If you invested $22500 in the S&P 500 at the beginning of 1988, you would have about $913,174.81 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 3,958.55%, or 10.84% per year.
This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 1,475.73% cumulatively, or 7.96% per year.
If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $207,237.97.
The graph below shows the performance of $22500 over time if invested in an S&P 500 index fund. The returns assume that all dividends are automatically reinvested.
The nominal return on investment of $22500 is $890,674.81, or 3,958.55%. This means by 2023 you would have $913,174.81 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 1988 was 118.300 and the CPI in 2023 was 304.702.
The ratio between these CPIs describes how relative buying power of a dollar has changed over 35 years.
Adjusted for inflation, the $913,174.81 nominal end value of the original $22500 investment would have a real return of roughly $332,038.27 in 1988 dollars. This means the inflation-adjusted return is 1,475.73% as opposed to the original 3,958.55%.
The table below shows the full dataset pertaining to a $22500 investment, including gains and losses over the 432-month period between 1988 and 2023.
Note that data shown is the monthly average closing price. Returns include dividends.
Year
Month
Return (%)
Amount ($)
CPI
1988
1
3.33%
23,248.93
115.70
1988
2
3.23%
24,000.35
116.00
1988
3
-0.89%
23,787.70
116.50
1988
4
-2.19%
23,267.16
117.10
1988
5
6.00%
24,662.77
117.50
1988
6
-0.31%
24,587.07
118.00
1988
7
-1.72%
24,164.55
118.50
1988
8
1.93%
24,630.24
119.00
1988
9
3.80%
25,566.59
119.80
1988
10
-2.02%
25,050.08
120.20
1988
11
2.33%
25,632.73
120.30
1988
12
3.51%
26,533.12
120.50
1989
1
3.30%
27,408.68
121.10
1989
2
-0.16%
27,364.37
121.60
1989
3
3.56%
28,339.85
122.30
1989
4
4.12%
29,506.12
123.10
1989
5
3.39%
30,507.16
123.80
1989
6
2.80%
31,361.41
124.10
1989
7
4.69%
32,832.50
124.40
1989
8
0.46%
32,982.06
124.60
1989
9
0.29%
33,076.47
125.00
1989
10
-1.81%
32,476.61
125.60
1989
11
2.74%
33,365.40
125.90
1989
12
-2.21%
32,627.62
126.10
1990
1
-2.53%
31,803.06
127.40
1990
2
2.71%
32,664.02
128.00
1990
3
0.20%
32,728.04
128.70
1990
4
3.85%
33,988.37
128.90
1990
5
3.17%
35,065.79
129.20
1990
6
0.17%
35,125.30
129.90
1990
7
-7.86%
32,364.02
130.40
1990
8
-4.34%
30,959.08
131.60
1990
9
-2.32%
30,242.14
132.70
1990
10
2.98%
31,144.51
133.50
1990
11
4.59%
32,572.98
133.80
1990
12
-0.69%
32,349.80
133.80
1991
1
11.61%
36,104.57
134.60
1991
2
3.04%
37,203.82
134.80
1991
3
2.26%
38,044.19
135.00
1991
4
-0.18%
37,976.14
135.20
1991
5
0.35%
38,107.92
135.60
1991
6
0.78%
38,405.35
136.00
1991
7
2.68%
39,434.20
136.20
1991
8
-0.30%
39,314.67
136.60
1991
9
0.18%
39,386.09
137.20
1991
10
0.02%
39,392.31
137.40
1991
11
0.94%
39,760.68
137.80
1991
12
7.36%
42,686.28
137.90
1992
1
-0.60%
42,429.80
138.10
1992
2
-1.01%
42,000.25
138.60
1992
3
0.26%
42,111.26
139.30
1992
4
2.07%
42,982.27
139.50
1992
5
-1.33%
42,410.98
139.70
1992
6
1.91%
43,221.94
140.20
1992
7
0.94%
43,628.97
140.50
1992
8
0.38%
