S&P 500: $1 in 1953 → $1,502.88 in 2023

$

Stock market returns between 1953 and 2023

If you invested $1 in the S&P 500 at the beginning of 1953, you would have about $1,502.88 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 150,187.86%, or 10.85% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 13,069.21% cumulatively, or 7.12% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $1,371.27.

The graph below shows the performance of $1 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 $1 is $1,501.88, or 150,187.86%. This means by 2023 you would have $1,502.88 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 1953 was 26.700 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 70 years.

Adjusted for inflation, the $1,502.88 nominal end value of the original $1 investment would have a real return of roughly $130.69 in 1953 dollars. This means the inflation-adjusted return is 13,069.21% as opposed to the original 150,187.86%.

For more information on inflation, see our U.S. inflation calculator for 1953.

Full monthly data

The table below shows the full dataset pertaining to a $1 investment, including gains and losses over the 852-month period between 1953 and 2023.

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

YearMonthReturn (%)Amount ($)CPI
19531-0.77%0.9926.60
195320.96%1.0026.50
19533-4.47%0.9626.60
195341.00%0.9726.60
19535-3.11%0.9426.70
195361.91%0.9526.80
195370.90%0.9626.80
19538-4.11%0.9226.90
195393.52%0.9626.90
1953102.71%0.9827.00
1953111.84%1.0026.90
1953123.02%1.0326.90
195412.68%1.0626.90
195422.58%1.0826.90
195434.45%1.1326.90
195444.42%1.1826.80
195451.22%1.2026.90
195464.46%1.2526.90
195472.39%1.2826.90
195482.74%1.3226.90
195492.71%1.3526.80
1954104.30%1.4126.80
1954114.95%1.4826.80
1954122.17%1.5126.70
195513.70%1.5726.70
19552-0.44%1.5626.70
195533.81%1.6226.70
19554-0.08%1.6226.70
195556.15%1.7226.70
195567.64%1.8526.70
19557-0.30%1.8426.80
195584.82%1.9326.80
19559-4.72%1.8426.90
1955107.07%1.9726.90
1955111.24%2.0026.90
195512-2.39%1.9526.80
195610.95%1.9726.80
195627.21%2.1126.80
195631.48%2.1426.80
19564-2.84%2.0826.90
19565-0.26%2.0727.00
195665.75%2.1927.20
19567-0.28%2.1927.40
19568-3.09%2.1227.30
19569-0.95%2.1027.40
195610-0.71%2.0827.50
1956111.81%2.1227.50
195612-1.86%2.0827.60
19571-4.00%2.0027.60
195721.62%2.0327.70
195732.64%2.0927.80
195744.16%2.1727.90
195751.95%2.2228.00
195762.32%2.2728.10
19577-5.21%2.1528.30
19578-3.74%2.0728.30
19579-5.90%1.9528.30
195710-1.80%1.9128.30
1957110.32%1.9228.40
1957122.33%1.9628.40
195810.70%1.9828.60
195822.42%2.0228.60
195830.90%2.0428.80
195843.56%2.1128.90
195852.74%2.1728.90
195863.07%2.2428.90
195874.05%2.3329.00
195882.94%2.4028.90
195894.36%2.5028.90
1958103.33%2.5928.90
1958112.16%2.6429.00
1958124.25%2.7528.90
19591-1.27%2.7229.00
195922.81%2.8028.90
195931.94%2.8528.90
195941.77%2.9029.00
19595-0.61%2.8829.00
195964.23%3.0029.10
19597-0.32%3.0029.20
19598-3.70%2.8829.20
195990.18%2.8929.30
1959100.67%2.9129.40
1959113.46%3.0129.40
195912-1.49%2.9629.40
19601-3.61%2.8629.30
19602-1.08%2.8329.40
196031.58%2.8729.40
19604-0.62%2.8529.50
196053.99%2.9729.50
19606-2.20%2.9029.60
196071.49%2.9529.60
19608-2.72%2.8729.60
19609-1.67%2.8229.60
1960103.54%2.9229.80
1960112.69%3.0029.80
1960125.43%3.1629.80
196114.37%3.3029.80
196123.40%3.4129.80
196132.92%3.5129.80
196141.26%3.5529.80
19615-1.08%3.5129.80
19616-0.03%3.5129.80
196173.84%3.6530.00
19618-0.54%3.6329.90
196191.34%3.6830.00
1961104.77%3.8530.00
1961111.16%3.9030.00
196112-3.49%3.7630.00
196211.91%3.8330.00
196220.34%3.8530.10
19623-2.94%3.7330.10
19624-7.19%3.4630.20
19625-11.41%3.0730.20
196262.72%3.1530.20
196273.02%3.2530.30
19628-0.59%3.2330.30
19629-2.86%3.1430.40
1962107.20%3.3630.40
1962114.62%3.5230.40
1962124.15%3.6630.40
196311.60%3.7230.40
19632-0.11%3.7230.40
196334.98%3.9030.50
196342.27%3.9930.50
196350.22%4.0030.50
19636-1.22%3.9530.60
196373.03%4.0730.70
196382.89%4.1930.70
196390.50%4.2130.70
196310-0.31%4.2030.80
1963112.39%4.3030.80
1963123.33%4.4430.90
196411.48%4.5130.90
196422.07%4.6030.90
196431.69%4.6830.90
196441.22%4.7330.90
19645-0.35%4.7230.90
