Stock market returns between 1984 and 2024
If you invested $44000000 in the S&P 500 at the beginning of 1984, you would have about $3,929,968,637.28 at the end of 2024, assuming you reinvested all dividends. This is a return on investment of 8,831.75%, or 11.58% per year.
This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 2,860.01% cumulatively, or 8.61% per year.
If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $3,630,145,208.67.
The graph below shows the performance of $44000000 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 $44000000 is $3,885,968,637.28, or 8,831.75%. This means by 2024 you would have $3,929,968,637.28 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 1984 was 103.900 and the CPI in 2024 was 313.515.
The ratio between these CPIs describes how relative buying power of a dollar has changed over 40 years.
Adjusted for inflation, the $3,929,968,637.28 nominal end value of the original $44000000 investment would have a real return of roughly $1,258,403,870.35 in 1984 dollars. This means the inflation-adjusted return is 2,860.01% as opposed to the original 8,831.75%.
For more information on inflation, see our U.S. inflation calculator for 1984.
Full monthly data
The table below shows the full dataset pertaining to a $44000000 investment, including gains and losses over the 492-month period between 1984 and 2024.
Note that data shown is the monthly average closing price. Returns include dividends.
| Year | Month | Return (%) | Amount ($) | CPI |
|---|---|---|---|---|
| 1984 | 1 | -5.11% | 41,750,641.03 | 101.90 |
| 1984 | 2 | 0.44% | 41,935,329.44 | 102.40 |
| 1984 | 3 | 0.51% | 42,148,025.57 | 102.60 |
| 1984 | 4 | -0.25% | 42,041,570.83 | 103.10 |
| 1984 | 5 | -1.85% | 41,264,514.77 | 103.40 |
| 1984 | 6 | -0.91% | 40,889,648.26 | 103.70 |
| 1984 | 7 | 9.21% | 44,654,177.90 | 104.10 |
| 1984 | 8 | 1.41% | 45,282,448.01 | 104.50 |
| 1984 | 9 | -0.41% | 45,095,702.22 | 105.00 |
| 1984 | 10 | 1.29% | 45,675,588.80 | 105.30 |
| 1984 | 11 | -0.71% | 45,352,408.15 | 105.30 |
| 1984 | 12 | 4.70% | 47,482,868.53 | 105.30 |
| 1985 | 1 | 5.79% | 50,230,873.37 | 105.50 |
| 1985 | 2 | -0.48% | 49,990,610.00 | 106.00 |
| 1985 | 3 | 1.02% | 50,502,869.78 | 106.40 |
| 1985 | 4 | 2.74% | 51,884,443.69 | 106.90 |
| 1985 | 5 | 2.51% | 53,187,244.81 | 107.30 |
| 1985 | 6 | 2.25% | 54,382,479.61 | 107.60 |
| 1985 | 7 | -1.85% | 53,378,954.07 | 107.80 |
| 1985 | 8 | -1.88% | 52,372,763.85 | 108.00 |
| 1985 | 9 | 1.50% | 53,156,032.06 | 108.30 |
| 1985 | 10 | 6.42% | 56,568,923.38 | 108.70 |
| 1985 | 11 | 5.29% | 59,563,973.38 | 109.00 |
| 1985 | 12 | 0.75% | 60,011,732.78 | 109.30 |
| 1986 | 1 | 5.70% | 63,430,748.97 | 109.60 |
| 1986 | 2 | 6.18% | 67,352,527.05 | 109.30 |
| 1986 | 3 | 2.74% | 69,198,946.95 | 108.80 |
| 1986 | 4 | 0.49% | 69,539,288.26 | 108.60 |
| 1986 | 5 | 3.13% | 71,718,121.08 | 108.90 |
| 1986 | 6 | -1.80% | 70,424,388.16 | 109.50 |
| 1986 | 7 | 2.28% | 72,030,665.49 | 109.50 |
| 1986 | 8 | -2.46% | 70,261,422.56 | 109.70 |
| 1986 | 9 | -0.09% | 70,198,276.72 | 110.20 |
| 1986 | 10 | 3.53% | 72,678,346.50 | 110.30 |
| 1986 | 11 | 1.71% | 73,920,375.51 | 110.40 |
| 1986 | 12 | 6.67% | 78,853,356.32 | 110.50 |
| 1987 | 1 | 6.46% | 83,948,763.81 | 111.20 |
| 1987 | 2 | 4.38% | 87,622,705.20 | 111.60 |
| 1987 | 3 | -0.86% | 86,872,295.37 | 112.10 |
| 1987 | 4 | 0.17% | 87,022,437.60 | 112.70 |
| 1987 | 5 | 4.50% | 90,937,092.74 | 113.10 |
| 1987 | 6 | 3.12% | 93,776,236.87 | 113.50 |
| 1987 | 7 | 6.45% | 99,828,565.84 | 113.80 |
| 1987 | 8 | -3.03% | 96,803,335.25 | 114.40 |
| 1987 | 9 | -11.85% | 85,328,378.65 | 115.00 |
| 1987 | 10 | -12.30% | 74,830,074.77 | 115.30 |
| 1987 | 11 | -1.33% | 73,831,322.35 | 115.40 |
| 1987 | 12 | 4.25% | 76,966,600.60 | 115.40 |
| 1988 | 1 | 3.33% | 79,528,484.08 | 115.70 |
| 1988 | 2 | 3.23% | 82,098,891.57 | 116.00 |
| 1988 | 3 | -0.89% | 81,371,475.41 | 116.50 |
| 1988 | 4 | -2.19% | 79,590,850.26 | 117.10 |
| 1988 | 5 | 6.00% | 84,364,868.32 | 117.50 |
| 1988 | 6 | -0.31% | 84,105,935.39 | 118.00 |
| 1988 | 7 | -1.72% | 82,660,587.18 | 118.50 |
| 1988 | 8 | 1.93% | 84,253,596.24 | 119.00 |
| 1988 | 9 | 3.80% | 87,456,595.21 | 119.80 |
| 1988 | 10 | -2.02% | 85,689,755.50 | 120.20 |
| 1988 | 11 | 2.33% | 87,682,859.16 | 120.30 |
| 1988 | 12 | 3.51% | 90,762,858.33 | 120.50 |
| 1989 | 1 | 3.30% | 93,757,898.29 | 121.10 |
| 1989 | 2 | -0.16% | 93,606,330.19 | 121.60 |
| 1989 | 3 | 3.56% | 96,943,207.71 | 122.30 |
| 1989 | 4 | 4.12% | 100,932,713.60 | 123.10 |
| 1989 | 5 | 3.39% | 104,356,979.44 | 123.80 |
| 1989 | 6 | 2.80% | 107,279,157.55 | 124.10 |
| 1989 | 7 | 4.69% | 112,311,357.57 | 124.40 |
| 1989 | 8 | 0.46% | 112,822,977.50 | 124.60 |
| 1989 | 9 | 0.29% | 113,145,939.90 | 125.00 |
| 1989 | 10 | -1.81% | 111,093,980.96 | 125.60 |
| 1989 | 11 | 2.74% | 114,134,296.99 | 125.90 |
| 1989 | 12 | -2.21% | 111,610,529.90 | 126.10 |
| 1990 | 1 | -2.53% | 108,789,926.71 | 127.40 |
| 1990 | 2 | 2.71% | 111,735,051.69 | 128.00 |
| 1990 | 3 | 0.20% | 111,954,036.46 | 128.70 |
| 1990 | 4 | 3.85% | 116,265,302.50 | 128.90 |