43,793.97
140.90
1992
9
-1.18%
43,276.30
141.30
1992
10
2.76%
44,469.38
141.80
1992
11
3.27%
45,924.07
142.00
1992
12
0.14%
45,989.69
141.90
1993
1
1.72%
46,782.66
142.60
1993
2
2.15%
47,788.56
143.10
1993
3
-1.34%
47,147.36
143.60
1993
4
0.72%
47,489.05
144.00
1993
5
0.87%
47,899.92
144.20
1993
6
0.06%
47,929.14
144.40
1993
7
1.76%
48,773.87
144.40
1993
8
1.35%
49,434.75
144.80
1993
9
1.24%
50,048.68
145.10
1993
10
0.01%
50,052.46
145.70
1993
11
0.89%
50,496.51
145.80
1993
12
1.74%
51,373.07
145.80
1994
1
-0.08%
51,334.18
146.20
1994
2
-1.42%
50,603.27
146.70
1994
3
-3.35%
48,909.90
147.20
1994
4
1.06%
49,427.48
147.40
1994
5
1.11%
49,975.18
147.50
1994
6
-0.52%
49,715.88
148.00
1994
7
3.08%
51,248.16
148.40
1994
8
0.82%
51,667.09
149.00
1994
9
-0.44%
51,437.69
149.40
1994
10
-0.37%
51,247.43
149.50
1994
11
-1.03%
50,721.78
149.70
1994
12
2.45%
51,965.06
149.70
1995
1
3.82%
53,949.65
150.30
1995
2
2.56%
55,329.78
150.90
1995
3
3.22%
57,108.94
151.40
1995
4
3.35%
59,020.81
151.90
1995
5
3.18%
60,896.74
152.20
1995
6
3.55%
63,057.04
152.50
1995
7
0.51%
63,380.60
152.50
1995
8
3.72%
65,736.88
152.90
1995
9
0.91%
66,336.77
153.20
1995
10
2.36%
67,901.25
153.70
1995
11
3.39%
70,202.51
153.60
1995
12
0.16%
70,316.65
153.50
1996
1
5.90%
74,468.42
154.40
1996
2
-0.20%
74,318.96
154.90
1996
3
0.20%
74,465.40
155.70
1996
4
2.35%
76,218.93
156.30
1996
5
1.28%
77,193.46
156.60
1996
6
-3.48%
74,509.78
156.70
1996
7
3.08%
76,801.52
157.00
1996
8
2.02%
78,355.77
157.30
1996
9
4.12%
81,583.64
157.80
1996
10
5.05%
85,705.31
158.30
1996
11
1.20%
86,732.25
158.60
1996
12
3.26%
89,557.59
158.60
1997
1
4.36%
93,463.34
159.10
1997
2
-0.62%
92,880.43
159.60
1997
3
-3.41%
89,717.62
160.00
1997
4
9.22%
97,987.64
160.20
1997
5
5.34%
103,217.07
160.10
1997
6
5.74%
109,137.52
160.30
1997
7
0.35%
109,517.09
160.50
1997
8
1.19%
110,822.54
160.80
1997
9
1.65%
112,645.99
161.20
1997
10
-1.15%
111,348.26
161.60
1997
11
2.63%
114,281.86
161.50
1997
12
0.24%
114,552.81
161.30
1998
1
6.40%
121,886.66
161.60
1998
2
5.31%
128,362.34
161.90
1998
3
3.41%
132,733.95
162.20
1998
4
-0.22%
132,439.47
162.50
1998
5
0.12%
132,593.70
162.80
1998
6
4.47%
138,517.54
163.00
1998
7
-6.97%
128,861.48
163.20
1998
8
-4.90%
122,549.26
163.40
1998
9
1.29%
124,131.20
163.60
1998
10
10.97%
137,753.83
164.00
1998
11
4.10%
143,407.39
164.00
1998
12
5.05%
150,646.15
163.90
1999
1
-0.07%
150,545.65
164.30
1999
2
2.92%
154,946.87
164.50
1999
3
4.25%
161,532.15
165.00
1999
4
-0.10%
161,372.50
166.20
1999
5
-0.61%
160,385.28
166.20
1999
6
4.52%
167,638.52
166.20
1999
7
-3.77%
161,311.20
166.70
1999
8
-0.60%
160,346.53
167.10
1999
9
-1.27%
158,306.17
167.90
1999
10
7.11%
169,555.32
168.20
1999
11
2.81%
174,317.67
168.30
1999
12
-0.12%
174,110.35
168.30
2000
1
-2.48%
169,795.76
168.80
2000
2
3.94%
176,487.34
169.80
2000
3
1.42%
179,001.69
171.20
2000
4
-2.84%
173,920.20
171.30
2000
5
3.16%
179,422.13
171.50
2000
6
0.85%
180,947.84
172.40
2000
7
0.94%
182,648.22
172.80
2000
8
-1.08%
180,676.26
172.80
2000
9
-5.21%
171,255.38
173.70
2000
10
-0.77%
169,932.33
174.00
2000
11
