S&P 500: $10000 in 1947 → $34,285,620.05 in 2021

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Stock market returns between 1947 and 2021

If you invested $10000 in the S&P 500 at the beginning of 1947, you would have about $34,285,620.05 at the end of 2021, assuming you reinvested all dividends. This is a return on investment of 342,756.20%, or 11.46% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 28,116.00% cumulatively, or 7.81% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $32,293,129.66.

The graph below shows the performance of $10000 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 $10000 is $34,275,620.05, or 342,756.20%. This means by 2021 you would have $34,285,620.05 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 1947 was 22.300 and the CPI in 2021 was 270.970.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 74 years.

Adjusted for inflation, the $34,285,620.05 nominal end value of the original $10000 investment would have a real return of roughly $2,811,599.65 in 1947 dollars. This means the inflation-adjusted return is 28,116.00% as opposed to the original 342,756.20%.

For more information on inflation, see our U.S. inflation calculator for 1947.

Full monthly data

The table below shows the full dataset pertaining to a $10000 investment, including gains and losses over the 900-month period between 1947 and 2021.

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

YearMonthReturn (%)Amount ($)CPI
194714.27%10,426.9921.50
19472-3.67%10,044.0421.50
19473-3.30%9,712.7721.90
19474-1.36%9,580.4621.90
194753.92%9,956.0821.90
194766.69%10,622.5022.00
19477-1.56%10,456.9122.20
19478-2.17%10,230.3222.50
194793.03%10,539.9723.00
194710-0.73%10,463.0323.00
194711-1.12%10,345.5923.10
194712-0.86%10,256.1123.40
19481-4.45%9,799.8623.70
194821.92%9,987.9123.50
194838.19%10,805.6823.40
194845.33%11,381.6323.80
194854.59%11,903.7323.90
19486-1.96%11,670.7724.10
19487-2.49%11,380.3524.40
19488-0.68%11,303.2024.50
194893.19%11,663.6024.50
194810-5.10%11,068.6524.40
194811-0.16%11,051.1624.20
1948121.63%11,231.2224.10
19491-3.33%10,857.5024.00
194921.49%11,019.4223.80
194930.41%11,065.0023.80
19494-0.18%11,044.7723.90
19495-4.91%10,502.1623.80
194966.26%11,159.9623.90
194974.17%11,625.3823.70
194981.87%11,842.9123.80
194993.14%12,215.0023.90
1949101.95%12,452.8723.70
1949113.24%12,856.5523.80
1949122.63%13,194.6723.60
195012.52%13,527.5323.50
195021.38%13,713.5623.50
195033.39%14,177.9323.60
195043.91%14,732.9123.60
195052.16%15,051.8323.70
19506-6.72%14,039.8123.80
195076.64%14,971.7124.10
195084.11%15,586.8424.30
195094.72%16,322.7524.40
1950100.38%16,384.1424.60
1950110.19%16,416.0424.70
1950128.01%17,731.4025.00
195114.31%18,495.4025.40
19512-1.11%18,289.6625.70
195131.93%18,641.9825.80
195140.63%18,759.1625.80
19515-1.15%18,544.3625.90
195162.37%18,983.2225.90
195174.97%19,925.8025.90
195183.14%20,550.6225.90
195190.03%20,556.4626.10
195110-2.25%20,093.2426.20
1951113.61%20,819.2526.40
1951123.83%21,617.4326.50
19521-1.33%21,329.4726.50
195220.75%21,489.3826.30
195230.20%21,533.0026.30
195240.46%21,632.0226.40
195253.24%22,333.9526.40
195263.37%23,085.8926.50
195270.88%23,289.1726.70
19528-1.11%23,030.9626.70
19529-1.61%22,659.9726.70
1952103.67%23,491.0126.70
1952114.51%24,550.2326.70
1952120.99%24,793.0026.70
19531-0.77%24,601.2326.60
195320.96%24,836.6826.50
19533-4.47%23,725.7726.60
195341.00%23,963.6726.60
19535-3.11%23,218.9626.70
195361.91%23,663.3126.80
195370.90%23,876.0126.80
19538-4.11%22,895.4526.90
195393.52%23,700.6126.90
1953102.71%24,342.4827.00
1953111.84%24,789.5926.90
1953123.02%25,539.2026.90
195412.68%26,222.7126.90
195422.58%26,899.8926.90
195434.45%28,097.0726.90
195444.42%29,339.6726.80
195451.22%29,698.5226.90
195464.46%31,022.2726.90
195472.39%31,765.0226.90
195482.74%32,635.3226.90
195492.71%33,519.9526.80
1954104.30%34,962.0426.80
1954114.95%36,693.8226.80
1954122.17%37,489.5426.70
195513.70%38,878.4326.70
19552-0.44%38,708.7626.70
195533.81%40,182.8726.70
19554-0.08%40,151.2426.70
195556.15%42,618.5826.70
195567.64%45,876.3926.70
19557-0.30%45,739.0826.80
195584.82%47,942.0726.80
19559-4.72%45,676.8826.90
1955107.07%48,904.4726.90
1955111.24%49,509.5126.90
195512-2.39%48,327.3326.80
195610.95%48,786.1626.80
195627.21%52,301.7426.80
195631.48%53,077.2526.80
19564-2.84%51,570.6626.90
19565-0.26%51,435.5427.00
195665.75%54,392.5027.20
19567-0.28%54,237.6327.40
19568-3.09%52,562.3227.30
19569-0.95%52,061.0827.40
195610-0.71%51,690.1627.50
1956111.81%52,625.2127.50
195612-1.86%51,645.0127.60
19571-4.00%49,581.3927.60
195721.62%50,384.8727.70
195732.64%51,717.0727.80
195744.16%53,868.5927.90
195751.95%54,921.2928.00
195762.32%56,196.6228.10
19577-5.21%53,271.5228.30
19578-3.74%51,279.4628.30
19579-5.90%48,255.7028.30
195710-1.80%47,386.8928.30
1957110.32%47,537.6128.40
1957122.33%48,644.6228.40
195810.70%48,986.0428.60
195822.42%50,170.9828.60
195830.90%50,620.7528.80
195843.56%52,421.7528.90
195852.74%53,855.5928.90
195863.07%55,509.3728.90
195874.05%57,759.8829.00
195882.94%59,460.1828.90
195894.36%62,052.0528.90
1958103.33%64,116.0628.90
1958112.16%65,502.5329.00
1958124.25%68,289.4528.90
19591-1.27%67,425.5729.00
195922.81%69,317.6528.90
195931.94%70,659.9428.90
195941.77%71,907.3929.00
19595-0.61%71,471.4429.00
195964.23%74,492.9529.10
19597-0.32%74,255.6929.20
19598-3.70%71,505.8229.20
195990.18%71,632.2129.30