| 1990 | 5 | 3.17% | 119,950,862.79 | 129.20 |
| 1990 | 6 | 0.17% | 120,154,447.64 | 129.90 |
| 1990 | 7 | -7.86% | 110,708,833.95 | 130.40 |
| 1990 | 8 | -4.34% | 105,902,896.25 | 131.60 |
| 1990 | 9 | -2.32% | 103,450,429.92 | 132.70 |
| 1990 | 10 | 2.98% | 106,537,199.04 | 133.50 |
| 1990 | 11 | 4.59% | 111,423,640.02 | 133.80 |
| 1990 | 12 | -0.69% | 110,660,197.44 | 133.80 |
| 1991 | 1 | 11.61% | 123,504,277.48 | 134.60 |
| 1991 | 2 | 3.04% | 127,264,513.84 | 134.80 |
| 1991 | 3 | 2.26% | 130,139,200.92 | 135.00 |
| 1991 | 4 | -0.18% | 129,906,409.60 | 135.20 |
| 1991 | 5 | 0.35% | 130,357,199.06 | 135.60 |
| 1991 | 6 | 0.78% | 131,374,618.58 | 136.00 |
| 1991 | 7 | 2.68% | 134,894,057.07 | 136.20 |
| 1991 | 8 | -0.30% | 134,485,191.94 | 136.60 |
| 1991 | 9 | 0.18% | 134,729,478.92 | 137.20 |
| 1991 | 10 | 0.02% | 134,750,759.66 | 137.40 |
| 1991 | 11 | 0.94% | 136,010,867.70 | 137.80 |
| 1991 | 12 | 7.36% | 146,018,582.65 | 137.90 |
| 1992 | 1 | -0.60% | 145,141,235.85 | 138.10 |
| 1992 | 2 | -1.01% | 143,671,857.92 | 138.60 |
| 1992 | 3 | 0.26% | 144,051,587.64 | 139.30 |
| 1992 | 4 | 2.07% | 147,031,079.34 | 139.50 |
| 1992 | 5 | -1.33% | 145,076,856.07 | 139.70 |
| 1992 | 6 | 1.91% | 147,850,918.97 | 140.20 |
| 1992 | 7 | 0.94% | 149,243,260.45 | 140.50 |
| 1992 | 8 | 0.38% | 149,807,679.56 | 140.90 |
| 1992 | 9 | -1.18% | 148,036,869.36 | 141.30 |
| 1992 | 10 | 2.76% | 152,118,102.29 | 141.80 |
| 1992 | 11 | 3.27% | 157,094,189.51 | 142.00 |
| 1992 | 12 | 0.14% | 157,318,666.45 | 141.90 |
| 1993 | 1 | 1.72% | 160,031,229.36 | 142.60 |
| 1993 | 2 | 2.15% | 163,472,145.34 | 143.10 |
| 1993 | 3 | -1.34% | 161,278,765.75 | 143.60 |
| 1993 | 4 | 0.72% | 162,447,592.12 | 144.00 |
| 1993 | 5 | 0.87% | 163,853,060.23 | 144.20 |
| 1993 | 6 | 0.06% | 163,953,016.72 | 144.40 |
| 1993 | 7 | 1.76% | 166,842,632.59 | 144.40 |
| 1993 | 8 | 1.35% | 169,103,303.17 | 144.80 |
| 1993 | 9 | 1.24% | 171,203,408.79 | 145.10 |
| 1993 | 10 | 0.01% | 171,216,325.63 | 145.70 |
| 1993 | 11 | 0.89% | 172,735,322.31 | 145.80 |
| 1993 | 12 | 1.74% | 175,733,800.40 | 145.80 |
| 1994 | 1 | -0.08% | 175,600,768.09 | 146.20 |
| 1994 | 2 | -1.42% | 173,100,532.47 | 146.70 |
| 1994 | 3 | -3.35% | 167,307,935.26 | 147.20 |
| 1994 | 4 | 1.06% | 169,078,457.84 | 147.40 |
| 1994 | 5 | 1.11% | 170,952,004.52 | 147.50 |
| 1994 | 6 | -0.52% | 170,064,976.99 | 148.00 |
| 1994 | 7 | 3.08% | 175,306,512.20 | 148.40 |
| 1994 | 8 | 0.82% | 176,739,581.76 | 149.00 |
| 1994 | 9 | -0.44% | 175,954,846.31 | 149.40 |
| 1994 | 10 | -0.37% | 175,304,017.73 | 149.50 |
| 1994 | 11 | -1.03% | 173,505,913.48 | 149.70 |
| 1994 | 12 | 2.45% | 177,758,845.73 | 149.70 |
| 1995 | 1 | 3.82% | 184,547,622.57 | 150.30 |
| 1995 | 2 | 2.56% | 189,268,664.66 | 150.90 |
| 1995 | 3 | 3.22% | 195,354,699.03 | 151.40 |
| 1995 | 4 | 3.35% | 201,894,705.71 | 151.90 |
| 1995 | 5 | 3.18% | 208,311,771.21 | 152.20 |
| 1995 | 6 | 3.55% | 215,701,589.62 | 152.50 |
| 1995 | 7 | 0.51% | 216,808,406.54 | 152.50 |
| 1995 | 8 | 3.72% | 224,868,615.45 | 152.90 |
| 1995 | 9 | 0.91% | 226,920,693.25 | 153.20 |
| 1995 | 10 | 2.36% | 232,272,357.68 | 153.70 |
| 1995 | 11 | 3.39% | 240,144,388.34 | 153.60 |
| 1995 | 12 | 0.16% | 240,534,814.60 | 153.50 |
| 1996 | 1 | 5.90% | 254,736,936.74 | 154.40 |
| 1996 | 2 | -0.20% | 254,225,686.94 | 154.90 |
| 1996 | 3 | 0.20% | 254,726,618.45 | 155.70 |
| 1996 | 4 | 2.35% | 260,724,986.14 | 156.30 |
| 1996 | 5 | 1.28% | 264,058,598.02 | 156.60 |
| 1996 | 6 | -3.48% | 254,878,430.68 | 156.70 |
| 1996 | 7 | 3.08% | 262,717,860.73 | 157.00 |
| 1996 | 8 | 2.02% | 268,034,552.72 | 157.30 |
| 1996 | 9 | 4.12% | 279,076,230.18 | 157.80 |
| 1996 | 10 | 5.05% | 293,175,389.75 | 158.30 |
| 1996 | 11 | 1.20% | 296,688,297.80 | 158.60 |
| 1996 | 12 | 3.26% | 306,353,038.02 | 158.60 |
| 1997 | 1 | 4.36% | 319,713,595.44 | 159.10 |
| 1997 | 2 | -0.62% | 317,719,588.50 | 159.60 |
| 1997 | 3 | -3.41% | 306,900,453.60 | 160.00 |
| 1997 | 4 | 9.22% | 335,190,018.21 | 160.20 |
| 1997 | 5 | 5.34% | 353,078,524.08 | 160.10 |
| 1997 | 6 | 5.74% | 373,330,841.86 | 160.30 |
| 1997 | 7 | 0.35% | 374,629,246.07 | 160.50 |
| 1997 | 8 | 1.19% | 379,094,856.66 | 160.80 |
| 1997 | 9 | 1.65% | 385,332,391.56 | 161.20 |
| 1997 | 10 | -1.15% | 380,893,195.58 | 161.60 |
| 1997 | 11 | 2.63% | 390,928,270.73 | 161.50 |
| 1997 | 12 | 0.24% | 391,855,115.92 | 161.30 |
| 1998 | 1 | 6.40% | 416,942,301.21 | 161.60 |
| 1998 | 2 | 5.31% | 439,093,913.69 | 161.90 |
| 1998 | 3 | 3.41% | 454,048,026.66 | 162.20 |
| 1998 | 4 | -0.22% | 453,040,686.69 | 162.50 |
| 1998 | 5 | 0.12% | 453,568,284.55 | 162.80 |
| 1998 | 6 | 4.47% | 473,832,202.02 | 163.00 |
| 1998 | 7 | -6.97% | 440,801,325.13 | 163.20 |
| 1998 | 8 | -4.90% | 419,208,891.96 | 163.40 |
| 1998 | 9 | 1.29% | 424,620,278.10 | 163.60 |
| 1998 | 10 | 10.97% | 471,219,739.00 | 164.00 |
| 1998 | 11 | 4.10% | 490,559,091.65 | 164.00 |
| 1998 | 12 | 5.05% | 515,320,979.50 | 163.90 |
| 1999 | 1 | -0.07% | 514,977,208.43 | 164.30 |
| 1999 | 2 | 2.92% | 530,032,617.76 | 164.50 |
| 1999 | 3 | 4.25% | 552,559,121.18 | 165.00 |
| 1999 | 4 | -0.10% | 552,013,017.34 | 166.20 |
