S&P 500: $1 in 1949 → $4,847.01 in 2026

$

Stock market returns since 1949

If you invested $1 in the S&P 500 at the beginning of 1949, you would have about $4,847.01 at the end of 2026, assuming you reinvested all dividends. This is a return on investment of 484,600.99%, or 11.65% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 35,491.18% cumulatively, or 7.93% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $4,151.73.

The graph below shows the performance of $1 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 $1 is $4,846.01, or 484,600.99%. This means by 2026 you would have $4,847.01 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 1949 was 23.800 and the CPI in 2026 was 324.122.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 77 years.

Adjusted for inflation, the $4,847.01 nominal end value of the original $1 investment would have a real return of roughly $354.91 in 1949 dollars. This means the inflation-adjusted return is 35,491.18% as opposed to the original 484,600.99%.

For more information on inflation, see our U.S. inflation calculator for 1949.

Full monthly data

The table below shows the full dataset pertaining to a $1 investment, including gains and losses over the 924-month period between 1949 and 2026.

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

YearMonthReturn (%)Amount ($)CPI
19491-3.33%0.9724.00
194921.49%0.9823.80
194930.41%0.9923.80
19494-0.18%0.9823.90
19495-4.91%0.9423.80
194966.26%0.9923.90
194974.17%1.0423.70
194981.87%1.0523.80
194993.14%1.0923.90
1949101.95%1.1123.70
1949113.24%1.1423.80
1949122.63%1.1723.60
195012.52%1.2023.50
195021.38%1.2223.50
195033.39%1.2623.60
195043.91%1.3123.60
195052.16%1.3423.70
19506-6.72%1.2523.80
195076.64%1.3324.10
195084.11%1.3924.30
195094.72%1.4524.40
1950100.38%1.4624.60
1950110.19%1.4624.70
1950128.01%1.5825.00
195114.31%1.6525.40
19512-1.11%1.6325.70
195131.93%1.6625.80
195140.63%1.6725.80
19515-1.15%1.6525.90
195162.37%1.6925.90
195174.97%1.7725.90
195183.14%1.8325.90
195190.03%1.8326.10
195110-2.25%1.7926.20
1951113.61%1.8526.40
1951123.83%1.9226.50
19521-1.33%1.9026.50
195220.75%1.9126.30
195230.20%1.9226.30
195240.46%1.9326.40
195253.24%1.9926.40
195263.37%2.0626.50
195270.88%2.0726.70
19528-1.11%2.0526.70
19529-1.61%2.0226.70
1952103.67%2.0926.70
1952114.51%2.1926.70
1952120.99%2.2126.70
19531-0.77%2.1926.60
195320.96%2.2126.50
19533-4.47%2.1126.60
195341.00%2.1326.60
19535-3.11%2.0726.70
195361.91%2.1126.80
195370.90%2.1326.80
19538-4.11%2.0426.90
195393.52%2.1126.90
1953102.71%2.1727.00
1953111.84%2.2126.90
1953123.02%2.2726.90
195412.68%2.3326.90
195422.58%2.4026.90
195434.45%2.5026.90
195444.42%2.6126.80
195451.22%2.6426.90
195464.46%2.7626.90
195472.39%2.8326.90
195482.74%2.9126.90
195492.71%2.9826.80
1954104.30%3.1126.80
1954114.95%3.2726.80
1954122.17%3.3426.70
195513.70%3.4626.70
19552-0.44%3.4526.70
195533.81%3.5826.70
19554-0.08%3.5726.70
195556.15%3.7926.70
195567.64%4.0826.70
19557-0.30%4.0726.80
195584.82%4.2726.80
19559-4.72%4.0726.90
1955107.07%4.3526.90
1955111.24%4.4126.90
195512-2.39%4.3026.80
195610.95%4.3426.80
195627.21%4.6626.80
195631.48%4.7326.80
19564-2.84%4.5926.90
19565-0.26%4.5827.00
195665.75%4.8427.20
19567-0.28%4.8327.40
19568-3.09%4.6827.30
19569-0.95%4.6427.40
195610-0.71%4.6027.50
1956111.81%4.6927.50
195612-1.86%4.6027.60
19571-4.00%4.4127.60
195721.62%4.4927.70
195732.64%4.6027.80
195744.16%4.8027.90
195751.95%4.8928.00
195762.32%5.0028.10
19577-5.21%4.7428.30
19578-3.74%4.5728.30
19579-5.90%4.3028.30
195710-1.80%4.2228.30
1957110.32%4.2328.40
1957122.33%4.3328.40
195810.70%4.3628.60
195822.42%4.4728.60
195830.90%4.5128.80
195843.56%4.6728.90
195852.74%4.8028.90
195863.07%4.9428.90
195874.05%5.1429.00
195882.94%5.2928.90
195894.36%5.5228.90
1958103.33%5.7128.90
1958112.16%5.8329.00
1958124.25%6.0828.90
19591-1.27%6.0029.00
