 1.93% | 477.34 | 119.00 |
| 1988 | 9 | 3.80% | 495.49 | 119.80 |
| 1988 | 10 | -2.02% | 485.48 | 120.20 |
| 1988 | 11 | 2.33% | 496.77 | 120.30 |
| 1988 | 12 | 3.51% | 514.22 | 120.50 |
| 1989 | 1 | 3.30% | 531.19 | 121.10 |
| 1989 | 2 | -0.16% | 530.33 | 121.60 |
| 1989 | 3 | 3.56% | 549.23 | 122.30 |
| 1989 | 4 | 4.12% | 571.83 | 123.10 |
| 1989 | 5 | 3.39% | 591.23 | 123.80 |
| 1989 | 6 | 2.80% | 607.79 | 124.10 |
| 1989 | 7 | 4.69% | 636.30 | 124.40 |
| 1989 | 8 | 0.46% | 639.20 | 124.60 |
| 1989 | 9 | 0.29% | 641.03 | 125.00 |
| 1989 | 10 | -1.81% | 629.40 | 125.60 |
| 1989 | 11 | 2.74% | 646.63 | 125.90 |
| 1989 | 12 | -2.21% | 632.33 | 126.10 |
| 1990 | 1 | -2.53% | 616.35 | 127.40 |
| 1990 | 2 | 2.71% | 633.04 | 128.00 |
| 1990 | 3 | 0.20% | 634.28 | 128.70 |
| 1990 | 4 | 3.85% | 658.70 | 128.90 |
| 1990 | 5 | 3.17% | 679.58 | 129.20 |
| 1990 | 6 | 0.17% | 680.74 | 129.90 |
| 1990 | 7 | -7.86% | 627.22 | 130.40 |
| 1990 | 8 | -4.34% | 599.99 | 131.60 |
| 1990 | 9 | -2.32% | 586.10 | 132.70 |
| 1990 | 10 | 2.98% | 603.59 | 133.50 |
| 1990 | 11 | 4.59% | 631.27 | 133.80 |
| 1990 | 12 | -0.69% | 626.95 | 133.80 |
| 1991 | 1 | 11.61% | 699.71 | 134.60 |
| 1991 | 2 | 3.04% | 721.02 | 134.80 |
| 1991 | 3 | 2.26% | 737.30 | 135.00 |
| 1991 | 4 | -0.18% | 735.99 | 135.20 |
| 1991 | 5 | 0.35% | 738.54 | 135.60 |
| 1991 | 6 | 0.78% | 744.30 | 136.00 |
| 1991 | 7 | 2.68% | 764.24 | 136.20 |
| 1991 | 8 | -0.30% | 761.93 | 136.60 |
| 1991 | 9 | 0.18% | 763.31 | 137.20 |
| 1991 | 10 | 0.02% | 763.43 | 137.40 |
| 1991 | 11 | 0.94% | 770.57 | 137.80 |
| 1991 | 12 | 7.36% | 827.27 | 137.90 |
| 1992 | 1 | -0.60% | 822.30 | 138.10 |
| 1992 | 2 | -1.01% | 813.97 | 138.60 |
| 1992 | 3 | 0.26% | 816.12 | 139.30 |
| 1992 | 4 | 2.07% | 833.01 | 139.50 |
| 1992 | 5 | -1.33% | 821.93 | 139.70 |
| 1992 | 6 | 1.91% | 837.65 | 140.20 |
| 1992 | 7 | 0.94% | 845.54 | 140.50 |
| 1992 | 8 | 0.38% | 848.74 | 140.90 |
| 1992 | 9 | -1.18% | 838.70 | 141.30 |
| 1992 | 10 | 2.76% | 861.83 | 141.80 |
| 1992 | 11 | 3.27% | 890.02 | 142.00 |
| 1992 | 12 | 0.14% | 891.29 | 141.90 |
| 1993 | 1 | 1.72% | 906.66 | 142.60 |
| 1993 | 2 | 2.15% | 926.15 | 143.10 |
| 1993 | 3 | -1.34% | 913.73 | 143.60 |
| 1993 | 4 | 0.72% | 920.35 | 144.00 |
| 1993 | 5 | 0.87% | 928.31 | 144.20 |
| 1993 | 6 | 0.06% | 928.88 | 144.40 |
| 1993 | 7 | 1.76% | 945.25 | 144.40 |
| 1993 | 8 | 1.35% | 958.06 | 144.80 |
| 1993 | 9 | 1.24% | 969.95 | 145.10 |
| 1993 | 10 | 0.01% | 970.03 | 145.70 |
| 1993 | 11 | 0.89% | 978.63 | 145.80 |
| 1993 | 12 | 1.74% | 995.62 | 145.80 |
| 1994 | 1 | -0.08% | 994.87 | 146.20 |
| 1994 | 2 | -1.42% | 980.70 | 146.70 |
| 1994 | 3 | -3.35% | 947.88 | 147.20 |
| 1994 | 4 | 1.06% | 957.91 | 147.40 |
| 1994 | 5 | 1.11% | 968.53 | 147.50 |
| 1994 | 6 | -0.52% | 963.50 | 148.00 |
| 1994 | 7 | 3.08% | 993.20 | 148.40 |
| 1994 | 8 | 0.82% | 1,001.32 | 149.00 |
| 1994 | 9 | -0.44% | 996.87 | 149.40 |
| 1994 | 10 | -0.37% | 993.19 | 149.50 |
| 1994 | 11 | -1.03% | 983.00 | 149.70 |
| 1994 | 12 | 2.45% | 1,007.09 | 149.70 |
| 1995 | 1 | 3.82% | 1,045.56 | 150.30 |
| 1995 | 2 | 2.56% | 1,072.30 | 150.90 |
| 1995 | 3 | 3.22% | 1,106.78 | 151.40 |
| 1995 | 4 | 3.35% | 1,143.84 | 151.90 |
| 1995 | 5 | 3.18% | 1,180.19 | 152.20 |
| 1995 | 6 | 3.55% | 1,222.06 | 152.50 |
| 1995 | 7 | 0.51% | 1,228.33 | 152.50 |
| 1995 | 8 | 3.72% | 1,273.99 | 152.90 |
| 1995 | 9 | 0.91% | 1,285.62 | 153.20 |
| 1995 | 10 | 2.36% | 1,315.94 | 153.70 |
| 1995 | 11 | 3.39% | 1,360.54 | 153.60 |
| 1995 | 12 | 0.16% | 1,362.75 | 153.50 |
| 1996 | 1 | 5.90% | 1,443.21 | 154.40 |
| 1996 | 2 | -0.20% | 1,440.32 | 154.90 |
| 1996 | 3 | 0.20% | 1,443.15 | 155.70 |
| 1996 | 4 | 2.35% | 1,477.14 | 156.30 |
| 1996 | 5 | 1.28% | 1,496.02 | 156.60 |
| 1996 | 6 | -3.48% | 1,444.01 | 156.70 |
| 1996 | 7 | 3.08% | 1,488.43 | 157.00 |
| 1996 | 8 | 2.02% | 1,518.55 | 157.30 |
| 1996 | 9 | 4.12% | 1,581.11 | 157.80 |
| 1996 | 10 | 5.05% | 1,660.99 | 158.30 |
| 1996 | 11 | 1.20% | 1,680.89 | 158.60 |
| 1996 | 12 | 3.26% | 1,735.64 | 158.60 |
| 1997 | 1 | 4.36% | 1,811.34 | 159.10 |
| 1997 | 2 | -0.62% | 1,800.04 | 159.60 |
| 1997 | 3 | -3.41% | 1,738.75 | 160.00 |
| 1997 | 4 | 9.22% | 1,899.02 | 160.20 |
| 1997 | 5 | 5.34% | 2,000.37 | 160.10 |
| 1997 | 6 | 5.74% | 2,115.11 | 160.30 |
| 1997 | 7 | 0.35% | 2,122.46 | 160.50 |
| 1997 | 8 | 1.19% | 2,147.76 | 160.80 |
| 1997 | 9 | 1.65% | 2,183.10 | 161.20 |
| 1997 | 10 | -1.15% | 2,157.95 | 161.60 |