| 1999 | 5 | -0.61% | 548,635,983.04 | 166.20 |
| 1999 | 6 | 4.52% | 573,447,427.10 | 166.20 |
| 1999 | 7 | -3.77% | 551,803,309.49 | 166.70 |
| 1999 | 8 | -0.60% | 548,503,433.87 | 167.10 |
| 1999 | 9 | -1.27% | 541,523,885.76 | 167.90 |
| 1999 | 10 | 7.11% | 580,004,300.22 | 168.20 |
| 1999 | 11 | 2.81% | 596,295,059.23 | 168.30 |
| 1999 | 12 | -0.12% | 595,585,869.85 | 168.30 |
| 2000 | 1 | -2.48% | 580,826,791.59 | 168.80 |
| 2000 | 2 | 3.94% | 603,716,905.93 | 169.80 |
| 2000 | 3 | 1.42% | 612,317,851.72 | 171.20 |
| 2000 | 4 | -2.84% | 594,935,409.28 | 171.30 |
| 2000 | 5 | 3.16% | 613,756,072.90 | 171.50 |
| 2000 | 6 | 0.85% | 618,975,101.41 | 172.40 |
| 2000 | 7 | 0.94% | 624,791,679.12 | 172.80 |
| 2000 | 8 | -1.08% | 618,046,112.01 | 172.80 |
| 2000 | 9 | -5.21% | 585,819,767.71 | 173.70 |
| 2000 | 10 | -0.77% | 581,293,934.64 | 174.00 |
| 2000 | 11 | -3.32% | 561,994,547.25 | 174.10 |
| 2000 | 12 | 0.46% | 564,551,665.44 | 174.00 |
| 2001 | 1 | -2.14% | 552,491,386.47 | 175.10 |
| 2001 | 2 | -9.08% | 502,325,704.54 | 175.80 |
| 2001 | 3 | 0.45% | 504,579,607.94 | 176.20 |
| 2001 | 4 | 6.88% | 539,291,319.33 | 176.90 |
| 2001 | 5 | -2.39% | 526,409,524.83 | 177.70 |
| 2001 | 6 | -2.66% | 512,405,835.61 | 178.00 |
| 2001 | 7 | -2.05% | 501,922,835.80 | 177.50 |
| 2001 | 8 | -11.25% | 445,469,944.44 | 177.50 |
| 2001 | 9 | 3.18% | 459,653,847.80 | 178.30 |
| 2001 | 10 | 5.05% | 482,880,828.74 | 177.70 |
| 2001 | 11 | 1.47% | 489,960,100.15 | 177.40 |
| 2001 | 12 | -0.30% | 488,501,541.68 | 176.70 |
| 2002 | 1 | -3.35% | 472,123,211.85 | 177.10 |
| 2002 | 2 | 4.95% | 495,470,982.75 | 177.80 |
| 2002 | 3 | -3.51% | 478,057,991.26 | 178.80 |
| 2002 | 4 | -2.82% | 464,574,980.46 | 179.80 |
| 2002 | 5 | -5.92% | 437,067,688.74 | 179.80 |
| 2002 | 6 | -10.76% | 390,045,765.05 | 179.90 |
| 2002 | 7 | 1.14% | 394,487,570.43 | 180.10 |
| 2002 | 8 | -4.76% | 375,718,916.27 | 180.70 |
| 2002 | 9 | -1.37% | 370,582,678.22 | 181.00 |
| 2002 | 10 | 6.63% | 395,135,918.03 | 181.30 |
| 2002 | 11 | -1.04% | 391,046,019.04 | 181.30 |
| 2002 | 12 | -0.22% | 390,175,873.01 | 180.90 |
| 2003 | 1 | -6.41% | 365,146,730.71 | 181.70 |
| 2003 | 2 | 1.31% | 369,922,478.10 | 183.10 |
| 2003 | 3 | 5.29% | 389,476,058.09 | 184.20 |
| 2003 | 4 | 5.31% | 410,165,850.81 | 183.80 |
| 2003 | 5 | 5.70% | 433,562,469.29 | 183.50 |
| 2003 | 6 | 0.60% | 436,146,071.56 | 183.70 |
| 2003 | 7 | -0.17% | 435,420,655.48 | 183.90 |
| 2003 | 8 | 3.16% | 449,185,090.07 | 184.60 |
| 2003 | 9 | 2.03% | 458,293,795.61 | 185.20 |
| 2003 | 10 | 1.21% | 463,841,837.13 | 185.00 |
| 2003 | 11 | 3.06% | 478,053,071.16 | 184.50 |
| 2003 | 12 | 4.93% | 501,644,805.60 | 184.30 |
| 2004 | 1 | 1.09% | 507,095,990.05 | 185.20 |
| 2004 | 2 | -1.57% | 499,158,940.19 | 186.20 |
| 2004 | 3 | 0.97% | 503,991,482.77 | 187.40 |
| 2004 | 4 | -2.56% | 491,067,864.08 | 188.00 |
| 2004 | 5 | 2.86% | 505,100,996.81 | 189.10 |
| 2004 | 6 | -2.24% | 493,792,898.64 | 189.70 |
| 2004 | 7 | -1.39% | 486,941,175.80 | 189.40 |
| 2004 | 8 | 2.78% | 500,490,920.21 | 189.50 |
| 2004 | 9 | 0.10% | 501,004,400.39 | 189.90 |
| 2004 | 10 | 4.77% | 524,921,829.84 | 190.90 |
| 2004 | 11 | 2.73% | 539,238,796.00 | 191.00 |
| 2004 | 12 | -1.35% | 531,963,269.85 | 190.30 |
| 2005 | 1 | 1.68% | 540,906,672.15 | 190.70 |
| 2005 | 2 | -0.26% | 539,524,179.25 | 191.80 |
| 2005 | 3 | -2.41% | 526,527,481.70 | 193.30 |
| 2005 | 4 | 1.34% | 533,561,207.42 | 194.60 |
| 2005 | 5 | 2.18% | 545,196,563.20 | 194.40 |
| 2005 | 6 | 1.81% | 555,052,577.32 | 194.50 |
| 2005 | 7 | 0.31% | 556,773,341.43 | 195.40 |
| 2005 | 8 | 0.28% | 558,330,583.47 | 196.40 |
| 2005 | 9 | -2.62% | 543,678,762.68 | 198.80 |
| 2005 | 10 | 3.96% | 565,216,827.02 | 199.20 |
| 2005 | 11 | 2.14% | 577,335,816.04 | 197.60 |
| 2005 | 12 | 1.47% | 585,804,005.74 | 196.80 |
| 2006 | 1 | -0.02% | 585,706,529.28 | 198.30 |
| 2006 | 2 | 1.49% | 594,410,935.20 | 198.70 |
| 2006 | 3 | 0.80% | 599,156,304.66 | 199.80 |
| 2006 | 4 | -0.79% | 594,443,127.62 | 201.50 |
| 2006 | 5 | -2.71% | 578,358,727.21 | 202.50 |
| 2006 | 6 | 0.72% | 582,523,145.11 | 202.90 |
| 2006 | 7 | 2.29% | 595,873,173.12 | 203.50 |
| 2006 | 8 | 2.53% | 610,955,757.11 | 203.90 |
| 2006 | 9 | 3.62% | 633,047,386.39 | 202.90 |
| 2006 | 10 | 2.00% | 645,718,734.93 | 201.80 |
| 2006 | 11 | 2.15% | 659,590,484.31 | 201.50 |
| 2006 | 12 | 0.69% | 664,160,302.08 | 201.80 |
| 2007 | 1 | 1.60% | 674,760,619.57 | 202.42 |
| 2007 | 2 | -2.47% | 658,067,777.05 | 203.50 |
| 2007 | 3 | 4.18% | 685,576,720.45 | 205.35 |
| 2007 | 4 | 3.39% | 708,829,790.34 | 206.69 |
| 2007 | 5 | 0.34% | 711,274,554.89 | 207.95 |
| 2007 | 6 | 0.57% | 715,361,678.27 | 208.35 |
| 2007 | 7 | -4.20% | 685,308,562.89 | 208.30 |
| 2007 | 8 | 3.07% | 706,380,043.12 | 207.92 |
| 2007 | 9 | 2.99% | 727,512,340.35 | 208.49 |
| 2007 | 10 | -4.81% | 692,545,841.61 | 208.94 |
| 2007 | 11 | 1.24% | 701,121,088.57 | 210.18 |
| 2007 | 12 | -6.64% | 654,600,320.48 | 210.04 |
| 2008 | 1 | -1.56% | 644,362,596.07 | 211.08 |
| 2008 | 2 | -2.63% | 627,437,537.66 | 211.69 |
| 2008 | 3 | 4.24% | 654,064,747.90 | 213.53 |