195922.81%6.1728.90
195931.94%6.2928.90
195941.77%6.4029.00
19595-0.61%6.3629.00
195964.23%6.6329.10
19597-0.32%6.6129.20
19598-3.70%6.3729.20
195990.18%6.3829.30
1959100.67%6.4229.40
1959113.46%6.6429.40
195912-1.49%6.5429.40
19601-3.61%6.3129.30
19602-1.08%6.2429.40
196031.58%6.3429.40
19604-0.62%6.3029.50
196053.99%6.5529.50
19606-2.20%6.4129.60
196071.49%6.5029.60
19608-2.72%6.3329.60
19609-1.67%6.2229.60
1960103.54%6.4429.80
1960112.69%6.6129.80
1960125.43%6.9729.80
196114.37%7.2829.80
196123.40%7.5229.80
196132.92%7.7429.80
196141.26%7.8429.80
19615-1.08%7.7629.80
19616-0.03%7.7529.80
196173.84%8.0530.00
19618-0.54%8.0129.90
196191.34%8.1230.00
1961104.77%8.5030.00
1961111.16%8.6030.00
196112-3.49%8.3030.00
196211.91%8.4630.00
196220.34%8.4930.10
19623-2.94%8.2430.10
19624-7.19%7.6530.20
19625-11.41%6.7730.20
196262.72%6.9630.20
196273.02%7.1730.30
19628-0.59%7.1330.30
19629-2.86%6.9230.40
1962107.20%7.4230.40
1962114.62%7.7630.40
1962124.15%8.0930.40
196311.60%8.2230.40
19632-0.11%8.2130.40
196334.98%8.6230.50
196342.27%8.8130.50
196350.22%8.8330.50
19636-1.22%8.7230.60
196373.03%8.9930.70
196382.89%9.2530.70
196390.50%9.2930.70
196310-0.31%9.2630.80
1963112.39%9.4930.80
1963123.33%9.8030.90
196411.48%9.9530.90
196422.07%10.1530.90
196431.69%10.3330.90
196441.22%10.4530.90
19645-0.35%10.4130.90
196463.96%10.8331.00
19647-1.23%10.6931.10
196481.97%10.9031.00
196491.97%11.1231.10
1964100.94%11.2231.10
196411-1.49%11.0631.20
1964122.82%11.3731.20
196510.98%11.4831.20
196520.34%11.5231.20
196531.56%11.7031.30
196541.73%11.9031.40
19655-4.51%11.3631.40
196560.10%11.3731.60
196572.12%11.6231.60
196583.60%12.0331.60
196592.50%12.3331.60
1965101.08%12.4731.70
196511-0.21%12.4431.70
1965121.98%12.6931.80
19661-0.43%12.6331.80
19662-3.86%12.1432.00
196633.32%12.5532.10
19664-5.01%11.9232.30
19665-0.56%11.8532.30
196660.02%11.8532.40
19667-5.77%11.1732.50
19668-3.22%10.8132.70
19669-0.56%10.7532.70
1966105.32%11.3232.90
1966110.72%11.4032.90
1966124.13%11.8732.90
196713.73%12.3232.90
196722.63%12.6432.90
196731.99%12.8933.00
196742.06%13.1633.10
19675-0.99%13.0333.20
196761.99%13.2933.30
196771.85%13.5333.40
196781.65%13.7633.50
196790.10%13.7733.60
196710-2.88%13.3733.70
1967113.11%13.7933.80
196712-0.02%13.7933.90
19681-4.26%13.2034.10
19682-1.56%12.9934.20
196837.66%13.9934.30
196842.56%14.3534.40
196852.94%14.7734.50
196860.05%14.7834.70
19687-1.93%14.4934.90
196883.51%15.0035.00
196892.72%15.4135.10
1968101.79%15.6835.30
1968111.29%15.8835.40
196812-3.99%15.2535.50
19691-0.24%15.2135.60
19692-1.91%14.9235.80
196932.27%15.2636.10
196943.51%15.8036.30
19695-4.97%15.0136.40
19696-4.21%14.3836.60
19697-0.28%14.3436.80
196980.63%14.4337.00
196991.35%14.6337.10
1969101.00%14.7737.30
196911-5.03%14.0337.50
196912-0.59%13.9537.70
19701-3.20%13.5037.80
197022.01%13.77-
19703-2.75%13.39-
19704-11.20%11.89-
19705-0.27%11.86-
197060.52%11.92-
197073.26%12.31-
197086.32%13.09-
197092.49%13.42-
1970100.21%13.44-
1970117.16%14.41-
1970124.11%15.00-
197114.15%15.62-
197122.83%16.06-
197133.67%16.65-
19714-1.11%16.47-
19715-1.60%16.21-
19716-0.46%16.13-
19717-1.52%15.89-
197182.49%16.28-
19719-1.86%15.98-
197110-4.37%15.28-
1971117.16%16.37-
1971124.42%17.10-
197212.09%17.45-
197222.62%17.91-
197231.26%18.14-
19724-0.78%18.00-
197250.52%18.09-
19726-0.50%18.00-
197273.78%18.68-
19728-1.21%18.45-
197290.42%18.53-
1972105.25%19.50-
1972112.31%19.95-
1972120.99%20.15-
19731-3.33%19.48-
19732-1.35%19.22-
19733-1.63%18.91-
19734-2.57%18.42-
19735-1.99%18.05-
197361.21%18.27-
19737-1.64%17.97-
197382.00%18.33-
197394.24%19.11-
197310-6.85%17.80-
197311-6.81%16.59-
1973121.70%16.87-
19741-2.47%16.45-
197424.57%17.20-
19743-4.82%16.38-
19744-2.71%15.93-
197450.46%16.01-
19746-11.35%14.19-
19747-3.76%13.66-
19748-10.01%12.29-
197492.38%12.58-
1974103.74%13.05-
197411-6.09%12.26-
1974128.63%13.31-
