S&P 500: $100 in 1905 → $5,198,949.86 in 2022

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Stock market returns since 1905

If you invested $100 in the S&P 500 at the beginning of 1905, you would have about $5,198,949.86 at the end of 2022, assuming you reinvested all dividends. This is a return on investment of 5,198,849.86%, or 9.68% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 154,374.13% cumulatively, or 6.45% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $4,552,974.02.

The graph below shows the performance of $100 over time if invested in an S&P 500 index fund. The returns assume that all dividends are automatically reinvested.

This chart shows the rate of gains and loss by month, including dividends:

Adjusting stock market return for inflation

The nominal return on investment of $100 is $5,198,849.86, or 5,198,849.86%. This means by 2022 you would have $5,198,949.86 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 1905 was 8.800 and the CPI in 2022 was 296.171.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 117 years.

Adjusted for inflation, the $5,198,949.86 nominal end value of the original $100 investment would have a real return of roughly $154,374.13 in 1905 dollars. This means the inflation-adjusted return is 154,374.13% as opposed to the original 5,198,849.86%.

For more information on inflation, see our U.S. inflation calculator for 1905.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 1410-month period between 1905 and 2022.

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

YearMonthReturn (%)Amount ($)
190514.70%104.70
190523.14%107.98
19053-0.93%106.98
19054-4.63%102.03
190551.49%103.55
190563.45%107.12
190574.02%111.43
190580.62%112.12
190591.70%114.03
190510-0.24%113.75
1905112.76%116.90
1905123.75%121.28
19061-0.43%120.76
19062-2.16%118.16
19063-1.06%116.91
19064-2.34%114.17
190651.63%116.04
19066-2.25%113.42
190677.74%122.20
190683.41%126.36
19069-2.67%122.98
1906102.39%125.92
190611-0.58%125.19
190612-2.51%122.06
19071-2.79%118.65
19072-9.46%107.43
190730.89%108.38
19074-3.05%105.08
19075-2.78%102.16
190764.27%106.52
19077-7.06%99.00
19078-0.59%98.42
19079-10.39%88.19
190710-5.33%83.49
1907115.70%88.25
1907124.82%92.51
19081-3.12%89.62
190824.64%93.78
190835.91%99.32
190845.88%105.15
190850.59%105.78
190864.12%110.14
190874.73%115.35
19088-0.67%114.58
190891.64%116.46
1908107.18%124.82
1908112.65%128.12
1908120.70%129.02
19091-2.50%125.80
190921.75%128.00
190934.87%134.23
190943.70%139.19
190952.13%142.15
190961.79%144.68
190972.77%148.69
190980.45%149.36
190990.74%150.47
190910-0.14%150.26
1909111.54%152.57
190912-1.78%149.86
19101-3.21%145.05
191022.85%149.19
19103-2.04%146.15
19104-1.26%144.31
19105-4.42%137.94
19106-4.64%131.54
191072.87%135.31
191081.11%136.82
191095.03%143.71
1910100.31%144.15
191011-2.37%140.73
1910122.86%144.76
191112.15%147.87
19112-0.75%146.76
19113-0.01%146.74
191142.58%150.53
191152.42%154.16
19116-0.01%154.15
19117-4.37%147.41
19118-5.03%140.01
191191.03%141.45
1911104.46%147.76
1911110.87%149.05
1911120.54%149.85
19121-0.45%149.18
191223.31%154.12
191233.54%159.58
191240.31%160.07
191250.41%160.73
191260.52%161.56
191272.71%165.94
191280.91%167.45
191290.20%167.79
191210-0.71%166.59
191211-3.19%161.29
191212-0.43%160.60
19131-3.12%155.59
19132-1.45%153.34
191330.34%153.86
19134-2.28%150.36
19135-4.56%143.50
191361.85%146.15
191373.16%150.77
191381.42%152.91
19139-2.70%148.78
191310-2.06%145.72
1913110.37%146.27
1913124.60%153.00
191411.79%155.73
19142-1.42%153.51
19143-1.94%150.54
191441.09%152.17
19145-0.03%152.14
19146-5.07%144.42
191470.48%145.11
191480.48%145.81
191490.47%146.50
1914100.47%147.18
191411-3.84%141.53
1914122.24%144.71
19151-0.87%143.45
191523.05%147.83
191537.99%159.65
19154-1.90%156.61
191551.58%159.08
191560.07%159.19
191574.69%166.65
191584.14%173.55
191595.95%183.88
1915103.89%191.04
1915110.59%192.17
191512-1.20%189.85
19161-1.00%187.95
191620.08%188.11
19163-0.67%186.85
191642.64%191.78
191651.41%194.48
19166-0.95%192.63
191671.22%194.98
191684.55%203.84
191693.55%211.09
1916102.75%216.90
191611-3.57%209.16
191612-1.87%205.25
19171-5.15%194.69
191723.64%201.77
19173-0.97%199.81
19174-2.83%194.15
191752.61%199.21
19176-2.19%194.85
19177-2.36%190.26
19178-4.17%182.32
19179-4.74%173.67
191710-7.61%160.46
191711-2.61%156.28
1917126.88%167.02
191813.84%173.43
19182-1.27%171.23
19183-0.21%170.88
191843.94%177.62
191850.85%179.13
191861.51%181.83
191871.62%184.78
191880.14%185.04
191894.91%194.12
1918103.17%200.28
191811-1.39%197.50
191812-0.03%197.44
191910.98%199.38
191923.64%206.64
191933.90%214.70
191947.47%230.73
191953.19%238.09
191963.75%247.03
19197-6.25%231.59
191982.09%236.43
191995.60%249.68
191910-2.48%243.47
191911-2.45%237.50
191912-0.51%236.28
19201-7.77%217.92
192027.58%234.44
19203-0.30%233.73
19204-5.77%220.24
19205-1.20%217.60
192060.42%218.52
19207-3.37%211.15
192084.12%219.84
192090.67%221.32
192010-4.53%211.29
192011-8.39%193.57
1920125.03%203.30
19211-0.11%203.08
19212-1.96%199.10
192131.04%201.17
192143.63%208.48
19215-7.43%192.98
192160.31%193.59
19217-0.61%192.40
192183.10%198.36
192191.96%202.24
1921105.96%214.29
1921114.09%223.05
1921120.39%223.91
192212.72%230.01
192224.28%239.84
192236.58%255.63
192244.38%266.83
19225-0.47%265.58
192261.19%268.74
192274.24%280.13
192283.07%288.73
192292.67%296.42
192210-4.52%283.04
1922110.25%283.75
1922121.85%289.00
192314.75%302.73
192322.08%309.01
19233-3.04%299.61
19234-4.25%286.87
19235-3.31%277.38
19236-2.84%269.51
192371.04%272.30
192381.16%275.44
19239-0.94%272.87
1923103.54%282.51
1923113.92%293.58
1923123.79%304.71
192410.95%307.62
19242-1.42%303.27
19243-1.79%297.85
192440.17%298.37
192452.42%305.58
192465.16%321.34
192473.93%333.98
19248-0.48%332.38
19249-0.81%329.70
1924106.08%349.76
1924115.87%370.29
1924124.58%387.26
192511.29%392.25
19252-2.19%383.67
19253-0.61%381.33
192543.67%395.33
192552.24%404.18
192563.22%417.20
192571.79%424.65
192582.74%436.30
192593.73%452.56
1925103.53%468.52
1925112.04%478.06
1925121.93%487.27
