S&P 500: $100 in 1963 → $38,174.54 in 2023

$

Stock market returns between 1963 and 2023

If you invested $100 in the S&P 500 at the beginning of 1963, you would have about $38,174.54 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 38,074.54%, or 10.30% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 3,733.71% cumulatively, or 6.19% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $32,092.09.

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 $38,074.54, or 38,074.54%. This means by 2023 you would have $38,174.54 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 1963 was 30.600 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 60 years.

Adjusted for inflation, the $38,174.54 nominal end value of the original $100 investment would have a real return of roughly $3,733.71 in 1963 dollars. This means the inflation-adjusted return is 3,733.71% as opposed to the original 38,074.54%.

For more information on inflation, see our U.S. inflation calculator for 1963.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 728-month period between 1963 and 2023.

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

YearMonthReturn (%)Amount ($)CPI
196311.60%101.6030.40
19632-0.11%101.4930.40
196334.98%106.5430.50
196342.27%108.9630.50
196350.22%109.1930.50
19636-1.22%107.8630.60
196373.03%111.1330.70
196382.89%114.3430.70
196390.50%114.9130.70
196310-0.31%114.5630.80
1963112.39%117.3030.80
1963123.33%121.2130.90
196411.48%123.0030.90
196422.07%125.5530.90
196431.69%127.6830.90
196441.22%129.2330.90
19645-0.35%128.7830.90
196463.96%133.8831.00
19647-1.23%132.2431.10
196481.97%134.8431.00
196491.97%137.5031.10
1964100.94%138.7931.10
196411-1.49%136.7231.20
1964122.82%140.5731.20
196510.98%141.9431.20
196520.34%142.4231.20
196531.56%144.6431.30
196541.73%147.1531.40
19655-4.51%140.5131.40
196560.10%140.6631.60
196572.12%143.6431.60
196583.60%148.8031.60
196592.50%152.5231.60
1965101.08%154.1631.70
196511-0.21%153.8331.70
1965121.98%156.8831.80
19661-0.43%156.2031.80
19662-3.86%150.1732.00
196633.32%155.1632.10
19664-5.01%147.3932.30
19665-0.56%146.5632.30
196660.02%146.5932.40
19667-5.77%138.1332.50
19668-3.22%133.6832.70
19669-0.56%132.9232.70
1966105.32%139.9932.90
1966110.72%140.9932.90
1966124.13%146.8232.90
196713.73%152.2932.90
196722.63%156.3032.90
196731.99%159.4233.00
196742.06%162.7033.10
19675-0.99%161.0833.20
196761.99%164.2933.30
196771.85%167.3433.40
196781.65%170.1033.50
196790.10%170.2733.60
196710-2.88%165.3633.70
1967113.11%170.5133.80
196712-0.02%170.4833.90
19681-4.26%163.2234.10
19682-1.56%160.6834.20
196837.66%172.9934.30
196842.56%177.4134.40
196852.94%182.6334.50
196860.05%182.7234.70
19687-1.93%179.1834.90
196883.51%185.4735.00
196892.72%190.5135.10
1968101.79%193.9135.30
1968111.29%196.4035.40
196812-3.99%188.5835.50
19691-0.24%188.1335.60
19692-1.91%184.5335.80
196932.27%188.7236.10
196943.51%195.3536.30
19695-4.97%185.6436.40
19696-4.21%177.8436.60
19697-0.28%177.3336.80
196980.63%178.4537.00
196991.35%180.8537.10
1969101.00%182.6537.30
196911-5.03%173.4737.50
196912-0.59%172.4537.70
19701-3.20%166.9437.80
197022.01%170.2938.00
19703-2.75%165.6238.20
19704-11.20%147.0738.50
19705-0.27%146.6738.60
197060.52%147.4438.80
