S&P 500: $100 in 1960 → $47,173.47 in 2023

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Stock market returns between 1960 and 2023

If you invested $100 in the S&P 500 at the beginning of 1960, you would have about $47,173.47 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 47,073.47%, or 10.15% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 4,482.62% cumulatively, or 6.19% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $43,738.90.

The graph below shows the performance of $100 over time if invested in an S&P 500 index fund. The returns assume that all dividends are automatically reinvested.

This chart shows the rate of gains and loss by month, including dividends:

Adjusting stock market return for inflation

The nominal return on investment of $100 is $47,073.47, or 47,073.47%. This means by 2023 you would have $47,173.47 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 1960 was 29.600 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 63 years.

Adjusted for inflation, the $47,173.47 nominal end value of the original $100 investment would have a real return of roughly $4,482.62 in 1960 dollars. This means the inflation-adjusted return is 4,482.62% as opposed to the original 47,073.47%.

For more information on inflation, see our U.S. inflation calculator for 1960.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 764-month period between 1960 and 2023.

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

YearMonthReturn (%)Amount ($)CPI
19601-3.61%96.3929.30
19602-1.08%95.3529.40
196031.58%96.8629.40
19604-0.62%96.2629.50
196053.99%100.1029.50
19606-2.20%97.9029.60
196071.49%99.3629.60
19608-2.72%96.6529.60
19609-1.67%95.0429.60
1960103.54%98.4029.80
1960112.69%101.0529.80
1960125.43%106.5329.80
196114.37%111.1929.80
196123.40%114.9729.80
196132.92%118.3329.80
196141.26%119.8229.80
19615-1.08%118.5329.80
19616-0.03%118.4929.80
196173.84%123.0430.00
19618-0.54%122.3829.90
196191.34%124.0230.00
1961104.77%129.9430.00
1961111.16%131.4530.00
196112-3.49%126.8630.00
196211.91%129.2930.00
196220.34%129.7330.10
19623-2.94%125.9130.10
19624-7.19%116.8630.20
19625-11.41%103.5230.20
196262.72%106.3430.20
196273.02%109.5530.30
19628-0.59%108.9030.30
19629-2.86%105.7930.40
1962107.20%113.4130.40
1962114.62%118.6530.40
1962124.15%123.5730.40
196311.60%125.5430.40
19632-0.11%125.4130.40
196334.98%131.6530.50
196342.27%134.6430.50
196350.22%134.9330.50
19636-1.22%133.2830.60
196373.03%137.3230.70
196382.89%141.3030.70
196390.50%142.0030.70
196310-0.31%141.5730.80
1963112.39%144.9630.80
1963123.33%149.7830.90
196411.48%152.0030.90
196422.07%155.1530.90
196431.69%157.7730.90
196441.22%159.7030.90
19645-0.35%159.1430.90
196463.96%165.4431.00
19647-1.23%163.4231.10
196481.97%166.6331.00
196491.97%169.9131.10
1964100.94%171.5031.10
196411-1.49%168.9531.20
1964122.82%173.7131.20
196510.98%175.4131.20
196520.34%175.9931.20
196531.56%178.7431.30
196541.73%181.8331.40
19655-4.51%173.6431.40
196560.10%173.8231.60
196572.12%177.5031.60
196583.60%183.8831.60
196592.50%188.4731.60
1965101.08%190.5031.70
196511-0.21%190.1031.70
1965121.98%193.8631.80
19661-0.43%193.0331.80
19662-3.86%185.5732.00
196633.32%191.7332.10
19664-5.01%182.1332.30
19665-0.56%181.1132.30
196660.02%181.1532.40
19667-5.77%170.7032.50
19668-3.22%165.1932.70
19669-0.56%164.2632.70
1966105.32%172.9932.90
1966110.72%174.2332.90
1966124.13%181.4332.90
196713.73%188.1932.90
196722.63%193.1532.90
196731.99%197.0033.00
196742.06%201.0533.10
19675-0.99%199.0633.20
196761.99%203.0233.30
196771.85%206.7833.40
196781.65%210.2033.50
196790.10%210.4133.60
196710-2.88%204.3433.70
1967113.11%210.7033.80
196712-0.02%210.6733.90
19681-4.26%201.7034.10
19682-1.56%198.5534.20
196837.66%213.7734.30
196842.56%219.2334.40
196852.94%225.6834.50
196860.05%225.7934.70
19687-1.93%221.4234.90
196883.51%229.1935.00
196892.72%235.4235.10
1968101.79%239.6235.30
1968111.29%242.7035.40
196812-3.99%233.0335.50
19691-0.24%232.4735.60
19692-1.91%228.0235.80
196932.27%233.2136.10
196943.51%241.4036.30
19695-4.97%229.4036.40
19696-4.21%219.7636.60
19697-0.28%219.1336.80
