S&P 500: $300 in 1937 → $529,822.33 in 2013

$

Stock market returns between 1937 and 2013

If you invested $300 in the S&P 500 at the beginning of 1937, you would have about $529,822.33 at the end of 2013, assuming you reinvested all dividends. This is a return on investment of 176,507.44%, or 10.20% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 10,816.81% cumulatively, or 6.28% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $677,337.73.

The graph below shows the performance of $300 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 $300 is $529,522.33, or 176,507.44%. This means by 2013 you would have $529,822.33 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 1937 was 14.400 and the CPI in 2013 was 232.957.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 76 years.

Adjusted for inflation, the $529,822.33 nominal end value of the original $300 investment would have a real return of roughly $32,450.43 in 1937 dollars. This means the inflation-adjusted return is 10,816.81% as opposed to the original 176,507.44%.

For more information on inflation, see our U.S. inflation calculator for 1937.

Full monthly data

The table below shows the full dataset pertaining to a $300 investment, including gains and losses over the 924-month period between 1937 and 2013.

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

YearMonthReturn (%)Amount ($)CPI
193713.30%309.9114.10
193720.23%310.6214.10
19373-5.62%293.1514.20
19374-4.09%281.1714.30
19375-3.34%271.7814.40
193766.39%289.1614.40
193771.44%293.3214.50
19378-13.76%252.9514.50
19379-14.10%217.2914.60
193710-8.27%199.3314.60
193711-1.02%197.3014.50
1937123.24%203.6814.40
19381-1.80%200.0114.20
19382-6.02%187.9714.10
19383-3.44%181.5014.10
193841.56%184.3214.20
193852.93%189.7314.10
1938620.49%228.6014.10
193871.06%231.0214.10
19388-4.08%221.5814.10
1938911.62%247.3214.10
1938100.47%248.4814.00
193811-2.55%242.1414.00
193812-1.16%239.3214.00
19391-0.46%238.2314.00
193920.27%238.8613.90
19393-12.24%209.6213.90
193944.10%218.2113.80
193952.17%222.9513.80
193962.84%229.2713.80
19397-1.07%226.8313.80
1939811.06%251.9013.80
193991.38%255.3914.10
193910-1.41%251.7914.00
193911-1.97%246.8214.00
193912-0.15%246.4614.00
19401-0.23%245.8913.90
19402-0.15%245.5414.00
194031.42%249.0214.00
19404-13.34%215.8014.00
19405-8.09%198.3314.00
194063.87%206.0114.10
194072.65%211.4714.00
194084.76%221.5314.00
194091.47%224.7714.00
1940102.85%231.1814.00
194011-3.59%222.8814.00
1940120.72%224.4914.10
19411-5.72%211.6414.10
194121.18%214.1314.10
19413-2.55%208.6814.20
19414-1.59%205.3614.30
194154.11%213.8014.40
194165.71%226.0114.70
194170.08%226.1814.70
194180.86%228.1314.90
19419-3.43%220.3015.10
194110-4.08%211.3015.30
194111-5.88%198.8715.40
1941122.62%204.0715.50
19421-2.48%199.0215.70
19422-4.76%189.5415.80
19423-3.45%182.9916.00
194241.87%186.4216.10
194255.75%197.1316.30
194264.38%205.7716.30
194270.05%205.8616.40
194281.66%209.2816.50
194297.97%225.9616.50
1942102.15%230.8316.70
1942111.06%233.2716.80
1942126.50%248.4416.90
194316.43%264.4216.90
194324.01%275.0416.90
194333.79%285.4517.20
194344.36%297.9117.40
194352.18%304.4017.50
194362.47%311.9317.50
19437-4.54%297.7717.40
194382.55%305.3717.30
19439-0.50%303.8417.40
194310-4.21%291.0617.40
1943111.77%296.2117.40
1943123.67%307.0717.40
19441-0.24%306.3217.40
194423.24%316.2517.40
19443-1.31%312.1117.40
194442.20%318.9917.50
194455.14%335.3917.50
194463.02%345.5217.60
19447-1.06%341.8717.70
19448-1.23%337.6817.70
194492.88%347.4217.70
194410-0.28%346.4317.70
1944112.60%355.4417.70
1944123.38%367.4717.80
194513.73%381.1917.80
194520.31%382.3917.80
194532.90%393.4817.80
194544.16%409.8517.80
194552.19%418.8217.90
19456-1.70%411.7218.10
194570.71%414.6318.10
194587.18%444.3918.10
194594.51%464.4518.10
1945103.61%481.2018.10
1945112.02%490.9418.10
1945124.30%512.0518.20
194610.59%515.0518.20
19462-2.68%501.2618.10
194636.77%535.1918.30
194640.52%537.9618.40
19465-0.34%536.1418.50
19466-2.55%522.4818.70
19467-1.62%514.0019.80
19468-14.42%439.8720.20
19469-1.87%431.6320.40
194610-0.01%431.5720.80
1946113.39%446.2221.30
1946120.92%450.3321.50
194714.27%469.5621.50
19472-3.67%452.3121.50
19473-3.30%437.3921.90
19474-1.36%431.4321.90
194753.92%448.3521.90
194766.69%478.3622.00
19477-1.56%470.9022.20
19478-2.17%460.7022.50
194793.03%474.6423.00
194710-0.73%471.1823.00
194711-1.12%465.8923.10
194712-0.86%461.8623.40
19481-4.45%441.3223.70
194821.92%449.7823.50
194838.19%486.6123.40
194845.33%512.5523.80
194854.59%536.0623.90
19486-1.96%525.5724.10
19487-2.49%512.4924.40
19488-0.68%509.0124.50
194893.19%525.2424.50
194810-5.10%498.4524.40
194811-0.16%497.6624.20
1948121.63%505.7724.10
19491-3.33%488.9424.00
194921.49%496.2423.80
194930.41%498.2923.80
19494-0.18%497.3823.90
19495-4.91%472.9423.80
194966.26%502.5623.90
194974.17%523.5223.70
194981.87%533.3223.80
194993.14%550.0823.90
1949101.95%560.7923.70
1949113.24%578.9723.80
1949122.63%594.1923.60
195012.52%609.1823.50
195021.38%617.5623.50
195033.39%638.4723.60
195043.91%663.4623.60
195052.16%677.8323.70
