S&P 500: $1 in 1915 → $35,502.22 in 2022

$

Stock market returns since 1915

If you invested $1 in the S&P 500 at the beginning of 1915, you would have about $35,502.22 at the end of 2022, assuming you reinvested all dividends. This is a return on investment of 3,550,122.41%, or 10.20% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 120,221.48% cumulatively, or 6.80% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $28,510.72.

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 $35,501.22, or 3,550,122.41%. This means by 2022 you would have $35,502.22 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 1915 was 10.100 and the CPI in 2022 was 298.012.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 107 years.

Adjusted for inflation, the $35,502.22 nominal end value of the original $1 investment would have a real return of roughly $1,202.21 in 1915 dollars. This means the inflation-adjusted return is 120,221.48% as opposed to the original 3,550,122.41%.

For more information on inflation, see our U.S. inflation calculator for 1915.

Full monthly data

The table below shows the full dataset pertaining to a $1 investment, including gains and losses over the 1294-month period between 1915 and 2022.

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

YearMonthReturn (%)Amount ($)CPI
19151-0.87%0.9910.10
191523.05%1.0210.00
191537.99%1.109.90
19154-1.90%1.0810.00
191551.58%1.1010.10
191560.07%1.1010.10
191574.69%1.1510.10
191584.14%1.2010.10
191595.95%1.2710.10
1915103.89%1.3210.20
1915110.59%1.3310.30
191512-1.20%1.3110.30
19161-1.00%1.3010.40
191620.08%1.3010.40
19163-0.67%1.2910.50
191642.64%1.3310.60
191651.41%1.3410.70
19166-0.95%1.3310.80
191671.22%1.3510.80
191684.55%1.4110.90
191693.55%1.4611.10
1916102.75%1.5011.30
191611-3.57%1.4511.50
191612-1.87%1.4211.60
19171-5.15%1.3511.70
191723.64%1.3912.00
19173-0.97%1.3812.00
19174-2.83%1.3412.60
191752.61%1.3812.80
19176-2.19%1.3513.00
19177-2.36%1.3112.80
19178-4.17%1.2613.00
19179-4.74%1.2013.30
191710-7.61%1.1113.50
191711-2.61%1.0813.50
1917126.87%1.1513.70
191813.84%1.2014.00
19182-1.27%1.1814.10
19183-0.21%1.1814.00
191843.94%1.2314.20
191850.85%1.2414.50
191861.51%1.2614.70
191871.62%1.2815.10
191880.14%1.2815.40
191894.91%1.3415.70
1918103.17%1.3816.00
191811-1.39%1.3616.30
191812-0.03%1.3616.50
191910.98%1.3816.50
191923.64%1.4316.20
191933.90%1.4816.40
191947.47%1.5916.70
191953.19%1.6516.90
191963.75%1.7116.90
19197-6.25%1.6017.40
191982.09%1.6317.70
191995.60%1.7317.80
191910-2.48%1.6818.10
191911-2.45%1.6418.50
191912-0.51%1.6318.90
19201-7.77%1.5119.30
192027.58%1.6219.50
19203-0.30%1.6219.70
19204-5.77%1.5220.30
19205-1.20%1.5020.60
192060.42%1.5120.90
19207-3.37%1.4620.80
192084.12%1.5220.30
192090.67%1.5320.00
192010-4.53%1.4619.90
192011-8.39%1.3419.80
1920125.03%1.4019.40
19211-0.11%1.4019.00
19212-1.96%1.3818.40
192131.04%1.3918.30
192143.63%1.4418.10
19215-7.43%1.3317.70
192160.31%1.3417.60
19217-0.61%1.3317.70
192183.10%1.3717.70
192191.96%1.4017.50
1921105.96%1.4817.50
1921114.09%1.5417.40
1921120.39%1.5517.30
192212.72%1.5916.90
192224.28%1.6616.90
192236.58%1.7716.70
192244.38%1.8416.70
19225-0.47%1.8416.70
192261.19%1.8616.70
192274.24%1.9416.80
192283.07%2.0016.60
192292.67%2.0516.60
192210-4.52%1.9616.70
1922110.25%1.9616.80
1922121.85%2.0016.90
192314.75%2.0916.80
192322.08%2.1416.80
19233-3.04%2.0716.80
19234-4.25%1.9816.90
19235-3.31%1.9216.90
19236-2.84%1.8617.00
192371.04%1.8817.20
192381.16%1.9017.10
19239-0.94%1.8917.20
1923103.54%1.9517.30
1923113.92%2.0317.30
1923123.79%2.1117.30
192410.95%2.1317.30
19242-1.42%2.1017.20
19243-1.79%2.0617.10
192440.17%2.0617.00
192452.42%2.1117.00
192465.16%2.2217.00
192473.93%2.3117.10
19248-0.48%2.3017.00
19249-0.81%2.2817.10
1924106.08%2.4217.20
1924115.87%2.5617.20
1924124.58%2.6817.30
192511.29%2.7117.30
19252-2.19%2.6517.20
19253-0.61%2.6417.30
192543.67%2.7317.20
192552.24%2.7917.30
192563.22%2.8817.50
192571.79%2.9317.70
192582.74%3.0117.70
192593.73%3.1317.70
1925103.53%3.2417.70
1925112.04%3.3018.00
1925121.93%3.3717.90
192610.56%3.3917.90
19262-6.38%3.1717.90
19263-2.35%3.1017.80
192641.15%3.1317.90
192655.22%3.2917.80
192664.66%3.4517.70
192674.39%3.6017.50
192681.94%3.6717.40
19269-1.83%3.6017.50
1926101.74%3.6617.60
1926112.71%3.7617.70
192612-0.24%3.7517.70
192712.37%3.8417.50
192721.97%3.9217.40
192732.88%4.0317.30
192743.87%4.1917.30
192751.70%4.2617.40
192762.62%4.3717.60
192775.73%4.6217.30
192786.06%4.9017.20
19279-1.17%4.8417.30
1927102.66%4.9717.40
1927112.72%5.1117.30
1927120.77%5.1517.30
19281-0.83%5.1017.30
192825.75%5.4017.10
192836.66%5.7617.10
192843.44%5.9617.10
19285-4.57%5.6817.20
192861.09%5.7517.10
192873.59%5.9517.10
192887.37%6.3917.10
192892.36%6.5417.30
1928107.08%7.0017.20
1928110.70%7.0517.20
1928127.69%7.6017.10
192910.81%7.6617.10
192922.05%7.8117.10
19293-0.30%7.7917.00
192941.80%7.9316.90
192952.20%8.1117.00
192969.20%8.8517.10
192975.96%9.3817.30
192984.24%9.7817.30
19299-10.32%8.7717.30
192910-26.19%6.4717.30
1929114.37%6.7517.30
1929121.83%6.8817.20
193016.64%7.3317.10
193024.12%7.6417.00
193036.69%8.1516.90
19304-5.65%7.6917.00
19305-9.77%6.9416.90
19306-1.76%6.8116.80
19307-0.90%6.7516.60
193080.34%6.7816.50
19309-13.37%5.8716.60
193010-6.80%5.4716.50
193011-6.19%5.1316.40
1930123.56%5.3116.10
193118.14%5.7515.90
193122.38%5.8815.70
19313-9.08%5.3515.60
19314-9.16%4.8615.50
19315-2.68%4.7315.30
193163.86%4.9115.10
19317-2.49%4.7915.10
19318-14.37%4.1015.10
19319-12.75%3.5815.00
1931102.05%3.6514.90
193111-18.10%2.9914.70
193112-0.85%2.9714.60
19321-0.05%2.9614.30
193221.14%3.0014.10
19323-23.22%2.3014.00
19324-11.31%2.0413.90
19325-12.39%1.7913.70
193266.18%1.9013.60
1932751.35%2.8713.60
1932810.37%3.1713.50
19329-13.22%2.7513.40
193210-0.34%2.7413.30
193211-2.64%2.6713.20
1932124.57%2.7913.10
19331-11.27%2.4812.90
193320.33%2.4912.70
1933311.24%2.7712.60
1933429.32%3.5812.60
1933517.58%4.2112.60
193368.46%4.5612.70
19337-4.64%4.3513.10
19338-0.48%4.3313.20
19339-9.38%3.9213.20
1933102.80%4.0313.20
1933112.32%4.1313.20
1933126.08%4.3813.20
193417.75%4.7213.20
19342-4.80%4.4913.30
193432.02%4.5813.30
19344-9.83%4.1313.30
193451.70%4.2013.30
19346-4.36%4.0213.40
19347-3.51%3.8813.40
19348-2.01%3.8013.40
193491.21%3.8513.60
1934103.21%3.9713.50
1934111.06%4.0113.50