196463.96%4.9031.00
19647-1.23%4.8431.10
196481.97%4.9431.00
196491.97%5.0431.10
1964100.94%5.0831.10
196411-1.49%5.0131.20
1964122.82%5.1531.20
196510.98%5.2031.20
196520.34%5.2231.20
196531.56%5.3031.30
196541.73%5.3931.40
19655-4.51%5.1531.40
196560.10%5.1531.60
196572.12%5.2631.60
196583.60%5.4531.60
196592.50%5.5931.60
1965101.08%5.6531.70
196511-0.21%5.6431.70
1965121.98%5.7531.80
19661-0.43%5.7231.80
19662-3.86%5.5032.00
196633.32%5.6832.10
19664-5.01%5.4032.30
19665-0.56%5.3732.30
196660.02%5.3732.40
19667-5.77%5.0632.50
19668-3.22%4.9032.70
19669-0.56%4.8732.70
1966105.32%5.1332.90
1966110.72%5.1732.90
1966124.13%5.3832.90
196713.73%5.5832.90
196722.63%5.7332.90
196731.99%5.8433.00
196742.06%5.9633.10
19675-0.99%5.9033.20
196761.99%6.0233.30
196771.85%6.1333.40
196781.65%6.2333.50
196790.10%6.2433.60
196710-2.88%6.0633.70
1967113.11%6.2533.80
196712-0.02%6.2533.90
19681-4.26%5.9834.10
19682-1.56%5.8934.20
196837.66%6.3434.30
196842.56%6.5034.40
196852.94%6.6934.50
196860.05%6.6934.70
19687-1.93%6.5634.90
196883.51%6.7935.00
196892.72%6.9835.10
1968101.79%7.1035.30
1968111.29%7.2035.40
196812-3.99%6.9135.50
19691-0.24%6.8935.60
19692-1.91%6.7635.80
196932.27%6.9136.10
196943.51%7.1636.30
19695-4.97%6.8036.40
19696-4.21%6.5136.60
19697-0.28%6.5036.80
196980.63%6.5437.00
196991.35%6.6337.10
1969101.00%6.6937.30
196911-5.03%6.3537.50
196912-0.59%6.3237.70
19701-3.20%6.1237.80
197022.01%6.2438.00
19703-2.75%6.0738.20
19704-11.20%5.3938.50
19705-0.27%5.3738.60
197060.52%5.4038.80
197073.26%5.5839.00
197086.32%5.9339.00
197092.49%6.0839.20
1970100.21%6.0939.40
1970117.16%6.5339.60
1970124.11%6.7939.80
197114.15%7.0839.80
197122.83%7.2839.90
197133.67%7.5440.00
19714-1.11%7.4640.10
19715-1.60%7.3440.30
19716-0.46%7.3140.60
19717-1.52%7.2040.70
197182.49%7.3840.80
19719-1.86%7.2440.80
197110-4.37%6.9240.90
1971117.16%7.4240.90
1971124.42%7.7541.10
197212.09%7.9141.10
197222.62%8.1141.30
197231.26%8.2241.40
19724-0.78%8.1541.50
197250.52%8.1941.60
19726-0.50%8.1541.70
197273.78%8.4641.90
19728-1.21%8.3642.00
197290.42%8.3942.10
1972105.25%8.8442.30
1972112.31%9.0442.40
1972120.99%9.1342.50
19731-3.33%8.8342.60
19732-1.35%8.7142.90
19733-1.63%8.5643.30
19734-2.57%8.3443.60
19735-1.99%8.1843.90
197361.21%8.2844.20
19737-1.64%8.1444.30
197382.00%8.3045.10
197394.24%8.6645.20
197310-6.85%8.0645.60
197311-6.81%7.5145.90
1973121.70%7.6446.20
19741-2.47%7.4546.60
197424.57%7.7947.20
19743-4.82%7.4247.80
19744-2.71%7.2248.00
197450.46%7.2548.60
19746-11.35%6.4349.00
19747-3.76%6.1949.40
19748-10.01%5.5750.00
197492.38%5.7050.60
1974103.74%5.9151.10
197411-6.09%5.5551.50
1974128.63%6.0351.90
1975110.81%6.6852.10
197524.97%7.0252.50
197531.49%7.1252.70
197546.71%7.6052.90
197552.89%7.8253.20
197560.43%7.8553.60
19757-7.00%7.3054.20
19758-0.85%7.2454.30
197594.97%7.6054.60
1975102.04%7.7654.90
197511-1.18%7.6655.30
1975129.55%8.4055.50
197614.18%8.7555.60
197620.80%8.8255.80
197631.10%8.9155.90
19764-0.38%8.8856.10
197650.90%8.9656.50
197662.67%9.2056.80
19767-0.56%9.1557.10
197682.44%9.3757.40
19769-3.11%9.0857.60
197610-0.37%9.0457.90
1976113.79%9.3958.00
197612-0.54%9.3458.20
19771-2.37%9.1158.50
19772-0.05%9.1159.10
19773-1.19%9.0059.50
197740.06%9.0160.00
197750.90%9.0960.30
197761.28%9.2060.70
19777-2.08%9.0161.00
19778-1.18%8.9161.20
19779-2.20%8.7161.40
1977100.98%8.8061.60
197711-0.08%8.7961.90
197712-3.39%8.4962.10
19781-0.97%8.4162.50
197820.27%8.4362.90
197834.83%8.8463.40
197845.50%9.3363.90
197850.67%9.3964.50
19786-0.06%9.3865.20
197877.33%10.0765.70
197880.40%10.1166.00
19789-2.77%9.8366.50
197810-5.44%9.3067.10
1978111.92%9.4767.40
1978124.19%9.8767.70
19791-1.06%9.7768.30
197922.34%10.0069.10
197932.43%10.2469.80
19794-1.89%10.0470.60
197952.42%10.2971.50
197961.42%10.4372.30
197975.01%10.9673.10
197981.54%11.1373.80
19799-3.35%10.7574.60
197910-0.32%10.7275.20
1979114.40%11.1975.90
1979123.31%11.5676.70
198014.40%12.0777.80
19802-8.78%11.0178.90
19803-1.16%10.8880.10
198045.04%11.4381.00
198056.86%12.2181.80
198064.97%12.8282.70
198073.50%13.2782.70
198082.84%13.6583.30
198093.32%14.1084.00
1980104.61%14.7584.80
198011-1.24%14.5785.50
1980120.01%14.5786.30