197073.26%152.2439.00
197086.32%161.8639.00
197092.49%165.8939.20
1970100.21%166.2339.40
1970117.16%178.1339.60
1970124.11%185.4639.80
197114.15%193.1539.80
197122.83%198.6239.90
197133.67%205.9240.00
19714-1.11%203.6440.10
19715-1.60%200.3940.30
19716-0.46%199.4640.60
19717-1.52%196.4440.70
197182.49%201.3240.80
19719-1.86%197.5740.80
197110-4.37%188.9340.90
1971117.16%202.4740.90
1971124.42%211.4241.10
197212.09%215.8341.10
197222.62%221.4941.30
197231.26%224.2841.40
19724-0.78%222.5441.50
197250.52%223.6841.60
19726-0.50%222.5641.70
197273.78%230.9841.90
19728-1.21%228.1842.00
197290.42%229.1342.10
1972105.25%241.1742.30
1972112.31%246.7542.40
1972120.99%249.1942.50
19731-3.33%240.9042.60
19732-1.35%237.6642.90
19733-1.63%233.7843.30
19734-2.57%227.7743.60
19735-1.99%223.2443.90
197361.21%225.9444.20
19737-1.64%222.2544.30
197382.00%226.6845.10
197394.24%236.2845.20
197310-6.85%220.0945.60
197311-6.81%205.1145.90
1973121.70%208.6046.20
19741-2.47%203.4446.60
197424.57%212.7547.20
19743-4.82%202.5047.80
19744-2.71%197.0248.00
197450.46%197.9248.60
19746-11.35%175.4749.00
19747-3.76%168.8649.40
19748-10.01%151.9550.00
197492.38%155.5650.60
1974103.74%161.3951.10
197411-6.09%151.5551.50
1974128.63%164.6451.90
1975110.81%182.4352.10
197524.97%191.5052.50
197531.49%194.3552.70
197546.71%207.4052.90
197552.89%213.4053.20
197560.43%214.3253.60
19757-7.00%199.3354.20
19758-0.85%197.6354.30
197594.97%207.4554.60
1975102.04%211.6954.90
197511-1.18%209.1955.30
1975129.55%229.1655.50
197614.18%238.7455.60
197620.80%240.6555.80
197631.10%243.2955.90
19764-0.38%242.3556.10
197650.90%244.5456.50
197662.67%251.0556.80
19767-0.56%249.6557.10
197682.44%255.7357.40
19769-3.11%247.7857.60
197610-0.37%246.8857.90
1976113.79%256.2258.00
197612-0.54%254.8558.20
19771-2.37%248.8158.50
19772-0.05%248.6859.10
19773-1.19%245.7159.50
197740.06%245.8760.00
197750.90%248.0860.30
197761.28%251.2660.70
19777-2.08%246.0461.00
19778-1.18%243.1561.20
19779-2.20%237.8061.40
1977100.98%240.1361.60
197711-0.08%239.9461.90
197712-3.39%231.8162.10
19781-0.97%229.5562.50
197820.27%230.1662.90
197834.83%241.2863.40
197845.50%254.5663.90
197850.67%256.2864.50
19786-0.06%256.1265.20
197877.33%274.8965.70
197880.40%275.9866.00
19789-2.77%268.3366.50
197810-5.44%253.7467.10
1978111.92%258.6267.40
1978124.19%269.4467.70
19791-1.06%266.5968.30
197922.34%272.8469.10
197932.43%279.4769.80
19794-1.89%274.1870.60
197952.42%280.8171.50
197961.42%284.8072.30
197975.01%299.0873.10
197981.54%303.6873.80
19799-3.35%293.5074.60
197910-0.32%292.5675.20
1979114.40%305.4475.90
1979123.31%315.5676.70
198014.40%329.4377.80
19802-8.78%300.5178.90
19803-1.16%297.0280.10
198045.04%311.9881.00
198056.86%333.3981.80
198064.97%349.9682.70
198073.50%362.2282.70
198082.84%372.4983.30
198093.32%384.8884.00
1980104.61%402.6484.80
198011-1.24%397.6385.50
1980120.01%397.6786.30
19811-3.07%385.4687.00
198124.14%401.4387.90
198131.29%406.6288.50
19814-1.62%400.0589.10
198150.86%403.4889.80
19816-2.02%395.3490.60
198170.80%398.5191.60
19818-8.30%365.4392.30
198191.73%371.7493.20
1981103.04%383.0593.40
1981111.18%387.5793.70
198112-4.80%368.9594.00
19821-1.91%361.8994.30
19822-2.74%351.9694.60
198235.47%371.2194.50
198240.57%373.3294.90