1934120.40%4.0313.40
19351-2.62%3.9213.60
19352-5.93%3.6913.70
193537.94%3.9813.70
193548.27%4.3113.80
193554.17%4.4913.80
193565.60%4.7413.70
193577.10%5.0813.70
193582.43%5.2013.70
193592.99%5.3613.70
1935109.71%5.8813.70
1935110.29%5.9013.80
1935125.82%6.2413.80
193616.03%6.6213.80
193622.41%6.7813.80
193630.41%6.8013.70
19364-5.02%6.4613.70
193654.57%6.7613.70
193666.23%7.1813.80
193672.30%7.3413.90
193681.44%7.4514.00
193695.55%7.8614.00
1936103.10%8.1114.00
193611-1.40%7.9914.00
1936123.46%8.2714.00
193713.30%8.5414.10
193720.23%8.5614.10
19373-5.62%8.0814.20
19374-4.09%7.7514.30
19375-3.34%7.4914.40
193766.39%7.9714.40
193771.44%8.0914.50
19378-13.76%6.9714.50
19379-14.10%5.9914.60
193710-8.27%5.5014.60
193711-1.02%5.4414.50
1937123.24%5.6214.40
19381-1.80%5.5114.20
19382-6.02%5.1814.10
19383-3.44%5.0014.10
193841.56%5.0814.20
193852.93%5.2314.10
1938620.49%6.3014.10
193871.06%6.3714.10
19388-4.08%6.1114.10
1938911.62%6.8214.10
1938100.47%6.8514.00
193811-2.55%6.6814.00
193812-1.16%6.6014.00
19391-0.46%6.5714.00
193920.27%6.5913.90
19393-12.24%5.7813.90
193944.10%6.0213.80
193952.17%6.1513.80
193962.84%6.3213.80
19397-1.07%6.2513.80
1939811.06%6.9413.80
193991.38%7.0414.10
193910-1.41%6.9414.00
193911-1.97%6.8014.00
193912-0.15%6.7914.00
19401-0.23%6.7813.90
19402-0.15%6.7714.00
194031.42%6.8714.00
19404-13.34%5.9514.00
19405-8.09%5.4714.00
194063.87%5.6814.10
194072.65%5.8314.00
194084.76%6.1114.00
194091.47%6.2014.00
1940102.85%6.3714.00
194011-3.59%6.1414.00
1940120.72%6.1914.10
19411-5.72%5.8314.10
194121.18%5.9014.10
19413-2.55%5.7514.20
19414-1.59%5.6614.30
194154.11%5.8914.40
194165.71%6.2314.70
194170.08%6.2414.70
194180.86%6.2914.90
19419-3.43%6.0715.10
194110-4.08%5.8315.30
194111-5.88%5.4815.40
1941122.62%5.6315.50
19421-2.48%5.4915.70
19422-4.76%5.2315.80
19423-3.45%5.0516.00
194241.87%5.1416.10
194255.75%5.4316.30
194264.38%5.6716.30
194270.05%5.6816.40
194281.66%5.7716.50
194297.97%6.2316.50
1942102.15%6.3616.70
1942111.06%6.4316.80
1942126.50%6.8516.90
194316.43%7.2916.90
194324.01%7.5816.90
194333.79%7.8717.20
194344.36%8.2117.40
194352.18%8.3917.50
194362.47%8.6017.50
19437-4.54%8.2117.40
194382.55%8.4217.30
19439-0.50%8.3817.40
194310-4.21%8.0217.40
1943111.77%8.1717.40
1943123.67%8.4717.40
19441-0.24%8.4517.40
194423.24%8.7217.40
19443-1.31%8.6017.40
194442.20%8.7917.50
194455.14%9.2517.50
194463.02%9.5317.60
19447-1.06%9.4317.70
19448-1.23%9.3117.70
194492.88%9.5817.70
194410-0.28%9.5517.70
1944112.60%9.8017.70
1944123.38%10.1317.80
194513.73%10.5117.80
194520.31%10.5417.80
194532.90%10.8517.80
194544.16%11.3017.80
194552.19%11.5517.90
19456-1.70%11.3518.10
194570.71%11.4318.10
194587.18%12.2518.10
194594.51%12.8018.10
1945103.61%13.2718.10
1945112.02%13.5418.10
1945124.30%14.1218.20
194610.59%14.2018.20
19462-2.68%13.8218.10
194636.77%14.7518.30
194640.52%14.8318.40
19465-0.34%14.7818.50
19466-2.55%14.4018.70
19467-1.62%14.1719.80
19468-14.42%12.1320.20
19469-1.87%11.9020.40
194610-0.01%11.9020.80
1946113.39%12.3021.30
1946120.92%12.4221.50
194714.27%12.9521.50
19472-3.67%12.4721.50
19473-3.30%12.0621.90
19474-1.36%11.8921.90
194753.92%12.3621.90
194766.69%13.1922.00
19477-1.56%12.9822.20
19478-2.17%12.7022.50
194793.03%13.0923.00
194710-0.73%12.9923.00
194711-1.12%12.8423.10
194712-0.86%12.7323.40
19481-4.45%12.1723.70
194821.92%12.4023.50
194838.19%13.4223.40
194845.33%14.1323.80
194854.59%14.7823.90
19486-1.96%14.4924.10
19487-2.49%14.1324.40
19488-0.68%14.0324.50
194893.19%14.4824.50
194810-5.10%13.7424.40
194811-0.16%13.7224.20
1948121.63%13.9424.10
19491-3.33%13.4824.00
194921.49%13.6823.80
194930.41%13.7423.80
19494-0.18%13.7123.90
19495-4.91%13.0423.80
194966.26%13.8623.90
194974.17%14.4323.70
194981.87%14.7023.80
194993.14%15.1723.90
1949101.95%15.4623.70
1949113.24%15.9623.80
1949122.63%16.3823.60
195012.52%16.7923.50
195021.38%17.0323.50
195033.39%17.6023.60
195043.91%18.2923.60
195052.16%18.6923.70
19506-6.72%17.4323.80
195076.64%18.5924.10
195084.11%19.3524.30
195094.72%20.2724.40
1950100.38%20.3424.60
1950110.19%20.3824.70
1950128.01%22.0125.00
195114.31%22.9625.40
19512-1.11%22.7125.70
195131.93%23.1425.80
195140.63%23.2925.80
19515-1.15%23.0225.90
195162.37%23.5725.90
195174.97%24.7425.90
195183.14%25.5125.90
195190.03%25.5226.10
195110-2.25%24.9526.20
1951113.61%25.8526.40
1951123.83%26.8426.50
19521-1.33%26.4826.50
195220.75%26.6826.30
195230.20%26.7326.30
195240.46%26.8626.40
195253.24%27.7326.40
195263.37%28.6626.50
195270.88%28.9126.70
19528-1.11%28.5926.70
19529-1.61%28.1326.70
1952103.67%29.1626.70
1952114.51%30.4826.70
1952120.99%30.7826.70
19531-0.77%30.5426.60
195320.96%30.8426.50
19533-4.47%29.4626.60
195341.00%29.7526.60
19535-3.11%28.8326.70
195361.91%29.3826.80
195370.90%29.6426.80
19538-4.11%28.4326.90
195393.52%29.4326.90
1953102.71%30.2227.00
1953111.84%30.7826.90
1953123.02%31.7126.90
195412.68%32.5626.90
195422.58%33.4026.90
195434.45%34.8826.90
195444.42%36.4326.80
195451.22%36.8726.90
195464.46%38.5226.90
195472.39%39.4426.90
195482.74%40.5226.90
195492.71%41.6226.80
1954104.30%43.4126.80
1954114.95%45.5626.80
1954122.17%46.5426.70
195513.70%48.2726.70
19552-0.44%48.0626.70
195533.81%49.8926.70
19554-0.08%49.8526.70
195556.15%52.9126.70
195567.64%56.9626.70
19557-0.30%56.7926.80
195584.82%59.5226.80
19559-4.72%56.7126.90
1955107.07%60.7226.90
1955111.24%61.4726.90
195512-2.39%60.0026.80
195610.95%60.5726.80
195627.21%64.9326.80
195631.48%65.9026.80
19564-2.84%64.0326.90
19565-0.26%63.8627.00
195665.75%67.5327.20
19567-0.28%67.3427.40
19568-3.09%65.2627.30
19569-0.95%64.6427.40
195610-0.71%64.1827.50
1956111.81%65.3427.50
195612-1.86%64.1227.60
19571-4.00%61.5627.60
195721.62%62.5527.70
195732.64%64.2127.80
195744.16%66.8827.90
195751.95%68.1928.00
195762.32%69.7728.10
19577-5.21%66.1428.30
19578-3.74%63.6728.30
19579-5.90%59.9128.30
195710-1.80%58.8328.30
1957110.32%59.0228.40
1957122.33%60.3928.40
195810.70%60.8228.60
195822.42%62.2928.60
195830.90%62.8528.80
195843.56%65.0828.90
195852.74%66.8628.90
195863.07%68.9228.90
195874.05%71.7129.00
195882.94%73.8228.90
195894.36%77.0428.90
1958103.33%79.6028.90
1958112.16%81.3229.00
1958124.25%84.7828.90
19591-1.27%83.7129.00
195922.81%86.0628.90
195931.94%87.7328.90
195941.77%89.2829.00
19595-0.61%88.7329.00
195964.23%92.4929.10
19597-0.32%92.1929.20