-3.32%
164,290.45
174.10
2000
12
0.46%
165,037.98
174.00
2001
1
-2.14%
161,512.35
175.10
2001
2
-9.08%
146,847.18
175.80
2001
3
0.45%
147,506.08
176.20
2001
4
6.88%
157,653.51
176.90
2001
5
-2.39%
153,887.72
177.70
2001
6
-2.66%
149,793.95
178.00
2001
7
-2.05%
146,729.41
177.50
2001
8
-11.25%
130,226.28
177.50
2001
9
3.18%
134,372.72
178.30
2001
10
5.05%
141,162.77
177.70
2001
11
1.47%
143,232.29
177.40
2001
12
-0.30%
142,805.90
176.70
2002
1
-3.35%
138,017.95
177.10
2002
2
4.95%
144,843.31
177.80
2002
3
-3.51%
139,752.89
178.80
2002
4
-2.82%
135,811.34
179.80
2002
5
-5.92%
127,770.01
179.80
2002
6
-10.76%
114,023.87
179.90
2002
7
1.14%
115,322.36
180.10
2002
8
-4.76%
109,835.64
180.70
2002
9
-1.37%
108,334.14
181.00
2002
10
6.63%
115,511.90
181.30
2002
11
-1.04%
114,316.28
181.30
2002
12
-0.22%
114,061.91
180.90
2003
1
-6.41%
106,745.02
181.70
2003
2
1.31%
108,141.14
183.10
2003
3
5.29%
113,857.33
184.20
2003
4
5.31%
119,905.67
183.80
2003
5
5.70%
126,745.31
183.50
2003
6
0.60%
127,500.59
183.70
2003
7
-0.17%
127,288.52
183.90
2003
8
3.16%
131,312.34
184.60
2003
9
2.03%
133,975.13
185.20
2003
10
1.21%
135,597.02
185.00
2003
11
3.06%
139,751.45
184.50
2003
12
4.93%
146,648.13
184.30
2004
1
1.09%
148,241.70
185.20
2004
2
-1.57%
145,921.43
186.20
2004
3
0.97%
147,334.15
187.40
2004
4
-2.56%
143,556.13
188.00
2004
5
2.86%
147,658.50
189.10
2004
6
-2.24%
144,352.75
189.70
2004
7
-1.39%
142,349.75
189.40
2004
8
2.78%
146,310.81
189.50
2004
9
0.10%
146,460.92
189.90
2004
10
4.77%
153,452.81
190.90
2004
11
2.73%
157,638.15
191.00
2004
12
-1.35%
155,511.27
190.30
2005
1
1.68%
158,125.73
190.70
2005
2
-0.26%
157,721.58
191.80
2005
3
-2.41%
153,922.20
193.30
2005
4
1.34%
155,978.40
194.60
2005
5
2.18%
159,379.82
194.40
2005
6
1.81%
162,261.07
194.50
2005
7
0.31%
162,764.11
195.40
2005
8
0.28%
163,219.34
196.40
2005
9
-2.62%
158,936.11
198.80
2005
10
3.96%
165,232.43
199.20
2005
11
2.14%
168,775.23
197.60
2005
12
1.47%
171,250.78
196.80
2006
1
-0.02%
171,222.28
198.30
2006
2
1.49%
173,766.88
198.70
2006
3
0.80%
175,154.12
199.80
2006
4
-0.79%
173,776.29
201.50
2006
5
-2.71%
169,074.26
202.50
2006
6
0.72%
170,291.67
202.90
2006
7
2.29%
174,194.34
203.50
2006
8
2.53%
178,603.50
203.90
2006
9
3.62%
185,061.65
202.90
2006
10
2.00%
188,765.92
201.80
2006
11
2.15%
192,821.12
201.50
2006
12
0.69%
194,157.03
201.80
2007
1
1.60%
197,255.87
202.42
2007
2
-2.47%
192,375.98
203.50
2007
3
4.18%
200,417.79
205.35
2007
4
3.39%
207,215.47
206.69
2007
5
0.34%
207,930.16
207.95
2007
6
0.57%
209,124.97
208.35
2007
7
-4.20%
200,339.40
208.30
2007
8
3.07%
206,499.32
207.92
2007
9
2.99%
212,677.03
208.49
2007
10
-4.81%
202,455.11
208.94
2007
11
1.24%
204,961.95
210.18
2007
12
-6.64%
191,362.32
210.04
2008
1
-1.56%
188,369.48
211.08
2008
2
-2.63%
183,421.70
211.69
2008
3
4.24%
191,205.75
213.53
2008
4
2.56%
196,105.60
214.82
2008
5
-4.25%
187,777.81
216.63
2008
6
-6.08%
176,363.79
218.82
2008
7
2.11%
180,086.01
219.96
2008
8
-4.85%
171,356.28
219.09
2008
9
-20.19%
136,753.30
218.78
2008
10
-8.61%
124,985.20
216.57
2008
11
-0.35%
124,546.24