19825-5.27%353.6595.80
198260.24%354.5197.00
198270.79%357.3297.50
1982812.10%400.5597.70
198298.88%436.1297.90
1982104.50%455.7598.20
1982111.36%461.9298.00
1982123.93%480.0697.60
198312.13%490.2897.80
198323.87%509.2497.90
198334.20%530.6197.90
198344.42%554.0898.60
198351.75%563.8099.20
198360.71%567.7999.50
19837-2.41%554.1299.90
198383.31%572.49100.20
198390.65%576.20100.70
198310-1.14%569.62101.00
198311-0.13%568.89101.20
1983121.58%577.86101.30
19841-5.11%548.31101.90
198420.44%550.74102.40
198430.51%553.53102.60
19844-0.25%552.13103.10
19845-1.85%541.93103.40
19846-0.91%537.01103.70
198479.21%586.45104.10
198481.41%594.70104.50
19849-0.41%592.24105.00
1984101.29%599.86105.30
198411-0.71%595.62105.30
1984124.70%623.60105.30
198515.79%659.69105.50
19852-0.48%656.53106.00
198531.02%663.26106.40
198542.74%681.40106.90
198552.51%698.51107.30
198562.25%714.21107.60
19857-1.85%701.03107.80
19858-1.88%687.82108.00
198591.50%698.10108.30
1985106.42%742.92108.70
1985115.29%782.26109.00
1985120.75%788.14109.30
198615.70%833.04109.60
198626.18%884.55109.30
198632.74%908.79108.80
198640.49%913.26108.60
198653.13%941.88108.90
19866-1.80%924.89109.50
198672.28%945.98109.50
19868-2.46%922.75109.70
19869-0.09%921.92110.20
1986103.53%954.49110.30
1986111.71%970.80110.40
1986126.67%1,035.59110.50
198716.46%1,102.50111.20
198724.38%1,150.76111.60
19873-0.86%1,140.90112.10
198740.17%1,142.87112.70
198754.50%1,194.28113.10
198763.12%1,231.57113.50
198776.45%1,311.06113.80
19878-3.03%1,271.32114.40
19879-11.85%1,120.62115.00
198710-12.30%982.75115.30
198711-1.33%969.63115.40
1987124.25%1,010.81115.40
198813.33%1,044.45115.70
198823.23%1,078.21116.00
19883-0.89%1,068.66116.50
19884-2.19%1,045.27117.10
198856.00%1,107.97117.50
19886-0.31%1,104.57118.00
19887-1.72%1,085.59118.50
198881.93%1,106.51119.00
198893.80%1,148.57119.80
198810-2.02%1,125.37120.20
1988112.33%1,151.55120.30
1988123.51%1,191.99120.50
198913.30%1,231.33121.10
19892-0.16%1,229.34121.60
198933.56%1,273.16122.30
198944.12%1,325.56123.10
198953.39%1,370.53123.80
198962.80%1,408.90124.10
198974.69%1,474.99124.40
198980.46%1,481.71124.60
198990.29%1,485.95125.00
198910-1.81%1,459.00125.60
1989112.74%1,498.93125.90
198912-2.21%1,465.79126.10
19901-2.53%1,428.75127.40
199022.71%1,467.42128.00
199030.20%1,470.30128.70
199043.85%1,526.92128.90
199053.17%1,575.32129.20
199060.17%1,578.00129.90
19907-7.86%1,453.95130.40
19908-4.34%1,390.83131.60
19909-2.32%1,358.62132.70
1990102.98%1,399.16133.50
1990114.59%1,463.33133.80
199012-0.69%1,453.31133.80
1991111.61%1,621.99134.60
199123.04%1,671.37134.80
199132.26%1,709.13135.00
19914-0.18%1,706.07135.20
199150.35%1,711.99135.60
199160.78%1,725.35136.00
199172.68%1,771.57136.20
19918-0.30%1,766.20136.60
199190.18%1,769.41137.20
1991100.02%1,769.69137.40
1991110.94%1,786.24137.80
1991127.36%1,917.67137.90
19921-0.60%1,906.15138.10
19922-1.01%1,886.85138.60
199230.26%1,891.84139.30
199242.07%1,930.97139.50
19925-1.33%1,905.30139.70
199261.91%1,941.74140.20
199270.94%1,960.02140.50
199280.38%1,967.43140.90
19929-1.18%1,944.18141.30
1992102.76%1,997.78141.80
1992113.27%2,063.13142.00
1992120.14%2,066.08141.90
199311.72%2,101.70142.60
199322.15%2,146.89143.10
19933-1.34%2,118.09143.60