19598-3.70%88.7829.20
195990.18%88.9329.30
1959100.67%89.5329.40
1959113.46%92.6329.40
195912-1.49%91.2529.40
19601-3.61%87.9629.30
19602-1.08%87.0129.40
196031.58%88.3929.40
19604-0.62%87.8429.50
196053.99%91.3429.50
19606-2.20%89.3429.60
196071.49%90.6729.60
19608-2.72%88.2029.60
19609-1.67%86.7229.60
1960103.54%89.7929.80
1960112.69%92.2129.80
1960125.43%97.2129.80
196114.37%101.4729.80
196123.40%104.9129.80
196132.92%107.9829.80
196141.26%109.3429.80
19615-1.08%108.1629.80
19616-0.03%108.1329.80
196173.84%112.2830.00
19618-0.54%111.6729.90
196191.34%113.1730.00
1961104.77%118.5730.00
1961111.16%119.9530.00
196112-3.49%115.7730.00
196211.91%117.9830.00
196220.34%118.3830.10
19623-2.94%114.9030.10
19624-7.19%106.6430.20
19625-11.41%94.4730.20
196262.72%97.0430.20
196273.02%99.9730.30
19628-0.59%99.3830.30
19629-2.86%96.5430.40
1962107.20%103.4930.40
1962114.62%108.2730.40
1962124.15%112.7630.40
196311.60%114.5630.40
19632-0.11%114.4430.40
196334.98%120.1430.50
196342.27%122.8630.50
196350.22%123.1330.50
19636-1.22%121.6330.60
196373.03%125.3130.70
196382.89%128.9430.70
196390.50%129.5830.70
196310-0.31%129.1830.80
1963112.39%132.2830.80
1963123.33%136.6830.90
196411.48%138.7030.90
196422.07%141.5830.90
196431.69%143.9730.90
196441.22%145.7330.90
19645-0.35%145.2230.90
196463.96%150.9731.00
19647-1.23%149.1231.10
196481.97%152.0531.00
196491.97%155.0531.10
1964100.94%156.5031.10
196411-1.49%154.1731.20
1964122.82%158.5231.20
196510.98%160.0631.20
196520.34%160.6031.20
196531.56%163.1031.30
196541.73%165.9331.40
19655-4.51%158.4531.40
196560.10%158.6131.60
196572.12%161.9731.60
196583.60%167.8031.60
196592.50%171.9931.60
1965101.08%173.8431.70
196511-0.21%173.4731.70
1965121.98%176.9131.80
19661-0.43%176.1431.80
19662-3.86%169.3432.00
196633.32%174.9632.10
19664-5.01%166.2032.30
19665-0.56%165.2732.30
196660.02%165.3032.40
19667-5.77%155.7732.50
19668-3.22%150.7432.70
19669-0.56%149.8932.70
1966105.32%157.8632.90
1966110.72%158.9932.90
1966124.13%165.5632.90
196713.73%171.7332.90
196722.63%176.2632.90
196731.99%179.7733.00
196742.06%183.4733.10
19675-0.99%181.6533.20
196761.99%185.2733.30
196771.85%188.7033.40
196781.65%191.8233.50
196790.10%192.0033.60
196710-2.88%186.4733.70
1967113.11%192.2733.80
196712-0.02%192.2433.90
19681-4.26%184.0634.10
19682-1.56%181.1934.20
196837.66%195.0734.30
196842.56%200.0634.40
196852.94%205.9434.50
196860.05%206.0434.70
19687-1.93%202.0634.90
196883.51%209.1435.00
196892.72%214.8335.10
1968101.79%218.6635.30
1968111.29%221.4735.40
196812-3.99%212.6535.50
19691-0.24%212.1435.60
19692-1.91%208.0835.80
196932.27%212.8136.10
196943.51%220.2936.30
19695-4.97%209.3436.40
19696-4.21%200.5436.60
19697-0.28%199.9736.80
196980.63%201.2237.00
196991.35%203.9337.10
1969101.00%205.9737.30
196911-5.03%195.6137.50
196912-0.59%194.4637.70
19701-3.20%188.2437.80
197022.01%192.0338.00
19703-2.75%186.7638.20
19704-11.20%165.8438.50
19705-0.27%165.3938.60
197060.52%166.2638.80
197073.26%171.6739.00
197086.32%182.5239.00
197092.49%187.0739.20
1970100.21%187.4539.40
1970117.16%200.8739.60
1970124.11%209.1339.80
197114.15%217.8139.80
197122.83%223.9839.90
197133.67%232.2140.00
19714-1.11%229.6340.10
19715-1.60%225.9740.30
19716-0.46%224.9240.60
19717-1.52%221.5140.70
197182.49%227.0240.80
19719-1.86%222.7940.80
197110-4.37%213.0540.90
1971117.16%228.3140.90
1971124.42%238.4141.10
197212.09%243.3841.10
197222.62%249.7641.30
197231.26%252.9041.40
19724-0.78%250.9441.50
197250.52%252.2441.60
19726-0.50%250.9741.70
197273.78%260.4641.90
19728-1.21%257.3142.00
197290.42%258.3842.10
1972105.25%271.9642.30
1972112.31%278.2442.40
1972120.99%281.0042.50
19731-3.33%271.6542.60
19732-1.35%268.0042.90
19733-1.63%263.6243.30
19734-2.57%256.8543.60
19735-1.99%251.7443.90
197361.21%254.7844.20
19737-1.64%250.6244.30
197382.00%255.6245.10
197394.24%266.4445.20
197310-6.85%248.1845.60
197311-6.81%231.2945.90
1973121.70%235.2346.20
19741-2.47%229.4146.60
197424.57%239.9147.20
19743-4.82%228.3547.80
19744-2.71%222.1748.00
197450.46%223.1948.60
19746-11.35%197.8649.00
19747-3.76%190.4149.40
19748-10.01%171.3550.00
197492.38%175.4250.60
1974103.74%181.9951.10
197411-6.09%170.9051.50
1974128.63%185.6551.90
1975110.81%205.7252.10
197524.97%215.9552.50
197531.49%219.1652.70
197546.71%233.8752.90
197552.89%240.6453.20
197560.43%241.6853.60
19757-7.00%224.7754.20
19758-0.85%222.8654.30
197594.97%233.9354.60
1975102.04%238.7154.90
197511-1.18%235.9055.30
1975129.55%258.4155.50
197614.18%269.2155.60
197620.80%271.3755.80
197631.10%274.3455.90
19764-0.38%273.2956.10
197650.90%275.7556.50
197662.67%283.1056.80
19767-0.56%281.5157.10
197682.44%288.3857.40
19769-3.11%279.4157.60
197610-0.37%278.3957.90
1976113.79%288.9358.00
197612-0.54%287.3858.20
19771-2.37%280.5758.50
19772-0.05%280.4259.10
19773-1.19%277.0759.50
197740.06%277.2560.00
197750.90%279.7560.30
197761.28%283.3360.70
19777-2.08%277.4461.00
19778-1.18%274.1861.20
19779-2.20%268.1661.40
1977100.98%270.7961.60
197711-0.08%270.5761.90
197712-3.39%261.4062.10
19781-0.97%258.8662.50
197820.27%259.5462.90
197834.83%272.0863.40
197845.50%287.0663.90
197850.67%288.9964.50
19786-0.06%288.8165.20
197877.33%309.9765.70
197880.40%311.2166.00
19789-2.77%302.5866.50
197810-5.44%286.1367.10
1978111.92%291.6367.40
1978124.19%303.8467.70
19791-1.06%300.6268.30
197922.34%307.6669.10
197932.43%315.1469.80
19794-1.89%309.1870.60
197952.42%316.6571.50
197961.42%321.1572.30
197975.01%337.2573.10
197981.54%342.4573.80
19799-3.35%330.9774.60
197910-0.32%329.9075.20
1979114.40%344.4375.90
1979123.31%355.8476.70
198014.40%371.4877.80
19802-8.78%338.8778.90
19803-1.16%334.9380.10
198045.04%351.8081.00
198056.86%375.9581.80
198064.97%394.6382.70
198073.50%408.4682.70
198082.84%420.0483.30
198093.32%434.0184.00
1980104.61%454.0384.80
198011-1.24%448.3885.50
1980120.01%448.4386.30
19811-3.07%434.6687.00
198124.14%452.6787.90
198131.29%458.5388.50
19814-1.62%451.1189.10
198150.86%454.9889.80
19816-2.02%445.8190.60
198170.80%449.3891.60
19818-8.30%412.0792.30
198191.73%419.1993.20
1981103.04%431.9593.40
1981111.18%437.0493.70
198112-4.80%416.0594.00
19821-1.91%408.0894.30
19822-2.74%396.8894.60
198235.47%418.5994.50
198240.57%420.9894.90
19825-5.27%398.7995.80
198260.24%399.7697.00
198270.79%402.9397.50
1982812.10%451.6797.70
198298.88%491.7997.90