212.43
2008
12
-1.10%
123,181.76
210.23
2009
1
-6.70%
114,925.50
211.14
2009
2
-5.69%
108,389.18
212.19
2009
3
12.32%
121,744.62
212.71
2009
4
6.66%
129,852.60
213.24
2009
5
2.87%
133,577.89
213.86
2009
6
1.28%
135,284.54
215.69
2009
7
8.12%
146,270.65
215.35
2009
8
3.65%
151,610.03
215.83
2009
9
2.40%
155,253.38
215.97
2009
10
2.09%
158,504.90
216.18
2009
11
2.23%
162,032.99
216.33
2009
12
1.36%
164,231.72
215.95
2010
1
-2.90%
159,471.51
216.69
2010
2
5.94%
168,948.96
216.74
2010
3
4.09%
175,855.48
217.63
2010
4
-5.88%
165,510.96
218.01
2010
5
-3.54%
159,645.97
218.18
2010
6
-0.16%
159,392.02
217.97
2010
7
0.86%
160,768.55
218.01
2010
8
3.37%
166,188.30
218.31
2010
9
4.58%
173,795.47
218.44
2010
10
2.49%
178,124.56
218.71
2010
11
3.71%
184,739.64
218.80
2010
12
3.46%
191,135.68
219.18
2011
1
3.15%
197,158.11
220.22
2011
2
-1.11%
194,964.80
221.31
2011
3
2.22%
199,294.94
223.47
2011
4
0.66%
200,608.76
224.91
2011
5
-3.66%
193,261.26
225.96
2011
6
3.10%
199,255.71
225.72
2011
7
-10.40%
178,531.83
225.92
2011
8
-0.79%
177,122.78
226.55
2011
9
3.02%
182,469.95
226.89
2011
10
1.77%
185,694.42
226.42
2011
11
1.55%
188,581.50
226.23
2011
12
4.78%
197,600.52
225.67
2012
1
4.16%
205,825.86
226.67
2012
2
2.88%
211,761.54
227.66
2012
3
-0.04%
211,680.63
229.39
2012
4
-3.09%
205,137.68
230.09
2012
5
-1.15%
202,773.65
229.82
2012
6
2.92%
208,696.84
229.48
2012
7
3.39%
215,766.87
229.10
2012
8
3.02%
222,285.54
230.38
2012
9
-0.22%
221,802.88
231.41
2012
10
-2.84%
215,509.24
231.32
2012
11
2.18%
220,197.72
230.22
2012
12
4.27%
229,597.44
229.60
2013
1
2.33%
234,953.99
230.28
2013
2
2.72%
241,350.51
232.17
2013
3
1.45%
244,859.24
232.77
2013
4
4.57%
256,059.76
232.53
2013
5
-1.12%
253,197.59
232.95
2013
6
3.25%
261,437.85
233.50
2013
7
0.25%
262,098.05
233.60
2013
8
1.19%
265,223.49
233.88
2013
9
2.12%
270,839.73
234.15
2013
10
3.86%
281,294.12
233.55
2013
11
1.52%
285,574.47
233.07
2013
12
0.97%
288,338.28
233.05
2014
1
-0.13%
287,963.34
233.92
2014
2
2.72%
295,802.47
234.78
2014
3
0.20%
296,399.18
236.29
2014
4
1.53%
300,940.12
237.07
2014
5
3.20%
310,559.12
237.90
2014
6
1.50%
315,204.53
238.34
2014
7
-0.43%
313,858.76
238.25
2014
8
1.78%
319,439.28
237.85
2014
9
-2.65%
310,985.05
238.03
2014
10
5.71%
328,728.78
237.43
2014
11
0.63%
330,812.55
236.15
2014
12
-1.11%
327,140.38
234.81
2015
1
2.83%
336,389.94
233.71
2015
2
0.06%
336,576.18
234.72
2015
3
0.88%
339,532.69
236.12
2015
4
0.98%
342,856.39
236.60
2015
5
-0.44%
341,363.25
237.81
2015
6
-0.08%
341,091.42
238.64
2015
7
-2.42%
332,822.01
238.65
2015
8
-4.51%
317,821.41
238.32
2015
9
4.32%
331,542.14
237.95
2015
10
2.93%
341,264.51
237.84
2015
11
-1.10%
337,500.46
237.34
2015
12
-6.42%
315,834.21
236.53
2016
1
-0.55%
314,097.41
236.92
2016
2
6.36%
334,082.57
237.11
2016
3
2.83%
343,541.32
238.13
2016
4
-0.30%
342,495.70
239.26
2016
5
1.07%
346,148.38
240.23
2016
6
3.30%
357,562.41
241.02
2016
7
1.20%
361,850.51
240.63
2016
8
-0.44%
360,263.17
240.85
2016
9
-0.51%
358,440.31
241.43
2016
10
1.20%
362,745.75
241.73
2016
11
3.95%
377,059.57
241.35
2016
12
1.44%
