S&P 500: $100 in 1934 → $1,543,611.99 in 2026

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Stock market returns since 1934

If you invested $100 in the S&P 500 at the beginning of 1934, you would have about $1,543,611.99 at the end of 2026, assuming you reinvested all dividends. This is a return on investment of 1,543,511.99%, or 11.05% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 63,716.71% cumulatively, or 7.27% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $1,542,032.84.

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 $1,543,511.99, or 1,543,511.99%. This means by 2026 you would have $1,543,611.99 in your pocket.

However, it's important to take into account the effect of inflation when considering an investment and especially a long-term investment. You can convert S&P returns to their real (inflation-adjusted) value using an inflation calculation based on the U.S. Bureau of Labor Statistics Consumer Price Index (CPI).

In the case of the returns described above, the CPI in 1934 was 13.400 and the CPI in 2026 was 324.122.

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

Adjusted for inflation, the $1,543,611.99 nominal end value of the original $100 investment would have a real return of roughly $63,716.71 in 1934 dollars. This means the inflation-adjusted return is 63,716.71% as opposed to the original 1,543,511.99%.

For more information on inflation, see our U.S. inflation calculator for 1934.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 1104-month period between 1934 and 2026.

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

YearMonthReturn (%)Amount ($)CPI
193417.75%107.7513.20
19342-4.80%102.5813.30
193432.02%104.6513.30
19344-9.83%94.3713.30
193451.70%95.9713.30
19346-4.36%91.7913.40
19347-3.51%88.5713.40
19348-2.01%86.7913.40
193491.21%87.8413.60
1934103.21%90.6613.50
1934111.06%91.6213.50
1934120.40%91.9913.40
19351-2.62%89.5813.60
19352-5.93%84.2713.70
193537.94%90.9613.70
193548.27%98.4713.80
193554.17%102.5813.80
193565.60%108.3313.70
193577.10%116.0213.70
193582.43%118.8513.70
193592.99%122.4013.70
1935109.71%134.2813.70
1935110.29%134.6813.80
1935125.82%142.5213.80
193616.03%151.1113.80
193622.41%154.7613.80
193630.41%155.4013.70
19364-5.02%147.6013.70
193654.57%154.3513.70
193666.23%163.9713.80
193672.30%167.7413.90
193681.44%170.1614.00
193695.55%179.6114.00
1936103.10%185.1814.00
193611-1.40%182.5814.00
1936123.46%188.9014.00
193713.30%195.1414.10
193720.23%195.5914.10
19373-5.62%184.5814.20
19374-4.09%177.0414.30
19375-3.34%171.1314.40
193766.39%182.0714.40
193771.44%184.6914.50
19378-13.76%159.2714.50
19379-14.10%136.8214.60
193710-8.27%125.5114.60
193711-1.02%124.2314.50
1937123.24%128.2514.40
19381-1.80%125.9414.20
19382-6.02%118.3614.10
19383-3.44%114.2814.10
193841.56%116.0614.20
193852.93%119.4714.10
1938620.49%143.9414.10
193871.06%145.4614.10
19388-4.08%139.5214.10
1938911.62%155.7314.10
1938100.47%156.4614.00
193811-2.55%152.4714.00
193812-1.16%150.6914.00
19391-0.46%150.0014.00
193920.27%150.4013.90
19393-12.24%131.9913.90
193944.10%137.4013.80
193952.17%140.3813.80
193962.84%144.3613.80
19397-1.07%142.8213.80
1939811.06%158.6113.80
193991.38%160.8114.10
193910-1.41%158.5414.00
193911-1.97%155.4214.00
193912-0.15%155.1814.00
19401-0.23%154.8313.90
19402-0.15%154.6114.00
194031.42%156.8014.00
19404-13.34%135.8814.00
19405-8.09%124.8814.00
194063.87%129.7214.10
194072.65%133.1514.00
194084.76%139.4914.00
194091.47%141.5314.00
1940102.85%145.5714.00
194011-3.59%140.3414.00
1940120.72%141.3514.10
19411-5.72%133.2614.10
194121.18%134.8314.10
19413-2.55%131.4014.20
19414-1.59%129.3114.30
194154.11%134.6214.40
194165.71%142.3114.70
194170.08%142.4214.70
194180.86%143.6514.90
19419-3.43%138.7115.10
194110-4.08%133.0515.30
194111-5.88%125.2215.40
1941122.62%128.5015.50
19421-2.48%125.3115.70
19422-4.76%119.3415.80
19423-3.45%115.2216.00
194241.87%117.3816.10
194255.75%124.1316.30
194264.38%129.5616.30
194270.05%129.6216.40
194281.66%131.7816.50
194297.97%142.2816.50
1942102.15%145.3416.70
1942111.06%146.8816.80
1942126.50%156.4316.90
194316.43%166.5016.90
194324.01%173.1816.90
194333.79%179.7417.20
194344.36%187.5817.40
194352.18%191.6717.50
194362.47%196.4117.50
19437-4.54%187.4917.40
194382.55%192.2817.30
19439-0.50%191.3217.40
194310-4.21%183.2717.40
1943111.77%186.5117.40
1943123.67%193.3517.40
19441-0.24%192.8817.40
194423.24%199.1317.40
19443-1.31%196.5217.40
194442.20%200.8517.50
194455.14%211.1817.50
194463.02%217.5617.60
19447-1.06%215.2617.70
19448-1.23%212.6217.70
194492.88%218.7617.70
194410-0.28%218.1317.70
1944112.60%223.8117.70
1944123.38%231.3817.80
194513.73%240.0217.80
194520.31%240.7717.80
194532.90%247.7617.80
194544.16%258.0717.80
194552.19%263.7117.90
19456-1.70%259.2418.10
194570.71%261.0718.10
194587.18%279.8218.10
194594.51%292.4518.10
1945103.61%303.0018.10
1945112.02%309.1318.10
1945124.30%322.4218.20
194610.59%324.3118.20
19462-2.68%315.6218.10
194636.77%336.9918.30
194640.52%338.7318.40
19465-0.34%337.5918.50
19466-2.55%328.9918.70
19467-1.62%323.6519.80
19468-14.42%276.9720.20
19469-1.87%271.7820.40
194610-0.01%271.7520.80
1946113.39%280.9721.30
1946120.92%283.5521.50
194714.27%295.6621.50
19472-3.67%284.8021.50
19473-3.30%275.4121.90
19474-1.36%271.6621.90
194753.92%282.3121.90
194766.69%301.2122.00
19477-1.56%296.5122.20
19478-2.17%290.0922.50