199340.72%2,133.44144.00
199350.87%2,151.89144.20
199360.06%2,153.21144.40
199371.76%2,191.16144.40
199381.35%2,220.85144.80
199391.24%2,248.43145.10
1993100.01%2,248.60145.70
1993110.89%2,268.54145.80
1993121.74%2,307.92145.80
19941-0.08%2,306.18146.20
19942-1.42%2,273.34146.70
19943-3.35%2,197.27147.20
199441.06%2,220.52147.40
199451.11%2,245.12147.50
19946-0.52%2,233.48148.00
199473.08%2,302.31148.40
199480.82%2,321.13149.00
19949-0.44%2,310.83149.40
199410-0.37%2,302.28149.50
199411-1.03%2,278.67149.70
1994122.45%2,334.52149.70
199513.82%2,423.68150.30
199522.56%2,485.68150.90
199533.22%2,565.61151.40
199543.35%2,651.50151.90
199553.18%2,735.77152.20
199563.55%2,832.82152.50
199570.51%2,847.36152.50
199583.72%2,953.22152.90
199590.91%2,980.17153.20
1995102.36%3,050.45153.70
1995113.39%3,153.83153.60
1995120.16%3,158.96153.50
199615.90%3,345.48154.40
19962-0.20%3,338.76154.90
199630.20%3,345.34155.70
199642.35%3,424.12156.30
199651.28%3,467.90156.60
19966-3.48%3,347.34156.70
199673.08%3,450.29157.00
199682.02%3,520.12157.30
199694.12%3,665.13157.80
1996105.05%3,850.29158.30
1996111.20%3,896.43158.60
1996123.26%4,023.36158.60
199714.36%4,198.82159.10
19972-0.62%4,172.63159.60
19973-3.41%4,030.54160.00
199749.22%4,402.07160.20
199755.34%4,637.00160.10
199765.74%4,902.98160.30
199770.35%4,920.03160.50
199781.19%4,978.68160.80
199791.65%5,060.60161.20
199710-1.15%5,002.30161.60
1997112.63%5,134.09161.50
1997120.24%5,146.26161.30
199816.40%5,475.73161.60
199825.31%5,766.65161.90
199833.41%5,963.04162.20
19984-0.22%5,949.81162.50
199850.12%5,956.74162.80
199864.47%6,222.87163.00
19987-6.97%5,789.07163.20
19988-4.90%5,505.50163.40
199891.29%5,576.57163.60
19981010.97%6,188.56164.00
1998114.10%6,442.55164.00
1998125.05%6,767.75163.90
19991-0.07%6,763.23164.30
199922.92%6,960.96164.50
199934.25%7,256.80165.00
19994-0.10%7,249.63166.20
19995-0.61%7,205.27166.20
199964.52%7,531.12166.20
19997-3.77%7,246.87166.70
19998-0.60%7,203.53167.10
19999-1.27%7,111.87167.90
1999107.11%7,617.24168.20
1999112.81%7,831.18168.30
199912-0.12%7,821.87168.30
20001-2.48%7,628.04168.80
200023.94%7,928.66169.80
200031.42%8,041.61171.20
20004-2.84%7,813.33171.30
200053.16%8,060.50171.50
200060.85%8,129.04172.40
200070.94%8,205.43172.80
20008-1.08%8,116.84172.80
20009-5.21%7,693.61173.70
200010-0.77%7,634.17174.00
200011-3.32%7,380.71174.10
2000120.46%7,414.30174.00
20011-2.14%7,255.91175.10
20012-9.08%6,597.08175.80
200130.45%6,626.68176.20
200146.88%7,082.55176.90
20015-2.39%6,913.37177.70
20016-2.66%6,729.46178.00
20017-2.05%6,591.79177.50
20018-11.25%5,850.39177.50
200193.18%6,036.67178.30
2001105.05%6,341.71177.70
2001111.47%6,434.68177.40
200112-0.30%6,415.52176.70
20021-3.35%6,200.43177.10
200224.95%6,507.05177.80
20023-3.51%6,278.37178.80
20024-2.82%6,101.30179.80
20025-5.92%5,740.04179.80
20026-10.76%5,122.50179.90
200271.14%5,180.83180.10
20028-4.76%4,934.34180.70
20029-1.37%4,866.89181.00
2002106.63%5,189.35181.30
200211-1.04%5,135.63181.30
200212-0.22%5,124.21180.90
20031-6.41%4,795.50181.70
200321.31%4,858.22183.10
200335.29%5,115.02184.20
200345.31%5,386.74183.80
200355.70%5,694.01183.50
200360.60%5,727.94183.70
20037-0.17%5,718.41183.90
200383.16%5,899.18184.60
200392.03%6,018.80185.20
