S&P 500: $100 in 1945 → $350,434.16 in 2022

$

Stock market returns since 1945

If you invested $100 in the S&P 500 at the beginning of 1945, you would have about $350,434.16 at the end of 2022, assuming you reinvested all dividends. This is a return on investment of 350,334.16%, or 11.06% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 21,066.31% cumulatively, or 7.12% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $284,334.97.

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 $350,334.16, or 350,334.16%. This means by 2022 you would have $350,434.16 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 1945 was 18.000 and the CPI in 2022 was 298.012.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 77 years.

Adjusted for inflation, the $350,434.16 nominal end value of the original $100 investment would have a real return of roughly $21,066.31 in 1945 dollars. This means the inflation-adjusted return is 21,066.31% as opposed to the original 350,334.16%.

For more information on inflation, see our U.S. inflation calculator for 1945.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 934-month period between 1945 and 2022.

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

YearMonthReturn (%)Amount ($)CPI
194513.73%103.7317.80
194520.31%104.0617.80
194532.90%107.0817.80
194544.16%111.5317.80
194552.19%113.9717.90
19456-1.70%112.0418.10
194570.71%112.8318.10
194587.18%120.9318.10
194594.51%126.3918.10
1945103.61%130.9518.10
1945112.02%133.6018.10
1945124.30%139.3518.20
194610.59%140.1618.20
19462-2.68%136.4118.10
194636.77%145.6418.30
194640.52%146.4018.40
19465-0.34%145.9018.50
19466-2.55%142.1818.70
19467-1.62%139.8819.80
19468-14.42%119.7020.20
19469-1.87%117.4620.40
194610-0.01%117.4520.80
1946113.39%121.4321.30
1946120.92%122.5521.50
194714.27%127.7821.50
19472-3.67%123.0921.50
19473-3.30%119.0321.90
19474-1.36%117.4121.90
194753.92%122.0121.90
194766.69%130.1822.00
19477-1.56%128.1522.20
19478-2.17%125.3722.50
194793.03%129.1723.00
194710-0.73%128.2223.00
194711-1.12%126.7823.10
194712-0.86%125.6923.40
19481-4.45%120.1023.70
194821.92%122.4023.50
194838.19%132.4223.40
194845.33%139.4823.80
194854.59%145.8823.90
19486-1.96%143.0224.10
19487-2.49%139.4724.40
19488-0.68%138.5224.50
194893.19%142.9424.50
194810-5.10%135.6524.40
194811-0.16%135.4324.20
1948121.63%137.6424.10
19491-3.33%133.0624.00
194921.49%135.0423.80
194930.41%135.6023.80
19494-0.18%135.3523.90
19495-4.91%128.7023.80
194966.26%136.7623.90
194974.17%142.4723.70
194981.87%145.1323.80
194993.14%149.6923.90
1949101.95%152.6123.70
1949113.24%157.5623.80
1949122.63%161.7023.60
195012.52%165.7823.50
195021.38%168.0623.50
195033.39%173.7523.60
195043.91%180.5523.60
195052.16%184.4623.70
19506-6.72%172.0623.80
195076.64%183.4824.10
195084.11%191.0224.30
195094.72%200.0324.40
1950100.38%200.7924.60
1950110.19%201.1824.70
1950128.01%217.3025.00
195114.31%226.6625.40
19512-1.11%224.1425.70
195131.93%228.4625.80
195140.63%229.8925.80
19515-1.15%227.2625.90
195162.37%232.6425.90
195174.97%244.1925.90
195183.14%251.8525.90
195190.03%251.9226.10
195110-2.25%246.2426.20
1951113.61%255.1426.40
1951123.83%264.9226.50
19521-1.33%261.3926.50
195220.75%263.3526.30
195230.20%263.8926.30
195240.46%265.1026.40
195253.24%273.7026.40
195263.37%282.9226.50
195270.88%285.4126.70
19528-1.11%282.2426.70
19529-1.61%277.7026.70
1952103.67%287.8826.70
1952114.51%300.8626.70
1952120.99%303.8426.70
19531-0.77%301.4926.60
195320.96%304.3726.50
19533-4.47%290.7626.60
195341.00%293.6726.60
19535-3.11%284.5526.70
195361.91%289.9926.80
195370.90%292.6026.80
19538-4.11%280.5826.90
195393.52%290.4526.90
1953102.71%298.3227.00
1953111.84%303.7926.90
1953123.02%312.9826.90
195412.68%321.3626.90
195422.58%329.6626.90
195434.45%344.3326.90
195444.42%359.5626.80
195451.22%363.9526.90
195464.46%380.1826.90
195472.39%389.2826.90
195482.74%399.9426.90
195492.71%410.7826.80
1954104.30%428.4626.80
1954114.95%449.6826.80
1954122.17%459.4326.70
195513.70%476.4526.70
19552-0.44%474.3726.70
195533.81%492.4426.70
19554-0.08%492.0526.70
195556.15%522.2926.70
195567.64%562.2126.70
19557-0.30%560.5326.80
195584.82%587.5326.80
19559-4.72%559.7726.90
1955107.07%599.3226.90
1955111.24%606.7426.90
195512-2.39%592.2526.80
195610.95%597.8726.80
195627.21%640.9526.80
195631.48%650.4626.80
19564-2.84%631.9926.90
19565-0.26%630.3427.00
195665.75%666.5827.20
19567-0.28%664.6827.40
19568-3.09%644.1527.30
19569-0.95%638.0027.40
195610-0.71%633.4627.50
1956111.81%644.9227.50
195612-1.86%632.9127.60
19571-4.00%607.6227.60
195721.62%617.4627.70
195732.64%633.7927.80
195744.16%660.1627.90
195751.95%673.0628.00
195762.32%688.6928.10
19577-5.21%652.8428.30
19578-3.74%628.4328.30
19579-5.90%591.3728.30
195710-1.80%580.7228.30
1957110.32%582.5728.40
1957122.33%596.1428.40
195810.70%600.3228.60
195822.42%614.8428.60
195830.90%620.3528.80
195843.56%642.4228.90
195852.74%660.0028.90
195863.07%680.2628.90
195874.05%707.8429.00
195882.94%728.6828.90
195894.36%760.4428.90
1958103.33%785.7428.90
1958112.16%802.7329.00
