S&P 500: $1107 in 1946 → $3,627,584.07 in 2023

$

Stock market returns between 1946 and 2023

If you invested $1107 in the S&P 500 at the beginning of 1946, you would have about $3,627,584.07 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 327,595.04%, or 10.94% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 20,871.47% cumulatively, or 7.09% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $3,904,739.99.

The graph below shows the performance of $1107 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 $1107 is $3,626,477.07, or 327,595.04%. This means by 2023 you would have $3,627,584.07 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 1946 was 19.500 and the CPI in 2023 was 304.702.

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

Adjusted for inflation, the $3,627,584.07 nominal end value of the original $1107 investment would have a real return of roughly $231,047.21 in 1946 dollars. This means the inflation-adjusted return is 20,871.47% as opposed to the original 327,595.04%.

For more information on inflation, see our U.S. inflation calculator for 1946.

Full monthly data

The table below shows the full dataset pertaining to a $1107 investment, including gains and losses over the 936-month period between 1946 and 2023.

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

YearMonthReturn (%)Amount ($)CPI
194610.59%1,113.4818.20
19462-2.68%1,083.6718.10
194636.77%1,157.0218.30
194640.52%1,163.0218.40
19465-0.34%1,159.0818.50
19466-2.55%1,129.5518.70
19467-1.62%1,111.2119.80
19468-14.42%950.9520.20
19469-1.87%933.1420.40
194610-0.01%933.0220.80
1946113.39%964.6921.30
1946120.92%973.5621.50
194714.27%1,015.1321.50
19472-3.67%977.8521.50
19473-3.30%945.6021.90
19474-1.36%932.7221.90
194753.92%969.2921.90
194766.69%1,034.1722.00
19477-1.56%1,018.0522.20
19478-2.17%995.9922.50
194793.03%1,026.1323.00
194710-0.73%1,018.6423.00
194711-1.12%1,007.2123.10
194712-0.86%998.5023.40
19481-4.45%954.0823.70
194821.92%972.3923.50
194838.19%1,052.0023.40
194845.33%1,108.0723.80
194854.59%1,158.9023.90
19486-1.96%1,136.2224.10
19487-2.49%1,107.9524.40
19488-0.68%1,100.4424.50
194893.19%1,135.5324.50
194810-5.10%1,077.6024.40
194811-0.16%1,075.9024.20
1948121.63%1,093.4324.10
19491-3.33%1,057.0524.00
194921.49%1,072.8123.80
194930.41%1,077.2523.80
19494-0.18%1,075.2823.90
19495-4.91%1,022.4523.80
194966.26%1,086.4923.90
194974.17%1,131.8023.70
194981.87%1,152.9823.80
194993.14%1,189.2123.90
1949101.95%1,212.3723.70
1949113.24%1,251.6723.80
1949122.63%1,284.5923.60
195012.52%1,316.9923.50
195021.38%1,335.1023.50
195033.39%1,380.3123.60
195043.91%1,434.3423.60
195052.16%1,465.3923.70
19506-6.72%1,366.8723.80
195076.64%1,457.5924.10
195084.11%1,517.4824.30
195094.72%1,589.1224.40
1950100.38%1,595.1024.60
1950110.19%1,598.2124.70
1950128.01%1,726.2725.00
195114.31%1,800.6525.40
19512-1.11%1,780.6225.70
195131.93%1,814.9225.80
195140.63%1,826.3225.80
19515-1.15%1,805.4125.90
195162.37%1,848.1425.90
195174.97%1,939.9025.90
195183.14%2,000.7325.90
195190.03%2,001.3026.10
195110-2.25%1,956.2126.20
1951113.61%2,026.8926.40
1951123.83%2,104.5926.50
19521-1.33%2,076.5626.50
195220.75%2,092.1326.30
195230.20%2,096.3826.30
195240.46%2,106.0226.40
195253.24%2,174.3526.40
195263.37%2,247.5626.50
195270.88%2,267.3526.70
19528-1.11%2,242.2126.70
19529-1.61%2,206.0926.70
1952103.67%2,287.0026.70
1952114.51%2,390.1226.70
1952120.99%2,413.7626.70
19531-0.77%2,395.0926.60
195320.96%2,418.0126.50
19533-4.47%2,309.8626.60
195341.00%2,333.0226.60
19535-3.11%2,260.5126.70
195361.91%2,303.7726.80
195370.90%2,324.4826.80
19538-4.11%2,229.0226.90
195393.52%2,307.4126.90
1953102.71%2,369.9027.00
1953111.84%2,413.4326.90
1953123.02%2,486.4026.90
195412.68%2,552.9526.90
195422.58%2,618.8826.90
195434.45%2,735.4326.90
195444.42%2,856.4026.80
195451.22%2,891.3426.90
195464.46%3,020.2226.90
195472.39%3,092.5326.90
195482.74%3,177.2626.90
195492.71%3,263.3826.80
1954104.30%3,403.7826.80
1954114.95%3,572.3826.80
1954122.17%3,649.8526.70
195513.70%3,785.0626.70
19552-0.44%3,768.5526.70
195533.81%3,912.0626.70
19554-0.08%3,908.9826.70
195556.15%4,149.1926.70
195567.64%4,466.3626.70
19557-0.30%4,452.9926.80
195584.82%4,667.4726.80
19559-4.72%4,446.9426.90
1955107.07%4,761.1626.90
1955111.24%4,820.0726.90
195512-2.39%4,704.9826.80
195610.95%4,749.6526.80
195627.21%5,091.9126.80
195631.48%5,167.4126.80
19564-2.84%5,020.7326.90
19565-0.26%5,007.5827.00
195665.75%5,295.4627.20
19567-0.28%5,280.3827.40
19568-3.09%5,117.2827.30
19569-0.95%5,068.4827.40
195610-0.71%5,032.3727.50
1956111.81%5,123.4027.50
195612-1.86%5,027.9727.60
19571-4.00%4,827.0727.60
195721.62%4,905.2927.70
195732.64%5,034.9927.80
195744.16%5,244.4527.90
195751.95%5,346.9428.00
195762.32%5,471.1028.10
19577-5.21%5,186.3228.30
19578-3.74%4,992.3828.30
19579-5.90%4,698.0028.30
195710-1.80%4,613.4228.30
1957110.32%4,628.0928.40
1957122.33%4,735.8728.40
195810.70%4,769.1028.60
195822.42%4,884.4728.60
195830.90%4,928.2528.80
195843.56%5,103.5928.90
195852.74%5,243.1928.90
195863.07%5,404.1928.90
195874.05%5,623.2929.00
195882.94%5,788.8328.90
195894.36%6,041.1728.90
1958103.33%6,242.1128.90
1958112.16%6,377.0929.00
1958124.25%6,648.4228.90
19591-1.27%6,564.3129.00
195922.81%6,748.5228.90
195931.94%6,879.2028.90
195941.77%7,000.6429.00
19595-0.61%6,958.2029.00
195964.23%7,252.3729.10
19597-0.32%7,229.2729.20
