S&P 500: $100 in 1922 → $3,291,530.91 in 2024

$

Stock market returns since 1922

If you invested $100 in the S&P 500 at the beginning of 1922, you would have about $3,291,530.91 at the end of 2024, assuming you reinvested all dividends. This is a return on investment of 3,291,430.91%, or 10.69% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 175,968.70% cumulatively, or 7.57% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $2,678,040.96.

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

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

Adjusting stock market return for inflation

The nominal return on investment of $100 is $3,291,430.91, or 3,291,430.91%. This means by 2024 you would have $3,291,530.91 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 1922 was 16.800 and the CPI in 2024 was 314.069.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 102 years.

Adjusted for inflation, the $3,291,530.91 nominal end value of the original $100 investment would have a real return of roughly $175,968.70 in 1922 dollars. This means the inflation-adjusted return is 175,968.70% as opposed to the original 3,291,430.91%.

For more information on inflation, see our U.S. inflation calculator for 1922.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 1229-month period between 1922 and 2024.

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

YearMonthReturn (%)Amount ($)CPI
192212.72%102.7216.90
192224.28%107.1116.90
192236.58%114.1616.70
192244.38%119.1716.70
19225-0.47%118.6116.70
192261.19%120.0216.70
192274.24%125.1116.80
192283.07%128.9516.60
192292.67%132.3816.60
192210-4.52%126.4016.70
1922110.25%126.7216.80
1922121.85%129.0716.90
192314.75%135.2016.80
192322.08%138.0116.80
19233-3.04%133.8016.80
19234-4.25%128.1116.90
19235-3.31%123.8816.90
19236-2.84%120.3617.00
192371.04%121.6117.20
192381.16%123.0117.10
19239-0.94%121.8617.20
1923103.54%126.1717.30
1923113.92%131.1117.30
1923123.79%136.0917.30
192410.95%137.3817.30
19242-1.42%135.4417.20
19243-1.79%133.0217.10
192440.17%133.2517.00
192452.42%136.4717.00
192465.16%143.5117.00
192473.93%149.1617.10
19248-0.48%148.4417.00
19249-0.81%147.2417.10
1924106.08%156.2017.20
1924115.87%165.3717.20
1924124.58%172.9517.30
192511.29%175.1817.30
19252-2.19%171.3517.20
19253-0.61%170.3017.30
192543.67%176.5517.20
192552.24%180.5117.30
192563.22%186.3217.50
192571.79%189.6517.70
192582.74%194.8517.70
192593.73%202.1117.70
1925103.53%209.2417.70
1925112.04%213.5018.00
1925121.93%217.6117.90
192610.56%218.8317.90
19262-6.38%204.8617.90
19263-2.35%200.0417.80
192641.15%202.3517.90
192655.22%212.9017.80
192664.66%222.8117.70
192674.39%232.6017.50
192681.94%237.1217.40
19269-1.83%232.7717.50
1926101.74%236.8217.60
1926112.71%243.2217.70
192612-0.24%242.6417.70
192712.37%248.4017.50
192721.97%253.2817.40
192732.88%260.5717.30
192743.87%270.6517.30
192751.70%275.2617.40
192762.62%282.4917.60
192775.73%298.6617.30
192786.06%316.7717.20
19279-1.17%313.0717.30
1927102.66%321.3917.40
1927112.72%330.1217.30
1927120.77%332.6617.30
19281-0.83%329.9017.30
192825.75%348.8617.10
192836.66%372.1017.10
192843.44%384.8817.10
19285-4.57%367.3117.20
192861.09%371.3217.10
192873.59%384.6517.10
192887.37%413.0217.10
192892.36%422.7617.30
1928107.08%452.7017.20
1928110.70%455.8417.20
1928127.69%490.9117.10
192910.81%494.8917.10
192922.05%505.0417.10
19293-0.30%503.5217.00
192941.80%512.5716.90
192952.20%523.8517.00
192969.20%572.0517.10
192975.96%606.1317.30
192984.24%631.8517.30
19299-10.32%566.6117.30
192910-26.19%418.2117.30
1929114.37%436.5017.30
1929121.83%444.4717.20
193016.64%473.9717.10
193024.12%493.5117.00
193036.69%526.5216.90
19304-5.65%496.7617.00
19305-9.77%448.2316.90
19306-1.76%440.3416.80
19307-0.90%436.3916.60
193080.34%437.8916.50
19309-13.37%379.3416.60
193010-6.80%353.5516.50
193011-6.19%331.6716.40
1930123.56%343.4716.10
193118.14%371.4215.90
193122.38%380.2615.70
19313-9.08%345.7415.60
19314-9.16%314.0715.50
19315-2.68%305.6515.30
193163.86%317.4415.10
19317-2.49%309.5615.10
19318-14.37%265.0815.10
19319-12.75%231.2815.00
1931102.05%236.0314.90
193111-18.10%193.3114.70
193112-0.85%191.6714.60
19321-0.05%191.5814.30
193221.14%193.7614.10
19323-23.22%148.7614.00
19324-11.31%131.9313.90
19325-12.39%115.5813.70
193266.18%122.7313.60
1932751.35%185.7613.60
1932810.37%205.0113.50
19329-13.22%177.9213.40
193210-0.34%177.3213.30
193211-2.64%172.6413.20
1932124.57%180.5313.10
19331-11.27%160.1912.90
193320.33%160.7212.70
1933311.24%178.7912.60
1933429.32%231.2112.60
1933517.58%271.8712.60
193368.46%294.8712.70
19337-4.64%281.1813.10
19338-0.48%279.8213.20
19339-9.38%253.5813.20
1933102.80%260.6913.20
1933112.32%266.7413.20
1933126.08%282.9713.20
193417.75%304.9013.20
19342-4.80%290.2713.30
193432.02%296.1313.30
19344-9.83%267.0313.30
193451.70%271.5813.30
19346-4.36%259.7513.40
19347-3.51%250.6213.40
19348-2.01%245.5813.40
193491.21%248.5513.60
1934103.21%256.5313.50
1934111.06%259.2513.50
1934120.40%260.3013.40
19351-2.62%253.4813.60
19352-5.93%238.4513.70
193537.94%257.3813.70
193548.27%278.6513.80
193554.17%290.2813.80
193565.60%306.5413.70
193577.10%328.3113.70
193582.43%336.3013.70
193592.99%346.3513.70
1935109.71%379.9813.70
1935110.29%381.0913.80
1935125.82%403.2813.80
193616.03%427.6113.80
193622.41%437.9213.80
193630.41%439.7313.70
19364-5.02%417.6613.70
193654.57%436.7613.70
193666.23%463.9913.80
193672.30%474.6513.90
193681.44%481.5114.00
193695.55%508.2314.00
1936103.10%524.0014.00
193611-1.40%516.6614.00
1936123.46%534.5314.00
193713.30%552.1814.10
193720.23%553.4514.10
19373-5.62%522.3214.20
19374-4.09%500.9814.30
19375-3.34%484.2514.40
193766.39%515.2214.40
193771.44%522.6214.50
19378-13.76%450.6914.50
19379-14.10%387.1614.60
193710-8.27%355.1514.60
193711-1.02%351.5314.50
1937123.24%362.9114.40
19381-1.80%356.3714.20
19382-6.02%334.9214.10
19383-3.44%323.3914.10
193841.56%328.4214.20
193852.93%338.0614.10
1938620.49%407.3114.10
193871.06%411.6214.10
19388-4.08%394.8114.10
1938911.62%440.6714.10
1938100.47%442.7314.00
193811-2.55%431.4314.00
193812-1.16%426.4214.00
19391-0.46%424.4714.00
193920.27%425.6013.90
19393-12.24%373.5013.90
193944.10%388.8013.80
193952.17%397.2413.80
193962.84%408.5113.80
19397-1.07%404.1513.80
1939811.06%448.8313.80
193991.38%455.0414.10
193910-1.41%448.6314.00
193911-1.97%439.7814.00
193912-0.15%439.1314.00
19401-0.23%438.1313.90
19402-0.15%437.4914.00
194031.42%443.7014.00
19404-13.34%384.5114.00
19405-8.09%353.3814.00
194063.87%367.0614.10
194072.65%376.7814.00
194084.76%394.7114.00
194091.47%400.5014.00
1940102.85%411.9114.00
194011-3.59%397.1214.00