1958124.25%836.8828.90
19591-1.27%826.3029.00
195922.81%849.4828.90
195931.94%865.9328.90
195941.77%881.2229.00
19595-0.61%875.8829.00
195964.23%912.9129.10
19597-0.32%910.0029.20
19598-3.70%876.3029.20
195990.18%877.8529.30
1959100.67%883.7229.40
1959113.46%914.3329.40
195912-1.49%900.7429.40
19601-3.61%868.2329.30
19602-1.08%858.8729.40
196031.58%872.4829.40
19604-0.62%867.0329.50
196053.99%901.6129.50
19606-2.20%881.8129.60
196071.49%894.9529.60
19608-2.72%870.6029.60
19609-1.67%856.0329.60
1960103.54%886.3429.80
1960112.69%910.1929.80
1960125.43%959.5829.80
196114.37%1,001.5629.80
196123.40%1,035.5829.80
196132.92%1,065.8129.80
196141.26%1,079.2729.80
19615-1.08%1,067.6229.80
19616-0.03%1,067.3229.80
196173.84%1,108.2930.00
19618-0.54%1,102.2929.90
196191.34%1,117.0930.00
1961104.77%1,170.4030.00
1961111.16%1,184.0130.00
196112-3.49%1,142.7230.00
196211.91%1,164.5430.00
196220.34%1,168.5130.10
19623-2.94%1,134.1030.10
19624-7.19%1,052.6230.20
19625-11.41%932.4830.20
196262.72%957.8230.20
196273.02%986.7830.30
19628-0.59%980.9230.30
19629-2.86%952.9130.40
1962107.20%1,021.5230.40
1962114.62%1,068.7630.40
1962124.15%1,113.0730.40
196311.60%1,130.8330.40
19632-0.11%1,129.6130.40
196334.98%1,185.8430.50
196342.27%1,212.7630.50
196350.22%1,215.3830.50
19636-1.22%1,200.5330.60
196373.03%1,236.9230.70
196382.89%1,272.7130.70
196390.50%1,279.0830.70
196310-0.31%1,275.1530.80
1963112.39%1,305.6730.80
1963123.33%1,349.1630.90
196411.48%1,369.1230.90
196422.07%1,397.4830.90
196431.69%1,421.1430.90
196441.22%1,438.4830.90
19645-0.35%1,433.4430.90
196463.96%1,490.2131.00
19647-1.23%1,471.9531.10
196481.97%1,500.8831.00
196491.97%1,530.4531.10
1964100.94%1,544.7931.10
196411-1.49%1,521.7731.20
1964122.82%1,564.6931.20
196510.98%1,579.9531.20
196520.34%1,585.2531.20
196531.56%1,609.9431.30
196541.73%1,637.8431.40
19655-4.51%1,564.0231.40
196560.10%1,565.6231.60
196572.12%1,598.7931.60
196583.60%1,656.2931.60
196592.50%1,697.6431.60
1965101.08%1,715.9131.70
196511-0.21%1,712.2831.70
1965121.98%1,746.1931.80
19661-0.43%1,738.6731.80
19662-3.86%1,671.5232.00
196633.32%1,727.0332.10
19664-5.01%1,640.5532.30
19665-0.56%1,631.3732.30
196660.02%1,631.6732.40
19667-5.77%1,537.5332.50
19668-3.22%1,487.9532.70
19669-0.56%1,479.5532.70
1966105.32%1,558.2032.90
1966110.72%1,569.3632.90
1966124.13%1,634.1732.90
196713.73%1,695.1332.90
196722.63%1,739.7832.90
196731.99%1,774.4433.00
196742.06%1,810.9533.10
19675-0.99%1,792.9933.20
196761.99%1,828.7133.30
196771.85%1,862.5833.40
196781.65%1,893.3833.50
196790.10%1,895.2333.60
196710-2.88%1,840.6133.70
1967113.11%1,897.8833.80
196712-0.02%1,897.5533.90
19681-4.26%1,816.7734.10
19682-1.56%1,788.4534.20
196837.66%1,925.4734.30
196842.56%1,974.7234.40
196852.94%2,032.7934.50
196860.05%2,033.7934.70
19687-1.93%1,994.4534.90
196883.51%2,064.4135.00
196892.72%2,120.5135.10
1968101.79%2,158.3735.30
1968111.29%2,186.1235.40
196812-3.99%2,099.0035.50
19691-0.24%2,093.9935.60
19692-1.91%2,053.9135.80
196932.27%2,100.6336.10
196943.51%2,174.4336.30
19695-4.97%2,066.3336.40
19696-4.21%1,979.4436.60
19697-0.28%1,973.8236.80
196980.63%1,986.2337.00
196991.35%2,012.9737.10
1969101.00%2,033.0537.30
196911-5.03%1,930.8437.50
196912-0.59%1,919.4737.70
19701-3.20%1,858.1237.80
197022.01%1,895.5138.00
19703-2.75%1,843.4238.20
19704-11.20%1,636.9838.50
19705-0.27%1,632.5638.60
197060.52%1,641.0938.80
197073.26%1,694.5239.00
197086.32%1,801.6439.00
197092.49%1,846.4939.20
1970100.21%1,850.3139.40
1970117.16%1,982.7639.60
1970124.11%2,064.2639.80
197114.15%2,149.9539.80
197122.83%2,210.8439.90
197133.67%2,292.0640.00
19714-1.11%2,266.6740.10
19715-1.60%2,230.4940.30
19716-0.46%2,220.1740.60
19717-1.52%2,186.4940.70
197182.49%2,240.8540.80
19719-1.86%2,199.0940.80
197110-4.37%2,102.9540.90
1971117.16%2,253.6040.90
1971124.42%2,353.2741.10
197212.09%2,402.3841.10
197222.62%2,465.3141.30
197231.26%2,496.3541.40
19724-0.78%2,476.9841.50
197250.52%2,489.7641.60
19726-0.50%2,477.2241.70
197273.78%2,570.9541.90
19728-1.21%2,539.8342.00
197290.42%2,550.4342.10
1972105.25%2,684.4442.30
1972112.31%2,746.4942.40
1972120.99%2,773.6642.50
19731-3.33%2,681.4342.60
19732-1.35%2,645.3642.90
19733-1.63%2,602.1543.30
19734-2.57%2,535.2843.60
19735-1.99%2,484.8343.90
197361.21%2,514.9144.20
19737-1.64%2,473.7844.30
197382.00%2,523.1445.10
197394.24%2,630.0045.20
197310-6.85%2,449.7745.60
197311-6.81%2,283.0645.90
1973121.70%2,321.8846.20
19741-2.47%2,264.4646.60
197424.57%2,368.0547.20
19743-4.82%2,253.9947.80
19744-2.71%2,193.0148.00
197450.46%2,203.0348.60
19746-11.35%1,953.0649.00
19747-3.76%1,879.5349.40
19748-10.01%1,691.3250.00
197492.38%1,731.5250.60
1974103.74%1,796.3451.10
197411-6.09%1,686.9151.50
1974128.63%1,832.5451.90
1975110.81%2,030.5952.10
197524.97%2,131.5852.50
197531.49%2,163.2852.70
197546.71%2,308.5052.90
197552.89%2,375.3253.20
197560.43%2,385.5853.60
19757-7.00%2,218.6854.20
19758-0.85%2,199.7654.30
197594.97%2,309.1254.60
1975102.04%2,356.2654.90
197511-1.18%2,328.4755.30
1975129.55%2,550.7255.50
197614.18%2,657.3055.60
