S&P 500: $100 in 1938 → $766,592.48 in 2023

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Stock market returns between 1938 and 2023

If you invested $100 in the S&P 500 at the beginning of 1938, you would have about $766,592.48 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 766,492.48%, or 11.01% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 35,373.83% cumulatively, or 7.09% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $698,876.82.

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 $766,492.48, or 766,492.48%. This means by 2023 you would have $766,592.48 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 1938 was 14.100 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 85 years.

Adjusted for inflation, the $766,592.48 nominal end value of the original $100 investment would have a real return of roughly $35,373.83 in 1938 dollars. This means the inflation-adjusted return is 35,373.83% as opposed to the original 766,492.48%.

For more information on inflation, see our U.S. inflation calculator for 1938.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 1028-month period between 1938 and 2023.

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

YearMonthReturn (%)Amount ($)CPI
19381-1.80%98.2014.20
19382-6.02%92.2914.10
19383-3.44%89.1114.10
193841.56%90.5014.20
193852.93%93.1514.10
1938620.49%112.2314.10
193871.06%113.4214.10
19388-4.08%108.7914.10
1938911.62%121.4314.10
1938100.47%121.9914.00
193811-2.55%118.8814.00
193812-1.16%117.5014.00
19391-0.46%116.9614.00
193920.27%117.2713.90
19393-12.24%102.9213.90
193944.10%107.1313.80
193952.17%109.4613.80
193962.84%112.5613.80
19397-1.07%111.3613.80
1939811.06%123.6713.80
193991.38%125.3914.10
193910-1.41%123.6214.00
193911-1.97%121.1814.00
193912-0.15%121.0014.00
19401-0.23%120.7313.90
19402-0.15%120.5514.00
194031.42%122.2614.00
19404-13.34%105.9514.00
19405-8.09%97.3714.00
194063.87%101.1414.10
194072.65%103.8214.00
194084.76%108.7614.00
194091.47%110.3614.00
1940102.85%113.5014.00
194011-3.59%109.4314.00
1940120.72%110.2114.10
19411-5.72%103.9114.10
194121.18%105.1314.10
19413-2.55%102.4514.20
19414-1.59%100.8314.30
194154.11%104.9714.40
194165.71%110.9614.70
194170.08%111.0514.70
194180.86%112.0014.90
19419-3.43%108.1615.10
194110-4.08%103.7415.30
194111-5.88%97.6415.40
1941122.62%100.1915.50
19421-2.48%97.7115.70
19422-4.76%93.0615.80
19423-3.45%89.8416.00
194241.87%91.5216.10
194255.75%96.7816.30
194264.38%101.0216.30
194270.05%101.0716.40
194281.66%102.7516.50
194297.97%110.9416.50
1942102.15%113.3316.70
1942111.06%114.5316.80
1942126.50%121.9716.90
194316.43%129.8216.90
194324.01%135.0316.90
194333.79%140.1517.20
194344.36%146.2617.40
194352.18%149.4517.50
194362.47%153.1417.50
19437-4.54%146.1917.40
194382.55%149.9317.30
19439-0.50%149.1817.40
194310-4.21%142.9017.40
1943111.77%145.4317.40
1943123.67%150.7617.40
19441-0.24%150.3917.40
194423.24%155.2717.40
19443-1.31%153.2317.40
194442.20%156.6117.50
194455.14%164.6617.50
194463.02%169.6417.60
19447-1.06%167.8417.70
19448-1.23%165.7917.70
194492.88%170.5717.70
194410-0.28%170.0817.70
1944112.60%174.5117.70
1944123.38%180.4117.80
194513.73%187.1517.80
194520.31%187.7417.80
194532.90%193.1817.80
194544.16%201.2217.80
194552.19%205.6217.90
19456-1.70%202.1418.10
194570.71%203.5718.10
194587.18%218.1818.10
194594.51%228.0318.10
1945103.61%236.2518.10
1945112.02%241.0418.10
1945124.30%251.4018.20
194610.59%252.8718.20
19462-2.68%246.1018.10
194636.77%262.7618.30
194640.52%264.1218.40
19465-0.34%263.2218.50
19466-2.55%256.5218.70
19467-1.62%252.3519.80
19468-14.42%215.9620.20
19469-1.87%211.9220.40
194610-0.01%211.8920.80
1946113.39%219.0821.30
1946120.92%221.0921.50
194714.27%230.5321.50
19472-3.67%222.0721.50
19473-3.30%214.7421.90
19474-1.36%211.8221.90
194753.92%220.1221.90
194766.69%234.8622.00
19477-1.56%231.2022.20
19478-2.17%226.1922.50
194793.03%233.0323.00
194710-0.73%231.3323.00
194711-1.12%228.7423.10
194712-0.86%226.7623.40
19481-4.45%216.6723.70
194821.92%220.8323.50
194838.19%238.9123.40
194845.33%251.6423.80
194854.59%263.1823.90
19486-1.96%258.0324.10
19487-2.49%251.6124.40
19488-0.68%249.9124.50
194893.19%257.8824.50
194810-5.10%244.7224.40
194811-0.16%244.3324.20
1948121.63%248.3224.10
19491-3.33%240.0524.00
194921.49%243.6323.80
194930.41%244.6423.80
19494-0.18%244.1923.90
19495-4.91%232.2023.80
194966.26%246.7423.90
194974.17%257.0323.70
194981.87%261.8423.80
194993.14%270.0723.90
1949101.95%275.3323.70
1949113.24%284.2523.80
1949122.63%291.7323.60
195012.52%299.0923.50
195021.38%303.2023.50
195033.39%313.4723.60
195043.91%325.7423.60
195052.16%332.7923.70
19506-6.72%310.4123.80
195076.64%331.0224.10
195084.11%344.6224.30
195094.72%360.8924.40
1950100.38%362.2424.60
1950110.19%362.9524.70
1950128.01%392.0325.00
195114.31%408.9225.40
19512-1.11%404.3725.70
195131.93%412.1625.80
195140.63%414.7525.80
19515-1.15%410.0125.90
195162.37%419.7125.90
195174.97%440.5525.90
195183.14%454.3625.90
195190.03%454.4926.10
195110-2.25%444.2526.20
1951113.61%460.3026.40
1951123.83%477.9526.50
19521-1.33%471.5826.50
195220.75%475.1226.30
195230.20%476.0826.30
195240.46%478.2726.40
195253.24%493.7926.40
195263.37%510.4226.50
195270.88%514.9126.70
19528-1.11%509.2026.70
19529-1.61%501.0026.70
1952103.67%519.3726.70
1952114.51%542.7926.70
1952120.99%548.1626.70
19531-0.77%543.9226.60
195320.96%549.1326.50
19533-4.47%524.5626.60
195341.00%529.8226.60
19535-3.11%513.3626.70
195361.91%523.1826.80
195370.90%527.8926.80
19538-4.11%506.2126.90
195393.52%524.0126.90