19598-3.70%6,961.5529.20
195990.18%6,973.8529.30
1959100.67%7,020.5229.40
1959113.46%7,263.6529.40
195912-1.49%7,155.7229.40
19601-3.61%6,897.4629.30
19602-1.08%6,823.0929.40
196031.58%6,931.1929.40
19604-0.62%6,887.9029.50
196053.99%7,162.6029.50
19606-2.20%7,005.3029.60
196071.49%7,109.7429.60
19608-2.72%6,916.3029.60
19609-1.67%6,800.5229.60
1960103.54%7,041.3229.80
1960112.69%7,230.7729.80
1960125.43%7,623.1829.80
196114.37%7,956.6329.80
196123.40%8,226.9229.80
196132.92%8,467.0729.80
196141.26%8,574.0329.80
19615-1.08%8,481.4229.80
19616-0.03%8,479.0529.80
196173.84%8,804.5630.00
19618-0.54%8,756.8629.90
196191.34%8,874.4730.00
1961104.77%9,297.9730.00
1961111.16%9,406.1030.00
196112-3.49%9,078.1030.00
196211.91%9,251.4430.00
196220.34%9,282.9930.10
19623-2.94%9,009.6130.10
19624-7.19%8,362.2630.20
19625-11.41%7,407.9030.20
196262.72%7,609.2030.20
196273.02%7,839.2330.30
19628-0.59%7,792.7230.30
19629-2.86%7,570.1330.40
1962107.20%8,115.2430.40
1962114.62%8,490.4730.40
1962124.15%8,842.5530.40
196311.60%8,983.6430.40
19632-0.11%8,973.9130.40
196334.98%9,420.6430.50
196342.27%9,634.4530.50
196350.22%9,655.3230.50
19636-1.22%9,537.3530.60
196373.03%9,826.4430.70
196382.89%10,110.7830.70
196390.50%10,161.3230.70
196310-0.31%10,130.1730.80
1963112.39%10,372.6230.80
1963123.33%10,718.0530.90
196411.48%10,876.6630.90
196422.07%11,101.9230.90
196431.69%11,289.8930.90
196441.22%11,427.6730.90
19645-0.35%11,387.5930.90
196463.96%11,838.6631.00
19647-1.23%11,693.5631.10
196481.97%11,923.3931.00
196491.97%12,158.3031.10
1964100.94%12,272.2231.10
196411-1.49%12,089.3231.20
1964122.82%12,430.3431.20
196510.98%12,551.5431.20
196520.34%12,593.6631.20
196531.56%12,789.8231.30
196541.73%13,011.4231.40
19655-4.51%12,424.9531.40
196560.10%12,437.7331.60
196572.12%12,701.2431.60
196583.60%13,157.9931.60
196592.50%13,486.5231.60
1965101.08%13,631.6331.70
196511-0.21%13,602.7931.70
1965121.98%13,872.1831.80
19661-0.43%13,812.4731.80
19662-3.86%13,278.9932.00
196633.32%13,719.9832.10
19664-5.01%13,032.9432.30
19665-0.56%12,960.0232.30
196660.02%12,962.4032.40
19667-5.77%12,214.5432.50
19668-3.22%11,820.6432.70
19669-0.56%11,753.9332.70
1966105.32%12,378.7732.90
1966110.72%12,467.3832.90
1966124.13%12,982.3232.90
196713.73%13,466.5632.90
196722.63%13,821.2332.90
196731.99%14,096.6233.00
196742.06%14,386.6833.10
19675-0.99%14,243.9933.20
196761.99%14,527.7933.30
196771.85%14,796.7933.40
196781.65%15,041.5233.50
196790.10%15,056.1733.60
196710-2.88%14,622.2933.70
1967113.11%15,077.3033.80
196712-0.02%15,074.6633.90
19681-4.26%14,432.9434.10
19682-1.56%14,207.9034.20
196837.66%15,296.4734.30
196842.56%15,687.7034.40
196852.94%16,149.0334.50
196860.05%16,156.9334.70
19687-1.93%15,844.4734.90
196883.51%16,400.2435.00
196892.72%16,845.8735.10
1968101.79%17,146.6935.30
1968111.29%17,367.0835.40
196812-3.99%16,674.9835.50
19691-0.24%16,635.2035.60
19692-1.91%16,316.8435.80
196932.27%16,687.9236.10
196943.51%17,274.2536.30
19695-4.97%16,415.4936.40
19696-4.21%15,725.1736.60
19697-0.28%15,680.5736.80
196980.63%15,779.1237.00
196991.35%15,991.5837.10
1969101.00%16,151.0937.30
196911-5.03%15,339.0937.50
196912-0.59%15,248.7437.70
19701-3.20%14,761.3837.80
197022.01%15,058.4238.00
19703-2.75%14,644.6638.20
19704-11.20%13,004.6038.50
19705-0.27%12,969.5038.60
197060.52%13,037.2738.80
197073.26%13,461.7439.00
197086.32%14,312.7039.00
197092.49%14,669.0139.20
1970100.21%14,699.3439.40
1970117.16%15,751.5739.60
1970124.11%16,399.0739.80
197114.15%17,079.8039.80
197122.83%17,563.4839.90
197133.67%18,208.7340.00
19714-1.11%18,007.0040.10
19715-1.60%17,719.6440.30
19716-0.46%17,637.6040.60
19717-1.52%17,370.0240.70
197182.49%17,801.9140.80
19719-1.86%17,470.1440.80
197110-4.37%16,706.4340.90
1971117.16%17,903.2140.90
1971124.42%18,694.9841.10
197212.09%19,085.1441.10
197222.62%19,585.1041.30
197231.26%19,831.6641.40
19724-0.78%19,677.7841.50
197250.52%19,779.3441.60
19726-0.50%19,679.6841.70
197273.78%20,424.3041.90
19728-1.21%20,177.0742.00
197290.42%20,261.2942.10
1972105.25%21,325.8642.30
1972112.31%21,818.8242.40
1972120.99%22,034.6842.50
19731-3.33%21,302.0042.60
19732-1.35%21,015.4242.90
19733-1.63%20,672.1743.30
19734-2.57%20,140.9543.60
19735-1.99%19,740.1843.90
197361.21%19,979.0944.20
19737-1.64%19,652.3444.30
197382.00%20,044.4745.10
197394.24%20,893.4145.20
197310-6.85%19,461.6245.60
197311-6.81%18,137.2045.90
1973121.70%18,445.6146.20
19741-2.47%17,989.4746.60
197424.57%18,812.4347.20
19743-4.82%17,906.3047.80
19744-2.71%17,421.8148.00
197450.46%17,501.4748.60
19746-11.35%15,515.6149.00
19747-3.76%14,931.4849.40
19748-10.01%13,436.3050.00
197492.38%13,755.6850.60
1974103.74%14,270.6151.10
197411-6.09%13,401.2751.50
1974128.63%14,558.1751.90
1975110.81%16,131.5552.10
197524.97%16,933.8852.50
197531.49%17,185.6952.70
197546.71%18,339.3052.90
197552.89%18,870.1553.20
197560.43%18,951.6753.60
19757-7.00%17,625.7754.20
19758-0.85%17,475.4754.30
197594.97%18,344.2354.60
1975102.04%18,718.7654.90
197511-1.18%18,497.9555.30
1975129.55%20,263.6355.50
197614.18%21,110.2755.60
197620.80%21,279.6655.80
197631.10%21,512.7755.90
19764-0.38%21,430.3256.10
197650.90%21,623.3156.50
197662.67%22,199.6556.80
19767-0.56%22,075.2057.10
197682.44%22,613.3657.40
19769-3.11%21,910.4957.60
197610-0.37%21,830.1657.90
1976113.79%22,656.7658.00
197612-0.54%22,535.0358.20
