S&P 500: $1 in 1913 → $33,745.07 in 2022

$

Stock market returns between 1913 and 2022

If you invested $1 in the S&P 500 at the beginning of 1913, you would have about $33,745.07 at the end of 2022, assuming you reinvested all dividends. This is a return on investment of 3,374,407.29%, or 9.94% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 114,053.28% cumulatively, or 6.61% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $36,086.42.

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 $33,744.07, or 3,374,407.29%. This means by 2022 you would have $33,745.07 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 1913 was 9.900 and the CPI in 2022 was 292.656.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 109 years.

Adjusted for inflation, the $33,745.07 nominal end value of the original $1 investment would have a real return of roughly $1,140.53 in 1913 dollars. This means the inflation-adjusted return is 114,053.28% as opposed to the original 3,374,407.29%.

For more information on inflation, see our U.S. inflation calculator for 1913.

Full monthly data

The table below shows the full dataset pertaining to a $1 investment, including gains and losses over the 1320-month period between 1913 and 2022.

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

YearMonthReturn (%)Amount ($)
19131-3.12%0.97
19132-1.45%0.95
191330.34%0.96
19134-2.28%0.94
19135-4.56%0.89
191361.85%0.91
191373.16%0.94
191381.42%0.95
19139-2.70%0.93
191310-2.06%0.91
1913110.37%0.91
1913124.60%0.95
191411.79%0.97
19142-1.42%0.96
19143-1.94%0.94
191441.09%0.95
19145-0.03%0.95
19146-5.07%0.90
191470.48%0.90
191480.48%0.91
191490.47%0.91
1914100.47%0.92
191411-3.84%0.88
1914122.24%0.90
19151-0.87%0.89
191523.05%0.92
191537.99%0.99
19154-1.90%0.98
191551.58%0.99
191560.07%0.99
191574.69%1.04
191584.14%1.08
191595.95%1.14
1915103.89%1.19
1915110.59%1.20
191512-1.20%1.18
19161-1.00%1.17
191620.08%1.17
19163-0.67%1.16
191642.64%1.19
191651.41%1.21
19166-0.95%1.20
191671.22%1.21
191684.55%1.27
191693.55%1.31
1916102.75%1.35
191611-3.57%1.30
191612-1.87%1.28
19171-5.15%1.21
191723.64%1.26
19173-0.97%1.24
19174-2.83%1.21
191752.61%1.24
19176-2.19%1.21
19177-2.36%1.18
19178-4.17%1.14
19179-4.74%1.08
191710-7.61%1.00
191711-2.61%0.97
1917126.88%1.04
191813.84%1.08
19182-1.27%1.07
19183-0.21%1.06
191843.94%1.11
191850.85%1.12
191861.51%1.13
191871.62%1.15
191880.14%1.15
191894.91%1.21
1918103.17%1.25
191811-1.39%1.23
191812-0.03%1.23
191910.98%1.24
191923.64%1.29
191933.90%1.34
191947.47%1.44
191953.19%1.48
191963.75%1.54
19197-6.25%1.44
191982.09%1.47
191995.60%1.55
191910-2.48%1.52
191911-2.45%1.48
191912-0.51%1.47
19201-7.77%1.36
192027.58%1.46
19203-0.30%1.46
19204-5.77%1.37
19205-1.20%1.35
192060.42%1.36
19207-3.37%1.31
192084.12%1.37
192090.67%1.38
192010-4.53%1.32
192011-8.39%1.21
1920125.03%1.27
19211-0.11%1.26
19212-1.96%1.24
192131.04%1.25
192143.63%1.30
19215-7.43%1.20
192160.31%1.21
19217-0.61%1.20
192183.10%1.24
192191.96%1.26
1921105.96%1.33
1921114.09%1.39
1921120.39%1.39
192212.72%1.43
192224.28%1.49
192236.58%1.59
192244.38%1.66
19225-0.47%1.65
192261.19%1.67
192274.24%1.74
192283.07%1.80
192292.67%1.85
192210-4.52%1.76
1922110.25%1.77
1922121.85%1.80
192314.75%1.88
192322.08%1.92
19233-3.04%1.87
19234-4.25%1.79
19235-3.31%1.73
19236-2.84%1.68
192371.04%1.70
192381.16%1.72
19239-0.94%1.70
1923103.54%1.76
1923113.92%1.83
1923123.79%1.90
192410.95%1.92
19242-1.42%1.89
19243-1.79%1.85
192440.17%1.86
192452.42%1.90
192465.16%2.00
192473.93%2.08
19248-0.48%2.07
19249-0.81%2.05
1924106.08%2.18
1924115.87%2.31
1924124.58%2.41
192511.29%2.44
19252-2.19%2.39
19253-0.61%2.37
192543.67%2.46
192552.24%2.52
192563.22%2.60
192571.79%2.64
192582.74%2.72
192593.73%2.82
1925103.53%2.92
1925112.04%2.98
1925121.93%3.03
192610.56%3.05
19262-6.38%2.86
19263-2.35%2.79
192641.15%2.82
192655.22%2.97
192664.66%3.11
192674.39%3.24
192681.94%3.31
19269-1.83%3.25
1926101.74%3.30
1926112.71%3.39
192612-0.24%3.38
192712.37%3.46
192721.97%3.53
192732.88%3.63
192743.87%3.77
192751.70%3.84
192762.62%3.94
192775.73%4.16
192786.06%4.42
19279-1.17%4.37
1927102.66%4.48
1927112.72%4.60
1927120.77%4.64
19281-0.83%4.60
192825.75%4.86
192836.66%5.19
192843.44%5.37
19285-4.57%5.12
192861.09%5.18
192873.59%5.36
192887.37%5.76
192892.36%5.89
1928107.08%6.31
1928110.70%6.36
1928127.69%6.84
192910.81%6.90
192922.05%7.04
19293-0.30%7.02
192941.80%7.15
192952.20%7.30
192969.20%7.98
192975.96%8.45
192984.24%8.81
19299-10.32%7.90
192910-26.19%5.83
1929114.37%6.09
1929121.83%6.20
193016.64%6.61
193024.12%6.88
193036.69%7.34
19304-5.65%6.93
19305-9.77%6.25
19306-1.76%6.14
19307-0.90%6.08
193080.34%6.11
19309-13.37%5.29
193010-6.80%4.93
193011-6.19%4.62
1930123.56%4.79
193118.14%5.18
193122.38%5.30
19313-9.08%4.82
19314-9.16%4.38
19315-2.68%4.26
193163.86%4.43
19317-2.49%4.32
19318-14.37%3.70
19319-12.75%3.22
1931102.05%3.29
193111-18.10%2.70
193112-0.85%2.67
19321-0.05%2.67
193221.14%2.70
19323-23.22%2.07
19324-11.31%1.84
19325-12.39%1.61