1975110.81%14.75-
197524.97%15.49-
197531.49%15.72-
197546.71%16.77-
197552.89%17.26-
197560.43%17.33-
19757-7.00%16.12-
19758-0.85%15.98-
197594.97%16.78-
1975102.04%17.12-
197511-1.18%16.92-
1975129.55%18.53-
197614.18%19.31-
197620.80%19.46-
197631.10%19.67-
19764-0.38%19.60-
197650.90%19.78-
197662.67%20.30-
19767-0.56%20.19-
197682.44%20.68-
19769-3.11%20.04-
197610-0.37%19.96-
1976113.79%20.72-
197612-0.54%20.61-
19771-2.37%20.12-
19772-0.05%20.11-
19773-1.19%19.87-
197740.06%19.88-
197750.90%20.06-
197761.28%20.32-
19777-2.08%19.90-
19778-1.18%19.66-
19779-2.20%19.23-
1977100.98%19.42-
197711-0.08%19.40-
197712-3.39%18.75-
19781-0.97%18.56-
197820.27%18.61-
197834.83%19.51-
197845.50%20.59-
197850.67%20.73-
19786-0.06%20.71-
197877.33%22.23-
197880.40%22.32-
19789-2.77%21.70-
197810-5.44%20.52-
1978111.92%20.91-
1978124.19%21.79-
19791-1.06%21.56-
197922.34%22.06-
197932.43%22.60-
19794-1.89%22.17-
197952.42%22.71-
197961.42%23.03-
197975.01%24.19-
197981.54%24.56-
19799-3.35%23.74-
197910-0.32%23.66-
1979114.40%24.70-
1979123.31%25.52-
198014.40%26.64-
19802-8.78%24.30-
19803-1.16%24.02-
198045.04%25.23-
198056.86%26.96-
198064.97%28.30-
198073.50%29.29-
198082.84%30.12-
198093.32%31.13-
1980104.61%32.56-
198011-1.24%32.16-
1980120.01%32.16-
19811-3.07%31.17-
198124.14%32.46-
198131.29%32.88-
19814-1.62%32.35-
198150.86%32.63-
19816-2.02%31.97-
198170.80%32.23-
19818-8.30%29.55-
198191.73%30.06-
1981103.04%30.98-
1981111.18%31.34-
198112-4.80%29.84-
19821-1.91%29.27-
19822-2.74%28.46-
198235.47%30.02-
198240.57%30.19-
19825-5.27%28.60-
198260.24%28.67-
198270.79%28.90-
1982812.10%32.39-
198298.88%35.27-
1982104.50%36.86-
1982111.36%37.36-
1982123.93%38.82-
198312.13%39.65-
198323.87%41.18-
198334.20%42.91-
198344.42%44.81-
198351.75%45.59-
198360.71%45.92-
19837-2.41%44.81-
198383.31%46.30-
198390.65%46.60-
198310-1.14%46.06-
198311-0.13%46.01-
1983121.58%46.73-
19841-5.11%44.34-
198420.44%44.54-
198430.51%44.76-
19844-0.25%44.65-
19845-1.85%43.83-
19846-0.91%43.43-
198479.21%47.43-
198481.41%48.09-
19849-0.41%47.89-
1984101.29%48.51-
198411-0.71%48.17-
1984124.70%50.43-
198515.79%53.35-
19852-0.48%53.09-
198531.02%53.64-
198542.74%55.10-
198552.51%56.49-
198562.25%57.76-
19857-1.85%56.69-
19858-1.88%55.62-
198591.50%56.46-
1985106.42%60.08-
1985115.29%63.26-
1985120.75%63.74-
198615.70%67.37-
198626.18%71.53-
198632.74%73.49-
198640.49%73.86-
198653.13%76.17-
19866-1.80%74.80-
198672.28%76.50-
19868-2.46%74.62-
19869-0.09%74.56-
1986103.53%77.19-
1986111.71%78.51-
1986126.67%83.75-
198716.46%89.16-
198724.38%93.06-
19873-0.86%92.26-
198740.17%92.42-
198754.50%96.58-
198763.12%99.60-
198776.45%106.02-
19878-3.03%102.81-
19879-11.85%90.62-
198710-12.30%79.47-
198711-1.33%78.41-
1987124.25%81.74-
198813.33%84.46-
198823.23%87.19-
19883-0.89%86.42-
19884-2.19%84.53-
198856.00%89.60-
19886-0.31%89.33-
19887-1.72%87.79-
198881.93%89.48-
198893.80%92.88-
198810-2.02%91.01-
1988112.33%93.13-
1988123.51%96.40-
198913.30%99.58-
19892-0.16%99.42-
198933.56%102.96-
198944.12%107.20-
198953.39%110.83-
198962.80%113.94-
198974.69%119.28-
198980.46%119.83-
198990.29%120.17-
198910-1.81%117.99-
1989112.74%121.22-
198912-2.21%118.54-
19901-2.53%115.54-
199022.71%118.67-
199030.20%118.90-
199043.85%123.48-
199053.17%127.40-
199060.17%127.61-
19907-7.86%117.58-
19908-4.34%112.48-
19909-2.32%109.87-
1990102.98%113.15-
1990114.59%118.34-
199012-0.69%117.53-
1991111.61%131.17-
199123.04%135.16-
199132.26%138.22-
19914-0.18%137.97-
199150.35%138.45-
199160.78%139.53-
199172.68%143.27-
19918-0.30%142.83-
199190.18%143.09-
1991100.02%143.11-
1991110.94%144.45-
1991127.36%155.08-
19921-0.60%154.15-
19922-1.01%152.59-
199230.26%152.99-
199242.07%156.16-
19925-1.33%154.08-
199261.91%157.03-
199270.94%158.51-
199280.38%159.11-
19929-1.18%157.23-
1992102.76%161.56-
1992113.27%166.84-
1992120.14%167.08-