19771-2.37%22,001.2758.50
19772-0.05%21,989.3559.10
19773-1.19%21,726.8759.50
197740.06%21,740.8860.00
197750.90%21,936.5060.30
197761.28%22,217.8260.70
19777-2.08%21,756.0061.00
19778-1.18%21,500.2961.20
19779-2.20%21,027.7561.40
1977100.98%21,234.0661.60
197711-0.08%21,217.0461.90
197712-3.39%20,497.7162.10
19781-0.97%20,298.4762.50
197820.27%20,352.4062.90
197834.83%21,335.4263.40
197845.50%22,509.7963.90
197850.67%22,661.4064.50
19786-0.06%22,647.2965.20
197877.33%24,306.9165.70
197880.40%24,404.0666.00
19789-2.77%23,727.2266.50
197810-5.44%22,437.0167.10
1978111.92%22,868.4467.40
1978124.19%23,825.5567.70
19791-1.06%23,573.7368.30
197922.34%24,125.6369.10
197932.43%24,712.1069.80
19794-1.89%24,244.2970.60
197952.42%24,830.4371.50
197961.42%25,183.2372.30
197975.01%26,446.0173.10
197981.54%26,853.3973.80
19799-3.35%25,953.1374.60
197910-0.32%25,869.4575.20
1979114.40%27,008.7475.90
1979123.31%27,903.3976.70
198014.40%29,129.9877.80
19802-8.78%26,573.0078.90
19803-1.16%26,264.2180.10
198045.04%27,586.9181.00
198056.86%29,480.1281.80
198064.97%30,945.1282.70
198073.50%32,029.6582.70
198082.84%32,937.9583.30
198093.32%34,033.0684.00
1980104.61%35,603.5884.80
198011-1.24%35,160.3985.50
1980120.01%35,163.9086.30
19811-3.07%34,084.3187.00
198124.14%35,496.5387.90
198131.29%35,955.7888.50
19814-1.62%35,374.2889.10
198150.86%35,677.6489.80
19816-2.02%34,958.2990.60
198170.80%35,238.8591.60
19818-8.30%32,313.0892.30
198191.73%32,871.2193.20
1981103.04%33,871.7293.40
1981111.18%34,271.1993.70
198112-4.80%32,624.7694.00
19821-1.91%32,000.3694.30
19822-2.74%31,122.1094.60
198235.47%32,824.2694.50
198240.57%33,011.2594.90
19825-5.27%31,271.3595.80
198260.24%31,347.6097.00
198270.79%31,596.5097.50
1982812.10%35,418.5397.70
198298.88%38,564.1997.90
1982104.50%40,299.5498.20
1982111.36%40,845.8098.00
1982123.93%42,449.3197.60
198312.13%43,353.4897.80
198323.87%45,029.3697.90
198334.20%46,919.4297.90
198344.42%48,995.1498.60
198351.75%49,854.2799.20
198360.71%50,207.3199.50
19837-2.41%48,998.7299.90
198383.31%50,622.46100.20
198390.65%50,950.46100.70
198310-1.14%50,368.90101.00
198311-0.13%50,304.36101.20
1983121.58%51,097.12101.30
19841-5.11%48,484.95101.90
198420.44%48,699.43102.40
198430.51%48,946.43102.60
19844-0.25%48,822.80103.10
19845-1.85%47,920.41103.40
19846-0.91%47,485.08103.70
198479.21%51,856.82104.10
198481.41%52,586.43104.50
19849-0.41%52,369.56105.00
1984101.29%53,042.98105.30
198411-0.71%52,667.67105.30
1984124.70%55,141.77105.30
198515.79%58,333.03105.50
19852-0.48%58,054.01106.00
198531.02%58,648.90106.40
198542.74%60,253.31106.90
198552.51%61,766.26107.30
198562.25%63,154.28107.60
19857-1.85%61,988.89107.80
19858-1.88%60,820.40108.00
198591.50%61,730.01108.30
1985106.42%65,693.39108.70
1985115.29%69,171.54109.00
1985120.75%69,691.52109.30
198615.70%73,662.02109.60
198626.18%78,216.37109.30
198632.74%80,360.62108.80
198640.49%80,755.85108.60
198653.13%83,286.13108.90
19866-1.80%81,783.72109.50
198672.28%83,649.09109.50
19868-2.46%81,594.47109.70
19869-0.09%81,521.14110.20
1986103.53%84,401.24110.30
1986111.71%85,843.60110.40
1986126.67%91,572.27110.50
198716.46%97,489.55111.20
198724.38%101,756.10111.60
19873-0.86%100,884.65112.10
198740.17%101,059.01112.70
198754.50%105,605.09113.10
198763.12%108,902.18113.50
198776.45%115,930.74113.80
19878-3.03%112,417.55114.40
19879-11.85%99,091.70115.00
198710-12.30%86,900.04115.30
198711-1.33%85,740.19115.40
1987124.25%89,381.18115.40
198813.33%92,356.29115.70
198823.23%95,341.30116.00
19883-0.89%94,496.55116.50
19884-2.19%92,428.72117.10
198856.00%97,972.78117.50
19886-0.31%97,672.08118.00
19887-1.72%95,993.60118.50
198881.93%97,843.56119.00
198893.80%101,563.19119.80
198810-2.02%99,511.36120.20
1988112.33%101,825.95120.30
1988123.51%105,402.75120.50
198913.30%108,880.88121.10
19892-0.16%108,704.87121.60
198933.56%112,579.98122.30
198944.12%117,212.99123.10
198953.39%121,189.58123.80
198962.80%124,583.10124.10
198974.69%130,426.98124.40
198980.46%131,021.13124.60
198990.29%131,396.18125.00
198910-1.81%129,013.25125.60
1989112.74%132,543.96125.90
198912-2.21%129,613.11126.10
19901-2.53%126,337.55127.40
199022.71%129,757.72128.00
199030.20%130,012.03128.70
199043.85%135,018.69128.90
199053.17%139,298.73129.20
199060.17%139,535.15129.90
19907-7.86%128,565.98130.40
19908-4.34%122,984.85131.60
19909-2.32%120,136.80132.70
1990102.98%123,721.46133.50
1990114.59%129,396.08133.80
199012-0.69%128,509.50133.80
1991111.61%143,425.30134.60
199123.04%147,792.06134.80
199132.26%151,130.43135.00
19914-0.18%150,860.09135.20
199150.35%151,383.59135.60
199160.78%152,565.12136.00
199172.68%156,652.23136.20
19918-0.30%156,177.42136.60
199190.18%156,461.11137.20
1991100.02%156,485.82137.40
1991110.94%157,949.18137.80
1991127.36%169,571.13137.90
19921-0.60%168,552.27138.10
19922-1.01%166,845.88138.60
199230.26%167,286.86139.30
199242.07%170,746.94139.50
19925-1.33%168,477.50139.70
199261.91%171,699.02140.20
199270.94%173,315.94140.50
199280.38%173,971.40140.90
19929-1.18%171,914.96141.30
1992102.76%176,654.49141.80
1992113.27%182,433.21142.00
1992120.14%182,693.89141.90
199311.72%185,843.99142.60
199322.15%189,839.92143.10
19933-1.34%187,292.75143.60
199340.72%188,650.11144.00
199350.87%190,282.27144.20
199360.06%190,398.35144.40
199371.76%193,754.06144.40
199381.35%196,379.37144.80
199391.24%198,818.22145.10
1993100.01%198,833.22145.70