1959100.67%72,111.5029.40
1959113.46%74,608.8129.40
195912-1.49%73,500.2929.40
19601-3.61%70,847.4829.30
19602-1.08%70,083.6429.40
196031.58%71,193.9629.40
19604-0.62%70,749.3329.50
196053.99%73,570.8729.50
19606-2.20%71,955.1629.60
196071.49%73,027.9229.60
19608-2.72%71,041.0129.60
19609-1.67%69,851.8129.60
1960103.54%72,325.1629.80
1960112.69%74,271.1729.80
1960125.43%78,301.8229.80
196114.37%81,726.8329.80
196123.40%84,503.1329.80
196132.92%86,969.7829.80
196141.26%88,068.5229.80
19615-1.08%87,117.2029.80
19616-0.03%87,092.8629.80
196173.84%90,436.3330.00
19618-0.54%89,946.4329.90
196191.34%91,154.4530.00
1961104.77%95,504.4030.00
1961111.16%96,615.1230.00
196112-3.49%93,246.0330.00
196211.91%95,026.5630.00
196220.34%95,350.5930.10
19623-2.94%92,542.5730.10
19624-7.19%85,893.3230.20
19625-11.41%76,090.5330.20
196262.72%78,158.1830.20
196273.02%80,520.9330.30
19628-0.59%80,043.1730.30
19629-2.86%77,756.8830.40
1962107.20%83,356.0430.40
1962114.62%87,210.2330.40
1962124.15%90,826.5930.40
196311.60%92,275.7630.40
19632-0.11%92,175.8330.40
196334.98%96,764.5030.50
196342.27%98,960.6430.50
196350.22%99,175.0230.50
19636-1.22%97,963.2130.60
196373.03%100,932.6130.70
196382.89%103,853.2230.70
196390.50%104,372.3630.70
196310-0.31%104,052.3930.80
1963112.39%106,542.7330.80
1963123.33%110,090.8030.90
196411.48%111,720.0530.90
196422.07%114,033.8130.90
196431.69%115,964.5330.90
196441.22%117,379.7130.90
19645-0.35%116,968.1030.90
196463.96%121,601.2531.00
19647-1.23%120,110.8231.10
196481.97%122,471.5431.00
196491.97%124,884.4531.10
1964100.94%126,054.5631.10
196411-1.49%124,175.9331.20
1964122.82%127,678.6731.20
196510.98%128,923.6231.20
196520.34%129,356.2531.20
196531.56%131,371.1631.30
196541.73%133,647.2931.40
19655-4.51%127,623.3431.40
196560.10%127,754.6531.60
196572.12%130,461.2431.60
196583.60%135,152.7731.60
196592.50%138,527.3131.60
1965101.08%140,017.8331.70
196511-0.21%139,721.5331.70
1965121.98%142,488.6531.80
19661-0.43%141,875.3531.80
19662-3.86%136,395.6532.00
196633.32%140,925.2932.10
19664-5.01%133,868.3432.30
19665-0.56%133,119.3132.30
196660.02%133,143.8032.40
19667-5.77%125,462.1332.50
19668-3.22%121,416.1832.70
19669-0.56%120,730.9032.70
1966105.32%127,149.0232.90
1966110.72%128,059.1532.90
1966124.13%133,348.3732.90
196713.73%138,322.2832.90
196722.63%141,965.3332.90
196731.99%144,793.9533.00
196742.06%147,773.3533.10
19675-0.99%146,307.6933.20
196761.99%149,222.7533.30
196771.85%151,985.8333.40
196781.65%154,499.5433.50
196790.10%154,650.0533.60
196710-2.88%150,193.4433.70
1967113.11%154,867.0633.80
196712-0.02%154,839.9833.90
19681-4.26%148,248.4734.10
19682-1.56%145,936.9434.20
196837.66%157,118.2334.30
196842.56%161,136.8334.40
196852.94%165,875.3734.50
196860.05%165,956.5234.70
19687-1.93%162,747.0534.90
196883.51%168,455.7135.00
196892.72%173,032.9535.10
1968101.79%176,122.8935.30
1968111.29%178,386.6235.40
196812-3.99%171,277.6835.50
19691-0.24%170,869.0735.60
19692-1.91%167,598.9935.80
196932.27%171,410.6236.10
196943.51%177,433.1236.30
19695-4.97%168,612.3536.40
19696-4.21%161,521.6436.60
19697-0.28%161,063.5436.80
196980.63%162,075.8637.00
196991.35%164,258.0837.10
1969101.00%165,896.5037.30
196911-5.03%157,556.0837.50
196912-0.59%156,628.0237.70
19701-3.20%151,622.0537.80
197022.01%154,673.0838.00
19703-2.75%150,423.1438.20
19704-11.20%133,577.2238.50
19705-0.27%133,216.7138.60
197060.52%133,912.8438.80
197073.26%138,272.7539.00
197086.32%147,013.3939.00
197092.49%150,673.2939.20
1970100.21%150,984.8339.40
1970117.16%161,792.8439.60
1970124.11%168,443.6339.80
197114.15%175,435.8439.80
197122.83%180,403.9039.90
197133.67%187,031.6940.00
19714-1.11%184,959.6240.10
19715-1.60%182,007.9340.30
19716-0.46%181,165.3040.60
19717-1.52%178,416.8140.70
197182.49%182,852.9740.80
19719-1.86%179,445.1740.80
197110-4.37%171,600.6840.90
1971117.16%183,893.4740.90
1971124.42%192,026.2441.10
197212.09%196,033.7541.10
197222.62%201,169.0841.30
197231.26%203,701.5941.40
19724-0.78%202,121.1041.50
197250.52%203,164.2341.60
19726-0.50%202,140.5741.70
197273.78%209,788.9441.90
19728-1.21%207,249.5242.00
197290.42%208,114.6442.10
1972105.25%219,049.4242.30
1972112.31%224,112.7842.40
1972120.99%226,330.0742.50
19731-3.33%218,804.3242.60
19732-1.35%215,860.6342.90
19733-1.63%212,334.9743.30
19734-2.57%206,878.4843.60
19735-1.99%202,762.0343.90
197361.21%205,215.9444.20
19737-1.64%201,859.7944.30
197382.00%205,887.4845.10
197394.24%214,607.4845.20
197310-6.85%199,900.7245.60
197311-6.81%186,296.9145.90
1973121.70%189,464.7546.20
19741-2.47%184,779.5546.60
197424.57%193,232.5547.20
19743-4.82%183,925.2447.80
19744-2.71%178,948.8248.00
197450.46%179,767.0348.60
19746-11.35%159,369.1449.00
19747-3.76%153,369.2749.40
19748-10.01%138,011.5050.00
197492.38%141,291.9450.60
1974103.74%146,581.1251.10
197411-6.09%137,651.6551.50
1974128.63%149,534.8051.90
1975110.81%165,695.8252.10
197524.97%173,936.9452.50
197531.49%176,523.4352.70
197546.71%188,372.8152.90
197552.89%193,825.4953.20
197560.43%194,662.8153.60
19757-7.00%181,043.7154.20
19758-0.85%179,499.9954.30
197594.97%188,423.4054.60
1975102.04%192,270.4454.90
197511-1.18%190,002.3455.30
1975129.55%208,138.6155.50
197614.18%216,834.9355.60
197620.80%218,574.8355.80
197631.10%220,969.2055.90
19764-0.38%220,122.2956.10
197650.90%222,104.6756.50
197662.67%228,024.5556.80
19767-0.56%226,746.2057.10
197682.44%232,274.0157.40
19769-3.11%225,054.4357.60