1953102.71%538.2027.00
1953111.84%548.0826.90
1953123.02%564.6626.90
195412.68%579.7726.90
195422.58%594.7426.90
195434.45%621.2126.90
195444.42%648.6826.80
195451.22%656.6226.90
195464.46%685.8826.90
195472.39%702.3126.90
195482.74%721.5526.90
195492.71%741.1126.80
1954104.30%772.9926.80
1954114.95%811.2826.80
1954122.17%828.8726.70
195513.70%859.5826.70
19552-0.44%855.8326.70
195533.81%888.4226.70
19554-0.08%887.7226.70
195556.15%942.2726.70
195567.64%1,014.3026.70
19557-0.30%1,011.2726.80
195584.82%1,059.9726.80
19559-4.72%1,009.8926.90
1955107.07%1,081.2526.90
1955111.24%1,094.6326.90
195512-2.39%1,068.4926.80
195610.95%1,078.6326.80
195627.21%1,156.3626.80
195631.48%1,173.5126.80
19564-2.84%1,140.2026.90
19565-0.26%1,137.2127.00
195665.75%1,202.5927.20
19567-0.28%1,199.1627.40
19568-3.09%1,162.1227.30
19569-0.95%1,151.0427.40
195610-0.71%1,142.8427.50
1956111.81%1,163.5127.50
195612-1.86%1,141.8427.60
19571-4.00%1,096.2227.60
195721.62%1,113.9827.70
195732.64%1,143.4427.80
195744.16%1,191.0027.90
195751.95%1,214.2828.00
195762.32%1,242.4828.10
19577-5.21%1,177.8028.30
19578-3.74%1,133.7628.30
19579-5.90%1,066.9128.30
195710-1.80%1,047.7028.30
1957110.32%1,051.0328.40
1957122.33%1,075.5128.40
195810.70%1,083.0528.60
195822.42%1,109.2528.60
195830.90%1,119.2028.80
195843.56%1,159.0228.90
195852.74%1,190.7228.90
195863.07%1,227.2828.90
195874.05%1,277.0429.00
195882.94%1,314.6328.90
195894.36%1,371.9428.90
1958103.33%1,417.5728.90
1958112.16%1,448.2229.00
1958124.25%1,509.8428.90
19591-1.27%1,490.7429.00
195922.81%1,532.5728.90
195931.94%1,562.2528.90
195941.77%1,589.8329.00
19595-0.61%1,580.1929.00
195964.23%1,647.0029.10
19597-0.32%1,641.7529.20
19598-3.70%1,580.9529.20
195990.18%1,583.7529.30
1959100.67%1,594.3429.40
1959113.46%1,649.5629.40
195912-1.49%1,625.0529.40
19601-3.61%1,566.4029.30
19602-1.08%1,549.5129.40
196031.58%1,574.0629.40
19604-0.62%1,564.2329.50
196053.99%1,626.6129.50
19606-2.20%1,590.8929.60
196071.49%1,614.6129.60
19608-2.72%1,570.6829.60
19609-1.67%1,544.3829.60
1960103.54%1,599.0729.80
1960112.69%1,642.0929.80
1960125.43%1,731.2129.80
196114.37%1,806.9329.80
196123.40%1,868.3229.80
196132.92%1,922.8529.80
196141.26%1,947.1529.80
19615-1.08%1,926.1129.80
19616-0.03%1,925.5729.80
196173.84%1,999.5030.00
19618-0.54%1,988.6629.90
196191.34%2,015.3730.00
1961104.77%2,111.5530.00
1961111.16%2,136.1130.00
196112-3.49%2,061.6230.00
196211.91%2,100.9830.00
196220.34%2,108.1530.10
19623-2.94%2,046.0630.10
19624-7.19%1,899.0530.20
19625-11.41%1,682.3230.20
196262.72%1,728.0330.20
196273.02%1,780.2730.30
19628-0.59%1,769.7130.30
19629-2.86%1,719.1630.40
1962107.20%1,842.9630.40
1962114.62%1,928.1730.40
1962124.15%2,008.1230.40
196311.60%2,040.1730.40
19632-0.11%2,037.9630.40
196334.98%2,139.4130.50
196342.27%2,187.9630.50
196350.22%2,192.7030.50
19636-1.22%2,165.9130.60
196373.03%2,231.5630.70
196382.89%2,296.1430.70
196390.50%2,307.6130.70
196310-0.31%2,300.5430.80
1963112.39%2,355.6030.80
1963123.33%2,434.0530.90
196411.48%2,470.0730.90
196422.07%2,521.2230.90
196431.69%2,563.9130.90
196441.22%2,595.2030.90
19645-0.35%2,586.1030.90
196463.96%2,688.5431.00
19647-1.23%2,655.5831.10
196481.97%2,707.7831.00
196491.97%2,761.1331.10
1964100.94%2,787.0031.10
196411-1.49%2,745.4631.20
1964122.82%2,822.9031.20
196510.98%2,850.4331.20
196520.34%2,859.9931.20
196531.56%2,904.5431.30
196541.73%2,954.8731.40
19655-4.51%2,821.6831.40
196560.10%2,824.5831.60
196572.12%2,884.4231.60
196583.60%2,988.1531.60
196592.50%3,062.7631.60
1965101.08%3,095.7231.70
196511-0.21%3,089.1631.70
1965121.98%3,150.3431.80
19661-0.43%3,136.7831.80
19662-3.86%3,015.6332.00
196633.32%3,115.7832.10
19664-5.01%2,959.7532.30
19665-0.56%2,943.1932.30
196660.02%2,943.7332.40
19667-5.77%2,773.9032.50
19668-3.22%2,684.4432.70
19669-0.56%2,669.2932.70
1966105.32%2,811.1932.90
1966110.72%2,831.3232.90
1966124.13%2,948.2632.90
196713.73%3,058.2332.90
196722.63%3,138.7732.90
196731.99%3,201.3133.00
196742.06%3,267.1933.10
19675-0.99%3,234.7833.20
196761.99%3,299.2333.30
196771.85%3,360.3233.40
196781.65%3,415.9033.50
196790.10%3,419.2333.60
196710-2.88%3,320.6933.70
1967113.11%3,424.0233.80
196712-0.02%3,423.4233.90
19681-4.26%3,277.6934.10
19682-1.56%3,226.5834.20
196837.66%3,473.8034.30
196842.56%3,562.6434.40
196852.94%3,667.4134.50
196860.05%3,669.2134.70
19687-1.93%3,598.2534.90
196883.51%3,724.4635.00
196892.72%3,825.6635.10
1968101.79%3,893.9835.30
1968111.29%3,944.0335.40
196812-3.99%3,786.8535.50
19691-0.24%3,777.8235.60
19692-1.91%3,705.5235.80
196932.27%3,789.7936.10
196943.51%3,922.9536.30
19695-4.97%3,727.9236.40
19696-4.21%3,571.1536.60
19697-0.28%3,561.0236.80
196980.63%3,583.4137.00
196991.35%3,631.6537.10
1969101.00%3,667.8837.30
196911-5.03%3,483.4837.50
196912-0.59%3,462.9637.70
19701-3.20%3,352.2837.80
197022.01%3,419.7338.00
19703-2.75%3,325.7738.20
19704-11.20%2,953.3238.50
19705-0.27%2,945.3538.60
197060.52%2,960.7438.80
197073.26%3,057.1339.00
197086.32%3,250.3839.00
197092.49%3,331.3039.20
1970100.21%3,338.1939.40
1970117.16%3,577.1539.60
1970124.11%3,724.1939.80
197114.15%3,878.7939.80
197122.83%3,988.6339.90
197133.67%4,135.1740.00
19714-1.11%4,089.3540.10
19715-1.60%4,024.0940.30
19716-0.46%4,005.4640.60
19717-1.52%3,944.7040.70
197182.49%4,042.7840.80
19719-1.86%3,967.4340.80
197110-4.37%3,793.9940.90
1971117.16%4,065.7840.90
1971124.42%4,245.5941.10
197212.09%4,334.2041.10
197222.62%4,447.7441.30
197231.26%4,503.7341.40
19724-0.78%4,468.7841.50
197250.52%4,491.8541.60
19726-0.50%4,469.2141.70
197273.78%4,638.3241.90