19506-6.72%632.2523.80
195076.64%674.2224.10
195084.11%701.9224.30
195094.72%735.0624.40
1950100.38%737.8224.60
1950110.19%739.2624.70
1950128.01%798.4925.00
195114.31%832.9025.40
19512-1.11%823.6325.70
195131.93%839.5025.80
195140.63%844.7825.80
19515-1.15%835.1025.90
195162.37%854.8725.90
195174.97%897.3125.90
195183.14%925.4525.90
195190.03%925.7126.10
195110-2.25%904.8526.20
1951113.61%937.5526.40
1951123.83%973.4926.50
19521-1.33%960.5326.50
195220.75%967.7326.30
195230.20%969.6926.30
195240.46%974.1526.40
195253.24%1,005.7626.40
195263.37%1,039.6226.50
195270.88%1,048.7826.70
19528-1.11%1,037.1526.70
19529-1.61%1,020.4426.70
1952103.67%1,057.8726.70
1952114.51%1,105.5726.70
1952120.99%1,116.5026.70
19531-0.77%1,107.8626.60
195320.96%1,118.4726.50
19533-4.47%1,068.4426.60
195341.00%1,079.1526.60
19535-3.11%1,045.6126.70
195361.91%1,065.6226.80
195370.90%1,075.2026.80
19538-4.11%1,031.0526.90
195393.52%1,067.3026.90
1953102.71%1,096.2127.00
1953111.84%1,116.3426.90
1953123.02%1,150.1026.90
195412.68%1,180.8826.90
195422.58%1,211.3826.90
195434.45%1,265.2926.90
195444.42%1,321.2526.80
195451.22%1,337.4126.90
195464.46%1,397.0226.90
195472.39%1,430.4726.90
195482.74%1,469.6626.90
195492.71%1,509.5026.80
1954104.30%1,574.4426.80
1954114.95%1,652.4326.80
1954122.17%1,688.2626.70
195513.70%1,750.8026.70
19552-0.44%1,743.1626.70
195533.81%1,809.5526.70
19554-0.08%1,808.1226.70
195556.15%1,919.2326.70
195567.64%2,065.9426.70
19557-0.30%2,059.7626.80
195584.82%2,158.9726.80
19559-4.72%2,056.9626.90
1955107.07%2,202.3126.90
1955111.24%2,229.5526.90
195512-2.39%2,176.3226.80
195610.95%2,196.9826.80
195627.21%2,355.2926.80
195631.48%2,390.2226.80
19564-2.84%2,322.3726.90
19565-0.26%2,316.2927.00
195665.75%2,449.4527.20
19567-0.28%2,442.4727.40
19568-3.09%2,367.0327.30
19569-0.95%2,344.4627.40
195610-0.71%2,327.7527.50
1956111.81%2,369.8627.50
195612-1.86%2,325.7227.60
19571-4.00%2,232.7927.60
195721.62%2,268.9727.70
195732.64%2,328.9627.80
195744.16%2,425.8527.90
195751.95%2,473.2628.00
195762.32%2,530.6928.10
19577-5.21%2,398.9728.30
19578-3.74%2,309.2628.30
19579-5.90%2,173.0928.30
195710-1.80%2,133.9628.30
1957110.32%2,140.7528.40
1957122.33%2,190.6028.40
195810.70%2,205.9828.60
195822.42%2,259.3428.60
195830.90%2,279.5928.80
195843.56%2,360.7028.90
195852.74%2,425.2728.90
195863.07%2,499.7428.90
195874.05%2,601.0929.00
195882.94%2,677.6628.90
195894.36%2,794.3828.90
1958103.33%2,887.3328.90
1958112.16%2,949.7629.00
1958124.25%3,075.2728.90
19591-1.27%3,036.3629.00
195922.81%3,121.5728.90
195931.94%3,182.0128.90
195941.77%3,238.1929.00
19595-0.61%3,218.5629.00
195964.23%3,354.6329.10
19597-0.32%3,343.9429.20
19598-3.70%3,220.1129.20
195990.18%3,225.8029.30
1959100.67%3,247.3829.40
1959113.46%3,359.8429.40
195912-1.49%3,309.9229.40
19601-3.61%3,190.4629.30
19602-1.08%3,156.0629.40
196031.58%3,206.0629.40
19604-0.62%3,186.0429.50
196053.99%3,313.1029.50
19606-2.20%3,240.3429.60
196071.49%3,288.6529.60
19608-2.72%3,199.1829.60
19609-1.67%3,145.6229.60
1960103.54%3,257.0029.80
1960112.69%3,344.6429.80
1960125.43%3,526.1529.80
196114.37%3,680.3929.80
196123.40%3,805.4129.80
196132.92%3,916.4929.80
196141.26%3,965.9729.80
19615-1.08%3,923.1329.80
19616-0.03%3,922.0429.80
196173.84%4,072.6030.00
19618-0.54%4,050.5429.90
196191.34%4,104.9430.00
1961104.77%4,300.8330.00
1961111.16%4,350.8530.00
196112-3.49%4,199.1330.00
196211.91%4,279.3130.00
196220.34%4,293.9030.10
19623-2.94%4,167.4530.10
19624-7.19%3,868.0230.20
19625-11.41%3,426.5730.20
196262.72%3,519.6830.20
196273.02%3,626.0830.30
19628-0.59%3,604.5730.30
19629-2.86%3,501.6130.40
1962107.20%3,753.7630.40
1962114.62%3,927.3230.40
1962124.15%4,090.1830.40
196311.60%4,155.4430.40
19632-0.11%4,150.9430.40
196334.98%4,357.5830.50
196342.27%4,456.4730.50
196350.22%4,466.1330.50
19636-1.22%4,411.5630.60
196373.03%4,545.2830.70
196382.89%4,676.8030.70
196390.50%4,700.1830.70
196310-0.31%4,685.7730.80
1963112.39%4,797.9230.80
1963123.33%4,957.7030.90
196411.48%5,031.0730.90
196422.07%5,135.2630.90
196431.69%5,222.2130.90
196441.22%5,285.9430.90
19645-0.35%5,267.4030.90
196463.96%5,476.0431.00
19647-1.23%5,408.9331.10
196481.97%5,515.2431.00
196491.97%5,623.9031.10
1964100.94%5,676.5931.10
196411-1.49%5,591.9931.20
1964122.82%5,749.7331.20
196510.98%5,805.7931.20
196520.34%5,825.2731.20
196531.56%5,916.0131.30
196541.73%6,018.5131.40
19655-4.51%5,747.2431.40
196560.10%5,753.1531.60
196572.12%5,875.0331.60
196583.60%6,086.3131.60
196592.50%6,238.2731.60
1965101.08%6,305.3931.70
196511-0.21%6,292.0531.70
1965121.98%6,416.6631.80
19661-0.43%6,389.0431.80
19662-3.86%6,142.2832.00
196633.32%6,346.2632.10
19664-5.01%6,028.4732.30
19665-0.56%5,994.7432.30
196660.02%5,995.8432.40
19667-5.77%5,649.9132.50
19668-3.22%5,467.7132.70
19669-0.56%5,436.8532.70
1966105.32%5,725.8832.90
1966110.72%5,766.8632.90
1966124.13%6,005.0532.90
196713.73%6,229.0432.90
196722.63%6,393.1032.90
196731.99%6,520.4833.00
196742.06%6,654.6533.10
19675-0.99%6,588.6433.20
196761.99%6,719.9233.30
196771.85%6,844.3533.40
196781.65%6,957.5533.50