197610-0.37%224,229.2857.90
1976113.79%232,719.7458.00
197612-0.54%231,469.4558.20
19771-2.37%225,986.8658.50
19772-0.05%225,864.4259.10
19773-1.19%223,168.3459.50
197740.06%223,312.2960.00
197750.90%225,321.5860.30
197761.28%228,211.1960.70
19777-2.08%223,467.5461.00
19778-1.18%220,841.0561.20
19779-2.20%215,987.2861.40
1977100.98%218,106.4261.60
197711-0.08%217,931.6361.90
197712-3.39%210,542.9762.10
19781-0.97%208,496.5162.50
197820.27%209,050.4162.90
197834.83%219,147.5363.40
197845.50%231,210.1263.90
197850.67%232,767.4564.50
19786-0.06%232,622.4565.20
197877.33%249,669.3665.70
197880.40%250,667.2666.00
19789-2.77%243,715.0166.50
197810-5.44%230,462.6367.10
1978111.92%234,894.0367.40
1978124.19%244,725.0767.70
19791-1.06%242,138.4468.30
197922.34%247,807.2969.10
197932.43%253,831.2569.80
19794-1.89%249,026.1670.60
197952.42%255,046.7171.50
197961.42%258,670.5372.30
197975.01%271,641.1473.10
197981.54%275,825.6473.80
19799-3.35%266,578.5474.60
197910-0.32%265,719.0075.20
1979114.40%277,421.2575.90
1979123.31%286,610.7276.70
198014.40%299,209.7077.80
19802-8.78%272,945.6078.90
19803-1.16%269,773.8380.10
198045.04%283,360.0281.00
198056.86%302,806.1281.80
198064.97%317,853.9482.70
198073.50%328,993.7282.70
198082.84%338,323.3583.30
198093.32%349,571.8284.00
1980104.61%365,703.4984.80
198011-1.24%361,151.2985.50
1980120.01%361,187.3686.30
19811-3.07%350,098.2787.00
198124.14%364,603.9087.90
198131.29%369,321.1388.50
19814-1.62%363,348.2189.10
198150.86%366,464.2489.80
19816-2.02%359,075.4090.60
198170.80%361,957.2191.60
19818-8.30%331,905.0592.30
198191.73%337,637.8793.20
1981103.04%347,914.6693.40
1981111.18%352,017.8693.70
198112-4.80%335,106.5094.00
19821-1.91%328,692.9194.30
19822-2.74%319,671.7994.60
198235.47%337,155.6594.50
198240.57%339,076.2594.90
19825-5.27%321,204.8395.80
198260.24%321,988.0897.00
198270.79%324,544.5997.50
1982812.10%363,802.7297.70
198298.88%396,113.4997.90
1982104.50%413,938.2798.20
1982111.36%419,549.2098.00
1982123.93%436,019.6697.60
198312.13%445,306.9597.80
198323.87%462,520.8097.90
198334.20%481,934.5997.90
198344.42%503,255.4498.60
198351.75%512,080.0499.20
198360.71%515,706.2599.50
19837-2.41%503,292.2499.90
198383.31%519,970.51100.20
198390.65%523,339.54100.70
198310-1.14%517,366.02101.00
198311-0.13%516,703.13101.20
1983121.58%524,846.03101.30
19841-5.11%498,014.96101.90
198420.44%500,217.98102.40
198430.51%502,755.08102.60
19844-0.25%501,485.26103.10
19845-1.85%492,216.29103.40
19846-0.91%487,744.76103.70
198479.21%532,649.27104.10
198481.41%540,143.47104.50
19849-0.41%537,915.91105.00
1984101.29%544,832.98105.30
198411-0.71%540,977.98105.30
1984124.70%566,390.79105.30
198515.79%599,169.87105.50
19852-0.48%596,303.93106.00
198531.02%602,414.33106.40
198542.74%618,894.18106.90
198552.51%634,434.41107.30
198562.25%648,691.55107.60
19857-1.85%636,721.18107.80
19858-1.88%624,719.02108.00
198591.50%634,062.10108.30
1985106.42%674,772.15108.70
1985115.29%710,498.06109.00
1985120.75%715,839.08109.30
198615.70%756,622.19109.60
198626.18%803,402.41109.30
198632.74%825,427.10108.80
198640.49%829,486.80108.60
198653.13%855,476.61108.90
19866-1.80%840,044.55109.50
198672.28%859,204.74109.50
19868-2.46%838,100.65109.70
19869-0.09%837,347.42110.20
1986103.53%866,930.49110.30
1986111.71%881,745.80110.40
1986126.67%940,587.97110.50
198716.46%1,001,367.62111.20
198724.38%1,045,191.56111.60
19873-0.86%1,036,240.43112.10
198740.17%1,038,031.38112.70
198754.50%1,084,726.63113.10
198763.12%1,118,592.85113.50
198776.45%1,190,786.96113.80
19878-3.03%1,154,701.04114.40
19879-11.85%1,017,824.10115.00
198710-12.30%892,596.99115.30
198711-1.33%880,683.55115.40
1987124.25%918,082.15115.40
198813.33%948,641.11115.70
198823.23%979,301.75116.00
19883-0.89%970,624.90116.50
19884-2.19%949,385.03117.10
198856.00%1,006,331.04117.50
19886-0.31%1,003,242.41118.00
19887-1.72%986,001.83118.50
198881.93%1,005,003.75119.00
198893.80%1,043,210.15119.80
198810-2.02%1,022,134.72120.20
1988112.33%1,045,909.10120.30
1988123.51%1,082,648.31120.50
198913.30%1,118,374.10121.10
19892-0.16%1,116,566.15121.60
198933.56%1,156,369.48122.30
198944.12%1,203,957.58123.10
198953.39%1,244,803.32123.80
198962.80%1,279,659.99124.10
198974.69%1,339,685.68124.40
198980.46%1,345,788.44124.60
198990.29%1,349,640.84125.00
198910-1.81%1,325,164.42125.60
1989112.74%1,361,430.28125.90
198912-2.21%1,331,325.98126.10
19901-2.53%1,297,680.93127.40
199022.71%1,332,811.31128.00
199030.20%1,335,423.43128.70
199043.85%1,386,849.59128.90
199053.17%1,430,812.13129.20
199060.17%1,433,240.55129.90
19907-7.86%1,320,570.26130.40
19908-4.34%1,263,243.51131.60
19909-2.32%1,233,989.71132.70
1990102.98%1,270,809.67133.50
1990114.59%1,329,096.70133.80
199012-0.69%1,319,990.11133.80
1991111.61%1,473,198.39134.60
199123.04%1,518,051.69134.80
199132.26%1,552,341.87135.00
19914-0.18%1,549,565.06135.20
199150.35%1,554,942.22135.60
199160.78%1,567,078.33136.00
199172.68%1,609,059.31136.20
19918-0.30%1,604,182.24136.60
199190.18%1,607,096.17137.20
1991100.02%1,607,350.02137.40
1991110.94%1,622,380.99137.80
1991127.36%1,741,756.20137.90
19921-0.60%1,731,290.93138.10
19922-1.01%1,713,763.72138.60
199230.26%1,718,293.26139.30
199242.07%1,753,833.58139.50
19925-1.33%1,730,522.99139.70
199261.91%1,763,612.89140.20
199270.94%1,780,221.19140.50
199280.38%1,786,953.76140.90
19929-1.18%1,765,830.97141.30
1992102.76%1,814,513.22141.80