193266.18%1.71
1932751.35%2.59
1932810.37%2.86
19329-13.22%2.48
193210-0.34%2.47
193211-2.64%2.41
1932124.57%2.52
19331-11.27%2.23
193320.33%2.24
1933311.24%2.49
1933429.32%3.22
1933517.58%3.79
193368.46%4.11
19337-4.64%3.92
19338-0.48%3.90
19339-9.38%3.54
1933102.80%3.63
1933112.32%3.72
1933126.08%3.95
193417.75%4.25
19342-4.80%4.05
193432.02%4.13
19344-9.83%3.72
193451.70%3.79
19346-4.36%3.62
19347-3.51%3.49
19348-2.01%3.42
193491.21%3.47
1934103.21%3.58
1934111.06%3.61
1934120.40%3.63
19351-2.62%3.53
19352-5.93%3.32
193537.94%3.59
193548.27%3.89
193554.17%4.05
193565.60%4.27
193577.10%4.58
193582.43%4.69
193592.99%4.83
1935109.71%5.30
1935110.29%5.31
1935125.82%5.62
193616.03%5.96
193622.41%6.11
193630.41%6.13
19364-5.02%5.82
193654.57%6.09
193666.23%6.47
193672.30%6.62
193681.44%6.71
193695.55%7.09
1936103.10%7.31
193611-1.40%7.20
1936123.46%7.45
193713.30%7.70
193720.23%7.72
19373-5.62%7.28
19374-4.09%6.98
19375-3.34%6.75
193766.39%7.18
193771.44%7.29
19378-13.76%6.28
19379-14.10%5.40
193710-8.27%4.95
193711-1.02%4.90
1937123.24%5.06
19381-1.80%4.97
19382-6.02%4.67
19383-3.44%4.51
193841.56%4.58
193852.93%4.71
1938620.49%5.68
193871.06%5.74
19388-4.08%5.50
1938911.62%6.14
1938100.47%6.17
193811-2.55%6.02
193812-1.16%5.95
19391-0.46%5.92
193920.27%5.93
19393-12.24%5.21
193944.10%5.42
193952.17%5.54
193962.84%5.70
19397-1.07%5.63
1939811.06%6.26
193991.38%6.34
193910-1.41%6.26
193911-1.97%6.13
193912-0.15%6.12
19401-0.23%6.11
19402-0.15%6.10
194031.42%6.19
19404-13.34%5.36
19405-8.09%4.93
194063.87%5.12
194072.65%5.25
194084.76%5.50
194091.47%5.58
1940102.85%5.74
194011-3.59%5.54
1940120.72%5.58
19411-5.72%5.26
194121.18%5.32
19413-2.55%5.18
19414-1.59%5.10
194154.11%5.31
194165.71%5.61
194170.08%5.62
194180.86%5.67
19419-3.43%5.47
194110-4.08%5.25
194111-5.88%4.94
1941122.62%5.07
19421-2.48%4.94
19422-4.76%4.71
19423-3.45%4.55
194241.87%4.63
194255.75%4.90
194264.38%5.11
194270.05%5.11
194281.66%5.20
194297.97%5.61
1942102.15%5.73
1942111.06%5.79
1942126.50%6.17
194316.43%6.57
194324.01%6.83
194333.79%7.09
194344.36%7.40
194352.18%7.56
194362.47%7.75
19437-4.54%7.40
194382.55%7.59
19439-0.50%7.55
194310-4.21%7.23
1943111.77%7.36
1943123.67%7.63
19441-0.24%7.61
194423.24%7.86
19443-1.31%7.75
194442.20%7.92
194455.14%8.33
194463.02%8.58
19447-1.06%8.49
19448-1.23%8.39
194492.88%8.63
194410-0.28%8.61
1944112.60%8.83
1944123.38%9.13
194513.73%9.47
194520.31%9.50
194532.90%9.77
194544.16%10.18
194552.19%10.40
19456-1.70%10.23
194570.71%10.30
194587.18%11.04
194594.51%11.54
1945103.61%11.95
1945112.02%12.20
1945124.30%12.72
194610.59%12.79
19462-2.68%12.45
194636.77%13.30
194640.52%13.36
19465-0.34%13.32
19466-2.55%12.98
19467-1.62%12.77
19468-14.42%10.93
19469-1.87%10.72
194610-0.01%10.72
1946113.39%11.09
1946120.92%11.19
194714.27%11.66
19472-3.67%11.24
19473-3.30%10.87
19474-1.36%10.72
194753.92%11.14
194766.69%11.88
19477-1.56%11.70
19478-2.17%11.44
194793.03%11.79
194710-0.73%11.71
194711-1.12%11.57
194712-0.86%11.47
19481-4.45%10.96
194821.92%11.17
194838.19%12.09
194845.33%12.73
194854.59%13.32
19486-1.96%13.06
19487-2.49%12.73
19488-0.68%12.65
194893.19%13.05
194810-5.10%12.38
194811-0.16%12.36
1948121.63%12.56
19491-3.33%12.15
194921.49%12.33
194930.41%12.38
19494-0.18%12.36
19495-4.91%11.75
194966.26%12.48
194974.17%13.01
194981.87%13.25
194993.14%13.67
1949101.95%13.93
1949113.24%14.38
1949122.63%14.76
195012.52%15.13
195021.38%15.34
195033.39%15.86
195043.91%16.48
195052.16%16.84
19506-6.72%15.71
195076.64%16.75
195084.11%17.44
195094.72%18.26
1950100.38%18.33
1950110.19%18.36
1950128.01%19.84
195114.31%20.69
19512-1.11%20.46
195131.93%20.86
195140.63%20.99
19515-1.15%20.75
195162.37%21.24
195174.97%22.29
195183.14%22.99
195190.03%23.00
195110-2.25%22.48
1951113.61%23.29
1951123.83%24.18
19521-1.33%23.86
195220.75%24.04
195230.20%24.09
195240.46%24.20
195253.24%24.99
195263.37%25.83
195270.88%26.05
19528-1.11%25.77
19529-1.61%25.35
1952103.67%26.28
1952114.51%27.46
1952120.99%27.74
19531-0.77%27.52
195320.96%27.79
19533-4.47%26.54
195341.00%26.81
19535-3.11%25.98
195361.91%26.47
195370.90%26.71
19538-4.11%25.61
195393.52%26.51
1953102.71%27.23
1953111.84%27.73
1953123.02%28.57
195412.68%29.34
195422.58%30.09
195434.45%31.43
195444.42%32.82
195451.22%33.22
195464.46%34.71
195472.39%35.54
195482.74%36.51
195492.71%37.50
1954104.30%39.11
1954114.95%41.05
1954122.17%41.94
195513.70%43.49
19552-0.44%43.30
195533.81%44.95
19554-0.08%44.92
195556.15%47.68
195567.64%51.32
19557-0.30%51.17
195584.82%53.63
19559-4.72%51.10
1955107.07%54.71
1955111.24%55.39
195512-2.39%54.06
195610.95%54.58
195627.21%58.51
195631.48%59.38
19564-2.84%57.69
19565-0.26%57.54
195665.75%60.85
19567-0.28%60.68
19568-3.09%58.80
19569-0.95%58.24
195610-0.71%57.83
1956111.81%58.87
195612-1.86%57.78
19571-4.00%55.47
195721.62%56.37
195732.64%57.86
195744.16%60.26
195751.95%61.44
195762.32%62.87
19577-5.21%59.60
19578-3.74%57.37
19579-5.90%53.98
195710-1.80%53.01
1957110.32%53.18
1957122.33%54.42
195810.70%54.80
195822.42%56.13