1982104.50%513.9298.20
1982111.36%520.8998.00
1982123.93%541.3397.60
198312.13%552.8797.80
198323.87%574.2497.90
198334.20%598.3497.90
198344.42%624.8198.60
198351.75%635.7799.20
198360.71%640.2799.50
19837-2.41%624.8699.90
198383.31%645.56100.20
198390.65%649.75100.70
198310-1.14%642.33101.00
198311-0.13%641.51101.20
1983121.58%651.62101.30
19841-5.11%618.30101.90
198420.44%621.04102.40
198430.51%624.19102.60
19844-0.25%622.61103.10
19845-1.85%611.11103.40
19846-0.91%605.55103.70
198479.21%661.30104.10
198481.41%670.61104.50
19849-0.41%667.84105.00
1984101.29%676.43105.30
198411-0.71%671.64105.30
1984124.70%703.20105.30
198515.79%743.89105.50
19852-0.48%740.33106.00
198531.02%747.92106.40
198542.74%768.38106.90
198552.51%787.67107.30
198562.25%805.38107.60
19857-1.85%790.51107.80
19858-1.88%775.61108.00
198591.50%787.21108.30
1985106.42%837.76108.70
1985115.29%882.11109.00
1985120.75%888.74109.30
198615.70%939.38109.60
198626.18%997.45109.30
198632.74%1,024.80108.80
198640.49%1,029.84108.60
198653.13%1,062.11108.90
19866-1.80%1,042.95109.50
198672.28%1,066.74109.50
19868-2.46%1,040.53109.70
19869-0.09%1,039.60110.20
1986103.53%1,076.33110.30
1986111.71%1,094.72110.40
1986126.67%1,167.78110.50
198716.46%1,243.24111.20
198724.38%1,297.64111.60
19873-0.86%1,286.53112.10
198740.17%1,288.76112.70
198754.50%1,346.73113.10
198763.12%1,388.78113.50
198776.45%1,478.41113.80
19878-3.03%1,433.61114.40
19879-11.85%1,263.67115.00
198710-12.30%1,108.19115.30
198711-1.33%1,093.40115.40
1987124.25%1,139.83115.40
198813.33%1,177.77115.70
198823.23%1,215.84116.00
19883-0.89%1,205.07116.50
19884-2.19%1,178.70117.10
198856.00%1,249.40117.50
19886-0.31%1,245.56118.00
19887-1.72%1,224.16118.50
198881.93%1,247.75119.00
198893.80%1,295.18119.80
198810-2.02%1,269.02120.20
1988112.33%1,298.54120.30
1988123.51%1,344.15120.50
198913.30%1,388.50121.10
19892-0.16%1,386.26121.60
198933.56%1,435.68122.30
198944.12%1,494.76123.10
198953.39%1,545.47123.80
198962.80%1,588.75124.10
198974.69%1,663.27124.40
198980.46%1,670.85124.60
198990.29%1,675.63125.00
198910-1.81%1,645.24125.60
1989112.74%1,690.27125.90
198912-2.21%1,652.89126.10
19901-2.53%1,611.12127.40
199022.71%1,654.74128.00
199030.20%1,657.98128.70
199043.85%1,721.83128.90
199053.17%1,776.41129.20
199060.17%1,779.42129.90
19907-7.86%1,639.54130.40
19908-4.34%1,568.36131.60
19909-2.32%1,532.04132.70
1990102.98%1,577.76133.50
1990114.59%1,650.12133.80
199012-0.69%1,638.82133.80
1991111.61%1,829.03134.60
199123.04%1,884.72134.80
199132.26%1,927.29135.00
19914-0.18%1,923.84135.20
199150.35%1,930.52135.60
199160.78%1,945.59136.00
199172.68%1,997.71136.20
19918-0.30%1,991.65136.60
199190.18%1,995.27137.20
1991100.02%1,995.59137.40
1991110.94%2,014.25137.80
1991127.36%2,162.46137.90
19921-0.60%2,149.46138.10
19922-1.01%2,127.70138.60
199230.26%2,133.33139.30
199242.07%2,177.45139.50
19925-1.33%2,148.51139.70
199261.91%2,189.59140.20
199270.94%2,210.21140.50
199280.38%2,218.57140.90
19929-1.18%2,192.35141.30
1992102.76%2,252.79141.80
1992113.27%2,326.48142.00
1992120.14%2,329.80141.90
199311.72%2,369.98142.60
199322.15%2,420.93143.10
19933-1.34%2,388.45143.60
199340.72%2,405.76144.00
199350.87%2,426.58144.20
199360.06%2,428.06144.40
199371.76%2,470.85144.40
199381.35%2,504.33144.80
199391.24%2,535.43145.10
1993100.01%2,535.62145.70
1993110.89%2,558.12145.80
1993121.74%2,602.52145.80
19941-0.08%2,600.55146.20
19942-1.42%2,563.53146.70
19943-3.35%2,477.74147.20
199441.06%2,503.96147.40
199451.11%2,531.71147.50
19946-0.52%2,518.57148.00
199473.08%2,596.19148.40
199480.82%2,617.42149.00
19949-0.44%2,605.80149.40
199410-0.37%2,596.16149.50
199411-1.03%2,569.53149.70
1994122.45%2,632.51149.70
199513.82%2,733.05150.30
199522.56%2,802.97150.90
199533.22%2,893.10151.40
199543.35%2,989.95151.90
199553.18%3,084.98152.20
199563.55%3,194.42152.50
199570.51%3,210.82152.50
199583.72%3,330.18152.90
199590.91%3,360.57153.20
1995102.36%3,439.83153.70
1995113.39%3,556.41153.60
1995120.16%3,562.19153.50
199615.90%3,772.52154.40
19962-0.20%3,764.94154.90
199630.20%3,772.36155.70
199642.35%3,861.20156.30
199651.28%3,910.56156.60
19966-3.48%3,774.61156.70
199673.08%3,890.71157.00
199682.02%3,969.45157.30
199694.12%4,132.97157.80
1996105.05%4,341.77158.30
1996111.20%4,393.79158.60
1996123.26%4,536.92158.60
199714.36%4,734.79159.10
19972-0.62%4,705.26159.60
19973-3.41%4,545.03160.00
199749.22%4,963.98160.20
199755.34%5,228.90160.10
199765.74%5,528.83160.30
199770.35%5,548.06160.50
199781.19%5,614.19160.80
199791.65%5,706.56161.20
199710-1.15%5,640.82161.60
1997112.63%5,789.44161.50
1997120.24%5,803.16161.30
199816.40%6,174.69161.60
199825.31%6,502.74161.90
199833.41%6,724.21162.20
19984-0.22%6,709.29162.50
199850.12%6,717.10162.80
199864.47%7,017.20163.00
19987-6.97%6,528.03163.20
19988-4.90%6,208.26163.40
199891.29%6,288.40163.60
19981010.97%6,978.51164.00
1998114.10%7,264.91164.00
1998125.05%7,631.62163.90
19991-0.07%7,626.53164.30
199922.92%7,849.50164.50
199934.25%8,183.10165.00
19994-0.10%8,175.01166.20
19995-0.61%8,125.00166.20
199964.52%8,492.45166.20
19997-3.77%8,171.91166.70
19998-0.60%8,123.04167.10
19999-1.27%8,019.68167.90
1999107.11%8,589.55168.20
1999112.81%8,830.81168.30
199912-0.12%8,820.30168.30
20001-2.48%8,601.73168.80
200023.94%8,940.72169.80
200031.42%9,068.10171.20
20004-2.84%8,810.67171.30
200053.16%9,089.40171.50
200060.85%9,166.69172.40
200070.94%9,252.83172.80
20008-1.08%9,152.93172.80
20009-5.21%8,675.67173.70
200010-0.77%8,608.65174.00
200011-3.32%8,322.84174.10
2000120.46%8,360.70174.00
20011-2.14%8,182.10175.10
20012-9.08%7,439.17175.80
200130.45%7,472.55176.20
200146.88%7,986.61176.90
20015-2.39%7,795.84177.70
20016-2.66%7,588.45178.00
20017-2.05%7,433.21177.50
20018-11.25%6,597.17177.50
200193.18%6,807.22178.30
2001105.05%7,151.20177.70
2001111.47%7,256.04177.40
200112-0.30%7,234.44176.70
20021-3.35%6,991.89177.10
200224.95%7,337.66177.80
20023-3.51%7,079.78178.80
20024-2.82%6,880.10179.80
20025-5.92%6,472.74179.80
20026-10.76%5,776.37179.90
200271.14%5,842.15180.10
20028-4.76%5,564.19180.70
20029-1.37%5,488.13181.00
2002106.63%5,851.75181.30
200211-1.04%5,791.18181.30
200212-0.22%5,778.29180.90
20031-6.41%5,407.63181.70
200321.31%5,478.35183.10
200335.29%5,767.93184.20
200345.31%6,074.33183.80
200355.70%6,420.83183.50
200360.60%6,459.09183.70