192610.56%489.99
19262-6.38%458.71
19263-2.35%447.91
192641.15%453.08
192655.22%476.72
192664.66%498.91
192674.39%520.83
192681.94%530.95
19269-1.83%521.21
1926101.74%530.27
1926112.71%544.61
192612-0.24%543.30
192712.37%556.20
192721.97%567.13
192732.88%583.46
192743.87%606.03
192751.70%616.35
192762.62%632.52
192775.73%668.74
192786.06%709.28
19279-1.17%701.02
1927102.66%719.64
1927112.72%739.19
1927120.77%744.87
19281-0.83%738.70
192825.75%781.15
192836.66%833.19
192843.44%861.81
19285-4.57%822.46
192861.09%831.44
192873.59%861.29
192887.37%924.81
192892.36%946.61
1928107.08%1,013.65
1928110.70%1,020.70
1928127.69%1,099.22
192910.81%1,108.13
192922.05%1,130.86
19293-0.30%1,127.45
192941.80%1,147.71
192952.20%1,172.98
192969.20%1,280.89
192975.96%1,357.20
192984.24%1,414.80
19299-10.32%1,268.73
192910-26.19%936.44
1929114.37%977.39
1929121.83%995.24
193016.64%1,061.29
193024.12%1,105.04
193036.69%1,178.94
19304-5.65%1,112.31
19305-9.77%1,003.65
19306-1.76%985.98
19307-0.90%977.15
193080.34%980.50
19309-13.37%849.40
193010-6.80%791.64
193011-6.19%742.66
1930123.56%769.07
193118.14%831.67
193122.38%851.46
19313-9.08%774.15
19314-9.16%703.24
19315-2.68%684.40
193163.86%710.80
19317-2.49%693.14
19318-14.37%593.54
19319-12.75%517.87
1931102.05%528.50
193111-18.10%432.85
193112-0.85%429.17
19321-0.05%428.97
193221.14%433.86
19323-23.22%333.10
19324-11.31%295.41
19325-12.39%258.81
193266.18%274.81
1932751.35%415.94
1932810.37%459.05
19329-13.22%398.38
193210-0.34%397.05
193211-2.64%386.56
1932124.57%404.23
19331-11.27%358.69
193320.33%359.89
1933311.24%400.35
1933429.32%517.72
1933517.58%608.75
193368.46%660.26
19337-4.64%629.61
19338-0.48%626.56
19339-9.38%567.81
1933102.80%583.71
1933112.32%597.27
1933126.08%633.61
193417.75%682.71
19342-4.80%649.95
193432.02%663.07
19344-9.83%597.92
193451.70%608.10
19346-4.36%581.61
19347-3.51%561.17
19348-2.01%549.90
193491.21%556.54
1934103.21%574.41
1934111.06%580.49
1934120.40%582.85
19351-2.62%567.58
19352-5.93%533.92
193537.94%576.30
193548.27%623.94
193554.17%649.98
193565.60%686.38
193577.10%735.14
193582.43%753.03
193592.99%775.51
1935109.71%850.82
1935110.29%853.32
1935125.82%903.00
193616.03%957.47
193622.41%980.56
193630.41%984.63
19364-5.02%935.20
193654.57%977.97
193666.23%1,038.94
193672.30%1,062.82
193681.44%1,078.16
193695.55%1,138.00
1936103.10%1,173.30
193611-1.40%1,156.88
1936123.46%1,196.88
193713.30%1,236.41
193720.23%1,239.25
19373-5.62%1,169.55
19374-4.09%1,121.76
19375-3.34%1,084.31
193766.39%1,153.64
193771.44%1,170.22
19378-13.76%1,009.16
19379-14.10%866.89
193710-8.27%795.24
193711-1.02%787.13
1937123.24%812.61
19381-1.80%797.96
19382-6.02%749.94
19383-3.44%724.11
193841.56%735.38
193852.93%756.95
1938620.49%912.03
193871.06%921.67
19388-4.08%884.03
1938911.62%986.73
1938100.47%991.32
193811-2.55%966.04
193812-1.16%954.81
19391-0.46%950.44
193920.27%952.97
19393-12.24%836.32
193944.10%870.58
193952.17%889.48
193962.84%914.71
19397-1.07%904.95
1939811.06%1,004.99
193991.38%1,018.90
193910-1.41%1,004.55
193911-1.97%984.73
193912-0.15%983.27
19401-0.23%981.03
19402-0.15%979.60
194031.42%993.51
19404-13.34%860.96
19405-8.09%791.27
194063.87%821.89
194072.65%843.67
194084.76%883.81
194091.47%896.76
1940102.85%922.32
194011-3.59%889.21
1940120.72%895.62
19411-5.72%844.35
194121.18%854.29
19413-2.55%832.54
19414-1.59%819.32
194154.11%852.96
194165.71%901.68
194170.08%902.37
194180.86%910.15
19419-3.43%878.89
194110-4.08%843.01
194111-5.88%793.42
1941122.62%814.18
19421-2.48%794.00
19422-4.76%756.18
19423-3.45%730.07
194241.87%743.72
194255.75%786.48
194264.38%820.94
194270.05%821.31
194281.66%834.96
194297.97%901.49
1942102.15%920.92
1942111.06%930.64
1942126.50%991.17
194316.43%1,054.94
194324.01%1,097.29
194333.79%1,138.84
194344.36%1,188.53
194352.18%1,214.44
194362.47%1,244.46
19437-4.54%1,187.98
194382.55%1,218.31
19439-0.50%1,212.21
194310-4.21%1,161.22
1943111.77%1,181.78
1943123.67%1,225.10
19441-0.24%1,222.11
194423.24%1,261.71
19443-1.31%1,245.20
194442.20%1,272.63
194455.14%1,338.08
194463.02%1,378.47
19447-1.06%1,363.92
19448-1.23%1,347.21
194492.88%1,386.06
194410-0.28%1,382.12
1944112.60%1,418.06
1944123.38%1,466.05
194513.73%1,520.78
194520.31%1,525.57
194532.90%1,569.83
194544.16%1,635.15
194552.19%1,670.92
19456-1.70%1,642.59
194570.71%1,654.20
194587.18%1,772.96
194594.51%1,852.99
1945103.61%1,919.81
1945112.02%1,958.68
1945124.30%2,042.88
194610.59%2,054.85
19462-2.68%1,999.82
194636.77%2,135.20
194640.52%2,146.26
19465-0.34%2,138.99
19466-2.55%2,084.50
19467-1.62%2,050.65
19468-14.42%1,754.90
19469-1.87%1,722.05
194610-0.01%1,721.82
1946113.39%1,780.26
1946120.92%1,796.64
194714.27%1,873.35
19472-3.67%1,804.55
19473-3.30%1,745.03
19474-1.36%1,721.26
194753.92%1,788.74
194766.69%1,908.48
19477-1.56%1,878.72
19478-2.17%1,838.02
194793.03%1,893.65
194710-0.73%1,879.83
194711-1.12%1,858.73
194712-0.86%1,842.65
19481-4.45%1,760.68
194821.92%1,794.46
194838.19%1,941.39
194845.33%2,044.86
194854.59%2,138.67
19486-1.96%2,096.81
19487-2.49%2,044.63
19488-0.68%2,030.77
194893.19%2,095.52
194810-5.10%1,988.63
194811-0.16%1,985.49
1948121.63%2,017.84
19491-3.33%1,950.70
194921.49%1,979.79
194930.41%1,987.98
19494-0.18%1,984.34
19495-4.91%1,886.86
194966.26%2,005.04
194974.17%2,088.66
194981.87%2,127.74
194993.14%2,194.59
1949101.95%2,237.33
1949113.24%2,309.85
1949122.63%2,370.60
195012.52%2,430.40
195021.38%2,463.83
195033.39%2,547.26
195043.91%2,646.97
195052.16%2,704.26
19506-6.72%2,522.44
195076.64%2,689.87
195084.11%2,800.39
195094.72%2,932.60
1950100.38%2,943.63
1950110.19%2,949.36
1950128.01%3,185.69
195114.31%3,322.95
19512-1.11%3,285.99
195131.93%3,349.28
195140.63%3,370.34
19515-1.15%3,331.74
195162.37%3,410.59
195174.97%3,579.94
195183.14%3,692.20
195190.03%3,693.25
195110-2.25%3,610.02
1951113.61%3,740.46
1951123.83%3,883.86
19521-1.33%3,832.13
195220.75%3,860.86
195230.20%3,868.70
195240.46%3,886.49
195253.24%4,012.60
195263.37%4,147.69
195270.88%4,184.21
19528-1.11%4,137.82
19529-1.61%4,071.17
1952103.67%4,220.48
1952114.51%4,410.78
1952120.99%4,454.40