1940120.72%399.9814.10
19411-5.72%377.0914.10
194121.18%381.5314.10
19413-2.55%371.8114.20
19414-1.59%365.9114.30
194154.11%380.9314.40
194165.71%402.6914.70
194170.08%403.0014.70
194180.86%406.4714.90
19419-3.43%392.5115.10
194110-4.08%376.4915.30
194111-5.88%354.3415.40
1941122.62%363.6115.50
19421-2.48%354.6015.70
19422-4.76%337.7115.80
19423-3.45%326.0516.00
194241.87%332.1516.10
194255.75%351.2416.30
194264.38%366.6316.30
194270.05%366.8016.40
194281.66%372.8916.50
194297.97%402.6116.50
1942102.15%411.2816.70
1942111.06%415.6316.80
1942126.50%442.6616.90
194316.43%471.1416.90
194324.01%490.0516.90
194333.79%508.6117.20
194344.36%530.8017.40
194352.18%542.3717.50
194362.47%555.7817.50
19437-4.54%530.5517.40
194382.55%544.1017.30
19439-0.50%541.3717.40
194310-4.21%518.6017.40
1943111.77%527.7817.40
1943123.67%547.1317.40
19441-0.24%545.8017.40
194423.24%563.4817.40
19443-1.31%556.1117.40
194442.20%568.3617.50
194455.14%597.5917.50
194463.02%615.6317.60
19447-1.06%609.1317.70
19448-1.23%601.6717.70
194492.88%619.0217.70
194410-0.28%617.2617.70
1944112.60%633.3117.70
1944123.38%654.7417.80
194513.73%679.1817.80
194520.31%681.3217.80
194532.90%701.0917.80
194544.16%730.2617.80
194552.19%746.2317.90
19456-1.70%733.5818.10
194570.71%738.7718.10
194587.18%791.8118.10
194594.51%827.5518.10
1945103.61%857.3918.10
1945112.02%874.7518.10
1945124.30%912.3518.20
194610.59%917.7018.20
19462-2.68%893.1218.10
194636.77%953.5818.30
194640.52%958.5218.40
19465-0.34%955.2718.50
19466-2.55%930.9418.70
19467-1.62%915.8219.80
19468-14.42%783.7420.20
19469-1.87%769.0720.40
194610-0.01%768.9620.80
1946113.39%795.0721.30
1946120.92%802.3821.50
194714.27%836.6421.50
19472-3.67%805.9121.50
19473-3.30%779.3321.90
19474-1.36%768.7221.90
194753.92%798.8521.90
194766.69%852.3322.00
19477-1.56%839.0422.20
19478-2.17%820.8622.50
194793.03%845.7023.00
194710-0.73%839.5323.00
194711-1.12%830.1123.10
194712-0.86%822.9323.40
19481-4.45%786.3223.70
194821.92%801.4123.50
194838.19%867.0223.40
194845.33%913.2423.80
194854.59%955.1323.90
19486-1.96%936.4424.10
19487-2.49%913.1324.40
19488-0.68%906.9424.50
194893.19%935.8624.50
194810-5.10%888.1224.40
194811-0.16%886.7224.20
1948121.63%901.1724.10
19491-3.33%871.1824.00
194921.49%884.1723.80
194930.41%887.8323.80
19494-0.18%886.2123.90
19495-4.91%842.6723.80
194966.26%895.4523.90
194974.17%932.8023.70
194981.87%950.2523.80
194993.14%980.1023.90
1949101.95%999.1923.70
1949113.24%1,031.5823.80
1949122.63%1,058.7123.60
195012.52%1,085.4223.50
195021.38%1,100.3523.50
195033.39%1,137.6123.60
195043.91%1,182.1423.60
195052.16%1,207.7323.70
19506-6.72%1,126.5223.80
195076.64%1,201.3024.10
195084.11%1,250.6524.30
195094.72%1,309.7024.40
1950100.38%1,314.6324.60
1950110.19%1,317.1924.70
1950128.01%1,422.7325.00
195114.31%1,484.0325.40
19512-1.11%1,467.5225.70
195131.93%1,495.7925.80
195140.63%1,505.1925.80
19515-1.15%1,487.9625.90
195162.37%1,523.1725.90
195174.97%1,598.8025.90
195183.14%1,648.9425.90
195190.03%1,649.4126.10
195110-2.25%1,612.2426.20
1951113.61%1,670.4926.40
1951123.83%1,734.5426.50
19521-1.33%1,711.4326.50
195220.75%1,724.2626.30
195230.20%1,727.7626.30
195240.46%1,735.7126.40
195253.24%1,792.0326.40
195263.37%1,852.3626.50
195270.88%1,868.6726.70
19528-1.11%1,847.9526.70
19529-1.61%1,818.1926.70
1952103.67%1,884.8726.70
1952114.51%1,969.8626.70
1952120.99%1,989.3426.70
19531-0.77%1,973.9526.60
195320.96%1,992.8426.50
19533-4.47%1,903.7026.60
195341.00%1,922.7926.60
19535-3.11%1,863.0426.70
195361.91%1,898.6926.80
195370.90%1,915.7626.80
19538-4.11%1,837.0826.90
195393.52%1,901.6926.90
1953102.71%1,953.1927.00
1953111.84%1,989.0626.90
1953123.02%2,049.2126.90
195412.68%2,104.0526.90
195422.58%2,158.3926.90
195434.45%2,254.4526.90
195444.42%2,354.1526.80
195451.22%2,382.9426.90
195464.46%2,489.1626.90
195472.39%2,548.7626.90
195482.74%2,618.5926.90
195492.71%2,689.5726.80
1954104.30%2,805.2826.80
1954114.95%2,944.2326.80
1954122.17%3,008.0826.70
195513.70%3,119.5226.70
19552-0.44%3,105.9126.70
195533.81%3,224.1926.70
19554-0.08%3,221.6526.70
195556.15%3,419.6226.70
195567.64%3,681.0226.70
19557-0.30%3,670.0026.80
195584.82%3,846.7726.80
19559-4.72%3,665.0126.90
1955107.07%3,923.9926.90
1955111.24%3,972.5426.90
195512-2.39%3,877.6826.80
195610.95%3,914.5026.80
195627.21%4,196.5826.80
195631.48%4,258.8026.80
19564-2.84%4,137.9226.90
19565-0.26%4,127.0827.00
195665.75%4,364.3427.20
19567-0.28%4,351.9127.40
19568-3.09%4,217.4927.30
19569-0.95%4,177.2727.40
195610-0.71%4,147.5127.50
1956111.81%4,222.5327.50
195612-1.86%4,143.8827.60
19571-4.00%3,978.3027.60
195721.62%4,042.7727.70
195732.64%4,149.6727.80
195744.16%4,322.3027.90
195751.95%4,406.7728.00
195762.32%4,509.1028.10
19577-5.21%4,274.3928.30
19578-3.74%4,114.5528.30
19579-5.90%3,871.9328.30
195710-1.80%3,802.2228.30
1957110.32%3,814.3128.40
1957122.33%3,903.1428.40
195810.70%3,930.5328.60
195822.42%4,025.6128.60
195830.90%4,061.7028.80
195843.56%4,206.2128.90
195852.74%4,321.2628.90
195863.07%4,453.9528.90
195874.05%4,634.5329.00
195882.94%4,770.9628.90
195894.36%4,978.9228.90
1958103.33%5,144.5328.90
1958112.16%5,255.7829.00
1958124.25%5,479.4028.90
19591-1.27%5,410.0829.00
195922.81%5,561.9028.90
195931.94%5,669.6028.90
195941.77%5,769.6929.00
19595-0.61%5,734.7129.00
195964.23%5,977.1529.10
19597-0.32%5,958.1229.20
19598-3.70%5,737.4729.20
195990.18%5,747.6129.30
1959100.67%5,786.0729.40
1959113.46%5,986.4529.40
195912-1.49%5,897.5029.40
19601-3.61%5,684.6529.30
19602-1.08%5,623.3629.40
196031.58%5,712.4529.40
19604-0.62%5,676.7729.50
196053.99%5,903.1729.50
19606-2.20%5,773.5329.60
196071.49%5,859.6029.60
19608-2.72%5,700.1829.60
19609-1.67%5,604.7629.60
1960103.54%5,803.2129.80
1960112.69%5,959.3629.80
1960125.43%6,282.7729.80
196114.37%6,557.5829.80
196123.40%6,780.3529.80
196132.92%6,978.2729.80
196141.26%7,066.4329.80
19615-1.08%6,990.1029.80
19616-0.03%6,988.1429.80
196173.84%7,256.4230.00
19618-0.54%7,217.1129.90
196191.34%7,314.0430.00
1961104.77%7,663.0730.00
1961111.16%7,752.1930.00
196112-3.49%7,481.8630.00
196211.91%7,624.7330.00
196220.34%7,650.7330.10
19623-2.94%7,425.4230.10
19624-7.19%6,891.8930.20
19625-11.41%6,105.3430.20
196262.72%6,271.2430.20
196273.02%6,460.8330.30
19628-0.59%6,422.4930.30
19629-2.86%6,239.0430.40
1962107.20%6,688.3130.40
1962114.62%6,997.5630.40
1962124.15%7,287.7330.40
196311.60%7,404.0130.40
19632-0.11%7,395.9930.40
196334.98%7,764.1730.50
196342.27%7,940.3930.50
196350.22%7,957.5930.50
19636-1.22%7,860.3630.60
196373.03%8,098.6130.70
196382.89%8,332.9630.70
196390.50%8,374.6130.70
196310-0.31%8,348.9430.80
1963112.39%8,548.7630.80
1963123.33%8,833.4530.90