196790.10%6,964.3233.60
196710-2.88%6,763.6333.70
1967113.11%6,974.1033.80
196712-0.02%6,972.8833.90
19681-4.26%6,676.0434.10
19682-1.56%6,571.9534.20
196837.66%7,075.4734.30
196842.56%7,256.4434.40
196852.94%7,469.8334.50
196860.05%7,473.4934.70
19687-1.93%7,328.9634.90
196883.51%7,586.0335.00
196892.72%7,792.1635.10
1968101.79%7,931.3135.30
1968111.29%8,033.2535.40
196812-3.99%7,713.1135.50
19691-0.24%7,694.7135.60
19692-1.91%7,547.4535.80
196932.27%7,719.1036.10
196943.51%7,990.3136.30
19695-4.97%7,593.0936.40
19696-4.21%7,273.7736.60
19697-0.28%7,253.1436.80
196980.63%7,298.7337.00
196991.35%7,397.0037.10
1969101.00%7,470.7837.30
196911-5.03%7,095.1937.50
196912-0.59%7,053.4037.70
19701-3.20%6,827.9637.80
197022.01%6,965.3638.00
19703-2.75%6,773.9738.20
19704-11.20%6,015.3638.50
19705-0.27%5,999.1238.60
197060.52%6,030.4738.80
197073.26%6,226.8139.00
197086.32%6,620.4239.00
197092.49%6,785.2439.20
1970100.21%6,799.2739.40
1970117.16%7,285.9839.60
1970124.11%7,585.4939.80
197114.15%7,900.3739.80
197122.83%8,124.0939.90
197133.67%8,422.5640.00
19714-1.11%8,329.2540.10
19715-1.60%8,196.3340.30
19716-0.46%8,158.3840.60
19717-1.52%8,034.6140.70
197182.49%8,234.3840.80
19719-1.86%8,080.9240.80
197110-4.37%7,727.6640.90
1971117.16%8,281.2440.90
1971124.42%8,647.4841.10
197212.09%8,827.9541.10
197222.62%9,059.2141.30
197231.26%9,173.2541.40
19724-0.78%9,102.0841.50
197250.52%9,149.0541.60
19726-0.50%9,102.9641.70
197273.78%9,447.3841.90
19728-1.21%9,333.0342.00
197290.42%9,371.9842.10
1972105.25%9,864.4142.30
1972112.31%10,092.4342.40
1972120.99%10,192.2842.50
19731-3.33%9,853.3742.60
19732-1.35%9,720.8142.90
19733-1.63%9,562.0443.30
19734-2.57%9,316.3243.60
19735-1.99%9,130.9443.90
197361.21%9,241.4544.20
19737-1.64%9,090.3144.30
197382.00%9,271.6945.10
197394.24%9,664.3745.20
197310-6.85%9,002.0945.60
197311-6.81%8,389.4745.90
1973121.70%8,532.1346.20
19741-2.47%8,321.1446.60
197424.57%8,701.8047.20
19743-4.82%8,282.6747.80
19744-2.71%8,058.5748.00
197450.46%8,095.4148.60
19746-11.35%7,176.8449.00
19747-3.76%6,906.6549.40
19748-10.01%6,215.0450.00
197492.38%6,362.7750.60
1974103.74%6,600.9651.10
197411-6.09%6,198.8451.50
1974128.63%6,733.9751.90
1975110.81%7,461.7552.10
197524.97%7,832.8752.50
197531.49%7,949.3452.70
197546.71%8,482.9552.90
197552.89%8,728.5053.20
197560.43%8,766.2153.60
19757-7.00%8,152.9054.20
19758-0.85%8,083.3954.30
197594.97%8,485.2354.60
1975102.04%8,658.4854.90
197511-1.18%8,556.3455.30
1975129.55%9,373.0655.50
197614.18%9,764.6855.60
197620.80%9,843.0455.80
197631.10%9,950.8655.90
19764-0.38%9,912.7256.10
197650.90%10,001.9956.50
197662.67%10,268.5856.80
19767-0.56%10,211.0257.10
197682.44%10,459.9557.40
19769-3.11%10,134.8357.60
197610-0.37%10,097.6757.90
1976113.79%10,480.0258.00
197612-0.54%10,423.7258.20
19771-2.37%10,176.8258.50
19772-0.05%10,171.3159.10
19773-1.19%10,049.8959.50
197740.06%10,056.3860.00
197750.90%10,146.8660.30
197761.28%10,276.9960.70
19777-2.08%10,063.3761.00
19778-1.18%9,945.0961.20
19779-2.20%9,726.5161.40
1977100.98%9,821.9461.60
197711-0.08%9,814.0761.90
197712-3.39%9,481.3462.10
19781-0.97%9,389.1862.50
197820.27%9,414.1262.90
197834.83%9,868.8363.40
197845.50%10,412.0463.90
197850.67%10,482.1764.50
19786-0.06%10,475.6465.20
197877.33%11,243.3165.70
197880.40%11,288.2566.00
19789-2.77%10,975.1766.50
197810-5.44%10,378.3867.10
1978111.92%10,577.9467.40
1978124.19%11,020.6567.70
19791-1.06%10,904.1768.30
197922.34%11,159.4669.10
197932.43%11,430.7369.80
19794-1.89%11,214.3470.60
197952.42%11,485.4771.50
197961.42%11,648.6672.30
197975.01%12,232.7673.10
197981.54%12,421.2073.80
19799-3.35%12,004.7874.60
197910-0.32%11,966.0775.20
1979114.40%12,493.0575.90
1979123.31%12,906.8876.70
198014.40%13,474.2577.80
19802-8.78%12,291.5078.90
19803-1.16%12,148.6780.10
198045.04%12,760.4981.00
198056.86%13,636.2181.80
198064.97%14,313.8582.70
198073.50%14,815.5182.70
198082.84%15,235.6583.30
198093.32%15,742.2084.00
1980104.61%16,468.6584.80
198011-1.24%16,263.6585.50
1980120.01%16,265.2886.30
19811-3.07%15,765.9087.00
198124.14%16,419.1387.90
198131.29%16,631.5688.50
19814-1.62%16,362.5989.10
198150.86%16,502.9189.80
19816-2.02%16,170.1790.60
198170.80%16,299.9591.60
19818-8.30%14,946.6192.30
198191.73%15,204.7893.20
1981103.04%15,667.5793.40
1981111.18%15,852.3593.70
198112-4.80%15,090.7894.00
19821-1.91%14,801.9694.30
19822-2.74%14,395.7294.60
198235.47%15,183.0694.50
198240.57%15,269.5594.90
19825-5.27%14,464.7595.80
198260.24%14,500.0297.00
198270.79%14,615.1597.50
1982812.10%16,383.0597.70
198298.88%17,838.1097.90
1982104.50%18,640.8098.20
1982111.36%18,893.4798.00
1982123.93%19,635.1997.60
198312.13%20,053.4297.80
198323.87%20,828.6197.90
198334.20%21,702.8697.90
198344.42%22,663.0098.60
198351.75%23,060.4099.20
198360.71%23,223.7099.50
19837-2.41%22,664.6699.90
198383.31%23,415.73100.20
198390.65%23,567.44100.70
198310-1.14%23,298.44101.00
198311-0.13%23,268.59101.20
1983121.58%23,635.28101.30
19841-5.11%22,427.01101.90
198420.44%22,526.21102.40
198430.51%22,640.47102.60
19844-0.25%22,583.28103.10
19845-1.85%22,165.88103.40