382,480.31
241.43
2017
1
2.58%
392,334.70
242.84
2017
2
1.75%
399,197.65
243.60
2017
3
-0.15%
398,582.87
243.80
2017
4
1.69%
405,328.38
244.52
2017
5
1.78%
412,528.74
244.73
2017
6
0.99%
416,604.05
244.96
2017
7
0.25%
417,636.41
244.79
2017
8
1.65%
424,541.04
245.52
2017
9
2.73%
436,151.39
246.82
2017
10
1.59%
443,084.31
246.66
2017
11
2.88%
455,860.59
246.67
2017
12
4.86%
478,024.07
246.52
2018
1
-2.89%
464,225.01
247.87
2018
2
0.06%
464,524.80
248.99
2018
3
-1.66%
456,795.24
249.55
2018
4
1.96%
465,755.83
250.55
2018
5
2.11%
475,597.11
251.59
2018
6
1.58%
483,115.07
251.99
2018
7
2.45%
494,955.28
252.01
2018
8
1.68%
503,269.28
252.15
2018
9
-3.85%
483,898.52
252.44
2018
10
-2.08%
473,852.26
252.89
2018
11
-5.56%
447,494.17
252.04
2018
12
1.74%
455,261.04
251.23
2019
1
5.83%
481,797.76
251.71
2019
2
1.95%
491,183.29
252.78
2019
3
3.72%
509,471.12
254.20
2019
4
-1.53%
501,667.10
255.55
2019
5
1.40%
508,714.27
256.09
2019
6
3.83%
528,184.51
256.14
2019
7
-3.13%
511,629.02
256.57
2019
8
3.09%
527,413.94
256.56
2019
9
0.01%
527,465.64
256.76
2019
10
4.43%
550,851.84
257.35
2019
11
2.47%
564,454.14
257.21
2019
12
3.35%
583,343.02
256.97
2020
1
0.12%
584,055.14
257.97
2020
2
-18.92%
473,565.29
258.68
2020
3
4.32%
494,016.75
258.12
2020
4
5.89%
523,101.32
256.39
2020
5
6.51%
557,146.18
256.39
2020
6
3.48%
576,515.00
257.80
2020
7
5.89%
610,491.94
259.10
2020
8
-0.63%
606,664.14
259.92
2020
9
1.73%
617,135.17
260.28
2020
10
3.95%
641,537.42
260.39
2020
11
4.26%
668,867.43
260.23
2020
12
2.80%
687,564.28
260.47
2021
1
2.49%
704,695.14
261.58
2021
2
0.82%
710,483.20
263.01
2021
3
6.02%
753,264.85
264.88
2021
4
0.76%
758,991.41
267.05
2021
5
1.81%
772,732.36
269.20
2021
6
3.07%
796,441.35
271.70
2021
7
2.19%
813,844.88
273.00
2021
8
-0.08%
813,157.19
273.57
2021
9
0.45%
816,834.09
274.31
2021
10
4.74%
855,590.78
276.59
2021
11
0.27%
857,861.55
277.95
2021
12
-2.05%
840,258.63
278.80
2022
1
-2.90%
815,869.54
281.15
2022
2
-0.89%
808,587.22
283.72
2022
3
0.12%
809,543.80
287.50
2022
4
-7.87%
745,810.60
289.11
2022
5
-3.37%
720,681.37
292.30
2022
6
0.46%
724,030.27
296.31
2022
7
6.45%
770,711.35
296.28
2022
8
-7.28%
714,623.57
296.17
2022
9
-3.09%
692,533.30
296.81
2022
10
5.29%
729,134.34
298.01
2022
11
0.01%
729,213.36
297.71
2022
12
1.38%
739,250.67
296.80
2023
1
3.15%
762,514.67
299.17
2023
2
-2.59%
742,800.41
300.84
2023
3
4.00%
772,484.36
301.84
2023
4
0.74%
778,182.94
303.36
2023
5
4.94%
816,642.20
304.13
2023
6
3.88%
848,295.59
305.11
2023
7
-1.00%
839,832.68
305.69
2023
8
-0.95%
831,824.23
307.03
2023
9
-3.04%
806,559.13
307.79
2023
10
4.60%
843,674.75
307.67
2023
11
5.18%
887,337.00
307.05
2023
12
2.91%
913,174.81
306.75
Click to show 414 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 $22,500.00 up-front. Instead, the capital is invested over a period of time.
Consider a strategy in which $22,500.00 was invested in the S&P 500 over a period of no more than 540 months beginning in 1988. This would result in a final amount of $207,237.97, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $913,174.81).