199311.72%169.96-
199322.15%173.62-
19933-1.34%171.29-
199340.72%172.53-
199350.87%174.02-
199360.06%174.13-
199371.76%177.20-
199381.35%179.60-
199391.24%181.83-
1993100.01%181.84-
1993110.89%183.46-
1993121.74%186.64-
19941-0.08%186.50-
19942-1.42%183.84-
19943-3.35%177.69-
199441.06%179.57-
199451.11%181.56-
19946-0.52%180.62-
199473.08%186.19-
199480.82%187.71-
19949-0.44%186.88-
199410-0.37%186.18-
199411-1.03%184.28-
1994122.45%188.79-
199513.82%196.00-
199522.56%201.02-
199533.22%207.48-
199543.35%214.43-
199553.18%221.24-
199563.55%229.09-
199570.51%230.27-
199583.72%238.83-
199590.91%241.01-
1995102.36%246.69-
1995113.39%255.05-
1995120.16%255.46-
199615.90%270.55-
19962-0.20%270.00-
199630.20%270.54-
199642.35%276.91-
199651.28%280.45-
19966-3.48%270.70-
199673.08%279.02-
199682.02%284.67-
199694.12%296.40-
1996105.05%311.37-
1996111.20%315.10-
1996123.26%325.37-
199714.36%339.56-
19972-0.62%337.44-
19973-3.41%325.95-
199749.22%355.99-
199755.34%374.99-
199765.74%396.50-
199770.35%397.88-
199781.19%402.62-
199791.65%409.25-
199710-1.15%404.53-
1997112.63%415.19-
1997120.24%416.18-
199816.40%442.82-
199825.31%466.35-
199833.41%482.23-
19984-0.22%481.16-
199850.12%481.72-
199864.47%503.24-
19987-6.97%468.16-
19988-4.90%445.23-
199891.29%450.98-
19981010.97%500.47-
1998114.10%521.01-
1998125.05%547.31-
19991-0.07%546.94-
199922.92%562.93-
199934.25%586.86-
19994-0.10%586.28-
19995-0.61%582.69-
199964.52%609.04-
19997-3.77%586.05-
19998-0.60%582.55-
19999-1.27%575.14-
1999107.11%616.00-
1999112.81%633.31-
199912-0.12%632.55-
20001-2.48%616.88-
200023.94%641.19-
200031.42%650.32-
20004-2.84%631.86-
200053.16%651.85-
200060.85%657.39-
200070.94%663.57-
20008-1.08%656.41-
20009-5.21%622.18-
200010-0.77%617.37-
200011-3.32%596.88-
2000120.46%599.59-
20011-2.14%586.78-
20012-9.08%533.50-
200130.45%535.90-
200146.88%572.76-
20015-2.39%559.08-
20016-2.66%544.21-
20017-2.05%533.08-
20018-11.25%473.12-
200193.18%488.18-
2001105.05%512.85-
2001111.47%520.37-
200112-0.30%518.82-
20021-3.35%501.43-
200224.95%526.22-
20023-3.51%507.73-
20024-2.82%493.41-
20025-5.92%464.20-
20026-10.76%414.26-
200271.14%418.97-
20028-4.76%399.04-
20029-1.37%393.58-
2002106.63%419.66-
200211-1.04%415.32-
200212-0.22%414.39-
20031-6.41%387.81-
200321.31%392.88-
200335.29%413.65-
200345.31%435.62-
200355.70%460.47-
200360.60%463.22-
20037-0.17%462.45-
200383.16%477.07-
200392.03%486.74-
2003101.21%492.63-
2003113.06%507.72-
2003124.93%532.78-
200411.09%538.57-
20042-1.57%530.14-
200430.97%535.27-
20044-2.56%521.55-
200452.86%536.45-
20046-2.24%524.44-
20047-1.39%517.16-
200482.78%531.56-
200490.10%532.10-
2004104.77%557.50-
2004112.73%572.71-
200412-1.35%564.98-
200511.68%574.48-
20052-0.26%573.01-
20053-2.41%559.21-
200541.34%566.68-
200552.18%579.04-
200561.81%589.50-
200570.31%591.33-
200580.28%592.98-
20059-2.62%577.42-
2005103.96%600.30-
2005112.14%613.17-
2005121.47%622.16-
20061-0.02%622.06-
200621.49%631.30-
200630.80%636.34-
20064-0.79%631.34-
20065-2.71%614.26-
200660.72%618.68-
200672.29%632.86-
200682.53%648.88-
200693.62%672.34-
2006102.00%685.80-
2006112.15%700.53-
2006120.69%705.38-
200711.60%716.64-
20072-2.47%698.91-
200734.18%728.13-
200743.39%752.83-
200750.34%755.42-
200760.57%759.76-
20077-4.20%727.84-
200783.07%750.22-
200792.99%772.67-
200710-4.81%735.53-
2007111.24%744.64-
200712-6.64%695.23-
20081-1.56%684.36-
20082-2.63%666.38-
200834.24%694.66-
200842.56%712.46-
20085-4.25%682.21-
20086-6.08%640.74-
200872.11%654.26-
20088-4.85%622.55-
20089-20.19%496.83-
200810-8.61%454.08-
200811-0.35%452.48-
200812-1.10%447.53-
20091-6.70%417.53-
20092-5.69%393.78-
2009312.32%442.31-
200946.66%471.76-
200952.87%485.30-
200961.28%491.50-
200978.12%531.41-
200983.65%550.81-
200992.40%564.04-
2009102.09%575.86-
2009112.23%588.67-
2009121.36%596.66-
20101-2.90%579.37-
201025.94%613.80-
