S&P 500: $100 in 1923 → $2,155,493.99 in 2023

$

Stock market returns between 1923 and 2023

If you invested $100 in the S&P 500 at the beginning of 1923, you would have about $2,155,493.99 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 2,155,393.99%, or 10.42% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 120,867.13% cumulatively, or 7.31% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $2,054,417.50.

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 $2,155,393.99, or 2,155,393.99%. This means by 2023 you would have $2,155,493.99 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 1923 was 17.100 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 100 years.

Adjusted for inflation, the $2,155,493.99 nominal end value of the original $100 investment would have a real return of roughly $120,867.13 in 1923 dollars. This means the inflation-adjusted return is 120,867.13% as opposed to the original 2,155,393.99%.

For more information on inflation, see our U.S. inflation calculator for 1923.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 1208-month period between 1923 and 2023.

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

YearMonthReturn (%)Amount ($)CPI
192314.75%104.7516.80
192322.08%106.9216.80
19233-3.04%103.6716.80
19234-4.25%99.2616.90
19235-3.31%95.9816.90
19236-2.84%93.2517.00
192371.04%94.2217.20
192381.16%95.3117.10
19239-0.94%94.4217.20
1923103.54%97.7617.30
1923113.92%101.5917.30
1923123.79%105.4417.30
192410.95%106.4417.30
19242-1.42%104.9417.20
19243-1.79%103.0617.10
192440.17%103.2417.00
192452.42%105.7417.00
192465.16%111.1917.00
192473.93%115.5617.10
19248-0.48%115.0117.00
19249-0.81%114.0817.10
1924106.08%121.0217.20
1924115.87%128.1317.20
1924124.58%134.0017.30
192511.29%135.7317.30
19252-2.19%132.7617.20
19253-0.61%131.9517.30
192543.67%136.7917.20
192552.24%139.8517.30
192563.22%144.3617.50
192571.79%146.9417.70
192582.74%150.9717.70
192593.73%156.5917.70
1925103.53%162.1217.70
1925112.04%165.4218.00
1925121.93%168.6017.90
192610.56%169.5517.90
19262-6.38%158.7217.90
19263-2.35%154.9917.80
192641.15%156.7717.90
192655.22%164.9517.80
192664.66%172.6317.70
192674.39%180.2217.50
192681.94%183.7217.40
19269-1.83%180.3517.50
1926101.74%183.4817.60
1926112.71%188.4517.70
192612-0.24%187.9917.70
192712.37%192.4517.50
192721.97%196.2417.40
192732.88%201.8917.30
192743.87%209.7017.30
192751.70%213.2717.40
192762.62%218.8717.60
192775.73%231.4017.30
192786.06%245.4317.20
19279-1.17%242.5617.30
1927102.66%249.0117.40
1927112.72%255.7717.30
1927120.77%257.7417.30
19281-0.83%255.6017.30
192825.75%270.2917.10
192836.66%288.3017.10
192843.44%298.2017.10
19285-4.57%284.5917.20
192861.09%287.6917.10
192873.59%298.0217.10
192887.37%320.0017.10
192892.36%327.5517.30
1928107.08%350.7417.20
1928110.70%353.1817.20
1928127.69%380.3517.10
192910.81%383.4417.10
192922.05%391.3017.10
19293-0.30%390.1217.00
192941.80%397.1316.90
192952.20%405.8717.00
192969.20%443.2117.10
192975.96%469.6217.30
192984.24%489.5517.30
19299-10.32%439.0017.30
192910-26.19%324.0217.30
1929114.37%338.1917.30
1929121.83%344.3717.20
193016.64%367.2317.10
193024.12%382.3617.00
193036.69%407.9416.90
19304-5.65%384.8817.00
19305-9.77%347.2816.90
19306-1.76%341.1716.80
19307-0.90%338.1116.60
193080.34%339.2716.50
19309-13.37%293.9116.60
193010-6.80%273.9216.50
193011-6.19%256.9716.40
1930123.56%266.1116.10
193118.14%287.7715.90
193122.38%294.6215.70
19313-9.08%267.8715.60
19314-9.16%243.3315.50
19315-2.68%236.8215.30
193163.86%245.9515.10
19317-2.49%239.8415.10
19318-14.37%205.3815.10
19319-12.75%179.1915.00
1931102.05%182.8714.90
193111-18.10%149.7714.70
193112-0.85%148.5014.60
19321-0.05%148.4314.30
193221.14%150.1314.10
19323-23.22%115.2614.00
19324-11.31%102.2213.90
19325-12.39%89.5513.70
193266.18%95.0913.60
1932751.35%143.9213.60
1932810.37%158.8413.50
19329-13.22%137.8513.40
193210-0.34%137.3913.30
193211-2.64%133.7613.20
1932124.57%139.8713.10
19331-11.27%124.1112.90
193320.33%124.5312.70
1933311.24%138.5312.60
1933429.32%179.1412.60
1933517.58%210.6412.60
193368.46%228.4612.70
19337-4.64%217.8613.10
19338-0.48%216.8013.20
19339-9.38%196.4713.20
1933102.80%201.9813.20
1933112.32%206.6713.20
1933126.08%219.2413.20
193417.75%236.2313.20
19342-4.80%224.8913.30
193432.02%229.4413.30
19344-9.83%206.8913.30
193451.70%210.4113.30
19346-4.36%201.2513.40
19347-3.51%194.1813.40
19348-2.01%190.2813.40
193491.21%192.5713.60
1934103.21%198.7613.50
1934111.06%200.8613.50
1934120.40%201.6813.40
19351-2.62%196.3913.60
19352-5.93%184.7513.70
193537.94%199.4113.70
193548.27%215.8913.80
193554.17%224.9113.80
193565.60%237.5013.70
193577.10%254.3713.70
193582.43%260.5613.70
193592.99%268.3413.70
1935109.71%294.4013.70
1935110.29%295.2713.80
1935125.82%312.4613.80
193616.03%331.3013.80
193622.41%339.2913.80
193630.41%340.7013.70
19364-5.02%323.6013.70
193654.57%338.4013.70
193666.23%359.4913.80
193672.30%367.7513.90
193681.44%373.0614.00
193695.55%393.7714.00
1936103.10%405.9914.00
193611-1.40%400.3014.00
1936123.46%414.1414.00
193713.30%427.8214.10
193720.23%428.8014.10
19373-5.62%404.6914.20
19374-4.09%388.1514.30
19375-3.34%375.1914.40
193766.39%399.1814.40
193771.44%404.9214.50
19378-13.76%349.1914.50
19379-14.10%299.9614.60
193710-8.27%275.1714.60
193711-1.02%272.3614.50
1937123.24%281.1814.40
19381-1.80%276.1114.20
19382-6.02%259.4914.10
19383-3.44%250.5614.10
193841.56%254.4614.20
193852.93%261.9214.10
1938620.49%315.5814.10
193871.06%318.9214.10
19388-4.08%305.8914.10
1938911.62%341.4314.10
1938100.47%343.0214.00
193811-2.55%334.2714.00
193812-1.16%330.3814.00
19391-0.46%328.8714.00
193920.27%329.7513.90
19393-12.24%289.3813.90
193944.10%301.2413.80
193952.17%307.7813.80
193962.84%316.5113.80
19397-1.07%313.1313.80
1939811.06%347.7513.80
193991.38%352.5614.10
193910-1.41%347.5914.00
193911-1.97%340.7314.00
193912-0.15%340.2314.00
19401-0.23%339.4513.90
19402-0.15%338.9614.00
194031.42%343.7714.00
19404-13.34%297.9114.00
19405-8.09%273.8014.00
194063.87%284.3914.10
194072.65%291.9314.00
194084.76%305.8114.00
194091.47%310.3014.00
1940102.85%319.1414.00
194011-3.59%307.6814.00
1940120.72%309.9014.10
19411-5.72%292.1614.10
194121.18%295.6014.10
19413-2.55%288.0714.20
19414-1.59%283.5014.30
194154.11%295.1414.40
194165.71%312.0014.70
194170.08%312.2414.70
194180.86%314.9314.90
19419-3.43%304.1115.10
194110-4.08%291.7015.30
194111-5.88%274.5415.40
1941122.62%281.7215.50
19421-2.48%274.7415.70
19422-4.76%261.6515.80