197620.80%2,678.6255.80
197631.10%2,707.9655.90
19764-0.38%2,697.5856.10
197650.90%2,721.8856.50
197662.67%2,794.4256.80
19767-0.56%2,778.7657.10
197682.44%2,846.5057.40
19769-3.11%2,758.0357.60
197610-0.37%2,747.9157.90
1976113.79%2,851.9658.00
197612-0.54%2,836.6458.20
19771-2.37%2,769.4558.50
19772-0.05%2,767.9559.10
19773-1.19%2,734.9159.50
197740.06%2,736.6860.00
197750.90%2,761.3060.30
197761.28%2,796.7160.70
19777-2.08%2,738.5861.00
19778-1.18%2,706.3961.20
19779-2.20%2,646.9161.40
1977100.98%2,672.8861.60
197711-0.08%2,670.7461.90
197712-3.39%2,580.1962.10
19781-0.97%2,555.1162.50
197820.27%2,561.9062.90
197834.83%2,685.6463.40
197845.50%2,833.4663.90
197850.67%2,852.5564.50
19786-0.06%2,850.7765.20
197877.33%3,059.6865.70
197880.40%3,071.9166.00
19789-2.77%2,986.7166.50
197810-5.44%2,824.3067.10
1978111.92%2,878.6167.40
1978124.19%2,999.0967.70
19791-1.06%2,967.3968.30
197922.34%3,036.8669.10
197932.43%3,110.6869.80
19794-1.89%3,051.8070.60
197952.42%3,125.5871.50
197961.42%3,169.9972.30
197975.01%3,328.9473.10
197981.54%3,380.2273.80
19799-3.35%3,266.9074.60
197910-0.32%3,256.3775.20
1979114.40%3,399.7875.90
1979123.31%3,512.3976.70
198014.40%3,666.7977.80
19802-8.78%3,344.9378.90
19803-1.16%3,306.0680.10
198045.04%3,472.5681.00
198056.86%3,710.8781.80
198064.97%3,895.2882.70
198073.50%4,031.7982.70
198082.84%4,146.1383.30
198093.32%4,283.9884.00
1980104.61%4,481.6784.80
198011-1.24%4,425.8885.50
1980120.01%4,426.3386.30
19811-3.07%4,290.4387.00
198124.14%4,468.2087.90
198131.29%4,526.0088.50
19814-1.62%4,452.8189.10
198150.86%4,490.9989.80
19816-2.02%4,400.4490.60
198170.80%4,435.7691.60
19818-8.30%4,067.4792.30
198191.73%4,137.7393.20
1981103.04%4,263.6793.40
1981111.18%4,313.9593.70
198112-4.80%4,106.7194.00
19821-1.91%4,028.1194.30
19822-2.74%3,917.5694.60
198235.47%4,131.8294.50
198240.57%4,155.3694.90
19825-5.27%3,936.3495.80
198260.24%3,945.9497.00
198270.79%3,977.2797.50
1982812.10%4,458.3897.70
198298.88%4,854.3497.90
1982104.50%5,072.7898.20
1982111.36%5,141.5598.00
1982123.93%5,343.3997.60
198312.13%5,457.2197.80
198323.87%5,668.1697.90
198334.20%5,906.0797.90
198344.42%6,167.3698.60
198351.75%6,275.5099.20
198360.71%6,319.9499.50
19837-2.41%6,167.8199.90
198383.31%6,372.20100.20
198390.65%6,413.49100.70
198310-1.14%6,340.28101.00
198311-0.13%6,332.16101.20
1983121.58%6,431.95101.30
19841-5.11%6,103.14101.90
198420.44%6,130.14102.40
198430.51%6,161.23102.60
19844-0.25%6,145.67103.10
19845-1.85%6,032.08103.40
19846-0.91%5,977.28103.70
198479.21%6,527.58104.10
198481.41%6,619.42104.50
19849-0.41%6,592.12105.00
1984101.29%6,676.89105.30
198411-0.71%6,629.65105.30
1984124.70%6,941.08105.30
198515.79%7,342.78105.50
19852-0.48%7,307.66106.00
198531.02%7,382.55106.40
198542.74%7,584.50106.90
198552.51%7,774.95107.30
198562.25%7,949.67107.60
19857-1.85%7,802.97107.80
19858-1.88%7,655.89108.00
198591.50%7,770.39108.30
1985106.42%8,269.29108.70
1985115.29%8,707.10109.00
1985120.75%8,772.56109.30
198615.70%9,272.35109.60
198626.18%9,845.64109.30
198632.74%10,115.55108.80
198640.49%10,165.30108.60
198653.13%10,483.81108.90
19866-1.80%10,294.69109.50
198672.28%10,529.49109.50
19868-2.46%10,270.86109.70
19869-0.09%10,261.63110.20
1986103.53%10,624.17110.30
1986111.71%10,805.73110.40
1986126.67%11,526.84110.50
198716.46%12,271.69111.20
198724.38%12,808.75111.60
19873-0.86%12,699.05112.10
198740.17%12,721.00112.70
198754.50%13,293.25113.10
198763.12%13,708.28113.50
198776.45%14,593.01113.80
19878-3.03%14,150.78114.40
19879-11.85%12,473.36115.00
198710-12.30%10,938.71115.30
198711-1.33%10,792.72115.40
1987124.25%11,251.03115.40
198813.33%11,625.53115.70
198823.23%12,001.27116.00
19883-0.89%11,894.94116.50
19884-2.19%11,634.65117.10
198856.00%12,332.52117.50
19886-0.31%12,294.67118.00
19887-1.72%12,083.38118.50
198881.93%12,316.25119.00
198893.80%12,784.47119.80
198810-2.02%12,526.19120.20
1988112.33%12,817.54120.30
1988123.51%13,267.78120.50
198913.30%13,705.60121.10
19892-0.16%13,683.44121.60
198933.56%14,171.23122.30
198944.12%14,754.42123.10
198953.39%15,254.98123.80
198962.80%15,682.14124.10
198974.69%16,417.75124.40
198980.46%16,492.54124.60
198990.29%16,539.75125.00
198910-1.81%16,239.80125.60
1989112.74%16,684.23125.90
198912-2.21%16,315.31126.10
19901-2.53%15,902.99127.40
199022.71%16,333.51128.00
199030.20%16,365.52128.70
199043.85%16,995.74128.90
199053.17%17,534.50129.20
199060.17%17,564.26129.90
19907-7.86%16,183.50130.40
19908-4.34%15,480.96131.60
19909-2.32%15,122.46132.70
1990102.98%15,573.68133.50
1990114.59%16,287.99133.80
199012-0.69%16,176.39133.80
1991111.61%18,053.94134.60
199123.04%18,603.62134.80
199132.26%19,023.84135.00
19914-0.18%18,989.81135.20
199150.35%19,055.71135.60
199160.78%19,204.43136.00
199172.68%19,718.91136.20
19918-0.30%19,659.14136.60
199190.18%19,694.85137.20
1991100.02%19,697.96137.40
1991110.94%19,882.16137.80
1991127.36%21,345.10137.90
19921-0.60%21,216.85138.10
19922-1.01%21,002.05138.60
199230.26%21,057.56139.30
199242.07%21,493.11139.50
19925-1.33%21,207.44139.70
