S&P 500: $35 in 1960 → $14,363.81 in 2022

$

Stock market returns between 1960 and 2022

If you invested $35 in the S&P 500 at the beginning of 1960, you would have about $14,363.81 at the end of 2022, assuming you reinvested all dividends. This is a return on investment of 40,939.47%, or 10.02% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 4,050.84% cumulatively, or 6.09% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $13,308.06.

The graph below shows the performance of $35 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 $35 is $14,328.81, or 40,939.47%. This means by 2022 you would have $14,363.81 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 2022 was 292.656.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 62 years.

Adjusted for inflation, the $14,363.81 nominal end value of the original $35 investment would have a real return of roughly $1,417.79 in 1960 dollars. This means the inflation-adjusted return is 4,050.84% as opposed to the original 40,939.47%.

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 $35 investment, including gains and losses over the 756-month period between 1960 and 2022.

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

YearMonthReturn (%)Amount ($)CPI
19601-3.61%33.7429.30
19602-1.08%33.3729.40
196031.58%33.9029.40
19604-0.62%33.6929.50
196053.99%35.0329.50
19606-2.20%34.2629.60
196071.49%34.7829.60
19608-2.72%33.8329.60
19609-1.67%33.2629.60
1960103.54%34.4429.80
1960112.69%35.3729.80
1960125.43%37.2929.80
196114.37%38.9229.80
196123.40%40.2429.80
196132.92%41.4129.80
196141.26%41.9429.80
19615-1.08%41.4829.80
19616-0.03%41.4729.80
196173.84%43.0630.00
19618-0.54%42.8329.90
196191.34%43.4130.00
1961104.77%45.4830.00
1961111.16%46.0130.00
196112-3.49%44.4030.00
196211.91%45.2530.00
196220.34%45.4030.10
19623-2.94%44.0730.10
19624-7.19%40.9030.20
19625-11.41%36.2330.20
196262.72%37.2230.20
196273.02%38.3430.30
19628-0.59%38.1230.30
19629-2.86%37.0330.40
1962107.20%39.6930.40
1962114.62%41.5330.40
1962124.15%43.2530.40
196311.60%43.9430.40
19632-0.11%43.8930.40
196334.98%46.0830.50
196342.27%47.1230.50
196350.22%47.2330.50
19636-1.22%46.6530.60
196373.03%48.0630.70
196382.89%49.4530.70
196390.50%49.7030.70
196310-0.31%49.5530.80
1963112.39%50.7330.80
1963123.33%52.4230.90
196411.48%53.2030.90
196422.07%54.3030.90
196431.69%55.2230.90
196441.22%55.8930.90
19645-0.35%55.7030.90
196463.96%57.9131.00
19647-1.23%57.2031.10
196481.97%58.3231.00
196491.97%59.4731.10
1964100.94%60.0331.10
196411-1.49%59.1331.20
1964122.82%60.8031.20
196510.98%61.3931.20
196520.34%61.6031.20
196531.56%62.5631.30
196541.73%63.6431.40
19655-4.51%60.7731.40
196560.10%60.8431.60
196572.12%62.1231.60
196583.60%64.3631.60
196592.50%65.9731.60
1965101.08%66.6731.70
196511-0.21%66.5331.70
1965121.98%67.8531.80
19661-0.43%67.5631.80
19662-3.86%64.9532.00
196633.32%67.1132.10
19664-5.01%63.7532.30
19665-0.56%63.3932.30
196660.02%63.4032.40
19667-5.77%59.7432.50
19668-3.22%57.8232.70
19669-0.56%57.4932.70
1966105.32%60.5532.90
1966110.72%60.9832.90
1966124.13%63.5032.90
196713.73%65.8732.90
196722.63%67.6032.90
196731.99%68.9533.00
196742.06%70.3733.10
19675-0.99%69.6733.20
196761.99%71.0633.30
196771.85%72.3733.40
196781.65%73.5733.50
196790.10%73.6433.60
196710-2.88%71.5233.70
1967113.11%73.7533.80
196712-0.02%73.7333.90
19681-4.26%70.5934.10
19682-1.56%69.4934.20
196837.66%74.8234.30
196842.56%76.7334.40
196852.94%78.9934.50
196860.05%79.0334.70
19687-1.93%77.5034.90
196883.51%80.2235.00
196892.72%82.4035.10
1968101.79%83.8735.30
1968111.29%84.9535.40
196812-3.99%81.5635.50
19691-0.24%81.3735.60
19692-1.91%79.8135.80
196932.27%81.6236.10
196943.51%84.4936.30
19695-4.97%80.2936.40
19696-4.21%76.9136.60
19697-0.28%76.7036.80
196980.63%77.1837.00
196991.35%78.2237.10
1969101.00%79.0037.30
196911-5.03%75.0337.50
196912-0.59%74.5837.70
19701-3.20%72.2037.80
197022.01%73.6538.00
19703-2.75%71.6338.20
19704-11.20%63.6138.50