195830.90%56.63
195843.56%58.65
195852.74%60.25
195863.07%62.10
195874.05%64.62
195882.94%66.52
195894.36%69.42
1958103.33%71.73
1958112.16%73.28
1958124.25%76.40
19591-1.27%75.43
195922.81%77.55
195931.94%79.05
195941.77%80.44
19595-0.61%79.96
195964.23%83.34
19597-0.32%83.07
19598-3.70%79.99
195990.18%80.14
1959100.67%80.67
1959113.46%83.47
195912-1.49%82.23
19601-3.61%79.26
19602-1.08%78.40
196031.58%79.65
19604-0.62%79.15
196053.99%82.30
19606-2.20%80.50
196071.49%81.70
19608-2.72%79.47
19609-1.67%78.14
1960103.54%80.91
1960112.69%83.09
1960125.43%87.60
196114.37%91.43
196123.40%94.53
196132.92%97.29
196141.26%98.52
19615-1.08%97.46
19616-0.03%97.43
196173.84%101.17
19618-0.54%100.62
196191.34%101.98
1961104.77%106.84
1961111.16%108.08
196112-3.49%104.32
196211.91%106.31
196220.34%106.67
19623-2.94%103.53
19624-7.19%96.09
19625-11.41%85.12
196262.72%87.44
196273.02%90.08
19628-0.59%89.55
19629-2.86%86.99
1962107.20%93.25
1962114.62%97.56
1962124.15%101.61
196311.60%103.23
19632-0.11%103.12
196334.98%108.25
196342.27%110.71
196350.22%110.95
19636-1.22%109.59
196373.03%112.91
196382.89%116.18
196390.50%116.76
196310-0.31%116.41
1963112.39%119.19
1963123.33%123.16
196411.48%124.98
196422.07%127.57
196431.69%129.73
196441.22%131.31
19645-0.35%130.85
196463.96%136.04
19647-1.23%134.37
196481.97%137.01
196491.97%139.71
1964100.94%141.02
196411-1.49%138.92
1964122.82%142.84
196510.98%144.23
196520.34%144.71
196531.56%146.97
196541.73%149.51
19655-4.51%142.77
196560.10%142.92
196572.12%145.95
196583.60%151.20
196592.50%154.97
1965101.08%156.64
196511-0.21%156.31
1965121.98%159.40
19661-0.43%158.72
19662-3.86%152.59
196633.32%157.66
19664-5.01%149.76
19665-0.56%148.92
196660.02%148.95
19667-5.77%140.36
19668-3.22%135.83
19669-0.56%135.06
1966105.32%142.24
1966110.72%143.26
1966124.13%149.18
196713.73%154.74
196722.63%158.82
196731.99%161.98
196742.06%165.32
19675-0.99%163.68
196761.99%166.94
196771.85%170.03
196781.65%172.84
196790.10%173.01
196710-2.88%168.02
1967113.11%173.25
196712-0.02%173.22
19681-4.26%165.85
19682-1.56%163.26
196837.66%175.77
196842.56%180.27
196852.94%185.57
196860.05%185.66
19687-1.93%182.07
196883.51%188.45
196892.72%193.57
1968101.79%197.03
1968111.29%199.56
196812-3.99%191.61
19691-0.24%191.15
19692-1.91%187.50
196932.27%191.76
196943.51%198.50
19695-4.97%188.63
19696-4.21%180.70
19697-0.28%180.18
196980.63%181.32
196991.35%183.76
1969101.00%185.59
196911-5.03%176.26
196912-0.59%175.22
19701-3.20%169.62
197022.01%173.04
19703-2.75%168.28
19704-11.20%149.43
19705-0.27%149.03
197060.52%149.81
197073.26%154.69
197086.32%164.47
197092.49%168.56
1970100.21%168.91
1970117.16%181.00
1970124.11%188.44
197114.15%196.26
197122.83%201.82
197133.67%209.24
19714-1.11%206.92
19715-1.60%203.62
19716-0.46%202.67
19717-1.52%199.60
197182.49%204.56
19719-1.86%200.75
197110-4.37%191.97
1971117.16%205.72
1971124.42%214.82
197212.09%219.31
197222.62%225.05
197231.26%227.88
19724-0.78%226.12
197250.52%227.28
19726-0.50%226.14
197273.78%234.69
19728-1.21%231.85
197290.42%232.82
1972105.25%245.05
1972112.31%250.72
1972120.99%253.20
19731-3.33%244.78
19732-1.35%241.49
19733-1.63%237.54
19734-2.57%231.44
19735-1.99%226.83
197361.21%229.58
19737-1.64%225.82
197382.00%230.33
197394.24%240.08
197310-6.85%223.63
197311-6.81%208.41
1973121.70%211.96
19741-2.47%206.72
197424.57%216.17
19743-4.82%205.76
19744-2.71%200.19
197450.46%201.11
19746-11.35%178.29
19747-3.76%171.58
19748-10.01%154.40
197492.38%158.07
1974103.74%163.98
197411-6.09%153.99
1974128.63%167.29
1975110.81%185.37
197524.97%194.59
197531.49%197.48
197546.71%210.74
197552.89%216.84
197560.43%217.77
19757-7.00%202.54
19758-0.85%200.81
197594.97%210.79
1975102.04%215.10
197511-1.18%212.56
1975129.55%232.85
197614.18%242.58
197620.80%244.52
197631.10%247.20
19764-0.38%246.25
197650.90%248.47
197662.67%255.09
19767-0.56%253.66
197682.44%259.85
19769-3.11%251.77
197610-0.37%250.85
1976113.79%260.35
197612-0.54%258.95
19771-2.37%252.81
19772-0.05%252.68
19773-1.19%249.66
197740.06%249.82
197750.90%252.07
197761.28%255.30
19777-2.08%250.00
19778-1.18%247.06
19779-2.20%241.63
1977100.98%244.00
197711-0.08%243.80
197712-3.39%235.54
19781-0.97%233.25
197820.27%233.87
197834.83%245.16
197845.50%258.66
197850.67%260.40
19786-0.06%260.24
197877.33%279.31
197880.40%280.43
19789-2.77%272.65
197810-5.44%257.82
1978111.92%262.78
1978124.19%273.78
19791-1.06%270.88
197922.34%277.23
197932.43%283.96
19794-1.89%278.59
197952.42%285.32
197961.42%289.38
197975.01%303.89
197981.54%308.57
19799-3.35%298.23
197910-0.32%297.26
1979114.40%310.36
1979123.31%320.64
198014.40%334.73
19802-8.78%305.35
19803-1.16%301.80
198045.04%317.00
198056.86%338.75
198064.97%355.59
198073.50%368.05
198082.84%378.49
198093.32%391.07
1980104.61%409.12
198011-1.24%404.03
1980120.01%404.07
19811-3.07%391.66
198124.14%407.89
198131.29%413.17
19814-1.62%406.48
198150.86%409.97
19816-2.02%401.70
198170.80%404.93
19818-8.30%371.31
198191.73%377.72
1981103.04%389.22
1981111.18%393.81
