S&P 500 Returns since 1923

Stock market returns between 1923 and 2022

If you invested $1 in the S&P 500 at the beginning of 1923, you would have about $18,752.13 at the end of 2022, assuming you reinvested all dividends. This is a return on investment of 1,875,113.40%, or 10.34% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 109,469.49% cumulatively, or 7.25% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $17,720.31.

Contents

Overview
Adjusting for inflation
Full monthly data
Dollar cost average
Data source & citation

The graph below shows the performance of $1 over time if invested in an S&P 500 index fund. The returns assume that all dividends are automatically reinvested.

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

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Adjusting stock market return for inflation

The nominal return on investment of $1 is $18,751.13, or 1,875,113.40%. This means by 2022 you would have $18,752.13 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 2022 was 292.656.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 99 years.

Adjusted for inflation, the $18,752.13 nominal end value of the original $1 investment would have a real return of roughly $1,094.69 in 1923 dollars. This means the inflation-adjusted return is 109,469.49% as opposed to the original 1,875,113.40%.

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

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Full monthly data

The table below shows the full dataset pertaining to a $1 investment, including gains and losses over the 1200-month period between 1923 and 2022.

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

Year	Month	Return (%)	Amount ($)	CPI
1923	1	4.75%	1.05	16.80
1923	2	2.08%	1.07	16.80
1923	3	-3.04%	1.04	16.80
1923	4	-4.25%	0.99	16.90
1923	5	-3.31%	0.96	16.90
1923	6	-2.84%	0.93	17.00
1923	7	1.04%	0.94	17.20
1923	8	1.16%	0.95	17.10
1923	9	-0.94%	0.94	17.20
1923	10	3.54%	0.98	17.30
1923	11	3.92%	1.02	17.30
1923	12	3.79%	1.05	17.30
1924	1	0.95%	1.06	17.30
1924	2	-1.42%	1.05	17.20
1924	3	-1.79%	1.03	17.10
1924	4	0.17%	1.03	17.00
1924	5	2.42%	1.06	17.00
1924	6	5.16%	1.11	17.00
1924	7	3.93%	1.16	17.10
1924	8	-0.48%	1.15	17.00
1924	9	-0.81%	1.14	17.10
1924	10	6.08%	1.21	17.20
1924	11	5.87%	1.28	17.20
1924	12	4.58%	1.34	17.30
1925	1	1.29%	1.36	17.30
1925	2	-2.19%	1.33	17.20
1925	3	-0.61%	1.32	17.30
1925	4	3.67%	1.37	17.20
1925	5	2.24%	1.40	17.30
1925	6	3.22%	1.44	17.50
1925	7	1.79%	1.47	17.70
1925	8	2.74%	1.51	17.70
1925	9	3.73%	1.57	17.70
1925	10	3.53%	1.62	17.70
1925	11	2.04%	1.65	18.00
1925	12	1.93%	1.69	17.90
1926	1	0.56%	1.70	17.90
1926	2	-6.38%	1.59	17.90
1926	3	-2.35%	1.55	17.80
1926	4	1.15%	1.57	17.90
1926	5	5.22%	1.65	17.80
1926	6	4.66%	1.73	17.70
1926	7	4.39%	1.80	17.50
1926	8	1.94%	1.84	17.40
1926	9	-1.83%	1.80	17.50
1926	10	1.74%	1.83	17.60
1926	11	2.71%	1.88	17.70
1926	12	-0.24%	1.88	17.70
1927	1	2.37%	1.92	17.50
1927	2	1.97%	1.96	17.40
1927	3	2.88%	2.02	17.30
1927	4	3.87%	2.10	17.30
1927	5	1.70%	2.13	17.40
1927	6	2.62%	2.19	17.60
1927	7	5.73%	2.31	17.30
1927	8	6.06%	2.45	17.20
1927	9	-1.17%	2.43	17.30
1927	10	2.66%	2.49	17.40
1927	11	2.72%	2.56	17.30
1927	12	0.77%	2.58	17.30
1928	1	-0.83%	2.56	17.30
1928	2	5.75%	2.70	17.10
1928	3	6.66%	2.88	17.10
1928	4	3.44%	2.98	17.10
1928	5	-4.57%	2.85	17.20
1928	6	1.09%	2.88	17.10
1928	7	3.59%	2.98	17.10
1928	8	7.37%	3.20	17.10
1928	9	2.36%	3.28	17.30
1928	10	7.08%	3.51	17.20
1928	11	0.70%	3.53	17.20
1928	12	7.69%	3.80	17.10
1929	1	0.81%	3.83	17.10
1929	2	2.05%	3.91	17.10
1929	3	-0.30%	3.90	17.00
1929	4	1.80%	3.97	16.90
1929	5	2.20%	4.06	17.00
1929	6	9.20%	4.43	17.10
1929	7	5.96%	4.70	17.30
1929	8	4.24%	4.90	17.30
1929	9	-10.32%	4.39	17.30
1929	10	-26.19%	3.24	17.30
1929	11	4.37%	3.38	17.30
1929	12	1.83%	3.44	17.20
1930	1	6.64%	3.67	17.10
1930	2	4.12%	3.82	17.00
1930	3	6.69%	4.08	16.90
1930	4	-5.65%	3.85	17.00
1930	5	-9.77%	3.47	16.90
1930	6	-1.76%	3.41	16.80
1930	7	-0.90%	3.38	16.60
1930	8	0.34%	3.39	16.50
1930	9	-13.37%	2.94	16.60
1930	10	-6.80%	2.74	16.50
1930	11	-6.19%	2.57	16.40
1930	12	3.56%	2.66	16.10
1931	1	8.14%	2.88	15.90
1931	2	2.38%	2.95	15.70
1931	3	-9.08%	2.68	15.60
1931	4	-9.16%	2.43	15.50
1931	5	-2.68%	2.37	15.30
1931	6	3.86%	2.46	15.10
1931	7	-2.49%	2.40	15.10
1931	8	-14.37%	2.05	15.10
1931	9	-12.75%	1.79	15.00
1931	10	2.05%	1.83	14.90
1931	11	-18.10%	1.50	14.70
1931	12	-0.85%	1.49	14.60
1932	1	-0.05%	1.48	14.30
1932	2	1.14%	1.50	14.10
1932	3	-23.22%	1.15	14.00
1932	4	-11.31%	1.02	13.90
1932	5	-12.39%	0.90	13.70
1932	6	6.18%	0.95	13.60
1932	7	51.35%	1.44	13.60
1932	8	10.37%	1.59	13.50
1932	9	-13.22%	1.38	13.40
1932	10	-0.34%	1.37	13.30
1932	11	-2.64%	1.34	13.20
1932	12	4.57%	1.40	13.10
1933	1	-11.27%	1.24	12.90
1933	2	0.33%	1.25	12.70
1933	3	11.24%	1.39	12.60
1933	4	29.32%	1.79	12.60
1933	5	17.58%	2.11	12.60
1933	6	8.46%	2.28	12.70
1933	7	-4.64%	2.18	13.10
1933	8	-0.48%	2.17	13.20
1933	9	-9.38%	1.96	13.20
1933	10	2.80%	2.02	13.20
1933	11	2.32%	2.07	13.20
1933	12	6.08%	2.19	13.20
1934	1	7.75%	2.36	13.20
1934	2	-4.80%	2.25	13.30
1934	3	2.02%	2.29	13.30
1934	4	-9.83%	2.07	13.30
1934	5	1.70%	2.10	13.30
1934	6	-4.36%	2.01	13.40
1934	7	-3.51%	1.94	13.40
1934	8	-2.01%	1.90	13.40
1934	9	1.21%	1.93	13.60
1934	10	3.21%	1.99	13.50
1934	11	1.06%	2.01	13.50
1934	12	0.40%	2.02	13.40
1935	1	-2.62%	1.96	13.60
1935	2	-5.93%	1.85	13.70
1935	3	7.94%	1.99	13.70
1935	4	8.27%	2.16	13.80
1935	5	4.17%	2.25	13.80
1935	6	5.60%	2.37	13.70
1935	7	7.10%	2.54	13.70
1935	8	2.43%	2.61	13.70
1935	9	2.99%	2.68	13.70
1935	10	9.71%	2.94	13.70
1935	11	0.29%	2.95	13.80
1935	12	5.82%	3.12	13.80
1936	1	6.03%	3.31	13.80
1936	2	2.41%	3.39	13.80
1936	3	0.41%	3.41	13.70
1936	4	-5.02%	3.24	13.70
1936	5	4.57%	3.38	13.70
1936	6	6.23%	3.59	13.80
1936	7	2.30%	3.68	13.90
1936	8	1.44%	3.73	14.00
1936	9	5.55%	3.94	14.00
1936	10	3.10%	4.06	14.00
1936	11	-1.40%	4.00	14.00
1936	12	3.46%	4.14	14.00
1937	1	3.30%	4.28	14.10
1937	2	0.23%	4.29	14.10
1937	3	-5.62%	4.05	14.20
1937	4	-4.09%	3.88	14.30
1937	5	-3.34%	3.75	14.40
1937	6	6.39%	3.99	14.40
1937	7	1.44%	4.05	14.50
1937	8	-13.76%	3.49	14.50
1937	9	-14.10%	3.00	14.60
1937	10	-8.27%	2.75	14.60
1937	11	-1.02%	2.72	14.50
1937	12	3.24%	2.81	14.40
1938	1	-1.80%	2.76	14.20
1938	2	-6.02%	2.59	14.10
1938	3	-3.44%	2.51	14.10
1938	4	1.56%	2.54	14.20
1938	5	2.93%	2.62	14.10
1938	6	20.49%	3.16	14.10
1938	7	1.06%	3.19	14.10
1938	8	-4.08%	3.06	14.10
1938	9	11.62%	3.41	14.10
1938	10	0.47%	3.43	14.00
1938	11	-2.55%	3.34	14.00
1938	12	-1.16%	3.30	14.00
1939	1	-0.46%	3.29	14.00
1939	2	0.27%	3.30	13.90
1939	3	-12.24%	2.89	13.90
1939	4	4.10%	3.01	13.80
1939	5	2.17%	3.08	13.80
1939	6	2.84%	3.17	13.80
1939	7	-1.07%	3.13	13.80
1939	8	11.06%	3.48	13.80
1939	9	1.38%	3.53	14.10
1939	10	-1.41%	3.48	14.00
1939	11	-1.97%	3.41	14.00
1939	12	-0.15%	3.40	14.00
1940	1	-0.23%	3.39	13.90
1940	2	-0.15%	3.39	14.00