194793.03%298.8723.00
194710-0.73%296.6823.00
194711-1.12%293.3523.10
194712-0.86%290.8223.40
19481-4.45%277.8823.70
194821.92%283.2123.50
194838.19%306.4023.40
194845.33%322.7323.80
194854.59%337.5423.90
19486-1.96%330.9324.10
19487-2.49%322.7024.40
19488-0.68%320.5124.50
194893.19%330.7324.50
194810-5.10%313.8624.40
194811-0.16%313.3624.20
1948121.63%318.4724.10
19491-3.33%307.8724.00
194921.49%312.4623.80
194930.41%313.7523.80
19494-0.18%313.1823.90
19495-4.91%297.7923.80
194966.26%316.4523.90
194974.17%329.6423.70
194981.87%335.8123.80
194993.14%346.3623.90
1949101.95%353.1123.70
1949113.24%364.5523.80
1949122.63%374.1423.60
195012.52%383.5823.50
195021.38%388.8523.50
195033.39%402.0223.60
195043.91%417.7623.60
195052.16%426.8023.70
19506-6.72%398.1123.80
195076.64%424.5324.10
195084.11%441.9724.30
195094.72%462.8424.40
1950100.38%464.5824.60
1950110.19%465.4824.70
1950128.01%502.7825.00
195114.31%524.4525.40
19512-1.11%518.6125.70
195131.93%528.6025.80
195140.63%531.9325.80
19515-1.15%525.8325.90
195162.37%538.2825.90
195174.97%565.0125.90
195183.14%582.7225.90
195190.03%582.8926.10
195110-2.25%569.7526.20
1951113.61%590.3426.40
1951123.83%612.9726.50
19521-1.33%604.8126.50
195220.75%609.3426.30
195230.20%610.5826.30
195240.46%613.3926.40
195253.24%633.2926.40
195263.37%654.6126.50
195270.88%660.3826.70
19528-1.11%653.0526.70
19529-1.61%642.5326.70
1952103.67%666.1026.70
1952114.51%696.1326.70
1952120.99%703.0226.70
19531-0.77%697.5826.60
195320.96%704.2626.50
19533-4.47%672.7626.60
195341.00%679.5026.60
19535-3.11%658.3926.70
195361.91%670.9826.80
195370.90%677.0226.80
19538-4.11%649.2126.90
195393.52%672.0426.90
1953102.71%690.2427.00
1953111.84%702.9226.90
1953123.02%724.1826.90
195412.68%743.5626.90
195422.58%762.7626.90
195434.45%796.7126.90
195444.42%831.9426.80
195451.22%842.1226.90
195464.46%879.6526.90
195472.39%900.7126.90
195482.74%925.3926.90
195492.71%950.4726.80
1954104.30%991.3726.80
1954114.95%1,040.4726.80
1954122.17%1,063.0326.70
195513.70%1,102.4226.70
19552-0.44%1,097.6126.70
195533.81%1,139.4126.70
19554-0.08%1,138.5126.70
195556.15%1,208.4726.70
195567.64%1,300.8526.70
19557-0.30%1,296.9526.80
195584.82%1,359.4226.80
19559-4.72%1,295.1926.90
1955107.07%1,386.7126.90
1955111.24%1,403.8726.90
195512-2.39%1,370.3526.80
195610.95%1,383.3626.80
195627.21%1,483.0426.80
195631.48%1,505.0326.80
19564-2.84%1,462.3126.90
19565-0.26%1,458.4827.00
195665.75%1,542.3327.20
19567-0.28%1,537.9327.40
19568-3.09%1,490.4327.30
19569-0.95%1,476.2227.40
195610-0.71%1,465.7027.50
1956111.81%1,492.2127.50
195612-1.86%1,464.4227.60
19571-4.00%1,405.9127.60
195721.62%1,428.6927.70
195732.64%1,466.4627.80
195744.16%1,527.4727.90
195751.95%1,557.3228.00
195762.32%1,593.4828.10
19577-5.21%1,510.5428.30
19578-3.74%1,454.0528.30
19579-5.90%1,368.3128.30
195710-1.80%1,343.6828.30
1957110.32%1,347.9528.40
1957122.33%1,379.3428.40
195810.70%1,389.0228.60
195822.42%1,422.6228.60
195830.90%1,435.3828.80
195843.56%1,486.4428.90
195852.74%1,527.1028.90
195863.07%1,574.0028.90
195874.05%1,637.8129.00
195882.94%1,686.0228.90
195894.36%1,759.5228.90
1958103.33%1,818.0428.90
1958112.16%1,857.3629.00
1958124.25%1,936.3828.90
19591-1.27%1,911.8929.00
195922.81%1,965.5428.90
195931.94%2,003.6028.90
195941.77%2,038.9729.00
19595-0.61%2,026.6129.00
195964.23%2,112.2829.10
19597-0.32%2,105.5629.20
19598-3.70%2,027.5829.20
195990.18%2,031.1729.30
1959100.67%2,044.7629.40
1959113.46%2,115.5729.40
195912-1.49%2,084.1429.40
19601-3.61%2,008.9229.30
19602-1.08%1,987.2629.40
196031.58%2,018.7429.40
19604-0.62%2,006.1329.50
196053.99%2,086.1429.50
19606-2.20%2,040.3229.60
196071.49%2,070.7429.60
19608-2.72%2,014.4029.60
19609-1.67%1,980.6829.60
1960103.54%2,050.8229.80
1960112.69%2,106.0029.80
1960125.43%2,220.2929.80
196114.37%2,317.4029.80
196123.40%2,396.1329.80
196132.92%2,466.0729.80
196141.26%2,497.2329.80
19615-1.08%2,470.2529.80
19616-0.03%2,469.5629.80
196173.84%2,564.3730.00
19618-0.54%2,550.4829.90
196191.34%2,584.7330.00
1961104.77%2,708.0730.00
1961111.16%2,739.5730.00
196112-3.49%2,644.0430.00
196211.91%2,694.5330.00
196220.34%2,703.7130.10
19623-2.94%2,624.0930.10
19624-7.19%2,435.5530.20
19625-11.41%2,157.5830.20
196262.72%2,216.2130.20
196273.02%2,283.2130.30
19628-0.59%2,269.6630.30
19629-2.86%2,204.8330.40
1962107.20%2,363.6030.40
1962114.62%2,472.8930.40
1962124.15%2,575.4330.40
196311.60%2,616.5330.40
19632-0.11%2,613.6930.40
196334.98%2,743.8130.50
196342.27%2,806.0830.50
196350.22%2,812.1630.50
19636-1.22%2,777.8030.60
196373.03%2,861.9930.70
196382.89%2,944.8130.70
196390.50%2,959.5330.70
196310-0.31%2,950.4630.80
1963112.39%3,021.0730.80
1963123.33%3,121.6830.90
196411.48%3,167.8830.90
196422.07%3,233.4930.90
196431.69%3,288.2330.90
196441.22%3,328.3630.90
19645-0.35%3,316.6930.90
196463.96%3,448.0631.00
19647-1.23%3,405.8031.10
196481.97%3,472.7431.00
196491.97%3,541.1631.10
1964100.94%3,574.3431.10
196411-1.49%3,521.0731.20
1964122.82%3,620.3931.20
196510.98%3,655.6931.20
196520.34%3,667.9631.20
196531.56%3,725.0931.30
196541.73%3,789.6431.40
19655-4.51%3,618.8231.40
196560.10%3,622.5531.60
196572.12%3,699.2931.60
196583.60%3,832.3231.60
196592.50%3,928.0131.60
1965101.08%3,970.2831.70
196511-0.21%3,961.8731.70
1965121.98%4,040.3431.80
19661-0.43%4,022.9531.80
19662-3.86%3,867.5732.00
196633.32%3,996.0132.10
19664-5.01%3,795.9032.30
19665-0.56%3,774.6632.30