19728-1.21%4,582.1742.00
197290.42%4,601.3042.10
1972105.25%4,843.0642.30
1972112.31%4,955.0142.40
1972120.99%5,004.0342.50
19731-3.33%4,837.6442.60
19732-1.35%4,772.5642.90
19733-1.63%4,694.6143.30
19734-2.57%4,573.9743.60
19735-1.99%4,482.9543.90
197361.21%4,537.2144.20
19737-1.64%4,463.0144.30
197382.00%4,552.0645.10
197394.24%4,744.8545.20
197310-6.85%4,419.6945.60
197311-6.81%4,118.9245.90
1973121.70%4,188.9646.20
19741-2.47%4,085.3746.60
197424.57%4,272.2647.20
19743-4.82%4,066.4847.80
19744-2.71%3,956.4648.00
197450.46%3,974.5548.60
19746-11.35%3,523.5649.00
19747-3.76%3,390.9149.40
19748-10.01%3,051.3650.00
197492.38%3,123.8950.60
1974103.74%3,240.8351.10
197411-6.09%3,043.4051.50
1974128.63%3,306.1351.90
1975110.81%3,663.4452.10
197524.97%3,845.6552.50
197531.49%3,902.8352.70
197546.71%4,164.8252.90
197552.89%4,285.3753.20
197560.43%4,303.8953.60
19757-7.00%4,002.7754.20
19758-0.85%3,968.6454.30
197594.97%4,165.9454.60
1975102.04%4,250.9954.90
197511-1.18%4,200.8455.30
1975129.55%4,601.8355.50
197614.18%4,794.1055.60
197620.80%4,832.5755.80
197631.10%4,885.5055.90
19764-0.38%4,866.7856.10
197650.90%4,910.6156.50
197662.67%5,041.4956.80
19767-0.56%5,013.2357.10
197682.44%5,135.4557.40
19769-3.11%4,975.8357.60
197610-0.37%4,957.5857.90
1976113.79%5,145.3058.00
197612-0.54%5,117.6658.20
19771-2.37%4,996.4458.50
19772-0.05%4,993.7459.10
19773-1.19%4,934.1359.50
197740.06%4,937.3160.00
197750.90%4,981.7360.30
197761.28%5,045.6260.70
19777-2.08%4,940.7461.00
19778-1.18%4,882.6761.20
19779-2.20%4,775.3661.40
1977100.98%4,822.2161.60
197711-0.08%4,818.3561.90
197712-3.39%4,654.9962.10
19781-0.97%4,609.7462.50
197820.27%4,621.9962.90
197834.83%4,845.2363.40
197845.50%5,111.9363.90
197850.67%5,146.3664.50
19786-0.06%5,143.1565.20
197877.33%5,520.0565.70
197880.40%5,542.1166.00
19789-2.77%5,388.4066.50
197810-5.44%5,095.4067.10
1978111.92%5,193.3767.40
1978124.19%5,410.7367.70
19791-1.06%5,353.5468.30
197922.34%5,478.8869.10
197932.43%5,612.0769.80
19794-1.89%5,505.8370.60
197952.42%5,638.9471.50
197961.42%5,719.0672.30
197975.01%6,005.8373.10
197981.54%6,098.3573.80
19799-3.35%5,893.9074.60
197910-0.32%5,874.9075.20
1979114.40%6,133.6375.90
1979123.31%6,336.8076.70
198014.40%6,615.3677.80
19802-8.78%6,034.6778.90
19803-1.16%5,964.5580.10
198045.04%6,264.9381.00
198056.86%6,694.8781.80
198064.97%7,027.5782.70
198073.50%7,273.8782.70
198082.84%7,480.1483.30
198093.32%7,728.8484.00
1980104.61%8,085.5084.80
198011-1.24%7,984.8585.50
1980120.01%7,985.6586.30
19811-3.07%7,740.4887.00
198124.14%8,061.1987.90
198131.29%8,165.4888.50
19814-1.62%8,033.4289.10
198150.86%8,102.3289.80
19816-2.02%7,938.9690.60
198170.80%8,002.6791.60
19818-8.30%7,338.2392.30
198191.73%7,464.9893.20
1981103.04%7,692.2093.40
1981111.18%7,782.9293.70
198112-4.80%7,409.0294.00
19821-1.91%7,267.2294.30
19822-2.74%7,067.7694.60
198235.47%7,454.3294.50
198240.57%7,496.7894.90
19825-5.27%7,101.6695.80
198260.24%7,118.9897.00
198270.79%7,175.5097.50
1982812.10%8,043.4797.70
198298.88%8,757.8597.90
1982104.50%9,151.9498.20
1982111.36%9,276.0098.00
1982123.93%9,640.1597.60
198312.13%9,845.4997.80
198323.87%10,226.0797.90
198334.20%10,655.3097.90
198344.42%11,126.6998.60
198351.75%11,321.8099.20
198360.71%11,401.9799.50
19837-2.41%11,127.5199.90
198383.31%11,496.26100.20
198390.65%11,570.74100.70
198310-1.14%11,438.67101.00
198311-0.13%11,424.02101.20
1983121.58%11,604.05101.30
19841-5.11%11,010.83101.90
198420.44%11,059.54102.40
198430.51%11,115.63102.60
19844-0.25%11,087.56103.10
19845-1.85%10,882.63103.40
19846-0.91%10,783.76103.70
198479.21%11,776.58104.10
198481.41%11,942.27104.50
19849-0.41%11,893.02105.00
1984101.29%12,045.95105.30
198411-0.71%11,960.72105.30
1984124.70%12,522.58105.30
198515.79%13,247.31105.50
19852-0.48%13,183.94106.00
198531.02%13,319.04106.40
198542.74%13,683.40106.90
198552.51%14,026.99107.30
198562.25%14,342.21107.60
19857-1.85%14,077.55107.80
19858-1.88%13,812.19108.00
198591.50%14,018.76108.30
1985106.42%14,918.83108.70
1985115.29%15,708.71109.00
1985120.75%15,826.80109.30
198615.70%16,728.49109.60
198626.18%17,762.78109.30
198632.74%18,249.73108.80
198640.49%18,339.49108.60
198653.13%18,914.11108.90
19866-1.80%18,572.91109.50
198672.28%18,996.53109.50
19868-2.46%18,529.93109.70
19869-0.09%18,513.28110.20
1986103.53%19,167.35110.30
1986111.71%19,494.90110.40
1986126.67%20,795.87110.50
198716.46%22,139.67111.20
198724.38%23,108.60111.60
19873-0.86%22,910.69112.10
198740.17%22,950.29112.70
198754.50%23,982.70113.10
198763.12%24,731.46113.50
198776.45%26,327.63113.80
19878-3.03%25,529.79114.40
19879-11.85%22,503.52115.00
198710-12.30%19,734.82115.30
198711-1.33%19,471.42115.40
1987124.25%20,298.28115.40
198813.33%20,973.92115.70
198823.23%21,651.81116.00
19883-0.89%21,459.97116.50
19884-2.19%20,990.37117.10
198856.00%22,249.41117.50
19886-0.31%22,181.12118.00
19887-1.72%21,799.95118.50
198881.93%22,220.07119.00
198893.80%23,064.79119.80
198810-2.02%22,598.82120.20
1988112.33%23,124.46120.30
1988123.51%23,936.74120.50
198913.30%24,726.62121.10
19892-0.16%24,686.65121.60
198933.56%25,566.68122.30
198944.12%26,618.82123.10
198953.39%27,521.90123.80
198962.80%28,292.56124.10
198974.69%29,619.70124.40
198980.46%29,754.62124.60
198990.29%29,839.80125.00
198910-1.81%29,298.64125.60
1989112.74%30,100.46125.90
198912-2.21%29,434.87126.10
19901-2.53%28,690.99127.40
199022.71%29,467.71128.00
199030.20%29,525.46128.70
199043.85%30,662.46128.90
199053.17%31,634.45129.20
199060.17%31,688.14129.90
19907-7.86%29,197.07130.40
19908-4.34%27,929.60131.60