19811-3.07%14.1287.00
198124.14%14.7187.90
198131.29%14.9088.50
19814-1.62%14.6689.10
198150.86%14.7889.80
19816-2.02%14.4890.60
198170.80%14.6091.60
19818-8.30%13.3992.30
198191.73%13.6293.20
1981103.04%14.0393.40
1981111.18%14.2093.70
198112-4.80%13.5294.00
19821-1.91%13.2694.30
19822-2.74%12.8994.60
198235.47%13.6094.50
198240.57%13.6894.90
19825-5.27%12.9695.80
198260.24%12.9997.00
198270.79%13.0997.50
1982812.10%14.6797.70
198298.88%15.9897.90
1982104.50%16.7098.20
1982111.36%16.9298.00
1982123.93%17.5997.60
198312.13%17.9697.80
198323.87%18.6697.90
198334.20%19.4497.90
198344.42%20.3098.60
198351.75%20.6599.20
198360.71%20.8099.50
19837-2.41%20.3099.90
198383.31%20.97100.20
198390.65%21.11100.70
198310-1.14%20.87101.00
198311-0.13%20.84101.20
1983121.58%21.17101.30
19841-5.11%20.09101.90
198420.44%20.18102.40
198430.51%20.28102.60
19844-0.25%20.23103.10
19845-1.85%19.85103.40
19846-0.91%19.67103.70
198479.21%21.48104.10
198481.41%21.79104.50
19849-0.41%21.70105.00
1984101.29%21.98105.30
198411-0.71%21.82105.30
1984124.70%22.84105.30
198515.79%24.17105.50
19852-0.48%24.05106.00
198531.02%24.30106.40
198542.74%24.96106.90
198552.51%25.59107.30
198562.25%26.16107.60
19857-1.85%25.68107.80
19858-1.88%25.20108.00
198591.50%25.57108.30
1985106.42%27.22108.70
1985115.29%28.66109.00
1985120.75%28.87109.30
198615.70%30.52109.60
198626.18%32.40109.30
198632.74%33.29108.80
198640.49%33.46108.60
198653.13%34.50108.90
19866-1.80%33.88109.50
198672.28%34.66109.50
19868-2.46%33.80109.70
19869-0.09%33.77110.20
1986103.53%34.97110.30
1986111.71%35.56110.40
1986126.67%37.94110.50
198716.46%40.39111.20
198724.38%42.16111.60
19873-0.86%41.80112.10
198740.17%41.87112.70
198754.50%43.75113.10
198763.12%45.12113.50
198776.45%48.03113.80
19878-3.03%46.57114.40
19879-11.85%41.05115.00
198710-12.30%36.00115.30
198711-1.33%35.52115.40
1987124.25%37.03115.40
198813.33%38.26115.70
198823.23%39.50116.00
19883-0.89%39.15116.50
19884-2.19%38.29117.10
198856.00%40.59117.50
19886-0.31%40.46118.00
19887-1.72%39.77118.50
198881.93%40.54119.00
198893.80%42.08119.80
198810-2.02%41.23120.20
1988112.33%42.19120.30
1988123.51%43.67120.50
198913.30%45.11121.10
19892-0.16%45.04121.60
198933.56%46.64122.30
198944.12%48.56123.10
198953.39%50.21123.80
198962.80%51.61124.10
198974.69%54.03124.40
198980.46%54.28124.60
198990.29%54.44125.00
198910-1.81%53.45125.60
1989112.74%54.91125.90
198912-2.21%53.70126.10
19901-2.53%52.34127.40
199022.71%53.76128.00
199030.20%53.86128.70
199043.85%55.94128.90
199053.17%57.71129.20
199060.17%57.81129.90
19907-7.86%53.26130.40
19908-4.34%50.95131.60
19909-2.32%49.77132.70
1990102.98%51.26133.50
1990114.59%53.61133.80
199012-0.69%53.24133.80
1991111.61%59.42134.60
199123.04%61.23134.80
199132.26%62.61135.00
19914-0.18%62.50135.20
199150.35%62.72135.60
199160.78%63.21136.00
199172.68%64.90136.20
19918-0.30%64.70136.60
199190.18%64.82137.20
1991100.02%64.83137.40
1991110.94%65.44137.80
1991127.36%70.25137.90
19921-0.60%69.83138.10
19922-1.01%69.12138.60
199230.26%69.31139.30
199242.07%70.74139.50
19925-1.33%69.80139.70
199261.91%71.13140.20
199270.94%71.80140.50
199280.38%72.07140.90
19929-1.18%71.22141.30
1992102.76%73.19141.80
1992113.27%75.58142.00
1992120.14%75.69141.90
199311.72%76.99142.60
199322.15%78.65143.10
19933-1.34%77.59143.60
199340.72%78.16144.00
199350.87%78.83144.20
199360.06%78.88144.40
199371.76%80.27144.40
199381.35%81.36144.80
199391.24%82.37145.10
1993100.01%82.37145.70
1993110.89%83.11145.80
1993121.74%84.55145.80
19941-0.08%84.48146.20
19942-1.42%83.28146.70
19943-3.35%80.49147.20
199441.06%81.35147.40
199451.11%82.25147.50
19946-0.52%81.82148.00
199473.08%84.34148.40
199480.82%85.03149.00
19949-0.44%84.65149.40
199410-0.37%84.34149.50
199411-1.03%83.48149.70
1994122.45%85.52149.70
199513.82%88.79150.30
199522.56%91.06150.90
199533.22%93.99151.40
199543.35%97.13151.90
199553.18%100.22152.20
199563.55%103.78152.50
199570.51%104.31152.50
199583.72%108.19152.90
199590.91%109.18153.20
1995102.36%111.75153.70
1995113.39%115.54153.60
1995120.16%115.73153.50
199615.90%122.56154.40
19962-0.20%122.31154.90
199630.20%122.55155.70