1940	3	1.42%	3.44	14.00
1940	4	-13.34%	2.98	14.00
1940	5	-8.09%	2.74	14.00
1940	6	3.87%	2.84	14.10
1940	7	2.65%	2.92	14.00
1940	8	4.76%	3.06	14.00
1940	9	1.47%	3.10	14.00
1940	10	2.85%	3.19	14.00
1940	11	-3.59%	3.08	14.00
1940	12	0.72%	3.10	14.10
1941	1	-5.72%	2.92	14.10
1941	2	1.18%	2.96	14.10
1941	3	-2.55%	2.88	14.20
1941	4	-1.59%	2.84	14.30
1941	5	4.11%	2.95	14.40
1941	6	5.71%	3.12	14.70
1941	7	0.08%	3.12	14.70
1941	8	0.86%	3.15	14.90
1941	9	-3.43%	3.04	15.10
1941	10	-4.08%	2.92	15.30
1941	11	-5.88%	2.75	15.40
1941	12	2.62%	2.82	15.50
1942	1	-2.48%	2.75	15.70
1942	2	-4.76%	2.62	15.80
1942	3	-3.45%	2.53	16.00
1942	4	1.87%	2.57	16.10
1942	5	5.75%	2.72	16.30
1942	6	4.38%	2.84	16.30
1942	7	0.05%	2.84	16.40
1942	8	1.66%	2.89	16.50
1942	9	7.97%	3.12	16.50
1942	10	2.15%	3.19	16.70
1942	11	1.06%	3.22	16.80
1942	12	6.50%	3.43	16.90
1943	1	6.43%	3.65	16.90
1943	2	4.01%	3.80	16.90
1943	3	3.79%	3.94	17.20
1943	4	4.36%	4.11	17.40
1943	5	2.18%	4.20	17.50
1943	6	2.47%	4.31	17.50
1943	7	-4.54%	4.11	17.40
1943	8	2.55%	4.22	17.30
1943	9	-0.50%	4.19	17.40
1943	10	-4.21%	4.02	17.40
1943	11	1.77%	4.09	17.40
1943	12	3.67%	4.24	17.40
1944	1	-0.24%	4.23	17.40
1944	2	3.24%	4.37	17.40
1944	3	-1.31%	4.31	17.40
1944	4	2.20%	4.40	17.50
1944	5	5.14%	4.63	17.50
1944	6	3.02%	4.77	17.60
1944	7	-1.06%	4.72	17.70
1944	8	-1.23%	4.66	17.70
1944	9	2.88%	4.80	17.70
1944	10	-0.28%	4.78	17.70
1944	11	2.60%	4.91	17.70
1944	12	3.38%	5.07	17.80
1945	1	3.73%	5.26	17.80
1945	2	0.31%	5.28	17.80
1945	3	2.90%	5.43	17.80
1945	4	4.16%	5.66	17.80
1945	5	2.19%	5.78	17.90
1945	6	-1.70%	5.68	18.10
1945	7	0.71%	5.72	18.10
1945	8	7.18%	6.13	18.10
1945	9	4.51%	6.41	18.10
1945	10	3.61%	6.64	18.10
1945	11	2.02%	6.78	18.10
1945	12	4.30%	7.07	18.20
1946	1	0.59%	7.11	18.20
1946	2	-2.68%	6.92	18.10
1946	3	6.77%	7.39	18.30
1946	4	0.52%	7.43	18.40
1946	5	-0.34%	7.40	18.50
1946	6	-2.55%	7.21	18.70
1946	7	-1.62%	7.10	19.80
1946	8	-14.42%	6.07	20.20
1946	9	-1.87%	5.96	20.40
1946	10	-0.01%	5.96	20.80
1946	11	3.39%	6.16	21.30
1946	12	0.92%	6.22	21.50
1947	1	4.27%	6.48	21.50
1947	2	-3.67%	6.24	21.50
1947	3	-3.30%	6.04	21.90
1947	4	-1.36%	5.96	21.90
1947	5	3.92%	6.19	21.90
1947	6	6.69%	6.60	22.00
1947	7	-1.56%	6.50	22.20
1947	8	-2.17%	6.36	22.50
1947	9	3.03%	6.55	23.00
1947	10	-0.73%	6.50	23.00
1947	11	-1.12%	6.43	23.10
1947	12	-0.86%	6.38	23.40
1948	1	-4.45%	6.09	23.70
1948	2	1.92%	6.21	23.50
1948	3	8.19%	6.72	23.40
1948	4	5.33%	7.08	23.80
1948	5	4.59%	7.40	23.90
1948	6	-1.96%	7.26	24.10
1948	7	-2.49%	7.07	24.40
1948	8	-0.68%	7.03	24.50
1948	9	3.19%	7.25	24.50
1948	10	-5.10%	6.88	24.40
1948	11	-0.16%	6.87	24.20
1948	12	1.63%	6.98	24.10
1949	1	-3.33%	6.75	24.00
1949	2	1.49%	6.85	23.80
1949	3	0.41%	6.88	23.80
1949	4	-0.18%	6.87	23.90
1949	5	-4.91%	6.53	23.80
1949	6	6.26%	6.94	23.90
1949	7	4.17%	7.23	23.70
1949	8	1.87%	7.36	23.80
1949	9	3.14%	7.59	23.90
1949	10	1.95%	7.74	23.70
1949	11	3.24%	7.99	23.80
1949	12	2.63%	8.20	23.60
1950	1	2.52%	8.41	23.50
1950	2	1.38%	8.53	23.50
1950	3	3.39%	8.81	23.60
1950	4	3.91%	9.16	23.60
1950	5	2.16%	9.36	23.70
1950	6	-6.72%	8.73	23.80
1950	7	6.64%	9.31	24.10
1950	8	4.11%	9.69	24.30
1950	9	4.72%	10.15	24.40
1950	10	0.38%	10.19	24.60
1950	11	0.19%	10.21	24.70
1950	12	8.01%	11.02	25.00
1951	1	4.31%	11.50	25.40
1951	2	-1.11%	11.37	25.70
1951	3	1.93%	11.59	25.80
1951	4	0.63%	11.66	25.80
1951	5	-1.15%	11.53	25.90
1951	6	2.37%	11.80	25.90
1951	7	4.97%	12.39	25.90
1951	8	3.14%	12.78	25.90
1951	9	0.03%	12.78	26.10
1951	10	-2.25%	12.49	26.20
1951	11	3.61%	12.94	26.40
1951	12	3.83%	13.44	26.50
1952	1	-1.33%	13.26	26.50
1952	2	0.75%	13.36	26.30
1952	3	0.20%	13.39	26.30
1952	4	0.46%	13.45	26.40
1952	5	3.24%	13.88	26.40
1952	6	3.37%	14.35	26.50
1952	7	0.88%	14.48	26.70
1952	8	-1.11%	14.32	26.70
1952	9	-1.61%	14.09	26.70
1952	10	3.67%	14.60	26.70
1952	11	4.51%	15.26	26.70
1952	12	0.99%	15.41	26.70
1953	1	-0.77%	15.29	26.60
1953	2	0.96%	15.44	26.50
1953	3	-4.47%	14.75	26.60
1953	4	1.00%	14.90	26.60
1953	5	-3.11%	14.43	26.70
1953	6	1.91%	14.71	26.80
1953	7	0.90%	14.84	26.80
1953	8	-4.11%	14.23	26.90
1953	9	3.52%	14.73	26.90
1953	10	2.71%	15.13	27.00
1953	11	1.84%	15.41	26.90
1953	12	3.02%	15.88	26.90
1954	1	2.68%	16.30	26.90
1954	2	2.58%	16.72	26.90
1954	3	4.45%	17.47	26.90
1954	4	4.42%	18.24	26.80
1954	5	1.22%	18.46	26.90
1954	6	4.46%	19.29	26.90
1954	7	2.39%	19.75	26.90
1954	8	2.74%	20.29	26.90
1954	9	2.71%	20.84	26.80
1954	10	4.30%	21.73	26.80
1954	11	4.95%	22.81	26.80
1954	12	2.17%	23.31	26.70
1955	1	3.70%	24.17	26.70
1955	2	-0.44%	24.06	26.70
1955	3	3.81%	24.98	26.70
1955	4	-0.08%	24.96	26.70
1955	5	6.15%	26.49	26.70
1955	6	7.64%	28.52	26.70
1955	7	-0.30%	28.43	26.80
1955	8	4.82%	29.80	26.80
1955	9	-4.72%	28.40	26.90
1955	10	7.07%	30.40	26.90
1955	11	1.24%	30.78	26.90
1955	12	-2.39%	30.04	26.80
1956	1	0.95%	30.33	26.80
1956	2	7.21%	32.51	26.80
1956	3	1.48%	33.00	26.80
1956	4	-2.84%	32.06	26.90
1956	5	-0.26%	31.98	27.00
1956	6	5.75%	33.81	27.20
1956	7	-0.28%	33.72	27.40
1956	8	-3.09%	32.68	27.30
1956	9	-0.95%	32.36	27.40
1956	10	-0.71%	32.13	27.50
1956	11	1.81%	32.72	27.50
1956	12	-1.86%	32.11	27.60
1957	1	-4.00%	30.82	27.60
1957	2	1.62%	31.32	27.70
1957	3	2.64%	32.15	27.80
1957	4	4.16%	33.49	27.90
1957	5	1.95%	34.14	28.00
1957	6	2.32%	34.94	28.10
1957	7	-5.21%	33.12	28.30
1957	8	-3.74%	31.88	28.30
1957	9	-5.90%	30.00	28.30
1957	10	-1.80%	29.46	28.30
1957	11	0.32%	29.55	28.40
1957	12	2.33%	30.24	28.40
1958	1	0.70%	30.45	28.60
1958	2	2.42%	31.19	28.60
1958	3	0.90%	31.47	28.80
1958	4	3.56%	32.59	28.90
1958	5	2.74%	33.48	28.90
1958	6	3.07%	34.51	28.90
1958	7	4.05%	35.91	29.00
1958	8	2.94%	36.96	28.90
1958	9	4.36%	38.58	28.90
1958	10	3.33%	39.86	28.90
1958	11	2.16%	40.72	29.00
1958	12	4.25%	42.45	28.90
1959	1	-1.27%	41.92	29.00
1959	2	2.81%	43.09	28.90
1959	3	1.94%	43.93	28.90
1959	4	1.77%	44.70	29.00
1959	5	-0.61%	44.43	29.00
1959	6	4.23%	46.31	29.10
1959	7	-0.32%	46.16	29.20
1959	8	-3.70%	44.45	29.20
1959	9	0.18%	44.53	29.30
1959	10	0.67%	44.83	29.40
1959	11	3.46%	46.38	29.40
1959	12	-1.49%	45.69	29.40
1960	1	-3.61%	44.04	29.30
1960	2	-1.08%	43.57	29.40
1960	3	1.58%	44.26	29.40
1960	4	-0.62%	43.98	29.50
1960	5	3.99%	45.74	29.50
1960	6	-2.20%	44.73	29.60
1960	7	1.49%	45.40	29.60
1960	8	-2.72%	44.16	29.60
1960	9	-1.67%	43.42	29.60
1960	10	3.54%	44.96	29.80
1960	11	2.69%	46.17	29.80
1960	12	5.43%	48.68	29.80
1961	1	4.37%	50.81	29.80
1961	2	3.40%	52.53	29.80
1961	3	2.92%	54.07	29.80
1961	4	1.26%	54.75	29.80
1961	5	-1.08%	54.16	29.80
1961	6	-0.03%	54.14	29.80
1961	7	3.84%	56.22	30.00
1961	8	-0.54%	55.92	29.90
1961	9	1.34%	56.67	30.00
1961	10	4.77%	59.37	30.00
1961	11	1.16%	60.06	30.00
1961	12	-3.49%	57.97	30.00
1962	1	1.91%	59.08	30.00
1962	2	0.34%	59.28	30.10
1962	3	-2.94%	57.53	30.10
1962	4	-7.19%	53.40	30.20
1962	5	-11.41%	47.30	30.20
1962	6	2.72%	48.59	30.20
1962	7	3.02%	50.06	30.30
1962	8	-0.59%	49.76	30.30
1962	9	-2.86%	48.34	30.40