19846-0.91%21,964.51103.70
198479.21%23,986.69104.10
198481.41%24,324.17104.50
19849-0.41%24,223.86105.00
1984101.29%24,535.35105.30
198411-0.71%24,361.75105.30
1984124.70%25,506.16105.30
198515.79%26,982.30105.50
19852-0.48%26,853.23106.00
198531.02%27,128.40106.40
198542.74%27,870.54106.90
198552.51%28,570.36107.30
198562.25%29,212.40107.60
19857-1.85%28,673.34107.80
19858-1.88%28,132.85108.00
198591.50%28,553.59108.30
1985106.42%30,386.88108.70
1985115.29%31,995.72109.00
1985120.75%32,236.24109.30
198615.70%34,072.81109.60
198626.18%36,179.46109.30
198632.74%37,171.29108.80
198640.49%37,354.11108.60
198653.13%38,524.50108.90
19866-1.80%37,829.56109.50
198672.28%38,692.39109.50
19868-2.46%37,742.02109.70
19869-0.09%37,708.10110.20
1986103.53%39,040.31110.30
1986111.71%39,707.48110.40
1986126.67%42,357.31110.50
198716.46%45,094.39111.20
198724.38%47,067.90111.60
19873-0.86%46,664.81112.10
198740.17%46,745.46112.70
198754.50%48,848.27113.10
198763.12%50,373.37113.50
198776.45%53,624.47113.80
19878-3.03%51,999.42114.40
19879-11.85%45,835.47115.00
198710-12.30%40,196.14115.30
198711-1.33%39,659.64115.40
1987124.25%41,343.81115.40
198813.33%42,719.96115.70
198823.23%44,100.70116.00
19883-0.89%43,709.95116.50
19884-2.19%42,753.46117.10
198856.00%45,317.90117.50
19886-0.31%45,178.81118.00
19887-1.72%44,402.42118.50
198881.93%45,258.13119.00
198893.80%46,978.67119.80
198810-2.02%46,029.59120.20
1988112.33%47,100.21120.30
1988123.51%48,754.68120.50
198913.30%50,363.51121.10
19892-0.16%50,282.10121.60
198933.56%52,074.55122.30
198944.12%54,217.58123.10
198953.39%56,056.98123.80
198962.80%57,626.67124.10
198974.69%60,329.79124.40
198980.46%60,604.62124.60
198990.29%60,778.10125.00
198910-1.81%59,675.86125.60
1989112.74%61,309.01125.90
198912-2.21%59,953.33126.10
19901-2.53%58,438.20127.40
199022.71%60,020.22128.00
199030.20%60,137.85128.70
199043.85%62,453.72128.90
199053.17%64,433.47129.20
199060.17%64,542.83129.90
19907-7.86%59,468.97130.40
19908-4.34%56,887.39131.60
19909-2.32%55,570.01132.70
1990102.98%57,228.11133.50
1990114.59%59,852.94133.80
199012-0.69%59,442.85133.80
1991111.61%66,342.24134.60
199123.04%68,362.11134.80
199132.26%69,906.30135.00
19914-0.18%69,781.25135.20
199150.35%70,023.40135.60
199160.78%70,569.92136.00
199172.68%72,460.44136.20
19918-0.30%72,240.81136.60
199190.18%72,372.04137.20
1991100.02%72,383.47137.40
1991110.94%73,060.35137.80
1991127.36%78,436.15137.90
19921-0.60%77,964.87138.10
19922-1.01%77,175.57138.60
199230.26%77,379.55139.30
199242.07%78,980.03139.50
19925-1.33%77,930.29139.70
199261.91%79,420.42140.20
199270.94%80,168.34140.50
199280.38%80,471.53140.90
19929-1.18%79,520.31141.30
1992102.76%81,712.61141.80
1992113.27%84,385.59142.00
1992120.14%84,506.17141.90
199311.72%85,963.27142.60
199322.15%87,811.61143.10
19933-1.34%86,633.40143.60
199340.72%87,261.25144.00
199350.87%88,016.22144.20
199360.06%88,069.91144.40
199371.76%89,622.12144.40
199381.35%90,836.47144.80
199391.24%91,964.58145.10
1993100.01%91,971.51145.70
1993110.89%92,787.47145.80
1993121.74%94,398.15145.80
19941-0.08%94,326.69146.20
19942-1.42%92,983.65146.70
19943-3.35%89,872.06147.20
199441.06%90,823.13147.40
199451.11%91,829.53147.50
19946-0.52%91,353.05148.00
199473.08%94,168.62148.40
199480.82%94,938.42149.00
19949-0.44%94,516.88149.40
199410-0.37%94,167.28149.50
199411-1.03%93,201.40149.70
1994122.45%95,485.93149.70
199513.82%99,132.63150.30
199522.56%101,668.61150.90
199533.22%104,937.82151.40
199543.35%108,450.88151.90
199553.18%111,897.91152.20
199563.55%115,867.47152.50
199570.51%116,462.01152.50
199583.72%120,791.68152.90
199590.91%121,893.98153.20
1995102.36%124,768.71153.70
1995113.39%128,997.30153.60
1995120.16%129,207.02153.50
199615.90%136,835.91154.40
19962-0.20%136,561.28154.90
199630.20%136,830.37155.70
199642.35%140,052.48156.30
199651.28%141,843.19156.60
19966-3.48%136,911.92156.70
199673.08%141,122.99157.00
199682.02%143,978.93157.30
199694.12%149,910.14157.80
1996105.05%157,483.72158.30
1996111.20%159,370.74158.60
1996123.26%164,562.30158.60
199714.36%171,739.13159.10
19972-0.62%170,668.02159.60
19973-3.41%164,856.36160.00
199749.22%180,052.54160.20
199755.34%189,661.62160.10
199765.74%200,540.47160.30
199770.35%201,237.93160.50
199781.19%203,636.70160.80
199791.65%206,987.29161.20
199710-1.15%204,602.71161.60
1997112.63%209,993.21161.50
1997120.24%210,491.07161.30
199816.40%223,967.05161.60
199825.31%235,866.13161.90
199833.41%243,898.96162.20
19984-0.22%243,357.86162.50
199850.12%243,641.26162.80
199864.47%254,526.34163.00
19987-6.97%236,783.29163.20
19988-4.90%225,184.58163.40
199891.29%228,091.39163.60
19981010.97%253,123.02164.00
1998114.10%263,511.45164.00
1998125.05%276,812.68163.90
19991-0.07%276,628.02164.30
199922.92%284,715.27164.50
199934.25%296,815.73165.00
19994-0.10%296,522.38166.20
19995-0.61%294,708.36166.20
199964.52%308,036.21166.20
19997-3.77%296,409.74166.70
19998-0.60%294,637.16167.10
19999-1.27%290,887.98167.90
1999107.11%311,558.34168.20
1999112.81%320,309.17168.30
199912-0.12%319,928.22168.30
20001-2.48%312,000.15168.80
