S&P 500: $100 in 1929 → $560,387.36 in 2021

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Stock market returns between 1929 and 2021

If you invested $100 in the S&P 500 at the beginning of 1929, you would have about $560,387.36 at the end of 2021, assuming you reinvested all dividends. This is a return on investment of 560,287.36%, or 9.73% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $584,748.52.

This investment result beats inflation during this period for an inflation-adjusted return of about 35,264.13% cumulatively, or 6.51% 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 $560,287.36, or 560,287.36%. This means by 2021 you would have $560,387.36 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 2021 was 270.970.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 92 years.

Adjusted for inflation, the $560,387.36 nominal end value of the original $100 investment would have a real return of roughly $35,264.13 in 1929 dollars. This means the inflation-adjusted return is 35,264.13% as opposed to the original 560,287.36%.

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 1116-month period between 1929 and 2021.

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

YearMonthReturn (%)Amount ($)CPI
192910.81%100.8117.10
192922.05%102.8817.10
19293-0.30%102.5717.00
192941.80%104.4116.90
192952.20%106.7117.00
192969.20%116.5317.10
192975.96%123.4717.30
192984.24%128.7117.30
19299-10.32%115.4217.30
192910-26.19%85.1917.30
1929114.37%88.9217.30
1929121.83%90.5417.20
193016.64%96.5517.10
193024.12%100.5317.00
193036.69%107.2516.90
19304-5.65%101.1917.00
19305-9.77%91.3116.90
19306-1.76%89.7016.80
19307-0.90%88.8916.60
193080.34%89.2016.50
19309-13.37%77.2716.60
193010-6.80%72.0216.50
193011-6.19%67.5616.40
1930123.56%69.9716.10
193118.14%75.6615.90
193122.38%77.4615.70
19313-9.08%70.4315.60
19314-9.16%63.9815.50
19315-2.68%62.2615.30
193163.86%64.6615.10
19317-2.49%63.0615.10
19318-14.37%54.0015.10
19319-12.75%47.1115.00
1931102.05%48.0814.90
193111-18.10%39.3814.70
193112-0.85%39.0414.60
19321-0.05%39.0314.30
193221.14%39.4714.10
19323-23.22%30.3014.00
19324-11.31%26.8713.90
19325-12.39%23.5413.70
193266.18%25.0013.60
1932751.35%37.8413.60
1932810.37%41.7613.50
19329-13.22%36.2413.40
193210-0.34%36.1213.30
193211-2.64%35.1713.20
1932124.57%36.7713.10
19331-11.27%32.6312.90
193320.33%32.7412.70
1933311.24%36.4212.60
1933429.32%47.1012.60
1933517.58%55.3812.60
193368.46%60.0712.70
19337-4.64%57.2813.10
19338-0.48%57.0013.20
19339-9.38%51.6613.20
1933102.80%53.1013.20
1933112.32%54.3413.20
1933126.08%57.6413.20
193417.75%62.1113.20
19342-4.80%59.1313.30
193432.02%60.3213.30
19344-9.83%54.3913.30
193451.70%55.3213.30
19346-4.36%52.9113.40
19347-3.51%51.0513.40
19348-2.01%50.0313.40
193491.21%50.6313.60
1934103.21%52.2613.50
1934111.06%52.8113.50
1934120.40%53.0213.40
19351-2.62%51.6413.60
19352-5.93%48.5713.70
193537.94%52.4313.70
193548.27%56.7613.80
193554.17%59.1313.80
193565.60%62.4413.70
193577.10%66.8813.70
193582.43%68.5113.70
193592.99%70.5513.70
1935109.71%77.4013.70
1935110.29%77.6313.80
1935125.82%82.1513.80
193616.03%87.1013.80
193622.41%89.2113.80
193630.41%89.5813.70
19364-5.02%85.0813.70
193654.57%88.9713.70
193666.23%94.5213.80
193672.30%96.6913.90
193681.44%98.0814.00
193695.55%103.5314.00
1936103.10%106.7414.00
193611-1.40%105.2514.00
1936123.46%108.8914.00
193713.30%112.4814.10
193720.23%112.7414.10
19373-5.62%106.4014.20
19374-4.09%102.0514.30
19375-3.34%98.6414.40
193766.39%104.9514.40
193771.44%106.4614.50
19378-13.76%91.8114.50
19379-14.10%78.8614.60
193710-8.27%72.3514.60
193711-1.02%71.6114.50
1937123.24%73.9314.40
19381-1.80%72.5914.20
19382-6.02%68.2214.10
19383-3.44%65.8814.10
193841.56%66.9014.20
193852.93%68.8614.10
1938620.49%82.9714.10
193871.06%83.8514.10
19388-4.08%80.4214.10
1938911.62%89.7714.10
1938100.47%90.1814.00
193811-2.55%87.8814.00
193812-1.16%86.8614.00
19391-0.46%86.4714.00
193920.27%86.7013.90
19393-12.24%76.0813.90
193944.10%79.2013.80
193952.17%80.9213.80
193962.84%83.2113.80
19397-1.07%82.3313.80
1939811.06%91.4313.80
193991.38%92.6914.10
193910-1.41%91.3914.00
193911-1.97%89.5814.00
193912-0.15%89.4514.00
19401-0.23%89.2513.90
19402-0.15%89.1214.00
194031.42%90.3814.00
19404-13.34%78.3314.00
19405-8.09%71.9914.00
194063.87%74.7714.10
194072.65%76.7514.00
194084.76%80.4014.00
194091.47%81.5814.00
1940102.85%83.9114.00
194011-3.59%80.9014.00
1940120.72%81.4814.10
19411-5.72%76.8114.10
194121.18%77.7214.10
19413-2.55%75.7414.20
19414-1.59%74.5414.30
194154.11%77.6014.40
194165.71%82.0314.70
194170.08%82.0914.70
194180.86%82.8014.90
19419-3.43%79.9615.10
194110-4.08%76.6915.30
194111-5.88%72.1815.40
1941122.62%74.0715.50
19421-2.48%72.2315.70
19422-4.76%68.7915.80
19423-3.45%66.4216.00
194241.87%67.6616.10
194255.75%71.5516.30
194264.38%74.6816.30
194270.05%74.7216.40
194281.66%75.9616.50
194297.97%82.0116.50
1942102.15%83.7816.70
1942111.06%84.6616.80
1942126.50%90.1716.90
194316.43%95.9716.90
194324.01%99.8216.90
194333.79%103.6017.20
194344.36%108.1317.40
194352.18%110.4817.50
194362.47%113.2117.50
19437-4.54%108.0817.40
194382.55%110.8317.30
19439-0.50%110.2817.40
194310-4.21%105.6417.40
1943111.77%107.5117.40
1943123.67%111.4517.40
19441-0.24%111.1817.40
194423.24%114.7817.40
19443-1.31%113.2817.40
194442.20%115.7817.50
194455.14%121.7317.50
194463.02%125.4017.60
19447-1.06%124.0817.70
19448-1.23%122.5617.70
194492.88%126.1017.70
194410-0.28%125.7417.70
1944112.60%129.0117.70
1944123.38%133.3717.80
194513.73%138.3517.80
194520.31%138.7917.80
194532.90%142.8117.80
194544.16%148.7617.80
194552.19%152.0117.90
19456-1.70%149.4318.10
194570.71%150.4918.10
194587.18%161.2918.10
194594.51%168.5718.10
1945103.61%174.6518.10
1945112.02%178.1918.10
1945124.30%185.8518.20
194610.59%186.9418.20
19462-2.68%181.9318.10
194636.77%194.2518.30
194640.52%195.2518.40
19465-0.34%194.5918.50