196660.02%3,775.3632.40
19667-5.77%3,557.5432.50
19668-3.22%3,442.8232.70
19669-0.56%3,423.3832.70
1966105.32%3,605.3732.90
1966110.72%3,631.1832.90
1966124.13%3,781.1632.90
196713.73%3,922.2032.90
196722.63%4,025.5032.90
196731.99%4,105.7033.00
196742.06%4,190.1933.10
19675-0.99%4,148.6333.20
196761.99%4,231.2933.30
196771.85%4,309.6333.40
196781.65%4,380.9133.50
196790.10%4,385.1833.60
196710-2.88%4,258.8133.70
1967113.11%4,391.3333.80
196712-0.02%4,390.5633.90
19681-4.26%4,203.6634.10
19682-1.56%4,138.1134.20
196837.66%4,455.1734.30
196842.56%4,569.1234.40
196852.94%4,703.4834.50
196860.05%4,705.7834.70
19687-1.93%4,614.7734.90
196883.51%4,776.6535.00
196892.72%4,906.4435.10
1968101.79%4,994.0535.30
1968111.29%5,058.2435.40
196812-3.99%4,856.6635.50
19691-0.24%4,845.0835.60
19692-1.91%4,752.3535.80
196932.27%4,860.4336.10
196943.51%5,031.2036.30
19695-4.97%4,781.0936.40
19696-4.21%4,580.0336.60
19697-0.28%4,567.0436.80
196980.63%4,595.7437.00
196991.35%4,657.6237.10
1969101.00%4,704.0837.30
196911-5.03%4,467.5837.50
196912-0.59%4,441.2737.70
19701-3.20%4,299.3237.80
197022.01%4,385.83-
19703-2.75%4,265.32-
19704-11.20%3,787.65-
19705-0.27%3,777.43-
197060.52%3,797.17-
197073.26%3,920.79-
197086.32%4,168.64-
197092.49%4,272.42-
1970100.21%4,281.25-
1970117.16%4,587.72-
1970124.11%4,776.30-
197114.15%4,974.57-
197122.83%5,115.44-
197133.67%5,303.38-
19714-1.11%5,244.62-
19715-1.60%5,160.93-
19716-0.46%5,137.03-
19717-1.52%5,059.10-
197182.49%5,184.89-
19719-1.86%5,088.26-
197110-4.37%4,865.82-
1971117.16%5,214.39-
1971124.42%5,445.00-
197212.09%5,558.63-
197222.62%5,704.25-
197231.26%5,776.06-
19724-0.78%5,731.24-
197250.52%5,760.82-
19726-0.50%5,731.80-
197273.78%5,948.67-
19728-1.21%5,876.66-
197290.42%5,901.19-
1972105.25%6,211.26-
1972112.31%6,354.83-
1972120.99%6,417.70-
19731-3.33%6,204.31-
19732-1.35%6,120.84-
19733-1.63%6,020.86-
19734-2.57%5,866.14-
19735-1.99%5,749.42-
197361.21%5,819.00-
19737-1.64%5,723.83-
197382.00%5,838.04-
197394.24%6,085.30-
197310-6.85%5,668.28-
197311-6.81%5,282.54-
1973121.70%5,372.37-
19741-2.47%5,239.52-
197424.57%5,479.21-
19743-4.82%5,215.29-
19744-2.71%5,074.18-
197450.46%5,097.38-
19746-11.35%4,518.99-
19747-3.76%4,348.86-
19748-10.01%3,913.38-
197492.38%4,006.40-
1974103.74%4,156.38-
197411-6.09%3,903.18-
1974128.63%4,240.13-
1975110.81%4,698.39-
197524.97%4,932.07-
197531.49%5,005.41-
197546.71%5,341.40-
197552.89%5,496.02-
197560.43%5,519.76-
19757-7.00%5,133.58-
19758-0.85%5,089.81-
197594.97%5,342.84-
1975102.04%5,451.92-
197511-1.18%5,387.61-
1975129.55%5,901.87-
197614.18%6,148.46-
197620.80%6,197.80-
197631.10%6,265.69-
19764-0.38%6,241.68-
197650.90%6,297.89-
197662.67%6,465.75-
19767-0.56%6,429.50-
197682.44%6,586.25-
19769-3.11%6,381.53-
197610-0.37%6,358.13-
1976113.79%6,598.88-
197612-0.54%6,563.43-
19771-2.37%6,407.97-
19772-0.05%6,404.50-
19773-1.19%6,328.05-
197740.06%6,332.13-
197750.90%6,389.11-
197761.28%6,471.04-
19777-2.08%6,336.53-
19778-1.18%6,262.06-
19779-2.20%6,124.43-
1977100.98%6,184.52-
197711-0.08%6,179.56-
197712-3.39%5,970.05-
19781-0.97%5,912.02-
197820.27%5,927.73-
197834.83%6,214.04-
197845.50%6,556.08-
197850.67%6,600.24-
19786-0.06%6,596.13-
197877.33%7,079.50-
197880.40%7,107.79-
19789-2.77%6,910.66-
197810-5.44%6,534.88-
1978111.92%6,660.54-
1978124.19%6,939.30-
19791-1.06%6,865.96-
197922.34%7,026.70-
197932.43%7,197.51-
19794-1.89%7,061.26-
197952.42%7,231.98-
197961.42%7,334.73-
197975.01%7,702.52-
197981.54%7,821.17-
19799-3.35%7,558.97-
197910-0.32%7,534.59-
1979114.40%7,866.42-
1979123.31%8,126.99-
198014.40%8,484.24-
19802-8.78%7,739.51-
19803-1.16%7,649.57-
198045.04%8,034.81-
198056.86%8,586.22-
198064.97%9,012.91-
198073.50%9,328.78-
198082.84%9,593.33-
198093.32%9,912.28-
1980104.61%10,369.70-
198011-1.24%10,240.62-
1980120.01%10,241.65-
19811-3.07%9,927.21-
198124.14%10,338.53-
198131.29%10,472.28-
19814-1.62%10,302.92-
198150.86%10,391.28-
19816-2.02%10,181.76-
198170.80%10,263.48-
19818-8.30%9,411.33-
198191.73%9,573.89-
1981103.04%9,865.29-
1981111.18%9,981.64-
198112-4.80%9,502.11-
19821-1.91%9,320.25-
19822-2.74%9,064.45-
198235.47%9,560.22-
198240.57%9,614.68-
19825-5.27%9,107.92-
198260.24%9,130.13-
198270.79%9,202.62-
1982812.10%10,315.81-
198298.88%11,232.00-
1982104.50%11,737.43-
1982111.36%11,896.53-
1982123.93%12,363.55-
198312.13%12,626.90-
198323.87%13,115.01-
198334.20%13,665.50-
198344.42%14,270.06-
198351.75%14,520.28-
198360.71%14,623.11-
19837-2.41%14,271.10-
198383.31%14,744.02-
198390.65%14,839.55-
198310-1.14%14,670.17-
198311-0.13%14,651.37-
1983121.58%14,882.27-
19841-5.11%14,121.46-
198420.44%14,183.93-
198430.51%14,255.87-
19844-0.25%14,219.86-
19845-1.85%13,957.04-
19846-0.91%13,830.25-
198479.21%15,103.54-
198481.41%15,316.04-
19849-0.41%15,252.87-
1984101.29%15,449.01-
198411-0.71%15,339.70-
1984124.70%16,060.29-
198515.79%16,989.76-
19852-0.48%16,908.49-
198531.02%17,081.76-
198542.74%17,549.05-
198552.51%17,989.70-
198562.25%18,393.97-
19857-1.85%18,054.55-
19858-1.88%17,714.22-
198591.50%17,979.15-
1985106.42%19,133.50-
1985115.29%20,146.53-
1985120.75%20,297.97-
198615.70%21,454.40-
198626.18%22,780.88-
198632.74%23,405.40-
198640.49%23,520.51-
198653.13%24,257.47-
19866-1.80%23,819.88-
198672.28%24,363.18-
19868-2.46%23,764.76-
19869-0.09%23,743.40-
1986103.53%24,582.25-
1986111.71%25,002.34-
1986126.67%26,670.84-
198716.46%28,394.28-