200023.94%324,295.93169.80
200031.42%328,916.06171.20
20004-2.84%319,578.81171.30
200053.16%329,688.63171.50
200060.85%332,492.11172.40
200070.94%335,616.57172.80
20008-1.08%331,993.09172.80
20009-5.21%314,682.21173.70
200010-0.77%312,251.08174.00
200011-3.32%301,884.12174.10
2000120.46%303,257.71174.00
20011-2.14%296,779.35175.10
20012-9.08%269,832.07175.80
200130.45%271,042.79176.20
200146.88%289,688.73176.90
20015-2.39%282,769.07177.70
20016-2.66%275,246.77178.00
20017-2.05%269,615.66177.50
20018-11.25%239,291.11177.50
200193.18%246,910.22178.30
2001105.05%259,386.95177.70
2001111.47%263,189.69177.40
200112-0.30%262,406.21176.70
20021-3.35%253,608.33177.10
200224.95%266,149.95177.80
20023-3.51%256,796.29178.80
20024-2.82%249,553.68179.80
20025-5.92%234,777.71179.80
20026-10.76%209,519.15179.90
200271.14%211,905.14180.10
20028-4.76%201,823.26180.70
20029-1.37%199,064.25181.00
2002106.63%212,253.41181.30
200211-1.04%210,056.46181.30
200212-0.22%209,589.04180.90
20031-6.41%196,144.25181.70
200321.31%198,709.62183.10
200335.29%209,213.13184.20
200345.31%220,326.97183.80
200355.70%232,894.83183.50
200360.60%234,282.65183.70
20037-0.17%233,892.98183.90
200383.16%241,286.76184.60
200392.03%246,179.65185.20
2003101.21%249,159.86185.00
2003113.06%256,793.65184.50
2003124.93%269,466.32184.30
200411.09%272,394.50185.20
20042-1.57%268,130.99186.20
200430.97%270,726.87187.40
20044-2.56%263,784.75188.00
200452.86%271,322.86189.10
20046-2.24%265,248.54189.70
20047-1.39%261,568.03189.40
200482.78%268,846.49189.50
200490.10%269,122.31189.90
2004104.77%281,969.93190.90
2004112.73%289,660.51191.00
200412-1.35%285,752.35190.30
200511.68%290,556.44190.70
20052-0.26%289,813.81191.80
20053-2.41%282,832.43193.30
200541.34%286,610.71194.60
200552.18%292,860.82194.40
200561.81%298,155.13194.50
200570.31%299,079.47195.40
200580.28%299,915.96196.40
20059-2.62%292,045.51198.80
2005103.96%303,615.02199.20
2005112.14%310,124.92197.60
2005121.47%314,673.74196.80
20061-0.02%314,621.38198.30
200621.49%319,297.09198.70
200630.80%321,846.13199.80
20064-0.79%319,314.38201.50
20065-2.71%310,674.39202.50
200660.72%312,911.37202.90
200672.29%320,082.55203.50
200682.53%328,184.39203.90
200693.62%340,051.26202.90
2006102.00%346,857.87201.80
2006112.15%354,309.29201.50
2006120.69%356,764.04201.80
200711.60%362,458.17202.42
20072-2.47%353,491.35203.50
200734.18%368,268.21205.35
200743.39%380,758.95206.69
200750.34%382,072.20207.95
200760.57%384,267.66208.35
20077-4.20%368,124.16208.30
200783.07%379,443.03207.92
200792.99%390,794.58208.49
200710-4.81%372,011.78208.94
2007111.24%376,618.11210.18
200712-6.64%351,628.75210.04
20081-1.56%346,129.40211.08
20082-2.63%337,037.84211.69
200834.24%351,341.06213.53
200842.56%360,344.54214.82
20085-4.25%345,042.21216.63
20086-6.08%324,068.92218.82
200872.11%330,908.51219.96
20088-4.85%314,867.60219.09
20089-20.19%251,284.54218.78
200810-8.61%229,660.63216.57
200811-0.35%228,854.03212.43
200812-1.10%226,346.80210.23
20091-6.70%211,175.89211.14
20092-5.69%199,165.40212.19
2009312.32%223,706.06212.71
200946.66%238,604.48213.24
200952.87%245,449.71213.86
200961.28%248,585.68215.69
200978.12%268,772.69215.35
200983.65%278,583.82215.83
200992.40%285,278.49215.97
2009102.09%291,253.15216.18
2009112.23%297,736.03216.33
2009121.36%301,776.21215.95
20101-2.90%293,029.31216.69
201025.94%310,444.15216.74
201034.09%323,134.89217.63
20104-5.88%304,126.81218.01
20105-3.54%293,349.88218.18
20106-0.16%292,883.24217.97
201070.86%295,412.62218.01
201083.37%305,371.43218.31
201094.58%319,349.61218.44
2010102.49%327,304.34218.71
2010113.71%339,459.56218.80
2010123.46%351,212.31219.18
201113.15%362,278.53220.22
20112-1.11%358,248.32221.31
201132.22%366,204.95223.47
201140.66%368,619.10224.91
20115-3.66%355,118.06225.96
201163.10%366,132.88225.72
20117-10.40%328,052.70225.92
20118-0.79%325,463.56226.55
201193.02%335,289.00226.89
2011101.77%341,213.96226.42
2011111.55%346,518.99226.23
2011124.78%363,091.46225.67
201214.16%378,205.54226.67
201222.88%389,112.37227.66
20123-0.04%388,963.69229.39
20124-3.09%376,941.01230.09
20125-1.15%372,597.10229.82
201262.92%383,480.98229.48
201273.39%396,472.17229.10
201283.02%408,450.25230.38
20129-0.22%407,563.37231.41
201210-2.84%395,998.78231.32
2012112.18%404,613.87230.22
2012124.27%421,885.87229.60
201312.33%431,728.56230.28
201322.72%443,482.17232.17
201331.45%449,929.48232.77
201344.57%470,510.47232.53
20135-1.12%465,251.22232.95
201363.25%480,392.71233.50
201370.25%481,605.84233.60
201381.19%487,348.83233.88
201392.12%497,668.69234.15
2013103.86%516,878.67233.55
2013111.52%524,743.82233.07
2013120.97%529,822.33233.05
Click to show 906 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 $300.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $300.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1937. This would result in a final amount of $677,337.73, including dividend reinvestments. In this particular case, dollar-cost average returns are greater than the returns of a lump-sum investment (which ends with $529,822.33).