1962	10	7.20%	51.82	30.40
1962	11	4.62%	54.22	30.40
1962	12	4.15%	56.46	30.40
1963	1	1.60%	57.37	30.40
1963	2	-0.11%	57.30	30.40
1963	3	4.98%	60.16	30.50
1963	4	2.27%	61.52	30.50
1963	5	0.22%	61.65	30.50
1963	6	-1.22%	60.90	30.60
1963	7	3.03%	62.75	30.70
1963	8	2.89%	64.56	30.70
1963	9	0.50%	64.89	30.70
1963	10	-0.31%	64.69	30.80
1963	11	2.39%	66.23	30.80
1963	12	3.33%	68.44	30.90
1964	1	1.48%	69.45	30.90
1964	2	2.07%	70.89	30.90
1964	3	1.69%	72.09	30.90
1964	4	1.22%	72.97	30.90
1964	5	-0.35%	72.72	30.90
1964	6	3.96%	75.60	31.00
1964	7	-1.23%	74.67	31.10
1964	8	1.97%	76.14	31.00
1964	9	1.97%	77.64	31.10
1964	10	0.94%	78.36	31.10
1964	11	-1.49%	77.20	31.20
1964	12	2.82%	79.37	31.20
1965	1	0.98%	80.15	31.20
1965	2	0.34%	80.42	31.20
1965	3	1.56%	81.67	31.30
1965	4	1.73%	83.08	31.40
1965	5	-4.51%	79.34	31.40
1965	6	0.10%	79.42	31.60
1965	7	2.12%	81.10	31.60
1965	8	3.60%	84.02	31.60
1965	9	2.50%	86.12	31.60
1965	10	1.08%	87.04	31.70
1965	11	-0.21%	86.86	31.70
1965	12	1.98%	88.58	31.80
1966	1	-0.43%	88.20	31.80
1966	2	-3.86%	84.79	32.00
1966	3	3.32%	87.61	32.10
1966	4	-5.01%	83.22	32.30
1966	5	-0.56%	82.76	32.30
1966	6	0.02%	82.77	32.40
1966	7	-5.77%	78.00	32.50
1966	8	-3.22%	75.48	32.70
1966	9	-0.56%	75.05	32.70
1966	10	5.32%	79.04	32.90
1966	11	0.72%	79.61	32.90
1966	12	4.13%	82.90	32.90
1967	1	3.73%	85.99	32.90
1967	2	2.63%	88.26	32.90
1967	3	1.99%	90.01	33.00
1967	4	2.06%	91.87	33.10
1967	5	-0.99%	90.96	33.20
1967	6	1.99%	92.77	33.30
1967	7	1.85%	94.49	33.40
1967	8	1.65%	96.05	33.50
1967	9	0.10%	96.14	33.60
1967	10	-2.88%	93.37	33.70
1967	11	3.11%	96.28	33.80
1967	12	-0.02%	96.26	33.90
1968	1	-4.26%	92.16	34.10
1968	2	-1.56%	90.72	34.20
1968	3	7.66%	97.68	34.30
1968	4	2.56%	100.17	34.40
1968	5	2.94%	103.12	34.50
1968	6	0.05%	103.17	34.70
1968	7	-1.93%	101.17	34.90
1968	8	3.51%	104.72	35.00
1968	9	2.72%	107.57	35.10
1968	10	1.79%	109.49	35.30
1968	11	1.29%	110.90	35.40
1968	12	-3.99%	106.48	35.50
1969	1	-0.24%	106.22	35.60
1969	2	-1.91%	104.19	35.80
1969	3	2.27%	106.56	36.10
1969	4	3.51%	110.30	36.30
1969	5	-4.97%	104.82	36.40
1969	6	-4.21%	100.41	36.60
1969	7	-0.28%	100.13	36.80
1969	8	0.63%	100.76	37.00
1969	9	1.35%	102.11	37.10
1969	10	1.00%	103.13	37.30
1969	11	-5.03%	97.95	37.50
1969	12	-0.59%	97.37	37.70
1970	1	-3.20%	94.26	37.80
1970	2	2.01%	96.16	38.00
1970	3	-2.75%	93.51	38.20
1970	4	-11.20%	83.04	38.50
1970	5	-0.27%	82.82	38.60
1970	6	0.52%	83.25	38.80
1970	7	3.26%	85.96	39.00
1970	8	6.32%	91.39	39.00
1970	9	2.49%	93.67	39.20
1970	10	0.21%	93.86	39.40
1970	11	7.16%	100.58	39.60
1970	12	4.11%	104.72	39.80
1971	1	4.15%	109.06	39.80
1971	2	2.83%	112.15	39.90
1971	3	3.67%	116.27	40.00
1971	4	-1.11%	114.98	40.10
1971	5	-1.60%	113.15	40.30
1971	6	-0.46%	112.63	40.60
1971	7	-1.52%	110.92	40.70
1971	8	2.49%	113.67	40.80
1971	9	-1.86%	111.56	40.80
1971	10	-4.37%	106.68	40.90
1971	11	7.16%	114.32	40.90
1971	12	4.42%	119.38	41.10
1972	1	2.09%	121.87	41.10
1972	2	2.62%	125.06	41.30
1972	3	1.26%	126.64	41.40
1972	4	-0.78%	125.65	41.50
1972	5	0.52%	126.30	41.60
1972	6	-0.50%	125.66	41.70
1972	7	3.78%	130.42	41.90
1972	8	-1.21%	128.84	42.00
1972	9	0.42%	129.38	42.10
1972	10	5.25%	136.18	42.30
1972	11	2.31%	139.32	42.40
1972	12	0.99%	140.70	42.50
1973	1	-3.33%	136.02	42.60
1973	2	-1.35%	134.19	42.90
1973	3	-1.63%	132.00	43.30
1973	4	-2.57%	128.61	43.60
1973	5	-1.99%	126.05	43.90
1973	6	1.21%	127.58	44.20
1973	7	-1.64%	125.49	44.30
1973	8	2.00%	127.99	45.10
1973	9	4.24%	133.42	45.20
1973	10	-6.85%	124.27	45.60
1973	11	-6.81%	115.82	45.90
1973	12	1.70%	117.78	46.20
1974	1	-2.47%	114.87	46.60
1974	2	4.57%	120.13	47.20
1974	3	-4.82%	114.34	47.80
1974	4	-2.71%	111.25	48.00
1974	5	0.46%	111.76	48.60
1974	6	-11.35%	99.08	49.00
1974	7	-3.76%	95.35	49.40
1974	8	-10.01%	85.80	50.00
1974	9	2.38%	87.84	50.60
1974	10	3.74%	91.13	51.10
1974	11	-6.09%	85.57	51.50
1974	12	8.63%	92.96	51.90
1975	1	10.81%	103.01	52.10
1975	2	4.97%	108.13	52.50
1975	3	1.49%	109.74	52.70
1975	4	6.71%	117.11	52.90
1975	5	2.89%	120.50	53.20
1975	6	0.43%	121.02	53.60
1975	7	-7.00%	112.55	54.20
1975	8	-0.85%	111.59	54.30
1975	9	4.97%	117.14	54.60
1975	10	2.04%	119.53	54.90
1975	11	-1.18%	118.12	55.30
1975	12	9.55%	129.39	55.50
1976	1	4.18%	134.80	55.60
1976	2	0.80%	135.88	55.80
1976	3	1.10%	137.37	55.90
1976	4	-0.38%	136.84	56.10
1976	5	0.90%	138.08	56.50
1976	6	2.67%	141.76	56.80
1976	7	-0.56%	140.96	57.10
1976	8	2.44%	144.40	57.40
1976	9	-3.11%	139.91	57.60
1976	10	-0.37%	139.40	57.90
1976	11	3.79%	144.67	58.00
1976	12	-0.54%	143.90	58.20
1977	1	-2.37%	140.49	58.50
1977	2	-0.05%	140.41	59.10
1977	3	-1.19%	138.74	59.50
1977	4	0.06%	138.83	60.00
1977	5	0.90%	140.08	60.30
1977	6	1.28%	141.87	60.70
1977	7	-2.08%	138.92	61.00
1977	8	-1.18%	137.29	61.20
1977	9	-2.20%	134.27	61.40
1977	10	0.98%	135.59	61.60
1977	11	-0.08%	135.48	61.90
1977	12	-3.39%	130.89	62.10
1978	1	-0.97%	129.62	62.50
1978	2	0.27%	129.96	62.90
1978	3	4.83%	136.24	63.40
1978	4	5.50%	143.74	63.90
1978	5	0.67%	144.70	64.50
1978	6	-0.06%	144.61	65.20
1978	7	7.33%	155.21	65.70
1978	8	0.40%	155.83	66.00
1978	9	-2.77%	151.51	66.50
1978	10	-5.44%	143.27	67.10
1978	11	1.92%	146.03	67.40
1978	12	4.19%	152.14	67.70
1979	1	-1.06%	150.53	68.30
1979	2	2.34%	154.05	69.10
1979	3	2.43%	157.80	69.80
1979	4	-1.89%	154.81	70.60
1979	5	2.42%	158.55	71.50
1979	6	1.42%	160.81	72.30
1979	7	5.01%	168.87	73.10
1979	8	1.54%	171.47	73.80
1979	9	-3.35%	165.72	74.60
1979	10	-0.32%	165.19	75.20
1979	11	4.40%	172.46	75.90
1979	12	3.31%	178.18	76.70
1980	1	4.40%	186.01	77.80
1980	2	-8.78%	169.68	78.90
1980	3	-1.16%	167.71	80.10
1980	4	5.04%	176.16	81.00
1980	5	6.86%	188.25	81.80
1980	6	4.97%	197.60	82.70
1980	7	3.50%	204.53	82.70
1980	8	2.84%	210.33	83.30
1980	9	3.32%	217.32	84.00
1980	10	4.61%	227.35	84.80
1980	11	-1.24%	224.52	85.50
1980	12	0.01%	224.54	86.30
1981	1	-3.07%	217.65	87.00
1981	2	4.14%	226.66	87.90
1981	3	1.29%	229.60	88.50
1981	4	-1.62%	225.88	89.10
1981	5	0.86%	227.82	89.80
1981	6	-2.02%	223.23	90.60
1981	7	0.80%	225.02	91.60
1981	8	-8.30%	206.34	92.30
1981	9	1.73%	209.90	93.20
1981	10	3.04%	216.29	93.40
1981	11	1.18%	218.84	93.70
1981	12	-4.80%	208.33	94.00
1982	1	-1.91%	204.34	94.30
1982	2	-2.74%	198.73	94.60
1982	3	5.47%	209.60	94.50
1982	4	0.57%	210.79	94.90
1982	5	-5.27%	199.68	95.80
1982	6	0.24%	200.17	97.00
1982	7	0.79%	201.76	97.50
1982	8	12.10%	226.17	97.70
1982	9	8.88%	246.25	97.90
1982	10	4.50%	257.33	98.20
1982	11	1.36%	260.82	98.00
1982	12	3.93%	271.06	97.60
1983	1	2.13%	276.83	97.80
1983	2	3.87%	287.54	97.90
1983	3	4.20%	299.60	97.90
1983	4	4.42%	312.86	98.60
1983	5	1.75%	318.34	99.20
1983	6	0.71%	320.60	99.50
1983	7	-2.41%	312.88	99.90
1983	8	3.31%	323.25	100.20
1983	9	0.65%	325.34	100.70
1983	10	-1.14%	321.63	101.00
1983	11	-0.13%	321.22	101.20
1983	12	1.58%	326.28	101.30
1984	1	-5.11%	309.60	101.90
1984	2	0.44%	310.97	102.40
1984	3	0.51%	312.55	102.60
1984	4	-0.25%	311.76	103.10