196980.63%220.5137.00
196991.35%223.4837.10
1969101.00%225.7137.30
196911-5.03%214.3637.50
196912-0.59%213.1037.70
19701-3.20%206.2937.80
197022.01%210.4438.00
19703-2.75%204.6638.20
19704-11.20%181.7438.50
19705-0.27%181.2538.60
197060.52%182.1938.80
197073.26%188.1339.00
197086.32%200.0239.00
197092.49%205.0039.20
1970100.21%205.4239.40
1970117.16%220.1339.60
1970124.11%229.1739.80
197114.15%238.6939.80
197122.83%245.4539.90
197133.67%254.4640.00
19714-1.11%251.6440.10
19715-1.60%247.6340.30
19716-0.46%246.4840.60
19717-1.52%242.7440.70
197182.49%248.7840.80
19719-1.86%244.1440.80
197110-4.37%233.4740.90
1971117.16%250.1940.90
1971124.42%261.2641.10
197212.09%266.7141.10
197222.62%273.7041.30
197231.26%277.1441.40
19724-0.78%274.9941.50
197250.52%276.4141.60
19726-0.50%275.0241.70
197273.78%285.4341.90
19728-1.21%281.9742.00
197290.42%283.1542.10
1972105.25%298.0342.30
1972112.31%304.9142.40
1972120.99%307.9342.50
19731-3.33%297.6942.60
19732-1.35%293.6942.90
19733-1.63%288.8943.30
19734-2.57%281.4743.60
19735-1.99%275.8743.90
197361.21%279.2044.20
19737-1.64%274.6444.30
197382.00%280.1245.10
197394.24%291.9845.20
197310-6.85%271.9745.60
197311-6.81%253.4645.90
1973121.70%257.7746.20
19741-2.47%251.4046.60
197424.57%262.9047.20
19743-4.82%250.2447.80
19744-2.71%243.4748.00
197450.46%244.5848.60
19746-11.35%216.8349.00
19747-3.76%208.6649.40
19748-10.01%187.7750.00
197492.38%192.2350.60
1974103.74%199.4351.10
197411-6.09%187.2851.50
1974128.63%203.4551.90
1975110.81%225.4452.10
197524.97%236.6552.50
197531.49%240.1752.70
197546.71%256.2952.90
197552.89%263.7153.20
197560.43%264.8553.60
19757-7.00%246.3254.20
19758-0.85%244.2254.30
197594.97%256.3654.60
1975102.04%261.5954.90
197511-1.18%258.5155.30
1975129.55%283.1855.50
197614.18%295.0155.60
197620.80%297.3855.80
197631.10%300.6455.90
19764-0.38%299.4856.10
197650.90%302.1856.50
197662.67%310.2456.80
19767-0.56%308.5057.10
197682.44%316.0257.40
19769-3.11%306.2057.60
197610-0.37%305.0757.90
1976113.79%316.6258.00
197612-0.54%314.9258.20
19771-2.37%307.4658.50
19772-0.05%307.3059.10
19773-1.19%303.6359.50
197740.06%303.8360.00
197750.90%306.5660.30
197761.28%310.4960.70
19777-2.08%304.0461.00
19778-1.18%300.4661.20
19779-2.20%293.8661.40
1977100.98%296.7461.60
197711-0.08%296.5061.90
197712-3.39%286.4562.10
19781-0.97%283.6762.50
197820.27%284.4262.90
197834.83%298.1663.40
197845.50%314.5763.90
197850.67%316.6964.50
19786-0.06%316.4965.20
197877.33%339.6865.70
197880.40%341.0466.00
19789-2.77%331.5866.50
197810-5.44%313.5567.10
1978111.92%319.5867.40
1978124.19%332.9667.70
19791-1.06%329.4468.30
197922.34%337.1569.10
197932.43%345.3569.80
19794-1.89%338.8170.60
197952.42%347.0071.50
197961.42%351.9372.30
197975.01%369.5873.10
197981.54%375.2773.80
19799-3.35%362.6974.60
197910-0.32%361.5275.20
1979114.40%377.4475.90
1979123.31%389.9576.70
198014.40%407.0977.80
19802-8.78%371.3578.90
19803-1.16%367.0480.10
198045.04%385.5281.00
198056.86%411.9881.80
198064.97%432.4582.70
198073.50%447.6182.70
198082.84%460.3083.30
198093.32%475.6184.00
1980104.61%497.5584.80
198011-1.24%491.3685.50
1980120.01%491.4186.30
19811-3.07%476.3287.00
198124.14%496.0687.90
198131.29%502.4888.50
19814-1.62%494.3589.10
198150.86%498.5989.80
19816-2.02%488.5490.60
198170.80%492.4691.60
19818-8.30%451.5792.30
198191.73%459.3793.20
1981103.04%473.3593.40
1981111.18%478.9393.70
198112-4.80%455.9394.00
19821-1.91%447.2094.30
19822-2.74%434.9394.60
198235.47%458.7194.50
198240.57%461.3394.90
19825-5.27%437.0195.80
198260.24%438.0897.00
198270.79%441.5697.50
1982812.10%494.9797.70
198298.88%538.9397.90
1982104.50%563.1898.20
1982111.36%570.8198.00
1982123.93%593.2297.60
198312.13%605.8697.80
198323.87%629.2897.90
198334.20%655.6997.90
198344.42%684.7098.60
198351.75%696.7099.20
198360.71%701.6499.50
19837-2.41%684.7599.90
198383.31%707.44100.20
198390.65%712.02100.70
198310-1.14%703.90101.00
198311-0.13%702.99101.20
1983121.58%714.07101.30
19841-5.11%677.57101.90
198420.44%680.57102.40
198430.51%684.02102.60
19844-0.25%682.29103.10
19845-1.85%669.68103.40
19846-0.91%663.60103.70
198479.21%724.69104.10