19705-0.27%63.4438.60
197060.52%63.7738.80
197073.26%65.8439.00
197086.32%70.0139.00
197092.49%71.7539.20
1970100.21%71.9039.40
1970117.16%77.0439.60
1970124.11%80.2139.80
197114.15%83.5439.80
197122.83%85.9139.90
197133.67%89.0640.00
19714-1.11%88.0840.10
19715-1.60%86.6740.30
19716-0.46%86.2740.60
19717-1.52%84.9640.70
197182.49%87.0740.80
19719-1.86%85.4540.80
197110-4.37%81.7140.90
1971117.16%87.5740.90
1971124.42%91.4441.10
197212.09%93.3541.10
197222.62%95.7941.30
197231.26%97.0041.40
19724-0.78%96.2541.50
197250.52%96.7441.60
19726-0.50%96.2641.70
197273.78%99.9041.90
19728-1.21%98.6942.00
197290.42%99.1042.10
1972105.25%104.3142.30
1972112.31%106.7242.40
1972120.99%107.7842.50
19731-3.33%104.1942.60
19732-1.35%102.7942.90
19733-1.63%101.1143.30
19734-2.57%98.5143.60
19735-1.99%96.5543.90
197361.21%97.7244.20
19737-1.64%96.1244.30
197382.00%98.0445.10
197394.24%102.1945.20
197310-6.85%95.1945.60
197311-6.81%88.7145.90
1973121.70%90.2246.20
19741-2.47%87.9946.60
197424.57%92.0247.20
19743-4.82%87.5847.80
19744-2.71%85.2148.00
197450.46%85.6048.60
19746-11.35%75.8949.00
19747-3.76%73.0349.40
19748-10.01%65.7250.00
197492.38%67.2850.60
1974103.74%69.8051.10
197411-6.09%65.5551.50
1974128.63%71.2151.90
1975110.81%78.9052.10
197524.97%82.8352.50
197531.49%84.0652.70
197546.71%89.7052.90
197552.89%92.3053.20
197560.43%92.7053.60
19757-7.00%86.2154.20
19758-0.85%85.4854.30
197594.97%89.7354.60
1975102.04%91.5654.90
197511-1.18%90.4855.30
1975129.55%99.1155.50
197614.18%103.2555.60
197620.80%104.0855.80
197631.10%105.2255.90
19764-0.38%104.8256.10
197650.90%105.7656.50
197662.67%108.5856.80
19767-0.56%107.9757.10
197682.44%110.6157.40
19769-3.11%107.1757.60
197610-0.37%106.7857.90
1976113.79%110.8258.00
197612-0.54%110.2258.20
19771-2.37%107.6158.50
19772-0.05%107.5559.10
19773-1.19%106.2759.50
197740.06%106.3460.00
197750.90%107.3060.30
197761.28%108.6760.70
19777-2.08%106.4161.00
19778-1.18%105.1661.20
19779-2.20%102.8561.40
1977100.98%103.8661.60
197711-0.08%103.7861.90
197712-3.39%100.2662.10
19781-0.97%99.2862.50
197820.27%99.5562.90
197834.83%104.3663.40
197845.50%110.1063.90
197850.67%110.8464.50
19786-0.06%110.7765.20
197877.33%118.8965.70
197880.40%119.3666.00
19789-2.77%116.0566.50
197810-5.44%109.7467.10
1978111.92%111.8567.40
1978124.19%116.5467.70
19791-1.06%115.3068.30
197922.34%118.0069.10
197932.43%120.8769.80
19794-1.89%118.5870.60
197952.42%121.4571.50
197961.42%123.1872.30
197975.01%129.3573.10
197981.54%131.3573.80
19799-3.35%126.9474.60
197910-0.32%126.5375.20
1979114.40%132.1075.90
1979123.31%136.4876.70
198014.40%142.4877.80
19802-8.78%129.9778.90
19803-1.16%128.4680.10
198045.04%134.9381.00
198056.86%144.1981.80
198064.97%151.3682.70
198073.50%156.6682.70
198082.84%161.1183.30
198093.32%166.4684.00
1980104.61%174.1484.80
198011-1.24%171.9885.50
1980120.01%171.9986.30
19811-3.07%166.7187.00
198124.14%173.6287.90
198131.29%175.8788.50
19814-1.62%173.0289.10
198150.86%174.5189.80
19816-2.02%170.9990.60
198170.80%172.3691.60
19818-8.30%158.0592.30
198191.73%160.7893.20
1981103.04%165.6793.40
1981111.18%167.6393.70
198112-4.80%159.5794.00
19821-1.91%156.5294.30
19822-2.74%152.2294.60
198235.47%160.5594.50
198240.57%161.4694.90
19825-5.27%152.9595.80
198260.24%153.3397.00
198270.79%154.5497.50
1982812.10%173.2497.70
198298.88%188.6297.90
1982104.50%197.1198.20
1982111.36%199.7898.00
1982123.93%207.6397.60
198312.13%212.0597.80
198323.87%220.2597.90
198334.20%229.4997.90
198344.42%239.6498.60
198351.75%243.8599.20
198360.71%245.5799.50
19837-2.41%239.6699.90
198383.31%247.60100.20
198390.65%249.21100.70
198310-1.14%246.36101.00
198311-0.13%246.05101.20
1983121.58%249.93101.30
19841-5.11%237.15101.90
198420.44%238.20102.40
198430.51%239.41102.60
19844-0.25%238.80103.10
19845-1.85%234.39103.40
19846-0.91%232.26103.70
198479.21%253.64104.10
198481.41%257.21104.50
19849-0.41%256.15105.00
1984101.29%259.44105.30
198411-0.71%257.61105.30