199642.35%125.44156.30
199651.28%127.04156.60
19966-3.48%122.63156.70
199673.08%126.40157.00
199682.02%128.96157.30
199694.12%134.27157.80
1996105.05%141.05158.30
1996111.20%142.74158.60
1996123.26%147.39158.60
199714.36%153.82159.10
19972-0.62%152.86159.60
19973-3.41%147.65160.00
199749.22%161.27160.20
199755.34%169.87160.10
199765.74%179.62160.30
199770.35%180.24160.50
199781.19%182.39160.80
199791.65%185.39161.20
199710-1.15%183.25161.60
1997112.63%188.08161.50
1997120.24%188.53161.30
199816.40%200.60161.60
199825.31%211.26161.90
199833.41%218.45162.20
19984-0.22%217.97162.50
199850.12%218.22162.80
199864.47%227.97163.00
19987-6.97%212.08163.20
19988-4.90%201.69163.40
199891.29%204.29163.60
19981010.97%226.71164.00
1998114.10%236.02164.00
1998125.05%247.93163.90
19991-0.07%247.76164.30
199922.92%255.01164.50
199934.25%265.85165.00
19994-0.10%265.58166.20
19995-0.61%263.96166.20
199964.52%275.89166.20
19997-3.77%265.48166.70
19998-0.60%263.89167.10
19999-1.27%260.54167.90
1999107.11%279.05168.20
1999112.81%286.89168.30
199912-0.12%286.55168.30
20001-2.48%279.45168.80
200023.94%290.46169.80
200031.42%294.60171.20
20004-2.84%286.23171.30
200053.16%295.29171.50
200060.85%297.80172.40
200070.94%300.60172.80
20008-1.08%297.35172.80
20009-5.21%281.85173.70
200010-0.77%279.67174.00
200011-3.32%270.38174.10
2000120.46%271.62174.00
20011-2.14%265.81175.10
20012-9.08%241.68175.80
200130.45%242.76176.20
200146.88%259.46176.90
20015-2.39%253.26177.70
20016-2.66%246.53178.00
20017-2.05%241.48177.50
20018-11.25%214.32177.50
200193.18%221.15178.30
2001105.05%232.32177.70
2001111.47%235.73177.40
200112-0.30%235.03176.70
20021-3.35%227.15177.10
200224.95%238.38177.80
20023-3.51%230.00178.80
20024-2.82%223.51179.80
20025-5.92%210.28179.80
20026-10.76%187.66179.90
200271.14%189.79180.10
20028-4.76%180.76180.70
20029-1.37%178.29181.00
2002106.63%190.11181.30
200211-1.04%188.14181.30
200212-0.22%187.72180.90
20031-6.41%175.68181.70
200321.31%177.98183.10
200335.29%187.38184.20
200345.31%197.34183.80
200355.70%208.59183.50
200360.60%209.84183.70
20037-0.17%209.49183.90
200383.16%216.11184.60
200392.03%220.49185.20
2003101.21%223.16185.00
2003113.06%230.00184.50
2003124.93%241.35184.30
200411.09%243.97185.20
20042-1.57%240.15186.20
200430.97%242.48187.40
20044-2.56%236.26188.00
200452.86%243.01189.10
20046-2.24%237.57189.70
20047-1.39%234.28189.40
200482.78%240.79189.50
200490.10%241.04189.90
2004104.77%252.55190.90
2004112.73%259.44191.00
200412-1.35%255.94190.30
200511.68%260.24190.70
20052-0.26%259.57191.80
20053-2.41%253.32193.30
200541.34%256.71194.60
200552.18%262.30194.40
200561.81%267.04194.50
200570.31%267.87195.40
200580.28%268.62196.40
20059-2.62%261.57198.80
2005103.96%271.94199.20
2005112.14%277.77197.60
2005121.47%281.84196.80
20061-0.02%281.79198.30
200621.49%285.98198.70
200630.80%288.26199.80
20064-0.79%286.00201.50
20065-2.71%278.26202.50
200660.72%280.26202.90
200672.29%286.68203.50
200682.53%293.94203.90
200693.62%304.57202.90
2006102.00%310.67201.80
2006112.15%317.34201.50
2006120.69%319.54201.80
200711.60%324.64202.42
20072-2.47%316.61203.50
200734.18%329.84205.35
200743.39%341.03206.69
200750.34%342.21207.95
200760.57%344.17208.35
20077-4.20%329.71208.30
200783.07%339.85207.92
200792.99%350.02208.49
200710-4.81%333.20208.94
2007111.24%337.32210.18
200712-6.64%314.94210.04
20081-1.56%310.01211.08
20082-2.63%301.87211.69
200834.24%314.68213.53
200842.56%322.75214.82
20085-4.25%309.04216.63
20086-6.08%290.25218.82
200872.11%296.38219.96
20088-4.85%282.01219.09
20089-20.19%225.06218.78
200810-8.61%205.70216.57
200811-0.35%204.97212.43
200812-1.10%202.73210.23
20091-6.70%189.14211.14
20092-5.69%178.38212.19
2009312.32%200.36212.71
200946.66%213.71213.24
200952.87%219.84213.86
200961.28%222.65215.69
200978.12%240.73215.35
200983.65%249.52215.83
200992.40%255.51215.97
2009102.09%260.86216.18
2009112.23%266.67216.33
2009121.36%270.29215.95
20101-2.90%262.45216.69
201025.94%278.05216.74
201034.09%289.42217.63
20104-5.88%272.39218.01
20105-3.54%262.74218.18
20106-0.16%262.32217.97
201070.86%264.59218.01
201083.37%273.51218.31
201094.58%286.03218.44