1993110.89%200,597.23145.80
1993121.74%204,079.36145.80
19941-0.08%203,924.87146.20
19942-1.42%201,021.35146.70
19943-3.35%194,294.42147.20
199441.06%196,350.52147.40
199451.11%198,526.27147.50
19946-0.52%197,496.16148.00
199473.08%203,583.15148.40
199480.82%205,247.37149.00
19949-0.44%204,336.06149.40
199410-0.37%203,580.25149.50
199411-1.03%201,492.12149.70
1994122.45%206,431.04149.70
199513.82%214,314.83150.30
199522.56%219,797.37150.90
199533.22%226,865.07151.40
199543.35%234,459.97151.90
199553.18%241,912.10152.20
199563.55%250,493.88152.50
199570.51%251,779.23152.50
199583.72%261,139.53152.90
199590.91%263,522.61153.20
1995102.36%269,737.49153.70
1995113.39%278,879.26153.60
1995120.16%279,332.66153.50
199615.90%295,825.56154.40
19962-0.20%295,231.85154.90
199630.20%295,813.58155.70
199642.35%302,779.47156.30
199651.28%306,650.79156.60
19966-3.48%295,989.88156.70
199673.08%305,093.80157.00
199682.02%311,268.06157.30
199694.12%324,090.74157.80
1996105.05%340,464.07158.30
1996111.20%344,543.61158.60
1996123.26%355,767.25158.60
199714.36%371,282.84159.10
19972-0.62%368,967.21159.60
19973-3.41%356,402.96160.00
199749.22%389,255.59160.20
199755.34%410,029.48160.10
199765.74%433,548.46160.30
199770.35%435,056.29160.50
199781.19%440,242.20160.80
199791.65%447,485.84161.20
199710-1.15%442,330.61161.60
1997112.63%453,984.32161.50
1997120.24%455,060.67161.30
199816.40%484,194.37161.60
199825.31%509,919.00161.90
199833.41%527,285.19162.20
19984-0.22%526,115.36162.50
199850.12%526,728.06162.80
199864.47%550,260.51163.00
19987-6.97%511,901.81163.20
19988-4.90%486,826.56163.40
199891.29%493,110.79163.60
19981010.97%547,226.67164.00
1998114.10%569,685.42164.00
1998125.05%598,441.36163.90
19991-0.07%598,042.14164.30
199922.92%615,525.96164.50
199934.25%641,685.95165.00
19994-0.10%641,051.76166.20
19995-0.61%637,130.02166.20
199964.52%665,943.50166.20
19997-3.77%640,808.23166.70
19998-0.60%636,976.09167.10
19999-1.27%628,870.75167.90
1999107.11%673,557.99168.20
1999112.81%692,476.42168.30
199912-0.12%691,652.84168.30
20001-2.48%674,513.15168.80
200023.94%701,095.40169.80
200031.42%711,083.66171.20
20004-2.84%690,897.46171.30
200053.16%712,753.86171.50
200060.85%718,814.71172.40
200070.94%725,569.49172.80
20008-1.08%717,735.88172.80
20009-5.21%680,311.48173.70
200010-0.77%675,055.64174.00
200011-3.32%652,643.29174.10
2000120.46%655,612.87174.00
20011-2.14%641,607.29175.10
20012-9.08%583,349.97175.80
200130.45%585,967.42176.20
200146.88%626,278.07176.90
20015-2.39%611,318.47177.70
20016-2.66%595,056.01178.00
20017-2.05%582,882.12177.50
20018-11.25%517,323.47177.50
200193.18%533,795.22178.30
2001105.05%560,768.67177.70
2001111.47%568,989.81177.40
200112-0.30%567,295.99176.70
20021-3.35%548,275.87177.10
200224.95%575,389.59177.80
20023-3.51%555,167.92178.80
20024-2.82%539,510.12179.80
20025-5.92%507,565.95179.80
20026-10.76%452,959.47179.90
200271.14%458,117.73180.10
20028-4.76%436,321.73180.70
20029-1.37%430,357.02181.00
2002106.63%458,870.66181.30
200211-1.04%454,121.06181.30
200212-0.22%453,110.56180.90
20031-6.41%424,044.27181.70
200321.31%429,590.33183.10
200335.29%452,297.87184.20
200345.31%476,324.89183.80
200355.70%503,495.34183.50
200360.60%506,495.68183.70
20037-0.17%505,653.25183.90
200383.16%521,637.87184.60
200392.03%532,215.79185.20
2003101.21%538,658.72185.00
2003113.06%555,162.20184.50
2003124.93%582,559.24184.30
200411.09%588,889.69185.20
20042-1.57%579,672.41186.20
200430.97%585,284.43187.40
20044-2.56%570,276.26188.00
200452.86%586,572.91189.10
20046-2.24%573,440.84189.70
20047-1.39%565,483.94189.40
200482.78%581,219.24189.50
200490.10%581,815.54189.90
2004104.77%609,590.81190.90
2004112.73%626,217.08191.00
200412-1.35%617,768.02190.30
200511.68%628,153.98190.70
20052-0.26%626,548.49191.80
20053-2.41%611,455.45193.30
200541.34%619,623.70194.60
200552.18%633,135.82194.40
200561.81%644,581.60194.50
200570.31%646,579.92195.40
200580.28%648,388.34196.40
20059-2.62%631,373.20198.80
2005103.96%656,385.32199.20
2005112.14%670,459.08197.60
2005121.47%680,293.18196.80
20061-0.02%680,179.98198.30
200621.49%690,288.39198.70
200630.80%695,799.18199.80
20064-0.79%690,325.77201.50
20065-2.71%671,646.99202.50
200660.72%676,483.12202.90
200672.29%691,986.48203.50
200682.53%709,501.86203.90
200693.62%735,156.83202.90
2006102.00%749,872.05201.80
2006112.15%765,981.29201.50
2006120.69%771,288.21201.80
200711.60%783,598.34202.42
20072-2.47%764,212.97203.50
200734.18%796,159.06205.35
200743.39%823,162.81206.69
200750.34%826,001.91207.95
200760.57%830,748.28208.35
20077-4.20%795,847.65208.30
200783.07%820,317.92207.92
200792.99%844,858.82208.49
200710-4.81%804,252.28208.94
2007111.24%814,210.70210.18
200712-6.64%760,186.22210.04
20081-1.56%748,297.17211.08
20082-2.63%728,642.12211.69
200834.24%759,564.26213.53
200842.56%779,028.88214.82
20085-4.25%745,946.78216.63
20086-6.08%700,604.62218.82
200872.11%715,391.12219.96
20088-4.85%680,712.28219.09
20089-20.19%543,252.07218.78
200810-8.61%496,503.34216.57
200811-0.35%494,759.53212.43
200812-1.10%489,339.16210.23
20091-6.70%456,541.17211.14
20092-5.69%430,575.68212.19
2009312.32%483,630.14212.71
200946.66%515,839.05213.24
200952.87%530,637.75213.86
200961.28%537,417.40215.69
200978.12%581,059.70215.35
200983.65%602,270.38215.83
200992.40%616,743.58215.97
2009102.09%629,660.20216.18
2009112.23%643,675.54216.33