19466-2.55%189.6318.70
19467-1.62%186.5619.80
19468-14.42%159.6520.20
19469-1.87%156.6620.40
194610-0.01%156.6420.80
1946113.39%161.9621.30
1946120.92%163.4521.50
194714.27%170.4321.50
19472-3.67%164.1721.50
19473-3.30%158.7521.90
19474-1.36%156.5921.90
194753.92%162.7321.90
194766.69%173.6222.00
19477-1.56%170.9122.20
19478-2.17%167.2122.50
194793.03%172.2723.00
194710-0.73%171.0123.00
194711-1.12%169.1023.10
194712-0.86%167.6323.40
19481-4.45%160.1823.70
194821.92%163.2523.50
194838.19%176.6223.40
194845.33%186.0323.80
194854.59%194.5623.90
19486-1.96%190.7624.10
19487-2.49%186.0124.40
19488-0.68%184.7524.50
194893.19%190.6424.50
194810-5.10%180.9124.40
194811-0.16%180.6324.20
1948121.63%183.5724.10
19491-3.33%177.4624.00
194921.49%180.1123.80
194930.41%180.8523.80
19494-0.18%180.5223.90
19495-4.91%171.6523.80
194966.26%182.4123.90
194974.17%190.0123.70
194981.87%193.5723.80
194993.14%199.6523.90
1949101.95%203.5423.70
1949113.24%210.1423.80
1949122.63%215.6623.60
195012.52%221.1023.50
195021.38%224.1423.50
195033.39%231.7323.60
195043.91%240.8023.60
195052.16%246.0223.70
19506-6.72%229.4823.80
195076.64%244.7124.10
195084.11%254.7624.30
195094.72%266.7924.40
1950100.38%267.7924.60
1950110.19%268.3124.70
1950128.01%289.8125.00
195114.31%302.3025.40
19512-1.11%298.9425.70
195131.93%304.7025.80
195140.63%306.6125.80
19515-1.15%303.1025.90
195162.37%310.2725.90
195174.97%325.6825.90
195183.14%335.8925.90
195190.03%335.9926.10
195110-2.25%328.4226.20
1951113.61%340.2826.40
1951123.83%353.3326.50
19521-1.33%348.6226.50
195220.75%351.2426.30
195230.20%351.9526.30
195240.46%353.5726.40
195253.24%365.0426.40
195263.37%377.3326.50
195270.88%380.6526.70
19528-1.11%376.4326.70
19529-1.61%370.3726.70
1952103.67%383.9526.70
1952114.51%401.2726.70
1952120.99%405.2326.70
19531-0.77%402.1026.60
195320.96%405.9526.50
19533-4.47%387.7926.60
195341.00%391.6826.60
19535-3.11%379.5126.70
195361.91%386.7726.80
195370.90%390.2526.80
19538-4.11%374.2226.90
195393.52%387.3826.90
1953102.71%397.8727.00
1953111.84%405.1826.90
1953123.02%417.4326.90
195412.68%428.6026.90
195422.58%439.6726.90
195434.45%459.2426.90
195444.42%479.5526.80
195451.22%485.4126.90
195464.46%507.0526.90
195472.39%519.1926.90
195482.74%533.4126.90
195492.71%547.8726.80
1954104.30%571.4426.80
1954114.95%599.7526.80
1954122.17%612.7526.70
195513.70%635.4626.70
19552-0.44%632.6826.70
195533.81%656.7826.70
19554-0.08%656.2626.70
195556.15%696.5926.70
195567.64%749.8326.70
19557-0.30%747.5926.80
195584.82%783.6026.80
19559-4.72%746.5726.90
1955107.07%799.3326.90
1955111.24%809.2226.90
195512-2.39%789.8926.80
195610.95%797.3926.80
195627.21%854.8526.80
195631.48%867.5326.80
19564-2.84%842.9126.90
19565-0.26%840.7027.00
195665.75%889.0327.20
19567-0.28%886.5027.40
19568-3.09%859.1127.30
19569-0.95%850.9227.40
195610-0.71%844.8627.50
1956111.81%860.1427.50
195612-1.86%844.1227.60
19571-4.00%810.3927.60
195721.62%823.5227.70
195732.64%845.3027.80
195744.16%880.4627.90
195751.95%897.6728.00
195762.32%918.5228.10
19577-5.21%870.7128.30
19578-3.74%838.1528.30
19579-5.90%788.7228.30
195710-1.80%774.5228.30
1957110.32%776.9928.40
1957122.33%795.0828.40
195810.70%800.6628.60
195822.42%820.0328.60
195830.90%827.3828.80
195843.56%856.8228.90
195852.74%880.2528.90
195863.07%907.2828.90
195874.05%944.0729.00
195882.94%971.8628.90
195894.36%1,014.2228.90
1958103.33%1,047.9628.90
1958112.16%1,070.6229.00
1958124.25%1,116.1728.90
19591-1.27%1,102.0529.00
195922.81%1,132.9728.90
195931.94%1,154.9128.90
195941.77%1,175.3029.00
19595-0.61%1,168.1829.00
195964.23%1,217.5629.10
19597-0.32%1,213.6929.20
19598-3.70%1,168.7429.20
195990.18%1,170.8129.30
1959100.67%1,178.6429.40
1959113.46%1,219.4629.40
195912-1.49%1,201.3429.40
19601-3.61%1,157.9829.30
19602-1.08%1,145.4929.40
196031.58%1,163.6429.40
19604-0.62%1,156.3729.50
196053.99%1,202.4929.50
19606-2.20%1,176.0829.60
196071.49%1,193.6229.60
19608-2.72%1,161.1429.60
19609-1.67%1,141.7129.60
1960103.54%1,182.1329.80
1960112.69%1,213.9429.80
1960125.43%1,279.8229.80
196114.37%1,335.8029.80
196123.40%1,381.1829.80
196132.92%1,421.4929.80
196141.26%1,439.4529.80
19615-1.08%1,423.9029.80
19616-0.03%1,423.5029.80
196173.84%1,478.1530.00
19618-0.54%1,470.1529.90
196191.34%1,489.8930.00
1961104.77%1,560.9930.00
1961111.16%1,579.1430.00
196112-3.49%1,524.0830.00
196211.91%1,553.1830.00
196220.34%1,558.4730.10
19623-2.94%1,512.5830.10
19624-7.19%1,403.9030.20
19625-11.41%1,243.6830.20
196262.72%1,277.4730.20
196273.02%1,316.0930.30
19628-0.59%1,308.2830.30
19629-2.86%1,270.9130.40
1962107.20%1,362.4330.40
1962114.62%1,425.4230.40
1962124.15%1,484.5330.40
196311.60%1,508.2230.40
19632-0.11%1,506.5830.40
196334.98%1,581.5830.50
196342.27%1,617.4830.50
196350.22%1,620.9830.50
19636-1.22%1,601.1830.60
196373.03%1,649.7130.70
196382.89%1,697.4530.70
196390.50%1,705.9330.70
196310-0.31%1,700.7030.80
1963112.39%1,741.4130.80
1963123.33%1,799.4030.90
196411.48%1,826.0330.90
196422.07%1,863.8530.90
196431.69%1,895.4030.90
196441.22%1,918.5330.90
19645-0.35%1,911.8130.90
196463.96%1,987.5331.00
19647-1.23%1,963.1731.10
196481.97%2,001.7631.00
196491.97%2,041.2031.10
1964100.94%2,060.3231.10
196411-1.49%2,029.6231.20
1964122.82%2,086.8731.20
196510.98%2,107.2131.20
196520.34%2,114.2931.20
196531.56%2,147.2231.30
196541.73%2,184.4231.40
19655-4.51%2,085.9631.40
196560.10%2,088.1131.60
196572.12%2,132.3531.60
196583.60%2,209.0331.60
196592.50%2,264.1831.60
1965101.08%2,288.5531.70
196511-0.21%2,283.7031.70
1965121.98%2,328.9331.80
19661-0.43%2,318.9131.80
19662-3.86%2,229.3432.00
196633.32%2,303.3832.10
19664-5.01%2,188.0332.30
19665-0.56%2,175.7932.30
196660.02%2,176.1932.40
19667-5.77%2,050.6432.50
19668-3.22%1,984.5132.70
19669-0.56%1,973.3132.70
1966105.32%2,078.2132.90
1966110.72%2,093.0932.90
1966124.13%2,179.5432.90
196713.73%2,260.8332.90
196722.63%2,320.3832.90
196731.99%2,366.6133.00
196742.06%2,415.3133.10