| 1997 | 11 | 2.63% | 2,214.81 | 161.50 |
| 1997 | 12 | 0.24% | 2,220.06 | 161.30 |
| 1998 | 1 | 6.40% | 2,362.19 | 161.60 |
| 1998 | 2 | 5.31% | 2,487.69 | 161.90 |
| 1998 | 3 | 3.41% | 2,572.41 | 162.20 |
| 1998 | 4 | -0.22% | 2,566.70 | 162.50 |
| 1998 | 5 | 0.12% | 2,569.69 | 162.80 |
| 1998 | 6 | 4.47% | 2,684.50 | 163.00 |
| 1998 | 7 | -6.97% | 2,497.36 | 163.20 |
| 1998 | 8 | -4.90% | 2,375.03 | 163.40 |
| 1998 | 9 | 1.29% | 2,405.69 | 163.60 |
| 1998 | 10 | 10.97% | 2,669.70 | 164.00 |
| 1998 | 11 | 4.10% | 2,779.26 | 164.00 |
| 1998 | 12 | 5.05% | 2,919.55 | 163.90 |
| 1999 | 1 | -0.07% | 2,917.61 | 164.30 |
| 1999 | 2 | 2.92% | 3,002.90 | 164.50 |
| 1999 | 3 | 4.25% | 3,130.53 | 165.00 |
| 1999 | 4 | -0.10% | 3,127.43 | 166.20 |
| 1999 | 5 | -0.61% | 3,108.30 | 166.20 |
| 1999 | 6 | 4.52% | 3,248.87 | 166.20 |
| 1999 | 7 | -3.77% | 3,126.24 | 166.70 |
| 1999 | 8 | -0.60% | 3,107.55 | 167.10 |
| 1999 | 9 | -1.27% | 3,068.01 | 167.90 |
| 1999 | 10 | 7.11% | 3,286.02 | 168.20 |
| 1999 | 11 | 2.81% | 3,378.31 | 168.30 |
| 1999 | 12 | -0.12% | 3,374.29 | 168.30 |
| 2000 | 1 | -2.48% | 3,290.68 | 168.80 |
| 2000 | 2 | 3.94% | 3,420.36 | 169.80 |
| 2000 | 3 | 1.42% | 3,469.09 | 171.20 |
| 2000 | 4 | -2.84% | 3,370.61 | 171.30 |
| 2000 | 5 | 3.16% | 3,477.24 | 171.50 |
| 2000 | 6 | 0.85% | 3,506.81 | 172.40 |
| 2000 | 7 | 0.94% | 3,539.76 | 172.80 |
| 2000 | 8 | -1.08% | 3,501.54 | 172.80 |
| 2000 | 9 | -5.21% | 3,318.96 | 173.70 |
| 2000 | 10 | -0.77% | 3,293.32 | 174.00 |
| 2000 | 11 | -3.32% | 3,183.98 | 174.10 |
| 2000 | 12 | 0.46% | 3,198.47 | 174.00 |
| 2001 | 1 | -2.14% | 3,130.14 | 175.10 |
| 2001 | 2 | -9.08% | 2,845.93 | 175.80 |
| 2001 | 3 | 0.45% | 2,858.70 | 176.20 |
| 2001 | 4 | 6.88% | 3,055.36 | 176.90 |
| 2001 | 5 | -2.39% | 2,982.37 | 177.70 |
| 2001 | 6 | -2.66% | 2,903.04 | 178.00 |
| 2001 | 7 | -2.05% | 2,843.65 | 177.50 |
| 2001 | 8 | -11.25% | 2,523.81 | 177.50 |
| 2001 | 9 | 3.18% | 2,604.17 | 178.30 |
| 2001 | 10 | 5.05% | 2,735.76 | 177.70 |
| 2001 | 11 | 1.47% | 2,775.87 | 177.40 |
| 2001 | 12 | -0.30% | 2,767.61 | 176.70 |
| 2002 | 1 | -3.35% | 2,674.82 | 177.10 |
| 2002 | 2 | 4.95% | 2,807.09 | 177.80 |
| 2002 | 3 | -3.51% | 2,708.44 | 178.80 |
| 2002 | 4 | -2.82% | 2,632.05 | 179.80 |
| 2002 | 5 | -5.92% | 2,476.21 | 179.80 |
| 2002 | 6 | -10.76% | 2,209.81 | 179.90 |
| 2002 | 7 | 1.14% | 2,234.97 | 180.10 |
| 2002 | 8 | -4.76% | 2,128.64 | 180.70 |
| 2002 | 9 | -1.37% | 2,099.54 | 181.00 |
| 2002 | 10 | 6.63% | 2,238.64 | 181.30 |
| 2002 | 11 | -1.04% | 2,215.47 | 181.30 |
| 2002 | 12 | -0.22% | 2,210.54 | 180.90 |
| 2003 | 1 | -6.41% | 2,068.74 | 181.70 |
| 2003 | 2 | 1.31% | 2,095.80 | 183.10 |
| 2003 | 3 | 5.29% | 2,206.58 | 184.20 |
| 2003 | 4 | 5.31% | 2,323.80 | 183.80 |
| 2003 | 5 | 5.70% | 2,456.35 | 183.50 |
| 2003 | 6 | 0.60% | 2,470.99 | 183.70 |
| 2003 | 7 | -0.17% | 2,466.88 | 183.90 |
| 2003 | 8 | 3.16% | 2,544.86 | 184.60 |
| 2003 | 9 | 2.03% | 2,596.46 | 185.20 |
| 2003 | 10 | 1.21% | 2,627.90 | 185.00 |
| 2003 | 11 | 3.06% | 2,708.41 | 184.50 |
| 2003 | 12 | 4.93% | 2,842.07 | 184.30 |
| 2004 | 1 | 1.09% | 2,872.95 | 185.20 |
| 2004 | 2 | -1.57% | 2,827.99 | 186.20 |
| 2004 | 3 | 0.97% | 2,855.37 | 187.40 |
| 2004 | 4 | -2.56% | 2,782.15 | 188.00 |
| 2004 | 5 | 2.86% | 2,861.65 | 189.10 |
| 2004 | 6 | -2.24% | 2,797.59 | 189.70 |
| 2004 | 7 | -1.39% | 2,758.77 | 189.40 |
| 2004 | 8 | 2.78% | 2,835.53 | 189.50 |
| 2004 | 9 | 0.10% | 2,838.44 | 189.90 |
| 2004 | 10 | 4.77% | 2,973.95 | 190.90 |
| 2004 | 11 | 2.73% | 3,055.06 | 191.00 |
| 2004 | 12 | -1.35% | 3,013.84 | 190.30 |
| 2005 | 1 | 1.68% | 3,064.51 | 190.70 |
| 2005 | 2 | -0.26% | 3,056.68 | 191.80 |
| 2005 | 3 | -2.41% | 2,983.04 | 193.30 |
| 2005 | 4 | 1.34% | 3,022.89 | 194.60 |
| 2005 | 5 | 2.18% | 3,088.81 | 194.40 |
| 2005 | 6 | 1.81% | 3,144.65 | 194.50 |
| 2005 | 7 | 0.31% | 3,154.40 | 195.40 |
| 2005 | 8 | 0.28% | 3,163.22 | 196.40 |
| 2005 | 9 | -2.62% | 3,080.21 | 198.80 |
| 2005 | 10 | 3.96% | 3,202.24 | 199.20 |
| 2005 | 11 | 2.14% | 3,270.90 | 197.60 |
| 2005 | 12 | 1.47% | 3,318.87 | 196.80 |
| 2006 | 1 | -0.02% | 3,318.32 | 198.30 |
| 2006 | 2 | 1.49% | 3,367.64 | 198.70 |
| 2006 | 3 | 0.80% | 3,394.52 | 199.80 |
| 2006 | 4 | -0.79% | 3,367.82 | 201.50 |
| 2006 | 5 | -2.71% | 3,276.69 | 202.50 |
| 2006 | 6 | 0.72% | 3,300.29 | 202.90 |
| 2006 | 7 | 2.29% | 3,375.92 | 203.50 |
| 2006 | 8 | 2.53% | 3,461.37 | 203.90 |