2009121.36%652,410.01215.95
20101-2.90%633,500.08216.69
201025.94%671,149.22216.74
201034.09%698,585.33217.63
20104-5.88%657,491.77218.01
20105-3.54%634,193.13218.18
20106-0.16%633,184.30217.97
201070.86%638,652.55218.01
201083.37%660,182.52218.31
201094.58%690,401.95218.44
2010102.49%707,599.27218.71
2010113.71%733,877.64218.80
2010123.46%759,285.90219.18
201113.15%783,209.97220.22
20112-1.11%774,497.06221.31
201132.22%791,698.51223.47
201140.66%796,917.66224.91
20115-3.66%767,729.76225.96
201163.10%791,542.70225.72
20117-10.40%709,217.14225.92
20118-0.79%703,619.68226.55
201193.02%724,861.30226.89
2011101.77%737,670.48226.42
2011111.55%749,139.42226.23
2011124.78%784,967.45225.67
201214.16%817,642.57226.67
201222.88%841,222.06227.66
20123-0.04%840,900.62229.39
20124-3.09%814,908.79230.09
20125-1.15%805,517.69229.82
201262.92%829,047.56229.48
201273.39%857,133.21229.10
201283.02%883,028.63230.38
20129-0.22%881,111.26231.41
201210-2.84%856,109.79231.32
2012112.18%874,734.76230.22
2012124.27%912,075.09229.60
201312.33%933,354.01230.28
201322.72%958,764.14232.17
201331.45%972,702.57232.77
201344.57%1,017,196.61232.53
20135-1.12%1,005,826.64232.95
201363.25%1,038,561.04233.50
201370.25%1,041,183.70233.60
201381.19%1,053,599.47233.88
201392.12%1,075,909.97234.15
2013103.86%1,117,440.03233.55
2013111.52%1,134,443.69233.07
2013120.97%1,145,422.92233.05
20141-0.13%1,143,933.46233.92
201422.72%1,175,074.41234.78
201430.20%1,177,444.81236.29
201441.53%1,195,483.68237.07
201453.20%1,233,695.14237.90
201461.50%1,252,149.02238.34
20147-0.43%1,246,802.96238.25
201481.78%1,268,971.54237.85
20149-2.65%1,235,387.14238.03
2014105.71%1,305,874.04237.43
2014110.63%1,314,151.81236.15
201412-1.11%1,299,564.13234.81
201512.83%1,336,307.98233.71
201520.06%1,337,047.81234.72
201530.88%1,348,792.56236.12
201540.98%1,361,995.95236.60
20155-0.44%1,356,064.45237.81
20156-0.08%1,354,984.62238.64
20157-2.42%1,322,134.40238.65
20158-4.51%1,262,544.54238.32
201594.32%1,317,050.10237.95
2015102.93%1,355,672.20237.84
201511-1.10%1,340,719.54237.34
201512-6.42%1,254,650.42236.53
20161-0.55%1,247,750.98236.92
201626.36%1,327,141.98237.11
201632.83%1,364,716.82238.13
20164-0.30%1,360,563.10239.26
201651.07%1,375,073.37240.23
201663.30%1,420,415.57241.02
201671.20%1,437,450.01240.63
20168-0.44%1,431,144.33240.85
20169-0.51%1,423,903.01241.43
2016101.20%1,441,006.37241.73
2016113.95%1,497,867.96241.35
2016121.44%1,519,401.83241.43
201712.58%1,558,548.39242.84
201721.75%1,585,811.40243.60
20173-0.15%1,583,369.19243.80
201741.69%1,610,165.71244.52
201751.78%1,638,769.14244.73
201760.99%1,654,958.28244.96
201770.25%1,659,059.35244.79
201781.65%1,686,487.97245.52
201792.73%1,732,610.03246.82
2017101.59%1,760,151.06246.66
2017112.88%1,810,904.77246.67
2017124.86%1,898,949.12246.52
20181-2.89%1,844,132.41247.87
201820.06%1,845,323.32248.99
20183-1.66%1,814,617.66249.55
201841.96%1,850,213.58250.55
201852.11%1,889,308.04251.59
201861.58%1,919,173.12251.99
201872.45%1,966,208.31252.01
201881.68%1,999,235.65252.15
20189-3.85%1,922,285.35252.44
201810-2.08%1,882,376.62252.89
201811-5.56%1,777,669.19252.04
2018121.74%1,808,523.07251.23
201915.83%1,913,940.11251.71
201921.95%1,951,224.09252.78
201933.72%2,023,872.44254.20
20194-1.53%1,992,871.00255.55
201951.40%2,020,865.84256.09
201963.83%2,098,211.32256.14
20197-3.13%2,032,444.69256.57
201983.09%2,095,150.23256.56
201990.01%2,095,355.61256.76
2019104.43%2,188,257.23257.35
2019112.47%2,242,292.30257.21
2019123.35%2,317,328.32256.97
202010.12%2,320,157.24257.97
20202-18.92%1,881,236.65258.68
202034.32%1,962,480.00258.12
202045.89%2,078,018.37256.39
202056.51%2,213,261.45256.39
202063.48%2,290,204.05257.80
202075.89%2,425,177.33259.10
20208-0.63%2,409,971.41259.92
202091.73%2,451,567.55260.28
2020103.95%2,548,505.39260.39
2020114.26%2,657,073.77260.23
2020122.80%2,731,346.94260.47
202112.49%2,799,399.23261.58
202120.82%2,822,392.31263.01
202136.02%2,992,342.27264.88
202140.76%3,015,091.00267.05
202151.81%3,069,676.90269.20
202163.07%3,163,860.77271.70
202172.19%3,232,996.25273.00
20218-0.08%3,230,264.40273.57
202190.45%3,244,870.89274.31
2021104.74%3,398,831.70276.59
2021110.27%3,407,852.33277.95
202112-2.05%3,337,924.80278.80
20221-2.90%3,241,039.20281.15
20222-0.89%3,212,110.22283.72
202230.12%3,215,910.20287.50
20224-7.87%2,962,730.27289.11
20225-3.37%2,862,904.48292.30
202260.46%2,876,207.98296.31
202276.45%3,061,648.44296.28
20228-7.28%2,838,839.91296.17
20229-3.09%2,751,086.39296.81
2022105.29%2,896,483.90298.01
2022110.01%2,896,797.81297.71
2022121.38%2,936,670.96296.80
202313.15%3,029,087.16299.17
20232-2.59%2,950,772.32300.84
202334.00%3,068,691.72301.84
202340.74%3,091,329.31303.36
202354.94%3,244,108.58304.13
202363.88%3,369,851.59305.11
20237-1.00%3,336,232.71305.69
20238-0.95%3,304,419.15307.03
20239-3.04%3,204,053.62307.79
2023104.60%3,351,495.31307.67
2023115.18%3,524,943.47307.05
2023122.91%3,627,584.07306.75
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 $1,107.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $1,107.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1946. This would result in a final amount of $3,904,739.99, including dividend reinvestments. In this particular case, dollar-cost average returns are greater than the returns of a lump-sum investment (which ends with $3,627,584.07).