19531-0.77%4,419.94
195320.96%4,462.25
19533-4.47%4,262.65
195341.00%4,305.40
19535-3.11%4,171.60
195361.91%4,251.43
195370.90%4,289.65
19538-4.11%4,113.48
195393.52%4,258.14
1953102.71%4,373.46
1953111.84%4,453.79
1953123.02%4,588.46
195412.68%4,711.26
195422.58%4,832.93
195434.45%5,048.02
195444.42%5,271.27
195451.22%5,335.74
195464.46%5,573.57
195472.39%5,707.02
195482.74%5,863.38
195492.71%6,022.31
1954104.30%6,281.40
1954114.95%6,592.54
1954122.17%6,735.50
195513.70%6,985.04
19552-0.44%6,954.55
195533.81%7,219.40
19554-0.08%7,213.71
195556.15%7,657.00
195567.64%8,242.32
19557-0.30%8,217.64
195584.82%8,613.44
19559-4.72%8,206.47
1955107.07%8,786.35
1955111.24%8,895.05
195512-2.39%8,682.66
195610.95%8,765.09
195627.21%9,396.71
195631.48%9,536.05
19564-2.84%9,265.37
19565-0.26%9,241.09
195665.75%9,772.35
19567-0.28%9,744.52
19568-3.09%9,443.53
19569-0.95%9,353.48
195610-0.71%9,286.84
1956111.81%9,454.83
195612-1.86%9,278.72
19571-4.00%8,907.97
195721.62%9,052.32
195732.64%9,291.67
195744.16%9,678.22
195751.95%9,867.35
195762.32%10,096.48
19577-5.21%9,570.95
19578-3.74%9,213.05
19579-5.90%8,669.79
195710-1.80%8,513.70
1957110.32%8,540.77
1957122.33%8,739.66
195810.70%8,801.01
195822.42%9,013.90
195830.90%9,094.70
195843.56%9,418.28
195852.74%9,675.89
195863.07%9,973.01
195874.05%10,377.34
195882.94%10,682.83
195894.36%11,148.49
1958103.33%11,519.32
1958112.16%11,768.42
1958124.25%12,269.12
19591-1.27%12,113.92
195922.81%12,453.85
195931.94%12,695.01
195941.77%12,919.14
19595-0.61%12,840.81
195964.23%13,383.67
19597-0.32%13,341.04
19598-3.70%12,846.99
195990.18%12,869.70
1959100.67%12,955.81
1959113.46%13,404.48
195912-1.49%13,205.32
19601-3.61%12,728.71
19602-1.08%12,591.48
196031.58%12,790.96
19604-0.62%12,711.07
196053.99%13,218.00
19606-2.20%12,927.72
196071.49%13,120.45
19608-2.72%12,763.48
19609-1.67%12,549.82
1960103.54%12,994.19
1960112.69%13,343.82
1960125.43%14,067.98
196114.37%14,683.33
196123.40%15,182.13
196132.92%15,625.30
196141.26%15,822.70
19615-1.08%15,651.78
19616-0.03%15,647.41
196173.84%16,248.11
19618-0.54%16,160.09
196191.34%16,377.13
1961104.77%17,158.66
1961111.16%17,358.21
196112-3.49%16,752.91
196211.91%17,072.81
196220.34%17,131.02
19623-2.94%16,626.53
19624-7.19%15,431.90
19625-11.41%13,670.69
196262.72%14,042.18
196273.02%14,466.67
19628-0.59%14,380.84
19629-2.86%13,970.08
1962107.20%14,976.04
1962114.62%15,668.50
1962124.15%16,318.23
196311.60%16,578.59
19632-0.11%16,560.63
196334.98%17,385.05
196342.27%17,779.62
196350.22%17,818.13
19636-1.22%17,600.42
196373.03%18,133.91
196382.89%18,658.64
196390.50%18,751.91
196310-0.31%18,694.42
1963112.39%19,141.84
1963123.33%19,779.30
196411.48%20,072.02
196422.07%20,487.72
196431.69%20,834.60
196441.22%21,088.85
19645-0.35%21,014.90
196463.96%21,847.31
19647-1.23%21,579.53
196481.97%22,003.67
196491.97%22,437.18
1964100.94%22,647.41
196411-1.49%22,309.89
1964122.82%22,939.20
196510.98%23,162.87
196520.34%23,240.60
196531.56%23,602.61
196541.73%24,011.55
19655-4.51%22,929.26
196560.10%22,952.85
196572.12%23,439.13
196583.60%24,282.02
196592.50%24,888.31
1965101.08%25,156.10
196511-0.21%25,102.86
1965121.98%25,600.01
19661-0.43%25,489.83
19662-3.86%24,505.32
196633.32%25,319.13
19664-5.01%24,051.26
19665-0.56%23,916.69
196660.02%23,921.09
19667-5.77%22,540.97
19668-3.22%21,814.06
19669-0.56%21,690.94
1966105.32%22,844.04
1966110.72%23,007.56
1966124.13%23,957.84
196713.73%24,851.47
196722.63%25,505.99
196731.99%26,014.19
196742.06%26,549.48
19675-0.99%26,286.16
196761.99%26,809.89
196771.85%27,306.31
196781.65%27,757.93
196790.10%27,784.97
196710-2.88%26,984.28
1967113.11%27,823.96
196712-0.02%27,819.10
19681-4.26%26,634.84
19682-1.56%26,219.55
196837.66%28,228.42
196842.56%28,950.41
196852.94%29,801.76
196860.05%29,816.34
19687-1.93%29,239.71
196883.51%30,265.35
196892.72%31,087.71
1968101.79%31,642.86
1968111.29%32,049.57
196812-3.99%30,772.35
19691-0.24%30,698.94
19692-1.91%30,111.43
196932.27%30,796.24
196943.51%31,878.26
19695-4.97%30,293.49
19696-4.21%29,019.55
19697-0.28%28,937.24
196980.63%29,119.12
196991.35%29,511.19
1969101.00%29,805.55
196911-5.03%28,307.08
196912-0.59%28,140.34
19701-3.20%27,240.95
197022.01%27,789.11
19703-2.75%27,025.55
19704-11.20%23,998.96
19705-0.27%23,934.18
197060.52%24,059.25
197073.26%24,842.57
197086.32%26,412.94
197092.49%27,070.50
1970100.21%27,126.47
1970117.16%29,068.27
1970124.11%30,263.18
197114.15%31,519.42
197122.83%32,412.00
197133.67%33,602.77
19714-1.11%33,230.50
19715-1.60%32,700.19
19716-0.46%32,548.80
19717-1.52%32,054.99
197182.49%32,852.01
19719-1.86%32,239.75
197110-4.37%30,830.39
1971117.16%33,038.95
1971124.42%34,500.11
197212.09%35,220.12
197222.62%36,142.75
197231.26%36,597.75
19724-0.78%36,313.79
197250.52%36,501.20
19726-0.50%36,317.29
197273.78%37,691.42
19728-1.21%37,235.18
197290.42%37,390.61
1972105.25%39,355.19
1972112.31%40,264.89
1972120.99%40,663.26
19731-3.33%39,311.16
19732-1.35%38,782.28
19733-1.63%38,148.85
19734-2.57%37,168.52
19735-1.99%36,428.94
197361.21%36,869.82
19737-1.64%36,266.84
197382.00%36,990.47
197394.24%38,557.14
197310-6.85%35,914.87
197311-6.81%33,470.76
1973121.70%34,039.91
19741-2.47%33,198.15
197424.57%34,716.84
19743-4.82%33,044.66
19744-2.71%32,150.58
197450.46%32,297.58
19746-11.35%28,632.82
19747-3.76%27,554.86
19748-10.01%24,795.63
197492.38%25,385.01
1974103.74%26,335.28
197411-6.09%24,730.98
1974128.63%26,865.95
1975110.81%29,769.50
197524.97%31,250.13
197531.49%31,714.82
197546.71%33,843.72
197552.89%34,823.37
197560.43%34,973.81
19757-7.00%32,526.95
19758-0.85%32,249.60
197594.97%33,852.81
1975102.04%34,543.99
197511-1.18%34,136.49
1975129.55%37,394.92
197614.18%38,957.33
197620.80%39,269.93
197631.10%39,700.11
19764-0.38%39,547.95
197650.90%39,904.11
197662.67%40,967.70
19767-0.56%40,738.02
197682.44%41,731.17
19769-3.11%40,434.07
197610-0.37%40,285.82
1976113.79%41,811.25
197612-0.54%41,586.62
19771-2.37%40,601.60
19772-0.05%40,579.60
19773-1.19%40,095.21
197740.06%40,121.07
197750.90%40,482.07
197761.28%41,001.23
19777-2.08%40,148.97
19778-1.18%39,677.08