19423-3.45%252.6216.00
194241.87%257.3416.10
194255.75%272.1416.30
194264.38%284.0616.30
194270.05%284.1916.40
194281.66%288.9116.50
194297.97%311.9316.50
1942102.15%318.6516.70
1942111.06%322.0216.80
1942126.50%342.9616.90
194316.43%365.0316.90
194324.01%379.6816.90
194333.79%394.0617.20
194344.36%411.2517.40
194352.18%420.2217.50
194362.47%430.6117.50
19437-4.54%411.0617.40
194382.55%421.5617.30
19439-0.50%419.4517.40
194310-4.21%401.8017.40
1943111.77%408.9217.40
1943123.67%423.9117.40
19441-0.24%422.8717.40
194423.24%436.5817.40
19443-1.31%430.8617.40
194442.20%440.3617.50
194455.14%463.0017.50
194463.02%476.9817.60
19447-1.06%471.9417.70
19448-1.23%466.1617.70
194492.88%479.6017.70
194410-0.28%478.2417.70
1944112.60%490.6817.70
1944123.38%507.2817.80
194513.73%526.2217.80
194520.31%527.8817.80
194532.90%543.1917.80
194544.16%565.7917.80
194552.19%578.1717.90
19456-1.70%568.3718.10
194570.71%572.3818.10
194587.18%613.4818.10
194594.51%641.1718.10
1945103.61%664.2918.10
1945112.02%677.7418.10
1945124.30%706.8818.20
194610.59%711.0218.20
19462-2.68%691.9818.10
194636.77%738.8218.30
194640.52%742.6518.40
19465-0.34%740.1318.50
19466-2.55%721.2818.70
19467-1.62%709.5719.80
19468-14.42%607.2320.20
19469-1.87%595.8620.40
194610-0.01%595.7820.80
1946113.39%616.0021.30
1946120.92%621.6721.50
194714.27%648.2121.50
19472-3.67%624.4121.50
19473-3.30%603.8121.90
19474-1.36%595.5921.90
194753.92%618.9421.90
194766.69%660.3722.00
19477-1.56%650.0722.20
19478-2.17%635.9922.50
194793.03%655.2423.00
194710-0.73%650.4623.00
194711-1.12%643.1523.10
194712-0.86%637.5923.40
19481-4.45%609.2323.70
194821.92%620.9223.50
194838.19%671.7623.40
194845.33%707.5623.80
194854.59%740.0223.90
19486-1.96%725.5424.10
19487-2.49%707.4824.40
19488-0.68%702.6924.50
194893.19%725.0924.50
194810-5.10%688.1024.40
194811-0.16%687.0224.20
1948121.63%698.2124.10
19491-3.33%674.9824.00
194921.49%685.0423.80
194930.41%687.8823.80
19494-0.18%686.6223.90
19495-4.91%652.8923.80
194966.26%693.7823.90
194974.17%722.7123.70
194981.87%736.2423.80
194993.14%759.3723.90
1949101.95%774.1623.70
1949113.24%799.2523.80
1949122.63%820.2723.60
195012.52%840.9723.50
195021.38%852.5323.50
195033.39%881.4023.60
195043.91%915.9023.60
195052.16%935.7323.70
19506-6.72%872.8123.80
195076.64%930.7524.10
195084.11%968.9924.30
195094.72%1,014.7424.40
1950100.38%1,018.5524.60
1950110.19%1,020.5424.70
1950128.01%1,102.3125.00
195114.31%1,149.8025.40
19512-1.11%1,137.0125.70
195131.93%1,158.9225.80
195140.63%1,166.2025.80
19515-1.15%1,152.8525.90
195162.37%1,180.1325.90
195174.97%1,238.7325.90
195183.14%1,277.5725.90
195190.03%1,277.9326.10
195110-2.25%1,249.1426.20
1951113.61%1,294.2726.40
1951123.83%1,343.8926.50
19521-1.33%1,325.9926.50
195220.75%1,335.9326.30
195230.20%1,338.6426.30
195240.46%1,344.8026.40
195253.24%1,388.4326.40
195263.37%1,435.1826.50
195270.88%1,447.8226.70
19528-1.11%1,431.7726.70
19529-1.61%1,408.7026.70
1952103.67%1,460.3726.70
1952114.51%1,526.2126.70
1952120.99%1,541.3126.70
19531-0.77%1,529.3826.60
195320.96%1,544.0226.50
19533-4.47%1,474.9626.60
195341.00%1,489.7526.60
19535-3.11%1,443.4526.70
195361.91%1,471.0826.80
195370.90%1,484.3026.80
19538-4.11%1,423.3426.90
195393.52%1,473.4026.90
1953102.71%1,513.3027.00
1953111.84%1,541.0926.90
1953123.02%1,587.7026.90
195412.68%1,630.1926.90
195422.58%1,672.2926.90
195434.45%1,746.7126.90
195444.42%1,823.9626.80
195451.22%1,846.2726.90
195464.46%1,928.5626.90
195472.39%1,974.7426.90
195482.74%2,028.8426.90
195492.71%2,083.8326.80
1954104.30%2,173.4926.80
1954114.95%2,281.1526.80
1954122.17%2,330.6126.70
195513.70%2,416.9626.70
19552-0.44%2,406.4126.70
195533.81%2,498.0526.70
19554-0.08%2,496.0826.70
195556.15%2,649.4726.70
195567.64%2,852.0026.70
19557-0.30%2,843.4626.80
195584.82%2,980.4126.80
19559-4.72%2,839.5926.90
1955107.07%3,040.2426.90
1955111.24%3,077.8626.90
195512-2.39%3,004.3726.80
195610.95%3,032.8926.80
195627.21%3,251.4426.80
195631.48%3,299.6526.80
19564-2.84%3,205.9926.90
19565-0.26%3,197.5927.00
195665.75%3,381.4227.20
19567-0.28%3,371.7927.40
19568-3.09%3,267.6427.30
19569-0.95%3,236.4827.40
195610-0.71%3,213.4227.50
1956111.81%3,271.5527.50
195612-1.86%3,210.6227.60
19571-4.00%3,082.3327.60
195721.62%3,132.2827.70
195732.64%3,215.1027.80
195744.16%3,348.8527.90
195751.95%3,414.2928.00
195762.32%3,493.5828.10
19577-5.21%3,311.7328.30
19578-3.74%3,187.8928.30
19579-5.90%2,999.9128.30
195710-1.80%2,945.9028.30
1957110.32%2,955.2728.40
1957122.33%3,024.0928.40
195810.70%3,045.3228.60
195822.42%3,118.9828.60
195830.90%3,146.9428.80
195843.56%3,258.9028.90
195852.74%3,348.0428.90
195863.07%3,450.8528.90
195874.05%3,590.7629.00
195882.94%3,696.4628.90
195894.36%3,857.5928.90
1958103.33%3,985.9028.90
1958112.16%4,072.1029.00
1958124.25%4,245.3528.90
19591-1.27%4,191.6529.00
195922.81%4,309.2728.90
195931.94%4,392.7228.90
195941.77%4,470.2729.00
19595-0.61%4,443.1729.00
195964.23%4,631.0029.10
19597-0.32%4,616.2529.20
19598-3.70%4,445.3029.20
195990.18%4,453.1629.30
1959100.67%4,482.9629.40
1959113.46%4,638.2129.40
195912-1.49%4,569.2929.40
19601-3.61%4,404.3829.30
19602-1.08%4,356.8929.40
196031.58%4,425.9229.40
19604-0.62%4,398.2729.50
196053.99%4,573.6829.50
19606-2.20%4,473.2429.60
196071.49%4,539.9329.60
19608-2.72%4,416.4129.60
19609-1.67%4,342.4829.60
1960103.54%4,496.2429.80
1960112.69%4,617.2229.80
1960125.43%4,867.7929.80
196114.37%5,080.7129.80
196123.40%5,253.3129.80
196132.92%5,406.6529.80
196141.26%5,474.9629.80
19615-1.08%5,415.8229.80
19616-0.03%5,414.3029.80
196173.84%5,622.1630.00
19618-0.54%5,591.7029.90
196191.34%5,666.8030.00
1961104.77%5,937.2230.00
1961111.16%6,006.2730.00
196112-3.49%5,796.8330.00
196211.91%5,907.5230.00
196220.34%5,927.6630.10
19623-2.94%5,753.0930.10
19624-7.19%5,339.7330.20
19625-11.41%4,730.3230.20
196262.72%4,858.8630.20
196273.02%5,005.7530.30
19628-0.59%4,976.0430.30
19629-2.86%4,833.9130.40
1962107.20%5,182.0030.40
1962114.62%5,421.6030.40
1962124.15%5,646.4230.40
196311.60%5,736.5130.40
19632-0.11%5,730.3030.40
196334.98%6,015.5630.50
196342.27%6,152.0930.50
196350.22%6,165.4130.50
19636-1.22%6,090.0830.60
196373.03%6,274.6830.70
196382.89%6,456.2430.70
196390.50%6,488.5230.70
196310-0.31%6,468.6330.80
1963112.39%6,623.4430.80
1963123.33%6,844.0230.90
196411.48%6,945.3030.90
196422.07%7,089.1430.90
196431.69%7,209.1730.90
196441.22%7,297.1530.90
19645-0.35%7,271.5630.90
196463.96%7,559.5931.00
19647-1.23%7,466.9331.10
196481.97%7,613.6931.00