1984	5	-1.85%	306.00	103.40
1984	6	-0.91%	303.22	103.70
1984	7	9.21%	331.13	104.10
1984	8	1.41%	335.79	104.50
1984	9	-0.41%	334.41	105.00
1984	10	1.29%	338.71	105.30
1984	11	-0.71%	336.31	105.30
1984	12	4.70%	352.11	105.30
1985	1	5.79%	372.49	105.50
1985	2	-0.48%	370.70	106.00
1985	3	1.02%	374.50	106.40
1985	4	2.74%	384.75	106.90
1985	5	2.51%	394.41	107.30
1985	6	2.25%	403.27	107.60
1985	7	-1.85%	395.83	107.80
1985	8	-1.88%	388.37	108.00
1985	9	1.50%	394.18	108.30
1985	10	6.42%	419.49	108.70
1985	11	5.29%	441.70	109.00
1985	12	0.75%	445.02	109.30
1986	1	5.70%	470.37	109.60
1986	2	6.18%	499.45	109.30
1986	3	2.74%	513.14	108.80
1986	4	0.49%	515.67	108.60
1986	5	3.13%	531.82	108.90
1986	6	-1.80%	522.23	109.50
1986	7	2.28%	534.14	109.50
1986	8	-2.46%	521.02	109.70
1986	9	-0.09%	520.55	110.20
1986	10	3.53%	538.94	110.30
1986	11	1.71%	548.15	110.40
1986	12	6.67%	584.74	110.50
1987	1	6.46%	622.52	111.20
1987	2	4.38%	649.76	111.60
1987	3	-0.86%	644.20	112.10
1987	4	0.17%	645.31	112.70
1987	5	4.50%	674.34	113.10
1987	6	3.12%	695.40	113.50
1987	7	6.45%	740.28	113.80
1987	8	-3.03%	717.84	114.40
1987	9	-11.85%	632.75	115.00
1987	10	-12.30%	554.90	115.30
1987	11	-1.33%	547.49	115.40
1987	12	4.25%	570.74	115.40
1988	1	3.33%	589.74	115.70
1988	2	3.23%	608.80	116.00
1988	3	-0.89%	603.41	116.50
1988	4	-2.19%	590.20	117.10
1988	5	6.00%	625.61	117.50
1988	6	-0.31%	623.69	118.00
1988	7	-1.72%	612.97	118.50
1988	8	1.93%	624.78	119.00
1988	9	3.80%	648.53	119.80
1988	10	-2.02%	635.43	120.20
1988	11	2.33%	650.21	120.30
1988	12	3.51%	673.05	120.50
1989	1	3.30%	695.26	121.10
1989	2	-0.16%	694.14	121.60
1989	3	3.56%	718.88	122.30
1989	4	4.12%	748.46	123.10
1989	5	3.39%	773.86	123.80
1989	6	2.80%	795.53	124.10
1989	7	4.69%	832.84	124.40
1989	8	0.46%	836.64	124.60
1989	9	0.29%	839.03	125.00
1989	10	-1.81%	823.82	125.60
1989	11	2.74%	846.36	125.90
1989	12	-2.21%	827.65	126.10
1990	1	-2.53%	806.73	127.40
1990	2	2.71%	828.57	128.00
1990	3	0.20%	830.19	128.70
1990	4	3.85%	862.16	128.90
1990	5	3.17%	889.49	129.20
1990	6	0.17%	891.00	129.90
1990	7	-7.86%	820.96	130.40
1990	8	-4.34%	785.32	131.60
1990	9	-2.32%	767.13	132.70
1990	10	2.98%	790.02	133.50
1990	11	4.59%	826.26	133.80
1990	12	-0.69%	820.60	133.80
1991	1	11.61%	915.84	134.60
1991	2	3.04%	943.73	134.80
1991	3	2.26%	965.04	135.00
1991	4	-0.18%	963.32	135.20
1991	5	0.35%	966.66	135.60
1991	6	0.78%	974.21	136.00
1991	7	2.68%	1,000.30	136.20
1991	8	-0.30%	997.27	136.60
1991	9	0.18%	999.08	137.20
1991	10	0.02%	999.24	137.40
1991	11	0.94%	1,008.59	137.80
1991	12	7.36%	1,082.80	137.90
1992	1	-0.60%	1,076.29	138.10
1992	2	-1.01%	1,065.40	138.60
1992	3	0.26%	1,068.21	139.30
1992	4	2.07%	1,090.31	139.50
1992	5	-1.33%	1,075.81	139.70
1992	6	1.91%	1,096.39	140.20
1992	7	0.94%	1,106.71	140.50
1992	8	0.38%	1,110.90	140.90
1992	9	-1.18%	1,097.76	141.30
1992	10	2.76%	1,128.03	141.80
1992	11	3.27%	1,164.93	142.00
1992	12	0.14%	1,166.59	141.90
1993	1	1.72%	1,186.71	142.60
1993	2	2.15%	1,212.22	143.10
1993	3	-1.34%	1,195.96	143.60
1993	4	0.72%	1,204.63	144.00
1993	5	0.87%	1,215.05	144.20
1993	6	0.06%	1,215.79	144.40
1993	7	1.76%	1,237.22	144.40
1993	8	1.35%	1,253.98	144.80
1993	9	1.24%	1,269.56	145.10
1993	10	0.01%	1,269.65	145.70
1993	11	0.89%	1,280.92	145.80
1993	12	1.74%	1,303.15	145.80
1994	1	-0.08%	1,302.16	146.20
1994	2	-1.42%	1,283.62	146.70
1994	3	-3.35%	1,240.67	147.20
1994	4	1.06%	1,253.80	147.40
1994	5	1.11%	1,267.69	147.50
1994	6	-0.52%	1,261.11	148.00
1994	7	3.08%	1,299.98	148.40
1994	8	0.82%	1,310.61	149.00
1994	9	-0.44%	1,304.79	149.40
1994	10	-0.37%	1,299.96	149.50
1994	11	-1.03%	1,286.63	149.70
1994	12	2.45%	1,318.17	149.70
1995	1	3.82%	1,368.51	150.30
1995	2	2.56%	1,403.52	150.90
1995	3	3.22%	1,448.65	151.40
1995	4	3.35%	1,497.15	151.90
1995	5	3.18%	1,544.73	152.20
1995	6	3.55%	1,599.53	152.50
1995	7	0.51%	1,607.74	152.50
1995	8	3.72%	1,667.51	152.90
1995	9	0.91%	1,682.73	153.20
1995	10	2.36%	1,722.41	153.70
1995	11	3.39%	1,780.79	153.60
1995	12	0.16%	1,783.68	153.50
1996	1	5.90%	1,889.00	154.40
1996	2	-0.20%	1,885.21	154.90
1996	3	0.20%	1,888.92	155.70
1996	4	2.35%	1,933.40	156.30
1996	5	1.28%	1,958.12	156.60
1996	6	-3.48%	1,890.05	156.70
1996	7	3.08%	1,948.18	157.00
1996	8	2.02%	1,987.60	157.30
1996	9	4.12%	2,069.48	157.80
1996	10	5.05%	2,174.04	158.30
1996	11	1.20%	2,200.09	158.60
1996	12	3.26%	2,271.75	158.60
1997	1	4.36%	2,370.83	159.10
1997	2	-0.62%	2,356.04	159.60
1997	3	-3.41%	2,275.81	160.00
1997	4	9.22%	2,485.59	160.20
1997	5	5.34%	2,618.25	160.10
1997	6	5.74%	2,768.43	160.30
1997	7	0.35%	2,778.06	160.50
1997	8	1.19%	2,811.17	160.80
1997	9	1.65%	2,857.42	161.20
1997	10	-1.15%	2,824.51	161.60
1997	11	2.63%	2,898.92	161.50
1997	12	0.24%	2,905.79	161.30
1998	1	6.40%	3,091.83	161.60
1998	2	5.31%	3,256.09	161.90
1998	3	3.41%	3,366.98	162.20
1998	4	-0.22%	3,359.51	162.50
1998	5	0.12%	3,363.43	162.80
1998	6	4.47%	3,513.69	163.00
1998	7	-6.97%	3,268.75	163.20
1998	8	-4.90%	3,108.63	163.40
1998	9	1.29%	3,148.76	163.60
1998	10	10.97%	3,494.32	164.00
1998	11	4.10%	3,637.73	164.00
1998	12	5.05%	3,821.35	163.90
1999	1	-0.07%	3,818.80	164.30
1999	2	2.92%	3,930.45	164.50
1999	3	4.25%	4,097.49	165.00
1999	4	-0.10%	4,093.44	166.20
1999	5	-0.61%	4,068.40	166.20
1999	6	4.52%	4,252.39	166.20
1999	7	-3.77%	4,091.89	166.70
1999	8	-0.60%	4,067.42	167.10
1999	9	-1.27%	4,015.66	167.90
1999	10	7.11%	4,301.01	168.20
1999	11	2.81%	4,421.81	168.30
1999	12	-0.12%	4,416.55	168.30
2000	1	-2.48%	4,307.11	168.80
2000	2	3.94%	4,476.85	169.80
2000	3	1.42%	4,540.63	171.20
2000	4	-2.84%	4,411.73	171.30
2000	5	3.16%	4,551.30	171.50
2000	6	0.85%	4,590.00	172.40
2000	7	0.94%	4,633.13	172.80
2000	8	-1.08%	4,583.11	172.80
2000	9	-5.21%	4,344.13	173.70
2000	10	-0.77%	4,310.57	174.00
2000	11	-3.32%	4,167.46	174.10
2000	12	0.46%	4,186.42	174.00
2001	1	-2.14%	4,096.99	175.10
2001	2	-9.08%	3,724.99	175.80
2001	3	0.45%	3,741.70	176.20
2001	4	6.88%	3,999.10	176.90
2001	5	-2.39%	3,903.58	177.70
2001	6	-2.66%	3,799.73	178.00
2001	7	-2.05%	3,722.00	177.50
2001	8	-11.25%	3,303.37	177.50
2001	9	3.18%	3,408.55	178.30
2001	10	5.05%	3,580.79	177.70
2001	11	1.47%	3,633.29	177.40
2001	12	-0.30%	3,622.47	176.70
2002	1	-3.35%	3,501.02	177.10
2002	2	4.95%	3,674.15	177.80
2002	3	-3.51%	3,545.03	178.80
2002	4	-2.82%	3,445.05	179.80
2002	5	-5.92%	3,241.07	179.80
2002	6	-10.76%	2,892.38	179.90
2002	7	1.14%	2,925.31	180.10
2002	8	-4.76%	2,786.14	180.70
2002	9	-1.37%	2,748.05	181.00
2002	10	6.63%	2,930.12	181.30
2002	11	-1.04%	2,899.79	181.30
2002	12	-0.22%	2,893.34	180.90
2003	1	-6.41%	2,707.74	181.70
2003	2	1.31%	2,743.15	183.10
2003	3	5.29%	2,888.15	184.20
2003	4	5.31%	3,041.58	183.80
2003	5	5.70%	3,215.07	183.50
2003	6	0.60%	3,234.23	183.70
2003	7	-0.17%	3,228.85	183.90
2003	8	3.16%	3,330.92	184.60
2003	9	2.03%	3,398.47	185.20
2003	10	1.21%	3,439.61	185.00
2003	11	3.06%	3,544.99	184.50
2003	12	4.93%	3,719.94	184.30