| 2008 | 4 | 2.56% | 670,825,838.81 | 214.82 |
| 2008 | 5 | -4.25% | 642,338,669.03 | 216.63 |
| 2008 | 6 | -6.08% | 603,294,295.62 | 218.82 |
| 2008 | 7 | 2.11% | 616,027,032.49 | 219.96 |
| 2008 | 8 | -4.85% | 586,164,899.05 | 219.09 |
| 2008 | 9 | -20.19% | 467,797,191.59 | 218.78 |
| 2008 | 10 | -8.61% | 427,541,615.47 | 216.57 |
| 2008 | 11 | -0.35% | 426,040,015.53 | 212.43 |
| 2008 | 12 | -1.10% | 421,372,505.94 | 210.23 |
| 2009 | 1 | -6.70% | 393,129,986.44 | 211.14 |
| 2009 | 2 | -5.69% | 370,770,968.33 | 212.19 |
| 2009 | 3 | 12.32% | 416,456,440.56 | 212.71 |
| 2009 | 4 | 6.66% | 444,191,696.97 | 213.24 |
| 2009 | 5 | 2.87% | 456,934,939.50 | 213.86 |
| 2009 | 6 | 1.28% | 462,772,933.14 | 215.69 |
| 2009 | 7 | 8.12% | 500,353,542.82 | 215.35 |
| 2009 | 8 | 3.65% | 518,618,164.70 | 215.83 |
| 2009 | 9 | 2.40% | 531,081,120.33 | 215.97 |
| 2009 | 10 | 2.09% | 542,203,688.72 | 216.18 |
| 2009 | 11 | 2.23% | 554,272,370.79 | 216.33 |
| 2009 | 12 | 1.36% | 561,793,668.85 | 215.95 |
| 2010 | 1 | -2.90% | 545,510,229.18 | 216.69 |
| 2010 | 2 | 5.94% | 577,930,096.36 | 216.74 |
| 2010 | 3 | 4.09% | 601,555,475.37 | 217.63 |
| 2010 | 4 | -5.88% | 566,169,596.47 | 218.01 |
| 2010 | 5 | -3.54% | 546,107,013.93 | 218.18 |
| 2010 | 6 | -0.16% | 545,238,305.08 | 217.97 |
| 2010 | 7 | 0.86% | 549,947,046.19 | 218.01 |
| 2010 | 8 | 3.37% | 568,486,610.90 | 218.31 |
| 2010 | 9 | 4.58% | 594,508,724.79 | 218.44 |
| 2010 | 10 | 2.49% | 609,317,428.55 | 218.71 |
| 2010 | 11 | 3.71% | 631,945,870.05 | 218.80 |
| 2010 | 12 | 3.46% | 653,825,056.70 | 219.18 |
| 2011 | 1 | 3.15% | 674,426,194.66 | 220.22 |
| 2011 | 2 | -1.11% | 666,923,466.44 | 221.31 |
| 2011 | 3 | 2.22% | 681,735,722.67 | 223.47 |
| 2011 | 4 | 0.66% | 686,229,962.05 | 224.91 |
| 2011 | 5 | -3.66% | 661,096,102.23 | 225.96 |
| 2011 | 6 | 3.10% | 681,601,555.97 | 225.72 |
| 2011 | 7 | -10.40% | 610,710,584.52 | 225.92 |
| 2011 | 8 | -0.79% | 605,890,581.72 | 226.55 |
| 2011 | 9 | 3.02% | 624,181,848.63 | 226.89 |
| 2011 | 10 | 1.77% | 635,211,906.16 | 226.42 |
| 2011 | 11 | 1.55% | 645,087,869.91 | 226.23 |
| 2011 | 12 | 4.78% | 675,939,571.38 | 225.67 |
| 2012 | 1 | 4.16% | 704,076,290.43 | 226.67 |
| 2012 | 2 | 2.88% | 724,380,705.12 | 227.66 |
| 2012 | 3 | -0.04% | 724,103,916.79 | 229.39 |
| 2012 | 4 | -3.09% | 701,722,210.68 | 230.09 |
| 2012 | 5 | -1.15% | 693,635,485.99 | 229.82 |
| 2012 | 6 | 2.92% | 713,897,180.83 | 229.48 |
| 2012 | 7 | 3.39% | 738,081,881.26 | 229.10 |
| 2012 | 8 | 3.02% | 760,380,560.80 | 230.38 |
| 2012 | 9 | -0.22% | 758,729,510.24 | 231.41 |
| 2012 | 10 | -2.84% | 737,200,606.26 | 231.32 |
| 2012 | 11 | 2.18% | 753,238,664.76 | 230.22 |
| 2012 | 12 | 4.27% | 785,392,626.21 | 229.60 |
| 2013 | 1 | 2.33% | 803,716,007.83 | 230.28 |
| 2013 | 2 | 2.72% | 825,596,806.63 | 232.17 |
| 2013 | 3 | 1.45% | 837,599,262.09 | 232.77 |
| 2013 | 4 | 4.57% | 875,913,312.08 | 232.53 |
| 2013 | 5 | -1.12% | 866,122,571.70 | 232.95 |
| 2013 | 6 | 3.25% | 894,310,333.01 | 233.50 |
| 2013 | 7 | 0.25% | 896,568,719.51 | 233.60 |
| 2013 | 8 | 1.19% | 907,260,008.66 | 233.88 |
| 2013 | 9 | 2.12% | 926,471,692.07 | 234.15 |
| 2013 | 10 | 3.86% | 962,233,444.21 | 233.55 |
| 2013 | 11 | 1.52% | 976,875,381.65 | 233.07 |
| 2013 | 12 | 0.97% | 986,329,656.43 | 233.05 |
| 2014 | 1 | -0.13% | 985,047,073.78 | 233.92 |
| 2014 | 2 | 2.72% | 1,011,862,707.94 | 234.78 |
| 2014 | 3 | 0.20% | 1,013,903,877.64 | 236.29 |
| 2014 | 4 | 1.53% | 1,029,437,237.42 | 237.07 |
| 2014 | 5 | 3.20% | 1,062,341,323.44 | 237.90 |
| 2014 | 6 | 1.50% | 1,078,232,058.36 | 238.34 |
| 2014 | 7 | -0.43% | 1,073,628,537.72 | 238.25 |
| 2014 | 8 | 1.78% | 1,092,718,016.16 | 237.85 |
| 2014 | 9 | -2.65% | 1,063,798,319.41 | 238.03 |
| 2014 | 10 | 5.71% | 1,124,494,951.91 | 237.43 |
| 2014 | 11 | 0.63% | 1,131,622,987.11 | 236.15 |
| 2014 | 12 | -1.11% | 1,119,061,456.16 | 234.81 |
| 2015 | 1 | 2.83% | 1,150,701,778.20 | 233.71 |
| 2015 | 2 | 0.06% | 1,151,338,846.42 | 234.72 |
| 2015 | 3 | 0.88% | 1,161,452,318.20 | 236.12 |
| 2015 | 4 | 0.98% | 1,172,821,820.48 | 236.60 |
| 2015 | 5 | -0.44% | 1,167,714,180.73 | 237.81 |
| 2015 | 6 | -0.08% | 1,166,784,328.79 | 238.64 |
| 2015 | 7 | -2.42% | 1,138,496,838.71 | 238.65 |
| 2015 | 8 | -4.51% | 1,087,183,698.97 | 238.32 |
| 2015 | 9 | 4.32% | 1,134,118,716.61 | 237.95 |
| 2015 | 10 | 2.93% | 1,167,376,406.98 | 237.84 |
| 2015 | 11 | -1.10% | 1,154,500,597.27 | 237.34 |
| 2015 | 12 | -6.42% | 1,080,386,025.70 | 236.53 |
| 2016 | 1 | -0.55% | 1,074,444,884.88 | 236.92 |
| 2016 | 2 | 6.36% | 1,142,808,885.32 | 237.11 |
| 2016 | 3 | 2.83% | 1,175,164,779.05 | 238.13 |
| 2016 | 4 | -0.30% | 1,171,587,985.99 | 239.26 |
| 2016 | 5 | 1.07% | 1,184,082,857.37 | 240.23 |
| 2016 | 6 | 3.30% | 1,223,127,266.40 | 241.02 |
| 2016 | 7 | 1.20% | 1,237,795,705.57 | 240.63 |
| 2016 | 8 | -0.44% | 1,232,365,851.77 | 240.85 |
| 2016 | 9 | -0.51% | 1,226,130,315.53 | 241.43 |
| 2016 | 10 | 1.20% | 1,240,858,109.34 | 241.73 |
| 2016 | 11 | 3.95% | 1,289,821,921.46 | 241.35 |
| 2016 | 12 | 1.44% | 1,308,364,849.47 | 241.43 |
| 2017 | 1 | 2.58% | 1,342,074,154.10 | 242.84 |