196491.97%7,763.6931.10
1964100.94%7,836.4331.10
196411-1.49%7,719.6531.20
1964122.82%7,937.4031.20
196510.98%8,014.8031.20
196520.34%8,041.6931.20
196531.56%8,166.9531.30
196541.73%8,308.4531.40
19655-4.51%7,933.9631.40
196560.10%7,942.1231.60
196572.12%8,110.3831.60
196583.60%8,402.0431.60
196592.50%8,611.8331.60
1965101.08%8,704.4931.70
196511-0.21%8,686.0731.70
1965121.98%8,858.0931.80
19661-0.43%8,819.9731.80
19662-3.86%8,479.3132.00
196633.32%8,760.9032.10
19664-5.01%8,322.1932.30
19665-0.56%8,275.6332.30
196660.02%8,277.1532.40
19667-5.77%7,799.6132.50
19668-3.22%7,548.0832.70
19669-0.56%7,505.4832.70
1966105.32%7,904.4732.90
1966110.72%7,961.0532.90
1966124.13%8,289.8732.90
196713.73%8,599.0832.90
196722.63%8,825.5632.90
196731.99%9,001.4133.00
196742.06%9,186.6333.10
19675-0.99%9,095.5133.20
196761.99%9,276.7333.30
196771.85%9,448.5033.40
196781.65%9,604.7733.50
196790.10%9,614.1333.60
196710-2.88%9,337.0833.70
1967113.11%9,627.6233.80
196712-0.02%9,625.9433.90
19681-4.26%9,216.1634.10
19682-1.56%9,072.4634.20
196837.66%9,767.5734.30
196842.56%10,017.3934.40
196852.94%10,311.9834.50
196860.05%10,317.0234.70
19687-1.93%10,117.5034.90
196883.51%10,472.3935.00
196892.72%10,756.9435.10
1968101.79%10,949.0335.30
1968111.29%11,089.7635.40
196812-3.99%10,647.8235.50
19691-0.24%10,622.4235.60
19692-1.91%10,419.1335.80
196932.27%10,656.0836.10
196943.51%11,030.4936.30
19695-4.97%10,482.1236.40
19696-4.21%10,041.3236.60
19697-0.28%10,012.8436.80
196980.63%10,075.7737.00
196991.35%10,211.4337.10
1969101.00%10,313.2937.30
196911-5.03%9,794.7937.50
196912-0.59%9,737.1037.70
19701-3.20%9,425.8937.80
197022.01%9,615.5638.00
19703-2.75%9,351.3638.20
19704-11.20%8,304.1038.50
19705-0.27%8,281.6838.60
197060.52%8,324.9638.80
197073.26%8,596.0039.00
197086.32%9,139.3839.00
197092.49%9,366.9139.20
1970100.21%9,386.2739.40
1970117.16%10,058.1839.60
1970124.11%10,471.6439.80
197114.15%10,906.3239.80
197122.83%11,215.1739.90
197133.67%11,627.2040.00
19714-1.11%11,498.3940.10
19715-1.60%11,314.8940.30
19716-0.46%11,262.5040.60
19717-1.52%11,091.6440.70
197182.49%11,367.4240.80
19719-1.86%11,155.5740.80
197110-4.37%10,667.9040.90
1971117.16%11,432.1140.90
1971124.42%11,937.7041.10
197212.09%12,186.8341.10
197222.62%12,506.0841.30
197231.26%12,663.5241.40
19724-0.78%12,565.2641.50
197250.52%12,630.1141.60
19726-0.50%12,566.4741.70
197273.78%13,041.9541.90
19728-1.21%12,884.0842.00
197290.42%12,937.8642.10
1972105.25%13,617.6542.30
1972112.31%13,932.4242.40
1972120.99%14,070.2642.50
19731-3.33%13,602.4142.60
19732-1.35%13,419.4142.90
19733-1.63%13,200.2343.30
19734-2.57%12,861.0243.60
19735-1.99%12,605.1143.90
197361.21%12,757.6644.20
19737-1.64%12,549.0244.30
197382.00%12,799.4145.10
197394.24%13,341.5045.20
197310-6.85%12,427.2345.60
197311-6.81%11,581.5245.90
1973121.70%11,778.4646.20
19741-2.47%11,487.1946.60
197424.57%12,012.6947.20
19743-4.82%11,434.0847.80
19744-2.71%11,124.7148.00
197450.46%11,175.5848.60
19746-11.35%9,907.5049.00
19747-3.76%9,534.5149.40
19748-10.01%8,579.7650.00
197492.38%8,783.7050.60
1974103.74%9,112.5151.10
197411-6.09%8,557.3951.50
1974128.63%9,296.1351.90
1975110.81%10,300.8152.10
197524.97%10,813.1452.50
197531.49%10,973.9352.70
197546.71%11,710.5752.90
197552.89%12,049.5553.20
197560.43%12,101.6053.60
19757-7.00%11,254.9554.20
19758-0.85%11,158.9854.30
197594.97%11,713.7254.60
1975102.04%11,952.8854.90
197511-1.18%11,811.8855.30
1975129.55%12,939.3555.50
197614.18%13,479.9855.60
197620.80%13,588.1455.80
197631.10%13,736.9955.90
19764-0.38%13,684.3456.10
197650.90%13,807.5856.50
197662.67%14,175.6056.80
19767-0.56%14,096.1357.10
197682.44%14,439.7857.40
19769-3.11%13,990.9657.60
197610-0.37%13,939.6657.90
1976113.79%14,467.4958.00
197612-0.54%14,389.7658.20
19771-2.37%14,048.9358.50
19772-0.05%14,041.3159.10
19773-1.19%13,873.7159.50
197740.06%13,882.6660.00
197750.90%14,007.5760.30
197761.28%14,187.2160.70
19777-2.08%13,892.3161.00
19778-1.18%13,729.0361.20
19779-2.20%13,427.2861.40
1977100.98%13,559.0261.60
197711-0.08%13,548.1661.90
197712-3.39%13,088.8362.10
19781-0.97%12,961.6062.50
197820.27%12,996.0462.90
197834.83%13,623.7563.40
197845.50%14,373.6463.90
197850.67%14,470.4664.50
19786-0.06%14,461.4465.20
197877.33%15,521.2065.70
197880.40%15,583.2366.00
19789-2.77%15,151.0366.50
197810-5.44%14,327.1767.10
1978111.92%14,602.6667.40
1978124.19%15,213.8367.70
19791-1.06%15,053.0268.30
197922.34%15,405.4469.10
197932.43%15,779.9369.80
19794-1.89%15,481.2170.60
197952.42%15,855.4971.50
197961.42%16,080.7772.30
197975.01%16,887.1273.10
197981.54%17,147.2573.80
19799-3.35%16,572.3974.60
197910-0.32%16,518.9575.20
1979114.40%17,246.4575.90
1979123.31%17,817.7376.70
198014.40%18,600.9777.80
19802-8.78%16,968.2178.90
19803-1.16%16,771.0380.10
198045.04%17,615.6481.00
198056.86%18,824.5581.80
198064.97%19,760.0382.70
198073.50%20,452.5582.70
198082.84%21,032.5583.30
198093.32%21,731.8384.00
1980104.61%22,734.6984.80
198011-1.24%22,451.6985.50
1980120.01%22,453.9486.30
19811-3.07%21,764.5687.00
198124.14%22,666.3387.90
198131.29%22,959.5988.50
19814-1.62%22,588.2789.10
198150.86%22,781.9889.80
19816-2.02%22,322.6490.60
198170.80%22,501.8091.60
19818-8.30%20,633.5492.30
198191.73%20,989.9493.20
1981103.04%21,628.8193.40
1981111.18%21,883.9093.70
198112-4.80%20,832.5794.00
19821-1.91%20,433.8594.30
19822-2.74%19,873.0494.60
198235.47%20,959.9694.50
198240.57%21,079.3594.90
19825-5.27%19,968.3495.80
198260.24%20,017.0397.00
198270.79%20,175.9797.50
1982812.10%22,616.5397.70
198298.88%24,625.1997.90
1982104.50%25,733.3098.20
1982111.36%26,082.1298.00
1982123.93%27,106.0497.60
198312.13%27,683.4097.80
198323.87%28,753.5397.90
198334.20%29,960.4397.90
198344.42%31,285.8898.60
198351.75%31,834.4899.20
198360.71%32,059.9199.50
19837-2.41%31,288.1799.90
198383.31%32,325.01100.20
198390.65%32,534.45100.70
198310-1.14%32,163.10101.00
198311-0.13%32,121.89101.20
1983121.58%32,628.11101.30
19841-5.11%30,960.10101.90
198420.44%31,097.05102.40
198430.51%31,254.78102.60
19844-0.25%31,175.84103.10
19845-1.85%30,599.61103.40
19846-0.91%30,321.63103.70
198479.21%33,113.21104.10
198481.41%33,579.10104.50
19849-0.41%33,440.62105.00
1984101.29%33,870.64105.30
198411-0.71%33,630.98105.30
1984124.70%35,210.82105.30
198515.79%37,248.60105.50
19852-0.48%37,070.43106.00
198531.02%37,450.30106.40
198542.74%38,474.80106.90
198552.51%39,440.89107.30
198562.25%40,327.21107.60
19857-1.85%39,583.05107.80
19858-1.88%38,836.91108.00