1992113.27%1,873,869.57142.00
1992120.14%1,876,547.20141.90
199311.72%1,908,903.52142.60
199322.15%1,949,947.86143.10
19933-1.34%1,923,784.53143.60
199340.72%1,937,726.66144.00
199350.87%1,954,491.53144.20
199360.06%1,955,683.85144.40
199371.76%1,990,152.11144.40
199381.35%2,017,118.11144.80
199391.24%2,042,168.84145.10
1993100.01%2,042,322.91145.70
1993110.89%2,060,441.99145.80
1993121.74%2,096,208.79145.80
19941-0.08%2,094,621.94146.20
19942-1.42%2,064,798.33146.70
19943-3.35%1,995,702.39147.20
199441.06%2,016,821.74147.40
199451.11%2,039,170.00147.50
19946-0.52%2,028,589.26148.00
199473.08%2,091,111.96148.40
199480.82%2,108,206.07149.00
19949-0.44%2,098,845.50149.40
199410-0.37%2,091,082.21149.50
199411-1.03%2,069,633.85149.70
1994122.45%2,120,364.18149.70
199513.82%2,201,342.87150.30
199522.56%2,257,656.97150.90
199533.22%2,330,253.12151.40
199543.35%2,408,264.41151.90
199553.18%2,484,809.21152.20
199563.55%2,572,957.32152.50
199570.51%2,586,159.79152.50
199583.72%2,682,304.53152.90
199590.91%2,706,782.37153.20
1995102.36%2,770,618.72153.70
1995113.39%2,864,518.82153.60
1995120.16%2,869,175.94153.50
199615.90%3,038,583.38154.40
19962-0.20%3,032,485.03154.90
199630.20%3,038,460.31155.70
199642.35%3,110,010.75156.30
199651.28%3,149,775.13156.60
19966-3.48%3,040,271.17156.70
199673.08%3,133,782.39157.00
199682.02%3,197,201.59157.30
199694.12%3,328,910.24157.80
1996105.05%3,497,089.51158.30
1996111.20%3,538,992.59158.60
1996123.26%3,654,276.69158.60
199714.36%3,813,645.68159.10
19972-0.62%3,789,860.53159.60
19973-3.41%3,660,806.44160.00
199749.22%3,998,253.39160.20
199755.34%4,211,633.19160.10
199765.74%4,453,209.29160.30
199770.35%4,468,697.07160.50
199781.19%4,521,964.30160.80
199791.65%4,596,367.60161.20
199710-1.15%4,543,415.46161.60
1997112.63%4,663,117.03161.50
1997120.24%4,674,172.74161.30
199816.40%4,973,420.68161.60
199825.31%5,237,652.17161.90
199833.41%5,416,029.60162.20
19984-0.22%5,404,013.73162.50
199850.12%5,410,307.08162.80
199864.47%5,652,021.55163.00
19987-6.97%5,258,018.72163.20
19988-4.90%5,000,457.30163.40
199891.29%5,065,006.04163.60
19981010.97%5,620,859.26164.00
1998114.10%5,851,545.22164.00
1998125.05%6,146,912.91163.90
19991-0.07%6,142,812.30164.30
199922.92%6,322,398.03164.50
199934.25%6,591,101.34165.00
19994-0.10%6,584,587.24166.20
19995-0.61%6,544,304.90166.20
199964.52%6,840,263.71166.20
19997-3.77%6,582,085.78166.70
19998-0.60%6,542,723.81167.10
19999-1.27%6,459,469.53167.90
1999107.11%6,918,476.18168.20
1999112.81%7,112,797.55168.30
199912-0.12%7,104,338.11168.30
20001-2.48%6,928,287.12168.80
200023.94%7,201,327.70169.80
200031.42%7,303,922.53171.20
20004-2.84%7,096,579.21171.30
200053.16%7,321,078.09171.50
200060.85%7,383,332.32172.40
200070.94%7,452,714.32172.80
20008-1.08%7,372,251.04172.80
20009-5.21%6,987,844.93173.70
200010-0.77%6,933,859.35174.00
200011-3.32%6,703,650.11174.10
2000120.46%6,734,152.23174.00
20011-2.14%6,590,293.38175.10
20012-9.08%5,991,901.13175.80
200130.45%6,018,786.41176.20
200146.88%6,432,838.77176.90
20015-2.39%6,279,180.62177.70
20016-2.66%6,112,140.15178.00
20017-2.05%5,987,095.59177.50
20018-11.25%5,313,707.50177.50
200193.18%5,482,897.62178.30
2001105.05%5,759,956.46177.70
2001111.47%5,844,400.26177.40
200112-0.30%5,827,002.11176.70
20021-3.35%5,631,636.17177.10
200224.95%5,910,135.83177.80
20023-3.51%5,702,428.11178.80
20024-2.82%5,541,598.46179.80
20025-5.92%5,213,482.72179.80
20026-10.76%4,652,590.22179.90
200271.14%4,705,573.49180.10
20028-4.76%4,481,695.00180.70
20029-1.37%4,420,428.32181.00
2002106.63%4,713,307.19181.30
200211-1.04%4,664,521.57181.30
200212-0.22%4,654,142.19180.90
20031-6.41%4,355,586.60181.70
200321.31%4,412,553.24183.10
200335.29%4,645,794.58184.20
200345.31%4,892,589.02183.80
200355.70%5,171,671.34183.50
200360.60%5,202,489.37183.70
20037-0.17%5,193,836.38183.90
200383.16%5,358,022.94184.60
200392.03%5,466,674.49185.20
2003101.21%5,532,853.29185.00
2003113.06%5,702,369.42184.50
2003124.93%5,983,779.15184.30
200411.09%6,048,802.62185.20
20042-1.57%5,954,126.96186.20
200430.97%6,011,771.07187.40
20044-2.56%5,857,614.02188.00
200452.86%6,025,005.70189.10
20046-2.24%5,890,119.10189.70
20047-1.39%5,808,389.57189.40
200482.78%5,970,015.24189.50
200490.10%5,976,140.19189.90
2004104.77%6,261,434.92190.90
2004112.73%6,432,212.25191.00
200412-1.35%6,345,427.46190.30
200511.68%6,452,107.21190.70
20052-0.26%6,435,616.40191.80
20053-2.41%6,280,587.65193.30
200541.34%6,364,488.17194.60
200552.18%6,503,278.40194.40
200561.81%6,620,844.08194.50
200570.31%6,641,369.90195.40
200580.28%6,659,945.18196.40
20059-2.62%6,485,173.59198.80
2005103.96%6,742,086.49199.20
2005112.14%6,886,645.65197.60
2005121.47%6,987,656.92196.80
20061-0.02%6,986,494.19198.30
200621.49%7,090,323.12198.70
200630.80%7,146,927.40199.80
20064-0.79%7,090,707.12201.50
20065-2.71%6,898,847.26202.50
200660.72%6,948,521.77202.90
200672.29%7,107,765.16203.50
200682.53%7,287,675.03203.90
200693.62%7,551,191.02202.90
2006102.00%7,702,338.91201.80
2006112.15%7,867,805.56201.50
2006120.69%7,922,315.80201.80
200711.60%8,048,759.77202.42
20072-2.47%7,849,642.22203.50
200734.18%8,177,777.67205.35
200743.39%8,455,147.70206.69
200750.34%8,484,309.63207.95
200760.57%8,533,062.14208.35
20077-4.20%8,174,579.00208.30
200783.07%8,425,926.33207.92
200792.99%8,677,999.11208.49
200710-4.81%8,260,907.56208.94
2007111.24%8,363,195.84210.18
200712-6.64%7,808,281.29210.04