| 2006 | 9 | 3.62% | 3,586.53 | 202.90 |
| 2006 | 10 | 2.00% | 3,658.32 | 201.80 |
| 2006 | 11 | 2.15% | 3,736.91 | 201.50 |
| 2006 | 12 | 0.69% | 3,762.80 | 201.80 |
| 2007 | 1 | 1.60% | 3,822.86 | 202.42 |
| 2007 | 2 | -2.47% | 3,728.29 | 203.50 |
| 2007 | 3 | 4.18% | 3,884.14 | 205.35 |
| 2007 | 4 | 3.39% | 4,015.88 | 206.69 |
| 2007 | 5 | 0.34% | 4,029.73 | 207.95 |
| 2007 | 6 | 0.57% | 4,052.88 | 208.35 |
| 2007 | 7 | -4.20% | 3,882.62 | 208.30 |
| 2007 | 8 | 3.07% | 4,002.00 | 207.92 |
| 2007 | 9 | 2.99% | 4,121.72 | 208.49 |
| 2007 | 10 | -4.81% | 3,923.62 | 208.94 |
| 2007 | 11 | 1.24% | 3,972.20 | 210.18 |
| 2007 | 12 | -6.64% | 3,708.64 | 210.04 |
| 2008 | 1 | -1.56% | 3,650.64 | 211.08 |
| 2008 | 2 | -2.63% | 3,554.75 | 211.69 |
| 2008 | 3 | 4.24% | 3,705.61 | 213.53 |
| 2008 | 4 | 2.56% | 3,800.57 | 214.82 |
| 2008 | 5 | -4.25% | 3,639.17 | 216.63 |
| 2008 | 6 | -6.08% | 3,417.97 | 218.82 |
| 2008 | 7 | 2.11% | 3,490.10 | 219.96 |
| 2008 | 8 | -4.85% | 3,320.92 | 219.09 |
| 2008 | 9 | -20.19% | 2,650.31 | 218.78 |
| 2008 | 10 | -8.61% | 2,422.24 | 216.57 |
| 2008 | 11 | -0.35% | 2,413.73 | 212.43 |
| 2008 | 12 | -1.10% | 2,387.29 | 210.23 |
| 2009 | 1 | -6.70% | 2,227.28 | 211.14 |
| 2009 | 2 | -5.69% | 2,100.60 | 212.19 |
| 2009 | 3 | 12.32% | 2,359.44 | 212.71 |
| 2009 | 4 | 6.66% | 2,516.57 | 213.24 |
| 2009 | 5 | 2.87% | 2,588.77 | 213.86 |
| 2009 | 6 | 1.28% | 2,621.84 | 215.69 |
| 2009 | 7 | 8.12% | 2,834.75 | 215.35 |
| 2009 | 8 | 3.65% | 2,938.23 | 215.83 |
| 2009 | 9 | 2.40% | 3,008.84 | 215.97 |
| 2009 | 10 | 2.09% | 3,071.86 | 216.18 |
| 2009 | 11 | 2.23% | 3,140.23 | 216.33 |
| 2009 | 12 | 1.36% | 3,182.84 | 215.95 |
| 2010 | 1 | -2.90% | 3,090.59 | 216.69 |
| 2010 | 2 | 5.94% | 3,274.26 | 216.74 |
| 2010 | 3 | 4.09% | 3,408.11 | 217.63 |
| 2010 | 4 | -5.88% | 3,207.64 | 218.01 |
| 2010 | 5 | -3.54% | 3,093.97 | 218.18 |
| 2010 | 6 | -0.16% | 3,089.05 | 217.97 |
| 2010 | 7 | 0.86% | 3,115.73 | 218.01 |
| 2010 | 8 | 3.37% | 3,220.76 | 218.31 |
| 2010 | 9 | 4.58% | 3,368.19 | 218.44 |
| 2010 | 10 | 2.49% | 3,452.09 | 218.71 |
| 2010 | 11 | 3.71% | 3,580.29 | 218.80 |
| 2010 | 12 | 3.46% | 3,704.25 | 219.18 |
| 2011 | 1 | 3.15% | 3,820.96 | 220.22 |
| 2011 | 2 | -1.11% | 3,778.46 | 221.31 |
| 2011 | 3 | 2.22% | 3,862.38 | 223.47 |
| 2011 | 4 | 0.66% | 3,887.84 | 224.91 |
| 2011 | 5 | -3.66% | 3,745.44 | 225.96 |
| 2011 | 6 | 3.10% | 3,861.62 | 225.72 |
| 2011 | 7 | -10.40% | 3,459.98 | 225.92 |
| 2011 | 8 | -0.79% | 3,432.68 | 226.55 |
| 2011 | 9 | 3.02% | 3,536.30 | 226.89 |
| 2011 | 10 | 1.77% | 3,598.80 | 226.42 |
| 2011 | 11 | 1.55% | 3,654.75 | 226.23 |
| 2011 | 12 | 4.78% | 3,829.54 | 225.67 |
| 2012 | 1 | 4.16% | 3,988.95 | 226.67 |
| 2012 | 2 | 2.88% | 4,103.98 | 227.66 |
| 2012 | 3 | -0.04% | 4,102.41 | 229.39 |
| 2012 | 4 | -3.09% | 3,975.61 | 230.09 |
| 2012 | 5 | -1.15% | 3,929.79 | 229.82 |
| 2012 | 6 | 2.92% | 4,044.59 | 229.48 |
| 2012 | 7 | 3.39% | 4,181.61 | 229.10 |
| 2012 | 8 | 3.02% | 4,307.94 | 230.38 |
| 2012 | 9 | -0.22% | 4,298.58 | 231.41 |
| 2012 | 10 | -2.84% | 4,176.61 | 231.32 |
| 2012 | 11 | 2.18% | 4,267.48 | 230.22 |
| 2012 | 12 | 4.27% | 4,449.64 | 229.60 |
| 2013 | 1 | 2.33% | 4,553.46 | 230.28 |
| 2013 | 2 | 2.72% | 4,677.42 | 232.17 |
| 2013 | 3 | 1.45% | 4,745.42 | 232.77 |
| 2013 | 4 | 4.57% | 4,962.49 | 232.53 |
| 2013 | 5 | -1.12% | 4,907.02 | 232.95 |
| 2013 | 6 | 3.25% | 5,066.72 | 233.50 |
| 2013 | 7 | 0.25% | 5,079.51 | 233.60 |
| 2013 | 8 | 1.19% | 5,140.08 | 233.88 |
| 2013 | 9 | 2.12% | 5,248.93 | 234.15 |
| 2013 | 10 | 3.86% | 5,451.54 | 233.55 |
| 2013 | 11 | 1.52% | 5,534.49 | 233.07 |
| 2013 | 12 | 0.97% | 5,588.05 | 233.05 |
| 2014 | 1 | -0.13% | 5,580.79 | 233.92 |
| 2014 | 2 | 2.72% | 5,732.71 | 234.78 |
| 2014 | 3 | 0.20% | 5,744.28 | 236.29 |
| 2014 | 4 | 1.53% | 5,832.28 | 237.07 |
| 2014 | 5 | 3.20% | 6,018.70 | 237.90 |
| 2014 | 6 | 1.50% | 6,108.73 | 238.34 |
| 2014 | 7 | -0.43% | 6,082.65 | 238.25 |
| 2014 | 8 | 1.78% | 6,190.80 | 237.85 |
| 2014 | 9 | -2.65% | 6,026.95 | 238.03 |
| 2014 | 10 | 5.71% | 6,370.83 | 237.43 |
| 2014 | 11 | 0.63% | 6,411.21 | 236.15 |
| 2014 | 12 | -1.11% | 6,340.05 | 234.81 |
| 2015 | 1 | 2.83% | 6,519.30 | 233.71 |
| 2015 | 2 | 0.06% | 6,522.91 | 234.72 |
| 2015 | 3 | 0.88% | 6,580.21 | 236.12 |
| 2015 | 4 | 0.98% | 6,644.63 | 236.60 |
| 2015 | 5 | -0.44% | 6,615.69 | 237.81 |
| 2015 | 6 | -0.08% | 6,610.42 | 238.64 |
| 2015 | 7 | -2.42% | 6,450.16 | 238.65 |