19909-2.32%27,282.82132.70
1990102.98%28,096.89133.50
1990114.59%29,385.58133.80
199012-0.69%29,184.24133.80
1991111.61%32,571.59134.60
199123.04%33,563.27134.80
199132.26%34,321.41135.00
19914-0.18%34,260.01135.20
199150.35%34,378.90135.60
199160.78%34,647.22136.00
199172.68%35,575.40136.20
19918-0.30%35,467.57136.60
199190.18%35,531.99137.20
1991100.02%35,537.60137.40
1991110.94%35,869.93137.80
1991127.36%38,509.25137.90
19921-0.60%38,277.87138.10
19922-1.01%37,890.35138.60
199230.26%37,990.50139.30
199242.07%38,776.27139.50
19925-1.33%38,260.89139.70
199261.91%38,992.49140.20
199270.94%39,359.69140.50
199280.38%39,508.54140.90
19929-1.18%39,041.53141.30
1992102.76%40,117.87141.80
1992113.27%41,430.20142.00
1992120.14%41,489.40141.90
199311.72%42,204.78142.60
199322.15%43,112.25143.10
19933-1.34%42,533.79143.60
199340.72%42,842.05144.00
199350.87%43,212.71144.20
199360.06%43,239.07144.40
199371.76%44,001.14144.40
199381.35%44,597.35144.80
199391.24%45,151.20145.10
1993100.01%45,154.61145.70
1993110.89%45,555.21145.80
1993121.74%46,346.00145.80
19941-0.08%46,310.91146.20
19942-1.42%45,651.53146.70
19943-3.35%44,123.86147.20
199441.06%44,590.79147.40
199451.11%45,084.90147.50
19946-0.52%44,850.97148.00
199473.08%46,233.31148.40
199480.82%46,611.25149.00
19949-0.44%46,404.29149.40
199410-0.37%46,232.65149.50
199411-1.03%45,758.44149.70
1994122.45%46,880.06149.70
199513.82%48,670.45150.30
199522.56%49,915.52150.90
199533.22%51,520.58151.40
199543.35%53,245.37151.90
199553.18%54,937.73152.20
199563.55%56,886.64152.50
199570.51%57,178.54152.50
199583.72%59,304.24152.90
199590.91%59,845.43153.20
1995102.36%61,256.82153.70
1995113.39%63,332.90153.60
1995120.16%63,435.87153.50
199615.90%67,181.37154.40
19962-0.20%67,046.54154.90
199630.20%67,178.65155.70
199642.35%68,760.59156.30
199651.28%69,639.76156.60
19966-3.48%67,218.68156.70
199673.08%69,286.16157.00
199682.02%70,688.33157.30
199694.12%73,600.33157.80
1996105.05%77,318.68158.30
1996111.20%78,245.13158.60
1996123.26%80,794.00158.60
199714.36%84,317.56159.10
19972-0.62%83,791.68159.60
19973-3.41%80,938.37160.00
199749.22%88,399.13160.20
199755.34%93,116.84160.10
199765.74%98,457.95160.30
199770.35%98,800.38160.50
199781.19%99,978.09160.80
199791.65%101,623.10161.20
199710-1.15%100,452.36161.60
1997112.63%103,098.89161.50
1997120.24%103,343.33161.30
199816.40%109,959.53161.60
199825.31%115,801.54161.90
199833.41%119,745.37162.20
19984-0.22%119,479.70162.50
199850.12%119,618.84162.80
199864.47%124,963.02163.00
19987-6.97%116,251.83163.20
19988-4.90%110,557.30163.40
199891.29%111,984.43163.60
19981010.97%124,274.03164.00
1998114.10%129,374.37164.00
1998125.05%135,904.78163.90
19991-0.07%135,814.12164.30
199922.92%139,784.66164.50
199934.25%145,725.54165.00
19994-0.10%145,581.52166.20
19995-0.61%144,690.90166.20
199964.52%151,234.38166.20
19997-3.77%145,526.21166.70
19998-0.60%144,655.94167.10
19999-1.27%142,815.24167.90
1999107.11%152,963.61168.20
1999112.81%157,259.95168.30
199912-0.12%157,072.92168.30
20001-2.48%153,180.53168.80
200023.94%159,217.30169.80
200031.42%161,485.62171.20
20004-2.84%156,901.37171.30
200053.16%161,864.92171.50
200060.85%163,241.32172.40
200070.94%164,775.32172.80
20008-1.08%162,996.32172.80
20009-5.21%154,497.32173.70
200010-0.77%153,303.73174.00
200011-3.32%148,213.93174.10
2000120.46%148,888.32174.00
20011-2.14%145,707.68175.10
20012-9.08%132,477.56175.80
200130.45%133,071.98176.20
200146.88%142,226.44176.90
20015-2.39%138,829.15177.70
20016-2.66%135,135.98178.00
20017-2.05%132,371.31177.50
20018-11.25%117,483.08177.50
200193.18%121,223.78178.30
2001105.05%127,349.40177.70
2001111.47%129,216.40177.40
200112-0.30%128,831.74176.70
20021-3.35%124,512.31177.10
200224.95%130,669.78177.80
20023-3.51%126,077.48178.80
20024-2.82%122,521.62179.80
20025-5.92%115,267.17179.80
20026-10.76%102,866.15179.90
200271.14%104,037.58180.10
20028-4.76%99,087.75180.70
20029-1.37%97,733.18181.00
2002106.63%104,208.57181.30
200211-1.04%103,129.95181.30
200212-0.22%102,900.46180.90
20031-6.41%96,299.57181.70
200321.31%97,559.07183.10
200335.29%102,715.90184.20
200345.31%108,172.39183.80
200355.70%114,342.74183.50
200360.60%115,024.11183.70
20037-0.17%114,832.80183.90
200383.16%118,462.87184.60
200392.03%120,865.10185.20
2003101.21%122,328.27185.00
2003113.06%126,076.18184.50
2003124.93%132,297.99184.30
200411.09%133,735.62185.20
20042-1.57%131,642.40186.20
200430.97%132,916.87187.40
20044-2.56%129,508.55188.00
200452.86%133,209.48189.10
20046-2.24%130,227.22189.70
20047-1.39%128,420.22189.40
200482.78%131,993.68189.50
200490.10%132,129.10189.90
2004104.77%138,436.80190.90
2004112.73%142,212.59191.00
200412-1.35%140,293.83190.30
200511.68%142,652.46190.70
20052-0.26%142,287.86191.80
20053-2.41%138,860.26193.30
200541.34%140,715.25194.60
200552.18%143,783.82194.40
200561.81%146,383.14194.50
200570.31%146,836.95195.40
200580.28%147,247.64196.40
20059-2.62%143,383.54198.80
2005103.96%149,063.74199.20
2005112.14%152,259.86197.60
2005121.47%154,493.16196.80
20061-0.02%154,467.45198.30
200621.49%156,763.05198.70
200630.80%158,014.54199.80
20064-0.79%156,771.54201.50
20065-2.71%152,529.63202.50
200660.72%153,627.91202.90
200672.29%157,148.69203.50
200682.53%161,126.39203.90
200693.62%166,952.58202.90
2006102.00%170,294.38201.80
2006112.15%173,952.75201.50
2006120.69%175,157.94201.80
200711.60%177,953.55202.42
20072-2.47%173,551.17203.50
200734.18%180,806.06205.35
200743.39%186,938.56206.69
200750.34%187,583.31207.95
200760.57%188,661.20208.35
20077-4.20%180,735.34208.30