20037-0.17%6,448.34183.90
200383.16%6,652.19184.60
200392.03%6,787.08185.20
2003101.21%6,869.25185.00
2003113.06%7,079.71184.50
2003124.93%7,429.09184.30
200411.09%7,509.82185.20
20042-1.57%7,392.27186.20
200430.97%7,463.84187.40
20044-2.56%7,272.45188.00
200452.86%7,480.27189.10
20046-2.24%7,312.81189.70
20047-1.39%7,211.34189.40
200482.78%7,412.00189.50
200490.10%7,419.60189.90
2004104.77%7,773.81190.90
2004112.73%7,985.83191.00
200412-1.35%7,878.09190.30
200511.68%8,010.54190.70
20052-0.26%7,990.06191.80
20053-2.41%7,797.59193.30
200541.34%7,901.75194.60
200552.18%8,074.07194.40
200561.81%8,220.03194.50
200570.31%8,245.51195.40
200580.28%8,268.57196.40
20059-2.62%8,051.59198.80
2005103.96%8,370.56199.20
2005112.14%8,550.03197.60
2005121.47%8,675.44196.80
20061-0.02%8,674.00198.30
200621.49%8,802.90198.70
200630.80%8,873.18199.80
20064-0.79%8,803.38201.50
20065-2.71%8,565.18202.50
200660.72%8,626.85202.90
200672.29%8,824.56203.50
200682.53%9,047.92203.90
200693.62%9,375.09202.90
2006102.00%9,562.75201.80
2006112.15%9,768.18201.50
2006120.69%9,835.85201.80
200711.60%9,992.84202.42
20072-2.47%9,745.63203.50
200734.18%10,153.02205.35
200743.39%10,497.39206.69
200750.34%10,533.59207.95
200760.57%10,594.12208.35
20077-4.20%10,149.05208.30
200783.07%10,461.11207.92
200792.99%10,774.06208.49
200710-4.81%10,256.23208.94
2007111.24%10,383.22210.18
200712-6.64%9,694.28210.04
20081-1.56%9,542.66211.08
20082-2.63%9,292.01211.69
200834.24%9,686.35213.53
200842.56%9,934.57214.82
20085-4.25%9,512.69216.63
20086-6.08%8,934.46218.82
200872.11%9,123.03219.96
20088-4.85%8,680.79219.09
20089-20.19%6,927.82218.78
200810-8.61%6,331.66216.57
200811-0.35%6,309.42212.43
200812-1.10%6,240.30210.23
20091-6.70%5,822.04211.14
20092-5.69%5,490.92212.19
2009312.32%6,167.49212.71
200946.66%6,578.24213.24
200952.87%6,766.96213.86
200961.28%6,853.42215.69
200978.12%7,409.97215.35
200983.65%7,680.45215.83
200992.40%7,865.02215.97
2009102.09%8,029.74216.18
2009112.23%8,208.47216.33
2009121.36%8,319.86215.95
20101-2.90%8,078.71216.69
201025.94%8,558.83216.74
201034.09%8,908.71217.63
20104-5.88%8,384.67218.01
20105-3.54%8,087.55218.18
20106-0.16%8,074.68217.97
201070.86%8,144.42218.01
201083.37%8,418.98218.31
201094.58%8,804.35218.44
2010102.49%9,023.66218.71
2010113.71%9,358.78218.80
2010123.46%9,682.80219.18
201113.15%9,987.89220.22
20112-1.11%9,876.78221.31
201132.22%10,096.14223.47
201140.66%10,162.69224.91
20115-3.66%9,790.48225.96
201163.10%10,094.15225.72
20117-10.40%9,044.29225.92
20118-0.79%8,972.91226.55
201193.02%9,243.80226.89
2011101.77%9,407.14226.42
2011111.55%9,553.40226.23
2011124.78%10,010.30225.67
201214.16%10,426.99226.67
201222.88%10,727.69227.66
20123-0.04%10,723.59229.39
20124-3.09%10,392.13230.09
20125-1.15%10,272.37229.82
201262.92%10,572.43229.48
201273.39%10,930.59229.10
201283.02%11,260.82230.38
20129-0.22%11,236.37231.41
201210-2.84%10,917.54231.32
2012112.18%11,155.06230.22
2012124.27%11,631.24229.60
201312.33%11,902.60230.28
201322.72%12,226.64232.17
201331.45%12,404.39232.77
201344.57%12,971.80232.53
20135-1.12%12,826.81232.95
201363.25%13,244.25233.50
201370.25%13,277.70233.60
201381.19%13,436.03233.88
201392.12%13,720.54234.15
2013103.86%14,250.16233.55
2013111.52%14,467.00233.07
2013120.97%14,607.01233.05
20141-0.13%14,588.01233.92
201422.72%14,985.14234.78
201430.20%15,015.37236.29
201441.53%15,245.41237.07
201453.20%15,732.70237.90
201461.50%15,968.03238.34
20147-0.43%15,899.86238.25
201481.78%16,182.56237.85
20149-2.65%15,754.28238.03
2014105.71%16,653.16237.43
2014110.63%16,758.72236.15
201412-1.11%16,572.69234.81
201512.83%17,041.27233.71
201520.06%17,050.71234.72
201530.88%17,200.48236.12
201540.98%17,368.86236.60
20155-0.44%17,293.22237.81
20156-0.08%17,279.44238.64
20157-2.42%16,860.52238.65
20158-4.51%16,100.60238.32
201594.32%16,795.68237.95
2015102.93%17,288.21237.84
201511-1.10%17,097.53237.34
201512-6.42%15,999.93236.53
20161-0.55%15,911.95236.92
201626.36%16,924.38237.11
201632.83%17,403.55238.13
20164-0.30%17,350.58239.26
201651.07%17,535.63240.23
201663.30%18,113.85241.02
201671.20%18,331.08240.63
20168-0.44%18,250.67240.85
20169-0.51%18,158.33241.43
2016101.20%18,376.44241.73
2016113.95%19,101.56241.35
2016121.44%19,376.18241.43
201712.58%19,875.39242.84
201721.75%20,223.06243.60
20173-0.15%20,191.92243.80
201741.69%20,533.64244.52
201751.78%20,898.41244.73
201760.99%21,104.86244.96
201770.25%21,157.16244.79
201781.65%21,506.94245.52
201792.73%22,095.11246.82
2017101.59%22,446.33246.66
2017112.88%23,093.57246.67
2017124.86%24,216.35246.52
20181-2.89%23,517.30247.87
201820.06%23,532.49248.99
20183-1.66%23,140.92249.55
201841.96%23,594.85250.55
201852.11%24,093.41251.59
201861.58%24,474.26251.99
201872.45%25,074.08252.01
201881.68%25,495.26252.15
20189-3.85%24,513.95252.44
201810-2.08%24,005.01252.89
201811-5.56%22,669.73252.04
2018121.74%23,063.19251.23
201915.83%24,407.53251.71
201921.95%24,882.99252.78
201933.72%25,809.44254.20
20194-1.53%25,414.09255.55
201951.40%25,771.10256.09
201963.83%26,757.45256.14
20197-3.13%25,918.76256.57
201983.09%26,718.41256.56
201990.01%26,721.03256.76
2019104.43%27,905.76257.35
2019112.47%28,594.84257.21
2019123.35%29,551.74256.97
202010.12%29,587.81257.97
20202-18.92%23,990.48258.68
202034.32%25,026.53258.12
202045.89%26,499.93256.39
202056.51%28,224.62256.39
202063.48%29,205.83257.80
202075.89%30,927.08259.10
20208-0.63%30,733.17259.92
202091.73%31,263.62260.28
2020103.95%32,499.82260.39
2020114.26%33,884.34260.23
2020122.80%34,831.51260.47
202112.49%35,699.35261.58
202120.82%35,992.57263.01
202136.02%38,159.85264.88
202140.76%38,449.96267.05
202151.81%39,146.06269.20
202163.07%40,347.14271.70
202172.19%41,228.79273.00
20218-0.08%41,193.95273.57
202190.45%41,380.22274.31
2021104.74%43,343.61276.59
2021110.27%43,458.65277.95
202112-2.05%42,566.89278.80
20221-2.90%41,331.36281.15
20222-0.89%40,962.44283.72
202230.12%41,010.90287.50
20224-7.87%37,782.23289.11
20225-3.37%36,509.20292.30
202260.46%36,678.85296.31
202276.45%39,043.68296.28
20228-7.28%36,202.31296.17
20229-3.09%35,083.24296.81
2022101.19%35,502.22298.01
Click to show 1278 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 1915. This would result in a final amount of $28,510.72, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $35,502.22).