198724.38%29,636.93-
19873-0.86%29,383.11-
198740.17%29,433.90-
198754.50%30,757.96-
198763.12%31,718.26-
198776.45%33,765.36-
19878-3.03%32,742.12-
19879-11.85%28,860.91-
198710-12.30%25,310.03-
198711-1.33%24,972.22-
1987124.25%26,032.68-
198813.33%26,899.19-
198823.23%27,768.59-
19883-0.89%27,522.55-
19884-2.19%26,920.29-
198856.00%28,535.02-
19886-0.31%28,447.44-
19887-1.72%27,958.57-
198881.93%28,497.38-
198893.80%29,580.74-
198810-2.02%28,983.14-
1988112.33%29,657.27-
1988123.51%30,699.03-
198913.30%31,712.05-
19892-0.16%31,660.79-
198933.56%32,789.43-
198944.12%34,138.82-
198953.39%35,297.02-
198962.80%36,285.40-
198974.69%37,987.45-
198980.46%38,160.50-
198990.29%38,269.74-
198910-1.81%37,575.70-
1989112.74%38,604.03-
198912-2.21%37,750.41-
19901-2.53%36,796.39-
199022.71%37,792.53-
199030.20%37,866.60-
199043.85%39,324.81-
199053.17%40,571.39-
199060.17%40,640.25-
19907-7.86%37,445.43-
19908-4.34%35,819.90-
19909-2.32%34,990.39-
1990102.98%36,034.44-
1990114.59%37,687.20-
199012-0.69%37,428.98-
1991111.61%41,773.27-
199123.04%43,045.11-
199132.26%44,017.43-
19914-0.18%43,938.69-
199150.35%44,091.16-
199160.78%44,435.29-
199172.68%45,625.68-
19918-0.30%45,487.39-
199190.18%45,570.01-
1991100.02%45,577.21-
1991110.94%46,003.42-
1991127.36%49,388.36-
19921-0.60%49,091.62-
19922-1.01%48,594.62-
199230.26%48,723.06-
199242.07%49,730.82-
19925-1.33%49,069.84-
199261.91%50,008.12-
199270.94%50,479.06-
199280.38%50,669.96-
19929-1.18%50,071.02-
1992102.76%51,451.43-
1992113.27%53,134.50-
1992120.14%53,210.43-
199311.72%54,127.91-
199322.15%55,291.74-
19933-1.34%54,549.87-
199340.72%54,945.20-
199350.87%55,420.58-
199360.06%55,454.39-
199371.76%56,431.75-
199381.35%57,196.39-
199391.24%57,906.71-
1993100.01%57,911.08-
1993110.89%58,424.86-
1993121.74%59,439.04-
19941-0.08%59,394.05-
19942-1.42%58,548.38-
19943-3.35%56,589.13-
199441.06%57,187.98-
199451.11%57,821.68-
19946-0.52%57,521.66-
199473.08%59,294.52-
199480.82%59,779.23-
19949-0.44%59,513.81-
199410-0.37%59,293.68-
199411-1.03%58,685.50-
1994122.45%60,123.98-
199513.82%62,420.17-
199522.56%64,016.99-
199533.22%66,075.49-
199543.35%68,287.54-
199553.18%70,458.00-
199563.55%72,957.49-
199570.51%73,331.85-
199583.72%76,058.08-
199590.91%76,752.16-
1995102.36%78,562.27-
1995113.39%81,224.86-
1995120.16%81,356.91-
199615.90%86,160.54-
19962-0.20%85,987.62-
199630.20%86,157.05-
199642.35%88,185.90-
199651.28%89,313.44-
19966-3.48%86,208.40-
199673.08%88,859.96-
199682.02%90,658.24-
199694.12%94,392.91-
1996105.05%99,161.71-
1996111.20%100,349.90-
1996123.26%103,618.83-
199714.36%108,137.82-
19972-0.62%107,463.38-
19973-3.41%103,803.99-
199749.22%113,372.46-
199755.34%119,422.96-
199765.74%126,272.97-
199770.35%126,712.13-
199781.19%128,222.55-
199791.65%130,332.29-
199710-1.15%128,830.81-
1997112.63%132,225.00-
1997120.24%132,538.49-
199816.40%141,023.82-
199825.31%148,516.23-
199833.41%153,574.22-
19984-0.22%153,233.50-
199850.12%153,411.95-
199864.47%160,265.88-
19987-6.97%149,093.74-
19988-4.90%141,790.46-
199891.29%143,620.77-
19981010.97%159,382.26-
1998114.10%165,923.48-
1998125.05%174,298.78-
19991-0.07%174,182.50-
199922.92%179,274.74-
199934.25%186,893.96-
19994-0.10%186,709.25-
19995-0.61%185,567.02-
199964.52%193,959.08-
19997-3.77%186,638.32-
19998-0.60%185,522.19-
19999-1.27%183,161.47-
1999107.11%196,176.84-
1999112.81%201,686.91-
199912-0.12%201,447.04-
20001-2.48%196,455.03-
200023.94%204,197.23-
200031.42%207,106.36-
20004-2.84%201,227.04-
200053.16%207,592.81-
200060.85%209,358.06-
200070.94%211,325.42-
20008-1.08%209,043.85-
20009-5.21%198,143.82-
200010-0.77%196,613.03-
200011-3.32%190,085.34-
2000120.46%190,950.24-
20011-2.14%186,871.05-
20012-9.08%169,903.34-
200130.45%170,665.68-
200146.88%182,406.35-
20015-2.39%178,049.29-
20016-2.66%173,312.78-
20017-2.05%169,767.08-
20018-11.25%150,672.82-
200193.18%155,470.29-
2001105.05%163,326.43-
2001111.47%165,720.88-
200112-0.30%165,227.55-
20021-3.35%159,687.85-
200224.95%167,584.84-
20023-3.51%161,695.19-
20024-2.82%157,134.78-
20025-5.92%147,830.90-
20026-10.76%131,926.51-
200271.14%133,428.88-
20028-4.76%127,080.69-
20029-1.37%125,343.45-
2002106.63%133,648.17-
200211-1.04%132,264.83-
200212-0.22%131,970.52-
20031-6.41%123,504.83-
200321.31%125,120.14-
200335.29%131,733.82-
200345.31%138,731.80-
200355.70%146,645.32-
200360.60%147,519.18-
20037-0.17%147,273.82-
200383.16%151,929.41-
200392.03%155,010.28-
2003101.21%156,886.81-
2003113.06%161,693.52-
2003124.93%169,673.04-
200411.09%171,516.81-
20042-1.57%168,832.23-
200430.97%170,466.76-
20044-2.56%166,095.56-
200452.86%170,842.04-
20046-2.24%167,017.26-
20047-1.39%164,699.78-
200482.78%169,282.75-
200490.10%169,456.43-
2004104.77%177,546.10-
2004112.73%182,388.58-
200412-1.35%179,927.75-
200511.68%182,952.71-
20052-0.26%182,485.11-
20053-2.41%178,089.19-
200541.34%180,468.23-
200552.18%184,403.70-
200561.81%187,737.33-
200570.31%188,319.35-
200580.28%188,846.06-
20059-2.62%183,890.33-
2005103.96%191,175.22-
2005112.14%195,274.27-
2005121.47%198,138.49-
20061-0.02%198,105.52-
200621.49%201,049.64-
200630.80%202,654.68-
20064-0.79%201,060.53-
20065-2.71%195,620.25-
200660.72%197,028.79-
200672.29%201,544.22-
200682.53%206,645.65-
200693.62%214,117.78-
2006102.00%218,403.65-
2006112.15%223,095.54-
2006120.69%224,641.21-
200711.60%228,226.59-
20072-2.47%222,580.51-
200734.18%231,884.96-