198591.50%39,417.74108.30
1985106.42%41,948.56108.70
1985115.29%44,169.54109.00
1985120.75%44,501.57109.30
198615.70%47,036.94109.60
198626.18%49,945.12109.30
198632.74%51,314.33108.80
198640.49%51,566.71108.60
198653.13%53,182.42108.90
19866-1.80%52,223.05109.50
198672.28%53,414.19109.50
19868-2.46%52,102.21109.70
19869-0.09%52,055.38110.20
1986103.53%53,894.47110.30
1986111.71%54,815.50110.40
1986126.67%58,473.54110.50
198716.46%62,252.03111.20
198724.38%64,976.43111.60
19873-0.86%64,419.96112.10
198740.17%64,531.30112.70
198754.50%67,434.21113.10
198763.12%69,539.57113.50
198776.45%74,027.66113.80
19878-3.03%71,784.31114.40
19879-11.85%63,275.08115.00
198710-12.30%55,490.08115.30
198711-1.33%54,749.46115.40
1987124.25%57,074.42115.40
198813.33%58,974.18115.70
198823.23%60,880.26116.00
19883-0.89%60,340.84116.50
19884-2.19%59,020.42117.10
198856.00%62,560.59117.50
19886-0.31%62,368.58118.00
19887-1.72%61,296.78118.50
198881.93%62,478.07119.00
198893.80%64,853.25119.80
198810-2.02%63,543.05120.20
1988112.33%65,021.04120.30
1988123.51%67,305.00120.50
198913.30%69,525.97121.10
19892-0.16%69,413.57121.60
198933.56%71,888.03122.30
198944.12%74,846.44123.10
198953.39%77,385.69123.80
198962.80%79,552.63124.10
198974.69%83,284.25124.40
198980.46%83,663.64124.60
198990.29%83,903.13125.00
198910-1.81%82,381.50125.60
1989112.74%84,636.04125.90
198912-2.21%82,764.55126.10
19901-2.53%80,672.94127.40
199022.71%82,856.89128.00
199030.20%83,019.28128.70
199043.85%86,216.29128.90
199053.17%88,949.31129.20
199060.17%89,100.27129.90
19907-7.86%82,095.90130.40
19908-4.34%78,532.07131.60
19909-2.32%76,713.44132.70
1990102.98%79,002.43133.50
1990114.59%82,625.96133.80
199012-0.69%82,059.83133.80
1991111.61%91,584.33134.60
199123.04%94,372.73134.80
199132.26%96,504.45135.00
19914-0.18%96,331.82135.20
199150.35%96,666.10135.60
199160.78%97,420.57136.00
199172.68%100,030.40136.20
19918-0.30%99,727.21136.60
199190.18%99,908.36137.20
1991100.02%99,924.14137.40
1991110.94%100,858.57137.80
1991127.36%108,279.77137.90
19921-0.60%107,629.17138.10
19922-1.01%106,539.56138.60
199230.26%106,821.15139.30
199242.07%109,030.58139.50
19925-1.33%107,581.43139.70
199261.91%109,638.53140.20
199270.94%110,671.02140.50
199280.38%111,089.56140.90
19929-1.18%109,776.42141.30
1992102.76%112,802.85141.80
1992113.27%116,492.86142.00
1992120.14%116,659.32141.90
199311.72%118,670.82142.60
199322.15%121,222.42143.10
19933-1.34%119,595.92143.60
199340.72%120,462.66144.00
199350.87%121,504.89144.20
199360.06%121,579.01144.40
199371.76%123,721.80144.40
199381.35%125,398.19144.80
199391.24%126,955.52145.10
1993100.01%126,965.10145.70
1993110.89%128,091.51145.80
1993121.74%130,315.02145.80
19941-0.08%130,216.37146.20
19942-1.42%128,362.33146.70
19943-3.35%124,066.84147.20
199441.06%125,379.77147.40
199451.11%126,769.09147.50
19946-0.52%126,111.32148.00
199473.08%129,998.17148.40
199480.82%131,060.86149.00
19949-0.44%130,478.94149.40
199410-0.37%129,996.32149.50
199411-1.03%128,662.94149.70
1994122.45%131,816.69149.70
199513.82%136,850.89150.30
199522.56%140,351.77150.90
199533.22%144,864.86151.40
199543.35%149,714.59151.90
199553.18%154,473.15152.20
199563.55%159,953.05152.50
199570.51%160,773.81152.50
199583.72%166,750.84152.90
199590.91%168,272.55153.20
1995102.36%172,241.07153.70
1995113.39%178,078.56153.60
1995120.16%178,368.08153.50
199615.90%188,899.63154.40
19962-0.20%188,520.51154.90
199630.20%188,891.98155.70
199642.35%193,340.06156.30
199651.28%195,812.09156.60
19966-3.48%189,004.55156.70
199673.08%194,817.87157.00
199682.02%198,760.45157.30
199694.12%206,948.38157.80
1996105.05%217,403.58158.30
1996111.20%220,008.57158.60
1996123.26%227,175.44158.60
199714.36%237,082.93159.10
19972-0.62%235,604.28159.60
19973-3.41%227,581.37160.00
199749.22%248,559.44160.20
199755.34%261,824.62160.10
199765.74%276,842.69160.30
199770.35%277,805.52160.50
199781.19%281,116.98160.80
199791.65%285,742.41161.20
199710-1.15%282,450.53161.60
1997112.63%289,892.02161.50
1997120.24%290,579.32161.30
199816.40%309,182.67161.60
199825.31%325,609.15161.90
199833.41%336,698.34162.20
19984-0.22%335,951.35162.50
199850.12%336,342.59162.80
199864.47%351,369.26163.00
19987-6.97%326,875.28163.20
19988-4.90%310,863.46163.40
199891.29%314,876.26163.60
19981010.97%349,431.99164.00
1998114.10%363,773.04164.00
1998125.05%382,135.17163.90
19991-0.07%381,880.25164.30
199922.92%393,044.55164.50
199934.25%409,749.03165.00
19994-0.10%409,344.07166.20
19995-0.61%406,839.84166.20
199964.52%425,238.71166.20
19997-3.77%409,188.56166.70
19998-0.60%406,741.55167.10
19999-1.27%401,565.88167.90
1999107.11%430,100.95168.20
1999112.81%442,181.33168.30
199912-0.12%441,655.43168.30
20001-2.48%430,710.86168.80
200023.94%447,684.98169.80
200031.42%454,062.99171.20
20004-2.84%441,173.08171.30
200053.16%455,129.50171.50
200060.85%458,999.66172.40
200070.94%463,312.93172.80
20008-1.08%458,310.77172.80
20009-5.21%434,413.40173.70
200010-0.77%431,057.27174.00
200011-3.32%416,745.85174.10
2000120.46%418,642.08174.00
20011-2.14%409,698.81175.10
20012-9.08%372,498.55175.80
200130.45%374,169.93176.20
200146.88%399,910.32176.90
20015-2.39%390,357.86177.70
20016-2.66%379,973.45178.00
20017-2.05%372,199.81177.50
20018-11.25%330,337.28177.50
200193.18%340,855.33178.30
2001105.05%358,079.25177.70
2001111.47%363,328.86177.40
200112-0.30%362,247.27176.70
20021-3.35%350,101.96177.10
200224.95%367,415.45177.80
20023-3.51%354,502.88178.80
20024-2.82%344,504.58179.80
20025-5.92%324,106.61179.80
20026-10.76%289,237.60179.90
200271.14%292,531.41180.10
20028-4.76%278,613.56180.70
20029-1.37%274,804.79181.00
2002106.63%293,012.19181.30
200211-1.04%289,979.34181.30
200212-0.22%289,334.08180.90
20031-6.41%270,773.78181.70
200321.31%274,315.22183.10
200335.29%288,815.14184.20
200345.31%304,157.61183.80
200355.70%321,507.32183.50
200360.60%323,423.19183.70
20037-0.17%322,885.26183.90
200383.16%333,092.24184.60
200392.03%339,846.78185.20
2003101.21%343,960.92185.00
2003113.06%354,499.23184.50
2003124.93%371,993.63184.30
200411.09%376,035.95185.20
20042-1.57%370,150.24186.20
200430.97%373,733.81187.40
20044-2.56%364,150.32188.00
200452.86%374,556.56189.10
20046-2.24%366,171.07189.70
20047-1.39%361,090.19189.40
200482.78%371,137.97189.50
200490.10%371,518.74189.90
2004104.77%389,254.66190.90
2004112.73%399,871.38191.00
200412-1.35%394,476.22190.30
200511.68%401,108.19190.70
20052-0.26%400,083.00191.80
20053-2.41%390,445.33193.30
200541.34%395,661.17194.60