2004	1	1.09%	3,760.36	185.20
2004	2	-1.57%	3,701.50	186.20
2004	3	0.97%	3,737.34	187.40
2004	4	-2.56%	3,641.50	188.00
2004	5	2.86%	3,745.57	189.10
2004	6	-2.24%	3,661.71	189.70
2004	7	-1.39%	3,610.90	189.40
2004	8	2.78%	3,711.38	189.50
2004	9	0.10%	3,715.19	189.90
2004	10	4.77%	3,892.55	190.90
2004	11	2.73%	3,998.71	191.00
2004	12	-1.35%	3,944.76	190.30
2005	1	1.68%	4,011.08	190.70
2005	2	-0.26%	4,000.83	191.80
2005	3	-2.41%	3,904.45	193.30
2005	4	1.34%	3,956.61	194.60
2005	5	2.18%	4,042.89	194.40
2005	6	1.81%	4,115.98	194.50
2005	7	0.31%	4,128.74	195.40
2005	8	0.28%	4,140.29	196.40
2005	9	-2.62%	4,031.64	198.80
2005	10	3.96%	4,191.35	199.20
2005	11	2.14%	4,281.22	197.60
2005	12	1.47%	4,344.02	196.80
2006	1	-0.02%	4,343.29	198.30
2006	2	1.49%	4,407.84	198.70
2006	3	0.80%	4,443.03	199.80
2006	4	-0.79%	4,408.08	201.50
2006	5	-2.71%	4,288.81	202.50
2006	6	0.72%	4,319.69	202.90
2006	7	2.29%	4,418.68	203.50
2006	8	2.53%	4,530.53	203.90
2006	9	3.62%	4,694.35	202.90
2006	10	2.00%	4,788.31	201.80
2006	11	2.15%	4,891.18	201.50
2006	12	0.69%	4,925.07	201.80
2007	1	1.60%	5,003.67	202.42
2007	2	-2.47%	4,879.89	203.50
2007	3	4.18%	5,083.88	205.35
2007	4	3.39%	5,256.31	206.69
2007	5	0.34%	5,274.44	207.95
2007	6	0.57%	5,304.75	208.35
2007	7	-4.20%	5,081.89	208.30
2007	8	3.07%	5,238.15	207.92
2007	9	2.99%	5,394.85	208.49
2007	10	-4.81%	5,135.56	208.94
2007	11	1.24%	5,199.15	210.18
2007	12	-6.64%	4,854.17	210.04
2008	1	-1.56%	4,778.26	211.08
2008	2	-2.63%	4,652.75	211.69
2008	3	4.24%	4,850.20	213.53
2008	4	2.56%	4,974.49	214.82
2008	5	-4.25%	4,763.25	216.63
2008	6	-6.08%	4,473.72	218.82
2008	7	2.11%	4,568.14	219.96
2008	8	-4.85%	4,346.69	219.09
2008	9	-20.19%	3,468.94	218.78
2008	10	-8.61%	3,170.43	216.57
2008	11	-0.35%	3,159.29	212.43
2008	12	-1.10%	3,124.68	210.23
2009	1	-6.70%	2,915.25	211.14
2009	2	-5.69%	2,749.44	212.19
2009	3	12.32%	3,088.22	212.71
2009	4	6.66%	3,293.89	213.24
2009	5	2.87%	3,388.39	213.86
2009	6	1.28%	3,431.68	215.69
2009	7	8.12%	3,710.36	215.35
2009	8	3.65%	3,845.80	215.83
2009	9	2.40%	3,938.22	215.97
2009	10	2.09%	4,020.70	216.18
2009	11	2.23%	4,110.19	216.33
2009	12	1.36%	4,165.97	215.95
2010	1	-2.90%	4,045.22	216.69
2010	2	5.94%	4,285.63	216.74
2010	3	4.09%	4,460.82	217.63
2010	4	-5.88%	4,198.42	218.01
2010	5	-3.54%	4,049.64	218.18
2010	6	-0.16%	4,043.20	217.97
2010	7	0.86%	4,078.12	218.01
2010	8	3.37%	4,215.60	218.31
2010	9	4.58%	4,408.57	218.44
2010	10	2.49%	4,518.38	218.71
2010	11	3.71%	4,686.18	218.80
2010	12	3.46%	4,848.43	219.18
2011	1	3.15%	5,001.19	220.22
2011	2	-1.11%	4,945.56	221.31
2011	3	2.22%	5,055.40	223.47
2011	4	0.66%	5,088.72	224.91
2011	5	-3.66%	4,902.34	225.96
2011	6	3.10%	5,054.40	225.72
2011	7	-10.40%	4,528.71	225.92
2011	8	-0.79%	4,492.97	226.55
2011	9	3.02%	4,628.61	226.89
2011	10	1.77%	4,710.40	226.42
2011	11	1.55%	4,783.64	226.23
2011	12	4.78%	5,012.42	225.67
2012	1	4.16%	5,221.06	226.67
2012	2	2.88%	5,371.63	227.66
2012	3	-0.04%	5,369.58	229.39
2012	4	-3.09%	5,203.61	230.09
2012	5	-1.15%	5,143.64	229.82
2012	6	2.92%	5,293.89	229.48
2012	7	3.39%	5,473.23	229.10
2012	8	3.02%	5,638.59	230.38
2012	9	-0.22%	5,626.34	231.41
2012	10	-2.84%	5,466.70	231.32
2012	11	2.18%	5,585.63	230.22
2012	12	4.27%	5,824.06	229.60
2013	1	2.33%	5,959.94	230.28
2013	2	2.72%	6,122.20	232.17
2013	3	1.45%	6,211.20	232.77
2013	4	4.57%	6,495.32	232.53
2013	5	-1.12%	6,422.71	232.95
2013	6	3.25%	6,631.74	233.50
2013	7	0.25%	6,648.49	233.60
2013	8	1.19%	6,727.77	233.88
2013	9	2.12%	6,870.23	234.15
2013	10	3.86%	7,135.42	233.55
2013	11	1.52%	7,244.00	233.07
2013	12	0.97%	7,314.11	233.05
2014	1	-0.13%	7,304.60	233.92
2014	2	2.72%	7,503.45	234.78
2014	3	0.20%	7,518.58	236.29
2014	4	1.53%	7,633.77	237.07
2014	5	3.20%	7,877.77	237.90
2014	6	1.50%	7,995.61	238.34
2014	7	-0.43%	7,961.47	238.25
2014	8	1.78%	8,103.03	237.85
2014	9	-2.65%	7,888.57	238.03
2014	10	5.71%	8,338.67	237.43
2014	11	0.63%	8,391.53	236.15
2014	12	-1.11%	8,298.38	234.81
2015	1	2.83%	8,533.00	233.71
2015	2	0.06%	8,537.73	234.72
2015	3	0.88%	8,612.72	236.12
2015	4	0.98%	8,697.04	236.60
2015	5	-0.44%	8,659.16	237.81
2015	6	-0.08%	8,652.26	238.64
2015	7	-2.42%	8,442.50	238.65
2015	8	-4.51%	8,061.99	238.32
2015	9	4.32%	8,410.03	237.95
2015	10	2.93%	8,656.65	237.84
2015	11	-1.10%	8,561.17	237.34
2015	12	-6.42%	8,011.58	236.53
2016	1	-0.55%	7,967.52	236.92
2016	2	6.36%	8,474.47	237.11
2016	3	2.83%	8,714.41	238.13
2016	4	-0.30%	8,687.89	239.26
2016	5	1.07%	8,780.54	240.23
2016	6	3.30%	9,070.07	241.02
2016	7	1.20%	9,178.85	240.63
2016	8	-0.44%	9,138.58	240.85
2016	9	-0.51%	9,092.34	241.43
2016	10	1.20%	9,201.56	241.73
2016	11	3.95%	9,564.65	241.35
2016	12	1.44%	9,702.15	241.43
2017	1	2.58%	9,952.12	242.84
2017	2	1.75%	10,126.21	243.60
2017	3	-0.15%	10,110.62	243.80
2017	4	1.69%	10,281.72	244.52
2017	5	1.78%	10,464.37	244.73
2017	6	0.99%	10,567.75	244.96
2017	7	0.25%	10,593.94	244.79
2017	8	1.65%	10,769.08	245.52
2017	9	2.73%	11,063.59	246.82
2017	10	1.59%	11,239.46	246.66
2017	11	2.88%	11,563.55	246.67
2017	12	4.86%	12,125.75	246.52
2018	1	-2.89%	11,775.72	247.87
2018	2	0.06%	11,783.33	248.99
2018	3	-1.66%	11,587.25	249.55
2018	4	1.96%	11,814.55	250.55
2018	5	2.11%	12,064.19	251.59
2018	6	1.58%	12,254.89	251.99
2018	7	2.45%	12,555.24	252.01
2018	8	1.68%	12,766.13	252.15
2018	9	-3.85%	12,274.77	252.44
2018	10	-2.08%	12,019.93	252.89
2018	11	-5.56%	11,351.32	252.04
2018	12	1.74%	11,548.34	251.23
2019	1	5.83%	12,221.48	251.71
2019	2	1.95%	12,459.56	252.78
2019	3	3.72%	12,923.45	254.20
2019	4	-1.53%	12,725.49	255.55
2019	5	1.40%	12,904.25	256.09
2019	6	3.83%	13,398.14	256.14
2019	7	-3.13%	12,978.19	256.57
2019	8	3.09%	13,378.60	256.56
2019	9	0.01%	13,379.91	256.76
2019	10	4.43%	13,973.13	257.35
2019	11	2.47%	14,318.17	257.21
2019	12	3.35%	14,797.32	256.97
2020	1	0.12%	14,815.38	257.97
2020	2	-18.92%	12,012.65	258.68
2020	3	4.32%	12,531.43	258.12
2020	4	5.89%	13,269.20	256.39
2020	5	6.51%	14,132.80	256.39
2020	6	3.48%	14,624.11	257.80
2020	7	5.89%	15,485.99	259.10
2020	8	-0.63%	15,388.89	259.92
2020	9	1.73%	15,654.50	260.28
2020	10	3.95%	16,273.50	260.39
2020	11	4.26%	16,966.76	260.23
2020	12	2.80%	17,441.04	260.47
2021	1	2.49%	17,875.58	261.58
2021	2	0.82%	18,022.41	263.01
2021	3	6.02%	19,107.62	264.88
2021	4	0.76%	19,252.89	267.05
2021	5	1.81%	19,601.44	269.20
2021	6	3.07%	20,202.86	271.70
2021	7	2.19%	20,644.32	273.00
2021	8	-0.08%	20,626.88	273.57
2021	9	0.45%	20,720.15	274.31
2021	10	4.74%	21,703.26	276.59
2021	11	0.27%	21,760.87	277.95
2021	12	-2.05%	21,314.34	278.80
2022	1	-2.90%	20,695.68	281.15
2022	2	-0.89%	20,510.95	283.72
2022	3	0.12%	20,535.22	287.50
2022	4	-7.87%	18,918.54	289.11
2022	5	-3.37%	18,281.10	292.30
2022	6	0.46%	18,366.05	296.31
2022	7	6.45%	19,550.18	296.28
2022	8	-7.28%	18,127.43	296.17
2022	9	-3.09%	17,567.08	296.81
2022	10	5.29%	18,495.52	298.01
2022	11	0.01%	18,497.52	297.71
2022	12	1.38%	18,752.13	296.80