19675-0.99%2,391.3533.20
196761.99%2,439.0033.30
196771.85%2,484.1633.40
196781.65%2,525.2433.50
196790.10%2,527.7033.60
196710-2.88%2,454.8633.70
1967113.11%2,531.2533.80
196712-0.02%2,530.8133.90
19681-4.26%2,423.0734.10
19682-1.56%2,385.2934.20
196837.66%2,568.0534.30
196842.56%2,633.7334.40
196852.94%2,711.1834.50
196860.05%2,712.5134.70
19687-1.93%2,660.0534.90
196883.51%2,753.3535.00
196892.72%2,828.1735.10
1968101.79%2,878.6735.30
1968111.29%2,915.6735.40
196812-3.99%2,799.4835.50
19691-0.24%2,792.8035.60
19692-1.91%2,739.3535.80
196932.27%2,801.6536.10
196943.51%2,900.0936.30
19695-4.97%2,755.9136.40
19696-4.21%2,640.0236.60
19697-0.28%2,632.5336.80
196980.63%2,649.0837.00
196991.35%2,684.7537.10
1969101.00%2,711.5237.30
196911-5.03%2,575.2037.50
196912-0.59%2,560.0337.70
19701-3.20%2,478.2137.80
197022.01%2,528.0838.00
19703-2.75%2,458.6238.20
19704-11.20%2,183.2838.50
19705-0.27%2,177.3838.60
197060.52%2,188.7638.80
197073.26%2,260.0239.00
197086.32%2,402.8939.00
197092.49%2,462.7139.20
1970100.21%2,467.8039.40
1970117.16%2,644.4539.60
1970124.11%2,753.1639.80
197114.15%2,867.4439.80
197122.83%2,948.6439.90
197133.67%3,056.9740.00
19714-1.11%3,023.1140.10
19715-1.60%2,974.8640.30
19716-0.46%2,961.0940.60
19717-1.52%2,916.1740.70
197182.49%2,988.6740.80
19719-1.86%2,932.9740.80
197110-4.37%2,804.7640.90
1971117.16%3,005.6840.90
1971124.42%3,138.6141.10
197212.09%3,204.1141.10
197222.62%3,288.0441.30
197231.26%3,329.4441.40
19724-0.78%3,303.6041.50
197250.52%3,320.6541.60
19726-0.50%3,303.9241.70
197273.78%3,428.9341.90
19728-1.21%3,387.4342.00
197290.42%3,401.5742.10
1972105.25%3,580.2942.30
1972112.31%3,663.0542.40
1972120.99%3,699.2942.50
19731-3.33%3,576.2942.60
19732-1.35%3,528.1742.90
19733-1.63%3,470.5543.30
19734-2.57%3,381.3643.60
19735-1.99%3,314.0843.90
197361.21%3,354.1944.20
19737-1.64%3,299.3344.30
197382.00%3,365.1645.10
197394.24%3,507.6945.20
197310-6.85%3,267.3145.60
197311-6.81%3,044.9645.90
1973121.70%3,096.7446.20
19741-2.47%3,020.1646.60
197424.57%3,158.3247.20
19743-4.82%3,006.2047.80
19744-2.71%2,924.8648.00
197450.46%2,938.2348.60
19746-11.35%2,604.8449.00
19747-3.76%2,506.7749.40
19748-10.01%2,255.7550.00
197492.38%2,309.3750.60
1974103.74%2,395.8251.10
197411-6.09%2,249.8751.50
1974128.63%2,444.1051.90
1975110.81%2,708.2452.10
197524.97%2,842.9452.50
197531.49%2,885.2252.70
197546.71%3,078.8952.90
197552.89%3,168.0153.20
197560.43%3,181.7053.60
19757-7.00%2,959.1054.20
19758-0.85%2,933.8754.30
197594.97%3,079.7254.60
1975102.04%3,142.6054.90
197511-1.18%3,105.5355.30
1975129.55%3,401.9655.50
197614.18%3,544.1055.60
197620.80%3,572.5355.80
197631.10%3,611.6755.90
19764-0.38%3,597.8356.10
197650.90%3,630.2356.50
197662.67%3,726.9956.80
19767-0.56%3,706.0957.10
197682.44%3,796.4457.40
19769-3.11%3,678.4457.60
197610-0.37%3,664.9657.90
1976113.79%3,803.7358.00
197612-0.54%3,783.2958.20
19771-2.37%3,693.6858.50
19772-0.05%3,691.6859.10
19773-1.19%3,647.6159.50
197740.06%3,649.9760.00
197750.90%3,682.8160.30
197761.28%3,730.0460.70
19777-2.08%3,652.5061.00
19778-1.18%3,609.5861.20
19779-2.20%3,530.2461.40
1977100.98%3,564.8861.60
197711-0.08%3,562.0261.90
197712-3.39%3,441.2662.10
19781-0.97%3,407.8162.50
197820.27%3,416.8662.90
197834.83%3,581.9063.40
197845.50%3,779.0563.90
197850.67%3,804.5164.50
19786-0.06%3,802.1465.20
197877.33%4,080.7665.70
197880.40%4,097.0866.00
19789-2.77%3,983.4466.50
197810-5.44%3,766.8467.10
1978111.92%3,839.2767.40
1978124.19%3,999.9567.70
19791-1.06%3,957.6768.30
197922.34%4,050.3369.10
197932.43%4,148.7969.80
19794-1.89%4,070.2570.60
197952.42%4,168.6671.50
197961.42%4,227.8972.30
197975.01%4,439.8973.10
197981.54%4,508.2873.80
19799-3.35%4,357.1474.60
197910-0.32%4,343.0975.20
1979114.40%4,534.3675.90
1979123.31%4,684.5676.70
198014.40%4,890.4977.80
19802-8.78%4,461.2178.90
19803-1.16%4,409.3780.10
198045.04%4,631.4381.00
198056.86%4,949.2781.80
198064.97%5,195.2282.70
198073.50%5,377.3082.70
198082.84%5,529.7983.30
198093.32%5,713.6484.00
1980104.61%5,977.3184.80
198011-1.24%5,902.9085.50
1980120.01%5,903.4986.30
19811-3.07%5,722.2487.00
198124.14%5,959.3387.90
198131.29%6,036.4388.50
19814-1.62%5,938.8189.10
198150.86%5,989.7489.80
19816-2.02%5,868.9790.60
198170.80%5,916.0791.60
19818-8.30%5,424.8892.30
198191.73%5,518.5893.20
1981103.04%5,686.5593.40
1981111.18%5,753.6293.70
198112-4.80%5,477.2194.00
19821-1.91%5,372.3894.30
19822-2.74%5,224.9394.60
198235.47%5,510.7094.50
198240.57%5,542.0994.90
19825-5.27%5,249.9995.80
198260.24%5,262.7997.00
198270.79%5,304.5897.50
1982812.10%5,946.2497.70
198298.88%6,474.3597.90
1982104.50%6,765.6998.20
1982111.36%6,857.4098.00
1982123.93%7,126.6097.60
198312.13%7,278.4097.80
198323.87%7,559.7597.90
198334.20%7,877.0697.90
198344.42%8,225.5598.60
198351.75%8,369.7899.20
198360.71%8,429.0599.50
19837-2.41%8,226.1599.90
198383.31%8,498.75100.20
198390.65%8,553.82100.70
198310-1.14%8,456.18101.00
198311-0.13%8,445.35101.20
1983121.58%8,578.44101.30
19841-5.11%8,139.89101.90
198420.44%8,175.90102.40
198430.51%8,217.37102.60
19844-0.25%8,196.61103.10
19845-1.85%8,045.12103.40
19846-0.91%7,972.03103.70
198479.21%8,705.98104.10
198481.41%8,828.47104.50
19849-0.41%8,792.06105.00
1984101.29%8,905.12105.30
198411-0.71%8,842.11105.30
1984124.70%9,257.47105.30
198515.79%9,793.24105.50
19852-0.48%9,746.39106.00
198531.02%9,846.27106.40
198542.74%10,115.63106.90
198552.51%10,369.63107.30
198562.25%10,602.65107.60
19857-1.85%10,407.00107.80
19858-1.88%10,210.83108.00
198591.50%10,363.54108.30
1985106.42%11,028.93108.70
1985115.29%11,612.86109.00
1985120.75%11,700.16109.30
198615.70%12,366.74109.60
198626.18%13,131.35109.30
198632.74%13,491.34108.80
198640.49%13,557.69108.60
198653.13%13,982.49108.90
19866-1.80%13,730.26109.50
198672.28%14,043.42109.50
19868-2.46%13,698.48109.70
19869-0.09%13,686.17110.20
1986103.53%14,169.70110.30
1986111.71%14,411.85110.40