198112-4.80%374.89
19821-1.91%367.71
19822-2.74%357.62
198235.47%377.18
198240.57%379.33
19825-5.27%359.34
198260.24%360.21
198270.79%363.07
1982812.10%406.99
198298.88%443.14
1982104.50%463.08
1982111.36%469.36
1982123.93%487.78
198312.13%498.17
198323.87%517.43
198334.20%539.15
198344.42%563.00
198351.75%572.87
198360.71%576.93
19837-2.41%563.04
198383.31%581.70
198390.65%585.47
198310-1.14%578.79
198311-0.13%578.04
1983121.58%587.15
19841-5.11%557.14
198420.44%559.60
198430.51%562.44
19844-0.25%561.02
19845-1.85%550.65
19846-0.91%545.65
198479.21%595.88
198481.41%604.27
19849-0.41%601.77
1984101.29%609.51
198411-0.71%605.20
1984124.70%633.63
198515.79%670.30
19852-0.48%667.09
198531.02%673.93
198542.74%692.37
198552.51%709.75
198562.25%725.70
19857-1.85%712.31
19858-1.88%698.88
198591.50%709.34
1985106.42%754.88
1985115.29%794.85
1985120.75%800.82
198615.70%846.44
198626.18%898.78
198632.74%923.42
198640.49%927.96
198653.13%957.03
19866-1.80%939.77
198672.28%961.21
19868-2.46%937.60
19869-0.09%936.75
1986103.53%969.85
1986111.71%986.42
1986126.67%1,052.25
198716.46%1,120.25
198724.38%1,169.27
19873-0.86%1,159.26
198740.17%1,161.26
198754.50%1,213.50
198763.12%1,251.39
198776.45%1,332.15
19878-3.03%1,291.78
19879-11.85%1,138.66
198710-12.30%998.56
198711-1.33%985.23
1987124.25%1,027.07
198813.33%1,061.26
198823.23%1,095.56
19883-0.89%1,085.85
19884-2.19%1,062.09
198856.00%1,125.80
19886-0.31%1,122.34
19887-1.72%1,103.06
198881.93%1,124.31
198893.80%1,167.06
198810-2.02%1,143.48
1988112.33%1,170.07
1988123.51%1,211.18
198913.30%1,251.14
19892-0.16%1,249.12
198933.56%1,293.65
198944.12%1,346.89
198953.39%1,392.58
198962.80%1,431.58
198974.69%1,498.73
198980.46%1,505.55
198990.29%1,509.86
198910-1.81%1,482.48
1989112.74%1,523.05
198912-2.21%1,489.37
19901-2.53%1,451.74
199022.71%1,491.04
199030.20%1,493.96
199043.85%1,551.49
199053.17%1,600.67
199060.17%1,603.39
19907-7.86%1,477.34
19908-4.34%1,413.21
19909-2.32%1,380.48
1990102.98%1,421.67
1990114.59%1,486.88
199012-0.69%1,476.69
1991111.61%1,648.09
199123.04%1,698.27
199132.26%1,736.63
19914-0.18%1,733.52
199150.35%1,739.54
199160.78%1,753.11
199172.68%1,800.08
19918-0.30%1,794.62
199190.18%1,797.88
1991100.02%1,798.17
1991110.94%1,814.98
1991127.36%1,948.53
19921-0.60%1,936.82
19922-1.01%1,917.21
199230.26%1,922.28
199242.07%1,962.04
19925-1.33%1,935.96
199261.91%1,972.98
199270.94%1,991.56
199280.38%1,999.09
19929-1.18%1,975.46
1992102.76%2,029.92
1992113.27%2,096.33
1992120.14%2,099.32
199311.72%2,135.52
199322.15%2,181.44
19933-1.34%2,152.17
199340.72%2,167.76
199350.87%2,186.52
199360.06%2,187.85
199371.76%2,226.41
199381.35%2,256.58
199391.24%2,284.61
1993100.01%2,284.78
1993110.89%2,305.05
1993121.74%2,345.06
19941-0.08%2,343.29
19942-1.42%2,309.92
19943-3.35%2,232.62
199441.06%2,256.25
199451.11%2,281.25
19946-0.52%2,269.41
199473.08%2,339.36
199480.82%2,358.48
19949-0.44%2,348.01
199410-0.37%2,339.33
199411-1.03%2,315.33
1994122.45%2,372.08
199513.82%2,462.68
199522.56%2,525.68
199533.22%2,606.89
199543.35%2,694.16
199553.18%2,779.79
199563.55%2,878.41
199570.51%2,893.18
199583.72%3,000.74
199590.91%3,028.12
1995102.36%3,099.53
1995113.39%3,204.58
1995120.16%3,209.79
199615.90%3,399.31
19962-0.20%3,392.49
199630.20%3,399.17
199642.35%3,479.22
199651.28%3,523.70
19966-3.48%3,401.20
199673.08%3,505.81
199682.02%3,576.76
199694.12%3,724.10
1996105.05%3,912.25
1996111.20%3,959.13
1996123.26%4,088.10
199714.36%4,266.38
19972-0.62%4,239.78
19973-3.41%4,095.40
199749.22%4,472.91
199755.34%4,711.62
199765.74%4,981.87
199770.35%4,999.20
199781.19%5,058.79
199791.65%5,142.03
199710-1.15%5,082.79
1997112.63%5,216.70
1997120.24%5,229.07
199816.40%5,563.84
199825.31%5,859.44
199833.41%6,059.00
19984-0.22%6,045.55
199850.12%6,052.59
199864.47%6,323.00
19987-6.97%5,882.23
19988-4.90%5,594.09
199891.29%5,666.30
19981010.97%6,288.14
1998114.10%6,546.21
1998125.05%6,876.65
19991-0.07%6,872.06
199922.92%7,072.96
199934.25%7,373.57
19994-0.10%7,366.28
19995-0.61%7,321.21
199964.52%7,652.31
19997-3.77%7,363.48
19998-0.60%7,319.45
19999-1.27%7,226.31
1999107.11%7,739.81
1999112.81%7,957.20
199912-0.12%7,947.73
20001-2.48%7,750.78
200023.94%8,056.24
200031.42%8,171.01
20004-2.84%7,939.05
200053.16%8,190.20
200060.85%8,259.85
200070.94%8,337.47
20008-1.08%8,247.45
20009-5.21%7,817.41
200010-0.77%7,757.02
200011-3.32%7,499.48
2000120.46%7,533.60
20011-2.14%7,372.66
20012-9.08%6,703.23
200130.45%6,733.31
200146.88%7,196.52
20015-2.39%7,024.62
20016-2.66%6,837.75
20017-2.05%6,697.86
20018-11.25%5,944.53
200193.18%6,133.80
2001105.05%6,443.75
2001111.47%6,538.22
200112-0.30%6,518.76
20021-3.35%6,300.20
200224.95%6,611.76
20023-3.51%6,379.39
20024-2.82%6,199.47
20025-5.92%5,832.40
20026-10.76%5,204.92
200271.14%5,264.20
20028-4.76%5,013.74
20029-1.37%4,945.20
2002106.63%5,272.85
200211-1.04%5,218.27
200212-0.22%5,206.66
20031-6.41%4,872.66
200321.31%4,936.39
200335.29%5,197.32
200345.31%5,473.41
200355.70%5,785.63
200360.60%5,820.11
20037-0.17%5,810.42