1984124.70%269.71105.30
198515.79%285.32105.50
19852-0.48%283.95106.00
198531.02%286.86106.40
198542.74%294.71106.90
198552.51%302.11107.30
198562.25%308.90107.60
19857-1.85%303.20107.80
19858-1.88%297.48108.00
198591.50%301.93108.30
1985106.42%321.32108.70
1985115.29%338.33109.00
1985120.75%340.87109.30
198615.70%360.29109.60
198626.18%382.57109.30
198632.74%393.06108.80
198640.49%394.99108.60
198653.13%407.37108.90
19866-1.80%400.02109.50
198672.28%409.14109.50
19868-2.46%399.09109.70
19869-0.09%398.74110.20
1986103.53%412.82110.30
1986111.71%419.88110.40
1986126.67%447.90110.50
198716.46%476.84111.20
198724.38%497.71111.60
19873-0.86%493.45112.10
198740.17%494.30112.70
198754.50%516.53113.10
198763.12%532.66113.50
198776.45%567.04113.80
19878-3.03%549.86114.40
19879-11.85%484.68115.00
198710-12.30%425.04115.30
198711-1.33%419.37115.40
1987124.25%437.18115.40
198813.33%451.73115.70
198823.23%466.33116.00
19883-0.89%462.20116.50
19884-2.19%452.09117.10
198856.00%479.20117.50
19886-0.31%477.73118.00
19887-1.72%469.52118.50
198881.93%478.57119.00
198893.80%496.76119.80
198810-2.02%486.73120.20
1988112.33%498.05120.30
1988123.51%515.54120.50
198913.30%532.56121.10
19892-0.16%531.70121.60
198933.56%550.65122.30
198944.12%573.31123.10
198953.39%592.76123.80
198962.80%609.36124.10
198974.69%637.94124.40
198980.46%640.85124.60
198990.29%642.68125.00
198910-1.81%631.03125.60
1989112.74%648.30125.90
198912-2.21%633.96126.10
19901-2.53%617.94127.40
199022.71%634.67128.00
199030.20%635.91128.70
199043.85%660.40128.90
199053.17%681.34129.20
199060.17%682.49129.90
19907-7.86%628.84130.40
19908-4.34%601.54131.60
19909-2.32%587.61132.70
1990102.98%605.15133.50
1990114.59%632.90133.80
199012-0.69%628.56133.80
1991111.61%701.52134.60
199123.04%722.88134.80
199132.26%739.21135.00
19914-0.18%737.89135.20
199150.35%740.45135.60
199160.78%746.22136.00
199172.68%766.22136.20
19918-0.30%763.89136.60
199190.18%765.28137.20
1991100.02%765.40137.40
1991110.94%772.56137.80
1991127.36%829.40137.90
19921-0.60%824.42138.10
19922-1.01%816.07138.60
199230.26%818.23139.30
199242.07%835.16139.50
19925-1.33%824.06139.70
199261.91%839.81140.20
199270.94%847.72140.50
199280.38%850.93140.90
19929-1.18%840.87141.30
1992102.76%864.05141.80
1992113.27%892.32142.00
1992120.14%893.59141.90
199311.72%909.00142.60
199322.15%928.54143.10
19933-1.34%916.08143.60
199340.72%922.72144.00
199350.87%930.71144.20
199360.06%931.27144.40
199371.76%947.69144.40
199381.35%960.53144.80
199391.24%972.46145.10
1993100.01%972.53145.70
1993110.89%981.16145.80
1993121.74%998.19145.80
19941-0.08%997.44146.20
19942-1.42%983.23146.70
19943-3.35%950.33147.20
199441.06%960.39147.40
199451.11%971.03147.50
19946-0.52%965.99148.00
199473.08%995.76148.40
199480.82%1,003.90149.00
19949-0.44%999.45149.40
199410-0.37%995.75149.50
199411-1.03%985.54149.70
1994122.45%1,009.69149.70
199513.82%1,048.25150.30
199522.56%1,075.07150.90
199533.22%1,109.64151.40
199543.35%1,146.79151.90
199553.18%1,183.24152.20
199563.55%1,225.21152.50
199570.51%1,231.50152.50
199583.72%1,277.28152.90
199590.91%1,288.94153.20
1995102.36%1,319.34153.70
1995113.39%1,364.05153.60
1995120.16%1,366.27153.50
199615.90%1,446.94154.40
19962-0.20%1,444.03154.90
199630.20%1,446.88155.70
199642.35%1,480.95156.30
199651.28%1,499.89156.60
19966-3.48%1,447.74156.70
199673.08%1,492.27157.00
199682.02%1,522.47157.30
199694.12%1,585.19157.80
1996105.05%1,665.27158.30
1996111.20%1,685.23158.60
1996123.26%1,740.12158.60
199714.36%1,816.01159.10
19972-0.62%1,804.69159.60
19973-3.41%1,743.23160.00
199749.22%1,903.92160.20
199755.34%2,005.53160.10
199765.74%2,120.57160.30
199770.35%2,127.94160.50
199781.19%2,153.31160.80
199791.65%2,188.74161.20
199710-1.15%2,163.52161.60
1997112.63%2,220.52161.50
1997120.24%2,225.79161.30
199816.40%2,368.29161.60
199825.31%2,494.11161.90
199833.41%2,579.05162.20
19984-0.22%2,573.33162.50
199850.12%2,576.33162.80
199864.47%2,691.43163.00