1986126.67%15,373.61110.50
198716.46%16,367.03111.20
198724.38%17,083.32111.60
19873-0.86%16,937.01112.10
198740.17%16,966.29112.70
198754.50%17,729.51113.10
198763.12%18,283.04113.50
198776.45%19,463.03113.80
19878-3.03%18,873.21114.40
19879-11.85%16,636.01115.00
198710-12.30%14,589.21115.30
198711-1.33%14,394.49115.40
1987124.25%15,005.76115.40
198813.33%15,505.23115.70
198823.23%16,006.37116.00
19883-0.89%15,864.55116.50
19884-2.19%15,517.39117.10
198856.00%16,448.16117.50
19886-0.31%16,397.67118.00
19887-1.72%16,115.88118.50
198881.93%16,426.46119.00
198893.80%17,050.93119.80
198810-2.02%16,706.46120.20
1988112.33%17,095.05120.30
1988123.51%17,695.54120.50
198913.30%18,279.46121.10
19892-0.16%18,249.91121.60
198933.56%18,900.48122.30
198944.12%19,678.30123.10
198953.39%20,345.91123.80
198962.80%20,915.63124.10
198974.69%21,896.73124.40
198980.46%21,996.48124.60
198990.29%22,059.44125.00
198910-1.81%21,659.38125.60
1989112.74%22,252.14125.90
198912-2.21%21,760.09126.10
19901-2.53%21,210.17127.40
199022.71%21,784.37128.00
199030.20%21,827.06128.70
199043.85%22,667.61128.90
199053.17%23,386.16129.20
199060.17%23,425.85129.90
19907-7.86%21,584.29130.40
19908-4.34%20,647.31131.60
19909-2.32%20,169.16132.70
1990102.98%20,770.97133.50
1990114.59%21,723.66133.80
199012-0.69%21,574.81133.80
1991111.61%24,078.95134.60
199123.04%24,812.06134.80
199132.26%25,372.53135.00
19914-0.18%25,327.14135.20
199150.35%25,415.03135.60
199160.78%25,613.39136.00
199172.68%26,299.55136.20
19918-0.30%26,219.84136.60
199190.18%26,267.47137.20
1991100.02%26,271.62137.40
1991110.94%26,517.29137.80
1991127.36%28,468.44137.90
19921-0.60%28,297.39138.10
19922-1.01%28,010.91138.60
199230.26%28,084.95139.30
199242.07%28,665.84139.50
19925-1.33%28,284.84139.70
199261.91%28,825.68140.20
199270.94%29,097.14140.50
199280.38%29,207.18140.90
19929-1.18%28,861.94141.30
1992102.76%29,657.63141.80
1992113.27%30,627.79142.00
1992120.14%30,671.56141.90
199311.72%31,200.41142.60
199322.15%31,871.27143.10
19933-1.34%31,443.64143.60
199340.72%31,671.52144.00
199350.87%31,945.53144.20
199360.06%31,965.02144.40
199371.76%32,528.39144.40
199381.35%32,969.14144.80
199391.24%33,378.59145.10
1993100.01%33,381.11145.70
1993110.89%33,677.26145.80
1993121.74%34,261.85145.80
19941-0.08%34,235.92146.20
19942-1.42%33,748.46146.70
19943-3.35%32,619.11147.20
199441.06%32,964.30147.40
199451.11%33,329.57147.50
19946-0.52%33,156.63148.00
199473.08%34,178.55148.40
199480.82%34,457.95149.00
19949-0.44%34,304.95149.40
199410-0.37%34,178.06149.50
199411-1.03%33,827.50149.70
1994122.45%34,656.67149.70
199513.82%35,980.24150.30
199522.56%36,900.67150.90
199533.22%38,087.23151.40
199543.35%39,362.30151.90
199553.18%40,613.40152.20
199563.55%42,054.15152.50
199570.51%42,269.94152.50
199583.72%43,841.40152.90
199590.91%44,241.48153.20
1995102.36%45,284.87153.70
1995113.39%46,819.63153.60
1995120.16%46,895.75153.50
199615.90%49,664.66154.40
19962-0.20%49,564.99154.90
199630.20%49,662.65155.70
199642.35%50,832.12156.30
199651.28%51,482.06156.60
19966-3.48%49,692.25156.70
199673.08%51,220.66157.00
199682.02%52,257.23157.30
199694.12%54,409.96157.80
1996105.05%57,158.80158.30
1996111.20%57,843.69158.60
1996123.26%59,727.97158.60
199714.36%62,332.80159.10
19972-0.62%61,944.04159.60
19973-3.41%59,834.70160.00
199749.22%65,350.16160.20
199755.34%68,837.78160.10
199765.74%72,786.26160.30
199770.35%73,039.41160.50
199781.19%73,910.04160.80
199791.65%75,126.14161.20
199710-1.15%74,260.66161.60
1997112.63%76,217.14161.50
1997120.24%76,397.84161.30
199816.40%81,288.95161.60
199825.31%85,607.73161.90
199833.41%88,523.25162.20
19984-0.22%88,326.86162.50
199850.12%88,429.72162.80
199864.47%92,380.46163.00
19987-6.97%85,940.61163.20
19988-4.90%81,730.86163.40
199891.29%82,785.88163.60
19981010.97%91,871.13164.00
1998114.10%95,641.61164.00
1998125.05%100,469.30163.90
19991-0.07%100,402.28164.30
199922.92%103,337.55164.50
199934.25%107,729.42165.00
19994-0.10%107,622.95166.20
19995-0.61%106,964.55166.20
199964.52%111,801.90166.20
19997-3.77%107,582.06166.70
19998-0.60%106,938.70167.10
19999-1.27%105,577.94167.90
1999107.11%113,080.25168.20
1999112.81%116,256.37168.30
199912-0.12%116,118.11168.30
20001-2.48%113,240.61168.80
200023.94%117,703.37169.80
200031.42%119,380.25171.20
20004-2.84%115,991.29171.30
200053.16%119,660.65171.50
200060.85%120,678.18172.40
200070.94%121,812.20172.80
20008-1.08%120,497.06172.80
20009-5.21%114,214.06173.70
200010-0.77%113,331.69174.00
200011-3.32%109,568.99174.10
2000120.46%110,067.54174.00
20011-2.14%107,716.21175.10
20012-9.08%97,935.68175.80
200130.45%98,375.12176.20
200146.88%105,142.67176.90
20015-2.39%102,631.17177.70
20016-2.66%99,900.95178.00
20017-2.05%97,857.14177.50
20018-11.25%86,850.83177.50
200193.18%89,616.19178.30
2001105.05%94,144.62177.70
2001111.47%95,524.83177.40
200112-0.30%95,240.46176.70
20021-3.35%92,047.27177.10
200224.95%96,599.26177.80
20023-3.51%93,204.34178.80
20024-2.82%90,575.63179.80
20025-5.92%85,212.69179.80
20026-10.76%76,045.08179.90
200271.14%76,911.08180.10
20028-4.76%73,251.85180.70
20029-1.37%72,250.47181.00
2002106.63%77,037.48181.30
200211-1.04%76,240.10181.30
200212-0.22%76,070.45180.90
20031-6.41%71,190.65181.70
200321.31%72,121.75183.10
200335.29%75,934.01184.20
200345.31%79,967.78183.80
200355.70%84,529.29183.50
200360.60%85,033.00183.70
20037-0.17%84,891.57183.90
200383.16%87,575.15184.60
200392.03%89,351.03185.20
2003101.21%90,432.70185.00
2003113.06%93,203.38184.50
2003124.93%97,802.93184.30
200411.09%98,865.72185.20
20042-1.57%97,318.28186.20
200430.97%98,260.45187.40
20044-2.56%95,740.81188.00
200452.86%98,476.77189.10
20046-2.24%96,272.09189.70
20047-1.39%94,936.25189.40
200482.78%97,577.97189.50
200490.10%97,678.08189.90
2004104.77%102,341.13190.90
2004112.73%105,132.43191.00
200412-1.35%103,713.96190.30
200511.68%105,457.60190.70
20052-0.26%105,188.07191.80