| 2015 | 8 | -4.51% | 6,159.44 | 238.32 |
| 2015 | 9 | 4.32% | 6,425.35 | 237.95 |
| 2015 | 10 | 2.93% | 6,613.77 | 237.84 |
| 2015 | 11 | -1.10% | 6,540.83 | 237.34 |
| 2015 | 12 | -6.42% | 6,120.93 | 236.53 |
| 2016 | 1 | -0.55% | 6,087.27 | 236.92 |
| 2016 | 2 | 6.36% | 6,474.59 | 237.11 |
| 2016 | 3 | 2.83% | 6,657.90 | 238.13 |
| 2016 | 4 | -0.30% | 6,637.64 | 239.26 |
| 2016 | 5 | 1.07% | 6,708.43 | 240.23 |
| 2016 | 6 | 3.30% | 6,929.63 | 241.02 |
| 2016 | 7 | 1.20% | 7,012.74 | 240.63 |
| 2016 | 8 | -0.44% | 6,981.97 | 240.85 |
| 2016 | 9 | -0.51% | 6,946.65 | 241.43 |
| 2016 | 10 | 1.20% | 7,030.09 | 241.73 |
| 2016 | 11 | 3.95% | 7,307.49 | 241.35 |
| 2016 | 12 | 1.44% | 7,412.55 | 241.43 |
| 2017 | 1 | 2.58% | 7,603.53 | 242.84 |
| 2017 | 2 | 1.75% | 7,736.53 | 243.60 |
| 2017 | 3 | -0.15% | 7,724.62 | 243.80 |
| 2017 | 4 | 1.69% | 7,855.35 | 244.52 |
| 2017 | 5 | 1.78% | 7,994.89 | 244.73 |
| 2017 | 6 | 0.99% | 8,073.87 | 244.96 |
| 2017 | 7 | 0.25% | 8,093.88 | 244.79 |
| 2017 | 8 | 1.65% | 8,227.69 | 245.52 |
| 2017 | 9 | 2.73% | 8,452.70 | 246.82 |
| 2017 | 10 | 1.59% | 8,587.06 | 246.66 |
| 2017 | 11 | 2.88% | 8,834.67 | 246.67 |
| 2017 | 12 | 4.86% | 9,264.20 | 246.52 |
| 2018 | 1 | -2.89% | 8,996.77 | 247.87 |
| 2018 | 2 | 0.06% | 9,002.58 | 248.99 |
| 2018 | 3 | -1.66% | 8,852.78 | 249.55 |
| 2018 | 4 | 1.96% | 9,026.44 | 250.55 |
| 2018 | 5 | 2.11% | 9,217.17 | 251.59 |
| 2018 | 6 | 1.58% | 9,362.87 | 251.99 |
| 2018 | 7 | 2.45% | 9,592.33 | 252.01 |
| 2018 | 8 | 1.68% | 9,753.46 | 252.15 |
| 2018 | 9 | -3.85% | 9,378.05 | 252.44 |
| 2018 | 10 | -2.08% | 9,183.35 | 252.89 |
| 2018 | 11 | -5.56% | 8,672.53 | 252.04 |
| 2018 | 12 | 1.74% | 8,823.05 | 251.23 |
| 2019 | 1 | 5.83% | 9,337.34 | 251.71 |
| 2019 | 2 | 1.95% | 9,519.23 | 252.78 |
| 2019 | 3 | 3.72% | 9,873.65 | 254.20 |
| 2019 | 4 | -1.53% | 9,722.41 | 255.55 |
| 2019 | 5 | 1.40% | 9,858.98 | 256.09 |
| 2019 | 6 | 3.83% | 10,236.32 | 256.14 |
| 2019 | 7 | -3.13% | 9,915.47 | 256.57 |
| 2019 | 8 | 3.09% | 10,221.39 | 256.56 |
| 2019 | 9 | 0.01% | 10,222.39 | 256.76 |
| 2019 | 10 | 4.43% | 10,675.62 | 257.35 |
| 2019 | 11 | 2.47% | 10,939.23 | 257.21 |
| 2019 | 12 | 3.35% | 11,305.31 | 256.97 |
| 2020 | 1 | 0.12% | 11,319.11 | 257.97 |
| 2020 | 2 | -18.92% | 9,177.79 | 258.68 |
| 2020 | 3 | 4.32% | 9,574.14 | 258.12 |
| 2020 | 4 | 5.89% | 10,137.81 | 256.39 |
| 2020 | 5 | 6.51% | 10,797.61 | 256.39 |
| 2020 | 6 | 3.48% | 11,172.98 | 257.80 |
| 2020 | 7 | 5.89% | 11,831.46 | 259.10 |
| 2020 | 8 | -0.63% | 11,757.27 | 259.92 |
| 2020 | 9 | 1.73% | 11,960.20 | 260.28 |
| 2020 | 10 | 3.95% | 12,433.12 | 260.39 |
| 2020 | 11 | 4.26% | 12,962.79 | 260.23 |
| 2020 | 12 | 2.80% | 13,325.13 | 260.47 |
| 2021 | 1 | 2.49% | 13,657.13 | 261.58 |
| 2021 | 2 | 0.82% | 13,769.31 | 263.01 |
| 2021 | 3 | 6.02% | 14,598.42 | 264.88 |
| 2021 | 4 | 0.76% | 14,709.41 | 267.05 |
| 2021 | 5 | 1.81% | 14,975.71 | 269.20 |
| 2021 | 6 | 3.07% | 15,435.19 | 271.70 |
| 2021 | 7 | 2.19% | 15,772.48 | 273.00 |
| 2021 | 8 | -0.08% | 15,759.15 | 273.57 |
| 2021 | 9 | 0.45% | 15,830.41 | 274.31 |
| 2021 | 10 | 4.74% | 16,581.52 | 276.59 |
| 2021 | 11 | 0.27% | 16,625.53 | 277.95 |
| 2021 | 12 | -2.05% | 16,284.38 | 278.80 |
| 2022 | 1 | -2.90% | 15,811.72 | 281.15 |
| 2022 | 2 | -0.89% | 15,670.58 | 283.72 |
| 2022 | 3 | 0.12% | 15,689.12 | 287.50 |
| 2022 | 4 | -7.87% | 14,453.96 | 289.11 |
| 2022 | 5 | -3.37% | 13,966.95 | 292.30 |
| 2022 | 6 | 0.46% | 14,031.85 | 296.31 |
| 2022 | 7 | 6.45% | 14,936.54 | 296.28 |
| 2022 | 8 | -7.28% | 13,849.55 | 296.17 |
| 2022 | 9 | -3.09% | 13,421.43 | 296.81 |
| 2022 | 10 | 5.29% | 14,130.77 | 298.01 |
| 2022 | 11 | 0.01% | 14,132.30 | 297.71 |
| 2022 | 12 | 1.38% | 14,326.83 | 296.80 |
| 2023 | 1 | 3.15% | 14,777.69 | 299.17 |
| 2023 | 2 | -2.59% | 14,395.62 | 300.84 |
| 2023 | 3 | 4.00% | 14,970.90 | 301.84 |
| 2023 | 4 | 0.74% | 15,081.34 | 303.36 |
| 2023 | 5 | 4.94% | 15,826.69 | 304.13 |
| 2023 | 6 | 3.88% | 16,440.14 | 305.11 |
| 2023 | 7 | -1.00% | 16,276.13 | 305.69 |
| 2023 | 8 | -0.95% | 16,120.92 | 307.03 |
| 2023 | 9 | -3.04% | 15,631.28 | 307.79 |
| 2023 | 10 | 4.60% | 16,350.59 | 307.67 |
| 2023 | 11 | 5.18% | 17,196.77 | 307.05 |
| 2023 | 12 | 2.91% | 17,697.51 | 306.75 |
Click to show 534 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 1978. This would result in a final amount of $15,290.20, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $17,697.51).