196411.48%8,964.1830.90
196422.07%9,149.8330.90
196431.69%9,304.7430.90
196441.22%9,418.2930.90
19645-0.35%9,385.2730.90
196463.96%9,757.0231.00
19647-1.23%9,637.4331.10
196481.97%9,826.8531.00
196491.97%10,020.4631.10
1964100.94%10,114.3531.10
196411-1.49%9,963.6131.20
1964122.82%10,244.6631.20
196510.98%10,344.5531.20
196520.34%10,379.2731.20
196531.56%10,540.9431.30
196541.73%10,723.5731.40
19655-4.51%10,240.2231.40
196560.10%10,250.7631.60
196572.12%10,467.9331.60
196583.60%10,844.3731.60
196592.50%11,115.1331.60
1965101.08%11,234.7331.70
196511-0.21%11,210.9531.70
1965121.98%11,432.9831.80
19661-0.43%11,383.7731.80
19662-3.86%10,944.0932.00
196633.32%11,307.5432.10
19664-5.01%10,741.3132.30
19665-0.56%10,681.2132.30
196660.02%10,683.1732.40
19667-5.77%10,066.8132.50
19668-3.22%9,742.1732.70
19669-0.56%9,687.1932.70
1966105.32%10,202.1632.90
1966110.72%10,275.1932.90
1966124.13%10,699.5832.90
196713.73%11,098.6832.90
196722.63%11,390.9932.90
196731.99%11,617.9533.00
196742.06%11,857.0133.10
19675-0.99%11,739.4133.20
196761.99%11,973.3133.30
196771.85%12,195.0233.40
196781.65%12,396.7133.50
196790.10%12,408.7933.60
196710-2.88%12,051.2033.70
1967113.11%12,426.2033.80
196712-0.02%12,424.0333.90
19681-4.26%11,895.1434.10
19682-1.56%11,709.6634.20
196837.66%12,606.8334.30
196842.56%12,929.2734.40
196852.94%13,309.4834.50
196860.05%13,315.9934.70
19687-1.93%13,058.4734.90
196883.51%13,516.5235.00
196892.72%13,883.7935.10
1968101.79%14,131.7235.30
1968111.29%14,313.3635.40
196812-3.99%13,742.9535.50
19691-0.24%13,710.1735.60
19692-1.91%13,447.7835.80
196932.27%13,753.6236.10
196943.51%14,236.8536.30
19695-4.97%13,529.0936.40
19696-4.21%12,960.1536.60
19697-0.28%12,923.3936.80
196980.63%13,004.6237.00
196991.35%13,179.7137.10
1969101.00%13,311.1837.30
196911-5.03%12,641.9637.50
196912-0.59%12,567.4937.70
19701-3.20%12,165.8337.80
197022.01%12,410.6338.00
19703-2.75%12,069.6338.20
19704-11.20%10,717.9538.50
19705-0.27%10,689.0238.60
197060.52%10,744.8838.80
197073.26%11,094.7139.00
197086.32%11,796.0439.00
197092.49%12,089.7039.20
1970100.21%12,114.7039.40
1970117.16%12,981.9139.60
1970124.11%13,515.5539.80
197114.15%14,076.5939.80
197122.83%14,475.2239.90
197133.67%15,007.0240.00
19714-1.11%14,840.7640.10
19715-1.60%14,603.9240.30
19716-0.46%14,536.3140.60
19717-1.52%14,315.7840.70
197182.49%14,671.7340.80
19719-1.86%14,398.2940.80
197110-4.37%13,768.8740.90
1971117.16%14,755.2140.90
1971124.42%15,407.7741.10
197212.09%15,729.3241.10
197222.62%16,141.3741.30
197231.26%16,344.5841.40
19724-0.78%16,217.7641.50
197250.52%16,301.4641.60
19726-0.50%16,219.3241.70
197273.78%16,833.0141.90
19728-1.21%16,629.2542.00
197290.42%16,698.6742.10
1972105.25%17,576.0542.30
1972112.31%17,982.3342.40
1972120.99%18,160.2442.50
19731-3.33%17,556.3942.60
19732-1.35%17,320.1942.90
19733-1.63%17,037.3043.30
19734-2.57%16,599.4843.60
19735-1.99%16,269.1943.90
197361.21%16,466.0844.20
19737-1.64%16,196.7944.30
197382.00%16,519.9745.10
197394.24%17,219.6445.20
197310-6.85%16,039.6045.60
197311-6.81%14,948.0645.90
1973121.70%15,202.2446.20
19741-2.47%14,826.3146.60
197424.57%15,504.5647.20
19743-4.82%14,757.7647.80
19744-2.71%14,358.4748.00
197450.46%14,424.1248.60
19746-11.35%12,787.4449.00
19747-3.76%12,306.0249.40
19748-10.01%11,073.7450.00
197492.38%11,336.9650.60
1974103.74%11,761.3551.10
197411-6.09%11,044.8751.50
1974128.63%11,998.3551.90
1975110.81%13,295.0752.10
197524.97%13,956.3252.50
197531.49%14,163.8652.70
197546.71%15,114.6352.90
197552.89%15,552.1453.20
197560.43%15,619.3253.60
19757-7.00%14,526.5654.20
19758-0.85%14,402.6954.30
197594.97%15,118.6954.60
1975102.04%15,427.3654.90
197511-1.18%15,245.3855.30
1975129.55%16,700.5955.50
197614.18%17,398.3755.60
197620.80%17,537.9755.80
197631.10%17,730.0955.90
19764-0.38%17,662.1456.10
197650.90%17,821.2056.50
197662.67%18,296.2056.80
19767-0.56%18,193.6357.10
197682.44%18,637.1657.40
19769-3.11%18,057.8857.60
197610-0.37%17,991.6757.90
1976113.79%18,672.9358.00
197612-0.54%18,572.6158.20
19771-2.37%18,132.7058.50
19772-0.05%18,122.8759.10
19773-1.19%17,906.5559.50
197740.06%17,918.1060.00
197750.90%18,079.3260.30
197761.28%18,311.1760.70
19777-2.08%17,930.5561.00
19778-1.18%17,719.8161.20
19779-2.20%17,330.3561.40
1977100.98%17,500.3961.60
197711-0.08%17,486.3661.90
197712-3.39%16,893.5162.10
19781-0.97%16,729.3162.50
197820.27%16,773.7562.90
197834.83%17,583.9263.40
197845.50%18,551.8063.90
197850.67%18,676.7664.50
19786-0.06%18,665.1265.20
197877.33%20,032.9365.70
197880.40%20,113.0066.00
19789-2.77%19,555.1766.50
197810-5.44%18,491.8267.10
1978111.92%18,847.3967.40
1978124.19%19,636.2167.70
19791-1.06%19,428.6768.30
197922.34%19,883.5269.10
197932.43%20,366.8769.80
19794-1.89%19,981.3270.60
197952.42%20,464.4071.50
197961.42%20,755.1672.30
197975.01%21,795.9073.10
197981.54%22,131.6573.80
19799-3.35%21,389.6974.60
197910-0.32%21,320.7275.20
1979114.40%22,259.6875.90
1979123.31%22,997.0376.70
198014.40%24,007.9477.80
19802-8.78%21,900.5778.90
19803-1.16%21,646.0780.10
198045.04%22,736.2081.00
198056.86%24,296.5181.80
198064.97%25,503.9182.70
198073.50%26,397.7582.70
198082.84%27,146.3383.30
198093.32%28,048.8984.00
1980104.61%29,343.2684.80
198011-1.24%28,978.0085.50
1980120.01%28,980.8986.30
19811-3.07%28,091.1387.00
198124.14%29,255.0387.90
198131.29%29,633.5388.50
19814-1.62%29,154.2889.10
198150.86%29,404.3089.80
19816-2.02%28,811.4390.60
198170.80%29,042.6691.60
19818-8.30%26,631.3492.30
198191.73%27,091.3393.20
1981103.04%27,915.9293.40
1981111.18%28,245.1593.70
198112-4.80%26,888.2294.00
19821-1.91%26,373.6194.30
19822-2.74%25,649.7794.60
198235.47%27,052.6494.50
198240.57%27,206.7594.90
19825-5.27%25,772.7895.80
198260.24%25,835.6397.00
198270.79%26,040.7697.50
1982812.10%29,190.7497.70
198298.88%31,783.2997.90
1982104.50%33,213.5198.20
1982111.36%33,663.7298.00
1982123.93%34,985.2897.60
198312.13%35,730.4797.80
198323.87%37,111.6797.90
198334.20%38,669.3997.90
198344.42%40,380.1398.60
198351.75%41,088.2099.20
198360.71%41,379.1699.50
19837-2.41%40,383.0899.90
198383.31%41,721.31100.20
198390.65%41,991.63100.70
198310-1.14%41,512.33101.00
198311-0.13%41,459.14101.20
1983121.58%42,112.51101.30
19841-5.11%39,959.64101.90
198420.44%40,136.41102.40
198430.51%40,339.98102.60
19844-0.25%40,238.09103.10
19845-1.85%39,494.37103.40
19846-0.91%39,135.59103.70
198479.21%42,738.63104.10
198481.41%43,339.95104.50
19849-0.41%43,161.21105.00
1984101.29%43,716.22105.30
198411-0.71%43,406.90105.30
1984124.70%45,445.97105.30
198515.79%48,076.10105.50
19852-0.48%47,846.14106.00
198531.02%48,336.42106.40
198542.74%49,658.73106.90