200783.07%186,292.49207.92
200792.99%191,865.68208.49
200710-4.81%182,644.02208.94
2007111.24%184,905.55210.18
200712-6.64%172,636.70210.04
20081-1.56%169,936.73211.08
20082-2.63%165,473.11211.69
200834.24%172,495.46213.53
200842.56%176,915.83214.82
20085-4.25%169,402.96216.63
20086-6.08%159,105.85218.82
200872.11%162,463.83219.96
20088-4.85%154,588.34219.09
20089-20.19%123,371.41218.78
200810-8.61%112,754.87216.57
200811-0.35%112,358.86212.43
200812-1.10%111,127.90210.23
20091-6.70%103,679.55211.14
20092-5.69%97,782.84212.19
2009312.32%109,831.40212.71
200946.66%117,145.97213.24
200952.87%120,506.73213.86
200961.28%122,046.37215.69
200978.12%131,957.45215.35
200983.65%136,774.35215.83
200992.40%140,061.18215.97
2009102.09%142,994.52216.18
2009112.23%146,177.37216.33
2009121.36%148,160.95215.95
20101-2.90%143,866.55216.69
201025.94%152,416.59216.74
201034.09%158,647.27217.63
20104-5.88%149,315.01218.01
20105-3.54%144,023.94218.18
20106-0.16%143,794.83217.97
201070.86%145,036.66218.01
201083.37%149,926.07218.31
201094.58%156,788.84218.44
2010102.49%160,694.32218.71
2010113.71%166,662.08218.80
2010123.46%172,432.25219.18
201113.15%177,865.35220.22
20112-1.11%175,886.67221.31
201132.22%179,793.08223.47
201140.66%180,978.34224.91
20115-3.66%174,349.83225.96
201163.10%179,757.70225.72
20117-10.40%161,061.73225.92
20118-0.79%159,790.56226.55
201193.02%164,614.49226.89
2011101.77%167,523.43226.42
2011111.55%170,128.00226.23
2011124.78%178,264.47225.67
201214.16%185,684.92226.67
201222.88%191,039.77227.66
20123-0.04%190,966.78229.39
20124-3.09%185,064.09230.09
20125-1.15%182,931.39229.82
201262.92%188,274.97229.48
201273.39%194,653.16229.10
201283.02%200,533.96230.38
20129-0.22%200,098.53231.41
201210-2.84%194,420.75231.32
2012112.18%198,650.44230.22
2012124.27%207,130.35229.60
201312.33%211,962.75230.28
201322.72%217,733.34232.17
201331.45%220,898.72232.77
201344.57%231,003.23232.53
20135-1.12%228,421.13232.95
201363.25%235,855.05233.50
201370.25%236,450.65233.60
201381.19%239,270.24233.88
201392.12%244,336.91234.15
2013103.86%253,768.30233.55
2013111.52%257,629.80233.07
2013120.97%260,123.16233.05
20141-0.13%259,784.90233.92
201422.72%266,856.95234.78
201430.20%267,395.26236.29
201441.53%271,491.85237.07
201453.20%280,169.59237.90
201461.50%284,360.43238.34
20147-0.43%283,146.35238.25
201481.78%288,180.79237.85
20149-2.65%280,553.84238.03
2014105.71%296,561.27237.43
2014110.63%298,441.14236.15
201412-1.11%295,128.30234.81
201512.83%303,472.75233.71
201520.06%303,640.77234.72
201530.88%306,307.98236.12
201540.98%309,306.44236.60
20155-0.44%307,959.41237.81
20156-0.08%307,714.18238.64
20157-2.42%300,253.97238.65
20158-4.51%286,721.23238.32
201594.32%299,099.33237.95
2015102.93%307,870.33237.84
201511-1.10%304,474.61237.34
201512-6.42%284,928.49236.53
20161-0.55%283,361.65236.92
201626.36%301,391.17237.11
201632.83%309,924.34238.13
20164-0.30%308,981.04239.26
201651.07%312,276.29240.23
201663.30%322,573.41241.02
201671.20%326,441.90240.63
20168-0.44%325,009.89240.85
20169-0.51%323,365.40241.43
2016101.20%327,249.54241.73
2016113.95%340,162.69241.35
2016121.44%345,052.99241.43
201712.58%353,943.09242.84
201721.75%360,134.46243.60
20173-0.15%359,579.84243.80
201741.69%365,665.27244.52
201751.78%372,161.05244.73
201760.99%375,837.57244.96
201770.25%376,768.92244.79
201781.65%382,997.90245.52
201792.73%393,472.12246.82
2017101.59%399,726.63246.66
2017112.88%411,252.70246.67
2017124.86%431,247.38246.52
20181-2.89%418,798.62247.87
201820.06%419,069.08248.99
20183-1.66%412,095.89249.55
201841.96%420,179.65250.55
201852.11%429,057.91251.59
201861.58%435,840.21251.99
201872.45%446,521.81252.01
201881.68%454,022.25252.15
20189-3.85%436,546.99252.44
201810-2.08%427,483.80252.89
201811-5.56%403,704.97252.04
2018121.74%410,711.82251.23
201915.83%434,651.81251.71
201921.95%443,118.92252.78
201933.72%459,617.21254.20
20194-1.53%452,576.85255.55
201951.40%458,934.42256.09
201963.83%476,499.41256.14
20197-3.13%461,563.95256.57
201983.09%475,804.25256.56
201990.01%475,850.89256.76
2019104.43%496,948.65257.35
2019112.47%509,219.91257.21
2019123.35%526,260.43256.97
202010.12%526,902.87257.97
20202-18.92%427,224.92258.68
202034.32%445,675.12258.12
202045.89%471,913.64256.39
202056.51%502,627.06256.39
202063.48%520,100.56257.80
202075.89%550,752.71259.10
20208-0.63%547,299.48259.92
202091.73%556,745.88260.28
2020103.95%578,760.26260.39
2020114.26%603,415.91260.23
2020122.80%620,283.19260.47
202112.49%635,737.73261.58
202120.82%640,959.41263.01
202136.02%679,554.69264.88
202140.76%684,720.88267.05
202151.81%697,117.22269.20
202163.07%718,506.18271.70
202172.19%734,206.70273.00
20218-0.08%733,586.31273.57
202190.45%736,903.41274.31
2021104.74%771,867.59276.59
2021110.27%773,916.16277.95
202112-2.05%758,035.76278.80
20221-2.90%736,033.24281.15
20222-0.89%729,463.53283.72
202230.12%730,326.50287.50
20224-7.87%672,829.86289.11
20225-3.37%650,159.64292.30
202260.46%653,180.83296.31
202276.45%695,293.97296.28
20228-7.28%644,694.62296.17
20229-3.09%624,765.98296.81
2022105.29%657,785.45298.01
2022110.01%657,856.74297.71
2022121.38%666,911.85296.80
202313.15%687,899.38299.17
20232-2.59%670,114.24300.84
202334.00%696,893.49301.84
202340.74%702,034.44303.36
202354.94%736,730.29304.13
202363.88%765,286.27305.11
20237-1.13%756,676.63305.69
202381.31%766,592.48307.03
Click to show 1014 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 1938. This would result in a final amount of $698,876.82, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $766,592.48).