200743.39%239,749.92-
200750.34%240,576.82-
200760.57%241,959.22-
20077-4.20%231,794.26-
200783.07%238,921.33-
200792.99%246,068.98-
200710-4.81%234,242.15-
2007111.24%237,142.58-
200712-6.64%221,407.70-
20081-1.56%217,944.96-
20082-2.63%212,220.34-
200834.24%221,226.55-
200842.56%226,895.71-
20085-4.25%217,260.40-
20086-6.08%204,054.29-
200872.11%208,360.93-
20088-4.85%198,260.56-
20089-20.19%158,224.64-
200810-8.61%144,608.86-
200811-0.35%144,100.97-
200812-1.10%142,522.26-
20091-6.70%132,969.70-
20092-5.69%125,407.13-
2009312.32%140,859.48-
200946.66%150,240.48-
200952.87%154,550.67-
200961.28%156,525.27-
200978.12%169,236.29-
200983.65%175,413.99-
200992.40%179,629.38-
2009102.09%183,391.41-
2009112.23%187,473.44-
2009121.36%190,017.39-
20101-2.90%184,509.79-
201025.94%195,475.27-
201034.09%203,466.16-
20104-5.88%191,497.48-
20105-3.54%184,711.64-
20106-0.16%184,417.81-
201070.86%186,010.47-
201083.37%192,281.17-
201094.58%201,082.72-
2010102.49%206,091.52-
2010113.71%213,745.21-
2010123.46%221,145.48-
201113.15%228,113.48-
20112-1.11%225,575.80-
201132.22%230,585.80-
201140.66%232,105.90-
20115-3.66%223,604.79-
201163.10%230,540.42-
20117-10.40%206,562.73-
20118-0.79%204,932.44-
201193.02%211,119.16-
2011101.77%214,849.89-
2011111.55%218,190.27-
2011124.78%228,625.35-
201214.16%238,142.13-
201222.88%245,009.76-
20123-0.04%244,916.14-
20124-3.09%237,345.90-
20125-1.15%234,610.70-
201262.92%241,463.88-
201273.39%249,643.96-
201283.02%257,186.11-
20129-0.22%256,627.67-
201210-2.84%249,345.88-
2012112.18%254,770.49-
2012124.27%265,646.03-
201312.33%271,843.61-
201322.72%279,244.43-
201331.45%283,304.06-
201344.57%296,263.15-
20135-1.12%292,951.60-
201363.25%302,485.64-
201370.25%303,249.50-
201381.19%306,865.65-
201392.12%313,363.69-
2013103.86%325,459.50-
2013111.52%330,411.90-
2013120.97%333,609.65-
20141-0.13%333,175.84-
201422.72%342,245.78-
201430.20%342,936.17-
201441.53%348,190.07-
201453.20%359,319.33-
201461.50%364,694.11-
20147-0.43%363,137.05-
201481.78%369,593.75-
20149-2.65%359,812.14-
2014105.71%380,341.77-
2014110.63%382,752.71-
201412-1.11%378,503.98-
201512.83%389,205.79-
201520.06%389,421.27-
201530.88%392,841.99-
201540.98%396,687.53-
20155-0.44%394,959.96-
20156-0.08%394,645.45-
20157-2.42%385,077.67-
20158-4.51%367,721.86-
201594.32%383,596.85-
2015102.93%394,845.71-
201511-1.10%390,490.68-
201512-6.42%365,422.66-
20161-0.55%363,413.16-
201626.36%386,536.15-
201632.83%397,480.00-
20164-0.30%396,270.21-
201651.07%400,496.39-
201663.30%413,702.51-
201671.20%418,663.87-
20168-0.44%416,827.31-
20169-0.51%414,718.25-
2016101.20%419,699.68-
2016113.95%436,260.87-
2016121.44%442,532.71-
201712.58%453,934.33-
201721.75%461,874.80-
20173-0.15%461,163.50-
201741.69%468,968.10-
201751.78%477,298.99-
201760.99%482,014.15-
201770.25%483,208.60-
201781.65%491,197.31-
201792.73%504,630.57-
2017101.59%512,652.02-
2017112.88%527,434.27-
2017124.86%553,077.59-
20181-2.89%537,111.98-
201820.06%537,458.83-
20183-1.66%528,515.67-
201841.96%538,883.14-
201852.11%550,269.58-
201861.58%558,967.92-
201872.45%572,667.14-
201881.68%582,286.50-
20189-3.85%559,874.37-
201810-2.08%548,250.78-
201811-5.56%517,754.26-
2018121.74%526,740.59-
201915.83%557,443.79-
201921.95%568,302.91-
201933.72%589,462.08-
20194-1.53%580,432.77-
201951.40%588,586.39-
201963.83%611,113.62-
20197-3.13%591,958.79-
201983.09%610,222.06-
201990.01%610,281.88-
2019104.43%637,339.90-
2019112.47%653,077.86-
2019123.35%674,932.44-
202010.12%675,756.38-
20202-18.92%547,918.75-
202034.32%571,581.25-
202045.89%605,232.33-
202056.51%644,622.49-
202063.48%667,032.37-
202075.89%706,343.96-
20208-0.63%701,915.16-
202091.73%714,030.23-
2020103.95%742,263.82-
2020114.26%773,884.85-
2020122.80%795,517.25-
202112.49%815,337.79-
202120.82%822,034.63-
202136.02%871,533.33-
202140.76%878,159.00-
202151.81%894,057.40-
202163.07%921,488.88-
202172.19%941,624.90-
20218-0.08%940,829.24-
202190.45%945,083.44-
2021104.74%989,925.23-
2021110.27%992,552.53-
202112-2.05%972,185.82-
20221-2.90%943,967.45-
20222-0.89%935,541.75-
202230.12%936,648.51-
20224-7.87%862,908.70-
20225-3.37%833,833.99-
202260.46%837,708.69-
202276.45%891,719.07-
20228-7.28%826,825.07-
20229-3.09%801,266.46-
2022105.29%843,614.15-
2022110.01%843,705.57-
2022121.38%855,318.81-
202313.15%882,235.45-
20232-2.59%859,425.90-
202334.00%893,770.46-
202340.74%900,363.76-
202354.94%944,861.42-
202363.88%981,484.64-
20237-1.00%971,692.99-
20238-0.95%962,427.15-
20239-3.04%933,195.23-
2023104.60%976,138.29-
2023115.18%1,026,655.86-
2023122.91%1,056,550.40-
202414.20%1,100,917.83-
202423.28%1,137,051.27-
20243-1.01%1,125,576.97-
202442.52%1,153,904.51-
202453.55%1,194,874.86-
202462.38%1,223,308.83-
20247-0.97%1,211,435.27-
202482.72%1,244,411.87-
202493.15%1,283,634.32-
2024102.48%1,315,491.36-
2024111.47%1,334,833.30-
202412-0.42%1,329,246.72-
202511.09%1,343,795.59-
20252-5.77%1,266,266.31-
20253-5.42%1,197,619.02-
202548.34%1,297,497.49-
202553.88%1,347,836.08-
202564.53%1,408,856.33-
202571.89%1,435,466.88-
202582.83%1,476,136.26-
202592.40%1,511,607.75-
2025100.17%1,514,243.82-
2025111.76%1,540,909.01-
2025120.18%1,543,611.99-
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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 1934. This would result in a final amount of $1,542,032.84, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $1,543,611.99).