198552.51%50,905.65107.30
198562.25%52,049.61107.60
19857-1.85%51,089.13107.80
19858-1.88%50,126.10108.00
198591.50%50,875.77108.30
1985106.42%54,142.26108.70
1985115.29%57,008.83109.00
1985120.75%57,437.38109.30
198615.70%60,709.73109.60
198626.18%64,463.27109.30
198632.74%66,230.49108.80
198640.49%66,556.23108.60
198653.13%68,641.60108.90
19866-1.80%67,403.36109.50
198672.28%68,940.73109.50
19868-2.46%67,247.39109.70
19869-0.09%67,186.95110.20
1986103.53%69,560.63110.30
1986111.71%70,749.38110.40
1986126.67%75,470.75110.50
198716.46%80,347.57111.20
198724.38%83,863.91111.60
19873-0.86%83,145.69112.10
198740.17%83,289.40112.70
198754.50%87,036.12113.10
198763.12%89,753.47113.50
198776.45%95,546.17113.80
19878-3.03%92,650.72114.40
19879-11.85%81,668.01115.00
198710-12.30%71,620.05115.30
198711-1.33%70,664.15115.40
1987124.25%73,664.93115.40
198813.33%76,116.91115.70
198823.23%78,577.06116.00
19883-0.89%77,880.85116.50
19884-2.19%76,176.60117.10
198856.00%80,745.83117.50
19886-0.31%80,498.00118.00
19887-1.72%79,114.66118.50
198881.93%80,639.33119.00
198893.80%83,704.93119.80
198810-2.02%82,013.88120.20
1988112.33%83,921.49120.30
1988123.51%86,869.36120.50
198913.30%89,735.92121.10
19892-0.16%89,590.86121.60
198933.56%92,784.59122.30
198944.12%96,602.96123.10
198953.39%99,880.33123.80
198962.80%102,677.15124.10
198974.69%107,493.48124.40
198980.46%107,983.16124.60
198990.29%108,292.27125.00
198910-1.81%106,328.33125.60
1989112.74%109,238.22125.90
198912-2.21%106,822.72126.10
19901-2.53%104,123.11127.40
199022.71%106,941.90128.00
199030.20%107,151.49128.70
199043.85%111,277.82128.90
199053.17%114,805.27129.20
199060.17%115,000.13129.90
19907-7.86%105,959.71130.40
19908-4.34%101,359.93131.60
19909-2.32%99,012.67132.70
1990102.98%101,967.02133.50
1990114.59%106,643.85133.80
199012-0.69%105,913.15133.80
1991111.61%118,206.26134.60
199123.04%121,805.19134.80
199132.26%124,556.56135.00
19914-0.18%124,333.75135.20
199150.35%124,765.21135.60
199160.78%125,738.98136.00
199172.68%129,107.44136.20
19918-0.30%128,716.12136.60
199190.18%128,949.93137.20
1991100.02%128,970.29137.40
1991110.94%130,176.35137.80
1991127.36%139,754.75137.90
19921-0.60%138,915.04138.10
19922-1.01%137,508.70138.60
199230.26%137,872.14139.30
199242.07%140,723.82139.50
19925-1.33%138,853.43139.70
199261.91%141,508.49140.20
199270.94%142,841.10140.50
199280.38%143,381.31140.90
19929-1.18%141,686.46141.30
1992102.76%145,592.62141.80
1992113.27%150,355.25142.00
1992120.14%150,570.09141.90
199311.72%153,166.29142.60
199322.15%156,459.60143.10
19933-1.34%154,360.31143.60
199340.72%155,479.00144.00
199350.87%156,824.18144.20
199360.06%156,919.85144.40
199371.76%159,685.51144.40
199381.35%161,849.20144.80
199391.24%163,859.22145.10
1993100.01%163,871.58145.70
1993110.89%165,325.41145.80
1993121.74%168,195.27145.80
19941-0.08%168,067.94146.20
19942-1.42%165,674.96146.70
19943-3.35%160,130.85147.20
199441.06%161,825.42147.40
199451.11%163,618.60147.50
19946-0.52%162,769.62148.00
199473.08%167,786.31148.40
199480.82%169,157.90149.00
19949-0.44%168,406.83149.40
199410-0.37%167,783.92149.50
199411-1.03%166,062.95149.70
1994122.45%170,133.44149.70
199513.82%176,631.00150.30
199522.56%181,149.52150.90
199533.22%186,974.48151.40
199543.35%193,233.93151.90
199553.18%199,375.72152.20
199563.55%206,448.54152.50
199570.51%207,507.87152.50
199583.72%215,222.32152.90
199590.91%217,186.37153.20
1995102.36%222,308.46153.70
1995113.39%229,842.80153.60
1995120.16%230,216.48153.50
199615.90%243,809.37154.40
19962-0.20%243,320.05154.90
199630.20%243,799.49155.70
199642.35%249,540.54156.30
199651.28%252,731.15156.60
19966-3.48%243,944.79156.70
199673.08%251,447.93157.00
199682.02%256,536.55157.30
199694.12%267,104.57157.80
1996105.05%280,598.91158.30
1996111.20%283,961.12158.60
1996123.26%293,211.27158.60
199714.36%305,998.69159.10
19972-0.62%304,090.22159.60
19973-3.41%293,735.20160.00
199749.22%320,811.21160.20
199755.34%337,932.35160.10
199765.74%357,315.89160.30
199770.35%358,558.60160.50
199781.19%362,832.65160.80
199791.65%368,802.61161.20
199710-1.15%364,553.84161.60
1997112.63%374,158.44161.50
1997120.24%375,045.52161.30
199816.40%399,056.53161.60
199825.31%420,257.90161.90
199833.41%434,570.52162.20
19984-0.22%433,606.39162.50
199850.12%434,111.35162.80
199864.47%453,506.00163.00
19987-6.97%421,892.06163.20
19988-4.90%401,225.89163.40
199891.29%406,405.14163.60
19981010.97%451,005.60164.00
1998114.10%469,515.35164.00
1998125.05%493,215.01163.90
19991-0.07%492,885.99164.30
199922.92%507,295.56164.50
199934.25%528,855.73165.00
19994-0.10%528,333.06166.20
19995-0.61%525,100.89166.20
199964.52%548,847.98166.20
19997-3.77%528,132.34166.70
19998-0.60%524,974.02167.10
19999-1.27%518,293.88167.90
1999107.11%555,123.58168.20
1999112.81%570,715.51168.30
199912-0.12%570,036.74168.30
20001-2.48%555,910.79168.80
200023.94%577,818.98169.80
200031.42%586,050.97171.20
20004-2.84%569,414.19171.30
200053.16%587,427.49171.50
200060.85%592,422.64172.40
200070.94%597,989.70172.80
20008-1.08%591,533.50172.80
20009-5.21%560,689.58173.70
200010-0.77%556,357.90174.00
200011-3.32%537,886.40174.10
2000120.46%540,333.83174.00
20011-2.14%528,790.90175.10
20012-9.08%480,777.20175.80
200130.45%482,934.42176.20
200146.88%516,157.09176.90
20015-2.39%503,827.89177.70
20016-2.66%490,424.92178.00
20017-2.05%480,391.62177.50
20018-11.25%426,360.41177.50
200193.18%439,935.86178.30
2001105.05%462,166.46177.70
2001111.47%468,942.05177.40
200112-0.30%467,546.06176.70
20021-3.35%451,870.32177.10
200224.95%474,216.53177.80
20023-3.51%457,550.51178.80
20024-2.82%444,645.89179.80
20025-5.92%418,318.59179.80
20026-10.76%373,313.79179.90
200271.14%377,565.05180.10
20028-4.76%359,601.53180.70
20029-1.37%354,685.62181.00
2002106.63%378,185.59181.30
200211-1.04%374,271.13181.30
200212-0.22%373,438.32180.90
20031-6.41%349,482.86181.70
200321.31%354,053.74183.10
200335.29%372,768.52184.20
200345.31%392,570.77183.80
200355.70%414,963.74183.50
200360.60%417,436.51183.70
20037-0.17%416,742.21183.90
200383.16%429,916.19184.60
200392.03%438,634.15185.20
2003101.21%443,944.20185.00
2003113.06%457,545.80184.50
2003124.93%480,125.51184.30
200411.09%485,342.86185.20
20042-1.57%477,746.28186.20
200430.97%482,371.52187.40
20044-2.56%470,002.30188.00
200452.86%483,433.44189.10
20046-2.24%472,610.43189.70
20047-1.39%466,052.63189.40
200482.78%479,021.13189.50
200490.10%479,512.58189.90
2004104.77%502,404.01190.90
2004112.73%516,106.82191.00
200412-1.35%509,143.39190.30
200511.68%517,703.14190.70
20052-0.26%516,379.96191.80
20053-2.41%503,940.79193.30
200541.34%510,672.78194.60