20081-1.56%7,686,162.45211.08
20082-2.63%7,484,274.96211.69
200834.24%7,801,892.81213.53
200842.56%8,001,824.45214.82
20085-4.25%7,662,020.41216.63
20086-6.08%7,196,286.67218.82
200872.11%7,348,166.82219.96
20088-4.85%6,991,961.77219.09
20089-20.19%5,580,034.02218.78
200810-8.61%5,099,852.68216.57
200811-0.35%5,081,941.12212.43
200812-1.10%5,026,265.57210.23
20091-6.70%4,689,379.80211.14
20092-5.69%4,422,674.30212.19
2009312.32%4,967,625.18212.71
200946.66%5,298,460.16213.24
200952.87%5,450,465.62213.86
200961.28%5,520,103.07215.69
200978.12%5,968,376.56215.35
200983.65%6,186,242.79215.83
200992.40%6,334,904.90215.97
2009102.09%6,467,578.44216.18
2009112.23%6,611,537.53216.33
2009121.36%6,701,253.97215.95
20101-2.90%6,507,019.91216.69
201025.94%6,893,734.42216.74
201034.09%7,175,545.47217.63
20104-5.88%6,753,451.43218.01
20105-3.54%6,514,138.55218.18
20106-0.16%6,503,776.31217.97
201070.86%6,559,943.68218.01
201083.37%6,781,089.51218.31
201094.58%7,091,489.58218.44
2010102.49%7,268,132.52218.71
2010113.71%7,538,051.79218.80
2010123.46%7,799,033.70219.18
201113.15%8,044,770.64220.22
20112-1.11%7,955,275.71221.31
201132.22%8,131,961.02223.47
201140.66%8,185,569.74224.91
20115-3.66%7,885,765.05225.96
201163.10%8,130,360.64225.72
20117-10.40%7,284,750.53225.92
20118-0.79%7,227,256.00226.55
201193.02%7,445,440.06226.89
2011101.77%7,577,010.11226.42
2011111.55%7,694,813.75226.23
2011124.78%8,062,822.68225.67
201214.16%8,398,446.43226.67
201222.88%8,640,643.96227.66
20123-0.04%8,637,342.34229.39
20124-3.09%8,370,366.22230.09
20125-1.15%8,273,905.19229.82
201262.92%8,515,593.14229.48
201273.39%8,804,075.96229.10
201283.02%9,070,061.72230.38
20129-0.22%9,050,367.46231.41
201210-2.84%8,793,563.83231.32
2012112.18%8,984,870.91230.22
2012124.27%9,368,413.61229.60
201312.33%9,586,980.75230.28
201322.72%9,847,981.89232.17
201331.45%9,991,151.00232.77
201344.57%10,448,173.20232.53
20135-1.12%10,331,386.13232.95
201363.25%10,667,618.74233.50
201370.25%10,694,557.49233.60
201381.19%10,822,086.59233.88
201392.12%11,051,249.68234.15
2013103.86%11,477,827.26233.55
2013111.52%11,652,480.95233.07
2013120.97%11,765,254.56233.05
20141-0.13%11,749,955.50233.92
201422.72%12,069,820.94234.78
201430.20%12,094,168.66236.29
201441.53%12,279,455.53237.07
201453.20%12,671,945.95237.90
201461.50%12,861,495.70238.34
20147-0.43%12,806,583.44238.25
201481.78%13,034,288.83237.85
20149-2.65%12,689,325.47238.03
2014105.71%13,413,334.25237.43
2014110.63%13,498,359.72236.15
201412-1.11%13,348,521.78234.81
201512.83%13,725,937.62233.71
201520.06%13,733,536.78234.72
201530.88%13,854,173.49236.12
201540.98%13,989,792.54236.60
20155-0.44%13,928,866.98237.81
20156-0.08%13,917,775.41238.64
20157-2.42%13,580,353.22238.65
20158-4.51%12,968,273.73238.32
201594.32%13,528,129.58237.95
2015102.93%13,924,837.91237.84
201511-1.10%13,771,251.15237.34
201512-6.42%12,887,188.91236.53
20161-0.55%12,816,321.09236.92
201626.36%13,631,788.68237.11
201632.83%14,017,740.10238.13
20164-0.30%13,975,074.97239.26
201651.07%14,124,117.78240.23
201663.30%14,589,851.93241.02
201671.20%14,764,821.75240.63
20168-0.44%14,700,052.73240.85
20169-0.51%14,625,673.26241.43
2016101.20%14,801,351.08241.73
2016113.95%15,385,407.04241.35
2016121.44%15,606,593.00241.43
201712.58%16,008,688.33242.84
201721.75%16,288,721.41243.60
20173-0.15%16,263,636.11243.80
201741.69%16,538,877.55244.52
201751.78%16,832,678.79244.73
201760.99%16,998,966.15244.96
201770.25%17,041,090.48244.79
201781.65%17,322,824.54245.52
201792.73%17,796,568.99246.82
2017101.59%18,079,457.72246.66
2017112.88%18,600,776.41246.67
2017124.86%19,505,127.23246.52
20181-2.89%18,942,075.37247.87
201820.06%18,954,307.83248.99
20183-1.66%18,638,913.47249.55
201841.96%19,004,538.34250.55
201852.11%19,406,098.49251.59
201861.58%19,712,858.83251.99
201872.45%20,195,982.55252.01
201881.68%20,535,224.10252.15
20189-3.85%19,744,826.17252.44
201810-2.08%19,334,902.19252.89
201811-5.56%18,259,395.91252.04
2018121.74%18,576,312.63251.23
201915.83%19,659,107.79251.71
201921.95%20,042,071.53252.78
201933.72%20,788,281.86254.20
20194-1.53%20,469,849.34255.55
201951.40%20,757,399.38256.09
201963.83%21,551,856.42256.14
20197-3.13%20,876,332.01256.57
201983.09%21,520,414.34256.56
201990.01%21,522,523.93256.76
2019104.43%22,476,766.40257.35
2019112.47%23,031,789.66257.21
2019123.35%23,802,524.90256.97
202010.12%23,831,582.26257.97
20202-18.92%19,323,192.90258.68
202034.32%20,157,687.08258.12
202045.89%21,344,443.76256.39
202056.51%22,733,598.19256.39
202063.48%23,523,916.93257.80
202075.89%24,910,300.11259.10
20208-0.63%24,754,111.88259.92
202091.73%25,181,368.18260.28
2020103.95%26,177,068.84260.39
2020114.26%27,292,233.03260.23
2020122.80%28,055,132.76260.47
202112.49%28,754,134.40261.58
202120.82%28,990,308.69263.01
202136.02%30,735,956.10264.88
202140.76%30,969,620.53267.05
202151.81%31,530,301.60269.20
202163.07%32,497,714.78271.70
202172.19%33,207,842.44273.00
20218-0.08%33,179,782.20273.57
202190.45%33,329,813.24274.31
2021104.74%34,911,227.57276.59
2021110.27%35,003,883.24277.95
202112-2.05%34,285,620.05278.80
Click to show 882 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 $10,000.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $10,000.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1947. This would result in a final amount of $32,293,129.66, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $34,285,620.05).