19987-6.97%2,503.81163.20
19988-4.90%2,381.16163.40
199891.29%2,411.90163.60
19981010.97%2,676.59164.00
1998114.10%2,786.44164.00
1998125.05%2,927.09163.90
19991-0.07%2,925.14164.30
199922.92%3,010.65164.50
199934.25%3,138.61165.00
19994-0.10%3,135.51166.20
19995-0.61%3,116.32166.20
199964.52%3,257.26166.20
19997-3.77%3,134.31166.70
19998-0.60%3,115.57167.10
19999-1.27%3,075.93167.90
1999107.11%3,294.50168.20
1999112.81%3,387.03168.30
199912-0.12%3,383.00168.30
20001-2.48%3,299.17168.80
200023.94%3,429.19169.80
200031.42%3,478.04171.20
20004-2.84%3,379.31171.30
200053.16%3,486.21171.50
200060.85%3,515.86172.40
200070.94%3,548.90172.80
20008-1.08%3,510.58172.80
20009-5.21%3,327.53173.70
200010-0.77%3,301.82174.00
200011-3.32%3,192.20174.10
2000120.46%3,206.73174.00
20011-2.14%3,138.22175.10
20012-9.08%2,853.28175.80
200130.45%2,866.08176.20
200146.88%3,063.24176.90
20015-2.39%2,990.07177.70
20016-2.66%2,910.53178.00
20017-2.05%2,850.99177.50
20018-11.25%2,530.33177.50
200193.18%2,610.89178.30
2001105.05%2,742.83177.70
2001111.47%2,783.04177.40
200112-0.30%2,774.75176.70
20021-3.35%2,681.72177.10
200224.95%2,814.34177.80
20023-3.51%2,715.43178.80
20024-2.82%2,638.85179.80
20025-5.92%2,482.60179.80
20026-10.76%2,215.51179.90
200271.14%2,240.74180.10
20028-4.76%2,134.13180.70
20029-1.37%2,104.96181.00
2002106.63%2,244.42181.30
200211-1.04%2,221.19181.30
200212-0.22%2,216.25180.90
20031-6.41%2,074.08181.70
200321.31%2,101.21183.10
200335.29%2,212.27184.20
200345.31%2,329.80183.80
200355.70%2,462.69183.50
200360.60%2,477.37183.70
20037-0.17%2,473.25183.90
200383.16%2,551.43184.60
200392.03%2,603.17185.20
2003101.21%2,634.68185.00
2003113.06%2,715.40184.50
2003124.93%2,849.41184.30
200411.09%2,880.37185.20
20042-1.57%2,835.29186.20
200430.97%2,862.74187.40
20044-2.56%2,789.33188.00
200452.86%2,869.04189.10
20046-2.24%2,804.81189.70
20047-1.39%2,765.89189.40
200482.78%2,842.85189.50
200490.10%2,845.77189.90
2004104.77%2,981.62190.90
2004112.73%3,062.95191.00
200412-1.35%3,021.62190.30
200511.68%3,072.42190.70
20052-0.26%3,064.57191.80
20053-2.41%2,990.74193.30
200541.34%3,030.70194.60
200552.18%3,096.79194.40
200561.81%3,152.77194.50
200570.31%3,162.54195.40
200580.28%3,171.39196.40
20059-2.62%3,088.17198.80
2005103.96%3,210.50199.20
2005112.14%3,279.34197.60
2005121.47%3,327.44196.80
20061-0.02%3,326.89198.30
200621.49%3,376.33198.70
200630.80%3,403.29199.80
20064-0.79%3,376.51201.50
20065-2.71%3,285.15202.50
200660.72%3,308.81202.90
200672.29%3,384.64203.50
200682.53%3,470.31203.90
200693.62%3,595.79202.90
2006102.00%3,667.77201.80
2006112.15%3,746.56201.50
2006120.69%3,772.52201.80
200711.60%3,832.73202.42
20072-2.47%3,737.91203.50
200734.18%3,894.16205.35
200743.39%4,026.25206.69
200750.34%4,040.13207.95
200760.57%4,063.35208.35
20077-4.20%3,892.64208.30
200783.07%4,012.33207.92
200792.99%4,132.36208.49
200710-4.81%3,933.75208.94
2007111.24%3,982.46210.18
200712-6.64%3,718.21210.04
20081-1.56%3,660.06211.08
20082-2.63%3,563.93211.69
200834.24%3,715.17213.53
200842.56%3,810.38214.82
20085-4.25%3,648.57216.63
20086-6.08%3,426.79218.82
200872.11%3,499.11219.96
20088-4.85%3,329.49219.09
20089-20.19%2,657.15218.78
200810-8.61%2,428.49216.57
200811-0.35%2,419.96212.43
200812-1.10%2,393.45210.23
20091-6.70%2,233.03211.14
20092-5.69%2,106.03212.19
2009312.32%2,365.53212.71
200946.66%2,523.07213.24
200952.87%2,595.45213.86
200961.28%2,628.61215.69
200978.12%2,842.07215.35
200983.65%2,945.82215.83
200992.40%3,016.61215.97
2009102.09%3,079.79216.18
2009112.23%3,148.34216.33
2009121.36%3,191.06215.95
20101-2.90%3,098.57216.69
201025.94%3,282.72216.74
201034.09%3,416.91217.63
20104-5.88%3,215.92218.01
20105-3.54%3,101.96218.18
20106-0.16%3,097.02217.97
201070.86%3,123.77218.01
201083.37%3,229.08218.31
201094.58%3,376.89218.44
2010102.49%3,461.00218.71
2010113.71%3,589.53218.80
2010123.46%3,713.81219.18
201113.15%3,830.83220.22
20112-1.11%3,788.21221.31
201132.22%3,872.35223.47