19779-2.20%38,805.04
1977100.98%39,185.77
197711-0.08%39,154.37
197712-3.39%37,826.89
19781-0.97%37,459.22
197820.27%37,558.74
197834.83%39,372.82
197845.50%41,540.03
197850.67%41,819.82
19786-0.06%41,793.77
197877.33%44,856.48
197880.40%45,035.77
19789-2.77%43,786.70
197810-5.44%41,405.73
1978111.92%42,201.89
1978124.19%43,968.17
19791-1.06%43,503.45
197922.34%44,521.93
197932.43%45,604.22
19794-1.89%44,740.92
197952.42%45,822.59
197961.42%46,473.66
197975.01%48,804.01
197981.54%49,555.81
19799-3.35%47,894.44
197910-0.32%47,740.01
1979114.40%49,842.48
1979123.31%51,493.49
198014.40%53,757.07
19802-8.78%49,038.37
19803-1.16%48,468.52
198045.04%50,909.46
198056.86%54,403.22
198064.97%57,106.76
198073.50%59,108.17
198082.84%60,784.37
198093.32%62,805.31
1980104.61%65,703.58
198011-1.24%64,885.72
1980120.01%64,892.20
19811-3.07%62,899.89
198124.14%65,506.03
198131.29%66,353.54
19814-1.62%65,280.42
198150.86%65,840.26
19816-2.02%64,512.75
198170.80%65,030.51
19818-8.30%59,631.23
198191.73%60,661.21
1981103.04%62,507.58
1981111.18%63,244.77
198112-4.80%60,206.42
19821-1.91%59,054.13
19822-2.74%57,433.36
198235.47%60,574.57
198240.57%60,919.64
19825-5.27%57,708.79
198260.24%57,849.52
198270.79%58,308.83
1982812.10%65,362.08
198298.88%71,167.15
1982104.50%74,369.61
1982111.36%75,377.69
1982123.93%78,336.83
198312.13%80,005.42
198323.87%83,098.12
198334.20%86,586.07
198344.42%90,416.65
198351.75%92,002.11
198360.71%92,653.61
19837-2.41%90,423.26
198383.31%93,419.74
198390.65%94,025.03
198310-1.14%92,951.81
198311-0.13%92,832.71
1983121.58%94,295.69
19841-5.11%89,475.13
198420.44%89,870.93
198430.51%90,326.75
19844-0.25%90,098.61
19845-1.85%88,433.32
19846-0.91%87,629.95
198479.21%95,697.65
198481.41%97,044.08
19849-0.41%96,643.87
1984101.29%97,886.62
198411-0.71%97,194.02
1984124.70%101,759.77
198515.79%107,648.98
19852-0.48%107,134.07
198531.02%108,231.89
198542.74%111,192.72
198552.51%113,984.73
198562.25%116,546.22
19857-1.85%114,395.58
19858-1.88%112,239.23
198591.50%113,917.84
1985106.42%121,231.95
1985115.29%127,650.59
1985120.75%128,610.18
198615.70%135,937.42
198626.18%144,342.12
198632.74%148,299.15
198640.49%149,028.53
198653.13%153,697.95
19866-1.80%150,925.37
198672.28%154,367.76
19868-2.46%150,576.12
19869-0.09%150,440.80
1986103.53%155,755.79
1986111.71%158,417.57
1986126.67%168,989.36
198716.46%179,909.24
198724.38%187,782.81
19873-0.86%186,174.62
198740.17%186,496.38
198754.50%194,885.82
198763.12%200,970.34
198776.45%213,940.99
19878-3.03%207,457.67
19879-11.85%182,865.87
198710-12.30%160,367.13
198711-1.33%158,226.72
1987124.25%164,945.88
198813.33%170,436.21
198823.23%175,944.81
19883-0.89%174,385.90
19884-2.19%170,569.87
198856.00%180,800.99
19886-0.31%180,246.07
19887-1.72%177,148.57
198881.93%180,562.52
198893.80%187,426.82
198810-2.02%183,640.33
1988112.33%187,911.72
1988123.51%194,512.42
198913.30%200,931.04
19892-0.16%200,606.22
198933.56%207,757.43
198944.12%216,307.27
198953.39%223,645.76
198962.80%229,908.23
198974.69%240,692.66
198980.46%241,789.11
198990.29%242,481.24
198910-1.81%238,083.72
1989112.74%244,599.37
198912-2.21%239,190.73
19901-2.53%233,145.94
199022.71%239,457.59
199030.20%239,926.89
199043.85%249,166.30
199053.17%257,064.76
199060.17%257,501.06
19907-7.86%237,258.32
19908-4.34%226,958.79
19909-2.32%221,702.95
1990102.98%228,318.15
1990114.59%238,790.21
199012-0.69%237,154.09
1991111.61%264,680.03
199123.04%272,738.53
199132.26%278,899.22
19914-0.18%278,400.33
199150.35%279,366.41
199160.78%281,546.83
199172.68%289,089.28
19918-0.30%288,213.05
199190.18%288,736.58
1991100.02%288,782.18
1991110.94%291,482.70
1991127.36%312,930.07
19921-0.60%311,049.84
19922-1.01%307,900.84
199230.26%308,714.64
199242.07%315,099.94
19925-1.33%310,911.87
199261.91%316,856.92
199270.94%319,840.83
199280.38%321,050.42
19929-1.18%317,255.43
1992102.76%326,001.85
1992113.27%336,666.03
1992120.14%337,147.10
199311.72%342,960.35
199322.15%350,334.52
19933-1.34%345,633.92
199340.72%348,138.82
199350.87%351,150.85
199360.06%351,365.07
199371.76%357,557.76
199381.35%362,402.56
199391.24%366,903.27
1993100.01%366,930.95
1993110.89%370,186.29
1993121.74%376,612.28
19941-0.08%376,327.18
19942-1.42%370,968.96
19943-3.35%358,554.94
199441.06%362,349.32
199451.11%366,364.49
19946-0.52%364,463.51
199473.08%375,696.56
199480.82%378,767.75
19949-0.44%377,086.00
199410-0.37%375,691.22
199411-1.03%371,837.73
1994122.45%380,952.12
199513.82%395,501.04
199522.56%405,618.63
199533.22%418,661.51
199543.35%432,677.29
199553.18%446,429.60
199563.55%462,266.60
199570.51%464,638.60
199583.72%481,912.31
199590.91%486,310.08
1995102.36%497,779.15
1995113.39%514,649.57
1995120.16%515,486.29
199615.90%545,922.62
19962-0.20%544,826.97
199630.20%545,900.51
199642.35%558,755.52
199651.28%565,899.73
19966-3.48%546,225.86
199673.08%563,026.41
199682.02%574,420.53
199694.12%598,083.77
1996105.05%628,299.45
1996111.20%635,827.91
1996123.26%656,540.26
199714.36%685,173.05
19972-0.62%680,899.73
19973-3.41%657,713.42
199749.22%718,340.33
199755.34%756,676.90
199765.74%800,079.31
199770.35%802,861.90
199781.19%812,432.08
199791.65%825,799.64
199710-1.15%816,286.07
1997112.63%837,792.08
1997120.24%839,778.38
199816.40%893,542.33
199825.31%941,015.09
199833.41%973,063.01
19984-0.22%970,904.20
199850.12%972,034.88
199864.47%1,015,462.16
19987-6.97%944,674.22
19988-4.90%898,399.82
199891.29%909,996.88
19981010.97%1,009,863.43
1998114.10%1,051,309.28
1998125.05%1,104,376.09
19991-0.07%1,103,639.36
199922.92%1,135,904.36
199934.25%1,184,180.55
19994-0.10%1,183,010.20
19995-0.61%1,175,772.93
199964.52%1,228,945.94
19997-3.77%1,182,560.78
19998-0.60%1,175,488.87
19999-1.27%1,160,531.11
1999107.11%1,242,997.87
1999112.81%1,277,910.33
199912-0.12%1,276,390.48
20001-2.48%1,244,760.54
200023.94%1,293,815.97
200031.42%1,312,248.52
20004-2.84%1,274,996.49
200053.16%1,315,330.75
200060.85%1,326,515.57
200070.94%1,338,980.98
20008-1.08%1,324,524.66
20009-5.21%1,255,460.90
200010-0.77%1,245,761.66
200011-3.32%1,204,401.46
2000120.46%1,209,881.58
20011-2.14%1,184,035.39