2010102.49%293.15218.71
2010113.71%304.04218.80
2010123.46%314.57219.18
201113.15%324.48220.22
20112-1.11%320.87221.31
201132.22%327.99223.47
201140.66%330.16224.91
20115-3.66%318.06225.96
201163.10%327.93225.72
20117-10.40%293.82225.92
20118-0.79%291.50226.55
201193.02%300.30226.89
2011101.77%305.61226.42
2011111.55%310.36226.23
2011124.78%325.21225.67
201214.16%338.74226.67
201222.88%348.51227.66
20123-0.04%348.38229.39
20124-3.09%337.61230.09
20125-1.15%333.72229.82
201262.92%343.47229.48
201273.39%355.10229.10
201283.02%365.83230.38
20129-0.22%365.04231.41
201210-2.84%354.68231.32
2012112.18%362.40230.22
2012124.27%377.87229.60
201312.33%386.68230.28
201322.72%397.21232.17
201331.45%402.98232.77
201344.57%421.42232.53
20135-1.12%416.71232.95
201363.25%430.27233.50
201370.25%431.35233.60
201381.19%436.50233.88
201392.12%445.74234.15
2013103.86%462.95233.55
2013111.52%469.99233.07
2013120.97%474.54233.05
20141-0.13%473.92233.92
201422.72%486.82234.78
201430.20%487.81236.29
201441.53%495.28237.07
201453.20%511.11237.90
201461.50%518.76238.34
20147-0.43%516.54238.25
201481.78%525.72237.85
20149-2.65%511.81238.03
2014105.71%541.01237.43
2014110.63%544.44236.15
201412-1.11%538.40234.81
201512.83%553.62233.71
201520.06%553.93234.72
201530.88%558.79236.12
201540.98%564.26236.60
20155-0.44%561.81237.81
20156-0.08%561.36238.64
20157-2.42%547.75238.65
20158-4.51%523.06238.32
201594.32%545.64237.95
2015102.93%561.64237.84
201511-1.10%555.45237.34
201512-6.42%519.79236.53
20161-0.55%516.93236.92
201626.36%549.82237.11
201632.83%565.39238.13
20164-0.30%563.67239.26
201651.07%569.68240.23
201663.30%588.47241.02
201671.20%595.52240.63
20168-0.44%592.91240.85
20169-0.51%589.91241.43
2016101.20%597.00241.73
2016113.95%620.55241.35
2016121.44%629.48241.43
201712.58%645.69242.84
201721.75%656.99243.60
20173-0.15%655.98243.80
201741.69%667.08244.52
201751.78%678.93244.73
201760.99%685.64244.96
201770.25%687.33244.79
201781.65%698.70245.52
201792.73%717.81246.82
2017101.59%729.22246.66
2017112.88%750.24246.67
2017124.86%786.72246.52
20181-2.89%764.01247.87
201820.06%764.50248.99
20183-1.66%751.78249.55
201841.96%766.53250.55
201852.11%782.72251.59
201861.58%795.10251.99
201872.45%814.58252.01
201881.68%828.27252.15
20189-3.85%796.39252.44
201810-2.08%779.85252.89
201811-5.56%736.47252.04
2018121.74%749.26251.23
201915.83%792.93251.71
201921.95%808.38252.78
201933.72%838.47254.20
20194-1.53%825.63255.55
201951.40%837.23256.09
201963.83%869.27256.14
20197-3.13%842.03256.57
201983.09%868.00256.56
201990.01%868.09256.76
2019104.43%906.58257.35
2019112.47%928.96257.21
2019123.35%960.05256.97
202010.12%961.22257.97
20202-18.92%779.38258.68
202034.32%813.04258.12
202045.89%860.91256.39
202056.51%916.94256.39
202063.48%948.81257.80
202075.89%1,004.73259.10
20208-0.63%998.43259.92
202091.73%1,015.66260.28
2020103.95%1,055.83260.39
2020114.26%1,100.80260.23
2020122.80%1,131.57260.47
202112.49%1,159.77261.58
202120.82%1,169.29263.01
202136.02%1,239.70264.88
202140.76%1,249.13267.05
202151.81%1,271.74269.20
202163.07%1,310.76271.70
202172.19%1,339.40273.00
20218-0.08%1,338.27273.57
202190.45%1,344.32274.31
2021104.74%1,408.11276.59
2021110.27%1,411.85277.95
202112-2.05%1,382.88278.80
20221-2.90%1,342.74281.15
20222-0.89%1,330.75283.72
202230.12%1,332.33287.50
20224-7.87%1,227.44289.11
20225-3.37%1,186.08292.30
202260.46%1,191.59296.31
202276.45%1,268.42296.28
20228-7.28%1,176.11296.17
20229-3.09%1,139.75296.81
2022105.29%1,199.99298.01
2022110.01%1,200.12297.71
2022121.38%1,216.64296.80
202313.15%1,254.93299.17
20232-2.59%1,222.48300.84
202334.00%1,271.33301.84
202340.74%1,280.71303.36
202354.94%1,344.01304.13
202363.88%1,396.10305.11
20237-1.00%1,382.17305.69
20238-0.95%1,368.99307.03
20239-3.04%1,327.41307.79
2023104.60%1,388.50307.67
2023115.18%1,460.36307.05
2023122.91%1,502.88306.75
Click to show 834 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 $1.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $1.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1953. This would result in a final amount of $1,371.27, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $1,502.88).