YearMonthContribution ($)Amount ($)
193414.164.47
193424.168.20
193434.1612.60
193444.1615.10
193454.1619.57
193464.1622.68
193474.1625.88
193484.1629.42
193494.1633.97
1934104.1639.33
1934114.1643.94
1934124.1648.27
193514.1651.04
193524.1651.91
193534.1660.51
193544.1669.99
193554.1677.23
193564.1685.94
193574.1696.48
193584.16103.08
193594.16110.43
1935104.16125.70
1935114.16130.23
1935124.32142.37
19361-150.96
19362-154.60
19363-155.24
19364-147.45
19365-154.19
19366-163.80
19367-167.57
19368-169.99
19369-179.42
193610-184.99
193611-182.40
193612-188.71
19371-194.94
19372-195.39
19373-184.40
19374-176.86
19375-170.96
19376-181.89
19377-184.50
19378-159.11
19379-136.68
193710-125.38
193711-124.10
193712-128.12
19381-125.81
19382-118.24
19383-114.17
19384-115.94
19385-119.34
19386-143.79
19387-145.31
19388-139.38
19389-155.57
193810-156.30
193811-152.31
193812-150.54
19391-149.85
19392-150.25
19393-131.86
19394-137.26
19395-140.24
19396-144.22
19397-142.68
19398-158.45
19399-160.64
193910-158.38
193911-155.26
193912-155.03
19401-154.67
19402-154.45
19403-156.64
19404-135.74
19405-124.76
19406-129.58
19407-133.02
19408-139.34
19409-141.39
194010-145.42
194011-140.20
194012-141.21
19411-133.12
19412-134.69
19413-131.26
19414-129.18
19415-134.48
19416-142.16
19417-142.27
19418-143.50
19419-138.57
194110-132.91
194111-125.09
194112-128.37
19421-125.18
19422-119.22
19423-115.11
19424-117.26
19425-124.00
19426-129.43
19427-129.49
19428-131.64
19429-142.13
194210-145.20
194211-146.73
194212-156.27
19431-166.33
19432-173.00
19433-179.55
19434-187.39
19435-191.47
19436-196.21
19437-187.30
19438-192.08
19439-191.12
194310-183.08
194311-186.32
194312-193.15
19441-192.68
19442-198.93
19443-196.32
19444-200.65
19445-210.97
19446-217.34
19447-215.04
19448-212.41
19449-218.53
194410-217.91
194411-223.58
194412-231.14
19451-239.77
19452-240.53
19453-247.51
19454-257.80
19455-263.44
19456-258.98
19457-260.81
19458-279.53
19459-292.15
194510-302.69
194511-308.81
194512-322.09
19461-323.98
19462-315.30
19463-336.64
19464-338.39
19465-337.24
19466-328.65
19467-323.31
19468-276.68
19469-271.50
194610-271.47
194611-280.68
194612-283.26
19471-295.36
19472-284.51
19473-275.13
19474-271.38
19475-282.02
19476-300.90
19477-296.21
19478-289.79
19479-298.56
194710-296.38
194711-293.05
194712-290.52
19481-277.60
19482-282.92
19483-306.09
19484-322.40
19485-337.19
19486-330.59
19487-322.37
19488-320.18
19489-330.39
194810-313.54
194811-313.04
194812-318.14
19491-307.55
19492-312.14
19493-313.43
19494-312.86
19495-297.49
19496-316.12
19497-329.31
19498-335.47
19499-346.01
194910-352.75
194911-364.18
194912-373.76
19501-383.19
19502-388.46
19503-401.61
19504-417.33
19505-426.37
19506-397.70
19507-424.10
19508-441.52
19509-462.37
195010-464.11
195011-465.01
195012-502.27
19511-523.91
19512-518.08
19513-528.06
19514-531.38
19515-525.30
19516-537.73
19517-564.43
19518-582.13
19519-582.29
195110-569.17
195111-589.74
195112-612.35
19521-604.19
19522-608.72
19523-609.95
19524-612.76
19525-632.64
19526-653.94
19527-659.70
19528-652.39
19529-641.88
195210-665.42
195211-695.42
195212-702.30
19531-696.87
19532-703.54
19533-672.07
19534-678.81
19535-657.71
19536-670.30
19537-676.32
19538-648.55
19539-671.36
195310-689.54
195311-702.20
195312-723.44
19541-742.80
19542-761.98
19543-795.89
19544-831.09
19545-841.25
19546-878.75
19547-899.79
19548-924.44
19549-949.50
195410-990.35
195411-1,039.41
195412-1,061.95
19551-1,101.29
19552-1,096.48
19553-1,138.24
19554-1,137.34
19555-1,207.23
19556-1,299.52
19557-1,295.63
19558-1,358.03
19559-1,293.87
195510-1,385.29
195511-1,402.43
195512-1,368.94
19561-1,381.94
19562-1,481.52
19563-1,503.49
19564-1,460.82
19565-1,456.99
19566-1,540.75
19567-1,536.36
19568-1,488.91
19569-1,474.71
195610-1,464.20
195611-1,490.69
195612-1,462.92
19571-1,404.47
19572-1,427.23
19573-1,464.96
19574-1,525.91
19575-1,555.73
19576-1,591.85
19577-1,509.00
19578-1,452.57
19579-1,366.91
195710-1,342.30
195711-1,346.57
195712-1,377.93
19581-1,387.60
19582-1,421.17
19583-1,433.91
19584-1,484.92
19585-1,525.54
19586-1,572.39
19587-1,636.13
19588-1,684.30
19589-1,757.72
195810-1,816.18
195811-1,855.46
195812-1,934.40
19591-1,909.93
19592-1,963.53
19593-2,001.55
19594-2,036.88
19595-2,024.54
19596-2,110.12
19597-2,103.40
19598-2,025.51
19599-2,029.09
195910-2,042.67
195911-2,113.41
195912-2,082.01
19601-2,006.86
19602-1,985.22
19603-2,016.67
19604-2,004.08
19605-2,084.00
19606-2,038.24
19607-2,068.62
19608-2,012.34
19609-1,978.66
196010-2,048.72
196011-2,103.84
196012-2,218.02
19611-2,315.03
19612-2,393.68
19613-2,463.55
19614-2,494.67
19615-2,467.72
19616-2,467.04
19617-2,561.74
19618-2,547.87
19619-2,582.09
196110-2,705.30
196111-2,736.77
196112-2,641.33
19621-2,691.77
19622-2,700.95
19623-2,621.41
19624-2,433.06
19625-2,155.38
19626-2,213.95
19627-2,280.88
19628-2,267.34
19629-2,202.58
196210-2,361.18
196211-2,470.36
196212-2,572.80
19631-2,613.85
19632-2,611.02
19633-2,741.00
19634-2,803.21
19635-2,809.28
19636-2,774.95
19637-2,859.07
19638-2,941.80
19639-2,956.50
196310-2,947.44
196311-3,017.98
196312-3,118.49
19641-3,164.64
19642-3,230.18
19643-3,284.87
19644-3,324.96
19645-3,313.30
19646-3,444.54
19647-3,402.32
19648-3,469.19
19649-3,537.54
196410-3,570.68
196411-3,517.47
196412-3,616.69
19651-3,651.95
19652-3,664.21
19653-3,721.28
19654-3,785.76
19655-3,615.12
19656-3,618.84
19657-3,695.51
19658-3,828.40
19659-3,923.99
196510-3,966.21
196511-3,957.82
196512-4,036.20
19661-4,018.83
19662-3,863.61
19663-3,991.92
19664-3,792.02
19665-3,770.80
19666-3,771.50
19667-3,553.90
19668-3,439.29
19669-3,419.88
196610-3,601.69
196611-3,627.47
196612-3,777.29
19671-3,918.18
19672-4,021.38
19673-4,101.50
19674-4,185.90
19675-4,144.38
19676-4,226.96
19677-4,305.23
19678-4,376.43
19679-4,380.69
196710-4,254.45
196711-4,386.84
196712-4,386.07
19681-4,199.36
19682-4,133.88
19683-4,450.61
19684-4,564.44
19685-4,698.67
19686-4,700.97
19687-4,610.05