YearMonthContribution ($)Amount ($)
1946146.1246.25
1946246.1289.75
1946346.12144.92
1946446.12191.89
1946546.12237.06
1946646.12275.83
1946746.12316.58
1946846.12310.24
1946946.12349.51
19461046.12395.40
19461146.12456.32
19461246.12506.88
1947146.12576.43
1947246.12599.51
1947346.12624.16
1947446.12660.95
1947546.12734.59
1947646.12832.78
1947746.12865.01
1947846.12891.19
1947946.12965.48
19471046.121,004.01
19471146.121,038.14
19471246.241,074.79
19481-1,026.97
19482-1,046.68
19483-1,132.38
19484-1,192.73
19485-1,247.45
19486-1,223.03
19487-1,192.60
19488-1,184.52
19489-1,222.28
194810-1,159.94
194811-1,158.10
194812-1,176.97
19491-1,137.81
19492-1,154.78
19493-1,159.55
19494-1,157.43
19495-1,100.57
19496-1,169.50
19497-1,218.28
19498-1,241.07
19499-1,280.07
194910-1,304.99
194911-1,347.30
194912-1,382.73
19501-1,417.61
19502-1,437.11
19503-1,485.77
19504-1,543.93
19505-1,577.35
19506-1,471.30
19507-1,568.96
19508-1,633.42
19509-1,710.54
195010-1,716.97
195011-1,720.31
195012-1,858.16
19511-1,938.22
19512-1,916.66
19513-1,953.58
19514-1,965.86
19515-1,943.35
19516-1,989.34
19517-2,088.12
19518-2,153.60
19519-2,154.21
195110-2,105.66
195111-2,181.75
195112-2,265.39
19521-2,235.21
19522-2,251.97
19523-2,256.54
19524-2,266.92
19525-2,340.48
19526-2,419.28
19527-2,440.58
19528-2,413.52
19529-2,374.64
195210-2,461.73
195211-2,572.73
195212-2,598.17
19531-2,578.08
19532-2,602.75
19533-2,486.33
19534-2,511.27
19535-2,433.22
19536-2,479.79
19537-2,502.08
19538-2,399.32
19539-2,483.70
195310-2,550.96
195311-2,597.82
195312-2,676.37
19541-2,748.00
19542-2,818.96
19543-2,944.42
19544-3,074.64
19545-3,112.25
19546-3,250.97
19547-3,328.80
19548-3,420.01
19549-3,512.71
195410-3,663.84
195411-3,845.32
195412-3,928.70
19551-4,074.25
19552-4,056.47
19553-4,210.95
19554-4,207.64
19555-4,466.20
19556-4,807.60
19557-4,793.21
19558-5,024.07
19559-4,786.69
195510-5,124.93
195511-5,188.33
195512-5,064.45
19561-5,112.53
19562-5,480.94
19563-5,562.21
19564-5,404.33
19565-5,390.17
19566-5,700.04
19567-5,683.81
19568-5,508.25
19569-5,455.72
195610-5,416.85
195611-5,514.84
195612-5,412.12
19571-5,195.87
19572-5,280.07
19573-5,419.67
19574-5,645.14
19575-5,755.46
19576-5,889.11
19577-5,582.57
19578-5,373.81
19579-5,056.94
195710-4,965.89
195711-4,981.69
195712-5,097.70
19581-5,133.48
19582-5,257.65
19583-5,304.78
19584-5,493.52
19585-5,643.78
19586-5,817.09
19587-6,052.93
19588-6,231.11
19589-6,502.72
195810-6,719.02
195811-6,864.32
195812-7,156.37
19591-7,065.84
19592-7,264.12
19593-7,404.78
19594-7,535.51
19595-7,489.83
19596-7,806.46
19597-7,781.60
19598-7,493.43
19599-7,506.67
195910-7,556.90
195911-7,818.61
195912-7,702.44
19601-7,424.44
19602-7,344.39
19603-7,460.75
19604-7,414.15
19605-7,709.83
19606-7,540.52
19607-7,652.94
19608-7,444.72
19609-7,320.10
196010-7,579.29
196011-7,783.22
196012-8,205.61
19611-8,564.54
19612-8,855.48
19613-9,113.97
19614-9,229.11
19615-9,129.42
19616-9,126.87
19617-9,477.25
19618-9,425.91
19619-9,552.50
196110-10,008.35
196111-10,124.75
196112-9,771.69
19621-9,958.28
19622-9,992.23
19623-9,697.97
19624-9,001.16
19625-7,973.88
19626-8,190.56
19627-8,438.16
19628-8,388.10
19629-8,148.51
196210-8,735.27
196211-9,139.17
196212-9,518.14
19631-9,670.01
19632-9,659.54
19633-10,140.40
19634-10,370.55
19635-10,393.01
19636-10,266.02
19637-10,577.20
19638-10,883.26
19639-10,937.67
196310-10,904.14
196311-11,165.11
196312-11,536.93
19641-11,707.66
19642-11,950.14
19643-12,152.46
19644-12,300.77
19645-12,257.63
19646-12,743.16
19647-12,586.97
19648-12,834.36
19649-13,087.22
196410-13,209.85
196411-13,012.98
196412-13,380.04
19651-13,510.51
19652-13,555.85
19653-13,767.00
19654-14,005.52
19655-13,374.24
19656-13,388.01
19657-13,671.64
19658-14,163.29
19659-14,516.92
196510-14,673.12
196511-14,642.07
196512-14,932.05
19661-14,867.78
19662-14,293.54
19663-14,768.22
19664-14,028.69
19665-13,950.19
19666-13,952.76
19667-13,147.76
19668-12,723.77
19669-12,651.95
196610-13,324.54
196611-13,419.92
196612-13,974.20
19671-14,495.44
19672-14,877.21
19673-15,173.63
19674-15,485.86
19675-15,332.27
19676-15,637.75
19677-15,927.30
19678-16,190.73
19679-16,206.50
196710-15,739.47
196711-16,229.24
196712-16,226.40
19681-15,535.65
19682-15,293.41
19683-16,465.15
19684-16,886.28
19685-17,382.85
19686-17,391.36
19687-17,055.02
19688-17,653.26
19689-18,132.93
196810-18,456.74
196811-18,693.97
196812-17,948.99
19691-17,906.17
19692-17,563.48
19693-17,962.92
19694-18,594.04
19695-17,669.67
19696-16,926.61
19697-16,878.60
19698-16,984.69
19699-17,213.37
196910-17,385.07
196911-16,511.04
196912-16,413.78
19701-15,889.18
19702-16,208.91
19703-15,763.54
19704-13,998.18
19705-13,960.40
19706-14,033.35
19707-14,490.25
19708-15,406.22
19709-15,789.76
197010-15,822.40
197011-16,955.03
197012-17,651.99
19711-18,384.74
19712-18,905.37
19713-19,599.92
19714-19,382.78
19715-19,073.46
19716-18,985.16
19717-18,697.13
19718-19,162.02
19719-18,804.90
197110-17,982.84
197111-19,271.05
197112-20,123.33
19721-20,543.29
19722-21,081.45
19723-21,346.84
19724-21,181.21
19725-21,290.53
19726-21,183.25
19727-21,984.76
19728-21,718.64
19729-21,809.30
197210-22,955.21
197211-23,485.82
197212-23,718.18
19731-22,929.53
19732-22,621.04
19733-22,251.57
19734-21,679.76
19735-21,248.38
19736-21,505.54
19737-21,153.83
19738-21,575.91
19739-22,489.72
197310-20,948.53
197311-19,522.92
197312-19,854.90
19741-19,363.91
19742-20,249.74
19743-19,274.38
19744-18,752.88