Year
Month
Contribution ($)
Amount ($)
1988
1
53.57
55.20
1988
2
53.57
112.13
1988
3
53.57
164.08
1988
4
53.57
212.73
1988
5
53.57
282.12
1988
6
53.57
334.50
1988
7
53.57
381.25
1988
8
53.57
443.04
1988
9
53.57
515.33
1988
10
53.57
557.26
1988
11
53.57
624.87
1988
12
53.57
702.12
1989
1
53.57
780.47
1989
2
53.57
832.54
1989
3
53.57
917.55
1989
4
53.57
1,010.93
1989
5
53.57
1,100.47
1989
6
53.57
1,186.22
1989
7
53.57
1,297.80
1989
8
53.57
1,357.39
1989
9
53.57
1,414.86
1989
10
53.57
1,441.66
1989
11
53.57
1,536.01
1989
12
53.57
1,554.29
1990
1
53.57
1,567.08
1990
2
53.57
1,664.37
1990
3
53.57
1,721.16
1990
4
53.57
1,842.92
1990
5
53.57
1,956.46
1990
6
53.57
2,013.30
1990
7
53.57
1,904.24
1990
8
53.57
1,872.66
1990
9
53.57
1,881.46
1990
10
53.57
1,992.59
1990
11
53.57
2,139.84
1990
12
53.57
2,178.22
1991
1
53.57
2,490.66
1991
2
53.57
2,621.54
1991
3
53.57
2,735.40
1991
4
53.57
2,783.83
1991
5
53.57
2,847.11
1991
6
53.57
2,923.17
1991
7
53.57
3,056.34
1991
8
53.57
3,100.35
1991
9
53.57
3,159.51
1991
10
53.57
3,213.44
1991
11
53.57
3,297.42
1991
12
53.57
3,597.42
1992
1
53.57
3,628.92
1992
2
53.57
3,645.08
1992
3
53.57
3,708.29
1992
4
53.57
3,839.53
1992
5
53.57
3,841.22
1992
6
53.57
3,969.13
1992
7
53.57
4,060.45
1992
8
53.57
4,129.45
1992
9
53.57
4,133.44
1992
10
53.57
4,302.31
1992
11
53.57
4,498.24
1992
12
53.57
4,558.19
1993
1
53.57
4,691.15
1993
2
53.57
4,846.61
1993
3
53.57
4,834.31
1993
4
53.57
4,923.17
1993
5
53.57
5,019.68
1993
6
53.57
5,076.22
1993
7
53.57
5,220.07
1993
8
53.57
5,344.98
1993
9
53.57
5,465.47
1993
10
53.57
5,519.34
1993
11
53.57
5,622.23
1993
12
53.57
5,774.20
1994
1
53.57
5,823.24
1994
2
53.57
5,793.01
1994
3
53.57
5,650.81
1994
4
53.57
5,764.62
1994
5
53.57
5,882.54
1994
6
53.57
5,905.18
1994
7
53.57
6,142.28
1994
8
53.57
6,246.37
1994
9
53.57
6,271.84
1994
10
53.57
6,301.89
1994
11
53.57
6,290.15
1994
12
53.57
6,499.08
1995
1
53.57
6,802.78
1995
2
53.57
7,031.62
1995
3
53.57
7,312.90
1995
4
53.57
7,612.97
1995
5
53.57
7,910.10
1995
6
53.57
8,246.07
1995
7
53.57
8,342.12
1995
8
53.57
8,707.71
1995
9
53.57
8,841.12
1995
10
53.57
9,104.36
1995
11
53.57
9,468.20
1995
12
53.57
9,537.15
1996
1
53.57
10,156.89
1996
2
53.57
10,189.88
1996
3
53.57
10,263.53
1996
4
53.57
10,559.96
1996
5
53.57
10,749.13
1996
6
53.57
10,427.05
1996
7
53.57
10,802.87
1996
8
53.57
11,076.05
1996
9
53.57
11,588.01
1996
10
53.57
12,229.63
1996
11
53.57
12,430.29
1996
12
53.57
12,890.43
1997
1
53.57
13,508.43
1997
2
53.57
13,477.33
1997
3
53.57
13,070.05
1997
4
53.57
14,333.25
1997
5
53.57
15,154.54
1997
6
53.57
16,080.35
1997
7
53.57
16,189.96
1997
8
53.57
16,437.08
1997
9
53.57
16,761.91
1997
10
53.57
16,621.69
1997
11
53.57
17,114.51
1997
12
53.57
17,208.72
1998
1
53.57
18,367.37
1998
2
53.57
19,399.56
1998
3
53.57
20,115.57
1998
4
53.57
20,124.33
1998
5
53.57
20,201.34
1998
6
53.57
21,159.76
1998
7
53.57
19,734.49
1998
8
53.57
18,818.68
1998
9
53.57
19,115.80
1998
10
53.57
21,273.02
1998
11
53.57
22,201.79
1998
12
53.57
23,378.68
1999
1
53.57
23,416.56
1999
2
53.57
24,156.22
1999
3
53.57
25,238.66
1999
4
53.57
25,267.18
1999
5
53.57
25,165.79
1999
6
53.57
26,359.82
1999
7
53.57
25,416.39
1999
8
53.57
25,317.59
1999
9
53.57
25,048.26
1999
10
53.57
26,885.50
1999
11
53.57
27,695.66
1999
12
53.57
27,716.18
2000
1
53.57
27,081.54
2000
2
53.57
28,204.44
2000
3
53.57
28,660.54
2000
4
53.57
27,898.92
