S&P 500: $100 in 1929 → $133.37 in 1944

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Stock market returns between 1929 and 1944

If you invested $100 in the S&P 500 at the beginning of 1929, you would have about $133.37 at the beginning of 1944, assuming you reinvested all dividends. This is a return on investment of 33.37%, or 1.82% per year.

This investment result beats inflation during this period for an inflation-adjusted return of about 29.58% cumulatively, or 1.63% per year.

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 $33.37, or 33.37%. This means by 1944 you would have $133.37 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 1929 was 17.100 and the CPI in 1944 was 17.600.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 15 years.

Adjusted for inflation, the $133.37 nominal end value of the original $100 investment would have a real value of roughly $29.58 in 1929 dollars. This means the inflation-adjusted return is 29.58% as opposed to the original 33.37%.

For more information on inflation, see our U.S. inflation calculator for 1929.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 192-month period between 1929 and 1944.

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

Year Month Return (%) Amount ($)
1929 1 0.81% 100.81
1929 2 2.05% 102.88
1929 3 -0.30% 102.57
1929 4 1.80% 104.41
1929 5 2.20% 106.71
1929 6 9.20% 116.53
1929 7 5.96% 123.47
1929 8 4.24% 128.71
1929 9 -10.32% 115.42
1929 10 -26.19% 85.19
1929 11 4.37% 88.92
1929 12 1.83% 90.54
1930 1 6.64% 96.55
1930 2 4.12% 100.53
1930 3 6.69% 107.25
1930 4 -5.65% 101.19
1930 5 -9.77% 91.31
1930 6 -1.76% 89.70
1930 7 -0.90% 88.89
1930 8 0.34% 89.20
1930 9 -13.37% 77.27
1930 10 -6.80% 72.02
1930 11 -6.19% 67.56
1930 12 3.56% 69.97
1931 1 8.14% 75.66
1931 2 2.38% 77.46
1931 3 -9.08% 70.43
1931 4 -9.16% 63.98
1931 5 -2.68% 62.26
1931 6 3.86% 64.66
1931 7 -2.49% 63.06
1931 8 -14.37% 54.00
1931 9 -12.75% 47.11
1931 10 2.05% 48.08
1931 11 -18.10% 39.38
1931 12 -0.85% 39.04
1932 1 -0.05% 39.03
1932 2 1.14% 39.47
1932 3 -23.22% 30.30
1932 4 -11.31% 26.87
1932 5 -12.39% 23.54
1932 6 6.18% 25.00
1932 7 51.35% 37.84
1932 8 10.37% 41.76
1932 9 -13.22% 36.24
1932 10 -0.34% 36.12
1932 11 -2.64% 35.17
1932 12 4.57% 36.77
1933 1 -11.27% 32.63
1933 2 0.33% 32.74
1933 3 11.24% 36.42
1933 4 29.32% 47.10
1933 5 17.58% 55.38
1933 6 8.46% 60.07
1933 7 -4.64% 57.28
1933 8 -0.48% 57.00
1933 9 -9.38% 51.66
1933 10 2.80% 53.10
1933 11 2.32% 54.34
1933 12 6.08% 57.64
1934 1 7.75% 62.11
1934 2 -4.80% 59.13
1934 3 2.02% 60.32
1934 4 -9.83% 54.39
1934 5 1.70% 55.32
1934 6 -4.36% 52.91
1934 7 -3.51% 51.05
1934 8 -2.01% 50.03
1934 9 1.21% 50.63
1934 10 3.21% 52.26
1934 11 1.06% 52.81
1934 12 0.40% 53.02
1935 1 -2.62% 51.64
1935 2 -5.93% 48.57
1935 3 7.94% 52.43