198481.41%734.89104.50
19849-0.41%731.86105.00
1984101.29%741.27105.30
198411-0.71%736.02105.30
1984124.70%770.60105.30
198515.79%815.19105.50
19852-0.48%811.29106.00
198531.02%819.61106.40
198542.74%842.03106.90
198552.51%863.17107.30
198562.25%882.57107.60
19857-1.85%866.28107.80
19858-1.88%849.95108.00
198591.50%862.67108.30
1985106.42%918.05108.70
1985115.29%966.66109.00
1985120.75%973.93109.30
198615.70%1,029.41109.60
198626.18%1,093.06109.30
198632.74%1,123.03108.80
198640.49%1,128.55108.60
198653.13%1,163.91108.90
19866-1.80%1,142.91109.50
198672.28%1,168.98109.50
19868-2.46%1,140.27109.70
19869-0.09%1,139.24110.20
1986103.53%1,179.49110.30
1986111.71%1,199.65110.40
1986126.67%1,279.71110.50
198716.46%1,362.40111.20
198724.38%1,422.02111.60
19873-0.86%1,409.85112.10
198740.17%1,412.28112.70
198754.50%1,475.81113.10
198763.12%1,521.89113.50
198776.45%1,620.11113.80
19878-3.03%1,571.02114.40
19879-11.85%1,384.79115.00
198710-12.30%1,214.41115.30
198711-1.33%1,198.20115.40
1987124.25%1,249.09115.40
198813.33%1,290.66115.70
198823.23%1,332.38116.00
19883-0.89%1,320.57116.50
19884-2.19%1,291.68117.10
198856.00%1,369.15117.50
19886-0.31%1,364.95118.00
19887-1.72%1,341.49118.50
198881.93%1,367.35119.00
198893.80%1,419.33119.80
198810-2.02%1,390.65120.20
1988112.33%1,423.00120.30
1988123.51%1,472.99120.50
198913.30%1,521.59121.10
19892-0.16%1,519.13121.60
198933.56%1,573.29122.30
198944.12%1,638.03123.10
198953.39%1,693.60123.80
198962.80%1,741.03124.10
198974.69%1,822.69124.40
198980.46%1,831.00124.60
198990.29%1,836.24125.00
198910-1.81%1,802.94125.60
1989112.74%1,852.28125.90
198912-2.21%1,811.32126.10
19901-2.53%1,765.55127.40
199022.71%1,813.34128.00
199030.20%1,816.90128.70
199043.85%1,886.86128.90
199053.17%1,946.68129.20
199060.17%1,949.98129.90
19907-7.86%1,796.69130.40
19908-4.34%1,718.69131.60
19909-2.32%1,678.89132.70
1990102.98%1,728.99133.50
1990114.59%1,808.29133.80
199012-0.69%1,795.90133.80
1991111.61%2,004.34134.60
199123.04%2,065.37134.80
199132.26%2,112.02135.00
19914-0.18%2,108.24135.20
199150.35%2,115.56135.60
199160.78%2,132.07136.00
199172.68%2,189.19136.20
19918-0.30%2,182.55136.60
199190.18%2,186.52137.20
1991100.02%2,186.86137.40
1991110.94%2,207.31137.80
1991127.36%2,369.73137.90
19921-0.60%2,355.49138.10
19922-1.01%2,331.64138.60
199230.26%2,337.80139.30
199242.07%2,386.16139.50
19925-1.33%2,354.44139.70
199261.91%2,399.46140.20
199270.94%2,422.06140.50
199280.38%2,431.22140.90
19929-1.18%2,402.48141.30
1992102.76%2,468.72141.80
1992113.27%2,549.47142.00
1992120.14%2,553.12141.90
199311.72%2,597.14142.60
199322.15%2,652.98143.10
19933-1.34%2,617.38143.60
199340.72%2,636.35144.00
199350.87%2,659.16144.20
199360.06%2,660.78144.40
199371.76%2,707.68144.40
199381.35%2,744.37144.80
199391.24%2,778.45145.10
1993100.01%2,778.66145.70
1993110.89%2,803.31145.80
1993121.74%2,851.97145.80
19941-0.08%2,849.81146.20
19942-1.42%2,809.24146.70
19943-3.35%2,715.23147.20
199441.06%2,743.96147.40
199451.11%2,774.37147.50
19946-0.52%2,759.97148.00
199473.08%2,845.04148.40
199480.82%2,868.30149.00
19949-0.44%2,855.56149.40
199410-0.37%2,845.00149.50
199411-1.03%2,815.82149.70
1994122.45%2,884.84149.70
199513.82%2,995.01150.30
199522.56%3,071.63150.90
199533.22%3,170.40151.40
199543.35%3,276.54151.90
199553.18%3,380.68152.20
199563.55%3,500.61152.50
199570.51%3,518.57152.50
199583.72%3,649.38152.90
199590.91%3,682.68153.20
1995102.36%3,769.53153.70
1995113.39%3,897.29153.60
1995120.16%3,903.63153.50
199615.90%4,134.11154.40
19962-0.20%4,125.81154.90
199630.20%4,133.94155.70
199642.35%4,231.29156.30
199651.28%4,285.39156.60
19966-3.48%4,136.41156.70
199673.08%4,263.63157.00
199682.02%4,349.92157.30
199694.12%4,529.11157.80
1996105.05%4,757.93158.30
1996111.20%4,814.94158.60
1996123.26%4,971.79158.60
199714.36%5,188.61159.10
19972-0.62%5,156.25159.60
19973-3.41%4,980.67160.00
199749.22%5,439.78160.20
199755.34%5,730.09160.10
199765.74%6,058.76160.30
199770.35%6,079.84160.50
199781.19%6,152.31160.80
199791.65%6,253.54161.20
199710-1.15%6,181.49161.60
1997112.63%6,344.35161.50
1997120.24%6,359.39161.30
199816.40%6,766.53161.60