| 2017 | 2 | 1.75% | 1,365,550,478.65 | 243.60 |
| 2017 | 3 | -0.15% | 1,363,447,474.83 | 243.80 |
| 2017 | 4 | 1.69% | 1,386,522,096.34 | 244.52 |
| 2017 | 5 | 1.78% | 1,411,152,662.25 | 244.73 |
| 2017 | 6 | 0.99% | 1,425,093,214.91 | 244.96 |
| 2017 | 7 | 0.25% | 1,428,624,670.86 | 244.79 |
| 2017 | 8 | 1.65% | 1,452,243,594.72 | 245.52 |
| 2017 | 9 | 2.73% | 1,491,959,539.93 | 246.82 |
| 2017 | 10 | 1.59% | 1,515,675,265.37 | 246.66 |
| 2017 | 11 | 2.88% | 1,559,379,553.92 | 246.67 |
| 2017 | 12 | 4.86% | 1,635,195,001.26 | 246.52 |
| 2018 | 1 | -2.89% | 1,587,992,049.19 | 247.87 |
| 2018 | 2 | 0.06% | 1,589,017,546.35 | 248.99 |
| 2018 | 3 | -1.66% | 1,562,576,740.89 | 249.55 |
| 2018 | 4 | 1.96% | 1,593,228,576.34 | 250.55 |
| 2018 | 5 | 2.11% | 1,626,893,014.30 | 251.59 |
| 2018 | 6 | 1.58% | 1,652,609,995.11 | 251.99 |
| 2018 | 7 | 2.45% | 1,693,112,242.24 | 252.01 |
| 2018 | 8 | 1.68% | 1,721,552,256.75 | 252.15 |
| 2018 | 9 | -3.85% | 1,655,289,948.71 | 252.44 |
| 2018 | 10 | -2.08% | 1,620,924,336.45 | 252.89 |
| 2018 | 11 | -5.56% | 1,530,760,223.07 | 252.04 |
| 2018 | 12 | 1.74% | 1,557,328,654.58 | 251.23 |
| 2019 | 1 | 5.83% | 1,648,103,824.25 | 251.71 |
| 2019 | 2 | 1.95% | 1,680,209,248.68 | 252.78 |
| 2019 | 3 | 3.72% | 1,742,767,128.98 | 254.20 |
| 2019 | 4 | -1.53% | 1,716,071,621.77 | 255.55 |
| 2019 | 5 | 1.40% | 1,740,178,123.78 | 256.09 |
| 2019 | 6 | 3.83% | 1,806,780,723.48 | 256.14 |
| 2019 | 7 | -3.13% | 1,750,148,735.13 | 256.57 |
| 2019 | 8 | 3.09% | 1,804,144,804.24 | 256.56 |
| 2019 | 9 | 0.01% | 1,804,321,660.07 | 256.76 |
| 2019 | 10 | 4.43% | 1,884,319,729.24 | 257.35 |
| 2019 | 11 | 2.47% | 1,930,849,610.76 | 257.21 |
| 2019 | 12 | 3.35% | 1,995,463,513.87 | 256.97 |
| 2020 | 1 | 0.12% | 1,997,899,512.22 | 257.97 |
| 2020 | 2 | -18.92% | 1,619,942,697.91 | 258.68 |
| 2020 | 3 | 4.32% | 1,689,901,775.62 | 258.12 |
| 2020 | 4 | 5.89% | 1,789,392,467.26 | 256.39 |
| 2020 | 5 | 6.51% | 1,905,850,993.64 | 256.39 |
| 2020 | 6 | 3.48% | 1,972,106,662.59 | 257.80 |
| 2020 | 7 | 5.89% | 2,088,332,864.50 | 259.10 |
| 2020 | 8 | -0.63% | 2,075,238,962.39 | 259.92 |
| 2020 | 9 | 1.73% | 2,111,057,615.22 | 260.28 |
| 2020 | 10 | 3.95% | 2,194,531,294.53 | 260.39 |
| 2020 | 11 | 4.26% | 2,288,020,093.32 | 260.23 |
| 2020 | 12 | 2.80% | 2,351,977,113.50 | 260.47 |
| 2021 | 1 | 2.49% | 2,410,577,294.94 | 261.58 |
| 2021 | 2 | 0.82% | 2,430,376,756.34 | 263.01 |
| 2021 | 3 | 6.02% | 2,576,721,555.20 | 264.88 |
| 2021 | 4 | 0.76% | 2,596,310,604.61 | 267.05 |
| 2021 | 5 | 1.81% | 2,643,314,803.65 | 269.20 |
| 2021 | 6 | 3.07% | 2,724,417,027.30 | 271.70 |
| 2021 | 7 | 2.19% | 2,783,949,949.02 | 273.00 |
| 2021 | 8 | -0.08% | 2,781,597,543.85 | 273.57 |
| 2021 | 9 | 0.45% | 2,794,175,262.28 | 274.31 |
| 2021 | 10 | 4.74% | 2,926,751,727.07 | 276.59 |
| 2021 | 11 | 0.27% | 2,934,519,432.54 | 277.95 |
| 2021 | 12 | -2.05% | 2,874,304,476.18 | 278.80 |
| 2022 | 1 | -2.90% | 2,790,875,780.80 | 281.15 |
| 2022 | 2 | -0.89% | 2,765,964,881.17 | 283.72 |
| 2022 | 3 | 0.12% | 2,769,237,068.25 | 287.50 |
| 2022 | 4 | -7.87% | 2,551,222,502.78 | 289.11 |
| 2022 | 5 | -3.37% | 2,465,261,997.80 | 292.30 |
| 2022 | 6 | 0.46% | 2,476,717,708.74 | 296.31 |
| 2022 | 7 | 6.45% | 2,636,401,454.17 | 296.28 |
| 2022 | 8 | -7.28% | 2,444,539,865.52 | 296.17 |
| 2022 | 9 | -3.09% | 2,368,974,856.92 | 296.81 |
| 2022 | 10 | 5.29% | 2,494,177,409.62 | 298.01 |
| 2022 | 11 | 0.01% | 2,494,447,715.00 | 297.71 |
| 2022 | 12 | 1.38% | 2,528,782,697.85 | 296.80 |
| 2023 | 1 | 3.15% | 2,608,362,772.20 | 299.17 |
| 2023 | 2 | -2.59% | 2,540,925,455.32 | 300.84 |
| 2023 | 3 | 4.00% | 2,642,466,459.18 | 301.84 |
| 2023 | 4 | 0.74% | 2,661,959,808.70 | 303.36 |
| 2023 | 5 | 4.94% | 2,793,518,832.46 | 304.13 |
| 2023 | 6 | 3.88% | 2,901,796,795.17 | 305.11 |
| 2023 | 7 | -1.00% | 2,872,847,404.36 | 305.69 |
| 2023 | 8 | -0.95% | 2,845,452,587.48 | 307.03 |
| 2023 | 9 | -3.04% | 2,759,027,298.64 | 307.79 |
| 2023 | 10 | 4.60% | 2,885,990,112.30 | 307.67 |
| 2023 | 11 | 5.18% | 3,035,347,227.95 | 307.05 |
| 2023 | 12 | 2.91% | 3,123,731,585.77 | 306.75 |
| 2024 | 1 | 4.20% | 3,254,905,556.83 | 308.42 |
| 2024 | 2 | 3.28% | 3,361,735,464.44 | 310.33 |
| 2024 | 3 | -1.01% | 3,327,811,244.70 | 312.33 |
| 2024 | 4 | 2.52% | 3,411,562,701.92 | 313.55 |
| 2024 | 5 | 3.55% | 3,532,693,105.42 | 314.07 |
| 2024 | 6 | 2.38% | 3,616,759,235.44 | 314.18 |
| 2024 | 7 | -0.97% | 3,581,654,589.26 | 314.54 |
| 2024 | 8 | 2.72% | 3,679,151,189.31 | 314.80 |
| 2024 | 9 | 3.15% | 3,795,113,846.56 | 315.30 |
| 2024 | 10 | 2.48% | 3,889,300,391.89 | 315.66 |
| 2024 | 11 | 1.47% | 3,946,485,597.26 | 315.49 |
| 2024 | 12 | -0.42% | 3,929,968,637.28 | 315.61 |
Click to show 474 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 $44,000,000.00 up-front. Instead, the capital is invested over a period of time.
Consider a strategy in which $44,000,000.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1984. This would result in a final amount of $3,630,145,208.67, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $3,929,968,637.28).