201140.66%3,897.88224.91
20115-3.66%3,755.11225.96
201163.10%3,871.59225.72
20117-10.40%3,468.92225.92
20118-0.79%3,441.54226.55
201193.02%3,545.43226.89
2011101.77%3,608.09226.42
2011111.55%3,664.18226.23
2011124.78%3,839.42225.67
201214.16%3,999.24226.67
201222.88%4,114.58227.66
20123-0.04%4,113.00229.39
20124-3.09%3,985.87230.09
20125-1.15%3,939.94229.82
201262.92%4,055.03229.48
201273.39%4,192.40229.10
201283.02%4,319.06230.38
20129-0.22%4,309.68231.41
201210-2.84%4,187.39231.32
2012112.18%4,278.49230.22
2012124.27%4,461.13229.60
201312.33%4,565.21230.28
201322.72%4,689.50232.17
201331.45%4,757.67232.77
201344.57%4,975.30232.53
20135-1.12%4,919.69232.95
201363.25%5,079.80233.50
201370.25%5,092.63233.60
201381.19%5,153.35233.88
201392.12%5,262.48234.15
2013103.86%5,465.61233.55
2013111.52%5,548.78233.07
2013120.97%5,602.48233.05
20141-0.13%5,595.20233.92
201422.72%5,747.51234.78
201430.20%5,759.11236.29
201441.53%5,847.34237.07
201453.20%6,034.24237.90
201461.50%6,124.50238.34
20147-0.43%6,098.35238.25
201481.78%6,206.78237.85
20149-2.65%6,042.51238.03
2014105.71%6,387.28237.43
2014110.63%6,427.77236.15
201412-1.11%6,356.41234.81
201512.83%6,536.14233.71
201520.06%6,539.75234.72
201530.88%6,597.20236.12
201540.98%6,661.78236.60
20155-0.44%6,632.77237.81
20156-0.08%6,627.49238.64
20157-2.42%6,466.81238.65
20158-4.51%6,175.34238.32
201594.32%6,441.94237.95
2015102.93%6,630.85237.84
201511-1.10%6,557.71237.34
201512-6.42%6,136.73236.53
20161-0.55%6,102.99236.92
201626.36%6,491.30237.11
201632.83%6,675.09238.13
20164-0.30%6,654.77239.26
201651.07%6,725.74240.23
201663.30%6,947.52241.02
201671.20%7,030.84240.63
20168-0.44%7,000.00240.85
20169-0.51%6,964.58241.43
2016101.20%7,048.23241.73
2016113.95%7,326.36241.35
2016121.44%7,431.68241.43
201712.58%7,623.16242.84
201721.75%7,756.50243.60
20173-0.15%7,744.56243.80
201741.69%7,875.63244.52
201751.78%8,015.53244.73
201760.99%8,094.71244.96
201770.25%8,114.77244.79
201781.65%8,248.93245.52
201792.73%8,474.52246.82
2017101.59%8,609.23246.66
2017112.88%8,857.48246.67
2017124.86%9,288.12246.52
20181-2.89%9,020.00247.87
201820.06%9,025.83248.99
20183-1.66%8,875.64249.55
201841.96%9,049.74250.55
201852.11%9,240.96251.59
201861.58%9,387.04251.99
201872.45%9,617.10252.01
201881.68%9,778.64252.15
20189-3.85%9,402.26252.44
201810-2.08%9,207.06252.89
201811-5.56%8,694.92252.04
2018121.74%8,845.83251.23
201915.83%9,361.44251.71
201921.95%9,543.81252.78
201933.72%9,899.14254.20
20194-1.53%9,747.51255.55
201951.40%9,884.44256.09
201963.83%10,262.75256.14
20197-3.13%9,941.07256.57
201983.09%10,247.78256.56
201990.01%10,248.78256.76
2019104.43%10,703.18257.35
2019112.47%10,967.48257.21
2019123.35%11,334.49256.97
202010.12%11,348.33257.97
20202-18.92%9,201.48258.68
202034.32%9,598.86258.12
202045.89%10,163.98256.39
202056.51%10,825.48256.39
202063.48%11,201.82257.80
202075.89%11,862.00259.10
20208-0.63%11,787.63259.92
202091.73%11,991.08260.28
2020103.95%12,465.22260.39
2020114.26%12,996.25260.23
2020122.80%13,359.53260.47
202112.49%13,692.39261.58
202120.82%13,804.85263.01
202136.02%14,636.11264.88
202140.76%14,747.38267.05
202151.81%15,014.37269.20
202163.07%15,475.04271.70
202172.19%15,813.20273.00
20218-0.08%15,799.83273.57
202190.45%15,871.28274.31
2021104.74%16,624.33276.59
2021110.27%16,668.45277.95
202112-2.05%16,326.42278.80
20221-2.90%15,852.54281.15
20222-0.89%15,711.04283.72
202230.12%15,729.63287.50
20224-7.87%14,491.27289.11
20225-3.37%14,003.01292.30
202260.46%14,068.08296.31
202276.45%14,975.10296.28
20228-7.28%13,885.30296.17
20229-3.09%13,456.08296.81
2022105.29%14,167.25298.01
2022110.01%14,168.79297.71
2022121.38%14,363.81296.80
Click to show 738 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 $35.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $35.00 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 $13,308.06, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $14,363.81).