YearMonthContribution ($)Amount ($)
195310.040.04
195320.040.08
195330.040.11
195340.040.16
195350.040.19
195360.040.23
195370.040.28
195380.040.30
195390.040.35
1953100.040.41
1953110.040.45
1953120.040.51
195410.040.56
195420.040.62
195430.040.69
195440.040.76
195450.040.81
195460.040.89
195470.040.95
195480.041.02
195490.041.08
1954100.041.17
1954110.041.27
1954120.041.34
195510.041.43
19552-1.42
19553-1.48
19554-1.48
19555-1.57
19556-1.69
19557-1.68
19558-1.76
19559-1.68
195510-1.80
195511-1.82
195512-1.78
19561-1.80
19562-1.92
19563-1.95
19564-1.90
19565-1.89
19566-2.00
19567-2.00
19568-1.93
19569-1.92
195610-1.90
195611-1.94
195612-1.90
19571-1.82
19572-1.85
19573-1.90
19574-1.98
19575-2.02
19576-2.07
19577-1.96
19578-1.89
19579-1.78
195710-1.74
195711-1.75
195712-1.79
19581-1.80
19582-1.85
19583-1.86
19584-1.93
19585-1.98
19586-2.04
19587-2.13
19588-2.19
19589-2.28
195810-2.36
195811-2.41
195812-2.51
19591-2.48
19592-2.55
19593-2.60
19594-2.65
19595-2.63
19596-2.74
19597-2.73
19598-2.63
19599-2.64
195910-2.65
195911-2.75
195912-2.70
19601-2.61
19602-2.58
19603-2.62
19604-2.60
19605-2.71
19606-2.65
19607-2.69
19608-2.61
19609-2.57
196010-2.66
196011-2.73
196012-2.88
19611-3.01
19612-3.11
19613-3.20
19614-3.24
19615-3.21
19616-3.21
19617-3.33
19618-3.31
19619-3.35
196110-3.51
196111-3.56
196112-3.43
19621-3.50
19622-3.51
19623-3.41
19624-3.16
19625-2.80
19626-2.88
19627-2.96
19628-2.95
19629-2.86
196210-3.07
196211-3.21
196212-3.34
19631-3.40
19632-3.39
19633-3.56
19634-3.64
19635-3.65
19636-3.61
19637-3.71
19638-3.82
19639-3.84
196310-3.83
196311-3.92
196312-4.05
19641-4.11
19642-4.20
19643-4.27
19644-4.32
19645-4.30
19646-4.48
19647-4.42
19648-4.51
19649-4.60
196410-4.64
196411-4.57
196412-4.70
19651-4.74
19652-4.76
19653-4.83
19654-4.92
19655-4.70
19656-4.70
19657-4.80
19658-4.97
19659-5.10
196510-5.15
196511-5.14
196512-5.24
19661-5.22
19662-5.02
19663-5.19
19664-4.93
19665-4.90
19666-4.90
19667-4.62
19668-4.47
19669-4.44
196610-4.68
196611-4.71
196612-4.91
19671-5.09
19672-5.22
19673-5.33
19674-5.44
19675-5.38
19676-5.49
19677-5.59
19678-5.69
19679-5.69
196710-5.53
196711-5.70
196712-5.70
19681-5.46
19682-5.37
19683-5.78
19684-5.93
19685-6.10
19686-6.11
19687-5.99
19688-6.20
19689-6.37
196810-6.48
196811-6.56
196812-6.30
19691-6.29
19692-6.17
19693-6.31
19694-6.53
19695-6.21
19696-5.94
19697-5.93
19698-5.96
19699-6.05
196910-6.11
196911-5.80
196912-5.76
19701-5.58
19702-5.69
19703-5.54
19704-4.92
19705-4.90
19706-4.93
19707-5.09
19708-5.41
19709-5.55
197010-5.56
197011-5.95
197012-6.20
19711-6.46
19712-6.64
19713-6.88
19714-6.81
19715-6.70
19716-6.67
19717-6.57
19718-6.73
19719-6.60
197110-6.32
197111-6.77
197112-7.07
19721-7.21
19722-7.40
19723-7.50
19724-7.44
19725-7.48
19726-7.44
19727-7.72
19728-7.63
19729-7.66
197210-8.06
197211-8.25
197212-8.33
19731-8.05
19732-7.94
19733-7.81
19734-7.61
19735-7.46
19736-7.55
19737-7.43
19738-7.58
19739-7.90
197310-7.36
197311-6.86
197312-6.97
19741-6.80
19742-7.11
19743-6.77
19744-6.59
19745-6.62
19746-5.87
19747-5.64
19748-5.08
19749-5.20
197410-5.39
197411-5.07
197412-5.50
19751-6.10
19752-6.40
19753-6.50
19754-6.93
19755-7.13
19756-7.16
19757-6.66
19758-6.61
19759-6.93
197510-7.08
197511-6.99
197512-7.66
19761-7.98
19762-8.04
19763-8.13
19764-8.10
19765-8.17
19766-8.39
19767-8.34
19768-8.55
19769-8.28
197610-8.25
197611-8.56
197612-8.52
19771-8.32
19772-8.31
19773-8.21
19774-8.22
19775-8.29
19776-8.40
19777-8.22
19778-8.13
19779-7.95
197710-8.03
197711-8.02
197712-7.75
19781-7.67
19782-7.69
19783-8.07
19784-8.51
19785-8.57
19786-8.56
19787-9.19
19788-9.23
19789-8.97
197810-8.48
197811-8.64
197812-9.01
19791-8.91
19792-9.12
19793-9.34
19794-9.16
19795-9.39
19796-9.52