20053-2.41%102,654.17193.30
200541.34%104,025.50194.60
200552.18%106,293.98194.40
200561.81%108,215.55194.50
200570.31%108,551.04195.40
200580.28%108,854.65196.40
20059-2.62%105,998.06198.80
2005103.96%110,197.22199.20
2005112.14%112,559.99197.60
2005121.47%114,210.99196.80
20061-0.02%114,191.99198.30
200621.49%115,889.04198.70
200630.80%116,814.22199.80
20064-0.79%115,895.31201.50
20065-2.71%112,759.43202.50
200660.72%113,571.34202.90
200672.29%116,174.12203.50
200682.53%119,114.69203.90
200693.62%123,421.77202.90
2006102.00%125,892.24201.80
2006112.15%128,596.74201.50
2006120.69%129,487.69201.80
200711.60%131,554.37202.42
20072-2.47%128,299.86203.50
200734.18%133,663.13205.35
200743.39%138,196.65206.69
200750.34%138,673.29207.95
200760.57%139,470.14208.35
20077-4.20%133,610.85208.30
200783.07%137,719.04207.92
200792.99%141,839.09208.49
200710-4.81%135,021.86208.94
2007111.24%136,693.73210.18
200712-6.64%127,623.83210.04
20081-1.56%125,627.84211.08
20082-2.63%122,328.05211.69
200834.24%127,519.41213.53
200842.56%130,787.23214.82
20085-4.25%125,233.24216.63
20086-6.08%117,620.98218.82
200872.11%120,103.41219.96
20088-4.85%114,281.35219.09
20089-20.19%91,203.85218.78
200810-8.61%83,355.44216.57
200811-0.35%83,062.68212.43
200812-1.10%82,152.68210.23
20091-6.70%76,646.39211.14
20092-5.69%72,287.18212.19
2009312.32%81,194.23212.71
200946.66%86,601.62213.24
200952.87%89,086.10213.86
200961.28%90,224.30215.69
200978.12%97,551.18215.35
200983.65%101,112.14215.83
200992.40%103,541.97215.97
2009102.09%105,710.48216.18
2009112.23%108,063.44216.33
2009121.36%109,529.83215.95
20101-2.90%106,355.13216.69
201025.94%112,675.86216.74
201034.09%117,281.97217.63
20104-5.88%110,382.98218.01
20105-3.54%106,471.49218.18
20106-0.16%106,302.12217.97
201070.86%107,220.16218.01
201083.37%110,834.71218.31
201094.58%115,908.10218.44
2010102.49%118,795.27218.71
2010113.71%123,207.02218.80
2010123.46%127,472.68219.18
201113.15%131,489.17220.22
20112-1.11%130,026.41221.31
201132.22%132,914.27223.47
201140.66%133,790.49224.91
20115-3.66%128,890.28225.96
201163.10%132,888.11225.72
20117-10.40%119,066.89225.92
20118-0.79%118,127.16226.55
201193.02%121,693.31226.89
2011101.77%123,843.78226.42
2011111.55%125,769.24226.23
2011124.78%131,784.23225.67
201214.16%137,269.89226.67
201222.88%141,228.53227.66
20123-0.04%141,174.56229.39
20124-3.09%136,810.93230.09
20125-1.15%135,234.30229.82
201262.92%139,184.61229.48
201273.39%143,899.77229.10
201283.02%148,247.22230.38
20129-0.22%147,925.33231.41
201210-2.84%143,727.95231.32
2012112.18%146,854.81230.22
2012124.27%153,123.69229.60
201312.33%156,696.10230.28
201322.72%160,962.08232.17
201331.45%163,302.13232.77
201344.57%170,772.01232.53
20135-1.12%168,863.16232.95
201363.25%174,358.78233.50
201370.25%174,799.08233.60
201381.19%176,883.50233.88
201392.12%180,629.10234.15
2013103.86%187,601.37233.55
2013111.52%190,456.03233.07
2013120.97%192,299.28233.05
20141-0.13%192,049.22233.92
201422.72%197,277.32234.78
201430.20%197,675.27236.29
201441.53%200,703.73237.07
201453.20%207,118.86237.90
201461.50%210,216.98238.34
20147-0.43%209,319.46238.25
201481.78%213,041.23237.85
20149-2.65%207,402.92238.03
2014105.71%219,236.61237.43
2014110.63%220,626.32236.15
201412-1.11%218,177.27234.81
201512.83%224,346.01233.71
201520.06%224,470.21234.72
201530.88%226,441.98236.12
201540.98%228,658.63236.60
20155-0.44%227,662.82237.81
20156-0.08%227,481.53238.64
20157-2.42%221,966.48238.65
20158-4.51%211,962.24238.32
201594.32%221,112.90237.95
2015102.93%227,596.97237.84
201511-1.10%225,086.64237.34
201512-6.42%210,636.93236.53
20161-0.55%209,478.62236.92
201626.36%222,807.17237.11
201632.83%229,115.42238.13
20164-0.30%228,418.08239.26
201651.07%230,854.13240.23
201663.30%238,466.41241.02
201671.20%241,326.23240.63
20168-0.44%240,267.60240.85
20169-0.51%239,051.90241.43
2016101.20%241,923.29241.73
2016113.95%251,469.50241.35
2016121.44%255,084.71241.43
201712.58%261,656.83242.84
201721.75%266,233.88243.60
20173-0.15%265,823.87243.80
201741.69%270,322.60244.52
201751.78%275,124.69244.73
201760.99%277,842.60244.96
201770.25%278,531.11244.79
201781.65%283,135.96245.52
201792.73%290,879.16246.82
2017101.59%295,502.88246.66
2017112.88%304,023.67246.67
2017124.86%318,804.99246.52
20181-2.89%309,602.09247.87
201820.06%309,802.03248.99
20183-1.66%304,647.01249.55
201841.96%310,623.03250.55
201852.11%317,186.40251.59
201861.58%322,200.30251.99
201872.45%330,096.80252.01
201881.68%335,641.59252.15
20189-3.85%322,722.79252.44
201810-2.08%316,022.72252.89
201811-5.56%298,443.92252.04
2018121.74%303,623.82251.23
201915.83%321,321.75251.71
201921.95%327,581.17252.78
201933.72%339,777.74254.20
20194-1.53%334,573.06255.55
201951.40%339,272.97256.09
201963.83%352,258.12256.14
20197-3.13%341,216.89256.57
201983.09%351,744.21256.56
201990.01%351,778.69256.76
2019104.43%367,375.47257.35
2019112.47%376,447.15257.21
2019123.35%389,044.57256.97
202010.12%389,519.50257.97
20202-18.92%315,831.33258.68
202034.32%329,470.87258.12
202045.89%348,868.02256.39
202056.51%371,573.30256.39
202063.48%384,490.81257.80
202075.89%407,150.79259.10
20208-0.63%404,597.95259.92
202091.73%411,581.31260.28
2020103.95%427,855.72260.39
2020114.26%446,082.72260.23
2020122.80%458,552.06260.47
202112.49%469,977.02261.58
202120.82%473,837.21263.01
202136.02%502,369.25264.88
202140.76%506,188.42267.05
202151.81%515,352.57269.20
202163.07%531,164.63271.70
202172.19%542,771.44273.00
20218-0.08%542,312.80273.57
202190.45%544,765.01274.31
2021104.74%570,612.71276.59
2021110.27%572,127.14277.95
202112-2.05%560,387.36278.80
Click to show 1098 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 1929. This would result in a final amount of $584,748.52, including dividend reinvestments. In this particular case, dollar-cost average returns are greater than the returns of a lump-sum investment (which ends with $560,387.36).