200552.18%521,809.01194.40
200561.81%531,242.23194.50
200570.31%532,889.17195.40
200580.28%534,379.61196.40
20059-2.62%520,356.32198.80
2005103.96%540,970.46199.20
2005112.14%552,569.57197.60
2005121.47%560,674.50196.80
20061-0.02%560,581.20198.30
200621.49%568,912.21198.70
200630.80%573,454.02199.80
20064-0.79%568,943.02201.50
20065-2.71%553,548.60202.50
200660.72%557,534.38202.90
200672.29%570,311.72203.50
200682.53%584,747.30203.90
200693.62%605,891.26202.90
2006102.00%618,019.04201.80
2006112.15%631,295.72201.50
2006120.69%635,669.51201.80
200711.60%645,815.10202.42
20072-2.47%629,838.33203.50
200734.18%656,167.21205.35
200743.39%678,422.79206.69
200750.34%680,762.68207.95
200760.57%684,674.47208.35
20077-4.20%655,910.56208.30
200783.07%676,078.13207.92
200792.99%696,303.90208.49
200710-4.81%662,837.38208.94
2007111.24%671,044.77210.18
200712-6.64%626,519.62210.04
20081-1.56%616,721.07211.08
20082-2.63%600,522.06211.69
200834.24%626,007.03213.53
200842.56%642,049.11214.82
20085-4.25%614,783.97216.63
20086-6.08%577,414.50218.82
200872.11%589,601.03219.96
20088-4.85%561,019.91219.09
20089-20.19%447,729.88218.78
200810-8.61%409,201.16216.57
200811-0.35%407,763.98212.43
200812-1.10%403,296.69210.23
20091-6.70%376,265.70211.14
20092-5.69%354,865.83212.19
2009312.32%398,591.51212.71
200946.66%425,137.00213.24
200952.87%437,333.59213.86
200961.28%442,921.15215.69
200978.12%478,889.64215.35
200983.65%496,370.76215.83
200992.40%508,299.08215.97
2009102.09%518,944.52216.18
2009112.23%530,495.49216.33
2009121.36%537,694.14215.95
20101-2.90%522,109.22216.69
201025.94%553,138.36216.74
201034.09%575,750.27217.63
20104-5.88%541,882.35218.01
20105-3.54%522,680.40218.18
20106-0.16%521,848.96217.97
201070.86%526,355.71218.01
201083.37%544,099.97218.31
201094.58%569,005.80218.44
2010102.49%583,179.25218.71
2010113.71%604,836.99218.80
2010123.46%625,777.62219.18
201113.15%645,495.02220.22
20112-1.11%638,314.14221.31
201132.22%652,490.99223.47
201140.66%656,792.43224.91
20115-3.66%632,736.75225.96
201163.10%652,362.57225.72
20117-10.40%584,512.65225.92
20118-0.79%579,899.41226.55
201193.02%597,406.03226.89
2011101.77%607,962.92226.42
2011111.55%617,415.23226.23
2011124.78%646,943.47225.67
201214.16%673,873.20226.67
201222.88%693,306.61227.66
20123-0.04%693,041.69229.39
20124-3.09%671,620.10230.09
20125-1.15%663,880.28229.82
201262.92%683,272.80229.48
201273.39%706,420.04229.10
201283.02%727,762.16230.38
20129-0.22%726,181.93231.41
201210-2.84%705,576.57231.32
2012112.18%720,926.63230.22
2012124.27%751,701.27229.60
201312.33%769,238.62230.28
201322.72%790,180.79232.17
201331.45%801,668.37232.77
201344.57%838,338.85232.53
20135-1.12%828,968.11232.95
201363.25%855,946.68233.50
201370.25%858,108.19233.60
201381.19%868,340.85233.88
201392.12%886,728.40234.15
2013103.86%920,956.06233.55
2013111.52%934,969.90233.07
2013120.97%944,018.61233.05
20141-0.13%942,791.05233.92
201422.72%968,456.36234.78
201430.20%970,409.97236.29
201441.53%985,276.98237.07
201453.20%1,016,769.57237.90
201461.50%1,031,978.63238.34
20147-0.43%1,027,572.59238.25
201481.78%1,045,843.18237.85
20149-2.65%1,018,164.06238.03
2014105.71%1,076,256.96237.43
2014110.63%1,083,079.22236.15
201412-1.11%1,071,056.55234.81
201512.83%1,101,339.58233.71
201520.06%1,101,949.32234.72
201530.88%1,111,628.95236.12
201540.98%1,122,510.73236.60
20155-0.44%1,117,622.20237.81
20156-0.08%1,116,732.23238.64
20157-2.42%1,089,658.21238.65
20158-4.51%1,040,546.27238.32
201594.32%1,085,467.89237.95
2015102.93%1,117,298.91237.84
201511-1.10%1,104,975.44237.34
201512-6.42%1,034,040.20236.53
20161-0.55%1,028,353.92236.92
201626.36%1,093,785.28237.11
201632.83%1,124,753.18238.13
20164-0.30%1,121,329.83239.26
201651.07%1,133,288.70240.23
201663.30%1,170,658.20241.02
201671.20%1,184,697.40240.63
20168-0.44%1,179,500.48240.85
20169-0.51%1,173,532.43241.43
2016101.20%1,187,628.44241.73
2016113.95%1,234,491.82241.35
2016121.44%1,252,239.31241.43
201712.58%1,284,502.57242.84
201721.75%1,306,971.82243.60
20173-0.15%1,304,959.03243.80
201741.69%1,327,043.81244.52
201751.78%1,350,617.78244.73
201760.99%1,363,960.32244.96
201770.25%1,367,340.29244.79
201781.65%1,389,946.02245.52
201792.73%1,427,958.25246.82
2017101.59%1,450,656.63246.66
2017112.88%1,492,486.12246.67
2017124.86%1,565,049.27246.52
20181-2.89%1,519,871.21247.87
201820.06%1,520,852.71248.99
20183-1.66%1,495,546.15249.55
201841.96%1,524,883.10250.55
201852.11%1,557,103.42251.59
201861.58%1,581,717.21251.99
201872.45%1,620,482.01252.01
201881.68%1,647,702.02252.15
20189-3.85%1,584,282.20252.44
201810-2.08%1,551,390.78252.89
201811-5.56%1,465,094.48252.04
2018121.74%1,490,523.20251.23
201915.83%1,577,404.34251.71
201921.95%1,608,132.52252.78
201933.72%1,668,006.83254.20
20194-1.53%1,642,456.49255.55
201951.40%1,665,528.89256.09
201963.83%1,729,274.40256.14
20197-3.13%1,675,071.78256.57
201983.09%1,726,751.56256.56
201990.01%1,726,920.83256.76
2019104.43%1,803,487.18257.35
2019112.47%1,848,021.05257.21
2019123.35%1,909,863.18256.97
202010.12%1,912,194.68257.97
20202-18.92%1,550,451.26258.68
202034.32%1,617,409.27258.12
202045.89%1,712,632.06256.39
202056.51%1,824,094.81256.39
202063.48%1,887,508.28257.80
202075.89%1,998,748.67259.10
20208-0.63%1,986,216.46259.92
202091.73%2,020,498.59260.28
2020103.95%2,100,391.46260.39
2020114.26%2,189,869.82260.23
2020122.80%2,251,083.25260.47
202112.49%2,307,169.63261.58
202120.82%2,326,119.74263.01
202136.02%2,466,186.72264.88
202140.76%2,484,935.45267.05
202151.81%2,529,923.29269.20
202163.07%2,607,546.43271.70
202172.19%2,664,525.54273.00
20218-0.08%2,662,274.05273.57
202190.45%2,674,312.21274.31
2021104.74%2,801,201.48276.59
2021110.27%2,808,635.97277.95
202112-2.05%2,751,004.09278.80
20221-2.90%2,671,154.27281.15
20222-0.89%2,647,311.99283.72
202230.12%2,650,443.81287.50
20224-7.87%2,441,781.51289.11
20225-3.37%2,359,508.50292.30
202260.46%2,370,472.79296.31
202276.45%2,523,306.50296.28
20228-7.28%2,339,675.29296.17
20229-3.09%2,267,351.83296.81
2022105.29%2,387,183.51298.01
2022110.01%2,387,442.22297.71
2022121.38%2,420,304.32296.80
202313.15%2,496,470.61299.17
20232-2.59%2,431,926.18300.84
202334.00%2,529,111.33301.84
202340.74%2,547,768.47303.36
202354.94%2,673,683.94304.13
202363.88%2,777,317.06305.11
20237-1.00%2,749,609.52305.69
20238-0.95%2,723,389.87307.03
20239-3.04%2,640,672.01307.79
2023104.60%2,762,188.44307.67
2023115.18%2,905,138.51307.05
2023122.91%2,989,731.41306.75
202414.20%3,115,278.35308.42
202423.28%3,217,525.52310.33
20243-1.01%3,185,056.56312.33
202442.40%3,261,518.42313.55
202450.92%3,291,530.91314.07
Click to show 1218 more rows