YearMonthContribution ($)Amount ($)
19471416.66432.82
19472416.66816.71
19473416.661,191.04
19474416.661,584.06
19475416.662,077.35
19476416.662,659.17
19477416.663,026.19
19478416.663,366.49
19479416.663,895.84
194710416.664,279.21
194711416.664,641.29
194712416.665,012.26
19481416.665,185.44
19482416.665,707.51
19483416.666,623.53
19484416.667,413.52
19485416.668,187.54
19486416.668,434.06
19487416.668,628.66
19488416.668,982.12
19489416.669,696.54
194810416.669,595.43
194811416.669,994.20
194812416.8210,578.52
19491-10,226.52
19492-10,379.04
19493-10,421.96
19494-10,402.91
19495-9,891.84
19496-10,511.40
19497-10,949.77
19498-11,154.67
19499-11,505.13
194910-11,729.18
194911-12,109.39
194912-12,427.87
19501-12,741.39
19502-12,916.60
19503-13,353.98
19504-13,876.71
19505-14,177.10
19506-13,223.89
19507-14,101.64
19508-14,681.02
19509-15,374.16
195010-15,431.98
195011-15,462.03
195012-16,700.95
19511-17,420.55
19512-17,226.77
19513-17,558.62
19514-17,668.98
19515-17,466.66
19516-17,880.02
19517-18,767.82
19518-19,356.34
19519-19,361.83
195110-18,925.54
195111-19,609.35
195112-20,361.14
19521-20,089.92
19522-20,240.54
19523-20,281.62
19524-20,374.89
19525-21,036.02
19526-21,744.27
19527-21,935.73
19528-21,692.53
19529-21,343.10
195210-22,125.85
195211-23,123.51
195212-23,352.17
19531-23,171.54
19532-23,393.31
19533-22,346.96
19534-22,571.04
19535-21,869.61
19536-22,288.13
19537-22,488.47
19538-21,564.89
19539-22,323.26
195310-22,927.83
195311-23,348.96
195312-24,055.00
19541-24,698.79
19542-25,336.62
19543-26,464.22
19544-27,634.61
19545-27,972.60
19546-29,219.42
19547-29,919.01
19548-30,738.74
19549-31,571.96
195410-32,930.24
195411-34,561.38
195412-35,310.85
19551-36,619.03
19552-36,459.22
19553-37,847.67
19554-37,817.88
19555-40,141.82
19556-43,210.31
19557-43,080.98
19558-45,155.94
19559-43,022.39
195510-46,062.42
195511-46,632.29
195512-45,518.82
19561-45,950.98
19562-49,262.25
19563-49,992.69
19564-48,573.66
19565-48,446.39
19566-51,231.51
19567-51,085.64
19568-49,507.68
19569-49,035.58
195610-48,686.22
195611-49,566.93
195612-48,643.69
19571-46,700.00
19572-47,456.78
19573-48,711.56
19574-50,738.05
19575-51,729.56
19576-52,930.79
19577-50,175.68
19578-48,299.38
19579-45,451.35
195710-44,633.03
195711-44,774.98
195712-45,817.66
19581-46,139.24
19582-47,255.33
19583-47,678.95
19584-49,375.29
19585-50,725.80
19586-52,283.47
19587-54,403.20
19588-56,004.69
19589-58,445.93
195810-60,389.99
195811-61,695.88
195812-64,320.85
19591-63,507.17
19592-65,289.30
19593-66,553.58
19594-67,728.53
19595-67,317.92
19596-70,163.83
19597-69,940.36
19598-67,350.30
19599-67,469.34
195910-67,920.78
195911-70,272.96
195912-69,228.86
19601-66,730.22
19602-66,010.77
19603-67,056.56
19604-66,637.77
19605-69,295.34
19606-67,773.53
19607-68,783.94
19608-66,912.50
19609-65,792.41
196010-68,122.02
196011-69,954.94
196012-73,751.35
19611-76,977.32
19612-79,592.27
19613-81,915.58
19614-82,950.46
19615-82,054.43
19616-82,031.51
19617-85,180.67
19618-84,719.24
19619-85,857.06
196110-89,954.21
196111-91,000.39
196112-87,827.09
19621-89,504.14
19622-89,809.34
19623-87,164.51
19624-80,901.67
19625-71,668.57
19626-73,616.06
19627-75,841.50
19628-75,391.50
19629-73,238.08
196210-78,511.85
196211-82,142.06
196212-85,548.25
19631-86,913.20
19632-86,819.08
19633-91,141.08
19634-93,209.59
19635-93,411.51
19636-92,270.13
19637-95,066.97
19638-97,817.84
19639-98,306.82
196310-98,005.44
196311-100,351.06
196312-103,692.94
19641-105,227.50
19642-107,406.80
19643-109,225.31
19644-110,558.25
19645-110,170.56
19646-114,534.46
19647-113,130.65
19648-115,354.17
19649-117,626.86
196410-118,728.96
196411-116,959.52
196412-120,258.70
19651-121,431.29
19652-121,838.78
19653-123,736.60
19654-125,880.45
19655-120,206.57
19656-120,330.26
19657-122,879.56
19658-127,298.44
19659-130,476.87
196510-131,880.77
196511-131,601.69
196512-134,208.00
19661-133,630.34
19662-128,469.09
19663-132,735.49
19664-126,088.65
19665-125,383.16
19666-125,406.22
19667-118,170.97
19668-114,360.14
19669-113,714.68
196610-119,759.83
196611-120,617.06
196612-125,598.90
19671-130,283.76
19672-133,715.09
19673-136,379.33
19674-139,185.58
19675-137,805.10
19676-140,550.75
19677-143,153.26
19678-145,520.88
19679-145,662.64
196710-141,465.03
196711-145,867.05
196712-145,841.54
19681-139,633.09
19682-137,455.89
19683-147,987.39
19684-151,772.45
19685-156,235.61
19686-156,312.05
19687-153,289.10
19688-158,665.99
19689-162,977.23
196810-165,887.60
196811-168,019.78
196812-161,323.97
19691-160,939.11
19692-157,859.07
19693-161,449.18
19694-167,121.69
19695-158,813.53
19696-152,134.90
19697-151,703.42
19698-152,656.91
19699-154,712.31
196910-156,255.51
196911-148,399.79
196912-147,525.67
19701-142,810.61
19702-145,684.34
19703-141,681.38
19704-125,814.45
19705-125,474.89
19706-126,130.57
19707-130,237.11
19708-138,469.78
19709-141,916.99
197010-142,210.42
197011-152,390.34
197012-158,654.62
19711-165,240.48
19712-169,919.83
19713-176,162.45
19714-174,210.79
19715-171,430.63
19716-170,636.97
19717-168,048.21
19718-172,226.57
19719-169,016.81
197110-161,628.20
197111-173,206.60
197112-180,866.73
19721-184,641.36
19722-189,478.25
19723-191,863.59
19724-190,374.94
19725-191,357.45
19726-190,393.28
19727-197,597.16
19728-195,205.33
19729-196,020.17
197210-206,319.48
197211-211,088.59
197212-213,177.02
19731-206,088.62
19732-203,316.01
19733-199,995.24
19734-194,855.85
19735-190,978.62
19736-193,289.92
19737-190,128.82
19738-193,922.44
19739-202,135.68
197310-188,283.59
197311-175,470.36
197312-178,454.11
19741-174,041.19
19742-182,002.95
19743-173,236.52
19744-168,549.30
19745-169,319.97