YearMonthContribution ($)Amount ($)
193814.164.06
193824.167.70
193834.1611.43
193844.1615.80
193854.1620.52
193864.1629.71
193874.1634.21
193884.1636.78
193894.1645.68
1938104.1650.06
1938114.1652.82
1938124.1656.30
193914.1660.17
193924.1664.49
193934.1660.23
193944.1667.01
193954.1672.70
193964.1679.03
193974.1682.28
193984.1695.98
193994.16101.51
1939104.16104.17
1939114.16106.17
1939124.32110.31
19401-110.06
19402-109.90
19403-111.46
19404-96.59
19405-88.77
19406-92.21
19407-94.65
19408-99.15
19409-100.61
194010-103.48
194011-99.76
194012-100.48
19411-94.73
19412-95.84
19413-93.40
19414-91.92
19415-95.69
19416-101.16
19417-101.24
19418-102.11
19419-98.60
194110-94.58
194111-89.01
194112-91.34
19421-89.08
19422-84.84
19423-81.91
19424-83.44
19425-88.23
19426-92.10
19427-92.14
19428-93.67
19429-101.14
194210-103.32
194211-104.41
194212-111.20
19431-118.35
19432-123.11
19433-127.77
19434-133.34
19435-136.25
19436-139.62
19437-133.28
19438-136.68
19439-136.00
194310-130.28
194311-132.58
194312-137.44
19441-137.11
19442-141.55
19443-139.70
19444-142.78
19445-150.12
19446-154.65
19447-153.02
19448-151.14
19449-155.50
194410-155.06
194411-159.09
194412-164.48
19451-170.62
19452-171.15
19453-176.12
19454-183.45
19455-187.46
19456-184.28
19457-185.58
19458-198.91
19459-207.89
194510-215.38
194511-219.74
194512-229.19
19461-230.53
19462-224.36
19463-239.55
19464-240.79
19465-239.97
19466-233.86
19467-230.06
19468-196.88
19469-193.20
194610-193.17
194611-199.73
194612-201.56
19471-210.17
19472-202.45
19473-195.77
19474-193.11
19475-200.68
19476-214.11
19477-210.77
19478-206.21
19479-212.45
194710-210.90
194711-208.53
194712-206.73
19481-197.53
19482-201.32
19483-217.80
19484-229.41
19485-239.94
19486-235.24
19487-229.39
19488-227.83
19489-235.10
194810-223.10
194811-222.75
194812-226.38
19491-218.85
19492-222.11
19493-223.03
19494-222.62
19495-211.69
19496-224.94
19497-234.33
19498-238.71
19499-246.21
194910-251.01
194911-259.14
194912-265.96
19501-272.67
19502-276.42
19503-285.78
19504-296.96
19505-303.39
19506-282.99
19507-301.78
19508-314.18
19509-329.01
195010-330.25
195011-330.89
195012-357.40
19511-372.80
19512-368.65
19513-375.76
19514-378.12
19515-373.79
19516-382.63
19517-401.63
19518-414.23
19519-414.34
195110-405.01
195111-419.64
195112-435.73
19521-429.93
19522-433.15
19523-434.03
19524-436.02
19525-450.17
19526-465.33
19527-469.43
19528-464.22
19529-456.74
195210-473.50
195211-494.85
195212-499.74
19531-495.87
19532-500.62
19533-478.23
19534-483.02
19535-468.01
19536-476.97
19537-481.26
19538-461.49
19539-477.72
195310-490.66
195311-499.67
195312-514.78
19541-528.56
19542-542.21
19543-566.34
19544-591.38
19545-598.62
19546-625.30
19547-640.27
19548-657.81
19549-675.64
195410-704.71
195411-739.62
195412-755.66
19551-783.65
19552-780.23
19553-809.94
19554-809.31
19555-859.04
19556-924.70
19557-921.94
19558-966.34
19559-920.68
195510-985.74
195511-997.94
195512-974.11
19561-983.36
19562-1,054.22
19563-1,069.85
19564-1,039.48
19565-1,036.76
19566-1,096.36
19567-1,093.24
19568-1,059.47
19569-1,049.37
195610-1,041.89
195611-1,060.74
195612-1,040.98
19571-999.38
19572-1,015.58
19573-1,042.43
19574-1,085.80
19575-1,107.02
19576-1,132.72
19577-1,073.76
19578-1,033.61
19579-972.66
195710-955.15
195711-958.19
195712-980.50
19581-987.38
19582-1,011.27
19583-1,020.33
19584-1,056.64
19585-1,085.54
19586-1,118.87
19587-1,164.23
19588-1,198.51
19589-1,250.75
195810-1,292.35
195811-1,320.30
195812-1,376.47
19591-1,359.06
19592-1,397.20
19593-1,424.25
19594-1,449.40
19595-1,440.61
19596-1,501.51
19597-1,496.73
19598-1,441.30
19599-1,443.85
195910-1,453.51
195911-1,503.85
195912-1,481.50
19601-1,428.03
19602-1,412.64
19603-1,435.02
19604-1,426.05
19605-1,482.93
19606-1,450.36
19607-1,471.98
19608-1,431.93
19609-1,407.96
196010-1,457.82
196011-1,497.04
196012-1,578.29
19611-1,647.32
19612-1,703.28
19613-1,753.00
19614-1,775.15
19615-1,755.97
19616-1,755.48
19617-1,822.87
19618-1,813.00
19619-1,837.35
196110-1,925.03
196111-1,947.42
196112-1,879.51
19621-1,915.40
19622-1,921.93
19623-1,865.33
19624-1,731.30
19625-1,533.71
19626-1,575.39
19627-1,623.02
19628-1,613.39
19629-1,567.30
196210-1,680.16
196211-1,757.85
196212-1,830.74
19631-1,859.95
19632-1,857.94
19633-1,950.43
19634-1,994.69
19635-1,999.01
19636-1,974.59
19637-2,034.44
19638-2,093.31
19639-2,103.77
196310-2,097.33
196311-2,147.52
196312-2,219.04
19641-2,251.88
19642-2,298.52
19643-2,337.43
19644-2,365.96
19645-2,357.66
19646-2,451.05
19647-2,421.01
19648-2,468.59
19649-2,517.23
196410-2,540.81
196411-2,502.94
196412-2,573.55
19651-2,598.64
19652-2,607.36
19653-2,647.97
19654-2,693.85
19655-2,572.43
19656-2,575.08
19657-2,629.63
19658-2,724.20
19659-2,792.22
196510-2,822.26
196511-2,816.29
196512-2,872.06
19661-2,859.70
19662-2,749.25
19663-2,840.55
19664-2,698.31
19665-2,683.21
19666-2,683.70
19667-2,528.87
19668-2,447.32
19669-2,433.50
196610-2,562.87
196611-2,581.22
196612-2,687.83
19671-2,788.08
19672-2,861.52
19673-2,918.53
19674-2,978.58
19675-2,949.04
19676-3,007.80
19677-3,063.49
19678-3,114.16
19679-3,117.19
196710-3,027.36
196711-3,121.57
196712-3,121.02
19681-2,988.16
19682-2,941.57
19683-3,166.94
19684-3,247.94
19685-3,343.46
19686-3,345.09
19687-3,280.40
19688-3,395.47
19689-3,487.73
196810-3,550.01
196811-3,595.64
196812-3,452.35
19691-3,444.11
19692-3,378.20
19693-3,455.03
19694-3,576.42
19695-3,398.62
19696-3,255.70
19697-3,246.47
19698-3,266.87
19699-3,310.86
196910-3,343.88
196911-3,175.77
196912-3,157.06
19701-3,056.16
19702-3,117.66