19688-4,771.76
19689-4,901.42
196810-4,988.94
196811-5,053.07
196812-4,851.70
19691-4,840.12
19692-4,747.49
19693-4,855.46
19694-5,026.06
19695-4,776.20
19696-4,575.34
19697-4,562.36
19698-4,591.04
19699-4,652.85
196910-4,699.27
196911-4,463.01
196912-4,436.72
19701-4,294.92
19702-4,381.35
19703-4,260.96
19704-3,783.77
19705-3,773.56
19706-3,793.28
19707-3,916.78
19708-4,164.37
19709-4,268.05
197010-4,276.87
197011-4,583.02
197012-4,771.42
19711-4,969.48
19712-5,110.21
19713-5,297.95
19714-5,239.26
19715-5,155.65
19716-5,131.78
19717-5,053.92
19718-5,179.58
19719-5,083.05
197110-4,860.84
197111-5,209.06
197112-5,439.43
19721-5,552.95
19722-5,698.41
19723-5,770.15
19724-5,725.38
19725-5,754.93
19726-5,725.93
19727-5,942.58
19728-5,870.65
19729-5,895.16
197210-6,204.90
197211-6,348.33
197212-6,411.14
19731-6,197.96
19732-6,114.57
19733-6,014.70
19734-5,860.14
19735-5,743.54
19736-5,813.05
19737-5,717.98
19738-5,832.07
19739-6,079.08
197310-5,662.49
197311-5,277.14
197312-5,366.87
19741-5,234.16
19742-5,473.60
19743-5,209.96
19744-5,068.99
19745-5,092.17
19746-4,514.37
19747-4,344.41
19748-3,909.38
19749-4,002.30
197410-4,152.13
197411-3,899.19
197412-4,235.80
19751-4,693.58
19752-4,927.02
19753-5,000.29
19754-5,335.94
19755-5,490.40
19756-5,514.11
19757-5,128.33
19758-5,084.60
19759-5,337.37
197510-5,446.35
197511-5,382.10
197512-5,895.84
19761-6,142.17
19762-6,191.46
19763-6,259.28
19764-6,235.29
19765-6,291.45
19766-6,459.14
19767-6,422.92
19768-6,579.51
19769-6,375.00
197610-6,351.63
197611-6,592.13
197612-6,556.72
19771-6,401.41
19772-6,397.95
19773-6,321.58
19774-6,325.65
19775-6,382.57
19776-6,464.42
19777-6,330.05
19778-6,255.65
19779-6,118.16
197710-6,178.19
197711-6,173.24
197712-5,963.94
19781-5,905.97
19782-5,921.66
19783-6,207.68
19784-6,549.37
19785-6,593.48
19786-6,589.38
19787-7,072.26
19788-7,100.52
19789-6,903.59
197810-6,528.20
197811-6,653.72
197812-6,932.20
19791-6,858.93
19792-7,019.51
19793-7,190.15
19794-7,054.04
19795-7,224.58
19796-7,327.23
19797-7,694.64
19798-7,813.17
19799-7,551.23
197910-7,526.89
197911-7,858.37
197912-8,118.68
19801-8,475.56
19802-7,731.59
19803-7,641.75
19804-8,026.59
19805-8,577.43
19806-9,003.69
19807-9,319.24
19808-9,583.51
19809-9,902.14
198010-10,359.10
198011-10,230.15
198012-10,231.17
19811-9,917.06
19812-10,327.95
19813-10,461.57
19814-10,292.38
19815-10,380.65
19816-10,171.35
19817-10,252.98
19818-9,401.70
19819-9,564.10
198110-9,855.20
198111-9,971.43
198112-9,492.39
19821-9,310.72
19822-9,055.18
19823-9,550.44
19824-9,604.84
19825-9,098.61
19826-9,120.79
19827-9,193.21
19828-10,305.25
19829-11,220.50
198210-11,725.42
198211-11,884.36
198212-12,350.91
19831-12,613.98
19832-13,101.59
19833-13,651.52
19834-14,255.46
19835-14,505.43
19836-14,608.15
19837-14,256.50
19838-14,728.94
19839-14,824.37
198310-14,655.16
198311-14,636.39
198312-14,867.05
19841-14,107.02
19842-14,169.42
19843-14,241.29
19844-14,205.32
19845-13,942.76
19846-13,816.10
19847-15,088.08
19848-15,300.37
19849-15,237.27
198410-15,433.21
198411-15,324.01
198412-16,043.86
19851-16,972.38
19852-16,891.20
19853-17,064.28
19854-17,531.10
19855-17,971.30
19856-18,375.15
19857-18,036.08
19858-17,696.10
19859-17,960.75
198510-19,113.93
198511-20,125.92
198512-20,277.21
19861-21,432.45
19862-22,757.57
19863-23,381.45
19864-23,496.45
19865-24,232.65
19866-23,795.51
19867-24,338.25
19868-23,740.45
19869-23,719.11
198610-24,557.10
198611-24,976.76
198612-26,643.56
19871-28,365.23
19872-29,606.61
19873-29,353.05
19874-29,403.78
19875-30,726.50
19876-31,685.81
19877-33,730.81
19878-32,708.63
19879-28,831.38
198710-25,284.14
198711-24,946.67
198712-26,006.04
19881-26,871.67
19882-27,740.18
19883-27,494.40
19884-26,892.75
19885-28,505.83
19886-28,418.34
19887-27,929.97
19888-28,468.23
19889-29,550.48
198810-28,953.49
198811-29,626.93
198812-30,667.63
19891-31,679.61
19892-31,628.40
19893-32,755.89
19894-34,103.89
19895-35,260.91
19896-36,248.28
19897-37,948.59
19898-38,121.46
19899-38,230.59
198910-37,537.26
198911-38,564.54
198912-37,711.79
19901-36,758.75
19902-37,753.87
19903-37,827.86
19904-39,284.58
19905-40,529.88
19906-40,598.67
19907-37,407.12
19908-35,783.25
19909-34,954.60
199010-35,997.58
199011-37,648.64
199012-37,390.69
19911-41,730.54
19912-43,001.08
19913-43,972.40
19914-43,893.74
19915-44,046.05
19916-44,389.83
19917-45,579.00
19918-45,440.85
19919-45,523.39
199110-45,530.58
199111-45,956.36
199112-49,337.84
19921-49,041.39
19922-48,544.91
19923-48,673.22
19924-49,679.95
19925-49,019.64
19926-49,956.96
19927-50,427.42
19928-50,618.13
19929-50,019.79
199210-51,398.79
199211-53,080.15
199212-53,155.99
19931-54,072.54
19932-55,235.18
19933-54,494.06
19934-54,888.99
19935-55,363.88
19936-55,397.66
19937-56,374.02
19938-57,137.87
19939-57,847.47
199310-57,851.84
199311-58,365.09
199312-59,378.24
19941-59,333.29
19942-58,488.49
19943-56,531.24
19944-57,129.48
19945-57,762.53
19946-57,462.81
19947-59,233.86
19948-59,718.08
19949-59,452.92
199410-59,233.02
199411-58,625.46
199412-60,062.47
19951-62,356.32
19952-63,951.50
19953-66,007.89
19954-68,217.68
19955-70,385.92
19956-72,882.85
19957-73,256.83
19958-75,980.27
19959-76,673.64
199510-78,481.90
199511-81,141.76
199512-81,273.68
19961-86,072.40
19962-85,899.66
19963-86,068.91
19964-88,095.69
19965-89,222.07
19966-86,120.21
19967-88,769.05
19968-90,565.50
19969-94,296.34
199610-99,060.27
199611-100,247.24
199612-103,512.83
19971-108,027.19
19972-107,353.44
19973-103,697.80
19974-113,256.48
19975-119,300.78
19976-126,143.79
19977-126,582.50
19978-128,091.37
19979-130,198.96
199710-128,699.01
199711-132,089.74
199712-132,402.90
19981-140,879.55
19982-148,364.30
19983-153,417.11
19984-153,076.74
19985-153,255.01
19986-160,101.93
19987-148,941.21
19988-141,645.40
19989-143,473.84
199810-159,219.21
199811-165,753.73
199812-174,120.46
19991-174,004.31
19992-179,091.34
19993-186,702.76
19994-186,518.24
19995-185,377.18
19996-193,760.66
19997-186,447.38
19998-185,332.40