199261.91%21,612.95140.20
199270.94%21,816.49140.50
199280.38%21,898.99140.90
19929-1.18%21,640.13141.30
1992102.76%22,236.73141.80
1992113.27%22,964.14142.00
1992120.14%22,996.95141.90
199311.72%23,393.48142.60
199322.15%23,896.47143.10
19933-1.34%23,575.84143.60
199340.72%23,746.70144.00
199350.87%23,952.16144.20
199360.06%23,966.77144.40
199371.76%24,389.17144.40
199381.35%24,719.64144.80
199391.24%25,026.64145.10
1993100.01%25,028.52145.70
1993110.89%25,250.57145.80
1993121.74%25,688.89145.80
19941-0.08%25,669.44146.20
19942-1.42%25,303.96146.70
19943-3.35%24,457.19147.20
199441.06%24,716.01147.40
199451.11%24,989.89147.50
19946-0.52%24,860.22148.00
199473.08%25,626.43148.40
199480.82%25,835.92149.00
19949-0.44%25,721.20149.40
199410-0.37%25,626.07149.50
199411-1.03%25,363.22149.70
1994122.45%25,984.91149.70
199513.82%26,977.30150.30
199522.56%27,667.43150.90
199533.22%28,557.09151.40
199543.35%29,513.11151.90
199553.18%30,451.16152.20
199563.55%31,531.41152.50
199570.51%31,693.21152.50
199583.72%32,871.45152.90
199590.91%33,171.43153.20
1995102.36%33,953.74153.70
1995113.39%35,104.48153.60
1995120.16%35,161.55153.50
199615.90%37,237.63154.40
19962-0.20%37,162.89154.90
199630.20%37,236.12155.70
199642.35%38,112.96156.30
199651.28%38,600.27156.60
19966-3.48%37,258.31156.70
199673.08%38,404.28157.00
199682.02%39,181.48157.30
199694.12%40,795.56157.80
1996105.05%42,856.59158.30
1996111.20%43,370.11158.60
1996123.26%44,782.90158.60
199714.36%46,735.96159.10
19972-0.62%46,444.47159.60
19973-3.41%44,862.93160.00
199749.22%48,998.31160.20
199755.34%51,613.27160.10
199765.74%54,573.77160.30
199770.35%54,763.57160.50
199781.19%55,416.35160.80
199791.65%56,328.16161.20
199710-1.15%55,679.24161.60
1997112.63%57,146.17161.50
1997120.24%57,281.66161.30
199816.40%60,948.92161.60
199825.31%64,187.06161.90
199833.41%66,373.06162.20
19984-0.22%66,225.81162.50
199850.12%66,302.93162.80
199864.47%69,265.13163.00
19987-6.97%64,436.65163.20
19988-4.90%61,280.25163.40
199891.29%62,071.29163.60
19981010.97%68,883.24164.00
1998114.10%71,710.28164.00
1998125.05%75,329.99163.90
19991-0.07%75,279.73164.30
199922.92%77,480.54164.50
199934.25%80,773.48165.00
19994-0.10%80,693.65166.20
19995-0.61%80,200.00166.20
199964.52%83,826.95166.20
19997-3.77%80,663.00166.70
19998-0.60%80,180.62167.10
19999-1.27%79,160.35167.90
1999107.11%84,785.44168.20
1999112.81%87,166.83168.30
199912-0.12%87,063.16168.30
20001-2.48%84,905.67168.80
200023.94%88,251.77169.80
200031.42%89,509.06171.20
20004-2.84%86,968.08171.30
200053.16%89,719.30171.50
200060.85%90,482.22172.40
200070.94%91,332.49172.80
20008-1.08%90,346.42172.80
20009-5.21%85,635.55173.70
200010-0.77%84,973.96174.00
200011-3.32%82,152.76174.10
2000120.46%82,526.56174.00
20011-2.14%80,763.58175.10
20012-9.08%73,430.33175.80
200130.45%73,759.80176.20
200146.88%78,833.99176.90
20015-2.39%76,950.92177.70
20016-2.66%74,903.85178.00
20017-2.05%73,371.44177.50
20018-11.25%65,119.11177.50
200193.18%67,192.53178.30
2001105.05%70,587.86177.70
2001111.47%71,622.71177.40
200112-0.30%71,409.50176.70
20021-3.35%69,015.31177.10
200224.95%72,428.30177.80
20023-3.51%69,882.86178.80
20024-2.82%67,911.90179.80
20025-5.92%63,890.86179.80
20026-10.76%57,017.17179.90
200271.14%57,666.47180.10
20028-4.76%54,922.86180.70
20029-1.37%54,172.04181.00
2002106.63%57,761.25181.30
200211-1.04%57,163.38181.30
200212-0.22%57,036.19180.90
20031-6.41%53,377.41181.70
200321.31%54,075.53183.10
200335.29%56,933.89184.20
200345.31%59,958.33183.80
200355.70%63,378.47183.50
200360.60%63,756.14183.70
20037-0.17%63,650.10183.90
200383.16%65,662.19184.60
200392.03%66,993.71185.20
2003101.21%67,804.73185.00
2003113.06%69,882.14184.50
2003124.93%73,330.79184.30
200411.09%74,127.65185.20
20042-1.57%72,967.41186.20
200430.97%73,673.83187.40
20044-2.56%71,784.65188.00
200452.86%73,836.02189.10
20046-2.24%72,183.00189.70
20047-1.39%71,181.41189.40
200482.78%73,162.12189.50
200490.10%73,237.18189.90
2004104.77%76,733.44190.90
2004112.73%78,826.31191.00
200412-1.35%77,762.77190.30
200511.68%79,070.12190.70
20052-0.26%78,868.03191.80
20053-2.41%76,968.16193.30
200541.34%77,996.36194.60
200552.18%79,697.22194.40
200561.81%81,137.98194.50
200570.31%81,389.52195.40
200580.28%81,617.16196.40
20059-2.62%79,475.35198.80
2005103.96%82,623.80199.20
2005112.14%84,395.36197.60
2005121.47%85,633.24196.80
20061-0.02%85,619.00198.30
200621.49%86,891.41198.70
200630.80%87,585.09199.80
20064-0.79%86,896.12201.50
20065-2.71%84,544.89202.50
200660.72%85,153.65202.90
200672.29%87,105.16203.50
200682.53%89,309.95203.90
200693.62%92,539.32202.90
2006102.00%94,391.62201.80
2006112.15%96,419.40201.50
2006120.69%97,087.42201.80
200711.60%98,636.99202.42
20072-2.47%96,196.81203.50
200734.18%100,218.09205.35
200743.39%103,617.24206.69
200750.34%103,974.62207.95
200760.57%104,572.08208.35
20077-4.20%100,178.89208.30
200783.07%103,259.14207.92
200792.99%106,348.27208.49
200710-4.81%101,236.84208.94
2007111.24%102,490.38210.18
200712-6.64%95,689.94210.04
20081-1.56%94,193.38211.08