YearMonthContribution ($)Amount ($)
191510.040.04
191520.040.08
191530.040.13
191540.040.17
191550.040.21
191560.040.25
191570.040.30
191580.040.36
191590.040.42
1915100.040.48
1915110.040.52
1915120.040.56
191610.040.59
191620.040.63
191630.040.67
191640.040.72
191650.040.77
191660.040.81
191670.040.86
191680.040.94
191690.041.01
1916100.041.08
1916110.041.08
1916120.041.10
191710.041.08
19172-1.12
19173-1.11
19174-1.08
19175-1.11
19176-1.08
19177-1.06
19178-1.01
19179-0.96
191710-0.89
191711-0.87
191712-0.93
19181-0.96
19182-0.95
19183-0.95
19184-0.99
19185-0.99
19186-1.01
19187-1.03
19188-1.03
19189-1.08
191810-1.11
191811-1.10
191812-1.10
19191-1.11
19192-1.15
19193-1.19
19194-1.28
19195-1.32
19196-1.37
19197-1.29
19198-1.31
19199-1.39
191910-1.35
191911-1.32
191912-1.31
19201-1.21
19202-1.30
19203-1.30
19204-1.22
19205-1.21
19206-1.21
19207-1.17
19208-1.22
19209-1.23
192010-1.17
192011-1.07
192012-1.13
19211-1.13
19212-1.10
19213-1.12
19214-1.16
19215-1.07
19216-1.07
19217-1.07
19218-1.10
19219-1.12
192110-1.19
192111-1.24
192112-1.24
19221-1.28
19222-1.33
19223-1.42
19224-1.48
19225-1.47
19226-1.49
19227-1.55
19228-1.60
19229-1.65
192210-1.57
192211-1.57
192212-1.60
19231-1.68
19232-1.71
19233-1.66
19234-1.59
19235-1.54
19236-1.50
19237-1.51
19238-1.53
19239-1.51
192310-1.57
192311-1.63
192312-1.69
19241-1.71
19242-1.68
19243-1.65
19244-1.66
19245-1.70
19246-1.78
19247-1.85
19248-1.84
19249-1.83
192410-1.94
192411-2.05
192412-2.15
19251-2.18
19252-2.13
19253-2.12
19254-2.19
19255-2.24
19256-2.32
19257-2.36
19258-2.42
19259-2.51
192510-2.60
192511-2.65
192512-2.70
19261-2.72
19262-2.55
19263-2.49
19264-2.51
19265-2.65
19266-2.77
19267-2.89
19268-2.95
19269-2.89
192610-2.94
192611-3.02
192612-3.02
19271-3.09
19272-3.15
19273-3.24
19274-3.36
19275-3.42
19276-3.51
19277-3.71
19278-3.94
19279-3.89
192710-3.99
192711-4.10
192712-4.13
19281-4.10
19282-4.33
19283-4.62
19284-4.78
19285-4.56
19286-4.61
19287-4.78
19288-5.13
19289-5.25
192810-5.63
192811-5.66
192812-6.10
19291-6.15
19292-6.28
19293-6.26
19294-6.37
19295-6.51
19296-7.11
19297-7.53
19298-7.85
19299-7.04
192910-5.20
192911-5.42
192912-5.52
19301-5.89
19302-6.13
19303-6.54
19304-6.17
19305-5.57
19306-5.47
19307-5.42
19308-5.44
19309-4.71
193010-4.39
193011-4.12
193012-4.27
19311-4.62
19312-4.73
19313-4.30
19314-3.90
19315-3.80
19316-3.94
19317-3.85
19318-3.29
19319-2.87
193110-2.93
193111-2.40
193112-2.38
19321-2.38
19322-2.41
19323-1.85
19324-1.64
19325-1.44
19326-1.53
19327-2.31
19328-2.55
19329-2.21
193210-2.20
193211-2.15
193212-2.24
19331-1.99
19332-2.00
19333-2.22
19334-2.87
19335-3.38
19336-3.66
19337-3.49
19338-3.48
19339-3.15
193310-3.24
193311-3.31
193312-3.52
19341-3.79
19342-3.61
19343-3.68
19344-3.32
19345-3.37
19346-3.23
19347-3.11
19348-3.05
19349-3.09
193410-3.19
193411-3.22
193412-3.23
19351-3.15
19352-2.96
19353-3.20
19354-3.46
19355-3.61
19356-3.81
19357-4.08
19358-4.18
19359-4.30
193510-4.72
193511-4.74
193512-5.01
19361-5.31
19362-5.44
19363-5.46
19364-5.19
19365-5.43
19366-5.77
19367-5.90
19368-5.98
19369-6.32
193610-6.51
193611-6.42
193612-6.64
19371-6.86
19372-6.88
19373-6.49
19374-6.23
19375-6.02
19376-6.40
19377-6.49
19378-5.60
19379-4.81
193710-4.41
193711-4.37
193712-4.51
19381-4.43
19382-4.16
19383-4.02
19384-4.08
19385-4.20
19386-5.06
19387-5.11
19388-4.91
19389-5.48
193810-5.50
193811-5.36
193812-5.30
19391-5.27
19392-5.29
19393-4.64
19394-4.83
19395-4.94
19396-5.08
19397-5.02
19398-5.58
19399-5.65
193910-5.57
193911-5.46
193912-5.46
19401-5.44
19402-5.44
19403-5.51
19404-4.78
19405-4.39
19406-4.56
19407-4.68
19408-4.90
19409-4.98
194010-5.12
194011-4.93
194012-4.97
19411-4.69
19412-4.74
19413-4.62
19414-4.55
19415-4.73
19416-5.00
19417-5.01
19418-5.05
19419-4.88
194110-4.68
194111-4.40
194112-4.52
19421-4.41
19422-4.20
19423-4.05
19424-4.13
19425-4.36
19426-4.56
19427-4.56
19428-4.63
19429-5.00
194210-5.11
194211-5.16
194212-5.50
19431-5.85
19432-6.09
19433-6.32
19434-6.60
19435-6.74
19436-6.91
19437-6.59
19438-6.76
19439-6.73
194310-6.44
194311-6.56
194312-6.80
19441-6.78
19442-7.00
19443-6.91
19444-7.06
19445-7.43
19446-7.65
19447-7.57
19448-7.48
19449-7.69
194410-7.67
194411-7.87
194412-8.14
19451-8.44
19452-8.47
19453-8.71
19454-9.07
19455-9.27
19456-9.12
19457-9.18
19458-9.84
19459-10.28
194510-10.65
194511-10.87
194512-11.34
19461-11.40
19462-11.10
19463-11.85
19464-11.91
19465-11.87
19466-11.57
19467-11.38
19468-9.74
19469-9.56
194610-9.56
194611-9.88
194612-9.97
19471-10.40
19472-10.01
19473-9.68
19474-9.55
19475-9.93
19476-10.59
19477-10.43
19478-10.20
19479-10.51
194710-10.43
194711-10.31
194712-10.23
19481-9.77
19482-9.96
19483-10.77
19484-11.35
19485-11.87
19486-11.64
19487-11.35
19488-11.27
19489-11.63
194810-11.04
194811-11.02
194812-11.20
19491-10.83
19492-10.99
19493-11.03
19494-11.01
19495-10.47
19496-11.13
19497-11.59
19498-11.81
19499-12.18
194910-12.42
194911-12.82
194912-13.16
19501-13.49
19502-13.67
19503-14.14
19504-14.69
19505-15.01
19506-14.00
19507-14.93
19508-15.54
19509-16.27
195010-16.34
195011-16.37
195012-17.68
19511-18.44
19512-18.24
19513-18.59
19514-18.70
19515-18.49
19516-18.93
19517-19.87
19518-20.49
19519-20.50
195110-20.03
195111-20.76
195112-21.55
19521-21.27
19522-21.43
19523-21.47
19524-21.57
19525-22.27
19526-23.02
19527-23.22
19528-22.96
19529-22.59
195210-23.42
195211-24.48
195212-24.72
19531-24.53
19532-24.76
19533-23.66
19534-23.89
19535-23.15
19536-23.59
19537-23.81
19538-22.83
19539-23.63
195310-24.27
195311-24.72
195312-25.46
19541-26.15
19542-26.82
19543-28.01
19544-29.25
19545-29.61
19546-30.93
19547-31.67
19548-32.54
19549-33.42
195410-34.86
195411-36.59
195412-37.38
19551-38.76
19552-38.59
19553-40.06
19554-40.03
19555-42.49
19556-45.74
19557-45.60
19558-47.80
19559-45.54
195510-48.76
195511-49.36
195512-48.18
19561-48.64
19562-52.15
19563-52.92
19564-51.42
19565-51.28
19566-54.23
19567-54.08
19568-52.41
19569-51.91
195610-51.54
195611-52.47