2003101.21%6,091.67185.00
2003113.06%6,278.30184.50
2003124.93%6,588.14184.30
200411.09%6,659.73185.20
20042-1.57%6,555.49186.20
200430.97%6,618.96187.40
20044-2.56%6,449.23188.00
200452.86%6,633.53189.10
20046-2.24%6,485.02189.70
20047-1.39%6,395.03189.40
200482.78%6,572.98189.50
200490.10%6,579.73189.90
2004104.77%6,893.83190.90
2004112.73%7,081.86191.00
200412-1.35%6,986.31190.30
200511.68%7,103.76190.70
20052-0.26%7,085.61191.80
20053-2.41%6,914.92193.30
200541.34%7,007.30194.60
200552.18%7,160.10194.40
200561.81%7,289.54194.50
200570.31%7,312.14195.40
200580.28%7,332.59196.40
20059-2.62%7,140.17198.80
2005103.96%7,423.03199.20
2005112.14%7,582.19197.60
2005121.47%7,693.40196.80
20061-0.02%7,692.12198.30
200621.49%7,806.44198.70
200630.80%7,868.76199.80
20064-0.79%7,806.86201.50
20065-2.71%7,595.63202.50
200660.72%7,650.32202.90
200672.29%7,825.64203.50
200682.53%8,023.72203.90
200693.62%8,313.86202.90
2006102.00%8,480.27201.80
2006112.15%8,662.45201.50
2006120.69%8,722.46201.80
200711.60%8,861.68202.42
20072-2.47%8,642.45203.50
200734.18%9,003.73205.35
200743.39%9,309.11206.69
200750.34%9,341.22207.95
200760.57%9,394.89208.35
20077-4.20%9,000.20208.30
200783.07%9,276.94207.92
200792.99%9,554.47208.49
200710-4.81%9,095.25208.94
2007111.24%9,207.87210.18
200712-6.64%8,596.91210.04
20081-1.56%8,462.46211.08
20082-2.63%8,240.18211.69
200834.24%8,589.88213.53
200842.56%8,810.00214.82
20085-4.25%8,435.88216.63
20086-6.08%7,923.11218.82
200872.11%8,090.33219.96
20088-4.85%7,698.14219.09
20089-20.19%6,143.61218.78
200810-8.61%5,614.93216.57
200811-0.35%5,595.21212.43
200812-1.10%5,533.91210.23
20091-6.70%5,163.00211.14
20092-5.69%4,869.36212.19
2009312.32%5,469.35212.71
200946.66%5,833.60213.24
200952.87%6,000.96213.86
200961.28%6,077.63215.69
200978.12%6,571.18215.35
200983.65%6,811.05215.83
200992.40%6,974.73215.97
2009102.09%7,120.80216.18
2009112.23%7,279.30216.33
2009121.36%7,378.08215.95
20101-2.90%7,164.22216.69
201025.94%7,590.00216.74
201034.09%7,900.27217.63
20104-5.88%7,435.54218.01
20105-3.54%7,172.06218.18
20106-0.16%7,160.65217.97
201070.86%7,222.49218.01
201083.37%7,465.97218.31
201094.58%7,807.72218.44
2010102.49%8,002.21218.71
2010113.71%8,299.39218.80
2010123.46%8,586.73219.18
201113.15%8,857.29220.22
20112-1.11%8,758.75221.31
201132.22%8,953.28223.47
201140.66%9,012.31224.91
20115-3.66%8,682.22225.96
201163.10%8,951.52225.72
20117-10.40%8,020.50225.92
20118-0.79%7,957.20226.55
201193.02%8,197.42226.89
2011101.77%8,342.28226.42
2011111.55%8,471.98226.23
2011124.78%8,877.16225.67
201214.16%9,246.68226.67
201222.88%9,513.34227.66
20123-0.04%9,509.71229.39
20124-3.09%9,215.77230.09
20125-1.15%9,109.56229.82
201262.92%9,375.66229.48
201273.39%9,693.28229.10
201283.02%9,986.13230.38
20129-0.22%9,964.45231.41
201210-2.84%9,681.71231.32
2012112.18%9,892.34230.22
2012124.27%10,314.62229.60
201312.33%10,555.26230.28
201322.72%10,842.62232.17
201331.45%11,000.25232.77
201344.57%11,503.43232.53
20135-1.12%11,374.85232.95
201363.25%11,745.04233.50
201370.25%11,774.70233.60
201381.19%11,915.11233.88
201392.12%12,167.42234.15
2013103.86%12,637.08233.55
2013111.52%12,829.37233.07
2013120.97%12,953.54233.05
20141-0.13%12,936.69233.92
201422.72%13,288.86234.78