20082-2.63%91,719.26211.69
200834.24%95,611.65213.53
200842.56%98,061.80214.82
20085-4.25%93,897.52216.63
20086-6.08%88,189.99218.82
200872.11%90,051.27219.96
20088-4.85%85,686.00219.09
20089-20.19%68,382.92218.78
200810-8.61%62,498.34216.57
200811-0.35%62,278.83212.43
200812-1.10%61,596.53210.23
20091-6.70%57,468.02211.14
20092-5.69%54,199.56212.19
2009312.32%60,877.90212.71
200946.66%64,932.26213.24
200952.87%66,795.07213.86
200961.28%67,648.48215.69
200978.12%73,142.04215.35
200983.65%75,811.97215.83
200992.40%77,633.81215.97
2009102.09%79,259.72216.18
2009112.23%81,023.93216.33
2009121.36%82,123.40215.95
20101-2.90%79,743.07216.69
201025.94%84,482.23216.74
201034.09%87,935.81217.63
20104-5.88%82,763.07218.01
20105-3.54%79,830.31218.18
20106-0.16%79,703.32217.97
201070.86%80,391.65218.01
201083.37%83,101.78218.31
201094.58%86,905.71218.44
2010102.49%89,070.45218.71
2010113.71%92,378.29218.80
2010123.46%95,576.61219.18
201113.15%98,588.10220.22
20112-1.11%97,491.34221.31
201132.22%99,656.61223.47
201140.66%100,313.58224.91
20115-3.66%96,639.50225.96
201163.10%99,637.00225.72
20117-10.40%89,274.11225.92
20118-0.79%88,569.51226.55
201193.02%91,243.34226.89
2011101.77%92,855.73226.42
2011111.55%94,299.40226.23
2011124.78%98,809.33225.67
201214.16%102,922.37226.67
201222.88%105,890.48227.66
20123-0.04%105,850.02229.39
20124-3.09%102,578.25230.09
20125-1.15%101,396.13229.82
201262.92%104,358.00229.48
201273.39%107,893.33229.10
201283.02%111,152.97230.38
20129-0.22%110,911.62231.41
201210-2.84%107,764.51231.32
2012112.18%110,108.96230.22
2012124.27%114,809.25229.60
201312.33%117,487.78230.28
201322.72%120,686.33232.17
201331.45%122,440.85232.77
201344.57%128,041.63232.53
20135-1.12%126,610.41232.95
201363.25%130,730.92233.50
201370.25%131,061.05233.60
201381.19%132,623.91233.88
201392.12%135,432.29234.15
2013103.86%140,659.97233.55
2013111.52%142,800.34233.07
2013120.97%144,182.37233.05
20141-0.13%143,994.88233.92
201422.72%147,914.81234.78
201430.20%148,213.19236.29
201441.53%150,483.86237.07
201453.20%155,293.81237.90
201461.50%157,616.73238.34
20147-0.43%156,943.78238.25
201481.78%159,734.29237.85
20149-2.65%155,506.79238.03
2014105.71%164,379.47237.43
2014110.63%165,421.45236.15
201412-1.11%163,585.20234.81
201512.83%168,210.40233.71
201520.06%168,303.53234.72
201530.88%169,781.92236.12
201540.98%171,443.92236.60
20155-0.44%170,697.29237.81
20156-0.08%170,561.36238.64
20157-2.42%166,426.27238.65
20158-4.51%158,925.28238.32
201594.32%165,786.28237.95
2015102.93%170,647.91237.84
201511-1.10%168,765.72237.34
201512-6.42%157,931.59236.53
20161-0.55%157,063.11236.92
201626.36%167,056.61237.11
201632.83%171,786.42238.13
20164-0.30%171,263.56239.26
201651.07%173,090.07240.23
201663.30%178,797.61241.02
201671.20%180,941.85240.63
20168-0.44%180,148.11240.85
20169-0.51%179,236.60241.43
2016101.20%181,389.52241.73
2016113.95%188,547.08241.35
2016121.44%191,257.70241.43
201712.58%196,185.35242.84
201721.75%199,617.14243.60
20173-0.15%199,309.72243.80
201741.69%202,682.78244.52
201751.78%206,283.30244.73
201760.99%208,321.14244.96
201770.25%208,837.37244.79
201781.65%212,290.00245.52
201792.73%218,095.70246.82
2017101.59%221,562.48246.66
2017112.88%227,951.21246.67
2017124.86%239,033.96246.52
20181-2.89%232,133.80247.87
201820.06%232,283.71248.99
20183-1.66%228,418.57249.55
201841.96%232,899.28250.55
201852.11%237,820.37251.59
201861.58%241,579.70251.99
201872.45%247,500.35252.01
201881.68%251,657.73252.15
20189-3.85%241,971.46252.44
201810-2.08%236,947.87252.89
201811-5.56%223,767.61252.04
2018121.74%227,651.41251.23
201915.83%240,920.98251.71
201921.95%245,614.18252.78
201933.72%254,758.93254.20
20194-1.53%250,856.57255.55
201951.40%254,380.47256.09
201963.83%264,116.49256.14
20197-3.13%255,837.98256.57
201983.09%263,731.17256.56
201990.01%263,757.02256.76
2019104.43%275,451.19257.35
2019112.47%282,252.96257.21
2019123.35%291,698.27256.97
202010.12%292,054.37257.97
20202-18.92%236,804.37258.68
202034.32%247,031.04258.12
202045.89%261,574.66256.39
202056.51%278,598.65256.39
202063.48%288,283.95257.80
202075.89%305,273.98259.10
20208-0.63%303,359.90259.92
202091.73%308,595.90260.28
2020103.95%320,798.14260.39
2020114.26%334,464.40260.23
2020122.80%343,813.68260.47
202112.49%352,379.90261.58
202120.82%355,274.20263.01
202136.02%376,666.98264.88
202140.76%379,530.52267.05
202151.81%386,401.63269.20
202163.07%398,257.21271.70
202172.19%406,959.78273.00
20218-0.08%406,615.90273.57
202190.45%408,454.52274.31
2021104.74%427,834.64276.59
2021110.27%428,970.13277.95
202112-2.05%420,167.86278.80
20221-2.90%407,972.20281.15
20222-0.89%404,330.71283.72
202230.12%404,809.04287.50
20224-7.87%372,939.51289.11
20225-3.37%360,373.75292.30
202260.46%362,048.35296.31
202276.45%385,391.03296.28
20228-7.28%357,344.57296.17
20229-3.09%346,298.42296.81
2022101.19%350,434.16298.01
Click to show 918 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 1945. This would result in a final amount of $284,334.97, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $350,434.16).