19797-10.00
19798-10.15
19799-9.81
197910-9.78
197911-10.21
197912-10.55
19801-11.01
19802-10.04
19803-9.93
19804-10.43
19805-11.14
19806-11.70
19807-12.11
19808-12.45
19809-12.86
198010-13.46
198011-13.29
198012-13.29
19811-12.88
19812-13.42
19813-13.59
19814-13.37
19815-13.49
19816-13.21
19817-13.32
19818-12.21
19819-12.43
198110-12.80
198111-12.95
198112-12.33
19821-12.10
19822-11.76
19823-12.41
19824-12.48
19825-11.82
19826-11.85
19827-11.94
19828-13.39
19829-14.58
198210-15.23
198211-15.44
198212-16.05
19831-16.39
19832-17.02
19833-17.74
19834-18.52
19835-18.85
19836-18.98
19837-18.52
19838-19.14
19839-19.26
198310-19.04
198311-19.02
198312-19.32
19841-18.33
19842-18.41
19843-18.50
19844-18.46
19845-18.11
19846-17.95
19847-19.60
19848-19.88
19849-19.80
198410-20.05
198411-19.91
198412-20.84
19851-22.05
19852-21.95
19853-22.17
19854-22.78
19855-23.35
19856-23.87
19857-23.43
19858-22.99
19859-23.33
198510-24.83
198511-26.15
198512-26.34
19861-27.85
19862-29.57
19863-30.38
19864-30.53
19865-31.48
19866-30.92
19867-31.62
19868-30.84
19869-30.82
198610-31.90
198611-32.45
198612-34.62
19871-36.85
19872-38.47
19873-38.14
19874-38.20
19875-39.92
19876-41.17
19877-43.82
19878-42.50
19879-37.46
198710-32.85
198711-32.41
198712-33.79
19881-34.91
19882-36.04
19883-35.72
19884-34.94
19885-37.03
19886-36.92
19887-36.29
19888-36.99
19889-38.39
198810-37.62
198811-38.49
198812-39.84
19891-41.16
19892-41.09
19893-42.56
19894-44.31
19895-45.81
19896-47.09
19897-49.30
19898-49.53
19899-49.67
198910-48.77
198911-50.10
198912-49.00
19901-47.76
19902-49.05
19903-49.15
19904-51.04
19905-52.66
19906-52.75
19907-48.60
19908-46.49
19909-45.41
199010-46.77
199011-48.91
199012-48.58
19911-54.22
19912-55.87
19913-57.13
19914-57.03
19915-57.22
19916-57.67
19917-59.22
19918-59.04
19919-59.14
199110-59.15
199111-59.71
199112-64.10
19921-63.71
19922-63.07
19923-63.24
19924-64.54
19925-63.69
19926-64.90
19927-65.52
19928-65.76
19929-64.99
199210-66.78
199211-68.96
199212-69.06
19931-70.25
19932-71.76
19933-70.80
19934-71.31
19935-71.93
19936-71.97
19937-73.24
19938-74.23
19939-75.16
199310-75.16
199311-75.83
199312-77.14
19941-77.09
19942-75.99
19943-73.45
19944-74.22
19945-75.05
19946-74.66
19947-76.96
19948-77.59
19949-77.24
199410-76.96
199411-76.17
199412-78.03
19951-81.01
19952-83.09
19953-85.76
19954-88.63
19955-91.45
19956-94.69
19957-95.18
19958-98.71
19959-99.61
199510-101.96
199511-105.42
199512-105.59
19961-111.83
19962-111.60
19963-111.82
19964-114.45
19965-115.92
19966-111.89
19967-115.33
19968-117.66
19969-122.51
199610-128.70
199611-130.24
199612-134.48
19971-140.35
19972-139.47
19973-134.72
19974-147.14
19975-155.00
19976-163.89
19977-164.46
19978-166.42
19979-169.16
199710-167.21
199711-171.61
199712-172.02
19981-183.03
19982-192.76
19983-199.32
19984-198.88
19985-199.11
19986-208.01
19987-193.51
19988-184.03
19989-186.40
199810-206.86
199811-215.35
199812-226.22
19991-226.07
19992-232.68
19993-242.57
19994-242.33
19995-240.84
19996-251.73
19997-242.23
19998-240.78
19999-237.72
199910-254.61
199911-261.76
199912-261.45
20001-254.97
20002-265.02
20003-268.80
20004-261.17
20005-269.43
20006-271.72
20007-274.27
20008-271.31
20009-257.17
200010-255.18
200011-246.71
200012-247.83
20011-242.54
20012-220.51
20013-221.50
20014-236.74
20015-231.09
20016-224.94
20017-220.34
20018-195.55
20019-201.78
200110-211.98
200111-215.09
200112-214.44
20021-207.25
20022-217.50
20023-209.86
20024-203.94
20025-191.87
20026-171.22
20027-173.17
20028-164.93
20029-162.68
200210-173.46
200211-171.66
200212-171.28
20031-160.29
20032-162.39
20033-170.97
20034-180.06
20035-190.33
20036-191.46
20037-191.14
20038-197.19
20039-201.18
200310-203.62
200311-209.86