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

Dollar-cost averaging

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

Consider a strategy in which $100.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1922. This would result in a final amount of $2,678,040.96, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $3,291,530.91).

YearMonthContribution ($)Amount ($)
192214.164.25
192224.168.75
192234.1613.74
192244.1618.66
192254.1622.70
192264.1627.15
192274.1632.62
192284.1637.89
192294.1643.15
1922104.1645.16
1922114.1649.42
1922124.1654.55
192314.1661.48
192324.1666.99
192334.1668.96
192344.1669.99
192354.1671.68
192364.1673.67
192374.1678.61
192384.1683.70
192394.1687.02
1923104.1694.38
1923114.16102.38
1923124.32110.72
19241-111.78
19242-110.20
19243-108.23
19244-108.42
19245-111.04
19246-116.76
19247-121.35
19248-120.77
19249-119.80
192410-127.09
192411-134.55
192412-140.72
19251-142.53
19252-139.41
19253-138.56
19254-143.65
19255-146.86
19256-151.59
19257-154.30
19258-158.53
19259-164.44
192510-170.24
192511-173.71
192512-177.05
19261-178.04
19262-166.68
19263-162.75
19264-164.63
19265-173.22
19266-181.29
19267-189.25
19268-192.93
19269-189.39
192610-192.68
192611-197.89
192612-197.41
19271-202.10
19272-206.07
19273-212.01
19274-220.21
19275-223.96
19276-229.83
19277-242.99
19278-257.73
19279-254.72
192710-261.49
192711-268.59
192712-270.66
19281-268.41
19282-283.84
19283-302.75
19284-313.15
19285-298.85
19286-302.11
19287-312.96
19288-336.04
19289-343.96
192810-368.32
192811-370.88
192812-399.41
19291-402.65
19292-410.91
19293-409.67
19294-417.03
19295-426.21
19296-465.43
19297-493.15
19298-514.08
19299-461.01
192910-340.26
192911-355.14
192912-361.63
19301-385.63
19302-401.53
19303-428.38
19304-404.17
19305-364.69
19306-358.27
19307-355.06
19308-356.28
19309-308.64
193010-287.65
193011-269.85
193012-279.45
19311-302.20
19312-309.39
19313-281.30
19314-255.53
19315-248.69
19316-258.28
19317-251.86
19318-215.67
19319-188.17
193110-192.04
193111-157.28
193112-155.94
19321-155.87
19322-157.65
19323-121.04
19324-107.34
19325-94.04
19326-99.86
19327-151.13
19328-166.80
19329-144.76
193210-144.27
193211-140.46
193212-146.88
19331-130.33
19332-130.77
19333-145.47
19334-188.12
19335-221.20
19336-239.91
19337-228.78
19338-227.67
19339-206.32
193310-212.10
193311-217.02
193312-230.23
19341-248.07
19342-236.17
19343-240.94
19344-217.26
19345-220.96
19346-211.34
19347-203.91
19348-199.81
19349-202.23
193410-208.72
193411-210.93
193412-211.78
19351-206.24
19352-194.01
19353-209.41
19354-226.71
19355-236.18
19356-249.40
19357-267.12
19358-273.62
19359-281.79
193510-309.16
193511-310.06
193512-328.12
19361-347.91
19362-356.30
19363-357.77
19364-339.82
19365-355.36
19366-377.51
19367-386.19
19368-391.76
19369-413.51
193610-426.33
193611-420.36
193612-434.90
19371-449.26
19372-450.30
19373-424.97
19374-407.60
19375-394.00
19376-419.19
19377-425.21
19378-366.69
19379-315.00
193710-288.96
193711-286.01
193712-295.27
19381-289.95
19382-272.50
19383-263.11
19384-267.21
19385-275.05
19386-331.40
19387-334.90
19388-321.22
19389-358.54
193810-360.21
193811-351.02
193812-346.94
19391-345.35
19392-346.27
19393-303.89
19394-316.33
19395-323.20
19396-332.37
19397-328.82
19398-365.18
19399-370.23
193910-365.01
193911-357.81
193912-357.28
19401-356.47
19402-355.95
19403-361.00
19404-312.84
19405-287.52
19406-298.64
19407-306.56
19408-321.14
19409-325.85
194010-335.14
194011-323.11
194012-325.43
19411-306.80
19412-310.42
19413-302.51
19414-297.71
19415-309.93
19416-327.64
19417-327.89
19418-330.71
19419-319.36
194110-306.32
194111-288.30
194112-295.84
19421-288.51
19422-274.77
19423-265.28
19424-270.24
19425-285.77
19426-298.30
19427-298.43
19428-303.39
19429-327.57
194210-334.63
194211-338.16
194212-360.15
19431-383.32
19432-398.71
19433-413.81
19434-431.87
19435-441.28
19436-452.19
19437-431.67
19438-442.69
19439-440.47
194310-421.94
194311-429.41
194312-445.15
19441-444.07
19442-458.46
19443-452.46
19444-462.43
19445-486.21
19446-500.88
19447-495.60
19448-489.52
19449-503.64
194410-502.21
194411-515.27
194412-532.71
19451-552.59
19452-554.33
19453-570.42
19454-594.15
19455-607.15
19456-596.85
19457-601.07
19458-644.22
19459-673.30
194510-697.58
194511-711.71
194512-742.30
19461-746.65
19462-726.66
19463-775.85
19464-779.87
19465-777.23
19466-757.43
19467-745.13
19468-637.66
19469-625.72
194610-625.64
194611-646.88
194612-652.83
19471-680.70
19472-655.70
19473-634.08
19474-625.44
19475-649.96
19476-693.47
19477-682.66
19478-667.86
19479-688.08
194710-683.06
194711-675.39
194712-669.55
19481-639.76
19482-652.04
19483-705.42
19484-743.02
19485-777.11
19486-761.90
19487-742.94
19488-737.90
19489-761.43
194810-722.59
194811-721.45
194812-733.21
19491-708.81
19492-719.38
19493-722.35
19494-721.03
19495-685.61
19496-728.55
19497-758.94
19498-773.14
19499-797.43
194910-812.96
194911-839.31
194912-861.38
19501-883.11
19502-895.26
19503-925.57
19504-961.80
19505-982.62
19506-916.56
19507-977.39
19508-1,017.55
19509-1,065.59
195010-1,069.60
195011-1,071.68
195012-1,157.55
19511-1,207.43
19512-1,194.00
19513-1,217.00
19514-1,224.65
19515-1,210.63
19516-1,239.28
19517-1,300.81
19518-1,341.60
19519-1,341.98
195110-1,311.74
195111-1,359.14
195112-1,411.25
19521-1,392.45
19522-1,402.89
19523-1,405.73
19524-1,412.20
19525-1,458.02
19526-1,507.11
19527-1,520.38
19528-1,503.52
19529-1,479.31
195210-1,533.56
195211-1,602.71
195212-1,618.56
19531-1,606.04
19532-1,621.41
19533-1,548.88
19534-1,564.41
19535-1,515.80
19536-1,544.81
19537-1,558.69
19538-1,494.68
19539-1,547.24
195310-1,589.14
195311-1,618.33
195312-1,667.27
19541-1,711.89
19542-1,756.10
19543-1,834.25
19544-1,915.37
19545-1,938.80
19546-2,025.22
19547-2,073.71
19548-2,130.52
19549-2,188.27
195410-2,282.42
195411-2,395.47
195412-2,447.42
19551-2,538.09
19552-2,527.01
19553-2,623.25
19554-2,621.18
19555-2,782.26
19556-2,994.94
19557-2,985.97
19558-3,129.79
19559-2,981.91
195510-3,192.62
195511-3,232.12
195512-3,154.94
19561-3,184.90
19562-3,414.40
19563-3,465.03
19564-3,366.68
19565-3,357.85
19566-3,550.89
19567-3,540.78
19568-3,431.41
19569-3,398.69
195610-3,374.48
195611-3,435.52
195612-3,371.53
19571-3,236.81
19572-3,289.26
19573-3,376.23
19574-3,516.69
19575-3,585.41
19576-3,668.67
19577-3,477.71
19578-3,347.66
19579-3,150.27
195710-3,093.55
195711-3,103.39
195712-3,175.65
19581-3,197.94
19582-3,275.30
19583-3,304.66
19584-3,422.24
19585-3,515.84
19586-3,623.80
19587-3,770.72
19588-3,881.72
19589-4,050.93
195810-4,185.67
195811-4,276.19
195812-4,458.12
19591-4,401.73
19592-4,525.25
19593-4,612.88
19594-4,694.31
19595-4,665.85
19596-4,863.11
19597-4,847.62
19598-4,668.10
19599-4,676.35
195910-4,707.64
195911-4,870.67
195912-4,798.30
19601-4,625.12