YearMonthContribution ($)Amount ($)
194514.164.30
194524.168.47
194534.1612.98
194544.1617.84
194554.1622.46
194564.1626.16
194574.1630.52
194584.1637.15
194594.1643.16
1945104.1649.01
1945114.1654.24
1945124.1660.89
194614.1665.42
194624.1667.70
194634.1676.72
194644.1681.28
194654.1685.14
194664.1687.01
194674.1689.68
194684.1680.29
194694.1682.86
1946104.1686.99
1946114.1694.22
1946124.3299.43
19471-103.68
19472-99.87
19473-96.58
19474-95.26
19475-99.00
19476-105.62
19477-103.98
19478-101.72
19479-104.80
194710-104.04
194711-102.87
194712-101.98
19481-97.44
19482-99.31
19483-107.45
19484-113.17
19485-118.36
19486-116.05
19487-113.16
19488-112.39
19489-115.98
194810-110.06
194811-109.89
194812-111.68
19491-107.96
19492-109.57
19493-110.02
19494-109.82
19495-104.43
19496-110.97
19497-115.60
19498-117.76
19499-121.46
194910-123.82
194911-127.84
194912-131.20
19501-134.51
19502-136.36
19503-140.98
19504-146.50
19505-149.67
19506-139.60
19507-148.87
19508-154.99
19509-162.30
195010-162.91
195011-163.23
195012-176.31
19511-183.91
19512-181.86
19513-185.36
19514-186.53
19515-184.39
19516-188.76
19517-198.13
19518-204.34
19519-204.40
195110-199.80
195111-207.01
195112-214.95
19521-212.09
19522-213.68
19523-214.11
19524-215.10
19525-222.08
19526-229.55
19527-231.57
19528-229.01
19529-225.32
195210-233.58
195211-244.11
195212-246.53
19531-244.62
19532-246.96
19533-235.91
19534-238.28
19535-230.88
19536-235.29
19537-237.41
19538-227.66
19539-235.66
195310-242.05
195311-246.49
195312-253.95
19541-260.74
19542-267.48
19543-279.38
19544-291.74
19545-295.30
19546-308.47
19547-315.85
19548-324.51
19549-333.30
195410-347.64
195411-364.86
195412-372.77
19551-386.58
19552-384.90
19553-399.55
19554-399.24
19555-423.77
19556-456.17
19557-454.80
19558-476.71
19559-454.18
195510-486.28
195511-492.29
195512-480.54
19561-485.10
19562-520.06
19563-527.77
19564-512.79
19565-511.44
19566-540.85
19567-539.31
19568-522.65
19569-517.66
195610-513.98
195611-523.27
195612-513.53
19571-493.01
19572-501.00
19573-514.24
19574-535.64
19575-546.10
19576-558.79
19577-529.70
19578-509.89
19579-479.83
195710-471.19
195711-472.69
195712-483.69
19581-487.09
19582-498.87
19583-503.34
19584-521.25
19585-535.51
19586-551.95
19587-574.33
19588-591.24
19589-617.01
195810-637.53
195811-651.32
195812-679.03
19591-670.44
19592-689.25
19593-702.60
19594-715.00
19595-710.67
19596-740.71
19597-738.35
19598-711.01
19599-712.27
195910-717.03
195911-741.86
195912-730.84
19601-704.46
19602-696.87
19603-707.91
19604-703.49
19605-731.54
19606-715.48
19607-726.15
19608-706.39
19609-694.56
196010-719.16
196011-738.51
196012-778.59
19611-812.64
19612-840.25
19613-864.77
19614-875.70
19615-866.24
19616-866.00
19617-899.24
19618-894.37
19619-906.38
196110-949.64
196111-960.68
196112-927.18
19621-944.89
19622-948.11
19623-920.19
19624-854.07
19625-756.60
19626-777.16
19627-800.65
19628-795.90
19629-773.17
196210-828.84
196211-867.17
196212-903.12
19631-917.53
19632-916.54
19633-962.17
19634-984.00
19635-986.14
19636-974.09
19637-1,003.61
19638-1,032.65
19639-1,037.82
196310-1,034.63
196311-1,059.40
196312-1,094.68
19641-1,110.88
19642-1,133.88
19643-1,153.08
19644-1,167.15
19645-1,163.06
19646-1,209.13
19647-1,194.31
19648-1,217.78
19649-1,241.78
196410-1,253.41
196411-1,234.73
196412-1,269.56
19651-1,281.94
19652-1,286.24
19653-1,306.28
19654-1,328.91
19655-1,269.01
19656-1,270.31
19657-1,297.23
19658-1,343.88
19659-1,377.43
196510-1,392.25
196511-1,389.31
196512-1,416.82
19661-1,410.72
19662-1,356.24
19663-1,401.28
19664-1,331.11
19665-1,323.66
19666-1,323.90
19667-1,247.52
19668-1,207.29
19669-1,200.47
196610-1,264.29
196611-1,273.34
196612-1,325.94
19671-1,375.39
19672-1,411.62
19673-1,439.74
19674-1,469.37
19675-1,454.80
19676-1,483.78
19677-1,511.26
19678-1,536.25
19679-1,537.75
196710-1,493.43
196711-1,539.90
196712-1,539.64
19681-1,474.09
19682-1,451.11
19683-1,562.29
19684-1,602.25
19685-1,649.36
19686-1,650.17
19687-1,618.26
19688-1,675.02
19689-1,720.53
196810-1,751.26
196811-1,773.77
196812-1,703.08
19691-1,699.02
19692-1,666.50
19693-1,704.40
19694-1,764.29
19695-1,676.58
19696-1,606.07
19697-1,601.52
19698-1,611.58
19699-1,633.28
196910-1,649.57
196911-1,566.64
196912-1,557.41
19701-1,507.64
19702-1,537.98
19703-1,495.72
19704-1,328.21
19705-1,324.63
19706-1,331.55
19707-1,374.90
19708-1,461.81
19709-1,498.20
197010-1,501.30
197011-1,608.77
197012-1,674.90
19711-1,744.43
19712-1,793.83
19713-1,859.73
19714-1,839.13
19715-1,809.78
19716-1,801.40
19717-1,774.07
19718-1,818.18
19719-1,784.29
197110-1,706.29
197111-1,828.53
197112-1,909.39
19721-1,949.24
19722-2,000.30
19723-2,025.49
19724-2,009.77
19725-2,020.14
19726-2,009.96
19727-2,086.01
19728-2,060.76
19729-2,069.37
197210-2,178.09
197211-2,228.44
197212-2,250.49
19731-2,175.66
19732-2,146.39
19733-2,111.33
19734-2,057.07
19735-2,016.14
19736-2,040.54
19737-2,007.17
19738-2,047.22
19739-2,133.93
197310-1,987.69
197311-1,852.42
197312-1,883.92