Click to show 1182 more rows

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

Dollar-cost averaging

Dollar-cost averaging is an alternative to investing the full lump-sum of $1.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $1.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1923. This would result in a final amount of $17,720.31, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $18,752.13).

Year	Month	Contribution ($)	Amount ($)
1923	1	0.04	0.04
1923	2	0.04	0.08
1923	3	0.04	0.12
1923	4	0.04	0.15
1923	5	0.04	0.19
1923	6	0.04	0.22
1923	7	0.04	0.26
1923	8	0.04	0.30
1923	9	0.04	0.34
1923	10	0.04	0.39
1923	11	0.04	0.45
1923	12	0.04	0.51
1924	1	0.04	0.56
1924	2	0.04	0.59
1924	3	0.04	0.61
1924	4	0.04	0.66
1924	5	0.04	0.71
1924	6	0.04	0.79
1924	7	0.04	0.86
1924	8	0.04	0.90
1924	9	0.04	0.93
1924	10	0.04	1.03
1924	11	0.04	1.13
1924	12	0.04	1.23
1925	1	0.04	1.28
1925	2	-	1.25
1925	3	-	1.25
1925	4	-	1.29
1925	5	-	1.32
1925	6	-	1.36
1925	7	-	1.39
1925	8	-	1.43
1925	9	-	1.48
1925	10	-	1.53
1925	11	-	1.56
1925	12	-	1.59
1926	1	-	1.60
1926	2	-	1.50
1926	3	-	1.46
1926	4	-	1.48
1926	5	-	1.56
1926	6	-	1.63
1926	7	-	1.70
1926	8	-	1.74
1926	9	-	1.70
1926	10	-	1.73
1926	11	-	1.78
1926	12	-	1.78
1927	1	-	1.82
1927	2	-	1.85
1927	3	-	1.91
1927	4	-	1.98
1927	5	-	2.02
1927	6	-	2.07
1927	7	-	2.19
1927	8	-	2.32
1927	9	-	2.29
1927	10	-	2.35
1927	11	-	2.42
1927	12	-	2.44
1928	1	-	2.42
1928	2	-	2.55
1928	3	-	2.72
1928	4	-	2.82
1928	5	-	2.69
1928	6	-	2.72
1928	7	-	2.82
1928	8	-	3.02
1928	9	-	3.10
1928	10	-	3.31
1928	11	-	3.34
1928	12	-	3.59
1929	1	-	3.62
1929	2	-	3.70
1929	3	-	3.69
1929	4	-	3.75
1929	5	-	3.84
1929	6	-	4.19
1929	7	-	4.44
1929	8	-	4.63
1929	9	-	4.15
1929	10	-	3.06
1929	11	-	3.20
1929	12	-	3.25
1930	1	-	3.47
1930	2	-	3.61
1930	3	-	3.85
1930	4	-	3.64
1930	5	-	3.28
1930	6	-	3.22
1930	7	-	3.20
1930	8	-	3.21
1930	9	-	2.78
1930	10	-	2.59
1930	11	-	2.43
1930	12	-	2.51
1931	1	-	2.72
1931	2	-	2.78
1931	3	-	2.53
1931	4	-	2.30
1931	5	-	2.24
1931	6	-	2.32
1931	7	-	2.27
1931	8	-	1.94
1931	9	-	1.69
1931	10	-	1.73
1931	11	-	1.42
1931	12	-	1.40
1932	1	-	1.40
1932	2	-	1.42
1932	3	-	1.09
1932	4	-	0.97
1932	5	-	0.85
1932	6	-	0.90
1932	7	-	1.36
1932	8	-	1.50
1932	9	-	1.30
1932	10	-	1.30
1932	11	-	1.26
1932	12	-	1.32
1933	1	-	1.17
1933	2	-	1.18
1933	3	-	1.31
1933	4	-	1.69
1933	5	-	1.99
1933	6	-	2.16
1933	7	-	2.06
1933	8	-	2.05
1933	9	-	1.86
1933	10	-	1.91
1933	11	-	1.95
1933	12	-	2.07
1934	1	-	2.23
1934	2	-	2.13
1934	3	-	2.17
1934	4	-	1.96
1934	5	-	1.99
1934	6	-	1.90
1934	7	-	1.83
1934	8	-	1.80
1934	9	-	1.82
1934	10	-	1.88
1934	11	-	1.90
1934	12	-	1.91
1935	1	-	1.86
1935	2	-	1.75
1935	3	-	1.88
1935	4	-	2.04
1935	5	-	2.13
1935	6	-	2.24
1935	7	-	2.40
1935	8	-	2.46
1935	9	-	2.54
1935	10	-	2.78
1935	11	-	2.79
1935	12	-	2.95
1936	1	-	3.13
1936	2	-	3.21
1936	3	-	3.22
1936	4	-	3.06
1936	5	-	3.20
1936	6	-	3.40
1936	7	-	3.48
1936	8	-	3.53
1936	9	-	3.72
1936	10	-	3.84
1936	11	-	3.78
1936	12	-	3.91
1937	1	-	4.04
1937	2	-	4.05
1937	3	-	3.82
1937	4	-	3.67
1937	5	-	3.55
1937	6	-	3.77
1937	7	-	3.83
1937	8	-	3.30
1937	9	-	2.83
1937	10	-	2.60
1937	11	-	2.57
1937	12	-	2.66
1938	1	-	2.61
1938	2	-	2.45
1938	3	-	2.37
1938	4	-	2.40
1938	5	-	2.48
1938	6	-	2.98
1938	7	-	3.01
1938	8	-	2.89
1938	9	-	3.23
1938	10	-	3.24
1938	11	-	3.16
1938	12	-	3.12
1939	1	-	3.11
1939	2	-	3.12
1939	3	-	2.73
1939	4	-	2.85
1939	5	-	2.91
1939	6	-	2.99
1939	7	-	2.96
1939	8	-	3.29
1939	9	-	3.33
1939	10	-	3.28
1939	11	-	3.22
1939	12	-	3.22
1940	1	-	3.21
1940	2	-	3.20
1940	3	-	3.25
1940	4	-	2.82
1940	5	-	2.59
1940	6	-	2.69
1940	7	-	2.76
1940	8	-	2.89
1940	9	-	2.93
1940	10	-	3.02
1940	11	-	2.91
1940	12	-	2.93
1941	1	-	2.76
1941	2	-	2.79
1941	3	-	2.72
1941	4	-	2.68
1941	5	-	2.79
1941	6	-	2.95
1941	7	-	2.95
1941	8	-	2.98
1941	9	-	2.87
1941	10	-	2.76
1941	11	-	2.59
1941	12	-	2.66
1942	1	-	2.60
1942	2	-	2.47
1942	3	-	2.39
1942	4	-	2.43
1942	5	-	2.57
1942	6	-	2.68
1942	7	-	2.69
1942	8	-	2.73
1942	9	-	2.95
1942	10	-	3.01
1942	11	-	3.04
1942	12	-	3.24
1943	1	-	3.45
1943	2	-	3.59
1943	3	-	3.72
1943	4	-	3.89
1943	5	-	3.97
1943	6	-	4.07
1943	7	-	3.88
1943	8	-	3.98
1943	9	-	3.96
1943	10	-	3.80
1943	11	-	3.86
1943	12	-	4.01
1944	1	-	4.00
1944	2	-	4.13
1944	3	-	4.07
1944	4	-	4.16
1944	5	-	4.38
1944	6	-	4.51
1944	7	-	4.46
1944	8	-	4.41
1944	9	-	4.53
1944	10	-	4.52
1944	11	-	4.64
1944	12	-	4.79
1945	1	-	4.97
1945	2	-	4.99
1945	3	-	5.13
1945	4	-	5.35
1945	5	-	5.46
1945	6	-	5.37
1945	7	-	5.41
1945	8	-	5.80
1945	9	-	6.06
1945	10	-	6.28
1945	11	-	6.40
1945	12	-	6.68
1946	1	-	6.72
1946	2	-	6.54
1946	3	-	6.98
1946	4	-	7.02
1946	5	-	6.99
1946	6	-	6.82
1946	7	-	6.71
1946	8	-	5.74
1946	9	-	5.63
1946	10	-	5.63
1946	11	-	5.82
1946	12	-	5.87
1947	1	-	6.13
1947	2	-	5.90
1947	3	-	5.71
1947	4	-	5.63
1947	5	-	5.85
1947	6	-	6.24
1947	7	-	6.14
1947	8	-	6.01
1947	9	-	6.19
1947	10	-	6.15
1947	11	-	6.08
1947	12	-	6.03
1948	1	-	5.76
1948	2	-	5.87
1948	3	-	6.35
1948	4	-	6.69
1948	5	-	6.99
1948	6	-	6.86
1948	7	-	6.69
1948	8	-	6.64
1948	9	-	6.85
1948	10	-	6.50
1948	11	-	6.49
1948	12	-	6.60
1949	1	-	6.38
1949	2	-	6.47
1949	3	-	6.50
1949	4	-	6.49
1949	5	-	6.17
1949	6	-	6.56
1949	7	-	6.83
1949	8	-	6.96
1949	9	-	7.18
1949	10	-	7.32
1949	11	-	7.55
1949	12	-	7.75
1950	1	-	7.95
1950	2	-	8.06
1950	3	-	8.33
1950	4	-	8.66
1950	5	-	8.84
1950	6	-	8.25
1950	7	-	8.80
1950	8	-	9.16
1950	9	-	9.59
1950	10	-	9.63
1950	11	-	9.64
1950	12	-	10.42
1951	1	-	10.87
1951	2	-	10.74
1951	3	-	10.95
1951	4	-	11.02
1951	5	-	10.89
1951	6	-	11.15
1951	7	-	11.71
1951	8	-	12.07
1951	9	-	12.08
1951	10	-	11.80
1951	11	-	12.23
1951	12	-	12.70
1952	1	-	12.53
1952	2	-	12.62
1952	3	-	12.65
1952	4	-	12.71
1952	5	-	13.12
1952	6	-	13.56
1952	7	-	13.68
1952	8	-	13.53
1952	9	-	13.31
1952	10	-	13.80
1952	11	-	14.42
1952	12	-	14.56
1953	1	-	14.45
1953	2	-	14.59
1953	3	-	13.94
1953	4	-	14.08
1953	5	-	13.64
1953	6	-	13.90
1953	7	-	14.03
1953	8	-	13.45
1953	9	-	13.92
1953	10	-	14.30
1953	11	-	14.56
1953	12	-	15.00
1954	1	-	15.40
1954	2	-	15.80
1954	3	-	16.51
1954	4	-	17.24
1954	5	-	17.45
1954	6	-	18.22
1954	7	-	18.66
1954	8	-	19.17
1954	9	-	19.69
1954	10	-	20.54
1954	11	-	21.56
1954	12	-	22.02
1955	1	-	22.84
1955	2	-	22.74
1955	3	-	23.61
1955	4	-	23.59
1955	5	-	25.04
1955	6	-	26.95
1955	7	-	26.87
1955	8	-	28.16
1955	9	-	26.83
1955	10	-	28.73
1955	11	-	29.09
1955	12	-	28.39
1956	1	-	28.66
1956	2	-	30.73
1956	3	-	31.18
1956	4	-	30.30
1956	5	-	30.22
1956	6	-	31.95
1956	7	-	31.86
1956	8	-	30.88
1956	9	-	30.58
1956	10	-	30.37
1956	11	-	30.92
1956	12	-	30.34
1957	1	-	29.13
1957	2	-	29.60
1957	3	-	30.38
1957	4	-	31.65
1957	5	-	32.26
1957	6	-	33.01
1957	7	-	31.30
1957	8	-	30.12
1957	9	-	28.35
1957	10	-	27.84
1957	11	-	27.93
1957	12	-	28.58
1958	1	-	28.78
1958	2	-	29.47
1958	3	-	29.74
1958	4	-	30.80
1958	5	-	31.64
1958	6	-	32.61
1958	7	-	33.93
1958	8	-	34.93
1958	9	-	36.45
1958	10	-	37.67
1958	11	-	38.48
1958	12	-	40.12
1959	1	-	39.61
1959	2	-	40.72
1959	3	-	41.51
1959	4	-	42.24
1959	5	-	41.99
1959	6	-	43.76
1959	7	-	43.62