200383.16%5,994.10
200392.03%6,115.65
2003101.21%6,189.69
2003113.06%6,379.33
2003124.93%6,694.15
200411.09%6,766.89
20042-1.57%6,660.97
200430.97%6,725.46
20044-2.56%6,553.00
200452.86%6,740.27
20046-2.24%6,589.37
20047-1.39%6,497.93
200482.78%6,678.75
200490.10%6,685.60
2004104.77%7,004.76
2004112.73%7,195.82
200412-1.35%7,098.73
200511.68%7,218.07
20052-0.26%7,199.62
20053-2.41%7,026.19
200541.34%7,120.05
200552.18%7,275.32
200561.81%7,406.84
200570.31%7,429.80
200580.28%7,450.58
20059-2.62%7,255.06
2005103.96%7,542.48
2005112.14%7,704.20
2005121.47%7,817.20
20061-0.02%7,815.90
200621.49%7,932.05
200630.80%7,995.38
20064-0.79%7,932.48
20065-2.71%7,717.85
200660.72%7,773.42
200672.29%7,951.57
200682.53%8,152.83
200693.62%8,447.63
2006102.00%8,616.73
2006112.15%8,801.84
2006120.69%8,862.82
200711.60%9,004.27
20072-2.47%8,781.52
200734.18%9,148.61
200743.39%9,458.90
200750.34%9,491.53
200760.57%9,546.07
20077-4.20%9,145.03
200783.07%9,426.21
200792.99%9,708.21
200710-4.81%9,241.60
2007111.24%9,356.04
200712-6.64%8,735.24
20081-1.56%8,598.63
20082-2.63%8,372.77
200834.24%8,728.10
200842.56%8,951.76
20085-4.25%8,571.62
20086-6.08%8,050.60
200872.11%8,220.51
20088-4.85%7,822.02
20089-20.19%6,242.47
200810-8.61%5,705.28
200811-0.35%5,685.25
200812-1.10%5,622.96
20091-6.70%5,246.08
20092-5.69%4,947.71
2009312.32%5,557.36
200946.66%5,927.47
200952.87%6,097.52
200961.28%6,175.42
200978.12%6,676.91
200983.65%6,920.65
200992.40%7,086.96
2009102.09%7,235.38
2009112.23%7,396.43
2009121.36%7,496.80
20101-2.90%7,279.50
201025.94%7,712.13
201034.09%8,027.39
20104-5.88%7,555.19
20105-3.54%7,287.47
20106-0.16%7,275.87
201070.86%7,338.71
201083.37%7,586.11
201094.58%7,933.36
2010102.49%8,130.97
2010113.71%8,432.93
2010123.46%8,724.90
201113.15%8,999.81
20112-1.11%8,899.69
201132.22%9,097.35
201140.66%9,157.32
20115-3.66%8,821.93
201163.10%9,095.56
20117-10.40%8,149.56
20118-0.79%8,085.24
201193.02%8,329.33
2011101.77%8,476.52
2011111.55%8,608.31
2011124.78%9,020.00
201214.16%9,395.47
201222.88%9,666.42
20123-0.04%9,662.73
20124-3.09%9,364.06
20125-1.15%9,256.15
201262.92%9,526.53
201273.39%9,849.26
201283.02%10,146.82
20129-0.22%10,124.79
201210-2.84%9,837.50
2012112.18%10,051.51
2012124.27%10,480.59
201312.33%10,725.10
201322.72%11,017.09
201331.45%11,177.25
201344.57%11,688.53
20135-1.12%11,557.88
201363.25%11,934.03
201370.25%11,964.17
201381.19%12,106.84
201392.12%12,363.20
2013103.86%12,840.42
2013111.52%13,035.81
2013120.97%13,161.97
20141-0.13%13,144.86
201422.72%13,502.69
201430.20%13,529.93
201441.53%13,737.22
201453.20%14,176.30
201461.50%14,388.35
20147-0.43%14,326.92
201481.78%14,581.66
20149-2.65%14,195.74
2014105.71%15,005.70
2014110.63%15,100.82
201412-1.11%14,933.20
201512.83%15,355.42
201520.06%15,363.92
201530.88%15,498.88
201540.98%15,650.60
20155-0.44%15,582.44
20156-0.08%15,570.03
20157-2.42%15,192.55
20158-4.51%14,507.81
201594.32%15,134.13
2015102.93%15,577.93
201511-1.10%15,406.11
201512-6.42%14,417.10
20161-0.55%14,337.82
201626.36%15,250.09
201632.83%15,681.86
20164-0.30%15,634.13
201651.07%15,800.87
201663.30%16,321.89
201671.20%16,517.63
20168-0.44%16,445.18
20169-0.51%16,361.97
2016101.20%16,558.50
2016113.95%17,211.89
2016121.44%17,459.34
201712.58%17,909.17
201721.75%18,222.44
20173-0.15%18,194.38
201741.69%18,502.30
201751.78%18,830.98
201760.99%19,017.01
201770.25%19,064.13
201781.65%19,379.31
201792.73%19,909.30
2017101.59%20,225.77
2017112.88%20,808.98
2017124.86%21,820.69
20181-2.89%21,190.79
201820.06%21,204.48
20183-1.66%20,851.64
201841.96%21,260.67
201852.11%21,709.90
201861.58%22,053.08
201872.45%22,593.56
201881.68%22,973.07
20189-3.85%22,088.84
201810-2.08%21,630.25
201811-5.56%20,427.07
2018121.74%20,781.61
201915.83%21,992.95
201921.95%22,421.37
201933.72%23,256.17
20194-1.53%22,899.94
201951.40%23,221.62
201963.83%24,110.39
20197-3.13%23,354.67
201983.09%24,075.22
201990.01%24,077.58
2019104.43%25,145.11
2019112.47%25,766.02
2019123.35%26,628.25
202010.12%26,660.76
20202-18.92%21,617.15
202034.32%22,550.72
202045.89%23,878.36
202056.51%25,432.43
202063.48%26,316.57
202075.89%27,867.54
20208-0.63%27,692.81
202091.73%28,170.78
2020103.95%29,284.69
2020114.26%30,532.24
2020122.80%31,385.71
202112.49%32,167.69
202120.82%32,431.91
202136.02%34,384.79
202140.76%34,646.19
202151.81%35,273.43
202163.07%36,355.69
202172.19%37,150.13
20218-0.08%37,118.73
202190.45%37,286.58
2021104.74%39,055.73
2021110.27%39,159.38
202112-2.05%38,355.85
20221-2.90%37,242.55
20222-0.89%36,910.13
202230.12%36,953.79
20224-7.87%34,044.52
20225-3.37%32,897.43
202260.46%33,050.30
202276.45%35,181.18
20228-7.28%32,620.90
20229-3.09%31,612.53
2022105.29%33,283.29
2022110.01%33,286.89
2022121.38%33,745.07
Click to show 1302 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 1913. This would result in a final amount of $36,086.42, including dividend reinvestments. In this particular case, dollar-cost average returns are greater than the returns of a lump-sum investment (which ends with $33,745.07).