19746-150,107.49
19747-144,456.30
19748-129,991.03
19749-133,080.83
197410-138,062.63
197411-129,652.10
197412-140,844.67
19751-156,066.50
19752-163,828.69
19753-166,264.87
19754-177,425.62
19755-182,561.43
19756-183,350.09
19757-170,522.46
19758-169,068.44
19759-177,473.28
197510-181,096.75
197511-178,960.46
197512-196,042.74
19761-204,233.68
19762-205,872.47
19763-208,127.70
19764-207,330.00
19765-209,197.18
19766-214,773.03
19767-213,568.97
19768-218,775.53
19769-211,975.51
197610-211,198.32
197611-219,195.35
197612-218,017.73
19771-212,853.75
19772-212,738.43
19773-210,199.03
19774-210,334.61
19775-212,227.14
19776-214,948.82
19777-210,480.85
19778-208,007.00
19779-203,435.29
197710-205,431.28
197711-205,266.65
197712-198,307.38
19781-196,379.85
19782-196,901.56
19783-206,411.89
19784-217,773.46
19785-219,240.29
19786-219,103.72
19787-235,159.96
19788-236,099.87
19789-229,551.64
197810-217,069.42
197811-221,243.29
197812-230,503.01
19791-228,066.70
19792-233,406.10
19793-239,079.98
19794-234,554.14
19795-240,224.81
19796-243,638.03
19797-255,854.86
19798-259,796.18
19799-251,086.47
197910-250,276.88
197911-261,299.06
197912-269,954.49
19801-281,821.29
19802-257,083.51
19803-254,096.07
19804-266,892.70
19805-285,208.70
19806-299,382.03
19807-309,874.43
19808-318,661.87
19809-329,256.64
198010-344,450.83
198011-340,163.18
198012-340,197.15
19811-329,752.50
19812-343,415.14
19813-347,858.23
19814-342,232.42
19815-345,167.37
19816-338,207.93
19817-340,922.26
19818-312,616.57
19819-318,016.23
198110-327,695.79
198111-331,560.53
198112-315,631.96
19821-309,591.10
19822-301,094.24
19823-317,562.03
19824-319,371.01
19825-302,538.19
19826-303,275.92
19827-305,683.86
19828-342,660.52
19829-373,093.57
198210-389,882.47
198211-395,167.32
198212-410,680.62
19831-419,428.17
19832-435,641.65
19833-453,927.22
19834-474,009.02
19835-482,320.78
19836-485,736.26
19837-474,043.68
19838-489,752.71
19839-492,925.94
198310-487,299.57
198311-486,675.21
198312-494,344.88
19841-469,073.08
19842-471,148.08
19843-473,537.74
19844-472,341.71
19845-463,611.40
19846-459,399.73
19847-501,694.64
19848-508,753.33
19849-506,655.22
198410-513,170.31
198411-509,539.34
198412-533,475.30
19851-564,349.43
19852-561,650.05
19853-567,405.34
19854-582,927.48
19855-597,564.60
19856-610,993.19
19857-599,718.47
19858-588,413.81
19859-597,213.92
198510-635,558.13
198511-669,207.85
198512-674,238.48
19861-712,651.50
19862-756,713.11
19863-777,457.85
19864-781,281.62
19865-805,761.05
19866-791,225.81
19867-809,272.52
19868-789,394.88
19869-788,685.43
198610-816,549.29
198611-830,503.62
198612-885,926.21
19871-943,173.67
19872-984,450.81
19873-976,019.88
19874-977,706.74
19875-1,021,688.33
19876-1,053,586.42
19877-1,121,585.01
19878-1,087,596.21
19879-958,673.80
198710-840,724.19
198711-829,503.10
198712-864,728.30
19881-893,511.34
19882-922,390.15
19883-914,217.55
19884-894,212.03
19885-947,848.65
19886-944,939.51
19887-928,700.87
19888-946,598.50
19889-982,584.55
198810-962,733.91
198811-985,126.65
198812-1,019,730.78
19891-1,053,380.39
19892-1,051,677.50
19893-1,089,167.69
19894-1,133,990.23
19895-1,172,462.24
19896-1,205,293.24
19897-1,261,830.56
19898-1,267,578.67
19899-1,271,207.19
198910-1,248,153.20
198911-1,282,311.49
198912-1,253,956.69
19901-1,222,266.90
19902-1,255,355.70
19903-1,257,816.02
19904-1,306,253.57
19905-1,347,661.25
19906-1,349,948.55
19907-1,243,826.03
19908-1,189,830.79
19909-1,162,277.06
199010-1,196,957.25
199011-1,251,856.96
199012-1,243,279.59
19911-1,387,584.26
19912-1,429,830.93
19913-1,462,128.36
19914-1,459,512.92
19915-1,464,577.59
19916-1,476,008.41
19917-1,515,549.70
19918-1,510,956.05
19919-1,513,700.64
199110-1,513,939.73
199111-1,528,097.19
199112-1,640,534.98
19921-1,630,677.89
19922-1,614,169.26
19923-1,618,435.57
19924-1,651,910.49
19925-1,629,954.57
19926-1,661,121.48
19927-1,676,764.59
19928-1,683,105.90
19929-1,663,210.65
199210-1,709,063.75
199211-1,764,970.65
199212-1,767,492.67
19931-1,797,968.62
19932-1,836,627.69
19933-1,811,984.83
19934-1,825,116.72
19935-1,840,907.31
19936-1,842,030.33
19937-1,874,495.49
19938-1,899,894.37
19939-1,923,489.29
199310-1,923,634.41
199311-1,940,700.51
199312-1,974,388.74
19941-1,972,894.11
19942-1,944,803.69
19943-1,879,723.21
19944-1,899,615.23
19945-1,920,664.74
19946-1,910,698.88
19947-1,969,588.11
19948-1,985,688.81
19949-1,976,872.22
199410-1,969,560.09
199411-1,949,358.19
199412-1,997,140.35
19951-2,073,413.01
19952-2,126,454.44
19953-2,194,831.72
19954-2,268,309.42
19955-2,340,405.86
19956-2,423,431.29
19957-2,435,866.50
19958-2,526,423.84
19959-2,549,479.16
199510-2,609,605.71
199511-2,698,048.84
199512-2,702,435.33
19961-2,861,997.74
19962-2,856,253.80
19963-2,861,881.82
19964-2,929,274.14
19965-2,966,727.64
19966-2,863,587.44
19967-2,951,664.31
19968-3,011,397.93
19969-3,135,452.41
199610-3,293,858.03
199611-3,333,325.94
199612-3,441,910.37
19971-3,592,017.71
19972-3,569,614.82
19973-3,448,060.64
19974-3,765,897.04
19975-3,966,876.39
19976-4,194,413.42
19977-4,209,001.14
19978-4,259,172.77
19979-4,329,252.17
199710-4,279,377.31
199711-4,392,122.49
199712-4,402,535.70
19981-4,684,393.01
19982-4,933,268.83
19983-5,101,279.95
19984-5,089,962.37
19985-5,095,889.99
19986-5,323,557.36
19987-4,952,451.79
19988-4,709,858.41
19989-4,770,655.93
199810-5,294,206.04
199811-5,511,485.82
199812-5,789,688.37
19991-5,785,826.07
19992-5,954,975.26
19993-6,208,063.03
19994-6,201,927.49
19995-6,163,986.13
19996-6,442,745.46
19997-6,199,571.40
19998-6,162,496.93
19999-6,084,080.93
199910-6,516,412.66
199911-6,699,441.14
199912-6,691,473.32
20001-6,525,653.44