20012-9.08%1,076,526.12
200130.45%1,081,356.43
200146.88%1,155,746.54
20015-2.39%1,128,139.77
20016-2.66%1,098,128.69
20017-2.05%1,075,662.74
20018-11.25%954,679.46
200193.18%985,076.75
2001105.05%1,034,854.12
2001111.47%1,050,025.60
200112-0.30%1,046,899.78
20021-3.35%1,011,799.65
200224.95%1,061,835.88
20023-3.51%1,024,518.38
20024-2.82%995,623.15
20025-5.92%936,672.72
20026-10.76%835,900.79
200271.14%845,419.96
20028-4.76%805,197.16
20029-1.37%794,189.77
2002106.63%846,809.42
200211-1.04%838,044.42
200212-0.22%836,179.63
20031-6.41%782,540.07
200321.31%792,774.90
200335.29%834,679.86
200345.31%879,019.83
200355.70%929,160.74
200360.60%934,697.62
20037-0.17%933,142.99
200383.16%962,641.33
200392.03%982,162.05
2003101.21%994,051.97
2003113.06%1,024,507.83
2003124.93%1,075,066.90
200411.09%1,086,749.25
20042-1.57%1,069,739.48
200430.97%1,080,096.03
20044-2.56%1,052,399.63
200452.86%1,082,473.81
20046-2.24%1,058,239.60
20047-1.39%1,043,555.79
200482.78%1,072,594.03
200490.10%1,073,694.46
2004104.77%1,124,951.52
2004112.73%1,155,633.97
200412-1.35%1,140,041.91
200511.68%1,159,208.37
20052-0.26%1,156,245.57
20053-2.41%1,128,392.56
200541.34%1,143,466.43
200552.18%1,168,401.97
200561.81%1,189,524.23
200570.31%1,193,211.98
200580.28%1,196,549.28
20059-2.62%1,165,149.20
2005103.96%1,211,307.07
2005112.14%1,237,279.08
2005121.47%1,255,427.13
20061-0.02%1,255,218.23
200621.49%1,273,872.50
200630.80%1,284,042.22
20064-0.79%1,273,941.49
20065-2.71%1,239,471.27
200660.72%1,248,395.97
200672.29%1,277,006.20
200682.53%1,309,329.44
200693.62%1,356,673.65
2006102.00%1,383,829.42
2006112.15%1,413,557.74
2006120.69%1,423,351.24
200711.60%1,446,068.61
20072-2.47%1,410,294.45
200734.18%1,469,248.42
200743.39%1,519,081.70
200750.34%1,524,321.04
200760.57%1,533,080.09
20077-4.20%1,468,673.74
200783.07%1,513,831.69
200792.99%1,559,119.97
200710-4.81%1,484,183.83
2007111.24%1,502,561.31
200712-6.64%1,402,863.40
20081-1.56%1,380,923.10
20082-2.63%1,344,651.28
200834.24%1,401,715.62
200842.56%1,437,636.05
20085-4.25%1,376,585.65
20086-6.08%1,292,910.28
200872.11%1,320,197.61
20088-4.85%1,256,200.55
20089-20.19%1,002,528.62
200810-8.61%916,257.55
200811-0.35%913,039.49
200812-1.10%903,036.63
20091-6.70%842,510.54
20092-5.69%794,593.29
2009312.32%892,501.09
200946.66%951,940.07
200952.87%979,249.91
200961.28%991,761.22
200978.12%1,072,299.62
200983.65%1,111,442.23
200992.40%1,138,151.39
2009102.09%1,161,987.99
2009112.23%1,187,852.19
2009121.36%1,203,970.96
20101-2.90%1,169,074.18
201025.94%1,238,552.68
201034.09%1,289,183.85
20104-5.88%1,213,348.94
20105-3.54%1,170,353.14
20106-0.16%1,168,491.43
201070.86%1,178,582.65
201083.37%1,218,314.50
201094.58%1,274,082.07
2010102.49%1,305,818.36
2010113.71%1,354,313.01
2010123.46%1,401,201.94
201113.15%1,445,351.91
20112-1.11%1,429,272.93
201132.22%1,461,016.84
201140.66%1,470,648.37
20115-3.66%1,416,784.40
201163.10%1,460,729.31
20117-10.40%1,308,804.01
20118-0.79%1,298,474.34
201193.02%1,337,674.06
2011101.77%1,361,312.40
2011111.55%1,382,477.42
2011124.78%1,448,595.20
201214.16%1,508,894.55
201222.88%1,552,408.62
20123-0.04%1,551,815.44
20124-3.09%1,503,849.56
20125-1.15%1,486,519.03
201262.92%1,529,941.54
201273.39%1,581,771.39
201283.02%1,629,559.33
20129-0.22%1,626,020.99
201210-2.84%1,579,882.74
2012112.18%1,614,253.65
2012124.27%1,683,162.28
201312.33%1,722,430.83
201322.72%1,769,323.21
201331.45%1,795,045.48
201344.57%1,877,155.71
20135-1.12%1,856,173.33
201363.25%1,916,582.06
201370.25%1,921,421.98
201381.19%1,944,334.31
201392.12%1,985,506.55
2013103.86%2,062,146.99
2013111.52%2,093,525.89
2013120.97%2,113,787.19
20141-0.13%2,111,038.51
201422.72%2,168,506.66
201430.20%2,172,881.06
201441.53%2,206,170.36
201453.20%2,276,686.57
201461.50%2,310,741.75
20147-0.43%2,300,876.02
201481.78%2,341,786.37
20149-2.65%2,279,809.04
2014105.71%2,409,887.01
2014110.63%2,425,162.99
201412-1.11%2,398,242.57
201512.83%2,466,050.44
201520.06%2,467,415.73
201530.88%2,489,089.75
201540.98%2,513,455.55
20155-0.44%2,502,509.44
20156-0.08%2,500,516.69
20157-2.42%2,439,894.23
20158-4.51%2,329,925.87
201594.32%2,430,511.55
2015102.93%2,501,785.57
201511-1.10%2,474,191.63
201512-6.42%2,315,357.88
20161-0.55%2,302,625.52
201626.36%2,449,135.31
201632.83%2,518,476.70
20164-0.30%2,510,811.33
201651.07%2,537,588.89
201663.30%2,621,264.34
201671.20%2,652,700.03
20168-0.44%2,641,063.40
20169-0.51%2,627,700.12
2016101.20%2,659,263.02
2016113.95%2,764,196.58
2016121.44%2,803,935.63
201712.58%2,876,177.49
201721.75%2,926,489.23
20173-0.15%2,921,982.31
201741.69%2,971,433.16
201751.78%3,024,218.53
201760.99%3,054,094.31
201770.25%3,061,662.51
201781.65%3,112,279.85
201792.73%3,197,394.45
2017101.59%3,248,219.24
2017112.88%3,341,881.20
2017124.86%3,504,360.06
20181-2.89%3,403,200.17
201820.06%3,405,397.90
20183-1.66%3,348,733.03
201841.96%3,414,422.49
201852.11%3,486,568.20
201861.58%3,541,681.85
201872.45%3,628,481.56
201881.68%3,689,430.90
20189-3.85%3,547,425.22
201810-2.08%3,473,776.83
201811-5.56%3,280,547.57
2018121.74%3,337,485.95
201915.83%3,532,024.75
201921.95%3,600,829.37
201933.72%3,734,896.15
20194-1.53%3,677,685.44
201951.40%3,729,347.70
201963.83%3,872,082.66
20197-3.13%3,750,715.55
201983.09%3,866,433.66
201990.01%3,866,812.68
2019104.43%4,038,255.25
2019112.47%4,137,972.69
2019123.35%4,276,445.70
202010.12%4,281,666.25
20202-18.92%3,471,673.09
202034.32%3,621,601.27
202045.89%3,834,818.16
202056.51%4,084,398.55
202063.48%4,226,390.01
202075.89%4,475,472.51
20208-0.63%4,447,411.18
202091.73%4,524,173.56
2020103.95%4,703,064.66
2020114.26%4,903,418.99
2020122.80%5,040,484.25
202112.49%5,166,069.36
202120.82%5,208,501.26
202136.02%5,522,130.45
202140.76%5,564,111.42
202151.81%5,664,845.36
202163.07%5,838,654.23
202172.19%5,966,238.28
20218-0.08%5,961,196.88
202190.45%5,988,151.98
2021104.74%6,272,274.47
2021110.27%6,288,921.31
202112-2.05%6,159,875.61
20221-2.90%5,981,080.92
20222-0.89%5,927,694.77
202230.12%5,934,707.34
20224-7.87%5,467,483.84
20225-3.37%5,283,263.26
20226-1.60%5,198,949.86
Click to show 1398 more rows