YearMonthContribution ($)Amount ($)
196011.451.39
196021.452.81
196031.454.32
196041.455.73
196051.457.46
196061.458.71
196071.4510.31
196081.4511.44
196091.4512.67
1960101.4514.61
1960111.4516.49
1960121.4518.91
196111.4521.25
196121.4523.46
196131.4525.64
196141.4527.43
196151.4528.56
196161.4530.00
196171.4532.65
196181.4533.91
196191.4535.84
1961101.4539.06
1961111.4540.98
1961121.6541.14
19621-41.92
19622-42.07
19623-40.83
19624-37.90
19625-33.57
19626-34.48
19627-35.52
19628-35.31
19629-34.31
196210-36.78
196211-38.48
196212-40.07
19631-40.71
19632-40.67
19633-42.69
19634-43.66
19635-43.75
19636-43.22
19637-44.53
19638-45.82
19639-46.05
196310-45.91
196311-47.01
196312-48.57
19641-49.29
19642-50.31
19643-51.16
19644-51.79
19645-51.60
19646-53.65
19647-52.99
19648-54.03
19649-55.10
196410-55.61
196411-54.78
196412-56.33
19651-56.88
19652-57.07
19653-57.96
19654-58.96
19655-56.31
19656-56.36
19657-57.56
19658-59.63
19659-61.12
196510-61.77
196511-61.64
196512-62.86
19661-62.59
19662-60.18
19663-62.17
19664-59.06
19665-58.73
19666-58.74
19667-55.35
19668-53.57
19669-53.27
196610-56.10
196611-56.50
196612-58.83
19671-61.03
19672-62.63
19673-63.88
19674-65.20
19675-64.55
19676-65.84
19677-67.05
19678-68.16
19679-68.23
196710-66.26
196711-68.33
196712-68.31
19681-65.41
19682-64.39
19683-69.32
19684-71.09
19685-73.18
19686-73.22
19687-71.80
19688-74.32
19689-76.34
196810-77.70
196811-78.70
196812-75.57
19691-75.39
19692-73.94
19693-75.62
19694-78.28
19695-74.39
19696-71.26
19697-71.06
19698-71.51
19699-72.47
196910-73.19
196911-69.51
196912-69.10
19701-66.89
19702-68.24
19703-66.36
19704-58.93
19705-58.77
19706-59.08
19707-61.00
19708-64.86
19709-66.48
197010-66.61
197011-71.38
197012-74.32
19711-77.40
19712-79.59
19713-82.52
19714-81.60
19715-80.30
19716-79.93
19717-78.72
19718-80.67
19719-79.17
197110-75.71
197111-81.13
197112-84.72
19721-86.49
19722-88.75
19723-89.87
19724-89.17
19725-89.63
19726-89.18
19727-92.56
19728-91.44
19729-91.82
197210-96.64
197211-98.88
197212-99.85
19731-96.53
19732-95.24
19733-93.68
19734-91.27
19735-89.46
19736-90.54
19737-89.06
19738-90.84
19739-94.68
197310-88.19
197311-82.19
197312-83.59
19741-81.52
19742-85.25
19743-81.15
19744-78.95
19745-79.31
19746-70.31
19747-67.66
19748-60.89
19749-62.34
197410-64.67
197411-60.73
197412-65.97
19751-73.10
19752-76.74
19753-77.88
19754-83.11
19755-85.51
19756-85.88
19757-79.87
19758-79.19
19759-83.13
197510-84.83
197511-83.83
197512-91.83
19761-95.67
19762-96.43
19763-97.49
19764-97.12
19765-97.99
19766-100.60
19767-100.04
19768-102.48
19769-99.29
197610-98.93
197611-102.67
197612-102.12
19771-99.70
19772-99.65
19773-98.46
19774-98.52
19775-99.41
19776-100.68
19777-98.59
19778-97.43
19779-95.29
197710-96.23
197711-96.15
197712-92.89
19781-91.99
19782-92.23
19783-96.69
19784-102.01
19785-102.69
19786-102.63
19787-110.15
19788-110.59
19789-107.52
197810-101.68
197811-103.63
197812-107.97
19791-106.83
19792-109.33
19793-111.99
19794-109.87
19795-112.52
19796-114.12
19797-119.84
19798-121.69
19799-117.61
197910-117.23
197911-122.40
197912-126.45
19801-132.01
19802-120.42
19803-119.02
19804-125.02
19805-133.59
19806-140.23
19807-145.15
19808-149.26
19809-154.23
198010-161.34
198011-159.34
198012-159.35
19811-154.46
19812-160.86
19813-162.94
19814-160.31
19815-161.68
19816-158.42
19817-159.69
19818-146.43
19819-148.96
198110-153.50
198111-155.31
198112-147.85
19821-145.02
19822-141.04
19823-148.75
19824-149.60
19825-141.71
19826-142.06
19827-143.19
19828-160.51
19829-174.76
198210-182.62
198211-185.10
198212-192.37
19831-196.46
19832-204.06
19833-212.62
19834-222.03
19835-225.92
19836-227.52
19837-222.05
19838-229.40
19839-230.89
198310-228.26