200552.18%404,289.35194.40
200561.81%411,598.05194.50
200570.31%412,874.08195.40
200580.28%414,028.85196.40
20059-2.62%403,163.82198.80
2005103.96%419,135.33199.20
2005112.14%428,122.14197.60
2005121.47%434,401.71196.80
20061-0.02%434,329.42198.30
200621.49%440,784.16198.70
200630.80%444,303.08199.80
20064-0.79%440,808.03201.50
20065-2.71%428,880.68202.50
200660.72%431,968.79202.90
200672.29%441,868.48203.50
200682.53%453,052.93203.90
200693.62%469,434.94202.90
2006102.00%478,831.35201.80
2006112.15%489,117.91201.50
2006120.69%492,506.65201.80
200711.60%500,367.29202.42
20072-2.47%487,988.75203.50
200734.18%508,387.95205.35
200743.39%525,631.21206.69
200750.34%527,444.12207.95
200760.57%530,474.92208.35
20077-4.20%508,189.10208.30
200783.07%523,814.61207.92
200792.99%539,485.22208.49
200710-4.81%513,555.89208.94
2007111.24%519,914.84210.18
200712-6.64%485,417.47210.04
20081-1.56%477,825.70211.08
20082-2.63%465,274.96211.69
200834.24%485,020.31213.53
200842.56%497,449.47214.82
20085-4.25%476,324.87216.63
20086-6.08%447,371.59218.82
200872.11%456,813.53219.96
20088-4.85%434,669.33219.09
20089-20.19%346,894.01218.78
200810-8.61%317,042.57216.57
200811-0.35%315,929.06212.43
200812-1.10%312,467.88210.23
20091-6.70%291,524.70211.14
20092-5.69%274,944.42212.19
2009312.32%308,822.38212.71
200946.66%329,389.40213.24
200952.87%338,839.13213.86
200961.28%343,168.28215.69
200978.12%371,036.10215.35
200983.65%384,580.19215.83
200992.40%393,822.07215.97
2009102.09%402,069.99216.18
2009112.23%411,019.49216.33
2009121.36%416,596.89215.95
20101-2.90%404,521.94216.69
201025.94%428,562.83216.74
201034.09%446,082.18217.63
20104-5.88%419,841.85218.01
20105-3.54%404,964.49218.18
20106-0.16%404,320.30217.97
201070.86%407,812.06218.01
201083.37%421,560.03218.31
201094.58%440,856.67218.44
2010102.49%451,838.04218.71
2010113.71%468,618.11218.80
2010123.46%484,842.57219.18
201113.15%500,119.30220.22
20112-1.11%494,555.67221.31
201132.22%505,539.67223.47
201140.66%508,872.36224.91
20115-3.66%490,234.40225.96
201163.10%505,440.18225.72
20117-10.40%452,871.13225.92
20118-0.79%449,296.86226.55
201193.02%462,860.71226.89
2011101.77%471,040.03226.42
2011111.55%478,363.53226.23
2011124.78%501,241.54225.67
201214.16%522,106.27226.67
201222.88%537,162.96227.66
20123-0.04%536,957.71229.39
20124-3.09%520,360.60230.09
20125-1.15%514,363.91229.82
201262.92%529,388.93229.48
201273.39%547,323.04229.10
201283.02%563,858.58230.38
20129-0.22%562,634.25231.41
201210-2.84%546,669.53231.32
2012112.18%558,562.52230.22
2012124.27%582,406.22229.60
201312.33%595,993.89230.28
201322.72%612,219.55232.17
201331.45%621,119.94232.77
201344.57%649,531.64232.53
20135-1.12%642,271.34232.95
201363.25%663,173.91233.50
201370.25%664,848.62233.60
201381.19%672,776.72233.88
201392.12%687,023.10234.15
2013103.86%713,542.15233.55
2013111.52%724,399.85233.07
2013120.97%731,410.65233.05
20141-0.13%730,459.55233.92
201422.72%750,344.63234.78
201430.20%751,858.25236.29
201441.53%763,376.98237.07
201453.20%787,776.94237.90
201461.50%799,560.68238.34
20147-0.43%796,146.95238.25
201481.78%810,302.71237.85
20149-2.65%788,857.37238.03
2014105.71%833,866.83237.43
2014110.63%839,152.61236.15
201412-1.11%829,837.63234.81
201512.83%853,300.44233.71
201520.06%853,772.86234.72
201530.88%861,272.48236.12
201540.98%869,703.51236.60
20155-0.44%865,915.95237.81
20156-0.08%865,226.42238.64
20157-2.42%844,249.90238.65
20158-4.51%806,198.75238.32
201594.32%841,003.31237.95
2015102.93%865,665.48237.84
201511-1.10%856,117.45237.34
201512-6.42%801,157.95236.53
20161-0.55%796,752.31236.92
201626.36%847,447.48237.11
201632.83%871,440.93238.13
20164-0.30%868,788.56239.26
201651.07%878,054.11240.23
201663.30%907,007.41241.02
201671.20%917,884.76240.63
20168-0.44%913,858.26240.85
20169-0.51%909,234.31241.43
2016101.20%920,155.68241.73
2016113.95%956,464.69241.35
2016121.44%970,215.16241.43
201712.58%995,212.22242.84
201721.75%1,012,621.04243.60
20173-0.15%1,011,061.56243.80
201741.69%1,028,172.49244.52
201751.78%1,046,437.24244.73
201760.99%1,056,774.82244.96
201770.25%1,059,393.57244.79
201781.65%1,076,908.13245.52
201792.73%1,106,359.40246.82
2017101.59%1,123,945.75246.66
2017112.88%1,156,354.57246.67
2017124.86%1,212,575.35246.52
20181-2.89%1,177,572.11247.87
201820.06%1,178,332.56248.99
20183-1.66%1,158,725.44249.55
201841.96%1,181,455.24250.55
201852.11%1,206,419.03251.59
201861.58%1,225,489.41251.99
201872.45%1,255,523.76252.01
201881.68%1,276,613.39252.15
20189-3.85%1,227,476.72252.44
201810-2.08%1,201,992.97252.89
201811-5.56%1,135,131.97252.04
2018121.74%1,154,833.73251.23
201915.83%1,222,147.86251.71
201921.95%1,245,955.57252.78
201933.72%1,292,345.24254.20
20194-1.53%1,272,549.24255.55
201951.40%1,290,425.36256.09
201963.83%1,339,814.38256.14
20197-3.13%1,297,819.05256.57
201983.09%1,337,859.72256.56
201990.01%1,337,990.87256.76
2019104.43%1,397,313.26257.35
2019112.47%1,431,817.40257.21
2019123.35%1,479,731.70256.97
202010.12%1,481,538.11257.97
20202-18.92%1,201,265.04258.68
202034.32%1,253,143.05258.12
202045.89%1,326,920.16256.39
202056.51%1,413,279.73256.39
202063.48%1,462,411.48257.80
202075.89%1,548,598.77259.10
20208-0.63%1,538,889.01259.92
202091.73%1,565,450.26260.28
2020103.95%1,627,349.99260.39
2020114.26%1,696,676.41260.23
2020122.80%1,744,103.60260.47
202112.49%1,787,558.44261.58
202120.82%1,802,240.68263.01
202136.02%1,910,762.36264.88
202140.76%1,925,288.57267.05
202151.81%1,960,144.44269.20
202163.07%2,020,285.62271.70
202172.19%2,064,432.13273.00
20218-0.08%2,062,687.71273.57
202190.45%2,072,014.69274.31
2021104.74%2,170,326.48276.59
2021110.27%2,176,086.61277.95
202112-2.05%2,131,434.34278.80
20221-2.90%2,069,567.96281.15
20222-0.89%2,051,095.34283.72
202230.12%2,053,521.82287.50
20224-7.87%1,891,853.59289.11
20225-3.37%1,828,109.76292.30
202260.46%1,836,604.72296.31
202276.45%1,955,017.86296.28
20228-7.28%1,812,743.31296.17
20229-3.09%1,756,708.24296.81
2022105.29%1,849,551.92298.01
2022110.01%1,849,752.37297.71
2022121.38%1,875,213.40296.80
202313.15%1,934,225.83299.17
20232-2.59%1,884,217.84300.84
202334.00%1,959,515.35301.84
202340.74%1,973,970.60303.36
202354.94%2,071,527.91304.13
202363.88%2,151,821.21305.11
20237-1.13%2,127,612.76305.69
202381.31%2,155,493.99307.03
Click to show 1194 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 1923. This would result in a final amount of $2,054,417.50, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $2,155,493.99).