| Year | Month | Contribution ($) | Amount ($) |
|---|---|---|---|
| 1978 | 1 | 4.16 | 4.10 |
| 1978 | 2 | 4.16 | 8.26 |
| 1978 | 3 | 4.16 | 13.01 |
| 1978 | 4 | 4.16 | 18.09 |
| 1978 | 5 | 4.16 | 22.39 |
| 1978 | 6 | 4.16 | 26.51 |
| 1978 | 7 | 4.16 | 32.90 |
| 1978 | 8 | 4.16 | 37.19 |
| 1978 | 9 | 4.16 | 40.19 |
| 1978 | 10 | 4.16 | 41.92 |
| 1978 | 11 | 4.16 | 46.95 |
| 1978 | 12 | 4.16 | 53.23 |
| 1979 | 1 | 4.16 | 56.76 |
| 1979 | 2 | 4.16 | 62.33 |
| 1979 | 3 | 4.16 | 68.09 |
| 1979 | 4 | 4.16 | 70.87 |
| 1979 | 5 | 4.16 | 76.82 |
| 1979 | 6 | 4.16 | 82.11 |
| 1979 | 7 | 4.16 | 90.58 |
| 1979 | 8 | 4.16 | 96.18 |
| 1979 | 9 | 4.16 | 96.96 |
| 1979 | 10 | 4.16 | 100.78 |
| 1979 | 11 | 4.16 | 109.54 |
| 1979 | 12 | 4.32 | 117.61 |
| 1980 | 1 | - | 122.78 |
| 1980 | 2 | - | 112.00 |
| 1980 | 3 | - | 110.70 |
| 1980 | 4 | - | 116.28 |
| 1980 | 5 | - | 124.26 |
| 1980 | 6 | - | 130.43 |
| 1980 | 7 | - | 135.00 |
| 1980 | 8 | - | 138.83 |
| 1980 | 9 | - | 143.45 |
| 1980 | 10 | - | 150.07 |
| 1980 | 11 | - | 148.20 |
| 1980 | 12 | - | 148.22 |
| 1981 | 1 | - | 143.66 |
| 1981 | 2 | - | 149.62 |
| 1981 | 3 | - | 151.55 |
| 1981 | 4 | - | 149.10 |
| 1981 | 5 | - | 150.38 |
| 1981 | 6 | - | 147.35 |
| 1981 | 7 | - | 148.53 |
| 1981 | 8 | - | 136.20 |
| 1981 | 9 | - | 138.55 |
| 1981 | 10 | - | 142.77 |
| 1981 | 11 | - | 144.45 |
| 1981 | 12 | - | 137.51 |
| 1982 | 1 | - | 134.88 |
| 1982 | 2 | - | 131.18 |
| 1982 | 3 | - | 138.35 |
| 1982 | 4 | - | 139.14 |
| 1982 | 5 | - | 131.81 |
| 1982 | 6 | - | 132.13 |
| 1982 | 7 | - | 133.18 |
| 1982 | 8 | - | 149.29 |
| 1982 | 9 | - | 162.55 |
| 1982 | 10 | - | 169.86 |
| 1982 | 11 | - | 172.16 |
| 1982 | 12 | - | 178.92 |
| 1983 | 1 | - | 182.73 |
| 1983 | 2 | - | 189.80 |
| 1983 | 3 | - | 197.76 |
| 1983 | 4 | - | 206.51 |
| 1983 | 5 | - | 210.13 |
| 1983 | 6 | - | 211.62 |
| 1983 | 7 | - | 206.53 |
| 1983 | 8 | - | 213.37 |
| 1983 | 9 | - | 214.76 |
| 1983 | 10 | - | 212.30 |
| 1983 | 11 | - | 212.03 |
| 1983 | 12 | - | 215.37 |
| 1984 | 1 | - | 204.36 |
| 1984 | 2 | - | 205.27 |
| 1984 | 3 | - | 206.31 |
| 1984 | 4 | - | 205.79 |
| 1984 | 5 | - | 201.98 |
| 1984 | 6 | - | 200.15 |
| 1984 | 7 | - | 218.58 |
| 1984 | 8 | - | 221.65 |
| 1984 | 9 | - | 220.74 |
| 1984 | 10 | - | 223.58 |
| 1984 | 11 | - | 221.99 |
| 1984 | 12 | - | 232.42 |
| 1985 | 1 | - | 245.87 |
| 1985 | 2 | - | 244.70 |
| 1985 | 3 | - | 247.20 |
| 1985 | 4 | - | 253.97 |
| 1985 | 5 | - | 260.34 |
| 1985 | 6 | - | 266.19 |
| 1985 | 7 | - | 261.28 |
| 1985 | 8 | - | 256.36 |
| 1985 | 9 | - | 260.19 |
| 1985 | 10 | - | 276.90 |
| 1985 | 11 | - | 291.56 |
| 1985 | 12 | - | 293.75 |
| 1986 | 1 | - | 310.48 |
| 1986 | 2 | - | 329.68 |
| 1986 | 3 | - | 338.72 |
| 1986 | 4 | - | 340.38 |
| 1986 | 5 | - | 351.05 |
| 1986 | 6 | - | 344.72 |
| 1986 | 7 | - | 352.58 |
| 1986 | 8 | - | 343.92 |
| 1986 | 9 | - | 343.61 |
| 1986 | 10 | - | 355.75 |
| 1986 | 11 | - | 361.83 |
| 1986 | 12 | - | 385.98 |
| 1987 | 1 | - | 410.92 |
| 1987 | 2 | - | 428.90 |
| 1987 | 3 | - | 425.23 |
| 1987 | 4 | - | 425.96 |
| 1987 | 5 | - | 445.12 |
| 1987 | 6 | - | 459.02 |
| 1987 | 7 | - | 488.65 |
| 1987 | 8 | - | 473.84 |
| 1987 | 9 | - | 417.67 |
| 1987 | 10 | - | 366.28 |
| 1987 | 11 | - | 361.39 |
| 1987 | 12 | - | 376.74 |
| 1988 | 1 | - | 389.28 |
| 1988 | 2 | - | 401.86 |
| 1988 | 3 | - | 398.30 |
| 1988 | 4 | - | 389.59 |
| 1988 | 5 | - | 412.95 |
| 1988 | 6 | - | 411.69 |
| 1988 | 7 | - | 404.61 |
| 1988 | 8 | - | 412.41 |
| 1988 | 9 | - | 428.09 |
| 1988 | 10 | - | 419.44 |
| 1988 | 11 | - | 429.19 |
| 1988 | 12 | - | 444.27 |
| 1989 | 1 | - | 458.93 |
| 1989 | 2 | - | 458.19 |
| 1989 | 3 | - | 474.52 |
| 1989 | 4 | - | 494.05 |
| 1989 | 5 | - | 510.81 |
| 1989 | 6 | - | 525.12 |
| 1989 | 7 | - | 549.75 |
| 1989 | 8 | - | 552.25 |
| 1989 | 9 | - | 553.83 |
| 1989 | 10 | - | 543.79 |
| 1989 | 11 | - | 558.67 |
| 1989 | 12 | - | 546.32 |
| 1990 | 1 | - | 532.51 |
| 1990 | 2 | - | 546.93 |