19602-4,575.25
19603-4,647.74
19604-4,618.71
19605-4,802.91
19606-4,697.43
19607-4,767.46
19608-4,637.75
19609-4,560.12
196010-4,721.59
196011-4,848.63
196012-5,111.76
19611-5,335.35
19612-5,516.60
19613-5,677.63
19614-5,749.36
19615-5,687.25
19616-5,685.66
19617-5,903.93
19618-5,871.95
19619-5,950.81
196110-6,234.79
196111-6,307.30
196112-6,087.36
19621-6,203.60
19622-6,224.75
19623-6,041.43
19624-5,607.35
19625-4,967.40
19626-5,102.38
19627-5,256.63
19628-5,225.44
19629-5,076.18
196210-5,441.71
196211-5,693.32
196212-5,929.41
19631-6,024.02
19632-6,017.49
19633-6,317.05
19634-6,460.42
19635-6,474.42
19636-6,395.31
19637-6,589.16
19638-6,779.82
19639-6,813.72
196310-6,792.83
196311-6,955.40
196312-7,187.03
19641-7,293.39
19642-7,444.44
19643-7,570.48
19644-7,662.87
19645-7,636.00
19646-7,938.47
19647-7,841.17
19648-7,995.28
19649-8,152.80
196410-8,229.19
196411-8,106.55
196412-8,335.22
19651-8,416.49
19652-8,444.73
19653-8,576.27
19654-8,724.86
19655-8,331.60
19656-8,340.18
19657-8,516.87
19658-8,823.15
19659-9,043.44
196510-9,140.75
196511-9,121.41
196512-9,302.05
19661-9,262.01
19662-8,904.28
19663-9,199.99
19664-8,739.29
19665-8,690.40
19666-8,691.99
19667-8,190.51
19668-7,926.38
19669-7,881.65
196610-8,300.64
196611-8,360.05
196612-8,705.35
19671-9,030.06
19672-9,267.89
19673-9,452.55
19674-9,647.05
19675-9,551.37
19676-9,741.67
19677-9,922.05
19678-10,086.16
19679-10,095.98
196710-9,805.04
196711-10,110.15
196712-10,108.38
19681-9,678.07
19682-9,527.17
19683-10,257.11
19684-10,519.46
19685-10,828.80
19686-10,834.10
19687-10,624.58
19688-10,997.25
19689-11,296.07
196810-11,497.79
196811-11,645.57
196812-11,181.48
19691-11,154.80
19692-10,941.32
19693-11,190.16
19694-11,583.32
19695-11,007.48
19696-10,544.58
19697-10,514.67
19698-10,580.76
19699-10,723.22
196910-10,830.18
196911-10,285.70
196912-10,225.11
19701-9,898.31
19702-10,097.49
19703-9,820.04
19704-8,720.29
19705-8,696.75
19706-8,742.20
19707-9,026.83
19708-9,597.44
19709-9,836.37
197010-9,856.71
197011-10,562.28
197012-10,996.47
19711-11,452.94
19712-11,777.26
19713-12,209.95
19714-12,074.67
19715-11,881.98
19716-11,826.97
19717-11,647.54
19718-11,937.15
19719-11,714.68
197110-11,202.57
197111-12,005.07
197112-12,536.00
19721-12,797.62
19722-13,132.87
19723-13,298.20
19724-13,195.02
19725-13,263.12
19726-13,196.29
19727-13,695.60
19728-13,529.82
19729-13,586.30
197210-14,300.15
197211-14,630.70
197212-14,775.45
19731-14,284.15
19732-14,091.98
19733-13,861.81
19734-13,505.60
19735-13,236.86
19736-13,397.06
19737-13,177.96
19738-13,440.90
19739-14,010.17
197310-13,050.07
197311-12,161.98
197312-12,368.78
19741-12,062.92
19742-12,614.75
19743-12,007.15
19744-11,682.27
19745-11,735.69
19746-10,404.06
19747-10,012.37
19748-9,009.77
19749-9,223.93
197410-9,569.22
197411-8,986.28
197412-9,762.04
19751-10,817.08
19752-11,355.08
19753-11,523.94
19754-12,297.50
19755-12,653.46
19756-12,708.13
19757-11,819.03
19758-11,718.25
19759-12,300.80
197510-12,551.94
197511-12,403.88
197512-13,587.86
19761-14,155.58
19762-14,269.17
19763-14,425.48
19764-14,370.19
19765-14,499.61
19766-14,886.07
19767-14,802.62
19768-15,163.49
19769-14,692.17
197610-14,638.31
197611-15,192.59
197612-15,110.96
19771-14,753.05
19772-14,745.05
19773-14,569.04
19774-14,578.44
19775-14,709.61
19776-14,898.26
19777-14,588.58
19778-14,417.11
19779-14,100.25
197710-14,238.59
197711-14,227.18
197712-13,744.83
19781-13,611.23
19782-13,647.39
19783-14,306.56
19784-15,094.03
19785-15,195.70
19786-15,186.24
19787-16,299.10
19788-16,364.25
19789-15,910.39
197810-15,045.24
197811-15,334.53
197812-15,976.33
19791-15,807.47
19792-16,177.54
19793-16,570.80
19794-16,257.11
19795-16,650.15
19796-16,886.73
19797-17,733.48
19798-18,006.66
19799-17,402.98
197910-17,346.87
197911-18,110.82
197912-18,710.74
19801-19,533.24
19802-17,818.64
19803-17,611.58
19804-18,498.52
19805-19,768.02
19806-20,750.38
19807-21,477.62
19808-22,086.68
19809-22,821.01
198010-23,874.13
198011-23,576.95
198012-23,579.31
19811-22,855.38
19812-23,802.35
19813-24,110.30
19814-23,720.37
19815-23,923.80
19816-23,441.43
19817-23,629.57
19818-21,667.68
19819-22,041.93
198110-22,712.83
198111-22,980.70
198112-21,876.68
19821-21,457.98
19822-20,869.06
19823-22,010.45
19824-22,135.83
19825-20,969.14
19826-21,020.27
19827-21,187.17
19828-23,750.05
19829-25,859.38
198210-27,023.03
198211-27,389.33
198212-28,464.57
19831-29,070.87
19832-30,194.63
19833-31,462.02
19834-32,853.90
19835-33,430.00
19836-33,666.73
19837-32,856.31
19838-33,945.11
19839-34,165.05
198310-33,775.08
198311-33,731.81
198312-34,263.40
19841-32,511.79
19842-32,655.61
19843-32,821.24
19844-32,738.34
19845-32,133.24
19846-31,841.32
19847-34,772.81
19848-35,262.06
19849-35,116.64
198410-35,568.20
198411-35,316.54
198412-36,975.55
19851-39,115.46
19852-38,928.37
19853-39,327.27
19854-40,403.12
19855-41,417.63
19856-42,348.37
19857-41,566.92
19858-40,783.38
19859-41,393.32
198510-44,050.99
198511-46,383.27
198512-46,731.95
19861-49,394.38
19862-52,448.33
19863-53,886.16
19864-54,151.19
19865-55,847.87
19866-54,840.43
19867-56,091.26
19868-54,713.52
19869-54,664.35
198610-56,595.61
198611-57,562.80
198612-61,404.18
19871-65,372.04
19872-68,232.99
19873-67,648.64
19874-67,765.55
19875-70,813.95
19876-73,024.83
19877-77,737.86
19878-75,382.07
19879-66,446.37
198710-58,271.19
198711-57,493.45
198712-59,934.94
19881-61,929.91
19882-63,931.52
19883-63,365.07
19884-61,978.48
19885-65,696.07
19886-65,494.43
19887-64,368.92
19888-65,609.42
19889-68,103.64
198810-66,727.78
198811-68,279.83
198812-70,678.27
19891-73,010.55
19892-72,892.52
19893-75,490.99
19894-78,597.67
19895-81,264.20
19896-83,539.74
19897-87,458.38
19898-87,856.78
19899-88,108.28
198910-86,510.39
198911-88,877.93
198912-86,912.63
19901-84,716.19
19902-87,009.60
19903-87,180.13
19904-90,537.37
19905-93,407.36
19906-93,565.90
19907-86,210.47
19908-82,468.02
19909-80,558.25
199010-82,961.96
199011-86,767.10
199012-86,172.60
19911-96,174.46
19912-99,102.60
19913-101,341.16
19914-101,159.88
19915-101,510.92
19916-102,303.20
19917-105,043.83
19918-104,725.44
19919-104,915.67
199110-104,932.24
199111-105,913.51
199112-113,706.65
19921-113,023.45
19922-111,879.23
19923-112,174.93
19924-114,495.10
19925-112,973.32
19926-115,133.52
19927-116,217.75
19928-116,657.27
19929-115,278.32
199210-118,456.43
199211-122,331.38
199212-122,506.18
19931-124,618.49
19932-127,297.98
19933-125,589.96
19934-126,500.14
19935-127,594.60
19936-127,672.44
19937-129,922.62
19938-131,683.04
19939-133,318.42
199310-133,328.48
199311-134,511.34
199312-136,846.29
19941-136,742.70
19942-134,795.73
19943-130,284.96
19944-131,663.69
19945-133,122.65
19946-132,431.91
19947-136,513.56
19948-137,629.51
19949-137,018.43
199410-136,511.62
199411-135,111.41