YearMonthContribution ($)Amount ($)
192314.164.34
192324.168.65
192334.1612.41
192344.1615.84
192354.1619.32
192364.1622.79
192374.1627.21
192384.1631.71
192394.1635.51
1923104.1641.05
1923114.1646.96
1923124.1653.04
192414.1657.72
192424.1660.98
192434.1663.96
192444.1668.22
192454.1674.10
192464.1682.28
192474.1689.82
192484.1693.51
192494.1696.86
1924104.16107.14
1924114.16117.82
1924124.32127.72
19251-129.36
19252-126.53
19253-125.76
19254-130.38
19255-133.30
19256-137.59
19257-140.05
19258-143.89
19259-149.25
192510-154.52
192511-157.66
192512-160.70
19261-161.60
19262-151.28
19263-147.72
19264-149.42
19265-157.22
19266-164.54
19267-171.77
19268-175.10
19269-171.89
192610-174.88
192611-179.61
192612-179.18
19271-183.43
19272-187.04
19273-192.42
19274-199.86
19275-203.27
19276-208.60
19277-220.55
19278-233.92
19279-231.19
192710-237.33
192711-243.78
192712-245.65
19281-243.62
19282-257.62
19283-274.78
19284-284.22
19285-271.24
19286-274.20
19287-284.05
19288-305.00
19289-312.19
192810-334.30
192811-336.62
192812-362.51
19291-365.46
19292-372.95
19293-371.83
19294-378.51
19295-386.84
19296-422.43
19297-447.60
19298-466.59
19299-418.42
192910-308.83
192911-322.34
192912-328.22
19301-350.01
19302-364.43
19303-388.81
19304-366.83
19305-331.00
19306-325.17
19307-322.26
19308-323.36
19309-280.13
193010-261.08
193011-244.92
193012-253.64
19311-274.28
19312-280.81
19313-255.31
19314-231.92
19315-225.71
19316-234.42
19317-228.59
19318-195.75
19319-170.79
193110-174.30
193111-142.75
193112-141.54
19321-141.47
19322-143.09
19323-109.85
19324-97.43
19325-85.35
19326-90.63
19327-137.17
19328-151.39
19329-131.38
193210-130.94
193211-127.49
193212-133.31
19331-118.29
19332-118.69
19333-132.03
19334-170.74
19335-200.76
19336-217.75
19337-207.64
19338-206.64
19339-187.26
193310-192.51
193311-196.97
193312-208.96
19341-225.15
19342-214.35
19343-218.68
19344-197.19
19345-200.55
19346-191.81
19347-185.07
19348-181.35
19349-183.54
193410-189.44
193411-191.44
193412-192.22
19351-187.18
19352-176.08
19353-190.06
19354-205.77
19355-214.36
19356-226.36
19357-242.44
19358-248.34
19359-255.76
193510-280.60
193511-281.42
193512-297.80
19361-315.77
19362-323.38
19363-324.72
19364-308.42
19365-322.53
19366-342.64
19367-350.51
19368-355.57
19369-375.31
193610-386.95
193611-381.53
193612-394.72
19371-407.76
19372-408.70
19373-385.71
19374-369.95
19375-357.60
19376-380.46
19377-385.93
19378-332.81
19379-285.90
193710-262.27
193711-259.59
193712-267.99
19381-263.16
19382-247.32
19383-238.81
19384-242.52
19385-249.64
19386-300.78
19387-303.96
19388-291.55
19389-325.42
193810-326.93
193811-318.59
193812-314.89
19391-313.45
19392-314.28
19393-275.81
19394-287.11
19395-293.35
19396-301.67
19397-298.45
19398-331.44
19399-336.03
193910-331.29
193911-324.76
193912-324.28
19401-323.54
19402-323.07
19403-327.65
19404-283.94
19405-260.96
19406-271.05
19407-278.24
19408-291.47
19409-295.75
194010-304.18
194011-293.26
194012-295.37
19411-278.46
19412-281.74
19413-274.57
19414-270.21
19415-281.30
19416-297.37
19417-297.60
19418-300.16
19419-289.85
194110-278.02
194111-261.67
194112-268.51
19421-261.85
19422-249.38
19423-240.77
19424-245.28
19425-259.37
19426-270.74
19427-270.86
19428-275.36
19429-297.31
194210-303.71
194211-306.92
194212-326.88
19431-347.91
19432-361.88
19433-375.58
19434-391.97
19435-400.51
19436-410.42
19437-391.79
19438-401.79
19439-399.78
194310-382.96
194311-389.74
194312-404.03
19441-403.04
19442-416.10
19443-410.66
19444-419.71
19445-441.29
19446-454.61
19447-449.81
19448-444.30
19449-457.11
194410-455.82
194411-467.67
194412-483.49
19451-501.54
19452-503.12
19453-517.72
19454-539.26
19455-551.06
19456-541.72
19457-545.54
19458-584.71
19459-611.10
194510-633.14
194511-645.96
194512-673.73
19461-677.67
19462-659.53
19463-704.17
19464-707.82
19465-705.42
19466-687.45
19467-676.29
19468-578.75
19469-567.92
194610-567.84
194611-587.12
194612-592.52
19471-617.82
19472-595.13
19473-575.50
19474-567.66
19475-589.92
19476-629.40
19477-619.59
19478-606.17
19479-624.51
194710-619.95
194711-613.00
194712-607.69
19481-580.66
19482-591.80
19483-640.26
19484-674.38
19485-705.32
19486-691.51
19487-674.31
19488-669.74
19489-691.09
194810-655.84
194811-654.80
194812-665.47
19491-643.33
19492-652.92
19493-655.62
19494-654.42
19495-622.27
19496-661.25
19497-688.82
19498-701.71
19499-723.76
194910-737.86
194911-761.77
194912-781.81
19501-801.53
19502-812.55
19503-840.07
19504-872.95
19505-891.85
19506-831.88
19507-887.10
19508-923.55
19509-967.15
195010-970.79
195011-972.68
195012-1,050.62
19511-1,095.89
19512-1,083.70
19513-1,104.57
19514-1,111.51
19515-1,098.79
19516-1,124.79
19517-1,180.64
19518-1,217.66
19519-1,218.01
195110-1,190.56
195111-1,233.58
195112-1,280.87
19521-1,263.81
19522-1,273.29
19523-1,275.87
19524-1,281.74
19525-1,323.33
19526-1,367.88
19527-1,379.93
19528-1,364.63
19529-1,342.64
195210-1,391.89
195211-1,454.65
195212-1,469.03
19531-1,457.67
19532-1,471.62
19533-1,405.80
19534-1,419.89
19535-1,375.77
19536-1,402.09
19537-1,414.70
19538-1,356.60
19539-1,404.30
195310-1,442.34
195311-1,468.83
195312-1,513.24
19541-1,553.74
19542-1,593.87
19543-1,664.80
19544-1,738.43
19545-1,759.69
19546-1,838.13
19547-1,882.14
19548-1,933.70
19549-1,986.12
195410-2,071.57
195411-2,174.18
195412-2,221.32
19551-2,303.62
19552-2,293.57
19553-2,380.91
19554-2,379.04
19555-2,525.23
19556-2,718.26
19557-2,710.12
19558-2,840.66
19559-2,706.44
195510-2,897.68
195511-2,933.53
195512-2,863.48
19561-2,890.67
19562-3,098.97
19563-3,144.92
19564-3,055.66
19565-3,047.65
19566-3,222.86
19567-3,213.68
19568-3,114.41
19569-3,084.71
195610-3,062.74
195611-3,118.14
195612-3,060.06
19571-2,937.79
19572-2,985.40
19573-3,064.33
19574-3,191.81
19575-3,254.19
19576-3,329.75
19577-3,156.44
19578-3,038.40
19579-2,859.24
195710-2,807.76
195711-2,816.69
195712-2,882.28
19581-2,902.51
19582-2,972.72
19583-2,999.37
19584-3,106.09
19585-3,191.04
19586-3,289.03
19587-3,422.38
19588-3,523.13
19589-3,676.70
195810-3,798.99
195811-3,881.15
195812-4,046.28
19591-3,995.09
19592-4,107.20
19593-4,186.73
19594-4,260.65
19595-4,234.81
19596-4,413.84
19597-4,399.79
19598-4,236.85
19599-4,244.34
195910-4,272.74
195911-4,420.71
195912-4,355.03
19601-4,197.84
19602-4,152.58
19603-4,218.37
19604-4,192.03
19605-4,359.21
19606-4,263.48
19607-4,327.04
19608-4,209.31
19609-4,138.85
196010-4,285.40
196011-4,400.70
196012-4,639.53
19611-4,842.47
19612-5,006.97
19613-5,153.12
19614-5,218.22
19615-5,161.85
19616-5,160.41
19617-5,358.52