| 1990 | 3 | - | 548.00 |
| 1990 | 4 | - | 569.10 |
| 1990 | 5 | - | 587.14 |
| 1990 | 6 | - | 588.14 |
| 1990 | 7 | - | 541.90 |
| 1990 | 8 | - | 518.38 |
| 1990 | 9 | - | 506.37 |
| 1990 | 10 | - | 521.48 |
| 1990 | 11 | - | 545.40 |
| 1990 | 12 | - | 541.67 |
| 1991 | 1 | - | 604.53 |
| 1991 | 2 | - | 622.94 |
| 1991 | 3 | - | 637.01 |
| 1991 | 4 | - | 635.87 |
| 1991 | 5 | - | 638.08 |
| 1991 | 6 | - | 643.06 |
| 1991 | 7 | - | 660.29 |
| 1991 | 8 | - | 658.28 |
| 1991 | 9 | - | 659.48 |
| 1991 | 10 | - | 659.58 |
| 1991 | 11 | - | 665.75 |
| 1991 | 12 | - | 714.74 |
| 1992 | 1 | - | 710.44 |
| 1992 | 2 | - | 703.25 |
| 1992 | 3 | - | 705.11 |
| 1992 | 4 | - | 719.70 |
| 1992 | 5 | - | 710.13 |
| 1992 | 6 | - | 723.71 |
| 1992 | 7 | - | 730.52 |
| 1992 | 8 | - | 733.29 |
| 1992 | 9 | - | 724.62 |
| 1992 | 10 | - | 744.60 |
| 1992 | 11 | - | 768.95 |
| 1992 | 12 | - | 770.05 |
| 1993 | 1 | - | 783.33 |
| 1993 | 2 | - | 800.17 |
| 1993 | 3 | - | 789.44 |
| 1993 | 4 | - | 795.16 |
| 1993 | 5 | - | 802.04 |
| 1993 | 6 | - | 802.53 |
| 1993 | 7 | - | 816.67 |
| 1993 | 8 | - | 827.74 |
| 1993 | 9 | - | 838.02 |
| 1993 | 10 | - | 838.08 |
| 1993 | 11 | - | 845.51 |
| 1993 | 12 | - | 860.19 |
| 1994 | 1 | - | 859.54 |
| 1994 | 2 | - | 847.30 |
| 1994 | 3 | - | 818.95 |
| 1994 | 4 | - | 827.61 |
| 1994 | 5 | - | 836.78 |
| 1994 | 6 | - | 832.44 |
| 1994 | 7 | - | 858.10 |
| 1994 | 8 | - | 865.11 |
| 1994 | 9 | - | 861.27 |
| 1994 | 10 | - | 858.09 |
| 1994 | 11 | - | 849.29 |
| 1994 | 12 | - | 870.10 |
| 1995 | 1 | - | 903.33 |
| 1995 | 2 | - | 926.44 |
| 1995 | 3 | - | 956.23 |
| 1995 | 4 | - | 988.24 |
| 1995 | 5 | - | 1,019.65 |
| 1995 | 6 | - | 1,055.83 |
| 1995 | 7 | - | 1,061.24 |
| 1995 | 8 | - | 1,100.70 |
| 1995 | 9 | - | 1,110.74 |
| 1995 | 10 | - | 1,136.94 |
| 1995 | 11 | - | 1,175.47 |
| 1995 | 12 | - | 1,177.38 |
| 1996 | 1 | - | 1,246.90 |
| 1996 | 2 | - | 1,244.40 |
| 1996 | 3 | - | 1,246.85 |
| 1996 | 4 | - | 1,276.21 |
| 1996 | 5 | - | 1,292.53 |
| 1996 | 6 | - | 1,247.59 |
| 1996 | 7 | - | 1,285.96 |
| 1996 | 8 | - | 1,311.99 |
| 1996 | 9 | - | 1,366.04 |
| 1996 | 10 | - | 1,435.05 |
| 1996 | 11 | - | 1,452.24 |
| 1996 | 12 | - | 1,499.55 |
| 1997 | 1 | - | 1,564.95 |
| 1997 | 2 | - | 1,555.19 |
| 1997 | 3 | - | 1,502.23 |
| 1997 | 4 | - | 1,640.70 |
| 1997 | 5 | - | 1,728.27 |
| 1997 | 6 | - | 1,827.40 |
| 1997 | 7 | - | 1,833.75 |
| 1997 | 8 | - | 1,855.61 |
| 1997 | 9 | - | 1,886.14 |
| 1997 | 10 | - | 1,864.42 |
| 1997 | 11 | - | 1,913.54 |
| 1997 | 12 | - | 1,918.07 |
| 1998 | 1 | - | 2,040.87 |
| 1998 | 2 | - | 2,149.30 |
| 1998 | 3 | - | 2,222.50 |
| 1998 | 4 | - | 2,217.57 |
| 1998 | 5 | - | 2,220.15 |
| 1998 | 6 | - | 2,319.34 |
| 1998 | 7 | - | 2,157.66 |
| 1998 | 8 | - | 2,051.96 |
| 1998 | 9 | - | 2,078.45 |
| 1998 | 10 | - | 2,306.55 |
| 1998 | 11 | - | 2,401.21 |
| 1998 | 12 | - | 2,522.42 |
| 1999 | 1 | - | 2,520.74 |
| 1999 | 2 | - | 2,594.43 |
| 1999 | 3 | - | 2,704.69 |
| 1999 | 4 | - | 2,702.02 |
| 1999 | 5 | - | 2,685.49 |
| 1999 | 6 | - | 2,806.94 |
| 1999 | 7 | - | 2,700.99 |
| 1999 | 8 | - | 2,684.84 |
| 1999 | 9 | - | 2,650.68 |
| 1999 | 10 | - | 2,839.03 |
| 1999 | 11 | - | 2,918.77 |
| 1999 | 12 | - | 2,915.30 |
| 2000 | 1 | - | 2,843.06 |
| 2000 | 2 | - | 2,955.10 |
| 2000 | 3 | - | 2,997.20 |
| 2000 | 4 | - | 2,912.12 |
| 2000 | 5 | - | 3,004.24 |
| 2000 | 6 | - | 3,029.79 |
| 2000 | 7 | - | 3,058.26 |
| 2000 | 8 | - | 3,025.24 |
| 2000 | 9 | - | 2,867.50 |
| 2000 | 10 | - | 2,845.35 |
| 2000 | 11 | - | 2,750.88 |
| 2000 | 12 | - | 2,763.40 |
| 2001 | 1 | - | 2,704.36 |
| 2001 | 2 | - | 2,458.81 |
| 2001 | 3 | - | 2,469.84 |
| 2001 | 4 | - | 2,639.75 |
| 2001 | 5 | - | 2,576.70 |
| 2001 | 6 | - | 2,508.15 |
| 2001 | 7 | - | 2,456.84 |
| 2001 | 8 | - | 2,180.51 |
| 2001 | 9 | - | 2,249.94 |
| 2001 | 10 | - | 2,363.63 |
| 2001 | 11 | - | 2,398.28 |
| 2001 | 12 | - | 2,391.14 |
| 2002 | 1 | - | 2,310.97 |
| 2002 | 2 | - | 2,425.26 |