| Year | Month | Contribution ($) | Amount ($) |
|---|---|---|---|
| 1984 | 1 | 1833333.33 | 1,733,072.91 |
| 1984 | 2 | 1833333.33 | 3,575,238.18 |
| 1984 | 3 | 1833333.33 | 5,429,034.65 |
| 1984 | 4 | 1833333.33 | 7,237,022.85 |
| 1984 | 5 | 1833333.33 | 8,895,619.11 |
| 1984 | 6 | 1833333.33 | 10,624,190.91 |
| 1984 | 7 | 1833333.33 | 13,597,018.82 |
| 1984 | 8 | 1833333.33 | 15,640,615.71 |
| 1984 | 9 | 1833333.33 | 17,395,098.02 |
| 1984 | 10 | 1833333.33 | 19,468,802.17 |
| 1984 | 11 | 1833333.33 | 21,144,539.05 |
| 1984 | 12 | 1833333.33 | 24,050,280.23 |
| 1985 | 1 | 1833333.33 | 27,374,848.99 |
| 1985 | 2 | 1833333.33 | 29,062,041.68 |
| 1985 | 3 | 1833333.33 | 31,205,440.34 |
| 1985 | 4 | 1833333.33 | 33,936,091.24 |
| 1985 | 5 | 1833333.33 | 36,661,209.61 |
| 1985 | 6 | 1833333.33 | 39,353,340.38 |
| 1985 | 7 | 1833333.33 | 40,420,482.43 |
| 1985 | 8 | 1833333.33 | 41,450,999.80 |
| 1985 | 9 | 1833333.33 | 43,925,171.91 |
| 1985 | 10 | 1833333.33 | 48,689,988.03 |
| 1985 | 11 | 1833333.33 | 53,192,190.43 |
| 1985 | 12 | 1833333.41 | 55,433,344.22 |
| 1986 | 1 | - | 58,591,518.33 |
| 1986 | 2 | - | 62,214,097.85 |
| 1986 | 3 | - | 63,919,651.50 |
| 1986 | 4 | - | 64,234,027.64 |
| 1986 | 5 | - | 66,246,633.92 |
| 1986 | 6 | - | 65,051,601.89 |
| 1986 | 7 | - | 66,535,333.83 |
| 1986 | 8 | - | 64,901,069.20 |
| 1986 | 9 | - | 64,842,740.85 |
| 1986 | 10 | - | 67,133,602.24 |
| 1986 | 11 | - | 68,280,874.92 |
| 1986 | 12 | - | 72,837,510.94 |
| 1987 | 1 | - | 77,544,181.86 |
| 1987 | 2 | - | 80,937,832.54 |
| 1987 | 3 | - | 80,244,672.64 |
| 1987 | 4 | - | 80,383,360.29 |
| 1987 | 5 | - | 83,999,360.29 |
| 1987 | 6 | - | 86,621,901.70 |
| 1987 | 7 | - | 92,212,489.06 |
| 1987 | 8 | - | 89,418,058.02 |
| 1987 | 9 | - | 78,818,543.74 |
| 1987 | 10 | - | 69,121,171.81 |
| 1987 | 11 | - | 68,198,615.77 |
| 1987 | 12 | - | 71,094,698.75 |
| 1988 | 1 | - | 73,461,132.16 |
| 1988 | 2 | - | 75,835,439.26 |
| 1988 | 3 | - | 75,163,518.81 |
| 1988 | 4 | - | 73,518,740.33 |
| 1988 | 5 | - | 77,928,541.11 |
| 1988 | 6 | - | 77,689,362.58 |
| 1988 | 7 | - | 76,354,282.24 |
| 1988 | 8 | - | 77,825,758.15 |
| 1988 | 9 | - | 80,784,395.34 |
| 1988 | 10 | - | 79,152,350.58 |
| 1988 | 11 | - | 80,993,397.26 |
| 1988 | 12 | - | 83,838,418.49 |
| 1989 | 1 | - | 86,604,962.19 |
| 1989 | 2 | - | 86,464,957.46 |
| 1989 | 3 | - | 89,547,259.40 |
| 1989 | 4 | - | 93,232,399.67 |
| 1989 | 5 | - | 96,395,422.93 |
| 1989 | 6 | - | 99,094,663.52 |
| 1989 | 7 | - | 103,742,949.17 |
| 1989 | 8 | - | 104,215,536.81 |
| 1989 | 9 | - | 104,513,859.91 |
| 1989 | 10 | - | 102,618,448.11 |
| 1989 | 11 | - | 105,426,813.70 |
| 1989 | 12 | - | 103,095,588.73 |
| 1990 | 1 | - | 100,490,173.75 |
| 1990 | 2 | - | 103,210,610.56 |
| 1990 | 3 | - | 103,412,888.64 |
| 1990 | 4 | - | 107,395,241.48 |
| 1990 | 5 | - | 110,799,624.64 |
| 1990 | 6 | - | 110,987,677.68 |
| 1990 | 7 | - | 102,262,684.57 |
| 1990 | 8 | - | 97,823,399.34 |
| 1990 | 9 | - | 95,558,035.49 |
| 1990 | 10 | - | 98,409,310.19 |
| 1990 | 11 | - | 102,922,956.97 |
| 1990 | 12 | - | 102,217,758.61 |
| 1991 | 1 | - | 114,081,943.78 |
| 1991 | 2 | - | 117,555,305.85 |
| 1991 | 3 | - | 120,210,678.58 |
| 1991 | 4 | - | 119,995,647.27 |
| 1991 | 5 | - | 120,412,045.30 |
| 1991 | 6 | - | 121,351,844.30 |
| 1991 | 7 | - | 124,602,779.35 |
| 1991 | 8 | - | 124,225,107.17 |
| 1991 | 9 | - | 124,450,757.12 |
| 1991 | 10 | - | 124,470,414.32 |
| 1991 | 11 | - | 125,634,386.75 |
| 1991 | 12 | - | 134,878,597.55 |
| 1992 | 1 | - | 134,068,184.90 |
| 1992 | 2 | - | 132,710,908.09 |
| 1992 | 3 | - | 133,061,667.65 |
| 1992 | 4 | - | 135,813,849.28 |
| 1992 | 5 | - | 134,008,716.76 |
| 1992 | 6 | - | 136,571,142.07 |
| 1992 | 7 | - | 137,857,259.65 |
| 1992 | 8 | - | 138,378,618.35 |
| 1992 | 9 | - | 136,742,906.01 |
| 1992 | 10 | - | 140,512,775.33 |
| 1992 | 11 | - | 145,109,229.10 |
| 1992 | 12 | - | 145,316,580.34 |
| 1993 | 1 | - | 147,822,197.61 |
| 1993 | 2 | - | 151,000,600.75 |
| 1993 | 3 | - | 148,974,557.51 |
| 1993 | 4 | - | 150,054,212.29 |
| 1993 | 5 | - | 151,352,455.05 |
| 1993 | 6 | - | 151,444,785.70 |
| 1993 | 7 | - | 154,113,948.27 |
| 1993 | 8 | - | 156,202,148.78 |
| 1993 | 9 | - | 158,142,034.07 |
| 1993 | 10 | - | 158,153,965.46 |
| 1993 | 11 | - | 159,557,075.52 |
| 1993 | 12 | - | 162,326,795.05 |
| 1994 | 1 | - | 162,203,911.98 |
| 1994 | 2 | - | 159,894,423.23 |
| 1994 | 3 | - | 154,543,752.28 |
| 1994 | 4 | - | 156,179,198.94 |
| 1994 | 5 | - | 157,909,809.82 |
| 1994 | 6 | - | 157,090,455.00 |
| 1994 | 7 | - | 161,932,105.33 |
| 1994 | 8 | - | 163,255,843.78 |
| 1994 | 9 | - | 162,530,977.02 |
| 1994 | 10 | - | 161,929,801.17 |
| 1994 | 11 | - | 160,268,877.09 |
| 1994 | 12 | - | 164,197,346.51 |
| 1995 | 1 | - | 170,468,196.99 |
| 1995 | 2 | - | 174,829,063.43 |
| 1995 | 3 | - | 180,450,784.76 |
| 1995 | 4 | - | 186,491,844.14 |
| 1995 | 5 | - | 192,419,341.72 |
| 1995 | 6 | - | 199,245,379.37 |
| 1995 | 7 | - | 200,267,755.50 |
| 1995 | 8 | - | 207,713,038.52 |
| 1995 | 9 | - | 209,608,560.11 |
| 1995 | 10 | - | 214,551,937.73 |
| 1995 | 11 | - | 221,823,398.91 |
| 1995 | 12 | - | 222,184,038.94 |
| 1996 | 1 | - | 235,302,659.06 |
| 1996 | 2 | - | 234,830,413.31 |
| 1996 | 3 | - | 235,293,127.97 |
| 1996 | 4 | - | 240,833,870.84 |
| 1996 | 5 | - | 243,913,156.28 |
| 1996 | 6 | - | 235,433,358.21 |
| 1996 | 7 | - | 242,674,705.93 |
| 1996 | 8 | - | 247,585,779.20 |
| 1996 | 9 | - | 257,785,069.90 |
| 1996 | 10 | - | 270,808,582.62 |
| 1996 | 11 | - | 274,053,485.44 |
| 1996 | 12 | - | 282,980,887.58 |
| 1997 | 1 | - | 295,322,147.26 |
| 1997 | 2 | - | 293,480,266.22 |
| 1997 | 3 | - | 283,486,539.97 |
| 1997 | 4 | - | 309,617,849.63 |
| 1997 | 5 | - | 326,141,613.53 |
| 1997 | 6 | - | 344,848,850.44 |
| 1997 | 7 | - | 346,048,197.37 |
| 1997 | 8 | - | 350,173,119.57 |
| 1997 | 9 | - | 355,934,783.22 |
| 1997 | 10 | - | 351,834,260.42 |
| 1997 | 11 | - | 361,103,744.05 |