19618-5,329.49
19619-5,401.07
196110-5,658.81
196111-5,724.62
196112-5,525.00
19621-5,630.50
19622-5,649.70
19623-5,483.32
19624-5,089.34
19625-4,508.50
19626-4,631.02
19627-4,771.01
19628-4,742.70
19629-4,607.24
196210-4,939.00
196211-5,167.37
196212-5,381.64
19631-5,467.51
19632-5,461.59
19633-5,733.47
19634-5,863.60
19635-5,876.30
19636-5,804.50
19637-5,980.44
19638-6,153.49
19639-6,184.25
196310-6,165.30
196311-6,312.85
196312-6,523.08
19641-6,619.62
19642-6,756.71
19643-6,871.11
19644-6,954.96
19645-6,930.58
19646-7,205.10
19647-7,116.79
19648-7,256.66
19649-7,399.63
196410-7,468.96
196411-7,357.65
196412-7,565.20
19651-7,638.96
19652-7,664.60
19653-7,783.98
19654-7,918.85
19655-7,561.92
19656-7,569.70
19657-7,730.07
19658-8,008.05
19659-8,208.00
196510-8,296.31
196511-8,278.76
196512-8,442.71
19661-8,406.38
19662-8,081.69
19663-8,350.08
19664-7,931.95
19665-7,887.56
19666-7,889.02
19667-7,433.86
19668-7,194.13
19669-7,153.53
196610-7,533.81
196611-7,587.74
196612-7,901.14
19671-8,195.85
19672-8,411.71
19673-8,579.31
19674-8,755.84
19675-8,669.00
19676-8,841.72
19677-9,005.44
19678-9,154.38
19679-9,163.30
196710-8,899.24
196711-9,176.16
196712-9,174.55
19681-8,783.99
19682-8,647.03
19683-9,309.54
19684-9,547.65
19685-9,828.42
19686-9,833.23
19687-9,643.06
19688-9,981.31
19689-10,252.52
196810-10,435.61
196811-10,569.74
196812-10,148.52
19691-10,124.31
19692-9,930.55
19693-10,156.39
19694-10,513.24
19695-9,990.59
19696-9,570.45
19697-9,543.31
19698-9,603.29
19699-9,732.59
196910-9,829.67
196911-9,335.49
196912-9,280.50
19701-8,983.89
19702-9,164.66
19703-8,912.85
19704-7,914.70
19705-7,893.34
19706-7,934.58
19707-8,192.91
19708-8,710.81
19709-8,927.67
197010-8,946.13
197011-9,586.52
197012-9,980.59
19711-10,394.90
19712-10,689.26
19713-11,081.97
19714-10,959.20
19715-10,784.30
19716-10,734.38
19717-10,571.52
19718-10,834.37
19719-10,632.46
197110-10,167.66
197111-10,896.03
197112-11,377.91
19721-11,615.36
19722-11,919.64
19723-12,069.69
19724-11,976.05
19725-12,037.85
19726-11,977.20
19727-12,430.38
19728-12,279.92
19729-12,331.18
197210-12,979.08
197211-13,279.09
197212-13,410.47
19731-12,964.56
19732-12,790.14
19733-12,581.24
19734-12,257.93
19735-12,014.02
19736-12,159.42
19737-11,960.56
19738-12,199.21
19739-12,715.89
197310-11,844.49
197311-11,038.43
197312-11,226.14
19741-10,948.53
19742-11,449.38
19743-10,897.91
19744-10,603.05
19745-10,651.53
19746-9,442.91
19747-9,087.41
19748-8,177.44
19749-8,371.81
197410-8,685.20
197411-8,156.11
197412-8,860.21
19751-9,817.78
19752-10,306.08
19753-10,459.34
19754-11,161.44
19755-11,484.52
19756-11,534.13
19757-10,727.17
19758-10,635.70
19759-11,164.43
197510-11,392.38
197511-11,257.99
197512-12,332.60
19761-12,847.87
19762-12,950.96
19763-13,092.83
19764-13,042.65
19765-13,160.11
19766-13,510.87
19767-13,435.13
19768-13,762.66
19769-13,334.89
197610-13,286.00
197611-13,789.07
197612-13,714.99
19771-13,390.14
19772-13,382.88
19773-13,223.13
19774-13,231.66
19775-13,350.72
19776-13,521.93
19777-13,240.86
19778-13,085.24
19779-12,797.64
197710-12,923.21
197711-12,912.85
197712-12,475.06
19781-12,353.80
19782-12,386.62
19783-12,984.89
19784-13,699.62
19785-13,791.90
19786-13,783.31
19787-14,793.37
19788-14,852.50
19789-14,440.56
197810-13,655.33
197811-13,917.90
197812-14,500.41
19791-14,347.15
19792-14,683.04
19793-15,039.97
19794-14,755.26
19795-15,111.99
19796-15,326.70
19797-16,095.24
19798-16,343.18
19799-15,795.27
197910-15,744.34
197911-16,437.72
197912-16,982.21
19801-17,728.73
19802-16,172.53
19803-15,984.60
19804-16,789.60
19805-17,941.82
19806-18,833.43
19807-19,493.48
19808-20,046.28
19809-20,712.77
198010-21,668.60
198011-21,398.88
198012-21,401.02
19811-20,743.97
19812-21,603.45
19813-21,882.96
19814-21,529.05
19815-21,713.68
19816-21,275.88
19817-21,446.63
19818-19,665.98
19819-20,005.67
198110-20,614.58
198111-20,857.71
198112-19,855.68
19821-19,475.66
19822-18,941.14
19823-19,977.09
19824-20,090.89
19825-19,031.98
19826-19,078.39
19827-19,229.86
19828-21,555.98
19829-23,470.45
198210-24,526.60
198211-24,859.06
198212-25,834.97
19831-26,385.26
19832-27,405.21
19833-28,555.51
19834-29,818.81
19835-30,341.68
19836-30,556.54
19837-29,820.99
19838-30,809.21
19839-31,008.83
198310-30,654.89
198311-30,615.61
198312-31,098.09
19841-29,508.30
19842-29,638.84
19843-29,789.16
19844-29,713.92
19845-29,164.72
19846-28,899.77
19847-31,560.45
19848-32,004.49
19849-31,872.51
198410-32,282.36
198411-32,053.94
198412-33,559.70
19851-35,501.92
19852-35,332.11
19853-35,694.16
19854-36,670.62
19855-37,591.41
19856-38,436.17
19857-37,726.90
19858-37,015.75
19859-37,569.35
198510-39,981.49
198511-42,098.32
198512-42,414.78
19861-44,831.26
19862-47,603.07
19863-48,908.07
19864-49,148.62
19865-50,688.56
19866-49,774.19
19867-50,909.46
19868-49,659.01
19869-49,614.38
198610-51,367.23
198611-52,245.06
198612-55,731.57
19871-59,332.87
19872-61,929.52
19873-61,399.15
19874-61,505.27
19875-64,272.05
19876-66,278.68
19877-70,556.32
19878-68,418.16
19879-60,307.95
198710-52,888.01
198711-52,182.12
198712-54,398.06
19881-56,208.73
19882-58,025.43
19883-57,511.31
19884-56,252.81
19885-59,626.97
19886-59,443.96
19887-58,422.42
19888-59,548.32
19889-61,812.12
198810-60,563.36
198811-61,972.04
198812-64,148.90
19891-66,265.72
19892-66,158.60
19893-68,517.02
19894-71,336.70
19895-73,756.89
19896-75,822.21
19897-79,378.84
19898-79,740.44
19899-79,968.70
198910-78,518.43
198911-80,667.25
198912-78,883.51
19901-76,889.98
19902-78,971.52
19903-79,126.30
19904-82,173.39
19905-84,778.25
19906-84,922.14
19907-78,246.22
19908-74,849.50
19909-73,116.16
199010-75,297.81
199011-78,751.42
199012-78,211.84
19911-87,289.72
19912-89,947.36
19913-91,979.11
19914-91,814.58
19915-92,133.19
19916-92,852.27
19917-95,339.72
19918-95,050.75
19919-95,223.40
199110-95,238.45
199111-96,129.06
199112-103,202.26
19921-102,582.17
19922-101,543.65
19923-101,812.04
19924-103,917.87
19925-102,536.67
19926-104,497.31
19927-105,481.38
19928-105,880.30
19929-104,628.73
199210-107,513.25
199211-111,030.22
199212-111,188.87
19931-113,106.05
19932-115,538.00
19933-113,987.77
19934-114,813.87
19935-115,807.22
19936-115,877.87
19937-117,920.17
19938-119,517.96
19939-121,002.26
199310-121,011.39
199311-122,084.98
199312-124,204.23
19941-124,110.20
19942-122,343.10
19943-118,249.04
19944-119,500.40
19945-120,824.57
19946-120,197.65
19947-123,902.23
19948-124,915.09
19949-124,360.46
199410-123,900.47
199411-122,629.61
199412-125,635.48
19951-130,433.62
19952-133,770.33