201430.20%13,315.67236.29
201441.53%13,519.67237.07
201453.20%13,951.80237.90
201461.50%14,160.50238.34
20147-0.43%14,100.04238.25
201481.78%14,350.74237.85
20149-2.65%13,970.94238.03
2014105.71%14,768.07237.43
2014110.63%14,861.68236.15
201412-1.11%14,696.71234.81
201512.83%15,112.25233.71
201520.06%15,120.61234.72
201530.88%15,253.43236.12
201540.98%15,402.75236.60
20155-0.44%15,335.67237.81
20156-0.08%15,323.46238.64
20157-2.42%14,951.96238.65
20158-4.51%14,278.06238.32
201594.32%14,894.46237.95
2015102.93%15,331.24237.84
201511-1.10%15,162.14237.34
201512-6.42%14,188.78236.53
20161-0.55%14,110.76236.92
201626.36%15,008.59237.11
201632.83%15,433.52238.13
20164-0.30%15,386.55239.26
201651.07%15,550.64240.23
201663.30%16,063.42241.02
201671.20%16,256.06240.63
20168-0.44%16,184.75240.85
20169-0.51%16,102.85241.43
2016101.20%16,296.28241.73
2016113.95%16,939.32241.35
2016121.44%17,182.85241.43
201712.58%17,625.55242.84
201721.75%17,933.87243.60
20173-0.15%17,906.25243.80
201741.69%18,209.29244.52
201751.78%18,532.77244.73
201760.99%18,715.85244.96
201770.25%18,762.23244.79
201781.65%19,072.42245.52
201792.73%19,594.01246.82
2017101.59%19,905.47246.66
2017112.88%20,479.44246.67
2017124.86%21,475.13246.52
20181-2.89%20,855.21247.87
201820.06%20,868.68248.99
20183-1.66%20,521.43249.55
201841.96%20,923.98250.55
201852.11%21,366.10251.59
201861.58%21,703.84251.99
201872.45%22,235.76252.01
201881.68%22,609.27252.15
20189-3.85%21,739.04252.44
201810-2.08%21,287.71252.89
201811-5.56%20,103.58252.04
2018121.74%20,452.51251.23
201915.83%21,644.66251.71
201921.95%22,066.30252.78
201933.72%22,887.88254.20
20194-1.53%22,537.29255.55
201951.40%22,853.88256.09
201963.83%23,728.58256.14
20197-3.13%22,984.82256.57
201983.09%23,693.96256.56
201990.01%23,696.28256.76
2019104.43%24,746.90257.35
2019112.47%25,357.98257.21
2019123.35%26,206.56256.97
202010.12%26,238.55257.97
20202-18.92%21,274.82258.68
202034.32%22,193.60258.12
202045.89%23,500.22256.39
202056.51%25,029.67256.39
202063.48%25,899.81257.80
202075.89%27,426.22259.10
20208-0.63%27,254.26259.92
202091.73%27,724.67260.28
2020103.95%28,820.93260.39
2020114.26%30,048.73260.23
2020122.80%30,888.68260.47
202112.49%31,658.28261.58
202120.82%31,918.31263.01
202136.02%33,840.26264.88
202140.76%34,097.53267.05
202151.81%34,714.84269.20
202163.07%35,779.96271.70
202172.19%36,561.81273.00
20218-0.08%36,530.91273.57
202190.45%36,696.10274.31
2021104.74%38,437.23276.59
2021110.27%38,539.25277.95
202112-2.05%37,748.44278.80
20221-2.90%36,652.76281.15
20222-0.89%36,325.61283.72
202230.12%36,368.58287.50
20224-7.87%33,505.38289.11
20225-3.37%32,376.46292.30
202260.46%32,526.91296.31
202276.45%34,624.04296.28
20228-7.28%32,104.31296.17
20229-3.09%31,111.91296.81
2022105.29%32,756.20298.01
2022110.01%32,759.75297.71
2022121.38%33,210.68296.80
202313.15%34,255.81299.17
20232-2.59%33,370.15300.84
202334.00%34,703.70301.84
202340.74%34,959.70303.36
202354.94%36,687.48304.13
202363.88%38,109.50305.11
20237-1.13%37,680.76305.69
202381.31%38,174.54307.03
Click to show 714 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 1963. This would result in a final amount of $32,092.09, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $38,174.54).