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

Dollar-cost averaging

Dollar-cost averaging is an alternative to investing the full lump-sum of $100.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $100.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1905. This would result in a final amount of $4,552,974.02, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $5,198,949.86).

YearMonthContribution ($)Amount ($)
190514.164.34
190524.168.76
190534.1612.79
190544.1616.15
190554.1620.60
190564.1625.60
190574.1630.94
190584.1635.31
190594.1640.13
1905104.1644.17
1905114.1649.65
1905124.1655.82
190614.1659.71
190624.1662.48
190634.1665.92
190644.1668.43
190654.1673.76
190664.1676.15
190674.1686.51
190684.1693.75
190694.1695.28
1906104.16101.80
1906114.16105.33
1906124.32106.89
19071-103.91
19072-94.08
19073-94.92
19074-92.02
19075-89.47
19076-93.29
19077-86.70
19078-86.19
19079-77.23
190710-73.12
190711-77.29
190712-81.01
19081-78.49
19082-82.13
19083-86.98
19084-92.09
19085-92.64
19086-96.45
19087-101.02
19088-100.34
19089-101.99
190810-109.31
190811-112.20
190812-112.99
19091-110.17
19092-112.09
19093-117.55
19094-121.89
19095-124.48
19096-126.71
19097-130.22
19098-130.80
19099-131.77
190910-131.59
190911-133.62
190912-131.24
19101-127.03
19102-130.65
19103-127.99
19104-126.38
19105-120.80
19106-115.19
19107-118.50
19108-119.82
19109-125.85
191010-126.24
191011-123.24
191012-126.77
19111-129.49
19112-128.52
19113-128.51
19114-131.82
19115-135.01
19116-135.00
19117-129.10
19118-122.61
19119-123.87
191110-129.40
191111-130.53
191112-131.23
19121-130.65
19122-134.97
19123-139.75
19124-140.18
19125-140.76
19126-141.49
19127-145.32
19128-146.65
19129-146.94
191210-145.90
191211-141.25
191212-140.64
19131-136.26
19132-134.28
19133-134.74
19134-131.68
19135-125.67
19136-127.99
19137-132.03
19138-133.91
19139-130.30
191310-127.62
191311-128.09
191312-133.99
19141-136.38
19142-134.44
19143-131.83
19144-133.27
19145-133.23
19146-126.47
19147-127.08
19148-127.69
19149-128.29
191410-128.89
191411-123.95
191412-126.73
19151-125.63
19152-129.46
19153-139.81
19154-137.16
19155-139.32
19156-139.41
19157-145.95
19158-151.99
19159-161.04
191510-167.30
191511-168.29
191512-166.26
19161-164.60
19162-164.74
19163-163.63
19164-167.95
19165-170.31
19166-168.70
19167-170.75
19168-178.52
19169-184.86
191610-189.95
191611-183.18
191612-179.75
19171-170.50
19172-176.70
19173-174.98
19174-170.03
19175-174.46
19176-170.64
19177-166.62
19178-159.67
19179-152.09
191710-140.52
191711-136.86
191712-146.27
19181-151.88
19182-149.96
19183-149.65
19184-155.55
19185-156.87
19186-159.24
19187-161.82
19188-162.05
19189-170.00
191810-175.39
191811-172.96
191812-172.91
19191-174.61
19192-180.97
19193-188.02
19194-202.06
19195-208.51
19196-216.34
19197-202.81
19198-207.05
19199-218.65
191910-213.22
191911-207.99
191912-206.92
19201-190.84
19202-205.31
19203-204.69
19204-192.87
19205-190.56
19206-191.37
19207-184.91
19208-192.53
19209-193.82
192010-185.03
192011-169.52
192012-178.04
19211-177.84
19212-174.36
19213-176.17
19214-182.58
19215-169.01
19216-169.53
19217-168.50
19218-173.71
19219-177.11
192110-187.66
192111-195.34
192112-196.09
19221-201.43
19222-210.04
19223-223.87
19224-233.68
19225-232.58
19226-235.35
19227-245.32
19228-252.85
19229-259.59
192210-247.87
192211-248.49
192212-253.09
19231-265.11
19232-270.62
19233-262.38
19234-251.22
19235-242.91
19236-236.02
19237-238.46
19238-241.22
19239-238.96
192310-247.41
192311-257.11
192312-266.85
19241-269.40
19242-265.59
19243-260.84
19244-261.29
19245-267.61
19246-281.41
19247-292.48
19248-291.08
19249-288.73
192410-306.30
192411-324.28
192412-339.15
19251-343.51
19252-335.99
19253-333.95
19254-346.21
19255-353.96
19256-365.36
19257-371.89
19258-382.09
19259-396.33
192510-410.31
192511-418.66
192512-426.73
19261-429.11
19262-401.72
19263-392.26
19264-396.78
19265-417.49
19266-436.92
19267-456.11
19268-464.98
19269-456.45
192610-464.38
192611-476.94
192612-475.80
19271-487.09
19272-496.67
19273-510.96
19274-530.73
19275-539.76
19276-553.93
19277-585.65
19278-621.15
19279-613.91
192710-630.22
192711-647.35
192712-652.32
19281-646.91
19282-684.09
19283-729.66
19284-754.73
19285-720.27
19286-728.13
19287-754.28
19288-809.90
19289-829.00
192810-887.71
192811-893.88
192812-962.64
19291-970.45
19292-990.35
19293-987.36
19294-1,005.10
19295-1,027.23
19296-1,121.74
19297-1,188.57
19298-1,239.01
19299-1,111.09
192910-820.08
192911-855.95
192912-871.58
19301-929.43
19302-967.74
19303-1,032.46
19304-974.11
19305-878.94
19306-863.47
19307-855.74
19308-858.67
19309-743.86
193010-693.28
193011-650.38
193012-673.52
19311-728.33
19312-745.67
19313-677.96
19314-615.86
19315-599.36
19316-622.48
19317-607.01
19318-519.79
19319-453.52
193110-462.84
193111-379.06
193112-375.85
19321-375.67
19322-379.96
19323-291.71
19324-258.71
19325-226.65
19326-240.67
19327-364.26
19328-402.01
19329-348.88
193210-347.71
193211-338.53
193212-354.00
19331-314.12
19332-315.17
19333-350.60
19334-453.39
19335-533.11
19336-578.22
19337-551.38
19338-548.71
19339-497.26
193310-511.19
193311-523.06
193312-554.88
19341-597.88
19342-569.19
19343-580.69
19344-523.62
19345-532.54
19346-509.35
19347-491.44
19348-481.57
19349-487.39
193410-503.04
193411-508.37
193412-510.43
19351-497.06
19352-467.58
19353-504.70
19354-546.41
19355-569.22
19356-601.09
19357-643.80
19358-659.46
19359-679.16
193510-745.11
193511-747.30
193512-790.80
19361-838.50
19362-858.72
19363-862.29
19364-819.00
19365-856.46
19366-909.85
19367-930.76
19368-944.20
19369-996.61
193610-1,027.52
193611-1,013.13
193612-1,048.17
19371-1,082.78
19372-1,085.27
19373-1,024.23
19374-982.38
19375-949.59
19376-1,010.30
19377-1,024.81
19378-883.77
19379-759.18
193710-696.43
193711-689.33
193712-711.64
19381-698.81
19382-656.76
19383-634.14
19384-644.01
19385-662.90
19386-798.71
19387-807.15
19388-774.19
19389-864.12
193810-868.15
193811-846.01
193812-836.17
19391-832.35
19392-834.57
19393-732.41
19394-762.41
19395-778.96
19396-801.06
19397-792.51
19398-880.12
19399-892.30
193910-879.73
193911-862.37
193912-861.10
19401-859.13
19402-857.88
19403-870.06
19404-753.99
19405-692.96
19406-719.77
19407-738.84
19408-773.99
19409-785.34
194010-807.72
194011-778.73
194012-784.34
19411-739.44
19412-748.14
19413-729.09
19414-717.52
19415-746.98
19416-789.65
19417-790.25
19418-797.06
19419-769.69
194110-738.26
194111-694.84
194112-713.02
19421-695.34
19422-662.23
19423-639.36
19424-651.32
19425-688.76
19426-718.93
19427-719.26
19428-731.21
19429-789.48
194210-806.49
194211-815.01
194212-868.02
19431-923.86
19432-960.95
19433-997.34
19434-1,040.86
19435-1,063.54
19436-1,089.84
19437-1,040.37
19438-1,066.93
19439-1,061.59
194310-1,016.94
194311-1,034.94
194312-1,072.88
19441-1,070.26
19442-1,104.94
19443-1,090.48
19444-1,114.51
19445-1,171.82
19446-1,207.20
19447-1,194.45
19448-1,179.82
19449-1,213.84
194410-1,210.39
194411-1,241.86
194412-1,283.89
19451-1,331.82
19452-1,336.02
19453-1,374.78
19454-1,431.98
19455-1,463.30
19456-1,438.50
19457-1,448.66
19458-1,552.67
19459-1,622.75
194510-1,681.27
194511-1,715.31
194512-1,789.05
19461-1,799.53
19462-1,751.34
19463-1,869.90
19464-1,879.58
19465-1,873.22
19466-1,825.50
19467-1,795.86
19468-1,536.85
19469-1,508.08
194610-1,507.88
194611-1,559.06
194612-1,573.40
19471-1,640.58
19472-1,580.33
19473-1,528.21
19474-1,507.39
19475-1,566.49
19476-1,671.35
19477-1,645.29
19478-1,609.64
19479-1,658.36
194710-1,646.25
194711-1,627.78
194712-1,613.70
19481-1,541.91
19482-1,571.50
19483-1,700.17
19484-1,790.79
19485-1,872.93
19486-1,836.28
19487-1,790.59
19488-1,778.45
19489-1,835.15
194810-1,741.54
194811-1,738.79
194812-1,767.12
19491-1,708.32
19492-1,733.80
19493-1,740.97
19494-1,737.79
19495-1,652.41
19496-1,755.91
19497-1,829.14