195612-51.49
19571-49.43
19572-50.24
19573-51.56
19574-53.71
19575-54.76
19576-56.03
19577-53.11
19578-51.13
19579-48.11
195710-47.25
195711-47.40
195712-48.50
19581-48.84
19582-50.02
19583-50.47
19584-52.27
19585-53.70
19586-55.35
19587-57.59
19588-59.28
19589-61.87
195810-63.93
195811-65.31
195812-68.09
19591-67.23
19592-69.11
19593-70.45
19594-71.69
19595-71.26
19596-74.27
19597-74.04
19598-71.29
19599-71.42
195910-71.90
195911-74.39
195912-73.28
19601-70.64
19602-69.88
19603-70.98
19604-70.54
19605-73.35
19606-71.74
19607-72.81
19608-70.83
19609-69.65
196010-72.11
196011-74.05
196012-78.07
19611-81.48
19612-84.25
19613-86.71
19614-87.81
19615-86.86
19616-86.84
19617-90.17
19618-89.68
19619-90.88
196110-95.22
196111-96.33
196112-92.97
19621-94.75
19622-95.07
19623-92.27
19624-85.64
19625-75.87
19626-77.93
19627-80.28
19628-79.81
19629-77.53
196210-83.11
196211-86.95
196212-90.56
19631-92.00
19632-91.90
19633-96.48
19634-98.67
19635-98.88
19636-97.67
19637-100.63
19638-103.55
19639-104.06
196310-103.74
196311-106.23
196312-109.76
19641-111.39
19642-113.70
19643-115.62
19644-117.03
19645-116.62
19646-121.24
19647-119.76
19648-122.11
19649-124.51
196410-125.68
196411-123.81
196412-127.30
19651-128.54
19652-128.97
19653-130.98
19654-133.25
19655-127.25
19656-127.38
19657-130.08
19658-134.75
19659-138.12
196510-139.60
196511-139.31
196512-142.07
19661-141.46
19662-135.99
19663-140.51
19664-133.47
19665-132.73
19666-132.75
19667-125.09
19668-121.06
19669-120.37
196610-126.77
196611-127.68
196612-132.95
19671-137.91
19672-141.55
19673-144.37
19674-147.34
19675-145.87
19676-148.78
19677-151.54
19678-154.04
19679-154.19
196710-149.75
196711-154.41
196712-154.38
19681-147.81
19682-145.50
19683-156.65
19684-160.66
19685-165.38
19686-165.47
19687-162.27
19688-167.96
19689-172.52
196810-175.60
196811-177.86
196812-170.77
19691-170.36
19692-167.10
19693-170.90
19694-176.91
19695-168.11
19696-161.04
19697-160.59
19698-161.60
19699-163.77
196910-165.41
196911-157.09
196912-156.16
19701-151.17
19702-154.22
19703-149.98
19704-133.18
19705-132.82
19706-133.52
19707-137.86
19708-146.58
19709-150.23
197010-150.54
197011-161.31
197012-167.95
19711-174.92
19712-179.87
19713-186.48
19714-184.41
19715-181.47
19716-180.63
19717-177.89
19718-182.31
19719-178.91
197110-171.09
197111-183.35
197112-191.46
19721-195.45
19722-200.57
19723-203.10
19724-201.52
19725-202.56
19726-201.54
19727-209.17
19728-206.64
19729-207.50
197210-218.40
197211-223.45
197212-225.66
19731-218.16
19732-215.22
19733-211.71
19734-206.27
19735-202.16
19736-204.61
19737-201.26
19738-205.28
19739-213.97
197310-199.31
197311-185.75
197312-188.90
19741-184.23
19742-192.66
19743-183.38
19744-178.42
19745-179.23
19746-158.90
19747-152.92
19748-137.60
19749-140.87
197410-146.15
197411-137.24
197412-149.09
19751-165.21
19752-173.42
19753-176.00
19754-187.82
19755-193.25
19756-194.09
19757-180.51
19758-178.97
19759-187.87
197510-191.70
197511-189.44
197512-207.52
19761-216.19
19762-217.93
19763-220.32
19764-219.47
19765-221.45
19766-227.35
19767-226.07
19768-231.59
19769-224.39
197610-223.57
197611-232.03
197612-230.78
19771-225.32
19772-225.20
19773-222.51
19774-222.65
19775-224.65
19776-227.54
19777-222.81
19778-220.19
19779-215.35
197710-217.46
197711-217.29
197712-209.92
19781-207.88
19782-208.43
19783-218.50
19784-230.53
19785-232.08
19786-231.93
19787-248.93
19788-249.93
19789-242.99
197810-229.78
197811-234.20
197812-244.00
19791-241.42
19792-247.07
19793-253.08
19794-248.29
19795-254.29
19796-257.90
19797-270.84
19798-275.01
19799-265.79
197910-264.93
197911-276.60
197912-285.76
19801-298.32
19802-272.14
19803-268.98
19804-282.52
19805-301.91
19806-316.91
19807-328.02
19808-337.32
19809-348.54
198010-364.62
198011-360.08
198012-360.12
19811-349.06
19812-363.52
19813-368.23
19814-362.27
19815-365.38
19816-358.01
19817-360.89
19818-330.92
19819-336.64
198110-346.88
198111-350.98
198112-334.11
19821-327.72
19822-318.73
19823-336.16
19824-338.07
19825-320.25
19826-321.03
19827-323.58
19828-362.73
19829-394.94
198210-412.71
198211-418.31
198212-434.73
19831-443.99
19832-461.15
19833-480.51
19834-501.77
19835-510.56
19836-514.18
19837-501.80
19838-518.43
19839-521.79
198310-515.83
198311-515.17
198312-523.29
19841-496.54
19842-498.74
19843-501.27
19844-500.00
19845-490.76
19846-486.30
19847-531.07
19848-538.54
19849-536.32
198410-543.22
198411-539.38
198412-564.71
19851-597.40
19852-594.54
19853-600.63
19854-617.06
19855-632.56
19856-646.77
19857-634.84
19858-622.87
19859-632.19
198510-672.77
198511-708.39
198512-713.72
19861-754.38
19862-801.02
19863-822.98
19864-827.03
19865-852.94
19866-837.56
19867-856.66
19868-835.62
19869-834.87
198610-864.36
198611-879.14
198612-937.80
19871-998.40
19872-1,042.10
19873-1,033.17
19874-1,034.96
19875-1,081.52
19876-1,115.28
19877-1,187.26
19878-1,151.28
19879-1,014.81
198710-889.95
198711-878.08
198712-915.36
19881-945.83
19882-976.40
19883-967.75
19884-946.57
19885-1,003.35
19886-1,000.27
19887-983.08
19888-1,002.03
19889-1,040.12
198810-1,019.11
198811-1,042.81
198812-1,079.44
19891-1,115.06
19892-1,113.26
19893-1,152.95
19894-1,200.39
19895-1,241.12
19896-1,275.87
19897-1,335.72
19898-1,341.80
19899-1,345.65
198910-1,321.24
198911-1,357.40
198912-1,327.39
19901-1,293.84
19902-1,328.87
19903-1,331.47
19904-1,382.74
19905-1,426.58
19906-1,429.00
19907-1,316.66
19908-1,259.50
19909-1,230.34
199010-1,267.05
199011-1,325.16
199012-1,316.08
19911-1,468.84
19912-1,513.56
19913-1,547.75
19914-1,544.98
19915-1,550.34
19916-1,562.44
19917-1,604.30
19918-1,599.43
19919-1,602.34
199110-1,602.59
199111-1,617.58
199112-1,736.60
19921-1,726.17
19922-1,708.69
19923-1,713.21
19924-1,748.64
19925-1,725.40
19926-1,758.39
19927-1,774.95
19928-1,781.66
19929-1,760.60
199210-1,809.14
199211-1,868.32
199212-1,870.99
19931-1,903.25
19932-1,944.18
19933-1,918.09
19934-1,931.99
19935-1,948.71
19936-1,949.89
19937-1,984.26