19703-3,031.99
19704-2,692.44
19705-2,685.17
19706-2,699.21
19707-2,787.09
19708-2,963.27
19709-3,037.04
197010-3,043.32
197011-3,261.17
197012-3,395.22
19711-3,536.16
19712-3,636.30
19713-3,769.89
19714-3,728.13
19715-3,668.63
19716-3,651.65
19717-3,596.25
19718-3,685.66
19719-3,616.98
197110-3,458.86
197111-3,706.64
197112-3,870.56
19721-3,951.34
19722-4,054.85
19723-4,105.90
19724-4,074.04
19725-4,095.07
19726-4,074.43
19727-4,228.60
19728-4,177.41
19729-4,194.85
197210-4,415.26
197211-4,517.32
197212-4,562.01
19731-4,410.32
19732-4,350.98
19733-4,279.92
19734-4,169.93
19735-4,086.96
19736-4,136.42
19737-4,068.77
19738-4,149.96
19739-4,325.72
197310-4,029.29
197311-3,755.08
197312-3,818.93
19741-3,724.50
19742-3,894.88
19743-3,707.28
19744-3,606.97
19745-3,623.46
19746-3,212.31
19747-3,091.38
19748-2,781.82
19749-2,847.94
197410-2,954.55
197411-2,774.57
197412-3,014.09
19751-3,339.84
19752-3,505.95
19753-3,558.08
19754-3,796.92
19755-3,906.83
19756-3,923.71
19757-3,649.20
19758-3,618.08
19759-3,797.94
197510-3,875.49
197511-3,829.77
197512-4,195.33
19761-4,370.62
19762-4,405.69
19763-4,453.95
19764-4,436.88
19765-4,476.84
19766-4,596.16
19767-4,570.40
19768-4,681.82
19769-4,536.30
197610-4,519.66
197611-4,690.80
197612-4,665.60
19771-4,555.09
19772-4,552.62
19773-4,498.28
19774-4,501.18
19775-4,541.68
19776-4,599.92
19777-4,504.31
19778-4,451.37
19779-4,353.53
197710-4,396.25
197711-4,392.73
197712-4,243.80
19781-4,202.55
19782-4,213.71
19783-4,417.23
19784-4,660.37
19785-4,691.76
19786-4,688.84
19787-5,032.44
19788-5,052.56
19789-4,912.43
197810-4,645.31
197811-4,734.63
197812-4,932.79
19791-4,880.65
19792-4,994.91
19793-5,116.33
19794-5,019.48
19795-5,140.83
19796-5,213.88
19797-5,475.32
19798-5,559.66
19799-5,373.27
197910-5,355.95
197911-5,591.82
197912-5,777.05
19801-6,031.00
19802-5,501.61
19803-5,437.68
19804-5,711.53
19805-6,103.49
19806-6,406.80
19807-6,631.34
19808-6,819.39
19809-7,046.12
198010-7,371.28
198011-7,279.52
198012-7,280.25
19811-7,056.73
19812-7,349.12
19813-7,444.20
19814-7,323.81
19815-7,386.61
19816-7,237.68
19817-7,295.77
19818-6,690.02
19819-6,805.58
198110-7,012.72
198111-7,095.43
198112-6,754.55
19821-6,625.28
19822-6,443.44
19823-6,795.86
19824-6,834.57
19825-6,474.35
19826-6,490.13
19827-6,541.66
19828-7,332.97
19829-7,984.24
198210-8,343.52
198211-8,456.62
198212-8,788.60
19831-8,975.80
19832-9,322.77
19833-9,714.08
19834-10,143.84
19835-10,321.71
19836-10,394.80
19837-10,144.58
19838-10,480.75
19839-10,548.66
198310-10,428.26
198311-10,414.89
198312-10,579.03
19841-10,038.21
19842-10,082.61
19843-10,133.75
19844-10,108.16
19845-9,921.33
19846-9,831.20
19847-10,736.31
19848-10,887.37
19849-10,842.47
198410-10,981.89
198411-10,904.19
198412-11,416.42
19851-12,077.13
19852-12,019.36
19853-12,142.53
19854-12,474.70
19855-12,787.94
19856-13,075.31
19857-12,834.03
19858-12,592.11
19859-12,780.43
198510-13,601.00
198511-14,321.11
198512-14,428.77
19861-15,250.81
19862-16,193.73
19863-16,637.67
19864-16,719.50
19865-17,243.36
19866-16,932.31
19867-17,318.51
19868-16,893.12
19869-16,877.94
198610-17,474.23
198611-17,772.85
198612-18,958.90
19871-20,184.00
19872-21,067.34
19873-20,886.92
19874-20,923.01
19875-21,864.22
19876-22,546.85
19877-24,002.02
19878-23,274.66
19879-20,515.71
198710-17,991.58
198711-17,751.44
198712-18,505.27
19881-19,121.22
19882-19,739.23
19883-19,564.34
19884-19,136.22
19885-20,284.05
19886-20,221.79
19887-19,874.28
19888-20,257.30
19889-21,027.40
198810-20,602.59
198811-21,081.80
198812-21,822.33
19891-22,542.44
19892-22,506.00
19893-23,308.29
19894-24,267.50
19895-25,090.80
19896-25,793.39
19897-27,003.29
19898-27,126.30
19899-27,203.95
198910-26,710.59
198911-27,441.58
198912-26,834.79
19901-26,156.62
19902-26,864.73
19903-26,917.38
19904-27,953.95
19905-28,840.07
19906-28,889.02
19907-26,617.99
19908-25,462.49
19909-24,872.84
199010-25,615.00
199011-26,789.85
199012-26,606.30
19911-29,694.43
19912-30,598.51
19913-31,289.68
19914-31,233.71
19915-31,342.10
19916-31,586.72
19917-32,432.90
19918-32,334.60
19919-32,393.33
199110-32,398.45
199111-32,701.42
199112-35,107.60
19921-34,896.66
19922-34,543.37
19923-34,634.67
19924-35,351.04
19925-34,881.18
19926-35,548.15
19927-35,882.92
19928-36,018.62
19929-35,592.86
199210-36,574.12
199211-37,770.53
199212-37,824.51
19931-38,476.69
19932-39,304.00
19933-38,776.64
19934-39,057.67
19935-39,395.59
19936-39,419.62
19937-40,114.38
19938-40,657.91
19939-41,162.85
199310-41,165.95
199311-41,531.17
199312-42,252.10
19941-42,220.12
19942-41,618.98
19943-40,226.25
19944-40,651.94
19945-41,102.40
19946-40,889.13
19947-42,149.37
19948-42,493.92
19949-42,305.25
199410-42,148.77
199411-41,716.44
199412-42,738.99
19951-44,371.23
19952-45,506.32
19953-46,969.60
19954-48,542.03
19955-50,084.90
19956-51,861.65
19957-52,127.77
19958-54,065.70
19959-54,559.09
199510-55,845.80
199511-57,738.49
199512-57,832.36
19961-61,247.02
19962-61,124.09
19963-61,244.53
19964-62,686.74
19965-63,488.24
19966-61,281.03
19967-63,165.89
19968-64,444.19
19969-67,098.97
199610-70,488.87
199611-71,333.48
199612-73,657.20
19971-76,869.51
19972-76,390.09
19973-73,788.82
19974-80,590.54
19975-84,891.52
19976-89,760.83
19977-90,073.01
19978-91,146.69
19979-92,646.39
199710-91,579.07
199711-93,991.83
199712-94,214.67
19981-100,246.44
19982-105,572.41
19983-109,167.86
19984-108,925.66
19985-109,052.52
19986-113,924.62
19987-105,982.92
19988-100,791.40
19989-102,092.48
199810-113,296.50
199811-117,946.30
199812-123,899.86
19991-123,817.21