YearMonthContribution ($)Amount ($)
191310.040.04
191320.040.08
191330.040.12
191340.040.15
191350.040.18
191360.040.23
191370.040.28
191380.040.32
191390.040.35
1913100.040.38
1913110.040.42
1913120.040.49
191410.040.53
191420.040.57
191430.040.59
191440.040.64
191450.040.68
191460.040.68
191470.040.73
191480.040.77
191490.040.81
1914100.040.86
1914110.040.86
1914120.040.92
191510.040.96
19152-0.98
19153-1.06
19154-1.04
19155-1.06
19156-1.06
19157-1.11
19158-1.16
19159-1.22
191510-1.27
191511-1.28
191512-1.26
19161-1.25
19162-1.25
19163-1.24
19164-1.28
19165-1.29
19166-1.28
19167-1.30
19168-1.36
19169-1.41
191610-1.44
191611-1.39
191612-1.37
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19299-8.45
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19345-4.05
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19349-3.71
193410-3.82
193411-3.87
193412-3.88
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19352-3.56
19353-3.84
19354-4.15
19355-4.33
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19357-4.90
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19359-5.16
193510-5.67
193511-5.68
193512-6.01
19361-6.38
19362-6.53
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19364-6.23
19365-6.51
19366-6.92
19367-7.08
19368-7.18
19369-7.58
193610-7.81
193611-7.70
193612-7.97
19371-8.23
19372-8.25
19373-7.79
19374-7.47
19375-7.22
19376-7.68
19377-7.79
19378-6.72
19379-5.77
193710-5.30
193711-5.24
193712-5.41
19381-5.31
19382-4.99
19383-4.82
19384-4.90
19385-5.04
19386-6.07
19387-6.14
19388-5.89
19389-6.57
193810-6.60
193811-6.43
193812-6.36
19391-6.33
19392-6.35
19393-5.57
19394-5.80
19395-5.92
19396-6.09
19397-6.03
19398-6.69
19399-6.78
193910-6.69
193911-6.56
193912-6.55
19401-6.53
19402-6.52
19403-6.62
19404-5.73
19405-5.27
19406-5.47
19407-5.62
19408-5.89
19409-5.97
194010-6.14
194011-5.92
194012-5.96
19411-5.62
19412-5.69
19413-5.54
19414-5.46
19415-5.68
19416-6.00
19417-6.01
19418-6.06
19419-5.85
194110-5.61
194111-5.28
194112-5.42
19421-5.29
19422-5.04
19423-4.86
19424-4.95
19425-5.24
19426-5.47
19427-5.47
19428-5.56
19429-6.00
194210-6.13
194211-6.20
194212-6.60
19431-7.02
19432-7.31
19433-7.58
19434-7.91
19435-8.09
19436-8.29
19437-7.91
19438-8.11
19439-8.07
194310-7.73
194311-7.87
194312-8.16
19441-8.14
19442-8.40
19443-8.29
19444-8.47
19445-8.91
19446-9.18
19447-9.08
19448-8.97
19449-9.23
194410-9.20
194411-9.44
194412-9.76
19451-10.13
19452-10.16
19453-10.45
19454-10.89
19455-11.13
19456-10.94
19457-11.01
19458-11.81
19459-12.34
194510-12.78
194511-13.04
194512-13.60
19461-13.68
19462-13.32
19463-14.22
19464-14.29
19465-14.24
19466-13.88
19467-13.65
19468-11.69
19469-11.47
194610-11.47
194611-11.85
194612-11.96
19471-12.47
19472-12.02
19473-11.62
19474-11.46
19475-11.91
19476-12.71
19477-12.51
19478-12.24
19479-12.61
194710-12.52
194711-12.38
194712-12.27
19481-11.72
19482-11.95
19483-12.93
19484-13.62
19485-14.24
19486-13.96
19487-13.61
19488-13.52
19489-13.95
194810-13.24
194811-13.22
194812-13.44
19491-12.99
19492-13.18
19493-13.24
19494-13.21
19495-12.56
19496-13.35
19497-13.91
19498-14.17
19499-14.61
194910-14.90
194911-15.38
194912-15.79
19501-16.18
19502-16.41
19503-16.96
19504-17.63
19505-18.01
19506-16.80
19507-17.91
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195010-19.60
195011-19.64
195012-21.21
19511-22.13
19512-21.88
19513-22.30
19514-22.44
19515-22.19
19516-22.71
19517-23.84
19518-24.59
19519-24.59
195110-24.04
195111-24.91
195112-25.86
19521-25.52
19522-25.71
19523-25.76
19524-25.88
19525-26.72
19526-27.62
19527-27.86
19528-27.55
19529-27.11
195210-28.10
195211-29.37
195212-29.66
19531-29.43
19532-29.71
19533-28.38
19534-28.67
19535-27.78
19536-28.31
19537-28.56
19538-27.39
19539-28.35
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195311-29.66
195312-30.55
19541-31.37
19542-32.18
19543-33.61
19544-35.10
19545-35.53
19546-37.11
19547-38.00
19548-39.04
19549-40.10
195410-41.83
195411-43.90
195412-44.85
19551-46.51
19552-46.31
19553-48.07
19554-48.03
19555-50.99
19556-54.88
19557-54.72
19558-57.35
19559-54.64
195510-58.51
195511-59.23
195512-57.82
19561-58.36
19562-62.57
19563-63.50
19564-61.70
19565-61.53
19566-65.07
19567-64.89
19568-62.88
19569-62.28
195610-61.84
195611-62.96
195612-61.78
19571-59.32
19572-60.28
19573-61.87
19574-64.44
19575-65.70
19576-67.23
19577-63.73
19578-61.35
19579-57.73
195710-56.69
195711-56.87
195712-58.20
19581-58.60
19582-60.02
19583-60.56
19584-62.71
19585-64.43
19586-66.41
19587-69.10
19588-71.13
19589-74.24
195810-76.70
195811-78.36
195812-81.70
19591-80.66
19592-82.93
19593-84.53
19594-86.03
19595-85.50
19596-89.12
19597-88.83
19598-85.54
19599-85.70
195910-86.27
195911-89.26
195912-87.93
19601-84.76
19602-83.84
19603-85.17
19604-84.64
19605-88.02
19606-86.08
19607-87.37
19608-84.99
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196010-86.53
196011-88.85
196012-93.68
19611-97.77
19612-101.09
19613-104.05
19614-105.36
19615-104.22
19616-104.19
19617-108.19
19618-107.61
19619-109.05
196110-114.26
196111-115.58
196112-111.55
19621-113.68
19622-114.07
19623-110.71
19624-102.76
19625-91.03
19626-93.50
19627-96.33
19628-95.76
19629-93.02
196210-99.72
196211-104.33
196212-108.66
19631-110.39
19632-110.27
19633-115.76
19634-118.39
19635-118.65
19636-117.20
19637-120.75
19638-124.24
19639-124.86
196310-124.48
196311-127.46
196312-131.71
19641-133.65
19642-136.42
19643-138.73
19644-140.43
19645-139.93