2000
5
53.57
28,836.71
2000
6
53.57
29,135.90
2000
7
53.57
29,463.71
2000
8
53.57
29,198.55
2000
9
53.57
27,726.80
2000
10
53.57
27,565.69
2000
11
53.57
26,702.23
2000
12
53.57
26,877.49
2001
1
53.57
26,355.69
2001
2
53.57
24,011.27
2001
3
53.57
24,172.75
2001
4
53.57
25,892.87
2001
5
53.57
25,326.62
2001
6
53.57
24,704.96
2001
7
53.57
24,251.95
2001
8
53.57
21,571.74
2001
9
53.57
22,313.80
2001
10
53.57
23,497.56
2001
11
53.57
23,896.34
2001
12
53.57
23,878.55
2002
1
53.57
23,129.67
2002
2
53.57
24,329.65
2002
3
53.57
23,526.23
2002
4
53.57
22,914.70
2002
5
53.57
21,608.26
2002
6
53.57
19,331.27
2002
7
53.57
19,605.52
2002
8
53.57
18,723.68
2002
9
53.57
18,520.48
2002
10
53.57
19,804.60
2002
11
53.57
19,652.55
2002
12
53.57
19,662.19
2003
1
53.57
18,450.95
2003
2
53.57
18,746.45
2003
3
53.57
19,793.68
2003
4
53.57
20,901.50
2003
5
53.57
22,150.30
2003
6
53.57
22,336.11
2003
7
53.57
22,352.37
2003
8
53.57
23,114.16
2003
9
53.57
23,637.46
2003
10
53.57
23,977.76
2003
11
53.57
24,767.53
2003
12
53.57
26,045.94
2004
1
53.57
26,383.05
2004
2
53.57
26,022.77
2004
3
53.57
26,328.72
2004
4
53.57
25,705.71
2004
5
53.57
26,495.32
2004
6
53.57
25,954.45
2004
7
53.57
25,647.06
2004
8
53.57
26,415.71
2004
9
53.57
26,496.36
2004
10
53.57
27,817.32
2004
11
53.57
28,630.98
2004
12
53.57
28,297.46
2005
1
53.57
28,827.59
2005
2
53.57
28,807.27
2005
3
53.57
28,165.53
2005
4
53.57
28,595.99
2005
5
53.57
29,274.24
2005
6
53.57
29,857.92
2005
7
53.57
30,004.15
2005
8
53.57
30,141.71
2005
9
53.57
29,402.81
2005
10
53.57
30,623.22
2005
11
53.57
31,334.46
2005
12
53.57
31,848.35
2006
1
53.57
31,896.53
2006
2
53.57
32,424.84
2006
3
53.57
32,737.62
2006
4
53.57
32,533.16
2006
5
53.57
31,704.92
2006
6
53.57
31,987.08
2006
7
53.57
32,774.87
2006
8
53.57
33,659.30
2006
9
53.57
34,931.81
2006
10
53.57
35,685.59
2006
11
53.57
36,506.85
2006
12
53.57
36,813.64
2007
1
53.57
37,455.55
2007
2
53.57
36,581.11
2007
3
53.57
38,166.02
2007
4
53.57
39,515.83
2007
5
53.57
39,705.80
2007
6
53.57
39,987.75
2007
7
53.57
38,359.07
2007
8
53.57
39,593.65
2007
9
53.57
40,833.23
2007
10
53.57
38,921.58
2007
11
53.57
39,457.66
2007
12
53.57
36,889.50
2008
1
53.57
36,365.20
2008
2
53.57
35,462.09
2008
3
53.57
37,022.78
2008
4
53.57
38,026.38
2008
5
53.57
36,462.76
2008
6
53.57
34,296.60
2008
7
53.57
35,075.04
2008
8
53.57
33,425.64
2008
9
53.57
26,718.45
2008
10
53.57
24,468.06
2008
11
53.57
24,435.36
2008
12
53.57
24,220.50
2009
1
53.57
22,646.95
2009
2
53.57
21,409.29
2009
3
53.57
24,107.30
2009
4
53.57
25,769.80
2009
5
53.57
26,564.08
2009
6
53.57
26,957.61
2009
7
53.57
29,204.56
2009
8
53.57
30,326.05
2009
9
53.57
31,109.57
2009
10
53.57
31,815.70
2009
11
53.57
32,578.54
2009
12
53.57
33,074.83
2010
1
53.57
32,168.09
2010
2
53.57
34,136.52
2010
3
53.57
35,587.67
2010
4
53.57
33,544.60
2010
5
53.57
32,407.51
2010
6
53.57
32,409.35
2010
7
53.57
32,743.18
2010
8
53.57
33,902.29
2010
9
53.57
35,510.08
2010
10
53.57
36,449.42
2010
11
53.57
37,858.54
2010
12
53.57
39,224.61
2011
1
53.57
40,515.71
2011
2
53.57
40,117.88
2011
3
53.57
41,063.57
2011
4
53.57
41,388.12
2011
5
53.57
39,923.77
2011
6
53.57
41,217.24
2011
7
53.57
36,978.30
2011
8
53.57
36,739.50
2011
9
53.57
37,903.73
2011
10
53.57
38,627.95
2011
11
53.57
39,282.83
2011
12
53.57
41,217.59
2012
1
53.57
42,989.03
2012
2
53.57
44,283.79
2012
3
53.57
44,320.33
2012
4
53.57
43,002.23
2012