YearMonthContribution ($)Amount ($)
196314.164.21
196324.168.35
196334.1613.13
196344.1617.67
196354.1621.86
196364.1625.70
196374.1630.75
196384.1635.91
196394.1640.26
1963104.1644.27
1963114.1649.58
1963124.1655.52
196414.1660.55
196424.1666.04
196434.1671.38
196444.1676.45
196454.1680.32
196464.1687.81
196474.1690.84
196484.1696.85
196494.16102.99
1964104.16108.15
1964114.16110.62
1964124.32118.18
19651-119.33
19652-119.73
19653-121.59
19654-123.70
19655-118.12
19656-118.25
19657-120.75
19658-125.09
19659-128.22
196510-129.60
196511-129.32
196512-131.88
19661-131.32
19662-126.24
19663-130.44
19664-123.91
19665-123.21
19666-123.23
19667-116.12
19668-112.38
19669-111.75
196610-117.69
196611-118.53
196612-123.42
19671-128.03
19672-131.40
19673-134.02
19674-136.78
19675-135.42
19676-138.12
19677-140.67
19678-143.00
19679-143.14
196710-139.02
196711-143.34
196712-143.32
19681-137.21
19682-135.08
19683-145.42
19684-149.14
19685-153.53
19686-153.61
19687-150.63
19688-155.92
19689-160.15
196810-163.01
196811-165.11
196812-158.53
19691-158.15
19692-155.13
19693-158.65
19694-164.23
19695-156.06
19696-149.50
19697-149.08
19698-150.01
19699-152.03
196910-153.55
196911-145.83
196912-144.97
19701-140.34
19702-143.16
19703-139.23
19704-123.64
19705-123.30
19706-123.95
19707-127.98
19708-136.07
19709-139.46
197010-139.75
197011-149.75
197012-155.91
19711-162.38
19712-166.98
19713-173.11
19714-171.19
19715-168.46
19716-167.68
19717-165.14
19718-169.24
19719-166.09
197110-158.83
197111-170.21
197112-177.73
19721-181.44
19722-186.20
19723-188.54
19724-187.08
19725-188.04
19726-187.10
19727-194.18
19728-191.82
19729-192.63
197210-202.75
197211-207.43
197212-209.49
19731-202.52
19732-199.79
19733-196.53
19734-191.48
19735-187.67
19736-189.94
19737-186.84
19738-190.56
19739-198.64
197310-185.02
197311-172.43
197312-175.36
19741-171.03
19742-178.85
19743-170.24
19744-165.63
19745-166.39
19746-147.51
19747-141.95
19748-127.74
19749-130.78
197410-135.67
197411-127.41
197412-138.41
19751-153.36
19752-160.99
19753-163.39
19754-174.35
19755-179.40
19756-180.17
19757-167.57
19758-166.14
19759-174.40
197510-177.96
197511-175.86
197512-192.65
19761-200.70
19762-202.31
19763-204.52
19764-203.74
19765-205.57
19766-211.05
19767-209.87
19768-214.99
19769-208.30
197610-207.54
197611-215.40
197612-214.24
19771-209.17
19772-209.05
19773-206.56
19774-206.69
19775-208.55
19776-211.23
19777-206.84
19778-204.40
19779-199.91
197710-201.87
197711-201.71
197712-194.87
19781-192.98
19782-193.49
19783-202.84
19784-214.00
19785-215.44
19786-215.31
19787-231.09
19788-232.01
19789-225.58
197810-213.31
197811-217.41
197812-226.51
19791-224.12
19792-229.36
19793-234.94
19794-230.49
19795-236.06
19796-239.42
19797-251.42
19798-255.30
19799-246.74
197910-245.94
197911-256.77
197912-265.28
19801-276.94
19802-252.63
19803-249.70