YearMonthContribution ($)Amount ($)
1937112.5012.87
1937212.5025.39
1937312.5035.71
1937412.5046.19
1937512.5056.68
1937612.5073.55
1937712.5087.23
1937812.5085.96
1937912.5084.52
19371012.5088.94
19371112.50100.33
19371212.50116.41
1938112.50126.51
1938212.50130.57
1938312.50138.06
1938412.50152.83
1938512.50170.10
1938612.50219.93
1938712.50234.83
1938812.50237.17
1938912.50278.61
19381012.50292.42
19381112.50297.10
19381212.50305.96
19391-304.56
19392-305.37
19393-267.99
19394-278.97
19395-285.02
19396-293.11
19397-289.98
19398-322.04
19399-326.49
193910-321.90
193911-315.54
193912-315.08
19401-314.36
19402-313.90
19403-318.36
19404-275.89
19405-253.55
19406-263.36
19407-270.34
19408-283.21
19409-287.36
194010-295.55
194011-284.94
194012-286.99
19411-270.56
19412-273.75
19413-266.78
19414-262.54
19415-273.32
19416-288.93
19417-289.15
19418-291.65
19419-281.63
194110-270.13
194111-254.24
194112-260.89
19421-254.43
19422-242.31
19423-233.94
19424-238.32
19425-252.02
19426-263.06
19427-263.18
19428-267.55
19429-288.87
194210-295.10
194211-298.21
194212-317.61
19431-338.04
19432-351.61
19433-364.93
19434-380.85
19435-389.15
19436-398.77
19437-380.67
19438-390.39
19439-388.44
194310-372.10
194311-378.69
194312-392.57
19441-391.61
19442-404.30
19443-399.01
19444-407.80
19445-428.77
19446-441.72
19447-437.05
19448-431.70
19449-444.15
194410-442.89
194411-454.40
194412-469.78
19451-487.32
19452-488.85
19453-503.03
19454-523.96
19455-535.43
19456-526.35
19457-530.07
19458-568.12
19459-593.77
194510-615.18
194511-627.64
194512-654.62
19461-658.45
19462-640.82
19463-684.20
19464-687.74
19465-685.41
19466-667.95
19467-657.11
19468-562.34
19469-551.81
194610-551.74
194611-570.46
194612-575.71
19471-600.29
19472-578.25
19473-559.17
19474-551.56
19475-573.18
19476-611.55
19477-602.01
19478-588.97
19479-606.80
194710-602.37
194711-595.61
194712-590.45
19481-564.19
19482-575.01
19483-622.09
19484-655.25
19485-685.31
19486-671.90
19487-655.18
19488-650.74
19489-671.49
194810-637.23
194811-636.23
194812-646.59
19491-625.08
19492-634.40
19493-637.02
19494-635.86
19495-604.62
19496-642.49
19497-669.28
19498-681.81
19499-703.23
194910-716.92
194911-740.16
194912-759.63
19501-778.79
19502-789.50
19503-816.24
19504-848.19
19505-866.55
19506-808.29
19507-861.94
19508-897.35
19509-939.72
195010-943.25
195011-945.09
195012-1,020.81
19511-1,064.80
19512-1,052.95
19513-1,073.24
19514-1,079.98
19515-1,067.62
19516-1,092.88
19517-1,147.15
19518-1,183.12
19519-1,183.46
195110-1,156.79
195111-1,198.59
195112-1,244.54
19521-1,227.96
19522-1,237.17
19523-1,239.68
19524-1,245.38
19525-1,285.79
19526-1,329.08
19527-1,340.78
19528-1,325.92
19529-1,304.56
195210-1,352.40
195211-1,413.38
195212-1,427.36
19531-1,416.32
19532-1,429.87
19533-1,365.92
19534-1,379.61
19535-1,336.74
19536-1,362.32
19537-1,374.57
19538-1,318.11
19539-1,364.47
195310-1,401.42
195311-1,427.16
195312-1,470.32
19541-1,509.67
19542-1,548.65
19543-1,617.58
19544-1,689.11
19545-1,709.77
19546-1,785.98
19547-1,828.74
19548-1,878.85
19549-1,929.78
195410-2,012.80
195411-2,112.50
195412-2,158.31
19551-2,238.27
19552-2,228.50
19553-2,313.37
19554-2,311.55
19555-2,453.60
19556-2,641.15
19557-2,633.25
19558-2,760.07
19559-2,629.66
195510-2,815.48
195511-2,850.31
195512-2,782.25
19561-2,808.67
19562-3,011.06
19563-3,055.71
19564-2,968.98
19565-2,961.20
19566-3,131.43
19567-3,122.52
19568-3,026.07
19569-2,997.21
195610-2,975.86
195611-3,029.69
195612-2,973.26
19571-2,854.45
19572-2,900.71
19573-2,977.40
19574-3,101.27
19575-3,161.87
19576-3,235.30
19577-3,066.90
19578-2,952.21
19579-2,778.13
195710-2,728.11
195711-2,736.79
195712-2,800.52
19581-2,820.18
19582-2,888.39
19583-2,914.29
19584-3,017.97
19585-3,100.52
19586-3,195.73
19587-3,325.30
19588-3,423.18
19589-3,572.40
195810-3,691.23
195811-3,771.05
195812-3,931.49
19591-3,881.76
19592-3,990.69
19593-4,067.97
19594-4,139.78
19595-4,114.68
19596-4,288.64
19597-4,274.98
19598-4,116.66
19599-4,123.94
195910-4,151.53
195911-4,295.31
195912-4,231.49
19601-4,078.76
19602-4,034.79
19603-4,098.71
19604-4,073.11
19605-4,235.55
19606-4,142.53
19607-4,204.29
19608-4,089.90
19609-4,021.44
196010-4,163.83
196011-4,275.87
196012-4,507.92
19611-4,705.10
19612-4,864.93
19613-5,006.94
19614-5,070.19
19615-5,015.43
19616-5,014.03
19617-5,206.51
19618-5,178.31
19619-5,247.86
196110-5,498.29
196111-5,562.23
196112-5,368.27
19621-5,470.78
19622-5,489.43
19623-5,327.77
19624-4,944.97
19625-4,380.61
19626-4,499.65
19627-4,635.67
19628-4,608.17
19629-4,476.54
196210-4,798.89
196211-5,020.78
196212-5,228.98
19631-5,312.41
19632-5,306.66
19633-5,570.83
19634-5,697.27
19635-5,709.61
19636-5,639.84
19637-5,810.79
19638-5,978.94
19639-6,008.82
196310-5,990.40
196311-6,133.77
196312-6,338.04
19641-6,431.84
19642-6,565.04
19643-6,676.20
19644-6,757.67
19645-6,733.97
19646-7,000.71
19647-6,914.90
19648-7,050.81
19649-7,189.73
196410-7,257.09
196411-7,148.94
196412-7,350.59
19651-7,422.26
19652-7,447.17
19653-7,563.17
19654-7,694.21
19655-7,347.41
19656-7,354.97
19657-7,510.79