19953-138,071.78
19954-142,694.10
19955-147,229.52
19956-152,452.45
19957-153,234.73
19958-158,931.48
19959-160,381.83
199510-164,164.26
199511-169,728.01
199512-170,003.95
19961-180,041.66
19962-179,680.32
19963-180,034.36
19964-184,273.86
19965-186,629.97
19966-180,141.66
19967-185,682.37
19968-189,440.08
19969-197,244.06
199610-207,208.99
199611-209,691.82
199612-216,522.62
19971-225,965.52
19972-224,556.21
19973-216,909.52
19974-236,903.87
19975-249,547.01
19976-263,860.84
19977-264,778.52
19978-267,934.70
19979-272,343.24
199710-269,205.72
199711-276,298.26
199712-276,953.33
19981-294,684.33
19982-310,340.53
19983-320,909.72
19984-320,197.76
19985-320,570.65
19986-334,892.68
19987-311,547.28
19988-296,286.29
19989-300,110.93
199810-333,046.25
199811-346,714.82
199812-364,215.90
19991-363,972.93
19992-374,613.71
19993-390,534.88
19994-390,148.91
19995-387,762.11
19996-405,298.21
19997-390,000.69
19998-387,668.42
19999-382,735.45
199910-409,932.44
199911-421,446.34
199912-420,945.10
20001-410,513.76
20002-426,691.92
20003-432,770.85
20004-420,485.37
20005-433,787.35
20006-437,476.02
20007-441,587.03
20008-436,819.44
20009-414,042.67
200010-410,843.92
200011-397,203.60
200012-399,010.91
20011-390,487.01
20012-355,031.17
20013-356,624.17
20014-381,157.53
20015-372,053.00
20016-362,155.55
20017-354,746.43
20018-314,846.95
20019-324,871.77
200110-341,288.02
200111-346,291.47
200112-345,260.60
20021-333,684.80
20022-350,186.42
20023-337,879.36
20024-328,349.90
20025-308,908.44
20026-275,674.53
20027-278,813.89
20028-265,548.67
20029-261,918.51
200210-279,272.12
200211-276,381.48
200212-275,766.49
20031-258,076.52
20032-261,451.90
20033-275,271.88
20034-289,894.90
20035-306,431.04
20036-308,257.07
20037-307,744.36
20038-317,472.72
20039-323,910.52
200310-327,831.74
200311-337,875.88
200312-354,549.92
20041-358,402.68
20042-352,792.98
20043-356,208.50
20044-347,074.41
20045-356,992.67
20046-349,000.39
20047-344,157.77
20048-353,734.39
20049-354,097.30
200410-371,001.54
200411-381,120.41
200412-375,978.25
20051-382,299.22
20052-381,322.11
20053-372,136.37
20054-377,107.63
20055-385,331.21
20056-392,297.19
20057-393,513.39
20058-394,614.00
20059-384,258.47
200510-399,481.03
200511-408,046.42
200512-414,031.53
20061-413,962.63
20062-420,114.69
20063-423,468.60
20064-420,137.44
20065-408,769.39
20066-411,712.70
20067-421,148.16
20068-431,808.15
20069-447,421.96
200610-456,377.75
200611-466,181.95
200612-469,411.79
20071-476,903.82
20072-465,105.74
20073-484,548.37
20074-500,983.06
20075-502,710.95
20076-505,599.63
20077-484,358.84
20078-499,251.64
20079-514,187.41
200710-489,473.97
200711-495,534.74
200712-462,655.03
20081-455,419.27
20082-443,457.06
20083-462,276.50
20084-474,122.82
20085-453,988.81
20086-426,393.22
20087-435,392.40
20088-414,286.60
20089-330,627.28
200810-302,175.65
200811-301,114.36
200812-297,815.48
20091-277,854.38
20092-262,051.59
20093-294,340.93
20094-313,943.51
20095-322,950.12
20096-327,076.26
20097-353,637.29
20098-366,546.27
20099-375,354.77
200910-383,215.92
200911-391,745.76
200912-397,061.63
20101-385,552.90
20102-408,466.45
20103-425,164.27
20104-400,154.42
20105-385,974.69
20106-385,360.71
20107-388,688.73
20108-401,792.03
20109-420,183.80
201010-430,650.22
201011-446,643.44
201012-462,107.09
20111-476,667.46
20112-471,364.72
20113-481,833.65
20114-485,010.07
20115-467,246.09
20116-481,738.83
20117-431,634.87
20118-428,228.21
20119-441,156.02
201110-448,951.79
201111-455,931.87
201112-477,737.08
20121-497,623.40
20122-511,974.05
20123-511,778.42
20124-495,959.60
20125-490,244.10
20126-504,564.56
20127-521,657.70
20128-537,417.84
20129-536,250.92
201210-521,034.84
201211-532,370.13
201212-555,095.74
20131-568,046.25
20132-583,511.04
20133-591,994.08
20134-619,073.48
20135-612,153.64
20136-632,076.04
20137-633,672.21
20138-641,228.54
20139-654,806.88
201310-680,082.38
201311-690,430.93
201312-697,112.98
20141-696,206.48
20142-715,159.10
20143-716,601.74
20144-727,580.33
20145-750,836.11
20146-762,067.28
20147-758,813.63
20148-772,305.59
20149-751,865.88
201410-794,764.73
201411-799,802.65
201412-790,924.47
20151-813,287.06
20152-813,737.32
20153-820,885.27
20154-828,920.95
20155-825,310.99
20156-824,653.80
20157-804,660.91
20158-768,394.08
20159-801,566.57
201510-825,072.26
201511-815,971.97
201512-763,589.65
20161-759,390.60
20162-807,708.56
20163-830,576.89
20164-828,048.90
20165-836,879.96
20166-864,475.57
20167-874,842.85
20168-871,005.17
20169-866,598.05
201610-877,007.28
201611-911,613.67
201612-924,719.35
20171-948,544.24
20172-965,136.71
20173-963,650.36
20174-979,958.92
20175-997,367.19
20176-1,007,220.02
20177-1,009,715.96
20178-1,026,409.22
20179-1,054,479.45
201710-1,071,241.13
201711-1,102,130.22
201712-1,155,714.67
20181-1,122,352.81
20182-1,123,077.61
20183-1,104,389.91
20184-1,126,053.86
20185-1,149,847.04
20186-1,168,023.15
20187-1,196,649.12
20188-1,216,749.81
20189-1,169,917.28
201810-1,145,628.53
201811-1,081,902.80
201812-1,100,680.70
20191-1,164,838.30
20192-1,187,529.61
20193-1,231,743.95
20194-1,212,876.23
20195-1,229,914.10
20196-1,276,987.14
20197-1,236,961.08
20198-1,275,124.14
20199-1,275,249.14
201910-1,331,789.76
201911-1,364,675.91
201912-1,410,343.39
20201-1,412,065.09
20202-1,144,934.73
20203-1,194,380.04
20204-1,264,697.56
20205-1,347,007.52
20206-1,393,835.36
20207-1,475,981.11
20208-1,466,726.67
20209-1,492,042.39
202010-1,551,039.49
202011-1,617,115.02
202012-1,662,318.23
20211-1,703,735.36
20212-1,717,729.12
20213-1,821,161.95
20214-1,835,006.99
20215-1,868,228.38
20216-1,925,549.39
20217-1,967,625.76
20218-1,965,963.14
20219-1,974,852.75
202110-2,068,554.46
202111-2,074,044.48
202112-2,031,486.06
20221-1,972,520.76
20222-1,954,914.37
20223-1,957,227.07
20224-1,803,139.86
20225-1,742,385.14
20226-1,750,481.74
20227-1,863,342.20
20228-1,727,739.25
20229-1,674,331.81
202210-1,762,821.82
202211-1,763,012.87
202212-1,787,279.97
20231-1,843,525.16
20232-1,795,862.16
20233-1,867,628.79
20234-1,881,406.20
20235-1,974,388.81
20236-2,050,916.94
20237-2,027,843.69
20238-2,054,417.50
Click to show 1194 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 1923 to 2023
Start Value
Average monthly close
$8.90
End Value
Average monthly close
$3,960.66
Change in price+44,401.76%
+6.29% / yr
Change incl. dividends+2,155,393.99%
+10.42% / yr
Change incl. dividends, inflation-adjusted+120,867.13%
+7.31% / yr
Final amount, nominal
($100 base)
$2,155,493.99
Final amount, inflation-adjusted
($100 base)
$120,967.13