| 1997 | 12 | - | 361,959,878.78 |
| 1998 | 1 | - | 385,133,123.63 |
| 1998 | 2 | - | 405,594,755.09 |
| 1998 | 3 | - | 419,407,995.48 |
| 1998 | 4 | - | 418,477,507.06 |
| 1998 | 5 | - | 418,964,853.65 |
| 1998 | 6 | - | 437,682,805.29 |
| 1998 | 7 | - | 407,171,905.45 |
| 1998 | 8 | - | 387,226,792.64 |
| 1998 | 9 | - | 392,225,335.70 |
| 1998 | 10 | - | 435,269,651.14 |
| 1998 | 11 | - | 453,133,574.46 |
| 1998 | 12 | - | 476,006,339.32 |
| 1999 | 1 | - | 475,688,795.07 |
| 1999 | 2 | - | 489,595,603.78 |
| 1999 | 3 | - | 510,403,525.17 |
| 1999 | 4 | - | 509,899,084.43 |
| 1999 | 5 | - | 506,779,689.34 |
| 1999 | 6 | - | 529,698,229.69 |
| 1999 | 7 | - | 509,705,375.53 |
| 1999 | 8 | - | 506,657,252.56 |
| 1999 | 9 | - | 500,210,185.05 |
| 1999 | 10 | - | 535,754,868.75 |
| 1999 | 11 | - | 550,802,780.38 |
| 1999 | 12 | - | 550,147,696.16 |
| 2000 | 1 | - | 536,514,610.97 |
| 2000 | 2 | - | 557,658,402.83 |
| 2000 | 3 | - | 565,603,169.07 |
| 2000 | 4 | - | 549,546,860.24 |
| 2000 | 5 | - | 566,931,666.12 |
| 2000 | 6 | - | 571,752,526.81 |
| 2000 | 7 | - | 577,125,348.75 |
| 2000 | 8 | - | 570,894,411.47 |
| 2000 | 9 | - | 541,126,665.16 |
| 2000 | 10 | - | 536,946,114.95 |
| 2000 | 11 | - | 519,119,107.88 |
| 2000 | 12 | - | 521,481,139.54 |
| 2001 | 1 | - | 510,340,958.05 |
| 2001 | 2 | - | 464,002,494.12 |
| 2001 | 3 | - | 466,084,443.72 |
| 2001 | 4 | - | 498,147,944.59 |
| 2001 | 5 | - | 486,248,922.25 |
| 2001 | 6 | - | 473,313,596.30 |
| 2001 | 7 | - | 463,630,360.87 |
| 2001 | 8 | - | 411,484,348.52 |
| 2001 | 9 | - | 424,586,139.80 |
| 2001 | 10 | - | 446,041,098.18 |
| 2001 | 11 | - | 452,580,280.95 |
| 2001 | 12 | - | 451,232,998.19 |
| 2002 | 1 | - | 436,104,196.64 |
| 2002 | 2 | - | 457,670,729.74 |
| 2002 | 3 | - | 441,586,202.49 |
| 2002 | 4 | - | 429,131,831.58 |
| 2002 | 5 | - | 403,723,113.99 |
| 2002 | 6 | - | 360,288,566.10 |
| 2002 | 7 | - | 364,391,499.23 |
| 2002 | 8 | - | 347,054,734.94 |
| 2002 | 9 | - | 342,310,348.49 |
| 2002 | 10 | - | 364,990,383.38 |
| 2002 | 11 | - | 361,212,509.16 |
| 2002 | 12 | - | 360,408,747.92 |
| 2003 | 1 | - | 337,289,117.88 |
| 2003 | 2 | - | 341,700,516.05 |
| 2003 | 3 | - | 359,762,322.98 |
| 2003 | 4 | - | 378,873,659.18 |
| 2003 | 5 | - | 400,485,313.20 |
| 2003 | 6 | - | 402,871,808.42 |
| 2003 | 7 | - | 402,201,735.47 |
| 2003 | 8 | - | 414,916,059.90 |
| 2003 | 9 | - | 423,329,848.11 |
| 2003 | 10 | - | 428,454,620.90 |
| 2003 | 11 | - | 441,581,657.75 |
| 2003 | 12 | - | 463,373,542.03 |
| 2004 | 1 | - | 468,408,847.12 |
| 2004 | 2 | - | 461,077,327.16 |
| 2004 | 3 | - | 465,541,187.53 |
| 2004 | 4 | - | 453,603,531.85 |
| 2004 | 5 | - | 466,566,055.02 |
| 2004 | 6 | - | 456,120,669.28 |
| 2004 | 7 | - | 449,791,675.05 |
| 2004 | 8 | - | 462,307,688.35 |
| 2004 | 9 | - | 462,781,994.32 |
| 2004 | 10 | - | 484,874,725.83 |
| 2004 | 11 | - | 498,099,428.34 |
| 2004 | 12 | - | 491,378,963.41 |
| 2005 | 1 | - | 499,640,059.62 |
| 2005 | 2 | - | 498,363,039.26 |
| 2005 | 3 | - | 486,357,880.01 |
| 2005 | 4 | - | 492,854,991.84 |
| 2005 | 5 | - | 503,602,668.21 |
| 2005 | 6 | - | 512,706,751.65 |
| 2005 | 7 | - | 514,296,235.99 |
| 2005 | 8 | - | 515,734,673.61 |
| 2005 | 9 | - | 502,200,663.05 |
| 2005 | 10 | - | 522,095,554.91 |
| 2005 | 11 | - | 533,289,967.38 |
| 2005 | 12 | - | 541,112,105.70 |
| 2006 | 1 | - | 541,022,065.87 |
| 2006 | 2 | - | 549,062,399.11 |
| 2006 | 3 | - | 553,445,736.94 |
| 2006 | 4 | - | 549,092,135.51 |
| 2006 | 5 | - | 534,234,839.07 |
| 2006 | 6 | - | 538,081,547.04 |
| 2006 | 7 | - | 550,413,080.62 |
| 2006 | 8 | - | 564,344,990.78 |
| 2006 | 9 | - | 584,751,215.26 |
| 2006 | 10 | - | 596,455,846.88 |
| 2006 | 11 | - | 609,269,298.90 |
| 2006 | 12 | - | 613,490,478.15 |
| 2007 | 1 | - | 623,282,080.91 |
| 2007 | 2 | - | 607,862,761.34 |
| 2007 | 3 | - | 633,273,004.60 |
| 2007 | 4 | - | 654,752,061.57 |
| 2007 | 5 | - | 657,010,311.22 |
| 2007 | 6 | - | 660,785,621.60 |
| 2007 | 7 | - | 633,025,305.20 |
| 2007 | 8 | - | 652,489,209.38 |
| 2007 | 9 | - | 672,009,290.74 |
| 2007 | 10 | - | 639,710,440.65 |
| 2007 | 11 | - | 647,631,468.67 |
| 2007 | 12 | - | 604,659,842.43 |
| 2008 | 1 | - | 595,203,169.96 |
| 2008 | 2 | - | 579,569,350.62 |
| 2008 | 3 | - | 604,165,129.52 |
| 2008 | 4 | - | 619,647,490.70 |
| 2008 | 5 | - | 593,333,651.47 |
| 2008 | 6 | - | 557,268,034.12 |
| 2008 | 7 | - | 569,029,370.66 |
| 2008 | 8 | - | 541,445,465.89 |
| 2008 | 9 | - | 432,108,215.21 |
| 2008 | 10 | - | 394,923,799.69 |
| 2008 | 11 | - | 393,536,759.15 |
| 2008 | 12 | - | 389,225,341.13 |
| 2009 | 1 | - | 363,137,487.44 |
| 2009 | 2 | - | 342,484,273.65 |
| 2009 | 3 | - | 384,684,330.04 |
| 2009 | 4 | - | 410,303,620.54 |
| 2009 | 5 | - | 422,074,661.25 |
| 2009 | 6 | - | 427,467,265.26 |
| 2009 | 7 | - | 462,180,791.69 |
| 2009 | 8 | - | 479,051,977.12 |
| 2009 | 9 | - | 490,564,114.45 |
| 2009 | 10 | - | 500,838,124.78 |
| 2009 | 11 | - | 511,986,068.29 |
| 2009 | 12 | - | 518,933,554.81 |
| 2010 | 1 | - | 503,892,404.11 |
| 2010 | 2 | - | 533,838,909.13 |
| 2010 | 3 | - | 555,661,871.18 |
| 2010 | 4 | - | 522,975,636.10 |
| 2010 | 5 | - | 504,443,659.23 |
| 2010 | 6 | - | 503,641,225.53 |
| 2010 | 7 | - | 507,990,729.44 |
| 2010 | 8 | - | 525,115,881.89 |
| 2010 | 9 | - | 549,152,728.18 |
| 2010 | 10 | - | 562,831,652.86 |
| 2010 | 11 | - | 583,733,735.31 |
| 2010 | 12 | - | 603,943,724.73 |
| 2011 | 1 | - | 622,973,169.79 |
| 2011 | 2 | - | 616,042,836.39 |
| 2011 | 3 | - | 629,725,042.52 |
| 2011 | 4 | - | 633,876,409.38 |
| 2011 | 5 | - | 610,660,050.88 |
| 2011 | 6 | - | 629,601,111.61 |
| 2011 | 7 | - | 564,118,522.79 |
| 2011 | 8 | - | 559,666,245.51 |
| 2011 | 9 | - | 576,562,043.18 |
| 2011 | 10 | - | 586,750,600.44 |
| 2011 | 11 | - | 595,873,111.54 |
| 2011 | 12 | - | 624,371,088.64 |
| 2012 | 1 | - | 650,361,213.57 |
| 2012 | 2 | - | 669,116,572.84 |
| 2012 | 3 | - | 668,860,901.12 |