199825.31%7,126.03161.90
199833.41%7,368.72162.20
19984-0.22%7,352.37162.50
199850.12%7,360.93162.80
199864.47%7,689.80163.00
19987-6.97%7,153.74163.20
19988-4.90%6,803.32163.40
199891.29%6,891.14163.60
19981010.97%7,647.40164.00
1998114.10%7,961.25164.00
1998125.05%8,363.11163.90
19991-0.07%8,357.54164.30
199922.92%8,601.87164.50
199934.25%8,967.45165.00
19994-0.10%8,958.59166.20
19995-0.61%8,903.78166.20
199964.52%9,306.44166.20
19997-3.77%8,955.18166.70
19998-0.60%8,901.63167.10
19999-1.27%8,788.36167.90
1999107.11%9,412.86168.20
1999112.81%9,677.24168.30
199912-0.12%9,665.73168.30
20001-2.48%9,426.20168.80
200023.94%9,797.69169.80
200031.42%9,937.27171.20
20004-2.84%9,655.17171.30
200053.16%9,960.61171.50
200060.85%10,045.31172.40
200070.94%10,139.71172.80
20008-1.08%10,030.23172.80
20009-5.21%9,507.23173.70
200010-0.77%9,433.79174.00
200011-3.32%9,120.58174.10
2000120.46%9,162.08174.00
20011-2.14%8,966.35175.10
20012-9.08%8,152.21175.80
200130.45%8,188.79176.20
200146.88%8,752.13176.90
20015-2.39%8,543.07177.70
20016-2.66%8,315.80178.00
20017-2.05%8,145.68177.50
20018-11.25%7,229.51177.50
200193.18%7,459.70178.30
2001105.05%7,836.64177.70
2001111.47%7,951.53177.40
200112-0.30%7,927.86176.70
20021-3.35%7,662.06177.10
200224.95%8,040.97177.80
20023-3.51%7,758.38178.80
20024-2.82%7,539.56179.80
20025-5.92%7,093.15179.80
20026-10.76%6,330.03179.90
200271.14%6,402.12180.10
20028-4.76%6,097.52180.70
20029-1.37%6,014.16181.00
2002106.63%6,412.64181.30
200211-1.04%6,346.26181.30
200212-0.22%6,332.14180.90
20031-6.41%5,925.95181.70
200321.31%6,003.45183.10
200335.29%6,320.78184.20
200345.31%6,656.56183.80
200355.70%7,036.26183.50
200360.60%7,078.19183.70
20037-0.17%7,066.42183.90
200383.16%7,289.80184.60
200392.03%7,437.62185.20
2003101.21%7,527.66185.00
2003113.06%7,758.30184.50
2003124.93%8,141.16184.30
200411.09%8,229.63185.20
20042-1.57%8,100.82186.20
200430.97%8,179.25187.40
20044-2.56%7,969.51188.00
200452.86%8,197.25189.10
20046-2.24%8,013.74189.70
20047-1.39%7,902.54189.40
200482.78%8,122.44189.50
200490.10%8,130.77189.90
2004104.77%8,518.93190.90
2004112.73%8,751.28191.00
200412-1.35%8,633.20190.30
200511.68%8,778.34190.70
20052-0.26%8,755.91191.80
20053-2.41%8,544.98193.30
200541.34%8,659.13194.60
200552.18%8,847.96194.40
200561.81%9,007.92194.50
200570.31%9,035.84195.40
200580.28%9,061.11196.40
20059-2.62%8,823.33198.80
2005103.96%9,172.87199.20
2005112.14%9,369.55197.60
2005121.47%9,506.98196.80
20061-0.02%9,505.40198.30
200621.49%9,646.66198.70
200630.80%9,723.67199.80
20064-0.79%9,647.18201.50
20065-2.71%9,386.15202.50
200660.72%9,453.73202.90
200672.29%9,670.39203.50
200682.53%9,915.17203.90
200693.62%10,273.69202.90
2006102.00%10,479.33201.80
2006112.15%10,704.46201.50
2006120.69%10,778.62201.80
200711.60%10,950.65202.42
20072-2.47%10,679.74203.50
200734.18%11,126.18205.35
200743.39%11,503.56206.69
200750.34%11,543.23207.95
200760.57%11,609.56208.35
20077-4.20%11,121.83208.30
200783.07%11,463.80207.92
200792.99%11,806.76208.49
200710-4.81%11,239.29208.94
2007111.24%11,378.45210.18
200712-6.64%10,623.47210.04
20081-1.56%10,457.32211.08
20082-2.63%10,182.65211.69
200834.24%10,614.78213.53
200842.56%10,886.79214.82
20085-4.25%10,424.48216.63
20086-6.08%9,790.83218.82
200872.11%9,997.47219.96
20088-4.85%9,512.84219.09
20089-20.19%7,591.85218.78
200810-8.61%6,938.55216.57
200811-0.35%6,914.18212.43
200812-1.10%6,838.43210.23
20091-6.70%6,380.08211.14
20092-5.69%6,017.22212.19
2009312.32%6,758.65212.71
200946.66%7,208.76213.24
200952.87%7,415.57213.86
200961.28%7,510.31215.69
200978.12%8,120.21215.35
200983.65%8,416.62215.83
200992.40%8,618.88215.97
2009102.09%8,799.39216.18
2009112.23%8,995.25216.33
2009121.36%9,117.32215.95
20101-2.90%8,853.05216.69
201025.94%9,379.19216.74
201034.09%9,762.61217.63
20104-5.88%9,188.33218.01
20105-3.54%8,862.74218.18
20106-0.16%8,848.64217.97
201070.86%8,925.06218.01
201083.37%9,225.94218.31
201094.58%9,648.25218.44
2010102.49%9,888.58218.71
2010113.71%10,255.81218.80
2010123.46%10,610.89219.18
201113.15%10,945.22220.22
20112-1.11%10,823.46221.31
201132.22%11,063.85223.47