19999-182,974.10
199910-195,976.14
199911-201,480.58
199912-201,240.96
20001-196,254.05
20002-203,988.33
20003-206,894.48
20004-201,021.18
20005-207,380.44
20006-209,143.89
20007-211,109.23
20008-208,829.99
20009-197,941.12
200010-196,411.89
200011-189,890.87
200012-190,754.89
20011-186,679.88
20012-169,729.52
20013-170,491.09
20014-182,219.74
20015-177,867.14
20016-173,135.47
20017-169,593.40
20018-150,518.68
20019-155,311.24
200110-163,159.35
200111-165,551.34
200112-165,058.51
20021-159,524.48
20022-167,413.40
20023-161,529.77
20024-156,974.03
20025-147,679.66
20026-131,791.55
20027-133,292.38
20028-126,950.69
20029-125,215.22
200210-133,511.45
200211-132,129.52
200212-131,835.51
20031-123,378.48
20032-124,992.14
20033-131,599.05
20034-138,589.87
20035-146,495.29
20036-147,368.26
20037-147,123.15
20038-151,773.98
20039-154,851.70
200310-156,726.31
200311-161,528.11
200312-169,499.46
20041-171,341.34
20042-168,659.51
20043-170,292.37
20044-165,925.64
20045-170,667.26
20046-166,846.40
20047-164,531.29
20048-169,109.57
20049-169,283.07
200410-177,364.47
200411-182,201.99
200412-179,743.68
20051-182,765.55
20052-182,298.42
20053-177,907.00
20054-180,283.61
20055-184,215.05
20056-187,545.27
20057-188,126.69
20058-188,652.87
20059-183,702.20
200510-190,979.64
200511-195,074.50
200512-197,935.79
20061-197,902.85
20062-200,843.96
20063-202,447.36
20064-200,854.84
20065-195,420.12
20066-196,827.23
20067-201,338.03
20068-206,434.25
20069-213,898.73
200610-218,180.22
200611-222,867.31
200612-224,411.40
20071-227,993.11
20072-222,352.81
20073-231,647.73
20074-239,504.65
20075-240,330.71
20076-241,711.69
20077-231,557.13
20078-238,676.91
20079-245,817.25
200710-234,002.51
200711-236,899.98
200712-221,181.20
20081-217,722.00
20082-212,003.24
20083-221,000.23
20084-226,663.60
20085-217,038.14
20086-203,845.54
20087-208,147.77
20088-198,057.73
20089-158,062.78
200810-144,460.92
200811-143,953.55
200812-142,376.46
20091-132,833.67
20092-125,278.84
20093-140,715.38
20094-150,086.78
20095-154,392.56
20096-156,365.14
20097-169,063.16
20098-175,234.54
20099-179,445.62
200910-183,203.79
200911-187,281.65
200912-189,823.00
20101-184,321.03
20102-195,275.30
20103-203,258.01
20104-191,301.57
20105-184,522.68
20106-184,229.15
20107-185,820.18
20108-192,084.46
20109-200,877.01
201010-205,880.68
201011-213,526.54
201012-220,919.25
20111-227,880.11
20112-225,345.03
20113-230,349.91
20114-231,868.46
20115-223,376.04
20116-230,304.58
20117-206,351.41
20118-204,722.79
20119-210,903.18
201110-214,630.10
201111-217,967.06
201112-228,391.46
20121-237,898.50
20122-244,759.11
20123-244,665.59
20124-237,103.09
20125-234,370.69
20126-241,216.86
20127-249,388.57
20128-256,923.01
20129-256,365.14
201210-249,090.79
201211-254,509.85
201212-265,374.27
20131-271,565.51
20132-278,958.76
20133-283,014.23
20134-295,960.07
20135-292,651.90
20136-302,176.19
20137-302,939.27
20138-306,551.72
20139-313,043.11
201310-325,126.55
201311-330,073.88
201312-333,268.36
20141-332,834.99
20142-341,895.66
20143-342,585.34
20144-347,833.87
20145-358,951.74
20146-364,321.02
20147-362,765.55
20148-369,215.65
20149-359,444.04
201410-379,952.67
201411-382,361.14
201412-378,116.76
20151-388,807.63
20152-389,022.88
20153-392,440.10
20154-396,281.71
20155-394,555.90
20156-394,241.72
20157-384,683.73
20158-367,345.67
20159-383,204.42
201510-394,441.77
201511-390,091.20
201512-365,048.82
20161-363,041.38
20162-386,140.72
20163-397,073.37
20164-395,864.81
20165-400,086.67
20166-413,279.29
20167-418,235.57
20168-416,400.89
20169-414,293.98
201610-419,270.32
201611-435,814.57
201612-442,079.99
20171-453,469.94
20172-461,402.30
20173-460,691.72
20174-468,488.34
20175-476,810.70
20176-481,521.04
20177-482,714.27
20178-490,694.81
20179-504,114.32
201710-512,127.57
201711-526,894.70
201712-552,511.78
20181-536,562.50
20182-536,909.00
20183-527,974.99
20184-538,331.86
20185-549,706.64
20186-558,396.09
20187-572,081.29
20188-581,690.81
20189-559,301.61
201810-547,689.90
201811-517,224.59
201812-526,201.72
20191-556,873.51
20192-567,721.53
20193-588,859.05
20194-579,838.97
20195-587,984.26
20196-610,488.43
20197-591,353.20
20198-609,597.79
20199-609,657.55
201910-636,687.89
201911-652,409.75
201912-674,241.97
20201-675,065.06
20202-547,358.22
20203-570,996.51
20204-604,613.16
20205-643,963.03
20206-666,349.99
20207-705,621.35
20208-701,197.09
20209-713,299.76
202010-741,504.47
202011-773,093.15
202012-794,703.42
20211-814,503.69
20212-821,193.67
20213-870,641.74
20214-877,260.63
20215-893,142.76
20216-920,546.18
20217-940,661.60
20218-939,866.75
20219-944,116.60
202110-988,912.52
202111-991,537.13
202112-971,191.26
20221-943,001.75
20222-934,584.67
20223-935,690.30
20224-862,025.93
20225-832,980.96
20226-836,851.70
20227-890,806.82
20228-825,979.21
20229-800,446.75
202210-842,751.11
202211-842,842.44
202212-854,443.80
20231-881,332.91
20232-858,546.69
20233-892,856.11
20234-899,442.67
20235-943,894.80
20236-980,480.56
20237-970,698.93
20238-961,442.57
20239-932,240.55
202310-975,139.68
202311-1,025,605.57
202312-1,055,469.53
20241-1,099,791.56
20242-1,135,888.04
20243-1,124,425.48
20244-1,152,724.04
20245-1,193,652.48
20246-1,222,057.36
20247-1,210,195.94
20248-1,243,138.82
20249-1,282,321.14
202410-1,314,145.58
202411-1,333,467.74
202412-1,327,886.87
20251-1,342,420.86
20252-1,264,970.89
20253-1,196,393.83
20254-1,296,170.13
20255-1,346,457.22
20256-1,407,415.04
20257-1,433,998.37
20258-1,474,626.14
20259-1,510,061.34
202510-1,512,694.72
202511-1,539,332.62
202512-1,542,032.84
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 1934 to 2026
Start Value
Average monthly close
$10.54
End Value
Average monthly close
$6,858.47
Change in price +64,970.87%
+7.30% / yr
Change incl. dividends +1,543,511.99%
+11.05% / yr
Change incl. dividends, inflation-adjusted +63,716.71%
+7.27% / yr
Final amount, nominal
($100 base)
$1,543,611.99
Final amount, inflation-adjusted
($100 base)
$63,816.71