201034.09%638.89-
20104-5.88%601.31-
20105-3.54%580.00-
20106-0.16%579.08-
201070.86%584.08-
201083.37%603.77-
201094.58%631.41-
2010102.49%647.14-
2010113.71%671.17-
2010123.46%694.41-
201113.15%716.29-
20112-1.11%708.32-
201132.22%724.05-
201140.66%728.82-
20115-3.66%702.13-
201163.10%723.91-
20117-10.40%648.62-
20118-0.79%643.50-
201193.02%662.92-
2011101.77%674.64-
2011111.55%685.13-
2011124.78%717.89-
201214.16%747.78-
201222.88%769.34-
20123-0.04%769.05-
20124-3.09%745.28-
20125-1.15%736.69-
201262.92%758.21-
201273.39%783.89-
201283.02%807.58-
20129-0.22%805.82-
201210-2.84%782.96-
2012112.18%799.99-
2012124.27%834.14-
201312.33%853.60-
201322.72%876.84-
201331.45%889.59-
201344.57%930.28-
20135-1.12%919.88-
201363.25%949.82-
201370.25%952.22-
201381.19%963.57-
201392.12%983.98-
2013103.86%1,021.96-
2013111.52%1,037.51-
2013120.97%1,047.55-
20141-0.13%1,046.19-
201422.72%1,074.67-
201430.20%1,076.83-
201441.53%1,093.33-
201453.20%1,128.28-
201461.50%1,145.16-
20147-0.43%1,140.27-
201481.78%1,160.54-
20149-2.65%1,129.83-
2014105.71%1,194.29-
2014110.63%1,201.86-
201412-1.11%1,188.52-
201512.83%1,222.12-
201520.06%1,222.80-
201530.88%1,233.54-
201540.98%1,245.62-
20155-0.44%1,240.19-
20156-0.08%1,239.20-
20157-2.42%1,209.16-
20158-4.51%1,154.66-
201594.32%1,204.51-
2015102.93%1,239.83-
201511-1.10%1,226.16-
201512-6.42%1,147.44-
20161-0.55%1,141.13-
201626.36%1,213.74-
201632.83%1,248.10-
20164-0.30%1,244.31-
201651.07%1,257.58-
201663.30%1,299.04-
201671.20%1,314.62-
20168-0.44%1,308.86-
20169-0.51%1,302.23-
2016101.20%1,317.88-
2016113.95%1,369.88-
2016121.44%1,389.57-
201712.58%1,425.37-
201721.75%1,450.31-
20173-0.15%1,448.07-
201741.69%1,472.58-
201751.78%1,498.74-
201760.99%1,513.55-
201770.25%1,517.30-
201781.65%1,542.38-
201792.73%1,584.56-
2017101.59%1,609.75-
2017112.88%1,656.17-
2017124.86%1,736.69-
20181-2.89%1,686.56-
201820.06%1,687.64-
20183-1.66%1,659.56-
201841.96%1,692.12-
201852.11%1,727.87-
201861.58%1,755.18-
201872.45%1,798.20-
201881.68%1,828.41-
20189-3.85%1,758.03-
201810-2.08%1,721.53-
201811-5.56%1,625.77-
2018121.74%1,653.99-
201915.83%1,750.40-
201921.95%1,784.50-
201933.72%1,850.94-
20194-1.53%1,822.58-
201951.40%1,848.19-
201963.83%1,918.92-
20197-3.13%1,858.78-
201983.09%1,916.12-
201990.01%1,916.31-
2019104.43%2,001.28-
2019112.47%2,050.69-
2019123.35%2,119.32-
202010.12%2,121.90-
20202-18.92%1,720.49-
202034.32%1,794.79-
202045.89%1,900.46-
202056.51%2,024.14-
202063.48%2,094.51-
202075.89%2,217.95-
20208-0.63%2,204.04-
202091.73%2,242.09-
2020103.95%2,330.74-
2020114.26%2,430.03-
2020122.80%2,497.96-
202112.49%2,560.20-
202120.82%2,581.23-
202136.02%2,736.65-
202140.76%2,757.46-
202151.81%2,807.38-
202163.07%2,893.52-
202172.19%2,956.74-
20218-0.08%2,954.25-
202190.45%2,967.60-
2021104.74%3,108.41-
2021110.27%3,116.66-
202112-2.05%3,052.71-
20221-2.90%2,964.10-
20222-0.89%2,937.64-
202230.12%2,941.12-
20224-7.87%2,709.57-
20225-3.37%2,618.28-
202260.46%2,630.44-
202276.45%2,800.04-
20228-7.28%2,596.27-
20229-3.09%2,516.01-
2022105.29%2,648.99-
2022110.01%2,649.27-
2022121.38%2,685.74-
202313.15%2,770.26-
20232-2.59%2,698.64-
202334.00%2,806.48-
202340.74%2,827.18-
202354.94%2,966.91-
202363.88%3,081.91-
20237-1.00%3,051.16-
20238-0.95%3,022.06-
20239-3.04%2,930.27-
2023104.60%3,065.12-
2023115.18%3,223.74-
2023122.91%3,317.61-
202414.20%3,456.93-
202423.28%3,570.39-
20243-1.01%3,534.36-
202442.52%3,623.31-
202453.55%3,751.96-
202462.38%3,841.24-
20247-0.97%3,803.96-
202482.72%3,907.51-
202493.15%4,030.67-
2024102.48%4,130.70-
2024111.47%4,191.44-
202412-0.42%4,173.89-
202511.09%4,219.58-
20252-5.77%3,976.13-
20253-5.42%3,760.58-
202548.34%4,074.20-
202553.88%4,232.26-
202564.53%4,423.87-
202571.89%4,507.43-
202582.83%4,635.13-
202592.40%4,746.52-
2025100.17%4,754.79-
2025111.76%4,838.52-
2025120.18%4,847.01-
Click to show 918 more rows