198311-227.96
198312-231.56
19841-219.72
19842-220.69
19843-221.81
19844-221.25
19845-217.16
19846-215.19
19847-235.00
19848-238.31
19849-237.32
198410-240.37
198411-238.67
198412-249.89
19851-264.35
19852-263.08
19853-265.78
19854-273.05
19855-279.91
19856-286.20
19857-280.91
19858-275.62
19859-279.74
198510-297.70
198511-313.46
198512-315.82
19861-333.81
19862-354.45
19863-364.17
19864-365.96
19865-377.43
19866-370.62
19867-379.07
19868-369.76
19869-369.43
198610-382.48
198611-389.02
198612-414.98
19871-441.79
19872-461.13
19873-457.18
19874-457.97
19875-478.57
19876-493.51
19877-525.36
19878-509.44
19879-449.05
198710-393.80
198711-388.55
198712-405.05
19881-418.53
19882-432.06
19883-428.23
19884-418.86
19885-443.98
19886-442.62
19887-435.01
19888-443.40
19889-460.25
198810-450.95
198811-461.44
198812-477.65
19891-493.41
19892-492.62
19893-510.18
19894-531.17
19895-549.19
19896-564.57
19897-591.05
19898-593.75
19899-595.45
198910-584.65
198911-600.65
198912-587.37
19901-572.52
19902-588.02
19903-589.17
19904-611.86
19905-631.26
19906-632.33
19907-582.62
19908-557.33
19909-544.42
199010-560.67
199011-586.38
199012-582.36
19911-649.96
19912-669.75
19913-684.88
19914-683.65
19915-686.02
19916-691.38
19917-709.90
19918-707.75
19919-709.03
199110-709.14
199111-715.78
199112-768.44
19921-763.83
19922-756.09
19923-758.09
19924-773.77
19925-763.49
19926-778.09
19927-785.41
19928-788.38
19929-779.06
199210-800.54
199211-826.73
199212-827.91
19931-842.19
19932-860.29
19933-848.75
19934-854.90
19935-862.30
19936-862.82
19937-878.03
19938-889.93
19939-900.98
199310-901.05
199311-909.04
199312-924.82
19941-924.12
19942-910.97
19943-880.48
19944-889.80
19945-899.66
19946-894.99
19947-922.57
19948-930.12
19949-925.99
199410-922.56
199411-913.10
199412-935.48
19951-971.21
19952-996.05
19953-1,028.08
19954-1,062.50
19955-1,096.27
19956-1,135.16
19957-1,140.98
19958-1,183.40
19959-1,194.20
199510-1,222.36
199511-1,263.79
199512-1,265.85
19961-1,340.59
19962-1,337.90
19963-1,340.53
19964-1,372.10
19965-1,389.64
19966-1,341.33
19967-1,382.59
19968-1,410.57
19969-1,468.68
199610-1,542.88
199611-1,561.36
199612-1,612.22
19971-1,682.54
19972-1,672.04
19973-1,615.11
19974-1,763.98
19975-1,858.12
19976-1,964.70
19977-1,971.54
19978-1,995.04
19979-2,027.86
199710-2,004.50
199711-2,057.31
199712-2,062.19
19981-2,194.22
19982-2,310.79
19983-2,389.49
19984-2,384.19
19985-2,386.96
19986-2,493.61
19987-2,319.78
19988-2,206.14
19989-2,234.62
199810-2,479.86
199811-2,581.63
199812-2,711.95
19991-2,710.14
19992-2,789.37
19993-2,907.92
19994-2,905.04
19995-2,887.27
19996-3,017.84
19997-2,903.94
19998-2,886.57
19999-2,849.84
199910-3,052.35
199911-3,138.08
199912-3,134.35
20001-3,056.68
20002-3,177.14
20003-3,222.41
20004-3,130.93
20005-3,229.97
20006-3,257.44
20007-3,288.05
20008-3,252.55
20009-3,082.96
200010-3,059.14
200011-2,957.57
200012-2,971.03
20011-2,907.56
20012-2,643.56
20013-2,655.42
20014-2,838.09
20015-2,770.30
20016-2,696.61
20017-2,641.44
20018-2,344.35
20019-2,418.99
200110-2,541.23
200111-2,578.48
200112-2,570.81
20021-2,484.61
20022-2,607.48
20023-2,515.85
20024-2,444.89
20025-2,300.13
20026-2,052.67
20027-2,076.04
20028-1,977.27
20029-1,950.24
200210-2,079.46
200211-2,057.93
200212-2,053.35
20031-1,921.63
20032-1,946.77
20033-2,049.67
20034-2,158.55
20035-2,281.68
20036-2,295.28
20037-2,291.46
20038-2,363.90
20039-2,411.83
200310-2,441.03
200311-2,515.82
200312-2,639.97
20041-2,668.66
20042-2,626.89
20043-2,652.32
20044-2,584.31
20045-2,658.16
20046-2,598.65
20047-2,562.59
20048-2,633.90
20049-2,636.60
200410-2,762.47
200411-2,837.82
200412-2,799.53
20051-2,846.59
20052-2,839.32
20053-2,770.92
20054-2,807.94