19658-7,780.88
19659-7,975.16
196510-8,060.97
196511-8,043.91
196512-8,203.22
19661-8,167.91
19662-7,852.44
19663-8,113.21
19664-7,706.94
19665-7,663.81
19666-7,665.22
19667-7,222.98
19668-6,990.05
19669-6,950.60
196610-7,320.10
196611-7,372.50
196612-7,677.00
19671-7,963.36
19672-8,173.09
19673-8,335.94
19674-8,507.46
19675-8,423.08
19676-8,590.91
19677-8,749.98
19678-8,894.70
19679-8,903.36
196710-8,646.79
196711-8,915.86
196712-8,914.30
19681-8,534.82
19682-8,401.74
19683-9,045.46
19684-9,276.81
19685-9,549.61
19686-9,554.29
19687-9,369.51
19688-9,698.17
19689-9,961.68
196810-10,139.57
196811-10,269.90
196812-9,860.63
19691-9,837.11
19692-9,648.85
19693-9,868.28
19694-10,215.01
19695-9,707.19
19696-9,298.97
19697-9,272.59
19698-9,330.87
19699-9,456.51
196910-9,550.83
196911-9,070.66
196912-9,017.24
19701-8,729.04
19702-8,904.69
19703-8,660.01
19704-7,690.18
19705-7,669.42
19706-7,709.50
19707-7,960.50
19708-8,463.71
19709-8,674.42
197010-8,692.35
197011-9,314.58
197012-9,697.47
19711-10,100.02
19712-10,386.04
19713-10,767.61
19714-10,648.31
19715-10,478.38
19716-10,429.87
19717-10,271.64
19718-10,527.03
19719-10,330.84
197110-9,879.23
197111-10,586.94
197112-11,055.15
19721-11,285.86
19722-11,581.51
19723-11,727.31
19724-11,636.32
19725-11,696.37
19726-11,637.44
19727-12,077.76
19728-11,931.57
19729-11,981.37
197210-12,610.90
197211-12,902.40
197212-13,030.05
19731-12,596.79
19732-12,427.32
19733-12,224.34
19734-11,910.21
19735-11,673.22
19736-11,814.49
19737-11,621.27
19738-11,853.15
19739-12,355.17
197310-11,508.49
197311-10,725.30
197312-10,907.68
19741-10,637.95
19742-11,124.60
19743-10,588.76
19744-10,302.27
19745-10,349.37
19746-9,175.04
19747-8,829.63
19748-7,945.46
19749-8,134.32
197410-8,438.82
197411-7,924.75
197412-8,608.87
19751-9,539.28
19752-10,013.73
19753-10,162.63
19754-10,844.82
19755-11,158.73
19756-11,206.94
19757-10,422.87
19758-10,334.00
19759-10,847.73
197510-11,069.21
197511-10,938.63
197512-11,982.75
19761-12,483.41
19762-12,583.58
19763-12,721.42
19764-12,672.67
19765-12,786.79
19766-13,127.61
19767-13,054.01
19768-13,372.25
19769-12,956.61
197610-12,909.11
197611-13,397.91
197612-13,325.93
19771-13,010.29
19772-13,003.25
19773-12,848.03
19774-12,856.32
19775-12,971.99
19776-13,138.35
19777-12,865.25
19778-12,714.05
19779-12,434.61
197710-12,556.61
197711-12,546.55
197712-12,121.17
19781-12,003.36
19782-12,035.25
19783-12,616.55
19784-13,311.00
19785-13,400.66
19786-13,392.31
19787-14,373.72
19788-14,431.17
19789-14,030.92
197810-13,267.97
197811-13,523.09
197812-14,089.07
19791-13,940.16
19792-14,266.52
19793-14,613.32
19794-14,336.69
19795-14,683.30
19796-14,891.93
19797-15,638.66
19798-15,879.56
19799-15,347.20
197910-15,297.71
197911-15,971.42
197912-16,500.47
19801-17,225.81
19802-15,713.76
19803-15,531.16
19804-16,313.33
19805-17,432.86
19806-18,299.18
19807-18,940.50
19808-19,477.62
19809-20,125.21
198010-21,053.92
198011-20,791.85
198012-20,793.93
19811-20,155.52
19812-20,990.62
19813-21,262.19
19814-20,918.33
19815-21,097.72
19816-20,672.34
19817-20,838.25
19818-19,108.11
19819-19,438.16
198110-20,029.80
198111-20,266.03
198112-19,292.42
19821-18,923.19
19822-18,403.83
19823-19,410.40
19824-19,520.97
19825-18,492.09
19826-18,537.18
19827-18,684.36
19828-20,944.49
19829-22,804.66
198210-23,830.85
198211-24,153.88
198212-25,102.10
19831-25,636.78
19832-26,627.79
19833-27,745.47
19834-28,972.93
19835-29,480.97
19836-29,689.74
19837-28,975.05
19838-29,935.23
19839-30,129.19
198310-29,785.29
198311-29,747.13
198312-30,215.92
19841-28,671.23
19842-28,798.06
19843-28,944.12
19844-28,871.02
19845-28,337.39
19846-28,079.96
19847-30,665.16
19848-31,096.61
19849-30,968.37
198410-31,366.59
198411-31,144.66
198412-32,607.70
19851-34,494.82
19852-34,329.83
19853-34,681.61
19854-35,630.37
19855-36,525.04
19856-37,345.84
19857-36,656.69
19858-35,965.71
19859-36,503.60
198510-38,847.32
198511-40,904.10
198512-41,211.59
19861-43,559.51
19862-46,252.70
19863-47,520.68
19864-47,754.40
19865-49,250.66
19866-48,362.22
19867-49,465.29
19868-48,250.31
19869-48,206.95
198610-49,910.07
198611-50,763.01
198612-54,150.61
19871-57,649.76
19872-60,172.75
19873-59,657.42
19874-59,760.53
19875-62,448.82
19876-64,398.53
19877-68,554.82
19878-66,477.32
19879-58,597.17
198710-51,387.72
198711-50,701.85
198712-52,854.93
19881-54,614.24
19882-56,379.40
19883-55,879.87
19884-54,657.07
19885-57,935.51
19886-57,757.69
19887-56,765.13
19888-57,859.09
19889-60,058.67
198810-58,845.34
198811-60,214.06
198812-62,329.17
19891-64,385.94
19892-64,281.85
19893-66,573.37
19894-69,313.07
19895-71,664.60
19896-73,671.33
19897-77,127.07
19898-77,478.42
19899-77,700.20
198910-76,291.07
198911-78,378.93
198912-76,645.80
19901-74,708.82
19902-76,731.31
19903-76,881.69
19904-79,842.35
19905-82,373.32
19906-82,513.12
19907-76,026.58
19908-72,726.22
19909-71,042.05
199010-73,161.81
199011-76,517.45
199012-75,993.18
19911-84,813.54
19912-87,395.79
19913-89,369.91
19914-89,210.04
19915-89,519.61
19916-90,218.30
19917-92,635.19
19918-92,354.41
19919-92,522.17