YearMonthContribution ($)Amount ($)
192914.164.18
192924.168.50
192934.1612.61
192944.1617.06
192954.1621.67
192964.1628.20
192974.1634.28
192984.1640.06
192994.1639.64
1929104.1632.32
1929114.1638.06
1929124.1642.97
193014.1650.24
193024.1656.63
193034.1664.84
193044.1665.09
193054.1662.47
193064.1665.44
193074.1668.96
193084.1673.36
193094.1667.14
1930104.1666.43
1930114.1666.20
1930124.3273.01
19311-78.95
19312-80.83
19313-73.49
19314-66.76
19315-64.97
19316-67.48
19317-65.80
19318-56.34
19319-49.16
193110-50.17
193111-41.09
193112-40.74
19321-40.72
19322-41.19
19323-31.62
19324-28.04
19325-24.57
19326-26.09
19327-39.48
19328-43.58
19329-37.82
193210-37.69
193211-36.70
193212-38.37
19331-34.05
19332-34.16
19333-38.00
19334-49.15
19335-57.79
19336-62.68
19337-59.77
19338-59.48
19339-53.90
193310-55.41
193311-56.70
193312-60.15
19341-64.81
19342-61.70
19343-62.94
19344-56.76
19345-57.73
19346-55.21
19347-53.27
19348-52.20
19349-52.83
193410-54.53
193411-55.11
193412-55.33
19351-53.88
19352-50.68
19353-54.71
19354-59.23
19355-61.70
19356-65.16
19357-69.79
19358-71.48
19359-73.62
193510-80.77
193511-81.00
193512-85.72
19361-90.89
19362-93.08
19363-93.47
19364-88.78
19365-92.84
19366-98.63
19367-100.89
19368-102.35
19369-108.03
193610-111.38
193611-109.82
193612-113.62
19371-117.37
19372-117.64
19373-111.02
19374-106.49
19375-102.93
19376-109.51
19377-111.09
19378-95.80
19379-82.29
193710-75.49
193711-74.72
193712-77.14
19381-75.75
19382-71.19
19383-68.74
19384-69.81
19385-71.86
19386-86.58
19387-87.49
19388-83.92
19389-93.67
193810-94.10
193811-91.70
193812-90.64
19391-90.22
19392-90.46
19393-79.39
19394-82.64
19395-84.44
19396-86.83
19397-85.91
19398-95.40
19399-96.72
193910-95.36
193911-93.48
193912-93.34
19401-93.13
19402-92.99
19403-94.31
19404-81.73
19405-75.11
19406-78.02
19407-80.09
19408-83.90
19409-85.13
194010-87.55
194011-84.41
194012-85.02
19411-80.15
19412-81.10
19413-79.03
19414-77.78
19415-80.97
19416-85.60
19417-85.66
19418-86.40
19419-83.43
194110-80.03
194111-75.32
194112-77.29
19421-75.37
19422-71.78
19423-69.30
19424-70.60
19425-74.66
19426-77.93
19427-77.97
19428-79.26
19429-85.58
194210-87.42
194211-88.34
194212-94.09
19431-100.14
19432-104.16
19433-108.11
19434-112.83
19435-115.28
19436-118.14
19437-112.77
19438-115.65
19439-115.07
194310-110.23
194311-112.18
194312-116.30
19441-116.01
19442-119.77
19443-118.21
19444-120.81
19445-127.02
19446-130.86
19447-129.48
19448-127.89
19449-131.58
194410-131.20
194411-134.61
194412-139.17
19451-144.37
19452-144.82
19453-149.02
19454-155.22
19455-158.62
19456-155.93
19457-157.03
19458-168.30
19459-175.90
194510-182.24
194511-185.93
194512-193.93
19461-195.06
19462-189.84
19463-202.69
19464-203.74
19465-203.05
19466-197.88
19467-194.67
19468-166.59
19469-163.47
194610-163.45
194611-169.00
194612-170.55
19471-177.83
19472-171.30
19473-165.65
19474-163.40
19475-169.80
19476-181.17
19477-178.34
19478-174.48
19479-179.76
194710-178.45
194711-176.45
194712-174.92
19481-167.14
19482-170.35
19483-184.29
19484-194.12
19485-203.02
19486-199.05
19487-194.09
19488-192.78
19489-198.93
194810-188.78
194811-188.48
194812-191.55
19491-185.18
19492-187.94
19493-188.72
19494-188.37
19495-179.12
19496-190.34
19497-198.27
19498-201.98
19499-208.33
194910-212.39
194911-219.27
194912-225.04
19501-230.71
19502-233.89
19503-241.81
19504-251.27
19505-256.71
19506-239.45
19507-255.35
19508-265.84
19509-278.39
195010-279.43
195011-279.98
195012-302.41
19511-315.44
19512-311.93
19513-317.94
19514-319.94
19515-316.28
19516-323.76
19517-339.84
19518-350.50
19519-350.59
195110-342.69
195111-355.08
195112-368.69
19521-363.78
19522-366.51
19523-367.25
19524-368.94
19525-380.91
19526-393.73
19527-397.20
19528-392.80
19529-386.47
195210-400.64
195211-418.71
195212-422.85
19531-419.58
19532-423.59
19533-404.65
19534-408.71
19535-396.00
19536-403.58
19537-407.21
19538-390.49
19539-404.22
195310-415.17
195311-422.79
195312-435.58
19541-447.23
19542-458.78
19543-479.20
19544-500.39
19545-506.51
19546-529.09
19547-541.76
19548-556.60
19549-571.69
195410-596.29
195411-625.82
195412-639.39
19551-663.08
19552-660.19
19553-685.33
19554-684.79
19555-726.87
19556-782.43
19557-780.09
19558-817.66
19559-779.03
195510-834.08
195511-844.40
195512-824.23
19561-832.06
19562-892.02
19563-905.24
19564-879.55
19565-877.24
19566-927.68
19567-925.03
19568-896.46
19569-887.91
195610-881.59
195611-897.53
195612-880.82
19571-845.62
19572-859.32
19573-882.05
19574-918.74
19575-936.69
19576-958.45
19577-908.56
19578-874.58
19579-823.01
195710-808.19
195711-810.76
195712-829.64
19581-835.47
19582-855.68
19583-863.35
19584-894.06
19585-918.52
19586-946.72
19587-985.11
19588-1,014.11
19589-1,058.31
195810-1,093.51
195811-1,117.16
195812-1,164.69
19591-1,149.96
19592-1,182.23
19593-1,205.12
19594-1,226.40
19595-1,218.96
19596-1,270.49
19597-1,266.45
19598-1,219.55
19599-1,221.70
195910-1,229.88
195911-1,272.47
195912-1,253.56
19601-1,208.32
19602-1,195.29
19603-1,214.23
19604-1,206.64
19605-1,254.77
19606-1,227.21
19607-1,245.51
19608-1,211.62
19609-1,191.34
196010-1,233.52
196011-1,266.71
196012-1,335.45
19611-1,393.87
19612-1,441.22
19613-1,483.29
19614-1,502.03
19615-1,485.80
19616-1,485.39
19617-1,542.41
19618-1,534.06
19619-1,554.66
196110-1,628.85
196111-1,647.79
196112-1,590.33
19621-1,620.70
19622-1,626.22
19623-1,578.33
19624-1,464.93
19625-1,297.74
19626-1,333.00
19627-1,373.30
19628-1,365.15
19629-1,326.16
196210-1,421.65
196211-1,487.39
196212-1,549.07
19631-1,573.78
19632-1,572.08
19633-1,650.34
19634-1,687.79
19635-1,691.45
19636-1,670.78
19637-1,721.43
19638-1,771.24
19639-1,780.09
196310-1,774.64
196311-1,817.11
196312-1,877.62
19641-1,905.41
19642-1,944.87
19643-1,977.80
19644-2,001.94
19645-1,994.92
19646-2,073.94
19647-2,048.52
19648-2,088.78
19649-2,129.93