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19647-143.69
19648-146.52
19649-149.40
196410-150.80
196411-148.56
196412-152.75
19651-154.24
19652-154.75
19653-157.16
19654-159.89
19655-152.68
19656-152.84
19657-156.08
19658-161.69
19659-165.73
196510-167.51
196511-167.15
196512-170.46
19661-169.73
19662-163.17
19663-168.59
19664-160.15
19665-159.26
19666-159.28
19667-150.09
19668-145.25
19669-144.43
196610-152.11
196611-153.20
196612-159.53
19671-165.48
19672-169.84
19673-173.22
19674-176.79
19675-175.03
19676-178.52
19677-181.83
19678-184.83
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196710-179.68
196711-185.27
196712-185.24
19681-177.35
19682-174.59
19683-187.97
19684-192.77
19685-198.44
19686-198.54
19687-194.70
19688-201.53
19689-207.01
196810-210.70
196811-213.41
196812-204.91
19691-204.42
19692-200.50
19693-205.06
19694-212.27
19695-201.72
19696-193.23
19697-192.69
19698-193.90
19699-196.51
196910-198.47
196911-188.49
196912-187.38
19701-181.39
19702-185.04
19703-179.96
19704-159.80
19705-159.37
19706-160.20
19707-165.42
19708-175.88
19709-180.26
197010-180.63
197011-193.56
197012-201.52
19711-209.88
19712-215.82
19713-223.75
19714-221.27
19715-217.74
19716-216.73
19717-213.45
19718-218.75
19719-214.68
197110-205.29
197111-220.00
197112-229.73
19721-234.52
19722-240.67
19723-243.70
19724-241.80
19725-243.05
19726-241.83
19727-250.98
19728-247.94
19729-248.97
197210-262.06
197211-268.11
197212-270.77
19731-261.76
19732-258.24
19733-254.02
19734-247.50
19735-242.57
19736-245.51
19737-241.49
19738-246.31
19739-256.74
197310-239.15
197311-222.87
197312-226.66
19741-221.06
19742-231.17
19743-220.04
19744-214.08
19745-215.06
19746-190.66
19747-183.48
19748-165.11
19749-169.03
197410-175.36
197411-164.68
197412-178.89
19751-198.23
19752-208.09
19753-211.18
19754-225.36
19755-231.88
19756-232.88
19757-216.59
19758-214.74
19759-225.42
197510-230.02
197511-227.31
197512-249.00
19761-259.41
19762-261.49
19763-264.35
19764-263.34
19765-265.71
19766-272.79
19767-271.26
19768-277.88
19769-269.24
197610-268.25
197611-278.41
197612-276.92
19771-270.36
19772-270.21
19773-266.98
19774-267.16
19775-269.56
19776-273.02
19777-267.34
19778-264.20
19779-258.39
197710-260.93
197711-260.72
197712-251.88
19781-249.43
19782-250.09
19783-262.17
19784-276.60
19785-278.47
19786-278.29
19787-298.69
19788-299.88
19789-291.56
197810-275.71
197811-281.01
197812-292.77
19791-289.68
19792-296.46
19793-303.67
19794-297.92
19795-305.12
19796-309.46
19797-324.97
19798-329.98
19799-318.92
197910-317.89
197911-331.89
197912-342.88
19801-357.96
19802-326.53
19803-322.74
19804-338.99
19805-362.26
19806-380.26
19807-393.59
19808-404.75
19809-418.21
198010-437.50
198011-432.06
198012-432.10
19811-418.84
19812-436.19
19813-441.83
19814-434.69
19815-438.41
19816-429.57
19817-433.02
19818-397.07
19819-403.93
198110-416.22
198111-421.13
198112-400.90
19821-393.23
19822-382.43
19823-403.35
19824-405.65
19825-384.27
19826-385.21
19827-388.26
19828-435.23
19829-473.88
198210-495.21
198211-501.92
198212-521.63
19831-532.74
19832-553.33
19833-576.56
19834-602.06
19835-612.62
19836-616.96
19837-602.11
19838-622.06
19839-626.09
198310-618.94
198311-618.15
198312-627.89
19841-595.79
19842-598.43
19843-601.46
19844-599.94
19845-588.86
19846-583.51
19847-637.23
19848-646.19
19849-643.53
198410-651.80
198411-647.19
198412-677.59
19851-716.81
19852-713.38
19853-720.69
19854-740.41
19855-759.00
19856-776.05
19857-761.73
19858-747.37
19859-758.55
198510-807.25
198511-849.99
198512-856.38
19861-905.17
19862-961.14
19863-987.49
19864-992.34
19865-1,023.44
19866-1,004.98
19867-1,027.90
19868-1,002.65
19869-1,001.75
198610-1,037.14
198611-1,054.86
198612-1,125.26
19871-1,197.97
19872-1,250.40
19873-1,239.69
19874-1,241.83
19875-1,297.70
19876-1,338.21
19877-1,424.58
19878-1,381.41
19879-1,217.66
198710-1,067.85
198711-1,053.59
198712-1,098.33
19881-1,134.89
19882-1,171.57
19883-1,161.19
19884-1,135.78
19885-1,203.91
19886-1,200.21
19887-1,179.59
19888-1,202.32
19889-1,248.03
198810-1,222.82
198811-1,251.26
198812-1,295.21
19891-1,337.95
19892-1,335.79
19893-1,383.41
19894-1,440.34
19895-1,489.20
19896-1,530.90
19897-1,602.71
19898-1,610.01
19899-1,614.62
198910-1,585.34
198911-1,628.73
198912-1,592.71
19901-1,552.46
19902-1,594.49
19903-1,597.61
19904-1,659.14
19905-1,711.73
19906-1,714.64
19907-1,579.85
19908-1,511.26
19909-1,476.27
199010-1,520.31
199011-1,590.05
199012-1,579.15
19911-1,762.44
19912-1,816.10
19913-1,857.12
19914-1,853.80
19915-1,860.23
19916-1,874.75
19917-1,924.97
19918-1,919.14
19919-1,922.63
199110-1,922.93
199111-1,940.91
199112-2,083.72
19921-2,071.20
19922-2,050.24
19923-2,055.66
19924-2,098.17
19925-2,070.29
19926-2,109.87
19927-2,129.74
19928-2,137.80
19929-2,112.53
199210-2,170.77
199211-2,241.78
199212-2,244.98
19931-2,283.69
19932-2,332.79
19933-2,301.49
19934-2,318.17
19935-2,338.23
19936-2,339.65
19937-2,380.89
19938-2,413.15
19939-2,443.12
199310-2,443.30
199311-2,464.98
199312-2,507.77
19941-2,505.87
19942-2,470.19
19943-2,387.53
19944-2,412.80
19945-2,439.53
19946-2,426.87
19947-2,501.67
19948-2,522.12
19949-2,510.92
199410-2,501.64
199411-2,475.98
199412-2,536.67
19951-2,633.54
19952-2,700.92
19953-2,787.76
19954-2,881.09
19955-2,972.67
19956-3,078.12
19957-3,093.91
19958-3,208.94
19959-3,238.22
199510-3,314.59
199511-3,426.93
199512-3,432.50
19961-3,635.17
19962-3,627.87
19963-3,635.02
19964-3,720.62
19965-3,768.19
19966-3,637.18