19745-18,838.63
19746-16,701.04
19747-16,072.28
19748-14,462.87
19749-14,806.64
197410-15,360.92
197411-14,425.16
197412-15,670.45
19751-17,364.04
19752-18,227.66
19753-18,498.71
19754-19,740.47
19755-20,311.88
19756-20,399.62
19757-18,972.42
19758-18,810.64
19759-19,745.77
197510-20,148.92
197511-19,911.23
197512-21,811.82
19761-22,723.14
19762-22,905.48
19763-23,156.39
19764-23,067.64
19765-23,275.38
19766-23,895.76
19767-23,761.79
19768-24,341.08
19769-23,584.50
197610-23,498.03
197611-24,387.79
197612-24,256.76
19771-23,682.22
19772-23,669.39
19773-23,386.85
19774-23,401.94
19775-23,612.50
19776-23,915.32
19777-23,418.21
19778-23,142.96
19779-22,634.31
197710-22,856.39
197711-22,838.07
197712-22,063.78
19781-21,849.32
19782-21,907.37
19783-22,965.49
19784-24,229.59
19785-24,392.79
19786-24,377.59
19787-26,164.02
19788-26,268.59
19789-25,540.03
197810-24,151.25
197811-24,615.64
197812-25,645.88
19791-25,374.82
19792-25,968.88
19793-26,600.16
19794-26,096.61
19795-26,727.53
19796-27,107.29
19797-28,466.54
19798-28,905.06
19799-27,936.01
197910-27,845.93
197911-29,072.27
197912-30,035.27
19801-31,355.58
19802-28,603.24
19803-28,270.86
19804-29,694.62
19805-31,732.47
19806-33,309.40
19807-34,476.79
19808-35,454.48
19809-36,633.26
198010-38,323.78
198011-37,846.73
198012-37,850.51
19811-36,688.43
19812-38,208.54
19813-38,702.88
19814-38,076.95
19815-38,403.50
19816-37,629.19
19817-37,931.18
19818-34,781.88
19819-35,382.65
198110-36,459.60
198111-36,889.59
198112-35,117.37
19821-34,445.26
19822-33,499.90
19823-35,332.11
19824-35,533.38
19825-33,660.55
19826-33,742.63
19827-34,010.54
19828-38,124.58
19829-41,510.58
198210-43,378.52
198211-43,966.52
198212-45,692.53
19831-46,665.79
19832-48,469.71
19833-50,504.17
19834-52,738.49
19835-53,663.26
19836-54,043.26
19837-52,742.34
19838-54,490.14
19839-54,843.19
198310-54,217.20
198311-54,147.73
198312-55,001.06
19841-52,189.31
19842-52,420.18
19843-52,686.05
19844-52,552.98
19845-51,581.64
19846-51,113.05
19847-55,818.80
19848-56,604.15
19849-56,370.72
198410-57,095.59
198411-56,691.61
198412-59,354.73
19851-62,789.81
19852-62,489.47
19853-63,129.81
19854-64,856.81
19855-66,485.34
19856-67,979.41
19857-66,724.98
19858-65,467.22
19859-66,446.33
198510-70,712.52
198511-74,456.41
198512-75,016.12
19861-79,289.97
19862-84,192.29
19863-86,500.36
19864-86,925.79
19865-89,649.38
19866-88,032.19
19867-90,040.07
19868-87,828.48
19869-87,749.54
198610-90,849.69
198611-92,402.26
198612-98,568.60
19871-104,937.98
19872-109,530.50
19873-108,592.47
19874-108,780.15
19875-113,673.56
19876-117,222.56
19877-124,788.12
19878-121,006.51
19879-106,662.54
198710-93,539.40
198711-92,290.94
198712-96,210.11
19881-99,412.53
19882-102,625.60
19883-101,716.31
19884-99,490.49
19885-105,458.12
19886-105,134.45
19887-103,327.73
19888-105,319.03
19889-109,322.86
198810-107,114.27
198811-109,605.69
198812-113,455.77
19891-117,199.64
19892-117,010.18
19893-121,181.35
19894-126,168.33
19895-130,448.75
19896-134,101.54
19897-140,391.91
19898-141,031.45
19899-141,435.16
198910-138,870.16
198911-142,670.63
198912-139,515.86
19901-135,990.04
19902-139,671.52
19903-139,945.25
19904-145,334.44
19905-149,941.48
19906-150,195.96
19907-138,388.72
19908-132,381.18
19909-129,315.54
199010-133,174.07
199011-139,282.24
199012-138,327.92
19911-154,383.33
19912-159,083.72
19913-162,677.15
19914-162,386.15
19915-162,949.65
19916-164,221.45
19917-168,620.83
19918-168,109.74
19919-168,415.11
199110-168,441.71
199111-170,016.87
199112-182,526.76
19921-181,430.05
19922-179,593.30
19923-180,067.97
19924-183,792.40
19925-181,349.58
19926-184,817.22
19927-186,557.68
19928-187,263.22
19929-185,049.67
199210-190,151.31
199211-196,371.53
199212-196,652.14
19931-200,042.91
19932-204,344.13
19933-201,602.36
19934-203,063.42
19935-204,820.29
19936-204,945.23
19937-208,557.32
19938-211,383.22
19939-214,008.40
199310-214,024.55
199311-215,923.33
199312-219,671.50
19941-219,505.20
19942-216,379.85
19943-209,138.96
19944-211,352.16
19945-213,694.14
19946-212,585.33
19947-219,137.38
19948-220,928.75
19949-219,947.81
199410-219,134.26
199411-216,886.59
199412-222,202.85
19951-230,688.99
19952-236,590.41
19953-244,198.10
19954-252,373.26
19955-260,394.75
19956-269,632.20
19957-271,015.75
19958-281,091.21
19959-283,656.35
199510-290,346.06
199511-300,186.29
199512-300,674.33
19961-318,427.33
19962-317,788.25
19963-318,414.43
19964-325,912.54
19965-330,079.63
19966-318,604.20
19967-328,403.68
19968-335,049.67
19969-348,852.03
199610-366,476.32
199611-370,867.54
199612-382,948.70
19971-399,649.72
19972-397,157.17
19973-383,632.99
19974-418,995.63
19975-441,356.69
19976-466,672.58
19977-468,295.61
19978-473,877.73
19979-481,674.80
199710-476,125.70
199711-488,669.79
199712-489,828.37
19981-521,187.96
19982-548,878.01
19983-567,571.01
19984-566,311.81
19985-566,971.32
19986-592,301.71
19987-551,012.31
19988-524,021.25
19989-530,785.61
199810-589,036.06
199811-613,210.72
199812-644,163.68
19991-643,733.96
19992-662,553.58
19993-690,712.26
19994-690,029.62
19995-685,808.24
19996-716,823.15
19997-689,767.48
19998-685,642.55
19999-676,917.95
199910-725,019.40
199911-745,383.24
199912-744,496.73
20001-726,047.53
20002-754,660.73
20003-765,412.12
20004-743,683.64
20005-767,209.93
20006-773,733.84
20007-781,004.70
20008-772,572.58
20009-732,288.87
200010-726,631.47
200011-702,506.77
200012-705,703.23
20011-690,627.59
20012-627,919.27