1959	8	-	42.01
1959	9	-	42.08
1959	10	-	42.36
1959	11	-	43.83
1959	12	-	43.18
1960	1	-	41.62
1960	2	-	41.17
1960	3	-	41.82
1960	4	-	41.56
1960	5	-	43.22
1960	6	-	42.27
1960	7	-	42.90
1960	8	-	41.73
1960	9	-	41.04
1960	10	-	42.49
1960	11	-	43.63
1960	12	-	46.00
1961	1	-	48.01
1961	2	-	49.64
1961	3	-	51.09
1961	4	-	51.74
1961	5	-	51.18
1961	6	-	51.16
1961	7	-	53.13
1961	8	-	52.84
1961	9	-	53.55
1961	10	-	56.11
1961	11	-	56.76
1961	12	-	54.78
1962	1	-	55.82
1962	2	-	56.01
1962	3	-	54.37
1962	4	-	50.46
1962	5	-	44.70
1962	6	-	45.92
1962	7	-	47.30
1962	8	-	47.02
1962	9	-	45.68
1962	10	-	48.97
1962	11	-	51.23
1962	12	-	53.36
1963	1	-	54.21
1963	2	-	54.15
1963	3	-	56.85
1963	4	-	58.14
1963	5	-	58.26
1963	6	-	57.55
1963	7	-	59.29
1963	8	-	61.01
1963	9	-	61.31
1963	10	-	61.13
1963	11	-	62.59
1963	12	-	64.67
1964	1	-	65.63
1964	2	-	66.99
1964	3	-	68.12
1964	4	-	68.96
1964	5	-	68.71
1964	6	-	71.44
1964	7	-	70.56
1964	8	-	71.95
1964	9	-	73.37
1964	10	-	74.05
1964	11	-	72.95
1964	12	-	75.01
1965	1	-	75.74
1965	2	-	75.99
1965	3	-	77.18
1965	4	-	78.51
1965	5	-	74.97
1965	6	-	75.05
1965	7	-	76.64
1965	8	-	79.40
1965	9	-	81.38
1965	10	-	82.26
1965	11	-	82.08
1965	12	-	83.71
1966	1	-	83.35
1966	2	-	80.13
1966	3	-	82.79
1966	4	-	78.64
1966	5	-	78.20
1966	6	-	78.22
1966	7	-	73.70
1966	8	-	71.33
1966	9	-	70.92
1966	10	-	74.70
1966	11	-	75.23
1966	12	-	78.34
1967	1	-	81.26
1967	2	-	83.40
1967	3	-	85.06
1967	4	-	86.81
1967	5	-	85.95
1967	6	-	87.66
1967	7	-	89.29
1967	8	-	90.76
1967	9	-	90.85
1967	10	-	88.23
1967	11	-	90.98
1967	12	-	90.96
1968	1	-	87.09
1968	2	-	85.73
1968	3	-	92.30
1968	4	-	94.66
1968	5	-	97.45
1968	6	-	97.49
1968	7	-	95.61
1968	8	-	98.96
1968	9	-	101.65
1968	10	-	103.47
1968	11	-	104.80
1968	12	-	100.62
1969	1	-	100.38
1969	2	-	98.46
1969	3	-	100.70
1969	4	-	104.24
1969	5	-	99.05
1969	6	-	94.89
1969	7	-	94.62
1969	8	-	95.21
1969	9	-	96.50
1969	10	-	97.46
1969	11	-	92.56
1969	12	-	92.01
1970	1	-	89.07
1970	2	-	90.86
1970	3	-	88.37
1970	4	-	78.47
1970	5	-	78.26
1970	6	-	78.67
1970	7	-	81.23
1970	8	-	86.36
1970	9	-	88.52
1970	10	-	88.70
1970	11	-	95.05
1970	12	-	98.95
1971	1	-	103.06
1971	2	-	105.98
1971	3	-	109.87
1971	4	-	108.66
1971	5	-	106.92
1971	6	-	106.43
1971	7	-	104.81
1971	8	-	107.42
1971	9	-	105.42
1971	10	-	100.81
1971	11	-	108.03
1971	12	-	112.81
1972	1	-	115.16
1972	2	-	118.18
1972	3	-	119.67
1972	4	-	118.74
1972	5	-	119.35
1972	6	-	118.75
1972	7	-	123.24
1972	8	-	121.75
1972	9	-	122.26
1972	10	-	128.68
1972	11	-	131.66
1972	12	-	132.96
1973	1	-	128.54
1973	2	-	126.81
1973	3	-	124.74
1973	4	-	121.53
1973	5	-	119.12
1973	6	-	120.56
1973	7	-	118.59
1973	8	-	120.95
1973	9	-	126.07
1973	10	-	117.43
1973	11	-	109.44
1973	12	-	111.30
1974	1	-	108.55
1974	2	-	113.52
1974	3	-	108.05
1974	4	-	105.13
1974	5	-	105.61
1974	6	-	93.62
1974	7	-	90.10
1974	8	-	81.08
1974	9	-	83.00
1974	10	-	86.11
1974	11	-	80.87
1974	12	-	87.85
1975	1	-	97.34
1975	2	-	102.18
1975	3	-	103.70
1975	4	-	110.66
1975	5	-	113.87
1975	6	-	114.36
1975	7	-	106.36
1975	8	-	105.45
1975	9	-	110.69
1975	10	-	112.95
1975	11	-	111.62
1975	12	-	122.27
1976	1	-	127.38
1976	2	-	128.40
1976	3	-	129.81
1976	4	-	129.31
1976	5	-	130.48
1976	6	-	133.96
1976	7	-	133.21
1976	8	-	136.45
1976	9	-	132.21
1976	10	-	131.73
1976	11	-	136.71
1976	12	-	135.98
1977	1	-	132.76
1977	2	-	132.69
1977	3	-	131.10
1977	4	-	131.19
1977	5	-	132.37
1977	6	-	134.07
1977	7	-	131.28
1977	8	-	129.74
1977	9	-	126.88
1977	10	-	128.13
1977	11	-	128.03
1977	12	-	123.69
1978	1	-	122.48
1978	2	-	122.81
1978	3	-	128.74
1978	4	-	135.83
1978	5	-	136.74
1978	6	-	136.66
1978	7	-	146.67
1978	8	-	147.26
1978	9	-	143.17
1978	10	-	135.39
1978	11	-	137.99
1978	12	-	143.77
1979	1	-	142.25
1979	2	-	145.58
1979	3	-	149.12
1979	4	-	146.29
1979	5	-	149.83
1979	6	-	151.96
1979	7	-	159.58
1979	8	-	162.04
1979	9	-	156.61
1979	10	-	156.10
1979	11	-	162.97
1979	12	-	168.37
1980	1	-	175.77
1980	2	-	160.35
1980	3	-	158.48
1980	4	-	166.46
1980	5	-	177.89
1980	6	-	186.73
1980	7	-	193.27
1980	8	-	198.75
1980	9	-	205.36
1980	10	-	214.84
1980	11	-	212.16
1980	12	-	212.18
1981	1	-	205.67
1981	2	-	214.19
1981	3	-	216.96
1981	4	-	213.45
1981	5	-	215.28
1981	6	-	210.94
1981	7	-	212.64
1981	8	-	194.98
1981	9	-	198.35
1981	10	-	204.39
1981	11	-	206.80
1981	12	-	196.86
1982	1	-	193.09
1982	2	-	187.80
1982	3	-	198.07
1982	4	-	199.19
1982	5	-	188.70
1982	6	-	189.16
1982	7	-	190.66
1982	8	-	213.72
1982	9	-	232.70
1982	10	-	243.17
1982	11	-	246.47
1982	12	-	256.15
1983	1	-	261.60
1983	2	-	271.71
1983	3	-	283.12
1983	4	-	295.64
1983	5	-	300.83
1983	6	-	302.96
1983	7	-	295.67
1983	8	-	305.46
1983	9	-	307.44
1983	10	-	303.93
1983	11	-	303.54
1983	12	-	308.33
1984	1	-	292.57
1984	2	-	293.86
1984	3	-	295.35
1984	4	-	294.60
1984	5	-	289.16
1984	6	-	286.53
1984	7	-	312.91
1984	8	-	317.31
1984	9	-	316.01
1984	10	-	320.07
1984	11	-	317.80
1984	12	-	332.73
1985	1	-	351.99
1985	2	-	350.31
1985	3	-	353.90
1985	4	-	363.58
1985	5	-	372.71
1985	6	-	381.08
1985	7	-	374.05
1985	8	-	367.00
1985	9	-	372.49
1985	10	-	396.40
1985	11	-	417.39
1985	12	-	420.53
1986	1	-	444.49
1986	2	-	471.97
1986	3	-	484.91
1986	4	-	487.29
1986	5	-	502.56
1986	6	-	493.50
1986	7	-	504.75
1986	8	-	492.35
1986	9	-	491.91
1986	10	-	509.29
1986	11	-	517.99
1986	12	-	552.56
1987	1	-	588.27
1987	2	-	614.01
1987	3	-	608.75
1987	4	-	609.81
1987	5	-	637.24
1987	6	-	657.13
1987	7	-	699.54
1987	8	-	678.34
1987	9	-	597.93
1987	10	-	524.37
1987	11	-	517.37
1987	12	-	539.34
1988	1	-	557.29
1988	2	-	575.30
1988	3	-	570.21
1988	4	-	557.73
1988	5	-	591.18
1988	6	-	589.37
1988	7	-	579.24
1988	8	-	590.40
1988	9	-	612.85
1988	10	-	600.47
1988	11	-	614.43
1988	12	-	636.02
1989	1	-	657.00
1989	2	-	655.94
1989	3	-	679.32
1989	4	-	707.28
1989	5	-	731.28
1989	6	-	751.75
1989	7	-	787.02
1989	8	-	790.60
1989	9	-	792.86
1989	10	-	778.49
1989	11	-	799.79
1989	12	-	782.11
1990	1	-	762.34
1990	2	-	782.98
1990	3	-	784.51
1990	4	-	814.72
1990	5	-	840.55
1990	6	-	841.98
1990	7	-	775.79
1990	8	-	742.11
1990	9	-	724.92
1990	10	-	746.55
1990	11	-	780.80
1990	12	-	775.45
1991	1	-	865.45
1991	2	-	891.80
1991	3	-	911.94
1991	4	-	910.31
1991	5	-	913.47
1991	6	-	920.60
1991	7	-	945.26
1991	8	-	942.40
1991	9	-	944.11
1991	10	-	944.26
1991	11	-	953.09
1991	12	-	1,023.22
1992	1	-	1,017.07
1992	2	-	1,006.77
1992	3	-	1,009.43
1992	4	-	1,030.31
1992	5	-	1,016.62
1992	6	-	1,036.06
1992	7	-	1,045.81
1992	8	-	1,049.77
1992	9	-	1,037.36
1992	10	-	1,065.96
1992	11	-	1,100.83
1992	12	-	1,102.40
1993	1	-	1,121.41
1993	2	-	1,145.52
1993	3	-	1,130.15
1993	4	-	1,138.34
1993	5	-	1,148.19
1993	6	-	1,148.89
1993	7	-	1,169.14
1993	8	-	1,184.98
1993	9	-	1,199.70
1993	10	-	1,199.79
1993	11	-	1,210.43
1993	12	-	1,231.45
1994	1	-	1,230.51
1994	2	-	1,212.99
1994	3	-	1,172.40
1994	4	-	1,184.81
1994	5	-	1,197.94
1994	6	-	1,191.72
1994	7	-	1,228.45
1994	8	-	1,238.49
1994	9	-	1,232.99
1994	10	-	1,228.43
1994	11	-	1,215.83
1994	12	-	1,245.64
1995	1	-	1,293.21
1995	2	-	1,326.29