199412-138,423.23
19951-143,709.74
19952-147,386.08
19953-152,125.35
19954-157,218.15
19955-162,215.20
19956-167,969.75
19957-168,831.65
19958-175,108.24
19959-176,706.22
199510-180,873.64
199511-187,003.69
199512-187,307.72
19961-198,367.11
19962-197,968.99
19963-198,359.07
19964-203,030.08
19965-205,626.01
19966-198,477.29
19967-204,581.96
19968-208,722.14
19969-217,320.45
199610-228,299.65
199611-231,035.20
199612-238,561.27
19971-248,965.31
19972-247,412.55
19973-238,987.55
19974-261,017.02
19975-274,947.04
19976-290,717.79
19977-291,728.88
19978-295,206.31
19979-300,063.56
199710-296,606.70
199711-304,421.15
199712-305,142.90
19981-324,678.63
19982-341,928.39
19983-353,573.36
19984-352,788.93
19985-353,199.78
19986-368,979.56
19987-343,257.97
19988-326,443.65
19989-330,657.57
199810-366,945.20
199811-382,005.02
199812-401,287.44
19991-401,019.74
19992-412,743.59
19993-430,285.29
19994-429,860.03
19995-427,230.28
19996-446,551.29
19997-429,696.72
19998-427,127.07
19999-421,692.00
199910-451,657.22
199911-464,343.05
199912-463,790.80
20001-452,297.70
20002-470,122.55
20003-476,820.22
20004-463,284.28
20005-477,940.18
20006-482,004.31
20007-486,533.76
20008-481,280.89
20009-456,185.80
200010-452,661.47
200011-437,632.78
200012-439,624.04
20011-430,232.54
20012-391,167.84
20013-392,922.99
20014-419,953.47
20015-409,922.24
20016-399,017.38
20017-390,854.12
20018-346,893.49
20019-357,938.69
200110-376,025.85
200111-381,538.58
200112-380,402.78
20021-367,648.75
20022-385,829.98
20023-372,270.24
20024-361,770.84
20025-340,350.54
20026-303,733.93
20027-307,192.82
20028-292,577.42
20029-288,577.76
200210-307,697.70
200211-304,512.84
200212-303,835.25
20031-284,344.71
20032-288,063.65
20033-303,290.29
20034-319,401.71
20035-337,620.98
20036-339,632.86
20037-339,067.97
20038-349,786.52
20039-356,879.60
200310-361,199.93
200311-372,266.41
200312-390,637.62
20041-394,882.53
20042-388,701.84
20043-392,465.01
20044-382,401.21
20045-393,329.00
20046-384,523.23
20047-379,187.70
20048-389,739.07
20049-390,138.92
200410-408,763.75
200411-419,912.57
200412-414,247.02
20051-421,211.36
20052-420,134.80
20053-410,014.09
20054-415,491.35
20055-424,551.96
20056-432,226.97
20057-433,566.96
20058-434,779.60
20059-423,370.03
200510-440,142.01
200511-449,579.23
200512-456,173.53
20061-456,097.62
20062-462,875.86
20063-466,571.14
20064-462,900.93
20065-450,375.79
20066-453,618.68
20067-464,014.53
20068-475,759.54
20069-492,962.59
200610-502,829.94
200611-513,632.06
200612-517,190.64
20071-525,445.25
20072-512,446.31
20073-533,867.89
20074-551,975.38
20075-553,879.15
20076-557,061.85
20077-533,659.08
20078-550,067.72
20079-566,523.73
200710-539,294.84
200711-545,972.50
200712-509,746.15
20081-501,773.90
20082-488,594.12
20083-509,329.09
20084-522,381.18
20085-500,197.84
20086-469,793.45
20087-479,708.61
20088-456,454.56
20089-364,280.02
200810-332,932.46
200811-331,763.14
200812-328,128.49
20091-306,135.65
20092-288,724.38
20093-324,300.28
20094-345,898.10
20095-355,821.44
20096-360,367.56
20097-389,632.09
20098-403,855.00
20099-413,560.07
200910-422,221.37
200911-431,619.42
200912-437,476.35
20101-424,796.22
20102-450,042.01
20103-468,439.41
20104-440,883.95
20105-425,260.94
20106-424,584.47
20107-428,251.23
20108-442,688.24
20109-462,952.01
201010-474,483.75
201011-492,104.82
201012-509,142.44
20111-525,184.83
20112-519,342.35
20113-530,876.86
20114-534,376.58
20115-514,804.51
20116-530,772.38
20117-475,568.62
20118-471,815.22
20119-486,058.87
201110-494,648.13
201111-502,338.68
201112-526,363.32
20121-548,273.76
20122-564,085.08
20123-563,869.55
20124-546,440.61
20125-540,143.36
20126-555,921.42
20127-574,754.38
20128-592,118.66
20129-590,832.96
201210-574,068.11
201211-586,557.17
201212-611,595.89
20131-625,864.56
20132-642,903.44
20133-652,249.91
20134-682,085.58
20135-674,461.40
20136-696,411.59
20137-698,170.23
20138-706,495.68
20139-721,456.08
201310-749,304.24
201311-760,706.11
201312-768,068.29
20141-767,069.52
20142-787,951.22
20143-789,540.71
20144-801,636.74
20145-827,259.60
20146-839,633.93
20147-836,049.11
20148-850,914.35
20149-828,394.19
201410-875,659.48
201411-881,210.17
201412-871,428.34
20151-896,067.09
20152-896,563.18
20153-904,438.68
20154-913,292.27
20155-909,314.88
20156-908,590.79
20157-886,562.94
20158-846,604.70
20159-883,153.63
201510-909,051.85
201511-899,025.28
201512-841,311.26
20161-836,684.81
20162-889,920.79
20163-915,116.76
20164-912,331.46
20165-922,061.39
20166-952,465.80
20167-963,888.31
20168-959,660.01
20169-954,804.31
201610-966,273.05
201611-1,004,401.83
201612-1,018,841.46
20171-1,045,091.35
20172-1,063,372.69
20173-1,061,735.05
20174-1,079,703.57
20175-1,098,883.73
20176-1,109,739.42
20177-1,112,489.42
20178-1,130,881.79
20179-1,161,809.14
201710-1,180,276.89
201711-1,214,310.02
201712-1,273,348.53
20181-1,236,590.96
20182-1,237,389.52
20183-1,216,799.71
20184-1,240,668.71
20185-1,266,883.67
20186-1,286,909.83
20187-1,318,449.48
20188-1,340,596.10
20189-1,288,996.74
201810-1,262,235.77
201811-1,192,023.76
201812-1,212,712.95
20191-1,283,400.81
20192-1,308,401.74
20193-1,357,116.41
20194-1,336,328.26
20195-1,355,100.32
20196-1,406,964.66
20197-1,362,864.57
20198-1,404,912.04
20199-1,405,049.76
201910-1,467,345.34
201911-1,503,578.79
201912-1,553,894.51
20201-1,555,791.46
20202-1,261,471.36
20203-1,315,949.44
20204-1,393,424.19
20205-1,484,112.03
20206-1,535,706.22
20207-1,626,213.14
20208-1,616,016.74
20209-1,643,909.21
202010-1,708,911.30
202011-1,781,712.29
202012-1,831,516.49
20211-1,877,149.25
20212-1,892,567.36
20213-2,006,528.04
20214-2,021,782.30
20215-2,058,385.10
20216-2,121,540.51
20217-2,167,899.60
20218-2,166,067.75
20219-2,175,862.19
202110-2,279,101.28
202111-2,285,150.10
202112-2,238,259.90
20221-2,173,292.84
20222-2,153,894.38
20223-2,156,442.48
20224-1,986,671.58
20225-1,919,732.97
20226-1,928,653.69
20227-2,053,001.58
20228-1,903,596.36
20229-1,844,752.86
202210-1,942,249.79
202211-1,942,460.28
202212-1,969,197.40
20231-2,031,167.48
20232-1,978,653.13
20233-2,057,724.49
20234-2,072,904.22
20235-2,175,351.02
20236-2,259,668.54
20237-2,237,125.25
20238-2,215,792.54
20239-2,148,491.99
202310-2,247,359.66
202311-2,363,666.07
202312-2,432,492.17
20241-2,534,639.12
20242-2,617,829.02
20243-2,591,411.77
20244-2,653,622.33
20245-2,678,040.96
Click to show 1218 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 1922 to 2024
Start Value
Average monthly close
$7.30
End Value
Average monthly close
$5,283.40
Change in price+72,275.34%
+6.67% / yr
Change incl. dividends+3,291,430.91%
+10.69% / yr
Change incl. dividends, inflation-adjusted+175,968.70%
+7.57% / yr
Final amount, nominal
($100 base)
$3,291,530.91
Final amount, inflation-adjusted
($100 base)
$176,068.70