20013-630,736.71
20014-674,127.19
20015-658,024.63
20016-640,519.68
20017-627,415.68
20018-556,848.20
20019-574,578.42
200110-603,612.71
200111-612,461.97
200112-610,638.74
20021-590,165.43
20022-619,350.71
20023-597,584.05
20024-580,729.96
20025-546,345.18
20026-487,566.63
20027-493,119.00
20028-469,657.73
20029-463,237.31
200210-493,929.45
200211-488,816.98
200212-487,729.27
20031-456,442.24
20032-462,412.04
20033-486,854.49
20034-512,717.23
20035-541,963.57
20036-545,193.13
20037-544,286.34
20038-561,492.22
20039-572,878.32
200310-579,813.51
200311-597,577.89
200312-627,068.13
20041-633,882.25
20042-623,960.74
20043-630,001.54
20044-613,846.70
20045-631,388.46
20046-617,253.06
20047-608,688.24
20048-625,625.75
20049-626,267.61
200410-656,164.98
200411-674,061.53
200412-664,966.95
20051-676,146.42
20052-674,418.27
20053-658,172.08
20054-666,964.41
20055-681,508.88
20056-693,829.14
20057-695,980.14
20058-697,926.73
20059-679,611.60
200510-706,534.70
200511-721,683.73
200512-732,269.17
20061-732,147.32
20062-743,028.04
20063-748,959.86
20064-743,068.28
20065-722,962.39
20066-728,168.01
20067-744,855.87
20068-763,709.46
20069-791,324.54
200610-807,164.03
200611-824,504.05
200612-830,216.43
20071-843,467.09
20072-822,600.63
20073-856,987.47
20074-886,054.37
20075-889,110.39
20076-894,219.39
20077-856,652.27
20078-882,992.13
20079-909,408.01
200710-865,699.04
200711-876,418.31
200712-818,266.22
20081-805,468.82
20082-784,312.09
20083-817,596.75
20084-838,548.51
20085-802,938.86
20086-754,132.45
20087-770,048.68
20088-732,720.29
20089-584,757.80
200810-534,437.35
200811-532,560.32
200812-526,725.82
20091-491,421.99
20092-463,472.67
20093-520,580.62
20094-555,250.36
20095-571,179.72
20096-578,477.35
20097-625,454.02
20098-648,285.24
20099-663,864.24
200910-677,767.72
200911-692,853.86
200912-702,255.67
20101-681,900.97
20102-722,426.59
20103-751,958.89
20104-707,725.68
20105-682,646.97
20106-681,561.06
20107-687,447.10
20108-710,622.01
20109-743,150.28
201010-761,661.51
201011-789,947.61
201012-817,297.13
20111-843,049.05
20112-833,670.45
20113-852,186.13
20114-857,804.04
20115-826,386.11
20116-852,018.42
20117-763,402.99
20118-757,377.87
20119-780,242.40
201110-794,030.24
201111-806,375.43
201112-844,940.80
20121-880,112.38
20122-905,493.39
20123-905,147.40
20124-877,169.73
20125-867,061.12
20126-892,388.73
20127-922,620.19
20128-950,494.08
20129-948,430.23
201210-921,518.58
201211-941,566.54
201212-981,759.77
20131-1,004,664.44
20132-1,032,015.97
20133-1,047,019.32
20134-1,094,912.81
20135-1,082,674.15
20136-1,117,909.53
20137-1,120,732.57
20138-1,134,096.94
20139-1,158,112.01
201310-1,202,815.07
201311-1,221,117.84
201312-1,232,935.91
20141-1,231,332.65
20142-1,264,852.84
20143-1,267,404.36
20144-1,286,821.43
20145-1,327,952.33
20146-1,347,816.14
20147-1,342,061.62
20148-1,365,923.93
20149-1,329,773.61
201410-1,405,645.87
201411-1,414,556.09
201412-1,398,853.87
20151-1,438,405.04
20152-1,439,201.39
20153-1,451,843.47
20154-1,466,055.63
20155-1,459,670.95
20156-1,458,508.62
20157-1,423,148.57
20158-1,359,005.90
20159-1,417,675.81
201510-1,459,248.73
201511-1,443,153.65
201512-1,350,508.65
20161-1,343,082.08
20162-1,428,538.73
20163-1,468,984.38
20164-1,464,513.30
20165-1,480,132.19
20166-1,528,938.65
20167-1,547,274.55
20168-1,540,487.10
20169-1,532,692.53
201610-1,551,102.63
201611-1,612,308.58
201612-1,635,487.69
20171-1,677,625.13
20172-1,706,971.11
20173-1,704,342.30
20174-1,733,186.14
20175-1,763,974.94
20176-1,781,400.97
20177-1,785,815.37
20178-1,815,339.60
20179-1,864,985.49
201710-1,894,630.72
201711-1,949,262.14
201712-2,044,033.28
20181-1,985,028.45
20182-1,986,310.34
20183-1,953,258.70
20184-1,991,574.23
20185-2,033,655.59
20186-2,065,802.44
20187-2,116,431.23
20188-2,151,981.94
20189-2,069,152.45
201810-2,026,194.60
201811-1,913,487.28
201812-1,946,698.46
20191-2,060,169.62
20192-2,100,302.18
20193-2,178,501.04
20194-2,145,131.01
20195-2,175,264.72
20196-2,258,519.58
20197-2,187,728.23
20198-2,255,224.62
20199-2,255,445.69
201910-2,355,445.21
201911-2,413,608.69
201912-2,494,377.63
20201-2,497,422.69
20202-2,024,967.53
20203-2,112,418.07
20204-2,236,783.84
20205-2,382,359.81
20206-2,465,181.00
20207-2,610,466.56
20208-2,594,098.87
20209-2,638,873.05
202010-2,743,217.17
202011-2,860,080.42
202012-2,940,028.25
20211-3,013,279.89
20212-3,038,029.69
20213-3,220,964.23
20214-3,245,451.02
20215-3,304,207.40
20216-3,405,587.14
20217-3,480,004.73
20218-3,477,064.17
20219-3,492,786.62
202110-3,658,510.41
202111-3,668,220.23
202112-3,592,950.08
20221-3,488,662.19
20222-3,457,522.96
20223-3,461,613.28
20224-3,189,089.80
20225-3,081,637.09
20226-3,095,957.01
20227-3,295,565.55
20228-3,055,733.92
20229-2,961,275.84
202210-3,117,782.05
202211-3,118,119.94
202212-3,161,039.50
20231-3,260,516.52
20232-3,176,218.24
20233-3,303,146.95
20234-3,327,514.11
20235-3,491,966.07
20236-3,627,316.14
20237-3,591,128.70
20238-3,556,884.52
20239-3,448,850.82
202310-3,607,557.40
202311-3,794,257.41
202312-3,904,739.99
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 1946 to 2023
Start Value
Average monthly close
$18.02
End Value
Average monthly close
$3,960.66
Change in price +21,879.23%
+7.25% / yr
Change incl. dividends +327,595.04%
+10.94% / yr
Change incl. dividends, inflation-adjusted +20,871.47%
+7.09% / yr
Final amount, nominal
($1107 base)
$3,627,584.07
Final amount, inflation-adjusted
($1107 base)
$232,154.21