1995	3	-	1,368.94
1995	4	-	1,414.77
1995	5	-	1,459.73
1995	6	-	1,511.52
1995	7	-	1,519.27
1995	8	-	1,575.76
1995	9	-	1,590.14
1995	10	-	1,627.64
1995	11	-	1,682.80
1995	12	-	1,685.54
1996	1	-	1,785.06
1996	2	-	1,781.47
1996	3	-	1,784.98
1996	4	-	1,827.02
1996	5	-	1,850.38
1996	6	-	1,786.05
1996	7	-	1,840.98
1996	8	-	1,878.24
1996	9	-	1,955.61
1996	10	-	2,054.41
1996	11	-	2,079.03
1996	12	-	2,146.75
1997	1	-	2,240.38
1997	2	-	2,226.40
1997	3	-	2,150.59
1997	4	-	2,348.83
1997	5	-	2,474.18
1997	6	-	2,616.10
1997	7	-	2,625.20
1997	8	-	2,656.49
1997	9	-	2,700.20
1997	10	-	2,669.09
1997	11	-	2,739.41
1997	12	-	2,745.90
1998	1	-	2,921.70
1998	2	-	3,076.93
1998	3	-	3,181.72
1998	4	-	3,174.66
1998	5	-	3,178.36
1998	6	-	3,320.35
1998	7	-	3,088.89
1998	8	-	2,937.58
1998	9	-	2,975.50
1998	10	-	3,302.05
1998	11	-	3,437.57
1998	12	-	3,611.09
1999	1	-	3,608.68
1999	2	-	3,714.18
1999	3	-	3,872.03
1999	4	-	3,868.20
1999	5	-	3,844.54
1999	6	-	4,018.40
1999	7	-	3,866.73
1999	8	-	3,843.61
1999	9	-	3,794.70
1999	10	-	4,064.35
1999	11	-	4,178.51
1999	12	-	4,173.54
2000	1	-	4,070.11
2000	2	-	4,230.52
2000	3	-	4,290.79
2000	4	-	4,168.98
2000	5	-	4,300.86
2000	6	-	4,337.44
2000	7	-	4,378.20
2000	8	-	4,330.93
2000	9	-	4,105.10
2000	10	-	4,073.39
2000	11	-	3,938.15
2000	12	-	3,956.07
2001	1	-	3,871.55
2001	2	-	3,520.02
2001	3	-	3,535.82
2001	4	-	3,779.06
2001	5	-	3,688.79
2001	6	-	3,590.66
2001	7	-	3,517.20
2001	8	-	3,121.61
2001	9	-	3,221.00
2001	10	-	3,383.76
2001	11	-	3,433.37
2001	12	-	3,423.15
2002	1	-	3,308.38
2002	2	-	3,471.99
2002	3	-	3,349.97
2002	4	-	3,255.49
2002	5	-	3,062.73
2002	6	-	2,733.23
2002	7	-	2,764.35
2002	8	-	2,632.83
2002	9	-	2,596.84
2002	10	-	2,768.89
2002	11	-	2,740.23
2002	12	-	2,734.14
2003	1	-	2,558.75
2003	2	-	2,592.21
2003	3	-	2,729.23
2003	4	-	2,874.22
2003	5	-	3,038.17
2003	6	-	3,056.27
2003	7	-	3,051.19
2003	8	-	3,147.64
2003	9	-	3,211.47
2003	10	-	3,250.35
2003	11	-	3,349.93
2003	12	-	3,515.25
2004	1	-	3,553.45
2004	2	-	3,497.83
2004	3	-	3,531.69
2004	4	-	3,441.13
2004	5	-	3,539.47
2004	6	-	3,460.23
2004	7	-	3,412.22
2004	8	-	3,507.16
2004	9	-	3,510.76
2004	10	-	3,678.36
2004	11	-	3,778.69
2004	12	-	3,727.71
2005	1	-	3,790.38
2005	2	-	3,780.69
2005	3	-	3,689.61
2005	4	-	3,738.90
2005	5	-	3,820.44
2005	6	-	3,889.50
2005	7	-	3,901.56
2005	8	-	3,912.47
2005	9	-	3,809.80
2005	10	-	3,960.73
2005	11	-	4,045.65
2005	12	-	4,104.99
2006	1	-	4,104.31
2006	2	-	4,165.30
2006	3	-	4,198.56
2006	4	-	4,165.53
2006	5	-	4,052.82
2006	6	-	4,082.00
2006	7	-	4,175.55
2006	8	-	4,281.24
2006	9	-	4,436.05
2006	10	-	4,524.84
2006	11	-	4,622.05
2006	12	-	4,654.07
2007	1	-	4,728.35
2007	2	-	4,611.38
2007	3	-	4,804.14
2007	4	-	4,967.09
2007	5	-	4,984.22
2007	6	-	5,012.86
2007	7	-	4,802.26
2007	8	-	4,949.92
2007	9	-	5,098.01
2007	10	-	4,852.98
2007	11	-	4,913.07
2007	12	-	4,587.08
2008	1	-	4,515.34
2008	2	-	4,396.74
2008	3	-	4,583.33
2008	4	-	4,700.78
2008	5	-	4,501.16
2008	6	-	4,227.55
2008	7	-	4,316.78
2008	8	-	4,107.52
2008	9	-	3,278.06
2008	10	-	2,995.98
2008	11	-	2,985.45
2008	12	-	2,952.75
2009	1	-	2,754.84
2009	2	-	2,598.16
2009	3	-	2,918.30
2009	4	-	3,112.65
2009	5	-	3,201.95
2009	6	-	3,242.86
2009	7	-	3,506.20
2009	8	-	3,634.19
2009	9	-	3,721.52
2009	10	-	3,799.46
2009	11	-	3,884.04
2009	12	-	3,936.74
2010	1	-	3,822.63
2010	2	-	4,049.82
2010	3	-	4,215.37
2010	4	-	3,967.40
2010	5	-	3,826.82
2010	6	-	3,820.73
2010	7	-	3,853.73
2010	8	-	3,983.64
2010	9	-	4,165.99
2010	10	-	4,269.76
2010	11	-	4,428.33
2010	12	-	4,581.65
2011	1	-	4,726.01
2011	2	-	4,673.43
2011	3	-	4,777.23
2011	4	-	4,808.72
2011	5	-	4,632.60
2011	6	-	4,776.29
2011	7	-	4,279.52
2011	8	-	4,245.75
2011	9	-	4,373.92
2011	10	-	4,451.21
2011	11	-	4,520.42
2011	12	-	4,736.61
2012	1	-	4,933.78
2012	2	-	5,076.06
2012	3	-	5,074.12
2012	4	-	4,917.28
2012	5	-	4,860.62
2012	6	-	5,002.60
2012	7	-	5,172.07
2012	8	-	5,328.33
2012	9	-	5,316.76
2012	10	-	5,165.90
2012	11	-	5,278.28
2012	12	-	5,503.60
2013	1	-	5,632.00
2013	2	-	5,785.33
2013	3	-	5,869.43
2013	4	-	6,137.92
2013	5	-	6,069.31
2013	6	-	6,266.83
2013	7	-	6,282.66
2013	8	-	6,357.58
2013	9	-	6,492.20
2013	10	-	6,742.80
2013	11	-	6,845.40
2013	12	-	6,911.65
2014	1	-	6,902.67
2014	2	-	7,090.58
2014	3	-	7,104.88
2014	4	-	7,213.73
2014	5	-	7,444.30
2014	6	-	7,555.66
2014	7	-	7,523.40
2014	8	-	7,657.17
2014	9	-	7,454.51
2014	10	-	7,879.84
2014	11	-	7,929.79
2014	12	-	7,841.77
2015	1	-	8,063.48
2015	2	-	8,067.95
2015	3	-	8,138.82
2015	4	-	8,218.49
2015	5	-	8,182.70
2015	6	-	8,176.18
2015	7	-	7,977.96
2015	8	-	7,618.38
2015	9	-	7,947.28
2015	10	-	8,180.33
2015	11	-	8,090.10
2015	12	-	7,570.75
2016	1	-	7,529.12
2016	2	-	8,008.17
2016	3	-	8,234.91
2016	4	-	8,209.84
2016	5	-	8,297.40
2016	6	-	8,571.00
2016	7	-	8,673.79
2016	8	-	8,635.74
2016	9	-	8,592.05
2016	10	-	8,695.25
2016	11	-	9,038.36
2016	12	-	9,168.30
2017	1	-	9,404.52
2017	2	-	9,569.02
2017	3	-	9,554.29
2017	4	-	9,715.98
2017	5	-	9,888.58
2017	6	-	9,986.27
2017	7	-	10,011.01
2017	8	-	10,176.52
2017	9	-	10,454.83
2017	10	-	10,621.02
2017	11	-	10,927.27
2017	12	-	11,458.54
2018	1	-	11,127.77
2018	2	-	11,134.96
2018	3	-	10,949.68
2018	4	-	11,164.47
2018	5	-	11,400.37
2018	6	-	11,580.58
2018	7	-	11,864.40
2018	8	-	12,063.69
2018	9	-	11,599.36
2018	10	-	11,358.54
2018	11	-	10,726.72
2018	12	-	10,912.90
2019	1	-	11,549.00
2019	2	-	11,773.98
2019	3	-	12,212.35
2019	4	-	12,025.28
2019	5	-	12,194.21
2019	6	-	12,660.92
2019	7	-	12,264.08
2019	8	-	12,642.45
2019	9	-	12,643.69
2019	10	-	13,204.27
2019	11	-	13,530.33
2019	12	-	13,983.11
2020	1	-	14,000.18
2020	2	-	11,351.67
2020	3	-	11,841.90
2020	4	-	12,539.08
2020	5	-	13,355.15
2020	6	-	13,819.44
2020	7	-	14,633.89
2020	8	-	14,542.13
2020	9	-	14,793.13
2020	10	-	15,378.07
2020	11	-	16,033.18
2020	12	-	16,481.36
2021	1	-	16,892.00
2021	2	-	17,030.74
2021	3	-	18,056.24
2021	4	-	18,193.51
2021	5	-	18,522.89
2021	6	-	19,091.21
2021	7	-	19,508.39
2021	8	-	19,491.90
2021	9	-	19,580.04
2021	10	-	20,509.06
2021	11	-	20,563.49
2021	12	-	20,141.54
2022	1	-	19,556.92
2022	2	-	19,382.36
2022	3	-	19,405.29
2022	4	-	17,877.56
2022	5	-	17,275.20
2022	6	-	17,355.47
2022	7	-	18,474.45
2022	8	-	17,129.99
2022	9	-	16,600.47
2022	10	-	17,477.82
2022	11	-	17,479.71
2022	12	-	17,720.31

Click to show 1182 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.

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

Other resources:

S&P 500 from 1923 to 2022
Start Value Average monthly close	$8.90
End Value Average monthly close	$4,573.82
Change in price	+51,291.19% +6.51% / yr
Change incl. dividends	+1,875,113.40% +10.34% / yr
Change incl. dividends, inflation-adjusted	+109,469.49% +7.25% / yr
Final amount, nominal ($1 base)	$18,752.13
Final amount, inflation-adjusted ($1 base)	$1,095.69

S&P 500: $1 in 1923 → $18,752.13 in 2022

Stock market returns between 1923 and 2022

Adjusting stock market return for inflation

Full monthly data

Dollar-cost averaging

Data Sources

About the author