196410-2,149.89
196411-2,117.85
196412-2,177.59
19651-2,198.82
19652-2,206.20
19653-2,240.56
19654-2,279.38
19655-2,176.64
19656-2,178.88
19657-2,225.04
19658-2,305.06
19659-2,362.61
196510-2,388.03
196511-2,382.98
196512-2,430.17
19661-2,419.71
19662-2,326.26
19663-2,403.51
19664-2,283.15
19665-2,270.38
19666-2,270.80
19667-2,139.78
19668-2,070.78
19669-2,059.09
196610-2,168.55
196611-2,184.08
196612-2,274.28
19671-2,359.12
19672-2,421.25
19673-2,469.49
19674-2,520.31
19675-2,495.31
19676-2,545.03
19677-2,592.15
19678-2,635.02
19679-2,637.59
196710-2,561.58
196711-2,641.29
196712-2,640.83
19681-2,528.41
19682-2,488.99
19683-2,679.68
19684-2,748.22
19685-2,829.04
19686-2,830.42
19687-2,775.69
19688-2,873.05
19689-2,951.11
196810-3,003.81
196811-3,042.42
196812-2,921.18
19691-2,914.21
19692-2,858.44
19693-2,923.44
19694-3,026.16
19695-2,875.72
19696-2,754.79
19697-2,746.97
19698-2,764.24
19699-2,801.46
196910-2,829.40
196911-2,687.15
196912-2,671.32
19701-2,585.95
19702-2,637.98
19703-2,565.50
19704-2,278.19
19705-2,272.04
19706-2,283.91
19707-2,358.27
19708-2,507.34
19709-2,569.76
197010-2,575.08
197011-2,759.41
197012-2,872.84
19711-2,992.10
19712-3,076.83
19713-3,189.87
19714-3,154.53
19715-3,104.18
19716-3,089.81
19717-3,042.94
19718-3,118.60
19719-3,060.48
197110-2,926.69
197111-3,136.34
197112-3,275.05
19721-3,343.40
19722-3,430.98
19723-3,474.17
19724-3,447.22
19725-3,465.01
19726-3,447.55
19727-3,577.99
19728-3,534.68
19729-3,549.44
197210-3,735.93
197211-3,822.29
197212-3,860.11
19731-3,731.75
19732-3,681.55
19733-3,621.42
19734-3,528.36
19735-3,458.15
19736-3,500.00
19737-3,442.76
19738-3,511.45
19739-3,660.18
197310-3,409.35
197311-3,177.33
197312-3,231.36
19741-3,151.45
19742-3,295.62
19743-3,136.88
19744-3,052.01
19745-3,065.96
19746-2,718.07
19747-2,615.75
19748-2,353.82
19749-2,409.76
197410-2,499.97
197411-2,347.68
197412-2,550.35
19751-2,825.98
19752-2,966.53
19753-3,010.64
19754-3,212.74
19755-3,305.73
19756-3,320.02
19757-3,087.74
19758-3,061.41
19759-3,213.60
197510-3,279.21
197511-3,240.53
197512-3,549.85
19761-3,698.17
19762-3,727.84
19763-3,768.68
19764-3,754.23
19765-3,788.04
19766-3,889.01
19767-3,867.20
19768-3,961.48
19769-3,838.35
197610-3,824.28
197611-3,969.08
197612-3,947.76
19771-3,854.25
19772-3,852.17
19773-3,806.18
19774-3,808.64
19775-3,842.91
19776-3,892.19
19777-3,811.29
19778-3,766.49
19779-3,683.71
197710-3,719.85
197711-3,716.87
197712-3,590.85
19781-3,555.95
19782-3,565.40
19783-3,737.61
19784-3,943.34
19785-3,969.90
19786-3,967.43
19787-4,258.16
19788-4,275.18
19789-4,156.61
197810-3,930.59
197811-4,006.17
197812-4,173.84
19791-4,129.72
19792-4,226.41
19793-4,329.15
19794-4,247.19
19795-4,349.88
19796-4,411.68
19797-4,632.90
19798-4,704.26
19799-4,546.55
197910-4,531.89
197911-4,731.48
197912-4,888.21
19801-5,103.08
19802-4,655.15
19803-4,601.05
19804-4,832.77
19805-5,164.42
19806-5,421.07
19807-5,611.06
19808-5,770.18
19809-5,962.02
198010-6,237.15
198011-6,159.51
198012-6,160.13
19811-5,971.00
19812-6,218.40
19813-6,298.85
19814-6,196.98
19815-6,250.13
19816-6,124.11
19817-6,173.26
19818-5,660.71
19819-5,758.49
198110-5,933.76
198111-6,003.74
198112-5,715.31
19821-5,605.93
19822-5,452.07
19823-5,750.26
19824-5,783.02
19825-5,478.22
19826-5,491.57
19827-5,535.18
19828-6,204.73
19829-6,755.80
198210-7,059.80
198211-7,155.50
198212-7,436.41
19831-7,594.80
19832-7,888.39
19833-8,219.50
19834-8,583.13
19835-8,733.63
19836-8,795.48
19837-8,583.76
19838-8,868.21
19839-8,925.67
198310-8,823.79
198311-8,812.48
198312-8,951.36
19841-8,493.75
19842-8,531.32
19843-8,574.59
19844-8,552.94
19845-8,394.85
19846-8,318.59
19847-9,084.45
19848-9,212.26
19849-9,174.27
198410-9,292.24
198411-9,226.49
198412-9,659.91
19851-10,218.97
19852-10,170.09
19853-10,274.30
19854-10,555.37
19855-10,820.41
19856-11,063.57
19857-10,859.41
19858-10,654.72
19859-10,814.06
198510-11,508.38
198511-12,117.70
198512-12,208.79
19861-12,904.35
19862-13,702.20
19863-14,077.83
19864-14,147.07
19865-14,590.33
19866-14,327.14
19867-14,653.92
19868-14,293.98
19869-14,281.14
198610-14,785.68
198611-15,038.36
198612-16,041.93
19871-17,078.54
19872-17,825.96
19873-17,673.30
19874-17,703.85
19875-18,500.24
19876-19,077.84
19877-20,309.12
19878-19,693.67
19879-17,359.21
198710-15,223.43
198711-15,020.24
198712-15,658.09
19881-16,179.28
19882-16,702.20
19883-16,554.21
19884-16,191.96
19885-17,163.19
19886-17,110.51
19887-16,816.47
19888-17,140.55
19889-17,792.17
198810-17,432.72
198811-17,838.20
198812-18,464.80
19891-19,074.11
19892-19,043.27
19893-19,722.13
19894-20,533.75
19895-21,230.38
19896-21,824.87
19897-22,848.62
19898-22,952.71
19899-23,018.41
198910-22,600.96
198911-23,219.48
198912-22,706.05
19901-22,132.22
19902-22,731.38
19903-22,775.93
19904-23,653.01
19905-24,402.80
19906-24,444.22
19907-22,522.61
19908-21,544.89
19909-21,045.96
199010-21,673.93
199011-22,668.03
199012-22,512.71
19911-25,125.71
19912-25,890.69
19913-26,475.52
19914-26,428.16
19915-26,519.87
19916-26,726.85
19917-27,442.85
19918-27,359.67
19919-27,409.37
199110-27,413.70
199111-27,670.05
199112-29,706.02
19921-29,527.53
19922-29,228.60
19923-29,305.86
19924-29,912.00
19925-29,514.44
19926-30,078.79
19927-30,362.05
19928-30,476.88
19929-30,116.62
199210-30,946.91
199211-31,959.24
199212-32,004.91
19931-32,556.75
19932-33,256.77
19933-32,810.55
19934-33,048.34
19935-33,334.27
19936-33,354.60
19937-33,942.47
19938-34,402.38
19939-34,829.62
199310-34,832.25
199311-35,141.27
199312-35,751.29
19941-35,724.22
19942-35,215.57
19943-34,037.13
19944-34,397.32
19945-34,778.48
19946-34,598.02
19947-35,664.36
19948-35,955.90
19949-35,796.25
199410-35,663.85
199411-35,298.04
199412-36,163.26
19951-37,544.37
19952-38,504.82
19953-39,742.96
19954-41,073.46
19955-42,378.95
19956-43,882.33
19957-44,107.50
19958-45,747.27
19959-46,164.75