201140.66%11,136.79224.91
20115-3.66%10,728.89225.96
201163.10%11,061.67225.72
20117-10.40%9,911.19225.92
20118-0.79%9,832.96226.55
201193.02%10,129.81226.89
2011101.77%10,308.82226.42
2011111.55%10,469.09226.23
2011124.78%10,969.78225.67
201214.16%11,426.41226.67
201222.88%11,755.93227.66
20123-0.04%11,751.44229.39
20124-3.09%11,388.21230.09
20125-1.15%11,256.97229.82
201262.92%11,585.80229.48
201273.39%11,978.29229.10
201283.02%12,340.17230.38
20129-0.22%12,313.38231.41
201210-2.84%11,963.99231.32
2012112.18%12,224.27230.22
2012124.27%12,746.09229.60
201312.33%13,043.46230.28
201322.72%13,398.56232.17
201331.45%13,593.35232.77
201344.57%14,215.15232.53
20135-1.12%14,056.25232.95
201363.25%14,513.71233.50
201370.25%14,550.36233.60
201381.19%14,723.87233.88
201392.12%15,035.66234.15
2013103.86%15,616.03233.55
2013111.52%15,853.65233.07
2013120.97%16,007.09233.05
20141-0.13%15,986.27233.92
201422.72%16,421.46234.78
201430.20%16,454.59236.29
201441.53%16,706.68237.07
201453.20%17,240.68237.90
201461.50%17,498.57238.34
20147-0.43%17,423.86238.25
201481.78%17,733.66237.85
20149-2.65%17,264.32238.03
2014105.71%18,249.36237.43
2014110.63%18,365.04236.15
201412-1.11%18,161.18234.81
201512.83%18,674.67233.71
201520.06%18,685.01234.72
201530.88%18,849.14236.12
201540.98%19,033.66236.60
20155-0.44%18,950.77237.81
20156-0.08%18,935.67238.64
20157-2.42%18,476.60238.65
20158-4.51%17,643.84238.32
201594.32%18,405.55237.95
2015102.93%18,945.28237.84
201511-1.10%18,736.32237.34
201512-6.42%17,533.52236.53
20161-0.55%17,437.10236.92
201626.36%18,546.58237.11
201632.83%19,071.68238.13
20164-0.30%19,013.63239.26
201651.07%19,216.41240.23
201663.30%19,850.06241.02
201671.20%20,088.11240.63
20168-0.44%19,999.99240.85
20169-0.51%19,898.80241.43
2016101.20%20,137.81241.73
2016113.95%20,932.44241.35
2016121.44%21,233.38241.43
201712.58%21,780.44242.84
201721.75%22,161.44243.60
20173-0.15%22,127.31243.80
201741.69%22,501.79244.52
201751.78%22,901.51244.73
201760.99%23,127.75244.96
201770.25%23,185.07244.79
201781.65%23,568.38245.52
201792.73%24,212.92246.82
2017101.59%24,597.81246.66
2017112.88%25,307.08246.67
2017124.86%26,537.48246.52
20181-2.89%25,771.43247.87
201820.06%25,788.07248.99
20183-1.66%25,358.97249.55
201841.96%25,856.41250.55
201852.11%26,402.75251.59
201861.58%26,820.11251.99
201872.45%27,477.42252.01
201881.68%27,938.97252.15
20189-3.85%26,863.60252.44
201810-2.08%26,305.89252.89
201811-5.56%24,842.62252.04
2018121.74%25,273.80251.23
201915.83%26,746.98251.71
201921.95%27,268.02252.78
201933.72%28,283.27254.20
20194-1.53%27,850.03255.55
201951.40%28,241.25256.09
201963.83%29,322.14256.14
20197-3.13%28,403.06256.57
201983.09%29,279.36256.56
201990.01%29,282.23256.76
2019104.43%30,580.52257.35
2019112.47%31,335.65257.21
2019123.35%32,384.26256.97
202010.12%32,423.79257.97
20202-18.92%26,289.96258.68
202034.32%27,425.32258.12
202045.89%29,039.95256.39
202056.51%30,929.94256.39
202063.48%32,005.20257.80
202075.89%33,891.43259.10
20208-0.63%33,678.93259.92
202091.73%34,260.23260.28
2020103.95%35,614.92260.39
2020114.26%37,132.14260.23
2020122.80%38,170.10260.47
202112.49%39,121.12261.58
202120.82%39,442.44263.01
202136.02%41,817.46264.88
202140.76%42,135.37267.05
202151.81%42,898.20269.20
202163.07%44,214.41271.70
202172.19%45,180.56273.00
20218-0.08%45,142.38273.57
202190.45%45,346.51274.31
2021104.74%47,498.08276.59
2021110.27%47,624.14277.95
202112-2.05%46,646.92278.80
20221-2.90%45,292.96281.15
20222-0.89%44,888.68283.72
202230.12%44,941.79287.50
20224-7.87%41,403.64289.11
20225-3.37%40,008.59292.30
202260.46%40,194.51296.31
202276.45%42,786.01296.28
20228-7.28%39,672.30296.17
20229-3.09%38,445.95296.81
2022105.29%40,477.86298.01
2022110.01%40,482.25297.71
2022121.38%41,039.47296.80
202313.15%42,330.97299.17
20232-2.59%41,236.53300.84
202334.00%42,884.43301.84
202340.74%43,200.79303.36
202354.94%45,335.85304.13
202363.88%47,093.09305.11
20237-1.13%46,563.28305.69
202381.31%47,173.47307.03
Click to show 750 more rows

Remember, returns are based on the average closing price across the entire month. Some losses are offset by dividend returns.