Remember, returns are based on the average closing price across the entire month. Some losses are offset by dividend returns.

Dollar-cost averaging

Dollar-cost averaging is an alternative to investing the full lump-sum of $1.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $1.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1949. This would result in a final amount of $4,151.73, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $4,847.01).

YearMonthContribution ($)Amount ($)
194910.040.04
194920.040.08
194930.040.12
194940.040.16
194950.040.19
194960.040.24
194970.040.29
194980.040.34
194990.040.39
1949100.040.44
1949110.040.50
1949120.040.55
195010.040.60
195020.040.65
195030.040.72
195040.040.79
195050.040.84
195060.040.82
195070.040.92
195080.041.00
195090.041.09
1950100.041.13
1950110.041.18
1950120.041.31
195110.041.41
19512-1.39
19513-1.42
19514-1.43
19515-1.41
19516-1.45
19517-1.52
19518-1.57
19519-1.57
195110-1.53
195111-1.59
195112-1.65
19521-1.63
19522-1.64
19523-1.64
19524-1.65
19525-1.70
19526-1.76
19527-1.78
19528-1.76
19529-1.73
195210-1.79
195211-1.87
195212-1.89
19531-1.88
19532-1.89
19533-1.81
19534-1.83
19535-1.77
19536-1.80
19537-1.82
19538-1.75
19539-1.81
195310-1.86
195311-1.89
195312-1.95
19541-2.00
19542-2.05
19543-2.14
19544-2.24
19545-2.26
19546-2.37
19547-2.42
19548-2.49
19549-2.56
195410-2.67
195411-2.80
195412-2.86
19551-2.97
19552-2.95
19553-3.06
19554-3.06
19555-3.25
19556-3.50
19557-3.49
19558-3.66
19559-3.48
195510-3.73
195511-3.78
195512-3.69
19561-3.72
19562-3.99
19563-4.05
19564-3.93
19565-3.92
19566-4.15
19567-4.14
19568-4.01
19569-3.97
195610-3.94
195611-4.01
195612-3.94
19571-3.78
19572-3.84
19573-3.94
19574-4.11
19575-4.19
19576-4.29
19577-4.06
19578-3.91
19579-3.68
195710-3.61
195711-3.63
195712-3.71
19581-3.74
19582-3.83
19583-3.86
19584-4.00
19585-4.11
19586-4.23
19587-4.41
19588-4.53
19589-4.73
195810-4.89
195811-5.00
195812-5.21
19591-5.14
19592-5.29
19593-5.39
19594-5.48
19595-5.45
19596-5.68
19597-5.66
19598-5.45
19599-5.46
195910-5.50
195911-5.69
195912-5.61
19601-5.40
19602-5.34
19603-5.43
19604-5.40
19605-5.61
19606-5.49
19607-5.57
19608-5.42
19609-5.33
196010-5.52
196011-5.66
196012-5.97
19611-6.23
19612-6.44
19613-6.63
19614-6.72
19615-6.64
19616-6.64
19617-6.90
19618-6.86
19619-6.95
196110-7.28
196111-7.37
196112-7.11
19621-7.25
19622-7.27
19623-7.06
19624-6.55
19625-5.80
19626-5.96
19627-6.14
19628-6.10
19629-5.93
196210-6.36
196211-6.65
196212-6.93
19631-7.04
19632-7.03
19633-7.38
19634-7.55
19635-7.56
19636-7.47
19637-7.70
19638-7.92
19639-7.96
196310-7.94
196311-8.13
196312-8.40
19641-8.52
19642-8.70
19643-8.84
19644-8.95
19645-8.92
19646-9.27
19647-9.16
19648-9.34
19649-9.52
196410-9.61
196411-9.47
196412-9.74
19651-9.83
19652-9.87
19653-10.02
19654-10.19
19655-9.73
19656-9.74
19657-9.95
19658-10.31
19659-10.56
196510-10.68
196511-10.66
196512-10.87
19661-10.82
19662-10.40
19663-10.75
19664-10.21
19665-10.15
19666-10.15
19667-9.57
19668-9.26
19669-9.21
196610-9.70
196611-9.77
196612-10.17
19671-10.55
19672-10.83
19673-11.04
19674-11.27
19675-11.16
19676-11.38
19677-11.59
19678-11.78
19679-11.79
196710-11.45
196711-11.81
196712-11.81
19681-11.31
19682-11.13
19683-11.98
19684-12.29
19685-12.65
19686-12.66
19687-12.41
19688-12.85
19689-13.20
196810-13.43
196811-13.60
196812-13.06
19691-13.03
19692-12.78
19693-13.07
19694-13.53
19695-12.86
19696-12.32
19697-12.28
19698-12.36
19699-12.53
196910-12.65
196911-12.02
196912-11.95
19701-11.56
19702-11.80
19703-11.47
19704-10.19
19705-10.16
19706-10.21
19707-10.55
19708-11.21
19709-11.49
197010-11.51
197011-12.34
197012-12.85
19711-13.38
19712-13.76
19713-14.26
19714-14.11
19715-13.88
19716-13.82
19717-13.61
19718-13.95
19719-13.69
197110-13.09
197111-14.02
197112-14.64
19721-14.95
19722-15.34
19723-15.54
19724-15.41
19725-15.49
19726-15.42
19727-16.00
19728-15.81
19729-15.87
197210-16.71
197211-17.09
197212-17.26
19731-16.69
19732-16.46
19733-16.19
19734-15.78
19735-15.46
19736-15.65
19737-15.39
19738-15.70
19739-16.37
197310-15.25
197311-14.21
197312-14.45
19741-14.09
19742-14.74
19743-14.03
19744-13.65
19745-13.71
19746-12.15
19747-11.70
19748-10.53
19749-10.78
197410-11.18
197411-10.50
197412-11.40
19751-12.64
19752-13.27
19753-13.46
19754-14.37
19755-14.78
19756-14.85
19757-13.81
19758-13.69
19759-14.37
197510-14.66
197511-14.49
197512-15.87
19761-16.54
19762-16.67
19763-16.85
19764-16.79
19765-16.94
19766-17.39
19767-17.29