| 2002 | 3 | - | 2,340.02 |
| 2002 | 4 | - | 2,274.02 |
| 2002 | 5 | - | 2,139.38 |
| 2002 | 6 | - | 1,909.22 |
| 2002 | 7 | - | 1,930.96 |
| 2002 | 8 | - | 1,839.09 |
| 2002 | 9 | - | 1,813.95 |
| 2002 | 10 | - | 1,934.13 |
| 2002 | 11 | - | 1,914.11 |
| 2002 | 12 | - | 1,909.85 |
| 2003 | 1 | - | 1,787.34 |
| 2003 | 2 | - | 1,810.72 |
| 2003 | 3 | - | 1,906.43 |
| 2003 | 4 | - | 2,007.70 |
| 2003 | 5 | - | 2,122.22 |
| 2003 | 6 | - | 2,134.87 |
| 2003 | 7 | - | 2,131.32 |
| 2003 | 8 | - | 2,198.69 |
| 2003 | 9 | - | 2,243.28 |
| 2003 | 10 | - | 2,270.44 |
| 2003 | 11 | - | 2,340.00 |
| 2003 | 12 | - | 2,455.48 |
| 2004 | 1 | - | 2,482.16 |
| 2004 | 2 | - | 2,443.31 |
| 2004 | 3 | - | 2,466.96 |
| 2004 | 4 | - | 2,403.70 |
| 2004 | 5 | - | 2,472.39 |
| 2004 | 6 | - | 2,417.04 |
| 2004 | 7 | - | 2,383.50 |
| 2004 | 8 | - | 2,449.83 |
| 2004 | 9 | - | 2,452.34 |
| 2004 | 10 | - | 2,569.41 |
| 2004 | 11 | - | 2,639.49 |
| 2004 | 12 | - | 2,603.88 |
| 2005 | 1 | - | 2,647.66 |
| 2005 | 2 | - | 2,640.89 |
| 2005 | 3 | - | 2,577.27 |
| 2005 | 4 | - | 2,611.70 |
| 2005 | 5 | - | 2,668.66 |
| 2005 | 6 | - | 2,716.90 |
| 2005 | 7 | - | 2,725.32 |
| 2005 | 8 | - | 2,732.94 |
| 2005 | 9 | - | 2,661.23 |
| 2005 | 10 | - | 2,766.65 |
| 2005 | 11 | - | 2,825.97 |
| 2005 | 12 | - | 2,867.42 |
| 2006 | 1 | - | 2,866.95 |
| 2006 | 2 | - | 2,909.55 |
| 2006 | 3 | - | 2,932.78 |
| 2006 | 4 | - | 2,909.71 |
| 2006 | 5 | - | 2,830.98 |
| 2006 | 6 | - | 2,851.36 |
| 2006 | 7 | - | 2,916.71 |
| 2006 | 8 | - | 2,990.54 |
| 2006 | 9 | - | 3,098.67 |
| 2006 | 10 | - | 3,160.70 |
| 2006 | 11 | - | 3,228.60 |
| 2006 | 12 | - | 3,250.97 |
| 2007 | 1 | - | 3,302.85 |
| 2007 | 2 | - | 3,221.14 |
| 2007 | 3 | - | 3,355.80 |
| 2007 | 4 | - | 3,469.62 |
| 2007 | 5 | - | 3,481.58 |
| 2007 | 6 | - | 3,501.59 |
| 2007 | 7 | - | 3,354.48 |
| 2007 | 8 | - | 3,457.62 |
| 2007 | 9 | - | 3,561.06 |
| 2007 | 10 | - | 3,389.91 |
| 2007 | 11 | - | 3,431.88 |
| 2007 | 12 | - | 3,204.17 |
| 2008 | 1 | - | 3,154.06 |
| 2008 | 2 | - | 3,071.21 |
| 2008 | 3 | - | 3,201.55 |
| 2008 | 4 | - | 3,283.59 |
| 2008 | 5 | - | 3,144.15 |
| 2008 | 6 | - | 2,953.04 |
| 2008 | 7 | - | 3,015.36 |
| 2008 | 8 | - | 2,869.19 |
| 2008 | 9 | - | 2,289.80 |
| 2008 | 10 | - | 2,092.75 |
| 2008 | 11 | - | 2,085.40 |
| 2008 | 12 | - | 2,062.56 |
| 2009 | 1 | - | 1,924.31 |
| 2009 | 2 | - | 1,814.87 |
| 2009 | 3 | - | 2,038.49 |
| 2009 | 4 | - | 2,174.25 |
| 2009 | 5 | - | 2,236.63 |
| 2009 | 6 | - | 2,265.20 |
| 2009 | 7 | - | 2,449.16 |
| 2009 | 8 | - | 2,538.56 |
| 2009 | 9 | - | 2,599.56 |
| 2009 | 10 | - | 2,654.01 |
| 2009 | 11 | - | 2,713.08 |
| 2009 | 12 | - | 2,749.90 |
| 2010 | 1 | - | 2,670.19 |
| 2010 | 2 | - | 2,828.88 |
| 2010 | 3 | - | 2,944.52 |
| 2010 | 4 | - | 2,771.32 |
| 2010 | 5 | - | 2,673.11 |
| 2010 | 6 | - | 2,668.86 |
| 2010 | 7 | - | 2,691.91 |
| 2010 | 8 | - | 2,782.66 |
| 2010 | 9 | - | 2,910.03 |
| 2010 | 10 | - | 2,982.52 |
| 2010 | 11 | - | 3,093.28 |
| 2010 | 12 | - | 3,200.38 |
| 2011 | 1 | - | 3,301.22 |
| 2011 | 2 | - | 3,264.49 |
| 2011 | 3 | - | 3,336.99 |
| 2011 | 4 | - | 3,358.99 |
| 2011 | 5 | - | 3,235.97 |
| 2011 | 6 | - | 3,336.34 |
| 2011 | 7 | - | 2,989.34 |
| 2011 | 8 | - | 2,965.74 |
| 2011 | 9 | - | 3,055.28 |
| 2011 | 10 | - | 3,109.27 |
| 2011 | 11 | - | 3,157.61 |
| 2011 | 12 | - | 3,308.62 |
| 2012 | 1 | - | 3,446.35 |
| 2012 | 2 | - | 3,545.73 |
| 2012 | 3 | - | 3,544.38 |
| 2012 | 4 | - | 3,434.83 |
| 2012 | 5 | - | 3,395.24 |
| 2012 | 6 | - | 3,494.42 |
| 2012 | 7 | - | 3,612.80 |
| 2012 | 8 | - | 3,721.95 |
| 2012 | 9 | - | 3,713.87 |
| 2012 | 10 | - | 3,608.49 |
| 2012 | 11 | - | 3,686.99 |
| 2012 | 12 | - | 3,844.38 |
| 2013 | 1 | - | 3,934.07 |
| 2013 | 2 | - | 4,041.17 |
| 2013 | 3 | - | 4,099.92 |
| 2013 | 4 | - | 4,287.46 |
| 2013 | 5 | - | 4,239.54 |
| 2013 | 6 | - | 4,377.52 |
| 2013 | 7 | - | 4,388.57 |
| 2013 | 8 | - | 4,440.90 |
| 2013 | 9 | - | 4,534.94 |
| 2013 | 10 | - | 4,709.99 |