| 2012 | 4 | - | 648,186,730.24 |
| 2012 | 5 | - | 640,716,954.37 |
| 2012 | 6 | - | 659,432,852.95 |
| 2012 | 7 | - | 681,772,464.91 |
| 2012 | 8 | - | 702,369,943.46 |
| 2012 | 9 | - | 700,844,854.11 |
| 2012 | 10 | - | 680,958,423.76 |
| 2012 | 11 | - | 695,772,913.79 |
| 2012 | 12 | - | 725,473,799.44 |
| 2013 | 1 | - | 742,399,261.74 |
| 2013 | 2 | - | 762,610,740.31 |
| 2013 | 3 | - | 773,697,509.75 |
| 2013 | 4 | - | 809,088,521.19 |
| 2013 | 5 | - | 800,044,731.64 |
| 2013 | 6 | - | 826,082,004.74 |
| 2013 | 7 | - | 828,168,095.41 |
| 2013 | 8 | - | 838,043,729.46 |
| 2013 | 9 | - | 855,789,723.62 |
| 2013 | 10 | - | 888,823,155.98 |
| 2013 | 11 | - | 902,348,037.21 |
| 2013 | 12 | - | 911,081,030.64 |
| 2014 | 1 | - | 909,896,298.23 |
| 2014 | 2 | - | 934,666,125.88 |
| 2014 | 3 | - | 936,551,571.57 |
| 2014 | 4 | - | 950,899,867.14 |
| 2014 | 5 | - | 981,293,649.19 |
| 2014 | 6 | - | 995,972,055.18 |
| 2014 | 7 | - | 991,719,744.31 |
| 2014 | 8 | - | 1,009,352,856.70 |
| 2014 | 9 | - | 982,639,488.66 |
| 2014 | 10 | - | 1,038,705,480.53 |
| 2014 | 11 | - | 1,045,289,706.82 |
| 2014 | 12 | - | 1,033,686,514.63 |
| 2015 | 1 | - | 1,062,912,947.22 |
| 2015 | 2 | - | 1,063,501,412.51 |
| 2015 | 3 | - | 1,072,843,311.78 |
| 2015 | 4 | - | 1,083,345,417.02 |
| 2015 | 5 | - | 1,078,627,447.06 |
| 2015 | 6 | - | 1,077,768,534.98 |
| 2015 | 7 | - | 1,051,639,141.57 |
| 2015 | 8 | - | 1,004,240,761.19 |
| 2015 | 9 | - | 1,047,595,033.23 |
| 2015 | 10 | - | 1,078,315,442.60 |
| 2015 | 11 | - | 1,066,421,948.47 |
| 2015 | 12 | - | 997,961,693.01 |
| 2016 | 1 | - | 992,473,811.07 |
| 2016 | 2 | - | 1,055,622,215.44 |
| 2016 | 3 | - | 1,085,509,627.63 |
| 2016 | 4 | - | 1,082,205,713.69 |
| 2016 | 5 | - | 1,093,747,331.87 |
| 2016 | 6 | - | 1,129,812,982.12 |
| 2016 | 7 | - | 1,143,362,343.22 |
| 2016 | 8 | - | 1,138,346,741.42 |
| 2016 | 9 | - | 1,132,586,923.96 |
| 2016 | 10 | - | 1,146,191,111.44 |
| 2016 | 11 | - | 1,191,419,398.06 |
| 2016 | 12 | - | 1,208,547,657.22 |
| 2017 | 1 | - | 1,239,685,226.48 |
| 2017 | 2 | - | 1,261,370,505.67 |
| 2017 | 3 | - | 1,259,427,943.29 |
| 2017 | 4 | - | 1,280,742,165.98 |
| 2017 | 5 | - | 1,303,493,627.66 |
| 2017 | 6 | - | 1,316,370,633.84 |
| 2017 | 7 | - | 1,319,632,669.51 |
| 2017 | 8 | - | 1,341,449,668.88 |
| 2017 | 9 | - | 1,378,135,622.77 |
| 2017 | 10 | - | 1,400,042,038.57 |
| 2017 | 11 | - | 1,440,412,058.88 |
| 2017 | 12 | - | 1,510,443,427.65 |
| 2018 | 1 | - | 1,466,841,662.33 |
| 2018 | 2 | - | 1,467,788,922.71 |
| 2018 | 3 | - | 1,443,365,327.47 |
| 2018 | 4 | - | 1,471,678,686.65 |
| 2018 | 5 | - | 1,502,774,812.21 |
| 2018 | 6 | - | 1,526,529,804.50 |
| 2018 | 7 | - | 1,563,942,072.11 |
| 2018 | 8 | - | 1,590,212,353.61 |
| 2018 | 9 | - | 1,529,005,300.26 |
| 2018 | 10 | - | 1,497,261,494.09 |
| 2018 | 11 | - | 1,413,976,141.35 |
| 2018 | 12 | - | 1,438,517,625.84 |
| 2019 | 1 | - | 1,522,367,416.43 |
| 2019 | 2 | - | 1,552,023,468.02 |
| 2019 | 3 | - | 1,609,808,710.20 |
| 2019 | 4 | - | 1,585,149,844.82 |
| 2019 | 5 | - | 1,607,417,224.23 |
| 2019 | 6 | - | 1,668,938,607.87 |
| 2019 | 7 | - | 1,616,627,162.11 |
| 2019 | 8 | - | 1,666,503,787.02 |
| 2019 | 9 | - | 1,666,667,150.24 |
| 2019 | 10 | - | 1,740,562,042.10 |
| 2019 | 11 | - | 1,783,542,086.49 |
| 2019 | 12 | - | 1,843,226,494.29 |
| 2020 | 1 | - | 1,845,476,646.53 |
| 2020 | 2 | - | 1,496,354,746.29 |
| 2020 | 3 | - | 1,560,976,536.99 |
| 2020 | 4 | - | 1,652,876,928.79 |
| 2020 | 5 | - | 1,760,450,652.80 |
| 2020 | 6 | - | 1,821,651,573.57 |
| 2020 | 7 | - | 1,929,010,697.51 |
| 2020 | 8 | - | 1,916,915,749.58 |
| 2020 | 9 | - | 1,950,001,741.60 |
| 2020 | 10 | - | 2,027,107,083.89 |
| 2020 | 11 | - | 2,113,463,476.61 |
| 2020 | 12 | - | 2,172,541,116.10 |
| 2021 | 1 | - | 2,226,670,598.43 |
| 2021 | 2 | - | 2,244,959,528.07 |
| 2021 | 3 | - | 2,380,139,454.29 |
| 2021 | 4 | - | 2,398,234,024.61 |
| 2021 | 5 | - | 2,441,652,200.08 |
| 2021 | 6 | - | 2,516,567,008.77 |
| 2021 | 7 | - | 2,571,558,071.16 |
| 2021 | 8 | - | 2,569,385,134.65 |
| 2021 | 9 | - | 2,581,003,279.34 |
| 2021 | 10 | - | 2,703,465,279.14 |
| 2021 | 11 | - | 2,710,640,374.26 |
| 2021 | 12 | - | 2,655,019,310.71 |
| 2022 | 1 | - | 2,577,955,520.45 |
| 2022 | 2 | - | 2,554,945,112.15 |
| 2022 | 3 | - | 2,557,967,658.99 |
| 2022 | 4 | - | 2,356,585,764.29 |
| 2022 | 5 | - | 2,277,183,320.12 |
| 2022 | 6 | - | 2,287,765,057.04 |
| 2022 | 7 | - | 2,435,266,280.80 |
| 2022 | 8 | - | 2,258,042,111.59 |
| 2022 | 9 | - | 2,188,242,075.20 |
| 2022 | 10 | - | 2,303,892,730.14 |
| 2022 | 11 | - | 2,304,142,413.51 |
| 2022 | 12 | - | 2,335,857,927.03 |
| 2023 | 1 | - | 2,409,366,713.56 |
| 2023 | 2 | - | 2,347,074,294.62 |
| 2023 | 3 | - | 2,440,868,577.14 |
| 2023 | 4 | - | 2,458,874,748.66 |
| 2023 | 5 | - | 2,580,396,929.58 |
| 2023 | 6 | - | 2,680,414,197.86 |
| 2023 | 7 | - | 2,653,673,401.17 |
| 2023 | 8 | - | 2,628,368,577.54 |
| 2023 | 9 | - | 2,548,536,808.60 |
| 2023 | 10 | - | 2,665,813,431.45 |
| 2023 | 11 | - | 2,803,775,860.11 |
| 2023 | 12 | - | 2,885,417,237.61 |
| 2024 | 1 | - | 3,006,583,742.10 |
| 2024 | 2 | - | 3,105,263,429.66 |
| 2024 | 3 | - | 3,073,927,341.48 |
| 2024 | 4 | - | 3,151,289,269.59 |
| 2024 | 5 | - | 3,263,178,445.93 |
| 2024 | 6 | - | 3,340,831,039.95 |
| 2024 | 7 | - | 3,308,404,581.90 |
| 2024 | 8 | - | 3,398,463,014.48 |
| 2024 | 9 | - | 3,505,578,699.99 |
| 2024 | 10 | - | 3,592,579,607.07 |
| 2024 | 11 | - | 3,645,402,064.05 |
| 2024 | 12 | - | 3,630,145,208.67 |
Click to show 474 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 | $166.40 |
| End Value Average monthly close | $4,815.61 |
| Change in price | +2,794.00% +8.78% / yr |
| Change incl. dividends | +8,831.75% +11.58% / yr |
| Change incl. dividends, inflation-adjusted | +2,860.01% +8.61% / yr |
| Final amount, nominal ($44000000 base) | $3,929,968,637.28 |
| Final amount, inflation-adjusted ($44000000 base) | $1,302,403,870.35 |