199510-47,253.49
199511-48,854.98
199512-48,934.40
19961-51,823.68
19962-51,719.67
19963-51,821.58
19964-53,041.89
19965-53,720.08
19966-51,852.47
19967-53,447.32
19968-54,528.95
19969-56,775.27
199610-59,643.60
199611-60,358.27
199612-62,324.46
19971-65,042.54
19972-64,636.87
19973-62,435.83
19974-68,191.06
19975-71,830.30
19976-75,950.43
19977-76,214.58
19978-77,123.06
19979-78,392.02
199710-77,488.91
199711-79,530.45
199712-79,719.01
19981-84,822.74
19982-89,329.27
19983-92,371.53
19984-92,166.60
19985-92,273.93
19986-96,396.43
19987-89,676.62
19988-85,283.86
19989-86,384.75
199810-95,864.95
199811-99,799.34
199812-104,836.90
19991-104,766.97
19992-107,829.84
19993-112,412.63
19994-112,301.53
19995-111,614.51
19996-116,662.15
19997-112,258.87
19998-111,587.54
19999-110,167.62
199910-117,996.08
199911-121,310.27
199912-121,165.99
20001-118,163.41
20002-122,820.17
20003-124,569.95
20004-121,033.66
20005-124,862.54
20006-125,924.30
20007-127,107.62
20008-125,735.30
20009-119,179.18
200010-118,258.44
200011-114,332.17
200012-114,852.39
20011-112,398.85
20012-102,193.14
20013-102,651.68
20014-109,713.43
20015-107,092.76
20016-104,243.85
20017-102,111.18
20018-90,626.41
20019-93,511.98
200110-98,237.28
200111-99,677.49
200112-99,380.76
20021-96,048.75
20022-100,798.62
20023-97,256.12
20024-94,513.14
20025-88,917.05
20026-79,350.91
20027-80,254.55
20028-76,436.26
20029-75,391.34
200210-80,386.45
200211-79,554.40
200212-79,377.38
20031-74,285.45
20032-75,257.03
20033-79,235.01
20034-83,444.14
20035-88,203.95
20036-88,729.56
20037-88,581.98
20038-91,382.22
20039-93,235.29
200310-94,363.99
200311-97,255.12
200312-102,054.62
20041-103,163.61
20042-101,548.90
20043-102,532.03
20044-99,902.85
20045-102,757.75
20046-100,457.23
20047-99,063.32
20048-101,819.88
20049-101,924.34
200410-106,790.10
200411-109,702.74
200412-108,222.61
20051-110,042.06
20052-109,760.80
20053-107,116.75
20054-108,547.69
20055-110,914.79
20056-112,919.90
20057-113,269.97
20058-113,586.78
20059-110,606.01
200510-114,987.71
200511-117,453.20
200512-119,175.97
20061-119,156.14
20062-120,926.96
20063-121,892.36
20064-120,933.51
20065-117,661.30
20066-118,508.51
20067-121,224.44
20068-124,292.84
20069-128,787.16
200610-131,365.02
200611-134,187.09
200612-135,116.77
20071-137,273.30
20072-133,877.31
20073-139,473.73
20074-144,204.34
20075-144,701.70
20076-145,533.18
20077-139,419.18
20078-143,705.96
20079-148,005.11
200710-140,891.53
200711-142,636.08
200712-133,171.89
20081-131,089.13
20082-127,645.90
20083-133,062.94
20084-136,472.81
20085-130,677.38
20086-122,734.19
20087-125,324.54
20088-119,249.39
20089-95,168.66
200810-86,979.07
200811-86,673.58
200812-85,724.02
20091-79,978.37
20092-75,429.65
20093-84,723.90
20094-90,366.36
20095-92,958.85
20096-94,146.53
20097-101,791.93
20098-105,507.68
20099-108,043.15
200910-110,305.92
200911-112,761.17
200912-114,291.31
20101-110,978.60
20102-117,574.10
20103-122,380.45
20104-115,181.55
20105-111,100.01
20106-110,923.28
20107-111,881.23
20108-115,652.92
20109-120,946.86
201010-123,959.54
201011-128,563.07
201012-133,014.17
20111-137,205.27
20112-135,678.91
20113-138,692.32
20114-139,606.63
20115-134,493.39
20116-138,665.02
20117-124,242.96
20118-123,262.38
20119-126,983.56
201110-129,227.51
201111-131,236.68
201112-137,513.15
20121-143,237.28
20122-147,368.01
20123-147,311.70
20124-142,758.37
20125-141,113.21
20126-145,235.25
20127-150,155.38
20128-154,691.82
20129-154,355.94
201210-149,976.09
201211-153,238.88
201212-159,780.28
20131-163,507.99
20132-167,959.42
20133-170,401.20
20134-178,195.81
20135-176,203.98
20136-181,938.50
20137-182,397.94
20138-184,572.98
20139-188,481.41
201310-195,756.78
201311-198,735.53
201312-200,658.91
20141-200,397.98
20142-205,853.35
20143-206,268.61
20144-209,428.72
20145-216,122.72
20146-219,355.53
20147-218,418.99
20148-222,302.56
20149-216,419.13
201410-228,767.26
201411-230,217.39
201412-227,661.87
20151-234,098.78
20152-234,228.38
20153-236,285.86
20154-238,598.88
20155-237,559.78
20156-237,370.61
20157-231,615.80
20158-221,176.66
20159-230,725.12
201510-237,491.06
201511-234,871.61
201512-219,793.74
20161-218,585.07
20162-232,493.04
20163-239,075.53
20164-238,347.87
20165-240,889.82
20166-248,833.02
20167-251,817.16
20168-250,712.51
20169-249,443.96
201610-252,440.18
201611-262,401.38
201612-266,173.75
20171-273,031.57
20172-277,807.60
20173-277,379.76
20174-282,074.06
20175-287,084.90
20176-289,920.97
20177-290,639.41
20178-295,444.44
20179-303,524.26
201710-308,348.98
201711-317,240.18
201712-332,664.08
20181-323,061.11
20182-323,269.74
20183-317,890.62
20184-324,126.43
20185-330,975.12
20186-336,206.98
20187-344,446.76
20188-350,232.60
20189-336,752.19
201810-329,760.85
201811-311,417.87
201812-316,822.95
20191-335,290.25
20192-341,821.78
20193-354,548.55
20194-349,117.62
20195-354,021.85
20196-367,571.48
20197-356,050.27
20198-367,035.23
20199-367,071.21
201910-383,346.01
201911-392,812.05
201912-405,957.11
20201-406,452.69
20202-329,561.15
20203-343,793.62
20204-364,034.01
20205-387,726.33
20206-401,205.39
20207-424,850.45
20208-422,186.62
20209-429,473.57
202010-446,455.46
202011-465,474.82
202012-478,486.23
20211-490,407.86
20212-494,435.86
20213-524,208.25
20214-528,193.44
20215-537,755.98
20216-554,255.41
20217-566,366.79
20218-565,888.22
20219-568,447.03
202110-595,418.38
202111-596,998.65
202112-584,748.52
Click to show 1098 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 1929 to 2021
Start Value
Average monthly close
$24.86
End Value
Average monthly close
$3,793.75
Change in price+15,160.45%
+5.62% / yr
Change incl. dividends+560,287.36%
+9.73% / yr
Change incl. dividends, inflation-adjusted+35,264.13%
+6.51% / yr
Final amount, nominal
($100 base)
$560,387.36
Final amount, inflation-adjusted
($100 base)
$35,364.13