19967-3,749.06
19968-3,824.93
19969-3,982.49
199610-4,183.69
199611-4,233.82
199612-4,371.74
19971-4,562.40
19972-4,533.94
19973-4,379.55
19974-4,783.25
19975-5,038.53
19976-5,327.53
19977-5,346.06
19978-5,409.79
19979-5,498.80
199710-5,435.45
199711-5,578.65
199712-5,591.88
19981-5,949.88
19982-6,265.99
19983-6,479.39
19984-6,465.01
19985-6,472.54
19986-6,761.71
19987-6,290.35
19988-5,982.22
19989-6,059.45
199810-6,724.43
199811-7,000.41
199812-7,353.77
19991-7,348.86
19992-7,563.71
19993-7,885.17
19994-7,877.38
19995-7,829.18
19996-8,183.25
19997-7,874.38
19998-7,827.29
19999-7,727.69
199910-8,276.82
199911-8,509.29
199912-8,499.17
20001-8,288.56
20002-8,615.20
20003-8,737.94
20004-8,489.89
20005-8,758.47
20006-8,832.94
20007-8,915.95
20008-8,819.69
20009-8,359.81
200010-8,295.22
200011-8,019.81
200012-8,056.31
20011-7,884.20
20012-7,168.32
20013-7,200.49
20014-7,695.83
20015-7,512.01
20016-7,312.17
20017-7,162.58
20018-6,356.98
20019-6,559.39
200110-6,890.84
200111-6,991.86
200112-6,971.05
20021-6,737.33
20022-7,070.51
20023-6,822.02
20024-6,629.61
20025-6,237.07
20026-5,566.06
20027-5,629.44
20028-5,361.61
20029-5,288.32
200210-5,638.70
200211-5,580.33
200212-5,567.92
20031-5,210.74
20032-5,278.89
20033-5,557.93
20034-5,853.18
20035-6,187.05
20036-6,223.92
20037-6,213.57
20038-6,409.99
20039-6,539.98
200310-6,619.15
200311-6,821.95
200312-7,158.61
20041-7,236.40
20042-7,123.13
20043-7,192.10
20044-7,007.67
20045-7,207.93
20046-7,046.56
20047-6,948.78
20048-7,142.14
20049-7,149.47
200410-7,490.78
200411-7,695.08
200412-7,591.26
20051-7,718.89
20052-7,699.16
20053-7,513.69
20054-7,614.06
20055-7,780.10
20056-7,920.75
20057-7,945.31
20058-7,967.53
20059-7,758.44
200510-8,065.80
200511-8,238.74
200512-8,359.58
20061-8,358.19
20062-8,482.41
20063-8,550.12
20064-8,482.86
20065-8,253.34
20066-8,312.76
20067-8,503.27
20068-8,718.50
20069-9,033.76
200610-9,214.58
200611-9,412.54
200612-9,477.75
20071-9,629.02
20072-9,390.81
20073-9,783.37
20074-10,115.19
20075-10,150.08
20076-10,208.41
20077-9,779.54
20078-10,080.23
20079-10,381.80
200710-9,882.82
200711-10,005.19
200712-9,341.32
20081-9,195.23
20082-8,953.70
20083-9,333.68
20084-9,572.87
20085-9,166.35
20086-8,609.17
20087-8,790.87
20088-8,364.73
20089-6,675.59
200810-6,101.13
200811-6,079.71
200812-6,013.10
20091-5,610.07
20092-5,291.00
20093-5,942.95
20094-6,338.74
20095-6,520.59
20096-6,603.90
20097-7,140.18
20098-7,400.82
20099-7,578.67
200910-7,737.39
200911-7,909.62
200912-8,016.95
20101-7,784.58
20102-8,247.22
20103-8,584.36
20104-8,079.39
20105-7,793.10
20106-7,780.70
20107-7,847.89
20108-8,112.46
20109-8,483.80
201010-8,695.13
201011-9,018.04
201012-9,330.26
20111-9,624.24
20112-9,517.18
20113-9,728.55
20114-9,792.69
20115-9,434.02
20116-9,726.64
20117-8,715.01
20118-8,646.22
20119-8,907.24
201110-9,064.65
201111-9,205.58
201112-9,645.84
20121-10,047.36
20122-10,337.11
20123-10,333.16
20124-10,013.77
20125-9,898.37
20126-10,187.51
20127-10,532.63
20128-10,850.84
20129-10,827.28
201210-10,520.05
201211-10,748.92
201212-11,207.77
20131-11,469.25
20132-11,781.49
20133-11,952.77
20134-12,499.52
20135-12,359.80
20136-12,762.05
20137-12,794.28
20138-12,946.85
20139-13,221.00
201310-13,731.33
201311-13,940.28
201312-14,075.19
20141-14,056.89
20142-14,439.56
20143-14,468.68
20144-14,690.35
20145-15,159.90
20146-15,386.66
20147-15,320.97
20148-15,593.38
20149-15,180.69
201410-16,046.85
201411-16,148.57
201412-15,969.31
20151-16,420.83
20152-16,429.92
20153-16,574.24
20154-16,736.49
20155-16,663.60
20156-16,650.33
20157-16,246.66
20158-15,514.41
20159-16,184.18
201510-16,658.78
201511-16,475.04
201512-15,417.40
20161-15,332.62
20162-16,308.19
20163-16,769.92
20164-16,718.88
20165-16,897.18
20166-17,454.36
20167-17,663.68
20168-17,586.20
20169-17,497.21
201610-17,707.38
201611-18,406.11
201612-18,670.72
20171-19,151.76
20172-19,486.78
20173-19,456.77
20174-19,786.05
20175-20,137.53
20176-20,336.47
20177-20,386.86
20178-20,723.91
20179-21,290.67
201710-21,629.10
201711-22,252.77
201712-23,334.68
20181-22,661.08
20182-22,675.71
20183-22,298.39
20184-22,735.80
20185-23,216.20
20186-23,583.19
20187-24,161.17
20188-24,567.02
20189-23,621.44
201810-23,131.03
201811-21,844.36
201812-22,223.50
20191-23,518.89
20192-23,977.04
20193-24,869.76
20194-24,488.81
20195-24,832.81
20196-25,783.25
20197-24,975.10
20198-25,745.64
20199-25,748.16
201910-26,889.75
201911-27,553.75
201912-28,475.81
20201-28,510.57
20202-23,117.02
20203-24,115.36
20204-25,535.12
20205-27,197.01
20206-28,142.50
20207-29,801.08
20208-29,614.22
20209-30,125.37
202010-31,316.56
202011-32,650.67
202012-33,563.35
20211-34,399.59
20212-34,682.14
20213-36,770.52
20214-37,050.06
20215-37,720.82
20216-38,878.17
20217-39,727.72
20218-39,694.15
20219-39,873.64
202110-41,765.54
202111-41,876.39
202112-41,017.10
20221-39,826.55
20222-39,471.07
20223-39,517.76
20224-36,406.64
20225-35,179.96
20226-35,343.43
20227-37,622.16
20228-34,884.25
20229-33,805.91
202210-35,592.59
202211-35,596.45
202212-36,086.42
Click to show 1302 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 1913 to 2022
Start Value
Average monthly close
$9.30
End Value
Average monthly close
$4,573.82
Change in price+49,080.81%
+5.85% / yr
Change incl. dividends+3,374,407.29%
+9.94% / yr
Change incl. dividends, inflation-adjusted+114,053.28%
+6.61% / yr
Final amount, nominal
($1 base)
$33,745.07
Final amount, inflation-adjusted
($1 base)
$1,141.53