Dollar-cost averaging

Dollar-cost averaging is an alternative to investing the full lump-sum of $100.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $100.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1960. This would result in a final amount of $43,738.90, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $47,173.47).

YearMonthContribution ($)Amount ($)
196014.164.00
196024.168.06
196034.1612.40
196044.1616.44
196054.1621.41
196064.1625.00
196074.1629.58
196084.1632.81
196094.1636.34
1960104.1641.92
1960114.1647.31
1960124.1654.25
196114.1660.96
196124.1667.32
196134.1673.55
196144.1678.69
196154.1681.94
196164.1686.07
196174.1693.68
196184.1697.30
196194.16102.81
1961104.16112.07
1961114.16117.57
1961124.32117.63
19621-119.87
19622-120.28
19623-116.74
19624-108.35
19625-95.99
19626-98.60
19627-101.58
19628-100.97
19629-98.09
196210-105.15
196211-110.01
196212-114.58
19631-116.40
19632-116.28
19633-122.07
19634-124.84
19635-125.11
19636-123.58
19637-127.32
19638-131.01
19639-131.66
196310-131.26
196311-134.40
196312-138.88
19641-140.93
19642-143.85
19643-146.29
19644-148.07
19645-147.55
19646-153.40
19647-151.52
19648-154.50
19649-157.54
196410-159.02
196411-156.65
196412-161.06
19651-162.63
19652-163.18
19653-165.72
19654-168.59
19655-160.99
19656-161.16
19657-164.57
19658-170.49
19659-174.75
196510-176.63
196511-176.26
196512-179.75
19661-178.97
19662-172.06
19663-177.77
19664-168.87
19665-167.93
19666-167.96
19667-158.27
19668-153.16
19669-152.30
196610-160.40
196611-161.54
196612-168.22
19671-174.49
19672-179.09
19673-182.65
19674-186.41
19675-184.56
19676-188.24
19677-191.73
19678-194.90
19679-195.09
196710-189.47
196711-195.36
196712-195.33
19681-187.01
19682-184.10
19683-198.20
19684-203.27
19685-209.25
19686-209.35
19687-205.30
19688-212.50
19689-218.28
196810-222.18
196811-225.03
196812-216.06
19691-215.55
19692-211.42
19693-216.23
19694-223.83
19695-212.70
19696-203.76
19697-203.18
19698-204.46
19699-207.21
196910-209.28
196911-198.75
196912-197.58
19701-191.27
19702-195.12
19703-189.76
19704-168.51
19705-168.05
19706-168.93
19707-174.43
19708-185.45
19709-190.07
197010-190.46
197011-204.10
197012-212.49
19711-221.31
19712-227.58
19713-235.94
19714-233.32
19715-229.60
19716-228.54
19717-225.07
19718-230.67
19719-226.37
197110-216.47
197111-231.98
197112-242.24
19721-247.29
19722-253.77
19723-256.97
19724-254.97
19725-256.29
19726-255.00
19727-264.64
19728-261.44
19729-262.53
197210-276.33
197211-282.71
197212-285.51
19731-276.02
19732-272.30
19733-267.86
19734-260.97
19735-255.78
19736-258.88
19737-254.64
19738-259.72
19739-270.72
197310-252.17
197311-235.01
197312-239.01
19741-233.10
19742-243.76
19743-232.02
19744-225.74
19745-226.77
19746-201.04
19747-193.47
19748-174.10
19749-178.24
197410-184.91
197411-173.65
197412-188.64
19751-209.02
19752-219.42
19753-222.68
19754-237.63
19755-244.51
19756-245.56
19757-228.38
19758-226.44
19759-237.69
197510-242.55
197511-239.68
197512-262.56
19761-273.53
19762-275.73
19763-278.75
19764-277.68
19765-280.18
19766-287.65
19767-286.04
19768-293.01
19769-283.90
197610-282.86
197611-293.57
197612-291.99
19771-285.08
19772-284.92
19773-281.52
19774-281.70
19775-284.24
19776-287.88
19777-281.90
19778-278.59
19779-272.46
197710-275.14
197711-274.92
197712-265.60
19781-263.01
19782-263.71
19783-276.45
19784-291.67
19785-293.63
19786-293.45
19787-314.95
19788-316.21
19789-307.44
197810-290.72
197811-296.31
197812-308.72
19791-305.45
19792-312.60
19793-320.20
19794-314.14
19795-321.74
19796-326.31
19797-342.67
19798-347.95
19799-336.28
197910-335.20
197911-349.96
197912-361.55
19801-377.45
19802-344.32
19803-340.31
19804-357.45
19805-381.98
19806-400.97
19807-415.02
19808-426.79
19809-440.98
198010-461.33
198011-455.59
198012-455.63
19811-441.64
19812-459.94
19813-465.89
19814-458.36
19815-462.29
19816-452.97
19817-456.60
19818-418.69
19819-425.92
198110-438.89
198111-444.06
198112-422.73
19821-414.64
19822-403.26
19823-425.32
19824-427.74
19825-405.19
19826-406.18
19827-409.41