19768-17.71
19769-17.16
197610-17.10
197611-17.75
197612-17.65
19771-17.24
19772-17.23
19773-17.02
19774-17.03
19775-17.18
19776-17.40
19777-17.04
19778-16.84
19779-16.47
197710-16.63
197711-16.62
197712-16.06
19781-15.90
19782-15.94
19783-16.71
19784-17.63
19785-17.75
19786-17.74
19787-19.04
19788-19.12
19789-18.59
197810-17.58
197811-17.91
197812-18.66
19791-18.47
19792-18.90
19793-19.36
19794-18.99
19795-19.45
19796-19.73
19797-20.72
19798-21.04
19799-20.33
197910-20.27
197911-21.16
197912-21.86
19801-22.82
19802-20.82
19803-20.57
19804-21.61
19805-23.09
19806-24.24
19807-25.09
19808-25.80
19809-26.66
198010-27.89
198011-27.54
198012-27.55
19811-26.70
19812-27.81
19813-28.17
19814-27.71
19815-27.95
19816-27.39
19817-27.60
19818-25.31
19819-25.75
198110-26.53
198111-26.85
198112-25.56
19821-25.07
19822-24.38
19823-25.71
19824-25.86
19825-24.50
19826-24.56
19827-24.75
19828-27.75
19829-30.21
198210-31.57
198211-32.00
198212-33.25
19831-33.96
19832-35.27
19833-36.76
19834-38.38
19835-39.05
19836-39.33
19837-38.38
19838-39.66
19839-39.91
198310-39.46
198311-39.41
198312-40.03
19841-37.98
19842-38.15
19843-38.34
19844-38.25
19845-37.54
19846-37.20
19847-40.62
19848-41.19
19849-41.02
198410-41.55
198411-41.26
198412-43.20
19851-45.70
19852-45.48
19853-45.94
19854-47.20
19855-48.39
19856-49.47
19857-48.56
19858-47.64
19859-48.36
198510-51.46
198511-54.19
198512-54.59
19861-57.70
19862-61.27
19863-62.95
19864-63.26
19865-65.24
19866-64.07
19867-65.53
19868-63.92
19869-63.86
198610-66.12
198611-67.25
198612-71.73
19871-76.37
19872-79.71
19873-79.03
19874-79.17
19875-82.73
19876-85.31
19877-90.82
19878-88.06
19879-77.62
198710-68.07
198711-67.17
198712-70.02
19881-72.35
19882-74.69
19883-74.03
19884-72.41
19885-76.75
19886-76.51
19887-75.20
19888-76.65
19889-79.56
198810-77.95
198811-79.77
198812-82.57
19891-85.29
19892-85.16
19893-88.19
19894-91.82
19895-94.94
19896-97.59
19897-102.17
19898-102.64
19899-102.93
198910-101.06
198911-103.83
198912-101.53
19901-98.97
19902-101.65
19903-101.85
19904-105.77
19905-109.12
19906-109.31
19907-100.71
19908-96.34
19909-94.11
199010-96.92
199011-101.36
199012-100.67
19911-112.35
19912-115.78
19913-118.39
19914-118.18
19915-118.59
19916-119.51
19917-122.72
19918-122.34
19919-122.57
199110-122.59
199111-123.73
199112-132.84
19921-132.04
19922-130.70
19923-131.05
19924-133.76
19925-131.98
19926-134.50
19927-135.77
19928-136.28
19929-134.67
199210-138.38
199211-142.91
199212-143.12
19931-145.58
19932-148.71
19933-146.72
19934-147.78
19935-149.06
19936-149.15
19937-151.78
19938-153.84
19939-155.75
199310-155.76
199311-157.14
199312-159.87
19941-159.75
19942-157.47
19943-152.20
19944-153.81
19945-155.52
19946-154.71
19947-159.48
19948-160.78
19949-160.07
199410-159.48
199411-157.84
199412-161.71
19951-167.89
19952-172.18
19953-177.72
19954-183.67
19955-189.51
19956-196.23
19957-197.23
19958-204.57
19959-206.43
199510-211.30
199511-218.46
199512-218.82
19961-231.74
19962-231.27
19963-231.73
19964-237.19
19965-240.22
19966-231.87
19967-239.00
19968-243.84
19969-253.88
199610-266.71
199611-269.90
199612-278.70
19971-290.85
19972-289.04
19973-279.19
19974-304.93
19975-321.20
19976-339.63
19977-340.81
19978-344.87
19979-350.54
199710-346.51
199711-355.64
199712-356.48
19981-379.30
19982-399.45
19983-413.06
19984-412.14
19985-412.62
19986-431.05
19987-401.01
19988-381.36
19989-386.29
199810-428.68
199811-446.27
199812-468.80
19991-468.49
19992-482.18
19993-502.67
19994-502.18
19995-499.11
19996-521.68
19997-501.99
19998-498.98
19999-492.64
199910-527.64
199911-542.46
199912-541.82
20001-528.39
20002-549.21
20003-557.04
20004-541.22
20005-558.35
20006-563.09
20007-568.39
20008-562.25
20009-532.93
200010-528.81
200011-511.26
200012-513.58
20011-502.61
20012-456.98
20013-459.03
20014-490.60
20015-478.89
20016-466.15
20017-456.61
20018-405.25
20019-418.16
200110-439.29
200111-445.73
200112-444.40
20021-429.50
20022-450.74
20023-434.90
20024-422.63
20025-397.61
20026-354.83
20027-358.87
20028-341.80
20029-337.13
200210-359.46
200211-355.74
200212-354.95
20031-332.18
20032-336.53
20033-354.31
20034-373.14
20035-394.42
20036-396.77
20037-396.11
20038-408.63
20039-416.92
200310-421.97
200311-434.89
200312-456.36
20041-461.32
20042-454.09
20043-458.49
20044-446.73
20045-459.50
20046-449.21
20047-442.98
20048-455.31
20049-455.77
200410-477.53
200411-490.56
200412-483.94
20051-492.07
20052-490.82
20053-478.99
20054-485.39