19741-1,837.34
19742-1,921.39
19743-1,828.84
19744-1,779.36
19745-1,787.49
19746-1,584.67
19747-1,525.01
19748-1,372.30
19749-1,404.92
197410-1,457.51
197411-1,368.72
197412-1,486.88
19751-1,647.58
19752-1,729.52
19753-1,755.24
19754-1,873.07
19755-1,927.28
19756-1,935.61
19757-1,800.19
19758-1,784.84
19759-1,873.57
197510-1,911.82
197511-1,889.27
197512-2,069.60
19761-2,156.08
19762-2,173.38
19763-2,197.18
19764-2,188.76
19765-2,208.47
19766-2,267.34
19767-2,254.63
19768-2,309.59
19769-2,237.81
197610-2,229.60
197611-2,314.02
197612-2,301.59
19771-2,247.08
19772-2,245.86
19773-2,219.05
19774-2,220.48
19775-2,240.46
19776-2,269.19
19777-2,222.03
19778-2,195.91
19779-2,147.65
197710-2,168.72
197711-2,166.98
197712-2,093.51
19781-2,073.16
19782-2,078.67
19783-2,179.07
19784-2,299.01
19785-2,314.50
19786-2,313.06
19787-2,482.56
19788-2,492.48
19789-2,423.35
197810-2,291.58
197811-2,335.64
197812-2,433.40
19791-2,407.68
19792-2,464.05
19793-2,523.94
19794-2,476.17
19795-2,536.03
19796-2,572.06
19797-2,701.04
19798-2,742.64
19799-2,650.70
197910-2,642.15
197911-2,758.51
197912-2,849.88
19801-2,975.16
19802-2,714.01
19803-2,682.47
19804-2,817.56
19805-3,010.92
19806-3,160.55
19807-3,271.31
19808-3,364.08
19809-3,475.93
198010-3,636.33
198011-3,591.07
198012-3,591.43
19811-3,481.17
19812-3,625.40
19813-3,672.31
19814-3,612.91
19815-3,643.90
19816-3,570.43
19817-3,599.08
19818-3,300.26
19819-3,357.27
198110-3,459.45
198111-3,500.25
198112-3,332.10
19821-3,268.32
19822-3,178.62
19823-3,352.47
19824-3,371.57
19825-3,193.87
19826-3,201.65
19827-3,227.07
19828-3,617.43
19829-3,938.71
198210-4,115.95
198211-4,171.74
198212-4,335.52
19831-4,427.86
19832-4,599.03
19833-4,792.07
19834-5,004.07
19835-5,091.81
19836-5,127.87
19837-5,004.43
19838-5,170.27
19839-5,203.77
198310-5,144.37
198311-5,137.78
198312-5,218.75
19841-4,951.96
19842-4,973.86
19843-4,999.09
19844-4,986.47
19845-4,894.30
19846-4,849.84
19847-5,296.34
19848-5,370.86
19849-5,348.71
198410-5,417.49
198411-5,379.16
198412-5,631.85
19851-5,957.78
19852-5,929.29
19853-5,990.04
19854-6,153.91
19855-6,308.43
19856-6,450.20
19857-6,331.17
19858-6,211.83
19859-6,304.73
198510-6,709.53
198511-7,064.76
198512-7,117.87
19861-7,523.39
19862-7,988.55
19863-8,207.55
19864-8,247.91
19865-8,506.34
19866-8,352.89
19867-8,543.41
19868-8,333.57
19869-8,326.08
198610-8,620.23
198611-8,767.55
198612-9,352.64
19871-9,956.99
19872-10,392.75
19873-10,303.75
19874-10,321.56
19875-10,785.86
19876-11,122.61
19877-11,840.46
19878-11,481.65
19879-10,120.63
198710-8,875.44
198711-8,756.98
198712-9,128.85
19881-9,432.71
19882-9,737.58
19883-9,651.31
19884-9,440.11
19885-10,006.35
19886-9,975.64
19887-9,804.21
19888-9,993.15
19889-10,373.05
198810-10,163.49
198811-10,399.89
198812-10,765.20
19891-11,120.43
19892-11,102.46
19893-11,498.24
19894-11,971.43
19895-12,377.57
19896-12,724.16
19897-13,321.02
19898-13,381.71
19899-13,420.01
198910-13,176.63
198911-13,537.24
198912-13,237.90
19901-12,903.35
19902-13,252.67
19903-13,278.64
19904-13,789.99
19905-14,227.13
19906-14,251.28
19907-13,130.95
19908-12,560.93
19909-12,270.05
199010-12,636.16
199011-13,215.73
199012-13,125.18
19911-14,648.59
19912-15,094.59
19913-15,435.55
19914-15,407.94
19915-15,461.40
19916-15,582.08
19917-15,999.51
19918-15,951.02
19919-15,979.99
199110-15,982.52
199111-16,131.97
199112-17,318.97
19921-17,214.91
19922-17,040.63
19923-17,085.67
19924-17,439.06
19925-17,207.27
19926-17,536.30
19927-17,701.44
19928-17,768.39
19929-17,558.35
199210-18,042.42
199211-18,632.62
199212-18,659.25
19931-18,980.98
19932-19,389.10
19933-19,128.95
19934-19,267.58
19935-19,434.28
19936-19,446.14
19937-19,788.87
19938-20,057.00
19939-20,306.09
199310-20,307.62
199311-20,487.79
199312-20,843.43
19941-20,827.65
19942-20,531.10
19943-19,844.06
19944-20,054.05
19945-20,276.27
19946-20,171.06
19947-20,792.75
19948-20,962.72
19949-20,869.65
199410-20,792.46
199411-20,579.19
199412-21,083.62
19951-21,888.82
19952-22,448.77
19953-23,170.63
19954-23,946.32
19955-24,707.44
19956-25,583.93
19957-25,715.21
19958-26,671.21
19959-26,914.60
199510-27,549.36
199511-28,483.04
199512-28,529.35
19961-30,213.83
19962-30,153.20
19963-30,212.61
19964-30,924.06
19965-31,319.46
19966-30,230.62
19967-31,160.43
19968-31,791.04
19969-33,100.67
199610-34,772.94
199611-35,189.60
199612-36,335.91
19971-37,920.58
19972-37,684.08
19973-36,400.84
19974-39,756.21
19975-41,877.93
19976-44,280.02
19977-44,434.02
19978-44,963.68
19979-45,703.50
199710-45,176.97
199711-46,367.21
199712-46,477.14
19981-49,452.68
19982-52,080.04
19983-53,853.72
19984-53,734.24
19985-53,796.82
19986-56,200.28
19987-52,282.55
19988-49,721.52
19989-50,363.35
199810-55,890.42
199811-58,184.22
199812-61,121.18
19991-61,080.41
19992-62,866.10
19993-65,537.92
19994-65,473.15
19995-65,072.61
19996-68,015.44
19997-65,448.28
19998-65,056.88
19999-64,229.05
199910-68,793.14
199911-70,725.35
199912-70,641.24
20001-68,890.69
20002-71,605.64
20003-72,625.78