19828-458.93
19829-499.69
198210-522.18
198211-529.25
198212-550.03
19831-561.75
19832-583.46
19833-607.95
19834-634.85
19835-645.98
19836-650.55
19837-634.89
19838-655.93
19839-660.18
198310-652.65
198311-651.81
198312-662.08
19841-628.24
19842-631.02
19843-634.22
19844-632.61
19845-620.92
19846-615.28
19847-671.93
19848-681.38
19849-678.57
198410-687.30
198411-682.43
198412-714.49
19851-755.84
19852-752.23
19853-759.93
19854-780.72
19855-800.33
19856-818.31
19857-803.21
19858-788.07
19859-799.86
198510-851.21
198511-896.28
198512-903.02
19861-954.47
19862-1,013.48
19863-1,041.26
19864-1,046.38
19865-1,079.17
19866-1,059.70
19867-1,083.87
19868-1,057.25
19869-1,056.30
198610-1,093.62
198611-1,112.31
198612-1,186.53
19871-1,263.21
19872-1,318.49
19873-1,307.20
19874-1,309.46
19875-1,368.36
19876-1,411.08
19877-1,502.16
19878-1,456.63
19879-1,283.97
198710-1,125.99
198711-1,110.97
198712-1,158.14
19881-1,196.69
19882-1,235.37
19883-1,224.43
19884-1,197.63
19885-1,269.47
19886-1,265.57
19887-1,243.82
19888-1,267.79
19889-1,315.99
198810-1,289.40
198811-1,319.40
198812-1,365.74
19891-1,410.81
19892-1,408.53
19893-1,458.74
19894-1,518.77
19895-1,570.30
19896-1,614.27
19897-1,689.99
19898-1,697.69
19899-1,702.55
198910-1,671.67
198911-1,717.42
198912-1,679.44
19901-1,637.00
19902-1,681.32
19903-1,684.61
19904-1,749.49
19905-1,804.94
19906-1,808.01
19907-1,665.88
19908-1,593.56
19909-1,556.66
199010-1,603.10
199011-1,676.63
199012-1,665.14
19911-1,858.41
19912-1,914.99
19913-1,958.25
19914-1,954.75
19915-1,961.53
19916-1,976.84
19917-2,029.80
19918-2,023.65
19919-2,027.32
199110-2,027.64
199111-2,046.60
199112-2,197.19
19921-2,183.99
19922-2,161.88
19923-2,167.60
19924-2,212.43
19925-2,183.02
19926-2,224.77
19927-2,245.72
19928-2,254.21
19929-2,227.56
199210-2,288.98
199211-2,363.85
199212-2,367.23
19931-2,408.05
19932-2,459.82
19933-2,426.82
19934-2,444.41
19935-2,465.56
19936-2,467.06
19937-2,510.54
19938-2,544.56
19939-2,576.16
199310-2,576.35
199311-2,599.21
199312-2,644.33
19941-2,642.33
19942-2,604.71
19943-2,517.54
19944-2,544.18
19945-2,572.38
19946-2,559.03
19947-2,637.90
19948-2,659.46
19949-2,647.66
199410-2,637.86
199411-2,610.81
199412-2,674.80
19951-2,776.95
19952-2,847.99
19953-2,939.57
19954-3,037.98
19955-3,134.54
19956-3,245.74
19957-3,262.39
19958-3,383.68
19959-3,414.56
199510-3,495.09
199511-3,613.54
199512-3,619.41
19961-3,833.12
19962-3,825.42
19963-3,832.96
19964-3,923.22
19965-3,973.38
19966-3,835.25
19967-3,953.21
19968-4,033.21
19969-4,199.36
199610-4,411.51
199611-4,464.37
199612-4,609.80
19971-4,810.84
19972-4,780.84
19973-4,618.04
19974-5,043.72
19975-5,312.90
19976-5,617.64
19977-5,637.18
19978-5,704.38
19979-5,798.23
199710-5,731.44
199711-5,882.44
199712-5,896.38
19981-6,273.88
19982-6,607.20
19983-6,832.22
19984-6,817.06
19985-6,825.00
19986-7,129.92
19987-6,632.89
19988-6,307.99
19989-6,389.41
199810-7,090.61
199811-7,381.62
199812-7,754.22
19991-7,749.05
19992-7,975.59
19993-8,314.55
19994-8,306.34
19995-8,255.52
19996-8,628.87
19997-8,303.18
19998-8,253.53
19999-8,148.50
199910-8,727.53
199911-8,972.66
199912-8,961.99
20001-8,739.91
20002-9,084.34
20003-9,213.77
20004-8,952.21
20005-9,235.41
20006-9,313.94
20007-9,401.46
20008-9,299.96
20009-8,815.04
200010-8,746.94
200011-8,456.53
200012-8,495.01
20011-8,313.53
20012-7,558.67
20013-7,592.59
20014-8,114.91
20015-7,921.07
20016-7,710.35
20017-7,552.61
20018-6,703.15
20019-6,916.58
200110-7,266.08
200111-7,372.60
200112-7,350.66
20021-7,104.21
20022-7,455.53
20023-7,193.51
20024-6,990.63
20025-6,576.71
20026-5,869.16
20027-5,936.00
20028-5,653.58
20029-5,576.29
200210-5,945.75
200211-5,884.21
200212-5,871.12
20031-5,494.49
20032-5,566.36
20033-5,860.59
20034-6,171.91
20035-6,523.97
20036-6,562.85
20037-6,551.93
20038-6,759.05
20039-6,896.11
200310-6,979.59
200311-7,193.44
200312-7,548.43
20041-7,630.45
20042-7,511.02
20043-7,583.74
20044-7,389.27
20045-7,600.43
20046-7,430.28
20047-7,327.18
20048-7,531.07
20049-7,538.79
200410-7,898.69
200411-8,114.12