20055-2,869.17
20056-2,921.04
20057-2,930.10
20058-2,938.29
20059-2,861.18
200510-2,974.53
200511-3,038.31
200512-3,082.87
20061-3,082.36
20062-3,128.17
20063-3,153.14
20064-3,128.34
20065-3,043.69
20066-3,065.61
20067-3,135.86
20068-3,215.24
20069-3,331.50
200610-3,398.18
200611-3,471.18
200612-3,495.23
20071-3,551.02
20072-3,463.17
20073-3,607.94
20074-3,730.31
20075-3,743.18
20076-3,764.69
20077-3,606.53
20078-3,717.42
20079-3,828.63
200710-3,644.62
200711-3,689.74
200712-3,444.92
20081-3,391.05
20082-3,301.98
20083-3,442.10
20084-3,530.31
20085-3,380.39
20086-3,174.92
20087-3,241.93
20088-3,084.77
20089-2,461.85
200810-2,250.00
200811-2,242.09
200812-2,217.53
20091-2,068.90
20092-1,951.23
20093-2,191.66
20094-2,337.62
20095-2,404.68
20096-2,435.41
20097-2,633.18
20098-2,729.30
20099-2,794.89
200910-2,853.42
200911-2,916.93
200912-2,956.52
20101-2,870.82
20102-3,041.44
20103-3,165.77
20104-2,979.54
20105-2,873.96
20106-2,869.39
20107-2,894.17
20108-2,991.74
20109-3,128.68
201010-3,206.62
201011-3,325.70
201012-3,440.84
20111-3,549.26
20112-3,509.78
20113-3,587.73
20114-3,611.38
20115-3,479.11
20116-3,587.02
20117-3,213.95
20118-3,188.58
20119-3,284.84
201110-3,342.89
201111-3,394.86
201112-3,557.22
20121-3,705.30
20122-3,812.15
20123-3,810.70
20124-3,692.91
20125-3,650.35
20126-3,756.98
20127-3,884.26
20128-4,001.61
20129-3,992.92
201210-3,879.62
201211-3,964.02
201212-4,133.24
20131-4,229.66
20132-4,344.82
20133-4,407.98
20134-4,609.61
20135-4,558.09
20136-4,706.43
20137-4,718.31
20138-4,774.58
20139-4,875.68
201310-5,063.88
201311-5,140.94
201312-5,190.69
20141-5,183.94
20142-5,325.06
20143-5,335.81
20144-5,417.55
20145-5,590.72
20146-5,674.34
20147-5,650.12
20148-5,750.58
20149-5,598.38
201410-5,917.81
201411-5,955.32
201412-5,889.21
20151-6,055.72
20152-6,059.08
20153-6,112.30
20154-6,172.13
20155-6,145.25
20156-6,140.36
20157-5,991.49
20158-5,721.45
20159-5,968.45
201510-6,143.48
201511-6,075.72
201512-5,685.68
20161-5,654.41
20162-6,014.19
20163-6,184.46
20164-6,165.64
20165-6,231.40
20166-6,436.87
20167-6,514.07
20168-6,485.49
20169-6,452.68
201610-6,530.18
201611-6,787.86
201612-6,885.45
20171-7,062.85
20172-7,186.39
20173-7,175.33
20174-7,296.76
20175-7,426.38
20176-7,499.75
20177-7,518.33
20178-7,642.63
20179-7,851.64
201710-7,976.45
201711-8,206.45
201712-8,605.44
20181-8,357.02
20182-8,362.42
20183-8,223.27
20184-8,384.58
20185-8,561.75
20186-8,697.08
20187-8,910.23
20188-9,059.90
20189-8,711.19
201810-8,530.33
201811-8,055.83
201812-8,195.65
20191-8,673.37
20192-8,842.33
20193-9,171.55
20194-9,031.06
20195-9,157.92
20196-9,508.43
20197-9,210.40
20198-9,494.56
20199-9,495.49
201910-9,916.49
201911-10,161.36
201912-10,501.40
20201-10,514.22
20202-8,525.17
20203-8,893.34
20204-9,416.92
20205-10,029.80
20206-10,378.48
20207-10,990.14
20208-10,921.23
20209-11,109.73
202010-11,549.02
202011-12,041.02
202012-12,377.60
20211-12,685.99
20212-12,790.19
20213-13,560.35
20214-13,663.44
20215-13,910.80
20216-14,337.61
20217-14,650.91
20218-14,638.53
20219-14,704.73
202110-15,402.43
202111-15,443.31
202112-15,126.42
20221-14,687.36
20222-14,556.27
20223-14,573.49
20224-13,426.15
20225-12,973.78
20226-13,034.06
20227-13,874.42
20228-12,864.72
20229-12,467.05
202210-13,125.95
202211-13,127.37
202212-13,308.06
Click to show 738 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 2022
Start Value
Average monthly close
$58.03
End Value
Average monthly close
$4,573.82
Change in price+7,781.81%
+7.30% / yr
Change incl. dividends+40,939.47%
+10.02% / yr
Change incl. dividends, inflation-adjusted+4,050.84%
+6.09% / yr
Final amount, nominal
($35 base)
$14,363.81
Final amount, inflation-adjusted
($35 base)
$1,452.79