20002-6,782,826.41
20003-6,879,458.99
20004-6,684,165.32
20005-6,895,617.57
20006-6,954,253.93
20007-7,019,603.83
20008-6,943,816.63
20009-6,581,750.08
200010-6,530,901.84
200011-6,314,071.08
200012-6,342,800.59
20011-6,207,302.02
20012-5,643,685.02
20013-5,669,007.87
20014-6,058,997.80
20015-5,914,269.41
20016-5,756,936.41
20017-5,639,158.74
20018-5,004,904.25
20019-5,164,261.97
200110-5,425,219.68
200111-5,504,756.08
200112-5,488,369.01
20021-5,304,356.66
20022-5,566,671.46
20023-5,371,034.57
20024-5,219,551.44
20025-4,910,503.97
20026-4,382,207.44
20027-4,432,111.62
20028-4,221,243.71
20029-4,163,537.50
200210-4,439,395.87
200211-4,393,445.41
200212-4,383,669.22
20031-4,102,464.03
20032-4,156,120.08
20033-4,375,806.72
20034-4,608,258.84
20035-4,871,122.44
20036-4,900,149.50
20037-4,891,999.37
20038-5,046,644.32
20039-5,148,981.64
200310-5,211,314.50
200311-5,370,979.29
200312-5,636,035.04
20041-5,697,279.70
20042-5,608,106.07
20043-5,662,400.22
20044-5,517,201.93
20045-5,674,865.73
20046-5,547,818.00
20047-5,470,838.13
20048-5,623,071.01
20049-5,628,840.02
200410-5,897,554.99
200411-6,058,407.69
200412-5,976,666.35
20051-6,077,146.47
20052-6,061,614.01
20053-5,915,594.67
20054-5,994,619.36
20055-6,125,343.87
20056-6,236,077.28
20057-6,255,410.26
20058-6,272,906.05
20059-6,108,291.21
200510-6,350,273.76
200511-6,486,431.94
200512-6,581,572.99
20061-6,580,477.83
20062-6,678,272.80
20063-6,731,587.55
20064-6,678,634.48
20065-6,497,924.46
20066-6,544,712.16
20067-6,694,701.20
20068-6,864,155.71
20069-7,112,357.61
200610-7,254,721.62
200611-7,410,572.26
200612-7,461,914.67
20071-7,581,010.42
20072-7,393,464.48
20073-7,702,530.51
20074-7,963,781.33
20075-7,991,248.53
20076-8,037,167.82
20077-7,699,517.73
20078-7,936,258.15
20079-8,173,681.85
200710-7,780,829.36
200711-7,877,173.21
200712-7,354,507.22
20081-7,239,485.25
20082-7,049,330.34
20083-7,348,490.00
20084-7,536,802.72
20085-7,216,746.21
20086-6,778,078.34
20087-6,921,132.05
20088-6,585,627.67
20089-5,255,753.34
200810-4,803,477.48
200811-4,786,606.84
200812-4,734,166.85
20091-4,416,859.01
20092-4,165,652.96
20093-4,678,934.31
20094-4,990,542.99
20095-5,133,714.74
20096-5,199,305.24
20097-5,621,527.56
20098-5,826,732.61
20099-5,966,755.30
200910-6,091,718.59
200911-6,227,311.58
200912-6,311,814.19
20101-6,128,867.94
20102-6,493,108.75
20103-6,758,542.50
20104-6,360,978.23
20105-6,135,572.89
20106-6,125,812.84
20107-6,178,716.07
20108-6,387,010.14
20109-6,679,371.48
201010-6,845,748.91
201011-7,099,981.96
201012-7,345,797.05
20111-7,577,253.12
20112-7,492,959.13
20113-7,659,376.47
20114-7,709,869.75
20115-7,427,488.05
20116-7,657,869.10
20117-6,861,401.17
20118-6,807,247.90
20119-7,012,752.31
201110-7,136,676.23
201111-7,247,633.78
201112-7,594,256.07
20121-7,910,375.23
20122-8,138,497.58
20123-8,135,387.84
20124-7,883,926.88
20125-7,793,071.64
20126-8,020,714.02
20127-8,292,431.82
20128-8,542,959.96
20129-8,524,410.22
201210-8,282,530.59
201211-8,462,719.96
201212-8,823,973.28
20131-9,029,838.51
20132-9,275,671.71
20133-9,410,520.63
20134-9,840,983.23
20135-9,730,983.18
20136-10,047,675.80
20137-10,073,049.03
20138-10,193,166.85
20139-10,409,012.24
201310-10,810,799.49
201311-10,975,303.28
201312-11,081,523.11
20141-11,067,113.15
20142-11,368,389.78
20143-11,391,322.55
20144-11,565,841.57
20145-11,935,522.62
20146-12,114,056.79
20147-12,062,335.73
20148-12,276,808.13
20149-11,951,892.13
201410-12,633,825.53
201411-12,713,909.80
201412-12,572,779.61
20151-12,928,262.13
20152-12,935,419.67
20153-13,049,045.64
20154-13,176,783.26
20155-13,119,398.36
20156-13,108,951.37
20157-12,791,138.28
20158-12,214,629.47
20159-12,741,949.60
201510-13,115,603.44
201511-12,970,942.29
201512-12,138,256.85
20161-12,071,507.48
20162-12,839,584.61
20163-13,203,106.66
20164-13,162,921.00
20165-13,303,302.26
20166-13,741,970.53
20167-13,906,772.07
20168-13,845,767.06
20169-13,775,710.12
201610-13,941,178.52
201611-14,491,292.38
201612-14,699,624.23
20171-15,078,352.01
20172-15,342,111.12
20173-15,318,483.64
20174-15,577,729.57
20175-15,854,456.71
20176-16,011,080.37
20177-16,050,756.67
20178-16,316,117.89
20179-16,762,330.95
201710-17,028,779.75
201711-17,519,802.28
201712-18,371,597.24
20181-17,841,266.84
20182-17,852,788.41
20183-17,555,723.03
20184-17,900,099.80
20185-18,278,323.50
20186-18,567,256.63
20187-19,022,303.87
20188-19,341,830.59
20189-18,597,366.21
201810-18,211,264.74
201811-17,198,260.92
201812-17,496,760.20
20191-18,516,629.30
20192-18,877,337.31
20193-19,580,182.03
20194-19,280,255.05
20195-19,551,094.27
20196-20,299,381.87
20197-19,663,115.20
20198-20,269,767.02
20199-20,271,754.02
201910-21,170,541.20
201911-21,693,309.58
201912-22,419,253.95
20201-22,446,622.66
20202-18,200,235.92
20203-18,986,233.92
20204-20,104,022.88
20205-21,412,447.34
20206-22,156,837.13
20207-23,462,651.41
20208-23,315,539.96
20209-23,717,966.50
202010-24,655,802.55
202011-25,706,159.58
202012-26,424,723.79
20211-27,083,103.33
20212-27,305,552.48
20213-28,949,752.53
20214-29,169,837.67
20215-29,697,935.06
20216-30,609,127.54
20217-31,277,986.52
20218-31,251,556.99
20219-31,392,869.05
202110-32,882,380.34
202111-32,969,651.37
202112-32,293,129.66
Click to show 882 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 1947 to 2021
Start Value
Average monthly close
$15.21
End Value
Average monthly close
$3,793.75
Change in price+24,842.46%
+7.74% / yr
Change incl. dividends+342,756.20%
+11.46% / yr
Change incl. dividends, inflation-adjusted+28,116.00%
+7.81% / yr
Final amount, nominal
($10000 base)
$34,285,620.05
Final amount, inflation-adjusted
($10000 base)
$2,821,599.65