199110-92,536.78
199111-93,402.13
199112-100,274.68
19921-99,672.19
19922-98,663.13
19923-98,923.90
19924-100,969.99
19925-99,627.98
19926-101,533.00
19927-102,489.15
19928-102,876.75
19929-101,660.69
199210-104,463.38
199211-107,880.59
199212-108,034.74
19931-109,897.53
19932-112,260.49
19933-110,754.24
19934-111,556.90
19935-112,522.07
19936-112,590.72
19937-114,575.09
19938-116,127.55
19939-117,569.75
199310-117,578.62
199311-118,621.75
199312-120,680.88
19941-120,589.53
19942-118,872.55
19943-114,894.63
19944-116,110.49
19945-117,397.10
19946-116,787.96
19947-120,387.45
19948-121,371.58
19949-120,832.68
199410-120,385.74
199411-119,150.94
199412-122,071.53
19951-126,733.56
19952-129,975.62
19953-134,155.05
19954-138,646.24
19955-143,053.01
19956-148,127.78
19957-148,887.86
19958-154,423.01
19959-155,832.23
199510-159,507.35
199511-164,913.28
199512-165,181.39
19961-174,934.35
19962-174,583.26
19963-174,927.26
19964-179,046.50
19965-181,335.77
19966-175,031.52
19967-180,415.05
19968-184,066.16
19969-191,648.76
199610-201,331.02
199611-203,743.42
199612-210,380.44
19971-219,555.48
19972-218,186.14
19973-210,756.37
19974-230,183.53
19975-242,468.03
19976-256,375.81
19977-257,267.46
19978-260,334.11
19979-264,617.58
199710-261,569.07
199711-268,460.41
199712-269,096.90
19981-286,324.91
19982-301,536.99
19983-311,806.36
19984-311,114.59
19985-311,476.91
19986-325,392.66
19987-302,709.51
19988-287,881.44
19989-291,597.57
199810-323,598.61
199811-336,879.44
199812-353,884.06
19991-353,647.98
19992-363,986.91
19993-379,456.44
19994-379,081.42
19995-376,762.32
19996-393,800.97
19997-378,937.40
19998-376,671.30
19999-371,878.26
199910-398,303.74
199911-409,491.02
199912-409,004.00
20001-398,868.57
20002-414,587.79
20003-420,494.28
20004-408,557.32
20005-421,481.95
20006-425,065.99
20007-429,060.38
20008-424,428.03
20009-402,297.37
200010-399,189.37
200011-385,935.99
200012-387,692.03
20011-379,409.92
20012-344,959.87
20013-346,507.68
20014-370,345.10
20015-361,498.84
20016-351,882.15
20017-344,683.21
20018-305,915.57
20019-315,656.02
200110-331,606.58
200111-336,468.10
200112-335,466.47
20021-324,219.05
20022-340,252.56
20023-328,294.61
20024-319,035.49
20025-300,145.53
20026-267,854.37
20027-270,904.67
20028-258,015.76
20029-254,488.58
200210-271,349.91
200211-268,541.27
200212-267,943.72
20031-250,755.57
20032-254,035.20
20033-267,463.14
20034-281,671.35
20035-297,738.40
20036-299,512.63
20037-299,014.47
20038-308,466.86
20039-314,722.04
200310-318,532.02
200311-328,291.23
200312-344,492.28
20041-348,235.75
20042-342,785.17
20043-346,103.80
20044-337,228.82
20045-346,865.73
20046-339,100.18
20047-334,394.92
20048-343,699.88
20049-344,052.50
200410-360,477.21
200411-370,309.03
200412-365,312.74
20051-371,454.41
20052-370,505.01
20053-361,579.85
20054-366,410.09
20055-374,400.38
20056-381,168.76
20057-382,350.45
20058-383,419.85
20059-373,358.07
200510-388,148.81
200511-396,471.23
200512-402,286.55
20061-402,219.61
20062-408,197.15
20063-411,455.91
20064-408,219.25
20065-397,173.69
20066-400,033.50
20067-409,201.30
20068-419,558.90
20069-434,729.78
200610-443,431.52
200611-452,957.61
200612-456,095.82
20071-463,375.32
20072-451,911.92
20073-470,803.02
20074-486,771.49
20075-488,450.37
20076-491,257.11
20077-470,618.87
20078-485,089.19
20079-499,601.28
200710-475,588.89
200711-481,477.73
200712-449,530.73
20081-442,500.23
20082-430,877.36
20083-449,162.94
20084-460,673.21
20085-441,110.34
20086-414,297.58
20087-423,041.47
20088-402,534.38
20089-321,248.26
200810-293,603.73
200811-292,572.54
200812-289,367.25
20091-269,972.39
20092-254,617.88
20093-285,991.26
20094-305,037.77
20095-313,788.88
20096-317,797.97
20097-343,605.54
20098-356,148.32
20099-364,706.95
200910-372,345.10
200911-380,632.97
200912-385,798.04
20101-374,615.79
20102-396,879.33
20103-413,103.49
20104-388,803.10
20105-375,025.61
20106-374,429.05
20107-377,662.66
20108-390,394.25
20109-408,264.30
201010-418,433.82
201011-433,973.34
201012-448,998.34
20111-463,145.67
20112-457,993.35
20113-468,165.31
20114-471,251.61
20115-453,991.55
20116-468,073.17
20117-419,390.53
20118-416,080.51
20119-428,641.59
201110-436,216.21
201111-442,998.29
201112-464,184.94
20121-483,507.14
20122-497,450.70
20123-497,260.62
20124-481,890.54
20125-476,337.18
20126-490,251.40
20127-506,859.65
20128-522,172.72
20129-521,038.90
201210-506,254.46
201211-517,268.20
201212-539,349.14
20131-551,932.28
20132-566,958.38
20133-575,200.77
20134-601,512.01
20135-594,788.46
20136-614,145.71
20137-615,696.60
20138-623,038.58
20139-636,231.74
201310-660,790.24
201311-670,845.24
201312-677,337.73
Click to show 906 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 1937 to 2013
Start Value
Average monthly close
$17.59
End Value
Average monthly close
$1,480.40
Change in price+8,316.15%
+6.01% / yr
Change incl. dividends+176,507.44%
+10.20% / yr
Change incl. dividends, inflation-adjusted+10,816.81%
+6.28% / yr
Final amount, nominal
($300 base)
$529,822.33
Final amount, inflation-adjusted
($300 base)
$32,750.43