20055-495.98
20056-504.94
20057-506.51
20058-507.92
20059-494.60
200510-514.19
200511-525.21
200512-532.92
20061-532.83
20062-540.75
20063-545.06
20064-540.78
20065-526.14
20066-529.93
20067-542.08
20068-555.80
20069-575.90
200610-587.42
200611-600.04
200612-604.20
20071-613.84
20072-598.66
20073-623.68
20074-644.84
20075-647.06
20076-650.78
20077-623.44
20078-642.61
20079-661.83
200710-630.02
200711-637.82
200712-595.50
20081-586.19
20082-570.79
20083-595.02
20084-610.26
20085-584.35
20086-548.83
20087-560.41
20088-533.25
20089-425.56
200810-388.94
200811-387.58
200812-383.33
20091-357.64
20092-337.30
20093-378.86
20094-404.09
20095-415.68
20096-420.99
20097-455.18
20098-471.80
20099-483.14
200910-493.25
200911-504.23
200912-511.07
20101-496.26
20102-525.75
20103-547.25
20104-515.06
20105-496.80
20106-496.01
20107-500.30
20108-517.16
20109-540.84
201010-554.31
201011-574.89
201012-594.80
20111-613.54
20112-606.71
20113-620.19
20114-624.28
20115-601.41
20116-620.07
20117-555.58
20118-551.19
20119-567.83
201110-577.86
201111-586.85
201112-614.92
20121-640.51
20122-658.98
20123-658.73
20124-638.37
20125-631.01
20126-649.45
20127-671.45
20128-691.73
20129-690.23
201210-670.65
201211-685.24
201212-714.49
20131-731.16
20132-751.06
20133-761.98
20134-796.84
20135-787.93
20136-813.57
20137-815.63
20138-825.35
20139-842.83
201310-875.36
201311-888.68
201312-897.28
20141-896.12
20142-920.51
20143-922.37
20144-936.50
20145-966.43
20146-980.89
20147-976.70
20148-994.07
20149-967.76
201410-1,022.98
201411-1,029.46
201412-1,018.03
20151-1,046.82
20152-1,047.40
20153-1,056.60
20154-1,066.94
20155-1,062.29
20156-1,061.45
20157-1,035.71
20158-989.03
20159-1,031.73
201510-1,061.99
201511-1,050.27
201512-982.85
20161-977.44
20162-1,039.64
20163-1,069.07
20164-1,065.82
20165-1,077.18
20166-1,112.70
20167-1,126.05
20168-1,121.11
20169-1,115.44
201610-1,128.83
201611-1,173.38
201612-1,190.25
20171-1,220.91
20172-1,242.27
20173-1,240.36
20174-1,261.35
20175-1,283.75
20176-1,296.44
20177-1,299.65
20178-1,321.13
20179-1,357.27
201710-1,378.84
201711-1,418.60
201712-1,487.57
20181-1,444.63
20182-1,445.56
20183-1,421.51
20184-1,449.39
20185-1,480.02
20186-1,503.41
20187-1,540.26
20188-1,566.13
20189-1,505.85
201810-1,474.59
201811-1,392.56
201812-1,416.73
20191-1,499.31
20192-1,528.52
20193-1,585.43
20194-1,561.14
20195-1,583.07
20196-1,643.66
20197-1,592.15
20198-1,641.27
20199-1,641.43
201910-1,714.20
201911-1,756.53
201912-1,815.31
20201-1,817.53
20202-1,473.69
20203-1,537.34
20204-1,627.85
20205-1,733.79
20206-1,794.06
20207-1,899.80
20208-1,887.89
20209-1,920.47
202010-1,996.41
202011-2,081.46
202012-2,139.64
20211-2,192.95
20212-2,210.96
20213-2,344.09
20214-2,361.92
20215-2,404.68
20216-2,478.46
20217-2,532.61
20218-2,530.47
20219-2,541.92
202110-2,662.52
202111-2,669.59
202112-2,614.81
20221-2,538.92
20222-2,516.25
20223-2,519.23
20224-2,320.90
20225-2,242.70
20226-2,253.12
20227-2,398.39
20228-2,223.85
20229-2,155.10
202210-2,269.00
202211-2,269.25
202212-2,300.48
20231-2,372.88
20232-2,311.53
20233-2,403.90
20234-2,421.64
20235-2,541.32
20236-2,639.82
20237-2,613.49
20238-2,588.56
20239-2,509.94
202310-2,625.44
202311-2,761.32
202312-2,841.72
20241-2,961.05
20242-3,058.24
20243-3,027.38
20244-3,103.57
20245-3,213.76
20246-3,290.24
20247-3,258.30
20248-3,347.00
20249-3,452.49
202410-3,538.17
202411-3,590.20
202412-3,575.17
20251-3,614.30
20252-3,405.78
20253-3,221.14
20254-3,489.78
20255-3,625.17
20256-3,789.29
20257-3,860.86
20258-3,970.25
20259-4,065.65
202510-4,072.74
202511-4,144.46
202512-4,151.73
Click to show 918 more rows

Data Sources

The information on this page is derived from Robert Shiller's book, Irrational Exuberance and the accompanying dataset, as well as the U.S. Bureau of Labor Statistics' monthly CPI logs.

Note that S&P index value for the current quarter is based on a moving average of closing prices, per Robert Shiller's methodology. The inflation data used is based on annual CPI averages.


Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

Email · LinkedIn · Twitter


S&P 500 from 1949 to 2026
Start Value
Average monthly close
$15.36
End Value
Average monthly close
$6,858.47
Change in price +44,551.50%
+8.25% / yr
Change incl. dividends +484,600.99%
+11.65% / yr
Change incl. dividends, inflation-adjusted +35,491.18%
+7.93% / yr
Final amount, nominal
($1 base)
$4,847.01
Final amount, inflation-adjusted
($1 base)
$355.91