200412-8,004.64
20051-8,139.22
20052-8,118.41
20053-7,922.85
20054-8,028.69
20055-8,203.77
20056-8,352.07
20057-8,377.97
20058-8,401.40
20059-8,180.93
200510-8,505.02
200511-8,687.38
200512-8,814.80
20061-8,813.34
20062-8,944.31
20063-9,015.72
20064-8,944.80
20065-8,702.77
20066-8,765.43
20067-8,966.32
20068-9,193.27
20069-9,525.69
200610-9,716.36
200611-9,925.09
200612-9,993.86
20071-10,153.36
20072-9,902.18
20073-10,316.12
20074-10,666.01
20075-10,702.80
20076-10,764.30
20077-10,312.08
20078-10,629.15
20079-10,947.14
200710-10,420.98
200711-10,550.02
200712-9,850.00
20081-9,695.95
20082-9,441.28
20083-9,841.95
20084-10,094.16
20085-9,665.50
20086-9,077.98
20087-9,269.58
20088-8,820.23
20089-7,039.11
200810-6,433.37
200811-6,410.78
200812-6,340.54
20091-5,915.57
20092-5,579.12
20093-6,266.57
20094-6,683.91
20095-6,875.66
20096-6,963.51
20097-7,529.00
20098-7,803.83
20099-7,991.37
200910-8,158.73
200911-8,340.33
200912-8,453.51
20101-8,208.49
20102-8,696.32
20103-9,051.82
20104-8,519.36
20105-8,217.47
20106-8,204.40
20107-8,275.25
20108-8,554.22
20109-8,945.78
201010-9,168.62
201011-9,509.11
201012-9,838.34
20111-10,148.33
20112-10,035.44
20113-10,258.32
20114-10,325.95
20115-9,947.75
20116-10,256.30
20117-9,189.58
20118-9,117.05
20119-9,392.29
201110-9,558.26
201111-9,706.87
201112-10,171.10
20121-10,594.49
20122-10,900.01
20123-10,895.85
20124-10,559.06
20125-10,437.38
20126-10,742.27
20127-11,106.18
20128-11,441.72
20129-11,416.87
201210-11,092.92
201211-11,334.25
201212-11,818.08
20131-12,093.80
20132-12,423.05
20133-12,603.65
20134-13,180.18
20135-13,032.86
20136-13,457.01
20137-13,490.99
20138-13,651.86
20139-13,940.95
201310-14,479.07
201311-14,699.39
201312-14,841.65
20141-14,822.35
20142-15,225.86
20143-15,256.57
20144-15,490.31
20145-15,985.43
20146-16,224.54
20147-16,155.27
20148-16,442.52
20149-16,007.35
201410-16,920.68
201411-17,027.93
201412-16,838.92
20151-17,315.02
20152-17,324.61
20153-17,476.79
20154-17,647.87
20155-17,571.01
20156-17,557.02
20157-17,131.37
20158-16,359.24
20159-17,065.49
201510-17,565.93
201511-17,372.18
201512-16,256.95
20161-16,167.56
20162-17,196.25
20163-17,683.12
20164-17,629.30
20165-17,817.32
20166-18,404.83
20167-18,625.55
20168-18,543.85
20169-18,450.02
201610-18,671.63
201611-19,408.41
201612-19,687.43
20171-20,194.67
20172-20,547.93
20173-20,516.28
20174-20,863.49
20175-21,234.12
20176-21,443.89
20177-21,497.02
20178-21,852.43
20179-22,450.05
201710-22,806.91
201711-23,464.54
201712-24,605.36
20181-23,895.08
20182-23,910.51
20183-23,512.65
20184-23,973.88
20185-24,480.44
20186-24,867.41
20187-25,476.86
20188-25,904.81
20189-24,907.74
201810-24,390.63
201811-23,033.90
201812-23,433.68
20191-24,799.61
20192-25,282.71
20193-26,224.04
20194-25,822.34
20195-26,185.08
20196-27,187.27
20197-26,335.11
20198-27,147.61
20199-27,150.27
201910-28,354.03
201911-29,054.18
201912-30,026.45
20201-30,063.11
20202-24,375.86
20203-25,428.55
20204-26,925.63
20205-28,678.02
20206-29,674.99
20207-31,423.89
20208-31,226.86
20209-31,765.84
202010-33,021.90
202011-34,428.65
202012-35,391.04
20211-36,272.82
20212-36,570.75
20213-38,772.85
20214-39,067.61
20215-39,774.90
20216-40,995.27
20217-41,891.09
20218-41,855.69
20219-42,044.95
202110-44,039.88
202111-44,156.76
202112-43,250.68
20221-41,995.30
20222-41,620.46
20223-41,669.70
20224-38,389.15
20225-37,095.68
20226-37,268.05
20227-39,670.87
20228-36,783.86
20229-35,646.81
202210-37,530.78
202211-37,534.84
202212-38,051.50
20231-39,248.97
20232-38,234.21
20233-39,762.14
20234-40,055.46
20235-42,035.07
20236-43,664.37
20237-43,173.14
20238-43,738.90
Click to show 750 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 1960 to 2023
Start Value
Average monthly close
$58.03
End Value
Average monthly close
$3,960.66
Change in price+6,725.19%
+6.93% / yr
Change incl. dividends+47,073.47%
+10.15% / yr
Change incl. dividends, inflation-adjusted+4,482.62%
+6.19% / yr
Final amount, nominal
($100 base)
$47,173.47
Final amount, inflation-adjusted
($100 base)
$4,582.62