19498-1,863.37
19499-1,921.91
194910-1,959.34
194911-2,022.85
194912-2,076.05
19501-2,128.42
19502-2,157.69
19503-2,230.76
19504-2,318.08
19505-2,368.26
19506-2,209.02
19507-2,355.65
19508-2,452.44
19509-2,568.22
195010-2,577.88
195011-2,582.90
195012-2,789.86
19511-2,910.07
19512-2,877.70
19513-2,933.13
19514-2,951.57
19515-2,917.77
19516-2,986.82
19517-3,135.13
19518-3,233.44
19519-3,234.36
195110-3,161.47
195111-3,275.70
195112-3,401.29
19521-3,355.98
19522-3,381.14
19523-3,388.01
19524-3,403.58
19525-3,514.03
19526-3,632.34
19527-3,664.32
19528-3,623.69
19529-3,565.32
195210-3,696.08
195211-3,862.74
195212-3,900.93
19531-3,870.76
19532-3,907.81
19533-3,733.01
19534-3,770.45
19535-3,653.27
19536-3,723.19
19537-3,756.65
19538-3,602.37
19539-3,729.06
195310-3,830.05
195311-3,900.40
195312-4,018.34
19541-4,125.88
19542-4,232.43
19543-4,420.80
19544-4,616.31
19545-4,672.77
19546-4,881.05
19547-4,997.91
19548-5,134.85
19549-5,274.03
195410-5,500.93
195411-5,773.41
195412-5,898.61
19551-6,117.14
19552-6,090.44
19553-6,322.38
19554-6,317.40
19555-6,705.61
19556-7,218.20
19557-7,196.59
19558-7,543.21
19559-7,186.81
195510-7,694.64
195511-7,789.83
195512-7,603.83
19561-7,676.02
19562-8,229.16
19563-8,351.18
19564-8,114.13
19565-8,092.87
19566-8,558.12
19567-8,533.75
19568-8,270.16
19569-8,191.30
195610-8,132.94
195611-8,280.06
195612-8,125.83
19571-7,801.14
19572-7,927.56
19573-8,137.17
19574-8,475.69
19575-8,641.32
19576-8,841.98
19577-8,381.75
19578-8,068.32
19579-7,592.56
195710-7,455.86
195711-7,479.57
195712-7,653.75
19581-7,707.47
19582-7,893.91
19583-7,964.67
19584-8,248.04
19585-8,473.64
19586-8,733.85
19587-9,087.95
19588-9,355.47
19589-9,763.28
195810-10,088.03
195811-10,306.18
195812-10,744.67
19591-10,608.75
19592-10,906.45
19593-11,117.64
19594-11,313.92
19595-11,245.33
19596-11,720.73
19597-11,683.40
19598-11,250.73
19599-11,270.62
195910-11,346.03
195911-11,738.96
195912-11,564.54
19601-11,147.15
19602-11,026.97
19603-11,201.67
19604-11,131.71
19605-11,575.65
19606-11,321.43
19607-11,490.22
19608-11,177.60
19609-10,990.49
196010-11,379.65
196011-11,685.83
196012-12,320.02
19611-12,858.91
19612-13,295.73
19613-13,683.84
19614-13,856.71
19615-13,707.03
19616-13,703.20
19617-14,229.26
19618-14,152.18
19619-14,342.25
196110-15,026.67
196111-15,201.44
196112-14,671.34
19621-14,951.49
19622-15,002.47
19623-14,560.66
19624-13,514.46
19625-11,972.09
19626-12,297.42
19627-12,669.17
19628-12,594.00
19629-12,234.28
196210-13,115.25
196211-13,721.67
196212-14,290.67
19631-14,518.68
19632-14,502.96
19633-15,224.94
19634-15,570.48
19635-15,604.21
19636-15,413.54
19637-15,880.75
19638-16,340.28
19639-16,421.96
196310-16,371.62
196311-16,763.45
196312-17,321.70
19641-17,578.05
19642-17,942.09
19643-18,245.87
19644-18,468.54
19645-18,403.78
19646-19,132.75
19647-18,898.25
19648-19,269.69
19649-19,649.34
196410-19,833.44
196411-19,537.86
196412-20,088.98
19651-20,284.86
19652-20,352.93
19653-20,669.95
19654-21,028.08
19655-20,080.27
19656-20,100.93
19657-20,526.79
19658-21,264.95
19659-21,795.90
196510-22,030.42
196511-21,983.80
196512-22,419.18
19661-22,322.68
19662-21,460.51
19663-22,173.20
19664-21,062.86
19665-20,945.01
19666-20,948.86
19667-19,740.23
19668-19,103.64
19669-18,995.81
196610-20,005.64
196611-20,148.84
196612-20,981.05
19671-21,763.64
19672-22,336.84
19673-22,781.90
19674-23,250.68
19675-23,020.07
19676-23,478.72
19677-23,913.47
19678-24,308.98
19679-24,332.66
196710-23,631.45
196711-24,366.80
196712-24,362.54
19681-23,325.43
19682-22,961.74
19683-24,721.00
19684-25,353.29
19685-26,098.85
19686-26,111.62
19687-25,606.64
19688-26,504.84
19689-27,225.02
196810-27,711.20
196811-28,067.37
196812-26,948.85
19691-26,884.56
19692-26,370.05
19693-26,969.77
19694-27,917.35
19695-26,529.49
19696-25,413.83
19697-25,341.76
19698-25,501.04
19699-25,844.39
196910-26,102.17
196911-24,789.89
196912-24,643.87
19701-23,856.23
19702-24,336.28
19703-23,667.59
19704-21,017.06
19705-20,960.33
19706-21,069.86
19707-21,755.85
19708-23,131.10
19709-23,706.95
197010-23,755.97
197011-25,456.51
197012-26,502.94
19711-27,603.10
19712-28,384.77
19713-29,427.59
19714-29,101.57
19715-28,637.15
19716-28,504.57
19717-28,072.12
19718-28,770.11
19719-28,233.93
197110-26,999.67
197111-28,933.82
197112-30,213.43
19721-30,843.97
19722-31,651.97
19723-32,050.43
19724-31,801.76
19725-31,965.88
19726-31,804.82
19727-33,008.22
19728-32,608.67
19729-32,744.78
197210-34,465.26
197211-35,261.93
197212-35,610.80
19731-34,426.70
19732-33,963.54
19733-33,408.81
19734-32,550.28
19735-31,902.60
19736-32,288.70
19737-31,760.64
19738-32,394.36
19739-33,766.37
197310-31,452.40
197311-29,311.98
197312-29,810.41
19741-29,073.24
19742-30,403.23
19743-28,938.82
19744-28,155.83
19745-28,284.57
19746-25,075.16
19747-24,131.14
19748-21,714.75
19749-22,230.89
197410-23,063.09
197411-21,658.13
197412-23,527.82
19751-26,070.60
19752-27,367.26
19753-27,774.22
19754-29,638.60
19755-30,496.53
19756-30,628.27
19757-28,485.44
19758-28,242.55
19759-29,646.56
197510-30,251.85
197511-29,894.99
197512-32,748.55
19761-34,116.83
19762-34,390.59
19763-34,767.32
19764-34,634.07
19765-34,945.98
19766-35,877.41
19767-35,676.27
19768-36,546.02
19769-35,410.09
197610-35,280.26
197611-36,616.15
197612-36,419.43
19771-35,556.80
19772-35,537.53
19773-35,113.33
19774-35,135.98
19775-35,452.12
19776-35,906.78
19777-35,160.41
19778-34,747.16
19779-33,983.46
197710-34,316.89
197711-34,289.39
197712-33,126.86
19781-32,804.87
19782-32,892.02
19783-34,480.70
19784-36,378.63
19785-36,623.66
19786-36,600.84
19787-39,283.01
19788-39,440.02
19789-38,346.15
197810-36,261.02
197811-36,958.26
197812-38,505.07
19791-38,098.09
19792-38,990.03
19793-39,937.84
19794-39,181.81
19795-40,129.08
19796-40,699.25
19797-42,740.05
19798-43,398.44
19799-41,943.50
197910-41,808.26
197911-43,649.49
197912-45,095.37
19801-47,077.69
19802-42,945.29
19803-42,446.25
19804-44,583.90
19805-47,643.55
19806-50,011.18
19807-51,763.91
19808-53,231.84
19809-55,001.67
198010-57,539.83
198011-56,823.59
198012-56,829.26
19811-55,084.50
19812-57,366.82
19813-58,109.03
19814-57,169.25
19815-57,659.53
19816-56,496.97
19817-56,950.39
19818-52,221.98
19819-53,123.98
198110-54,740.93
198111-55,386.53
198112-52,725.70
19821-51,716.58
19822-50,297.20
19823-53,048.11
19824-53,350.30
19825-50,538.41
19826-50,661.64
19827-51,063.88
19828-57,240.76
19829-62,324.54
198210-65,129.10
198211-66,011.92
198212-68,603.39
19831-70,064.65
19832-72,773.08
19833-75,827.65
19834-79,182.27
19835-80,570.74
19836-81,141.28
19837-79,188.06
19838-81,812.22
19839-82,342.31
198310-81,402.43
198311-81,298.13
198312-82,579.34
19841-78,357.73
19842-78,704.36
19843-79,103.55
19844-78,903.75
19845-77,445.37
19846-76,741.82
19847-83,807.10
19848-84,986.24
19849-84,635.75
198410-85,724.09
198411-85,117.54
198412-89,116.00
19851-94,273.46
19852-93,822.53
19853-94,783.94
19854-97,376.89
19855-99,821.99
19856-102,065.21
19857-100,181.79
19858-98,293.37
19859-99,763.41
198510-106,168.73
198511-111,789.85
198512-112,630.21
19861-119,047.03
19862-126,407.43
19863-129,872.80
19864-130,511.55
19865-134,600.79
19866-132,172.71
19867-135,187.38
19868-131,866.86
19869-131,748.34
198610-136,402.95
198611-138,733.99
198612-147,992.22
19871-157,555.30
19872-164,450.57
19873-163,042.19
19874-163,323.98
19875-170,671.02
19876-175,999.53
19877-187,358.56
19878-181,680.80
19879-160,144.57
198710-140,441.32
198711-138,566.86
198712-144,451.16
19881-149,259.31
19882-154,083.45
19883-152,718.24
19884-149,376.36
19885-158,336.25
19886-157,850.28
19887-155,137.65
19888-158,127.41
19889-164,138.81
198810-160,822.80
198811-164,563.46
198812-170,344.01
19891-175,965.11
19892-175,680.65
19893-181,943.31
19894-189,430.83
19895-195,857.50
19896-201,341.86
19897-210,786.30
19898-211,746.51