5
53.57
42,559.53
2012
6
53.57
43,857.77
2012
7
53.57
45,398.83
2012
8
53.57
46,825.50
2012
9
53.57
46,777.19
2012
10
53.57
45,501.84
2012
11
53.57
46,546.39
2012
12
53.57
48,589.10
2013
1
53.57
49,777.42
2013
2
53.57
51,187.52
2013
3
53.57
51,985.94
2013
4
53.57
54,419.84
2013
5
53.57
53,864.43
2013
6
53.57
55,672.66
2013
7
53.57
55,866.87
2013
8
53.57
56,587.18
2013
9
53.57
57,840.05
2013
10
53.57
60,128.22
2013
11
53.57
61,097.47
2013
12
53.57
61,742.78
2014
1
53.57
61,715.90
2014
2
53.57
63,450.92
2014
3
53.57
63,632.50
2014
4
53.57
64,661.68
2014
5
53.57
66,783.67
2014
6
53.57
67,836.92
2014
7
53.57
67,600.54
2014
8
53.57
68,856.94
2014
9
53.57
67,086.65
2014
10
53.57
70,970.92
2014
11
53.57
71,474.62
2014
12
53.57
70,734.10
2015
1
53.57
72,789.04
2015
2
53.57
72,882.85
2015
3
53.57
73,577.01
2015
4
53.57
74,351.27
2015
5
53.57
74,080.71
2015
6
53.57
74,075.16
2015
7
53.57
72,331.47
2015
8
53.57
69,122.48
2015
9
53.57
72,162.37
2015
10
53.57
74,333.55
2015
11
53.57
73,566.56
2015
12
53.57
68,893.91
2016
1
53.57
68,568.23
2016
2
53.57
72,987.91
2016
3
53.57
75,109.38
2016
4
53.57
74,934.08
2016
5
53.57
75,787.29
2016
6
53.57
78,341.58
2016
7
53.57
79,335.21
2016
8
53.57
79,040.43
2016
9
53.57
78,693.71
2016
10
53.57
79,693.07
2016
11
53.57
82,893.32
2016
12
53.57
84,139.27
2017
1
53.57
86,361.93
2017
2
53.57
87,927.04
2017
3
53.57
87,845.03
2017
4
53.57
89,386.09
2017
5
53.57
91,028.40
2017
6
53.57
91,981.67
2017
7
53.57
92,263.22
2017
8
53.57
93,842.94
2017
9
53.57
96,464.31
2017
10
53.57
98,052.01
2017
11
53.57
100,934.36
2017
12
53.57
105,897.77
2018
1
53.57
102,892.78
2018
2
53.57
103,012.75
2018
3
53.57
101,351.24
2018
4
53.57
103,393.91
2018
5
53.57
105,633.21
2018
6
53.57
107,357.33
2018
7
53.57
110,043.25
2018
8
53.57
111,946.09
2018
9
53.57
107,688.73
2018
10
53.57
105,505.36
2018
11
53.57
99,687.12
2018
12
53.57
101,471.73
2019
1
53.57
107,443.02
2019
2
53.57
109,590.56
2019
3
53.57
113,726.33
2019
4
53.57
112,036.95
2019
5
53.57
113,665.02
2019
6
53.57
118,070.91
2019
7
53.57
114,421.88
2019
8
53.57
118,007.19
2019
9
53.57
118,072.25
2019
10
53.57
123,363.07
2019
11
53.57
126,464.11
2019
12
53.57
130,751.38
2020
1
53.57
130,964.55
2020
2
53.57
106,232.42
2020
3
53.57
110,875.97
2020
4
53.57
117,460.27
2020
5
53.57
125,161.87
2020
6
53.57
129,568.39
2020
7
53.57
137,261.15
2020
8
53.57
136,453.67
2020
9
53.57
138,863.28
2020
10
53.57
144,409.71
2020
11
53.57
150,617.46
2020
12
53.57
154,882.67
2021
1
53.57
158,796.45
2021
2
53.57
160,154.68
2021
3
53.57
169,855.10
2021
4
53.57
171,200.31
2021
5
53.57
174,354.23
2021
6
53.57
179,758.93
2021
7
53.57
183,741.63
2021
8
53.57
183,639.84
2021
9
53.57
184,523.97
2021
10
53.57
193,335.21
2021
11
53.57
193,901.98
2021
12
53.57
189,975.62
2022
1
53.57
184,513.40
2022
2
53.57
182,919.49
2022
3
53.57
183,189.46
2022
4
53.57
168,816.74
2022
5
53.57
163,180.34
2022
6
53.57
163,992.37
2022
7
53.57
174,622.55
2022
8
53.57
161,964.16
2022
9
53.57
157,009.40
2022
10
53.57
165,363.82
2022
11
53.57
165,435.24
2022
12
54.17
167,767.23
2023
1
-
173,046.81
2023
2
-
168,572.81
2023
3
-
175,309.36
2023
4
-
176,602.61
2023
5
-
185,330.64
2023
6
-
192,514.13
2023
7
-
190,593.54
2023
8
-
188,776.08
2023
9
-
183,042.36
2023
10
-
191,465.46
2023
11
-
201,374.28
2023
12
-
207,237.97
Click to show 414 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.