200312-220.21
20041-222.61
20042-219.12
20043-221.24
20044-215.57
20045-221.73
20046-216.77
20047-213.76
20048-219.71
20049-219.93
200410-230.43
200411-236.72
200412-233.52
20051-237.45
20052-236.84
20053-231.14
20054-234.23
20055-239.33
20056-243.66
20057-244.42
20058-245.10
20059-238.67
200510-248.12
200511-253.44
200512-257.16
20061-257.12
20062-260.94
20063-263.02
20064-260.95
20065-253.89
20066-255.72
20067-261.58
20068-268.20
20069-277.90
200610-283.46
200611-289.55
200612-291.56
20071-296.21
20072-288.88
20073-300.96
20074-311.17
20075-312.24
20076-314.03
20077-300.84
20078-310.09
20079-319.37
200710-304.02
200711-307.78
200712-287.36
20081-282.87
20082-275.44
20083-287.12
20084-294.48
20085-281.98
20086-264.84
20087-270.43
20088-257.32
20089-205.36
200810-187.68
200811-187.03
200812-184.98
20091-172.58
20092-162.76
20093-182.82
20094-194.99
20095-200.59
20096-203.15
20097-219.65
20098-227.67
20099-233.14
200910-238.02
200911-243.32
200912-246.62
20101-239.47
20102-253.70
20103-264.07
20104-248.54
20105-239.73
20106-239.35
20107-241.42
20108-249.56
20109-260.98
201010-267.48
201011-277.41
201012-287.02
20111-296.06
20112-292.77
20113-299.27
20114-301.24
20115-290.21
20116-299.21
20117-268.09
20118-265.98
20119-274.01
201110-278.85
201111-283.18
201112-296.73
20121-309.08
20122-317.99
20123-317.87
20124-308.05
20125-304.50
20126-313.39
20127-324.01
20128-333.80
20129-333.07
201210-323.62
201211-330.66
201212-344.78
20131-352.82
20132-362.42
20133-367.69
20134-384.51
20135-380.21
20136-392.59
20137-393.58
20138-398.27
20139-406.71
201310-422.41
201311-428.83
201312-432.98
20141-432.42
20142-444.19
20143-445.09
20144-451.91
20145-466.35
20146-473.33
20147-471.31
20148-479.69
20149-466.99
201410-493.64
201411-496.77
201412-491.25
20151-505.14
20152-505.42
20153-509.86
20154-514.85
20155-512.61
20156-512.20
20157-499.78
20158-477.26
20159-497.86
201510-512.46
201511-506.81
201512-474.27
20161-471.66
20162-501.68
20163-515.88
20164-514.31
20165-519.79
20166-536.93
20167-543.37
20168-540.99
20169-538.25
201610-544.72
201611-566.21
201612-574.35
20171-589.15
20172-599.46
20173-598.53
20174-608.66
20175-619.47
20176-625.59
20177-627.14
20178-637.51
20179-654.95
201710-665.36
201711-684.54
201712-717.83
20181-697.10
20182-697.55
20183-685.95
20184-699.40
20185-714.18
20186-725.47
20187-743.25
20188-755.74
20189-726.65
201810-711.56
201811-671.98
201812-683.64
20191-723.49
20192-737.59
20193-765.05
20194-753.33
20195-763.91
20196-793.15
20197-768.29
20198-791.99
20199-792.07
201910-827.19
201911-847.61
201912-875.98
20201-877.05
20202-711.13
20203-741.84
20204-785.52
20205-836.64
20206-865.72
20207-916.75
20208-911.00
20209-926.72
202010-963.37
202011-1,004.41
202012-1,032.48
20211-1,058.21
20212-1,066.90
20213-1,131.14
20214-1,139.74
20215-1,160.38
20216-1,195.98
20217-1,222.11
20218-1,221.08
20219-1,226.60
202110-1,284.80
202111-1,288.21
202112-1,261.78
20221-1,225.15
20222-1,214.22
20223-1,215.65
20224-1,119.95
20225-1,082.21
20226-1,087.24
20227-1,157.34
20228-1,073.12
20229-1,039.94
202210-1,094.91
202211-1,095.02
202212-1,110.10
20231-1,145.03
20232-1,115.43
20233-1,160.00
20234-1,168.56
20235-1,226.31
20236-1,273.84
20237-1,261.14
20238-1,249.11
20239-1,211.17
202310-1,266.91
202311-1,332.47
202312-1,371.27
Click to show 834 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 1953 to 2023
Start Value
Average monthly close
$26.18
End Value
Average monthly close
$3,960.66
Change in price+15,028.56%
+7.43% / yr
Change incl. dividends+150,187.86%
+10.85% / yr
Change incl. dividends, inflation-adjusted+13,069.21%
+7.12% / yr
Final amount, nominal
($1 base)
$1,502.88
Final amount, inflation-adjusted
($1 base)
$131.69