1935 4 8.27% 56.76
1935 5 4.17% 59.13
1935 6 5.60% 62.44
1935 7 7.10% 66.88
1935 8 2.43% 68.51
1935 9 2.99% 70.55
1935 10 9.71% 77.40
1935 11 0.29% 77.63
1935 12 5.82% 82.15
1936 1 6.03% 87.10
1936 2 2.41% 89.21
1936 3 0.41% 89.58
1936 4 -5.02% 85.08
1936 5 4.57% 88.97
1936 6 6.23% 94.52
1936 7 2.30% 96.69
1936 8 1.44% 98.08
1936 9 5.55% 103.53
1936 10 3.10% 106.74
1936 11 -1.40% 105.25
1936 12 3.46% 108.89
1937 1 3.30% 112.48
1937 2 0.23% 112.74
1937 3 -5.62% 106.40
1937 4 -4.09% 102.05
1937 5 -3.34% 98.64
1937 6 6.39% 104.95
1937 7 1.44% 106.46
1937 8 -13.76% 91.81
1937 9 -14.10% 78.86
1937 10 -8.27% 72.35
1937 11 -1.02% 71.61
1937 12 3.24% 73.93
1938 1 -1.80% 72.59
1938 2 -6.02% 68.22
1938 3 -3.44% 65.88
1938 4 1.56% 66.90
1938 5 2.93% 68.86
1938 6 20.49% 82.97
1938 7 1.06% 83.85
1938 8 -4.08% 80.42
1938 9 11.62% 89.77
1938 10 0.47% 90.18
1938 11 -2.55% 87.88
1938 12 -1.16% 86.86
1939 1 -0.46% 86.47
1939 2 0.27% 86.70
1939 3 -12.24% 76.08
1939 4 4.10% 79.20
1939 5 2.17% 80.92
1939 6 2.84% 83.21
1939 7 -1.07% 82.33
1939 8 11.06% 91.43
1939 9 1.38% 92.69
1939 10 -1.41% 91.39
1939 11 -1.97% 89.58
1939 12 -0.15% 89.45
1940 1 -0.23% 89.25
1940 2 -0.15% 89.12
1940 3 1.42% 90.38
1940 4 -13.34% 78.33
1940 5 -8.09% 71.99
1940 6 3.87% 74.77
1940 7 2.65% 76.75
1940 8 4.76% 80.40
1940 9 1.47% 81.58
1940 10 2.85% 83.91
1940 11 -3.59% 80.90
1940 12 0.72% 81.48
1941 1 -5.72% 76.81
1941 2 1.18% 77.72
1941 3 -2.55% 75.74
1941 4 -1.59% 74.54
1941 5 4.11% 77.60
1941 6 5.71% 82.03
1941 7 0.08% 82.09
1941 8 0.86% 82.80
1941 9 -3.43% 79.96
1941 10 -4.08% 76.69
1941 11 -5.88% 72.18
1941 12 2.62% 74.07
1942 1 -2.48% 72.23
1942 2 -4.76% 68.79
1942 3 -3.45% 66.42
1942 4 1.87% 67.66
1942 5 5.75% 71.55
1942 6 4.38% 74.68
1942 7 0.05% 74.72
1942 8 1.66% 75.96
1942 9 7.97% 82.01
1942 10 2.15% 83.78
1942 11 1.06% 84.66
1942 12 6.50% 90.17
1943 1 6.43% 95.97
1943 2 4.01% 99.82
1943 3 3.79% 103.60
1943 4 4.36% 108.13
1943 5 2.18% 110.48
1943 6 2.47% 113.21
1943 7 -4.54% 108.08
1943 8 2.55% 110.83
1943 9 -0.50% 110.28
1943 10 -4.21% 105.64
1943 11 1.77% 107.51
1943 12 3.67% 111.45
1944 1 -0.24% 111.18
1944 2 3.24% 114.78
1944 3 -1.31% 113.28
1944 4 2.20% 115.78
1944 5 5.14% 121.73
1944 6 3.02% 125.40
1944 7 -1.06% 124.08
1944 8 -1.23% 122.56
1944 9 2.88% 126.10
1944 10 -0.28% 125.74
1944 11 2.60% 129.01
1944 12 3.38% 133.37
Click to show 174 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.

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S&P 500 from 1929 to 1944
Start Value
Average monthly close
$24.86
End Value
Average monthly close
$11.85
Change in price +-52.33%
+-4.82% / yr
Change incl. dividends +33.37%
+1.82% / yr
Change, inflation-adjusted +29.58%
+1.63%
Final amount, nominal
($100 base)
$133.37
Final amount, inflation-adjusted
($100 base)
$129.58