19992-127,437.02
19993-132,853.12
19994-132,721.82
19995-131,909.87
19996-137,875.35
19997-132,671.40
19998-131,878.00
19999-130,199.89
199910-139,451.83
199911-143,368.66
199912-143,198.15
20001-139,649.58
20002-145,153.11
20003-147,221.06
20004-143,041.75
20005-147,566.85
20006-148,821.67
20007-150,220.17
20008-148,598.32
20009-140,850.06
200010-139,761.90
200011-135,121.70
200012-135,736.52
20011-132,836.83
20012-120,775.38
20013-121,317.29
20014-129,663.11
20015-126,565.91
20016-123,198.97
20017-120,678.52
20018-107,105.41
20019-110,515.68
200110-116,100.20
200111-117,802.29
200112-117,451.60
20021-113,513.72
20022-119,127.28
20023-114,940.63
20024-111,698.88
20025-105,085.24
20026-93,779.64
20027-94,847.60
20028-90,335.00
20029-89,100.09
200210-95,003.48
200211-94,020.14
200212-93,810.92
20031-87,793.11
20032-88,941.35
20033-93,642.67
20034-98,617.16
20035-104,242.47
20036-104,863.65
20037-104,689.24
20038-107,998.65
20039-110,188.68
200310-111,522.61
200311-114,939.45
200312-120,611.67
20041-121,922.31
20042-120,013.99
20043-121,175.89
20044-118,068.63
20045-121,442.65
20046-118,723.82
20047-117,076.44
20048-120,334.24
20049-120,457.69
200410-126,208.22
200411-129,650.48
200412-127,901.21
20051-130,051.49
20052-129,719.10
20053-126,594.27
20054-128,285.41
20055-131,082.92
20056-133,452.63
20057-133,866.36
20058-134,240.77
20059-130,717.99
200510-135,896.44
200511-138,810.24
200512-140,846.27
20061-140,822.83
20062-142,915.65
20063-144,056.59
20064-142,923.39
20065-139,056.18
20066-140,057.44
20067-143,267.22
20068-146,893.56
20069-152,205.11
200610-155,251.71
200611-158,586.93
200612-159,685.66
20071-162,234.32
20072-158,220.82
20073-164,834.86
20074-170,425.65
20075-171,013.45
20076-171,996.13
20077-164,770.39
20078-169,836.66
20079-174,917.54
200710-166,510.46
200711-168,572.23
200712-157,387.13
20081-154,925.65
20082-150,856.32
20083-157,258.36
20084-161,288.27
20085-154,439.03
20086-145,051.50
20087-148,112.86
20088-140,933.04
20089-112,473.61
200810-102,794.86
200811-102,433.83
200812-101,311.61
20091-94,521.19
20092-89,145.36
20093-100,129.63
20094-106,798.08
20095-109,861.97
20096-111,265.61
20097-120,301.21
20098-124,692.61
20099-127,689.11
200910-130,363.34
200911-133,265.04
200912-135,073.40
20101-131,158.34
20102-138,953.13
20103-144,633.43
20104-136,125.52
20105-131,301.82
20106-131,092.96
20107-132,225.09
20108-136,682.61
20109-142,939.16
201010-146,499.66
201011-151,940.27
201012-157,200.73
20111-162,153.91
20112-160,350.02
20113-163,911.36
20114-164,991.92
20115-158,948.93
20116-163,879.10
20117-146,834.62
20118-145,675.73
20119-150,073.55
201110-152,725.53
201111-155,100.03
201112-162,517.78
20121-169,282.76
20122-174,164.60
20123-174,098.05
20124-168,716.76
20125-166,772.45
20126-171,644.02
20127-177,458.80
20128-182,820.13
20129-182,423.16
201210-177,246.92
201211-181,102.99
201212-188,833.84
20131-193,239.38
20132-198,500.23
20133-201,386.01
20134-210,597.95
20135-208,243.94
20136-215,021.19
20137-215,564.18
20138-218,134.71
20139-222,753.82
201310-231,352.10
201311-234,872.50
201312-237,145.61
20141-236,837.24
20142-243,284.59
20143-243,775.35
20144-247,510.07
20145-255,421.28
20146-259,241.93
20147-258,135.10
20148-262,724.82
20149-255,771.59
201410-270,365.03
201411-272,078.84
201412-269,058.64
20151-276,666.00
20152-276,819.17
20153-279,250.78
20154-281,984.38
20155-280,756.33
20156-280,532.77
20157-273,731.54
20158-261,394.20
20159-272,678.89
201510-280,675.12
201511-277,579.36
201512-259,759.81
20161-258,331.37
20162-274,768.29
20163-282,547.70
20164-281,687.72
20165-284,691.89
20166-294,079.43
20167-297,606.20
20168-296,300.69
20169-294,801.46
201610-298,342.50
201611-310,114.99
201612-314,573.31
20171-322,678.12
20172-328,322.59
20173-327,816.96
20174-333,364.85
20175-339,286.83
20176-342,638.59
20177-343,487.67
20178-349,166.43
20179-358,715.43
201710-364,417.45
201711-374,925.38
201712-393,153.87
20181-381,804.75
20182-382,051.32
20183-375,694.09
20184-383,063.78
20185-391,157.81
20186-397,341.00
20187-407,079.05
20188-413,916.96
20189-397,985.35
201810-389,722.74
201811-368,044.37
201812-374,432.28
20191-396,257.57
20192-403,976.76
20193-419,017.70
20194-412,599.23
20195-418,395.22
20196-434,408.64
20197-420,792.48
20198-433,774.88
20199-433,817.40
201910-453,051.53
201911-464,238.82
201912-479,774.10
20201-480,359.79
20202-389,486.72
20203-406,307.15
20204-430,227.94
20205-458,228.34
20206-474,158.35
20207-502,102.90
20208-498,954.70
20209-507,566.67
202010-527,636.44
202011-550,114.18
202012-565,491.52
20211-579,580.90
20212-584,341.34
20213-619,527.37
20214-624,237.21
20215-635,538.54
20216-655,038.15
20217-669,351.79
20218-668,786.20
20219-671,810.29
202110-703,685.97
202111-705,553.58
202112-691,075.95
20221-671,016.99
20222-665,027.60
20223-665,814.34
20224-613,396.57
20225-592,728.88
20226-595,483.20
20227-633,876.35
20228-587,746.61
20229-569,578.33
202210-599,681.08
202211-599,746.07
202212-608,001.31
20231-627,134.94
20232-610,920.83
20233-635,334.58
20234-640,021.41
20235-671,652.46
20236-697,685.99
20237-689,836.88
20238-698,876.82
Click to show 1014 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 1938 to 2023
Start Value
Average monthly close
$11.31
End Value
Average monthly close
$3,960.66
Change in price+34,919.07%
+7.14% / yr
Change incl. dividends+766,492.48%
+11.01% / yr
Change incl. dividends, inflation-adjusted+35,373.83%
+7.09% / yr
Final amount, nominal
($100 base)
$766,592.48
Final amount, inflation-adjusted
($100 base)
$35,473.83