| 2013 | 11 | - | 4,781.66 |
| 2013 | 12 | - | 4,827.94 |
| 2014 | 1 | - | 4,821.66 |
| 2014 | 2 | - | 4,952.92 |
| 2014 | 3 | - | 4,962.91 |
| 2014 | 4 | - | 5,038.94 |
| 2014 | 5 | - | 5,200.00 |
| 2014 | 6 | - | 5,277.78 |
| 2014 | 7 | - | 5,255.25 |
| 2014 | 8 | - | 5,348.69 |
| 2014 | 9 | - | 5,207.13 |
| 2014 | 10 | - | 5,504.23 |
| 2014 | 11 | - | 5,539.12 |
| 2014 | 12 | - | 5,477.64 |
| 2015 | 1 | - | 5,632.51 |
| 2015 | 2 | - | 5,635.63 |
| 2015 | 3 | - | 5,685.14 |
| 2015 | 4 | - | 5,740.79 |
| 2015 | 5 | - | 5,715.79 |
| 2015 | 6 | - | 5,711.23 |
| 2015 | 7 | - | 5,572.77 |
| 2015 | 8 | - | 5,321.60 |
| 2015 | 9 | - | 5,551.34 |
| 2015 | 10 | - | 5,714.13 |
| 2015 | 11 | - | 5,651.11 |
| 2015 | 12 | - | 5,288.33 |
| 2016 | 1 | - | 5,259.25 |
| 2016 | 2 | - | 5,593.88 |
| 2016 | 3 | - | 5,752.26 |
| 2016 | 4 | - | 5,734.75 |
| 2016 | 5 | - | 5,795.91 |
| 2016 | 6 | - | 5,987.02 |
| 2016 | 7 | - | 6,058.82 |
| 2016 | 8 | - | 6,032.25 |
| 2016 | 9 | - | 6,001.72 |
| 2016 | 10 | - | 6,073.81 |
| 2016 | 11 | - | 6,313.49 |
| 2016 | 12 | - | 6,404.25 |
| 2017 | 1 | - | 6,569.25 |
| 2017 | 2 | - | 6,684.16 |
| 2017 | 3 | - | 6,673.87 |
| 2017 | 4 | - | 6,786.82 |
| 2017 | 5 | - | 6,907.38 |
| 2017 | 6 | - | 6,975.62 |
| 2017 | 7 | - | 6,992.90 |
| 2017 | 8 | - | 7,108.51 |
| 2017 | 9 | - | 7,302.92 |
| 2017 | 10 | - | 7,419.00 |
| 2017 | 11 | - | 7,632.93 |
| 2017 | 12 | - | 8,004.03 |
| 2018 | 1 | - | 7,772.98 |
| 2018 | 2 | - | 7,778.00 |
| 2018 | 3 | - | 7,648.58 |
| 2018 | 4 | - | 7,798.62 |
| 2018 | 5 | - | 7,963.40 |
| 2018 | 6 | - | 8,089.28 |
| 2018 | 7 | - | 8,287.53 |
| 2018 | 8 | - | 8,426.74 |
| 2018 | 9 | - | 8,102.40 |
| 2018 | 10 | - | 7,934.18 |
| 2018 | 11 | - | 7,492.84 |
| 2018 | 12 | - | 7,622.89 |
| 2019 | 1 | - | 8,067.22 |
| 2019 | 2 | - | 8,224.37 |
| 2019 | 3 | - | 8,530.58 |
| 2019 | 4 | - | 8,399.91 |
| 2019 | 5 | - | 8,517.91 |
| 2019 | 6 | - | 8,843.92 |
| 2019 | 7 | - | 8,566.72 |
| 2019 | 8 | - | 8,831.02 |
| 2019 | 9 | - | 8,831.88 |
| 2019 | 10 | - | 9,223.46 |
| 2019 | 11 | - | 9,451.22 |
| 2019 | 12 | - | 9,767.49 |
| 2020 | 1 | - | 9,779.42 |
| 2020 | 2 | - | 7,929.38 |
| 2020 | 3 | - | 8,271.82 |
| 2020 | 4 | - | 8,758.81 |
| 2020 | 5 | - | 9,328.85 |
| 2020 | 6 | - | 9,653.17 |
| 2020 | 7 | - | 10,222.08 |
| 2020 | 8 | - | 10,157.98 |
| 2020 | 9 | - | 10,333.31 |
| 2020 | 10 | - | 10,741.90 |
| 2020 | 11 | - | 11,199.52 |
| 2020 | 12 | - | 11,512.58 |
| 2021 | 1 | - | 11,799.41 |
| 2021 | 2 | - | 11,896.33 |
| 2021 | 3 | - | 12,612.67 |
| 2021 | 4 | - | 12,708.55 |
| 2021 | 5 | - | 12,938.63 |
| 2021 | 6 | - | 13,335.61 |
| 2021 | 7 | - | 13,627.02 |
| 2021 | 8 | - | 13,615.50 |
| 2021 | 9 | - | 13,677.07 |
| 2021 | 10 | - | 14,326.01 |
| 2021 | 11 | - | 14,364.03 |
| 2021 | 12 | - | 14,069.29 |
| 2022 | 1 | - | 13,660.92 |
| 2022 | 2 | - | 13,538.98 |
| 2022 | 3 | - | 13,555.00 |
| 2022 | 4 | - | 12,487.85 |
| 2022 | 5 | - | 12,067.09 |
| 2022 | 6 | - | 12,123.16 |
| 2022 | 7 | - | 12,904.79 |
| 2022 | 8 | - | 11,965.66 |
| 2022 | 9 | - | 11,595.78 |
| 2022 | 10 | - | 12,208.62 |
| 2022 | 11 | - | 12,209.95 |
| 2022 | 12 | - | 12,378.01 |
| 2023 | 1 | - | 12,767.54 |
| 2023 | 2 | - | 12,437.45 |
| 2023 | 3 | - | 12,934.48 |
| 2023 | 4 | - | 13,029.89 |
| 2023 | 5 | - | 13,673.86 |
| 2023 | 6 | - | 14,203.86 |
| 2023 | 7 | - | 14,062.16 |
| 2023 | 8 | - | 13,928.06 |
| 2023 | 9 | - | 13,505.03 |
| 2023 | 10 | - | 14,126.49 |
| 2023 | 11 | - | 14,857.57 |
| 2023 | 12 | - | 15,290.20 |
Click to show 534 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.
| Start Value Average monthly close | $90.25 |
| End Value Average monthly close | $3,960.66 |
| Change in price | +4,288.54% +8.77% / yr |
| Change incl. dividends | +17,597.51% +11.91% / yr |
| Change incl. dividends, inflation-adjusted | +3,686.90% +8.22% / yr |
| Final amount, nominal ($100 base) | $17,697.51 |
| Final amount, inflation-adjusted ($100 base) | $3,786.90 |