19938-2,011.15
19939-2,036.12
199310-2,036.28
199311-2,054.34
199312-2,090.00
19941-2,088.42
19942-2,058.69
19943-1,989.79
19944-2,010.85
19945-2,033.13
19946-2,022.58
19947-2,084.92
19948-2,101.97
19949-2,092.63
199410-2,084.89
199411-2,063.51
199412-2,114.09
19951-2,194.83
19952-2,250.97
19953-2,323.36
19954-2,401.14
19955-2,477.45
19956-2,565.34
19957-2,578.50
19958-2,674.36
19959-2,698.77
199510-2,762.42
199511-2,856.04
199512-2,860.68
19961-3,029.59
19962-3,023.51
19963-3,029.47
19964-3,100.80
19965-3,140.45
19966-3,031.27
19967-3,124.51
19968-3,187.74
19969-3,319.06
199610-3,486.74
199611-3,528.52
199612-3,643.46
19971-3,802.36
19972-3,778.64
19973-3,649.97
19974-3,986.42
19975-4,199.17
19976-4,440.03
19977-4,455.47
19978-4,508.58
19979-4,582.76
199710-4,529.97
199711-4,649.31
199712-4,660.34
19981-4,958.70
19982-5,222.15
19983-5,400.00
19984-5,388.02
19985-5,394.29
19986-5,635.29
19987-5,242.45
19988-4,985.66
19989-5,050.01
199810-5,604.22
199811-5,834.22
199812-6,128.72
19991-6,124.63
19992-6,303.68
19993-6,571.59
19994-6,565.10
19995-6,524.93
19996-6,820.02
19997-6,562.60
19998-6,523.36
19999-6,440.35
199910-6,898.00
199911-7,091.74
199912-7,083.31
20001-6,907.78
20002-7,180.01
20003-7,282.30
20004-7,075.57
20005-7,299.41
20006-7,361.48
20007-7,430.65
20008-7,350.43
20009-6,967.16
200010-6,913.33
200011-6,683.81
200012-6,714.22
20011-6,570.79
20012-5,974.16
20013-6,000.97
20014-6,413.80
20015-6,260.59
20016-6,094.05
20017-5,969.37
20018-5,297.98
20019-5,466.67
200110-5,742.91
200111-5,827.10
200112-5,809.75
20021-5,614.97
20022-5,892.64
20023-5,685.55
20024-5,525.19
20025-5,198.05
20026-4,638.82
20027-4,691.64
20028-4,468.43
20029-4,407.34
200210-4,699.36
200211-4,650.71
200212-4,640.37
20031-4,342.69
20032-4,399.49
20033-4,632.04
20034-4,878.11
20035-5,156.36
20036-5,187.09
20037-5,178.46
20038-5,342.16
20039-5,450.49
200310-5,516.48
200311-5,685.49
200312-5,966.07
20041-6,030.90
20042-5,936.50
20043-5,993.98
20044-5,840.27
20045-6,007.17
20046-5,872.68
20047-5,791.20
20048-5,952.34
20049-5,958.45
200410-6,242.90
200411-6,413.17
200412-6,326.64
20051-6,433.01
20052-6,416.57
20053-6,262.00
20054-6,345.65
20055-6,484.03
20056-6,601.25
20057-6,621.71
20058-6,640.23
20059-6,465.98
200510-6,722.13
200511-6,866.26
200512-6,966.97
20061-6,965.81
20062-7,069.33
20063-7,125.77
20064-7,069.72
20065-6,878.43
20066-6,927.95
20067-7,086.73
20068-7,266.10
20069-7,528.84
200610-7,679.54
200611-7,844.52
200612-7,898.86
20071-8,024.93
20072-7,826.41
20073-8,153.57
20074-8,430.12
20075-8,459.19
20076-8,507.80
20077-8,150.38
20078-8,400.98
20079-8,652.31
200710-8,236.45
200711-8,338.44
200712-7,785.17
20081-7,663.41
20082-7,462.12
20083-7,778.80
20084-7,978.14
20085-7,639.34
20086-7,174.98
20087-7,326.42
20088-6,971.26
20089-5,563.52
200810-5,084.76
200811-5,066.90
200812-5,011.39
20091-4,675.50
20092-4,409.58
20093-4,952.92
20094-5,282.78
20095-5,434.33
20096-5,503.76
20097-5,950.71
20098-6,167.93
20099-6,316.15
200910-6,448.43
200911-6,591.97
200912-6,681.42
20101-6,487.76
20102-6,873.33
20103-7,154.30
20104-6,733.46
20105-6,494.86
20106-6,484.52
20107-6,540.53
20108-6,761.02
20109-7,070.50
201010-7,246.62
201011-7,515.74
201012-7,775.95
20111-8,020.96
20112-7,931.73
20113-8,107.89
20114-8,161.34
20115-7,862.42
20116-8,106.29
20117-7,263.19
20118-7,205.86
20119-7,423.40
201110-7,554.58
201111-7,672.04
201112-8,038.96
20121-8,373.59
20122-8,615.07
20123-8,611.77
20124-8,345.59
20125-8,249.41
20126-8,490.39
20127-8,778.01
20128-9,043.21
20129-9,023.58
201210-8,767.53
201211-8,958.27
201212-9,340.68
20131-9,558.60
20132-9,818.83
20133-9,961.58
20134-10,417.25
20135-10,300.80
20136-10,636.04
20137-10,662.90
20138-10,790.05
20139-11,018.54
201310-11,443.85
201311-11,617.99
201312-11,730.43
20141-11,715.17
20142-12,034.09
20143-12,058.37
20144-12,243.11
20145-12,634.44
20146-12,823.42
20147-12,768.67
20148-12,995.71
20149-12,651.76
201410-13,373.63
201411-13,458.40
201412-13,309.01
20151-13,685.31
20152-13,692.88
20153-13,813.16
20154-13,948.38
20155-13,887.64
20156-13,876.58
20157-13,540.15
20158-12,929.89
20159-13,488.08
201510-13,883.62
201511-13,730.49
201512-12,849.04
20161-12,778.38
20162-13,591.44
20163-13,976.25
20164-13,933.71
20165-14,082.31
20166-14,546.66
20167-14,721.12
20168-14,656.54
20169-14,582.38
201610-14,757.54
201611-15,339.86
201612-15,560.40
20171-15,961.30
20172-16,240.50
20173-16,215.49
20174-16,489.92
20175-16,782.85
20176-16,948.65
20177-16,990.65
20178-17,271.55
20179-17,743.89
201710-18,025.94
201711-18,545.72
201712-19,447.39
20181-18,886.00
20182-18,898.20
20183-18,583.74
20184-18,948.28
20185-19,348.65
20186-19,654.51
20187-20,136.20
20188-20,474.44
20189-19,686.38
201810-19,277.67
201811-18,205.35
201812-18,521.32
20191-19,600.91
20192-19,982.74
20193-20,726.75
20194-20,409.26
20195-20,695.95
20196-21,488.06
20197-20,814.54
20198-21,456.71
20199-21,458.81
201910-22,410.23
201911-22,963.61
201912-23,732.07
20201-23,761.04
20202-19,265.99
20203-20,098.02
20204-21,281.26
20205-22,666.30
20206-23,454.28
20207-24,836.56
20208-24,680.84
20209-25,106.83
202010-26,099.58
202011-27,211.44
202012-27,972.09
20211-28,669.02
20212-28,904.49
20213-30,644.97
20214-30,877.95
20215-31,436.97
20216-32,401.52
20217-33,109.54
20218-33,081.57
20219-33,231.15
202110-34,807.89
202111-34,900.27
202112-34,184.13
20221-33,191.91
20222-32,895.65
20223-32,934.56
20224-30,341.71
20225-29,319.38
20226-29,455.63
20227-31,354.75
20228-29,072.94
20229-28,174.24
202210-28,510.72
Click to show 1278 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 1915 to 2022
Start Value
Average monthly close
$7.48
End Value
Average monthly close
$3,770.55
Change in price+50,308.42%
+5.99% / yr
Change incl. dividends+3,550,122.41%
+10.20% / yr
Change incl. dividends, inflation-adjusted+120,221.48%
+6.80% / yr
Final amount, nominal
($1 base)
$35,502.22
Final amount, inflation-adjusted
($1 base)
$1,203.21