20004-70,564.09
20005-72,796.37
20006-73,415.39
20007-74,105.28
20008-73,305.20
20009-69,482.90
200010-68,946.10
200011-66,657.04
200012-66,960.33
20011-65,529.89
20012-59,579.84
20013-59,847.17
20014-63,964.25
20015-62,436.37
20016-60,775.42
20017-59,532.05
20018-52,836.29
20019-54,518.61
200110-57,273.52
200111-58,113.18
200112-57,940.18
20021-55,997.58
20022-58,766.81
20023-56,701.49
20024-55,102.30
20025-51,839.72
20026-46,262.54
20027-46,789.37
20028-44,563.26
20029-43,954.06
200210-46,866.27
200211-46,381.18
200212-46,277.97
20031-43,309.32
20032-43,875.76
20033-46,194.97
20034-48,648.94
20035-51,423.97
20036-51,730.40
20037-51,644.36
20038-53,276.94
20039-54,357.30
200310-55,015.34
200311-56,700.91
200312-59,499.08
20041-60,145.63
20042-59,204.23
20043-59,777.41
20044-58,244.57
20045-59,909.01
20046-58,567.78
20047-57,755.11
20048-59,362.22
20049-59,423.12
200410-62,259.92
200411-63,958.02
200412-63,095.09
20051-64,155.85
20052-63,991.87
20053-62,450.36
20054-63,284.62
20055-64,664.66
20056-65,833.66
20057-66,037.76
20058-66,222.46
20059-64,484.64
200510-67,039.23
200511-68,476.63
200512-69,481.03
20061-69,469.47
20062-70,501.88
20063-71,064.72
20064-70,505.70
20065-68,597.96
20066-69,091.89
20067-70,675.31
20068-72,464.23
20069-75,084.47
200610-76,587.39
200611-78,232.69
200612-78,774.71
20071-80,031.99
20072-78,052.09
20073-81,314.87
20074-84,072.87
20075-84,362.84
20076-84,847.60
20077-81,283.06
20078-83,782.31
20079-86,288.77
200710-82,141.46
200711-83,158.56
200712-77,640.82
20081-76,426.55
20082-74,419.10
20083-77,577.30
20084-79,565.30
20085-76,186.49
20086-71,555.52
20087-73,065.72
20088-69,523.83
20089-55,484.48
200810-50,709.85
200811-50,531.75
200812-49,978.14
20091-46,628.35
20092-43,976.40
20093-49,395.06
20094-52,684.68
20095-54,196.13
20096-54,888.56
20097-59,345.92
20098-61,512.25
20099-62,990.46
200910-64,309.68
200911-65,741.13
200912-66,633.21
20101-64,701.87
20102-68,547.12
20103-71,349.28
20104-67,152.23
20105-64,772.65
20106-64,669.61
20107-65,228.11
20108-67,427.05
20109-70,513.48
201010-72,269.91
201011-74,953.82
201012-77,548.87
20111-79,992.33
20112-79,102.44
20113-80,859.30
20114-81,392.35
20115-78,411.27
20116-80,843.38
20117-72,435.15
20118-71,863.46
20119-74,032.95
201110-75,341.20
201111-76,512.57
201112-80,171.83
20121-83,509.07
20122-85,917.33
20123-85,884.50
20124-83,229.85
20125-82,270.70
20126-84,673.90
20127-87,542.40
20128-90,187.20
20129-89,991.37
201210-87,437.87
201211-89,340.12
201212-93,153.83
20131-95,327.13
20132-97,922.37
20133-99,345.96
20134-103,890.31
20135-102,729.05
20136-106,072.34
20137-106,340.20
20138-107,608.28
20139-109,886.94
201310-114,128.56
201311-115,865.22
201312-116,986.57
20141-116,834.44
20142-120,014.99
20143-120,257.09
20144-122,099.47
20145-126,002.16
20146-127,886.93
20147-127,340.91
20148-129,605.08
20149-126,174.97
201410-133,374.07
201411-134,219.52
201412-132,729.62
20151-136,482.41
20152-136,557.97
20153-137,757.51
20154-139,106.03
20155-138,500.22
20156-138,389.93
20157-135,034.81
20158-128,948.66
20159-134,515.53
201510-138,460.16
201511-136,932.98
201512-128,142.40
20161-127,437.74
20162-135,546.25
20163-139,383.92
20164-138,959.68
20165-140,441.68
20166-145,072.65
20167-146,812.45
20168-146,168.42
20169-145,428.84
201610-147,175.67
201611-152,983.17
201612-155,182.51
20171-159,180.70
20172-161,965.18
20173-161,715.75
20174-164,452.58
20175-167,373.97
20176-169,027.43
20177-169,446.29
20178-172,247.68
20179-176,958.31
201710-179,771.18
201711-184,954.86
201712-193,947.18
20181-188,348.53
20182-188,470.16
20183-185,334.07
20184-188,969.62
20185-192,962.49
20186-196,012.73
20187-200,816.62
20188-204,189.84
20189-196,330.60
201810-192,254.56
201811-181,560.38
201812-184,711.61
20191-195,478.26
20192-199,286.22
20193-206,706.09
20194-203,539.79
20195-206,399.01
20196-214,298.61
20197-207,581.61
20198-213,985.97
20199-214,006.95
201910-223,495.36
201911-229,014.17
201912-236,677.90
20201-236,966.82
20202-192,138.13
20203-200,435.84
20204-212,236.23
20205-226,049.14
20206-233,907.59
20207-247,692.94
20208-246,139.90
20209-250,388.28
202010-260,288.92
202011-271,377.44
202012-278,963.25
20211-285,913.70
20212-288,262.08
20213-305,619.74
20214-307,943.16
20215-313,518.23
20216-323,137.60
20217-330,198.68
20218-329,919.66
20219-331,411.48
202110-347,136.11
202111-348,057.42
202112-340,915.45
20221-331,020.14
20222-328,065.51
20223-328,453.61
20224-302,595.35
20225-292,399.74
20226-293,758.48
20227-312,698.25
20228-289,941.93
20229-280,979.32
202210-284,334.97
Click to show 918 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 1945 to 2022
Start Value
Average monthly close
$13.49
End Value
Average monthly close
$3,770.55
Change in price+27,850.70%
+7.59% / yr
Change incl. dividends+350,334.16%
+11.06% / yr
Change incl. dividends, inflation-adjusted+21,066.31%
+7.12% / yr
Final amount, nominal
($100 base)
$350,434.16
Final amount, inflation-adjusted
($100 base)
$21,166.31