19899-212,352.65
198910-208,501.53
198911-214,207.60
198912-209,470.99
19901-204,177.27
19902-209,704.69
19903-210,115.68
19904-218,207.08
19905-225,124.15
19906-225,506.24
19907-207,778.68
19908-198,758.88
19909-194,156.09
199010-199,949.35
199011-209,120.23
199012-207,687.40
19911-231,793.21
19912-238,850.44
19913-244,245.66
19914-243,808.75
19915-244,654.80
19916-246,564.29
19917-253,169.59
19918-252,402.23
19919-252,860.70
199110-252,900.64
199111-255,265.62
199112-274,048.13
19921-272,401.52
19922-269,643.79
19923-270,356.47
19924-275,948.39
19925-272,280.69
19926-277,487.06
19927-280,100.22
19928-281,159.52
19929-277,836.06
199210-285,495.73
199211-294,834.86
199212-295,256.16
19931-300,347.11
19932-306,805.03
19933-302,688.49
19934-304,882.15
19935-307,519.93
19936-307,707.53
19937-313,130.77
19938-317,373.60
19939-321,315.09
199310-321,339.33
199311-324,190.19
199312-329,817.74
19941-329,568.07
19942-324,875.62
19943-314,004.05
19944-317,326.98
19945-320,843.25
19946-319,178.48
19947-329,015.81
19948-331,705.40
19949-330,232.60
199410-329,011.13
199411-325,636.44
199412-333,618.35
19951-346,359.55
19952-355,220.02
19953-366,642.31
19954-378,916.61
19955-390,960.18
19956-404,829.41
19957-406,906.69
19958-422,034.12
19959-425,885.46
199510-435,929.48
199511-450,703.73
199512-451,436.49
19961-478,091.07
19962-477,131.56
19963-478,071.71
19964-489,329.46
19965-495,586.00
19966-478,356.63
19967-493,069.70
19968-503,048.08
19969-523,771.14
199610-550,232.48
199611-556,825.52
199612-574,964.33
19971-600,039.47
19972-596,297.11
19973-575,991.73
19974-629,085.67
19975-662,658.87
19976-700,668.48
19977-703,105.33
19978-711,486.41
19979-723,193.03
199710-714,861.53
199711-733,695.39
199712-735,434.90
19981-782,518.61
19982-824,092.82
19983-852,158.75
19984-850,268.17
19985-851,258.37
19986-889,289.75
19987-827,297.30
19988-786,772.55
19989-796,928.66
199810-884,386.67
199811-920,682.83
199812-967,156.02
19991-966,510.83
19992-994,766.86
19993-1,037,044.68
19994-1,036,019.75
19995-1,029,681.72
19996-1,076,247.91
19997-1,035,626.17
19998-1,029,432.95
19999-1,016,333.71
199910-1,088,553.87
199911-1,119,128.42
199912-1,117,797.41
20001-1,090,097.53
20002-1,133,057.77
20003-1,149,200.05
20004-1,116,576.63
20005-1,151,899.31
20006-1,161,694.39
20007-1,172,610.97
20008-1,159,950.86
20009-1,099,468.36
200010-1,090,974.26
200011-1,054,753.11
200012-1,059,552.32
20011-1,036,917.55
20012-942,766.44
20013-946,996.58
20014-1,012,143.62
20015-987,967.03
20016-961,684.86
20017-942,010.34
20018-836,059.38
20019-862,679.77
200110-906,272.24
200111-919,558.64
200112-916,821.21
20021-886,082.31
20022-929,901.48
20023-897,220.72
20024-871,915.77
20025-820,290.00
20026-732,039.10
20027-740,375.50
20028-705,150.43
20029-695,510.72
200210-741,592.32
200211-733,916.38
200212-732,283.29
20031-685,308.52
20032-694,271.66
20033-730,969.88
20034-769,800.54
20035-813,711.39
20036-818,560.30
20037-817,198.84
20038-843,031.97
20039-860,127.22
200310-870,539.80
200311-897,211.49
200312-941,488.53
20041-951,719.33
20042-936,823.05
20043-945,892.78
20044-921,637.69
20045-947,975.12
20046-926,752.05
20047-913,892.71
20048-939,322.91
20049-940,286.62
200410-985,174.92
200411-1,012,045.05
200412-998,390.32
20051-1,015,175.32
20052-1,012,580.66
20053-988,188.41
20054-1,001,389.33
20055-1,023,226.60
20056-1,041,724.40
20057-1,044,953.94
20058-1,047,876.57
20059-1,020,377.99
200510-1,060,800.70
200511-1,083,545.65
200512-1,099,438.78
20061-1,099,255.83
20062-1,115,592.29
20063-1,124,498.41
20064-1,115,652.71
20065-1,085,465.46
20066-1,093,281.25
20067-1,118,336.62
20068-1,146,643.66
20069-1,188,105.30
200610-1,211,886.93
200611-1,237,921.47
200612-1,246,498.12
20071-1,266,392.83
20072-1,235,063.65
20073-1,286,692.52
20074-1,330,333.95
20075-1,334,922.30
20076-1,342,593.02
20077-1,286,189.24
20078-1,325,736.26
20079-1,365,397.42
200710-1,299,772.19
200711-1,315,866.24
200712-1,228,555.92
20081-1,209,341.72
20082-1,177,576.72
20083-1,227,550.75
20084-1,259,008.02
20085-1,205,543.21
20086-1,132,264.61
20087-1,156,161.45
20088-1,100,116.10
20089-877,963.22
200810-802,411.43
200811-799,593.23
200812-790,833.23
20091-737,827.58
20092-695,864.11
20093-781,606.74
20094-833,660.36
20095-857,576.91
20096-868,533.68
20097-939,065.08
20098-973,344.18
20099-996,734.70
200910-1,017,609.57
200911-1,040,260.11
200912-1,054,376.10
20101-1,023,815.29
20102-1,084,661.00
20103-1,129,001.19
20104-1,062,588.86
20105-1,024,935.34
20106-1,023,304.95
20107-1,032,142.33
20108-1,066,937.44
20109-1,115,775.82
201010-1,143,568.84
201011-1,186,037.97
201012-1,227,100.90
20111-1,265,765.18
20112-1,251,684.03
20113-1,279,483.72
20114-1,287,918.53
20115-1,240,747.22
20116-1,279,231.92
20117-1,146,183.52
20118-1,137,137.33
20119-1,171,466.43
201110-1,192,167.68
201111-1,210,702.92
201112-1,268,605.49
20121-1,321,412.57
20122-1,359,519.96
20123-1,359,000.48
20124-1,316,994.43
20125-1,301,817.24
20126-1,339,844.45
20127-1,385,234.37
20128-1,427,084.60
20129-1,423,985.90
201210-1,383,580.39
201211-1,413,680.67
201212-1,474,027.32
20131-1,508,416.70
20132-1,549,482.65
20133-1,572,008.90
20134-1,643,916.83
20135-1,625,541.53
20136-1,678,444.41
20137-1,682,682.96
20138-1,702,748.40
20139-1,738,804.95
201310-1,805,922.72
201311-1,833,402.75
201312-1,851,146.56
20141-1,848,739.41
20142-1,899,067.08
20143-1,902,897.95
20144-1,932,051.01
20145-1,993,805.50
20146-2,023,629.28
20147-2,014,989.38
20148-2,050,816.57
20149-1,996,539.99
201410-2,110,455.62
201411-2,123,833.54
201412-2,100,258.02
20151-2,159,640.67
20152-2,160,836.33
20153-2,179,817.32
20154-2,201,155.64
20155-2,191,569.60
20156-2,189,824.45
20157-2,136,734.41
20158-2,040,429.75
20159-2,128,517.53
201510-2,190,935.67
201511-2,166,770.31
201512-2,027,671.85
20161-2,016,521.50
20162-2,144,827.27
20163-2,205,552.91
20164-2,198,839.97
20165-2,222,290.39
20166-2,295,569.06
20167-2,323,098.83
20168-2,312,908.06
20169-2,301,205.19
201610-2,328,846.36
201611-2,420,741.79
201612-2,455,543.22
20171-2,518,808.94
20172-2,562,869.38
20173-2,558,922.46
20174-2,602,228.98
20175-2,648,455.70
20176-2,674,619.38
20177-2,681,247.22
20178-2,725,575.29
20179-2,800,114.30
201710-2,844,624.05
201711-2,926,648.39
201712-3,068,939.06
20181-2,980,348.41
20182-2,982,273.07
20183-2,932,648.88
20184-2,990,176.34
20185-3,053,357.87
20186-3,101,623.58
20187-3,177,638.32
20188-3,231,014.63
20189-3,106,653.32
201810-3,042,155.83
201811-2,872,935.54
201812-2,922,799.26
20191-3,093,166.38
20192-3,153,421.94
20193-3,270,830.76
20194-3,220,728.55
20195-3,265,971.71
20196-3,390,971.68
20197-3,284,684.59
20198-3,386,024.58
20199-3,386,356.50
201910-3,536,497.12
201911-3,623,824.55
201912-3,745,092.12
20201-3,749,664.01
20202-3,040,313.49
20203-3,171,612.90
20204-3,358,337.34
20205-3,576,907.07
20206-3,701,255.91
20207-3,919,389.61
20208-3,894,814.93
20209-3,962,039.49
202010-4,118,703.15
202011-4,294,163.22
202012-4,414,197.96
20211-4,524,178.96
20212-4,561,338.65
20213-4,835,999.02
20214-4,872,763.81
20215-4,960,981.44
20216-5,113,194.34
20217-5,224,925.92
20218-5,220,510.92
20219-5,244,116.82
202110-5,492,936.74
202111-5,507,515.19
202112-5,394,503.57
20221-5,237,924.34
20222-5,191,171.49
20223-5,197,312.74
20224-4,788,142.32
20225-4,626,811.38
20226-4,552,974.02
Click to show 1398 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.

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S&P 500 from 1905 to 2022
Start Value
Average monthly close
$8.43
End Value
Average monthly close
$3,831.39
Change in price+45,349.47%
+5.37% / yr
Change incl. dividends+5,198,849.86%
+9.68% / yr
Change incl. dividends, inflation-adjusted+154,374.13%
+6.45% / yr
Final amount, nominal
($100 base)
$5,198,949.86
Final amount, inflation-adjusted
($100 base)
$154,474.13