19804-262.27
19805-280.27
19806-294.20
19807-304.51
19808-313.14
19809-323.55
198010-338.49
198011-334.27
198012-334.31
19811-324.04
19812-337.47
19813-341.83
19814-336.31
19815-339.19
19816-332.35
19817-335.02
19818-307.20
19819-312.51
198110-322.02
198111-325.82
198112-310.17
19821-304.23
19822-295.88
19823-312.06
19824-313.84
19825-297.30
19826-298.02
19827-300.39
19828-336.73
19829-366.63
198210-383.13
198211-388.32
198212-403.57
19831-412.16
19832-428.10
19833-446.07
19834-465.80
19835-473.97
19836-477.32
19837-465.83
19838-481.27
19839-484.39
198310-478.86
198311-478.25
198312-485.78
19841-460.95
19842-462.99
19843-465.34
19844-464.16
19845-455.58
19846-451.44
19847-493.01
19848-499.94
19849-497.88
198410-504.28
198411-500.72
198412-524.24
19851-554.58
19852-551.92
19853-557.58
19854-572.83
19855-587.22
19856-600.41
19857-589.33
19858-578.22
19859-586.87
198510-624.55
198511-657.62
198512-662.56
19861-700.31
19862-743.61
19863-763.99
19864-767.75
19865-791.81
19866-777.52
19867-795.26
19868-775.72
19869-775.03
198610-802.41
198611-816.12
198612-870.58
19871-926.84
19872-967.40
19873-959.12
19874-960.77
19875-1,003.99
19876-1,035.34
19877-1,102.16
19878-1,068.76
19879-942.07
198710-826.16
198711-815.14
198712-849.75
19881-878.04
19882-906.42
19883-898.39
19884-878.73
19885-931.43
19886-928.58
19887-912.62
19888-930.21
19889-965.57
198810-946.06
198811-968.07
198812-1,002.07
19891-1,035.14
19892-1,033.46
19893-1,070.31
19894-1,114.35
19895-1,152.16
19896-1,184.42
19897-1,239.98
19898-1,245.63
19899-1,249.19
198910-1,226.54
198911-1,260.10
198912-1,232.24
19901-1,201.10
19902-1,233.62
19903-1,236.03
19904-1,283.63
19905-1,324.32
19906-1,326.57
19907-1,222.29
19908-1,169.23
19909-1,142.15
199010-1,176.23
199011-1,230.18
199012-1,221.75
19911-1,363.55
19912-1,405.07
19913-1,436.81
19914-1,434.24
19915-1,439.21
19916-1,450.45
19917-1,489.30
19918-1,484.79
19919-1,487.49
199110-1,487.72
199111-1,501.63
199112-1,612.12
19921-1,602.44
19922-1,586.22
19923-1,590.41
19924-1,623.30
19925-1,601.73
19926-1,632.35
19927-1,647.73
19928-1,653.96
19929-1,634.41
199210-1,679.47
199211-1,734.40
199212-1,736.88
19931-1,766.83
19932-1,804.82
19933-1,780.60
19934-1,793.51
19935-1,809.03
19936-1,810.13
19937-1,842.03
19938-1,866.99
19939-1,890.18
199310-1,890.32
199311-1,907.09
199312-1,940.20
19941-1,938.73
19942-1,911.12
19943-1,847.17
19944-1,866.72
19945-1,887.40
19946-1,877.61
19947-1,935.48
19948-1,951.30
19949-1,942.64
199410-1,935.45
199411-1,915.60
199412-1,962.55
19951-2,037.51
19952-2,089.63
19953-2,156.82
19954-2,229.03
19955-2,299.87
19956-2,381.46
19957-2,393.68
19958-2,482.67
19959-2,505.33
199510-2,564.41
199511-2,651.32
199512-2,655.63
19961-2,812.43
19962-2,806.79
19963-2,812.32
19964-2,878.55
19965-2,915.35
19966-2,814.00
19967-2,900.55
19968-2,959.25
19969-3,081.15
199610-3,236.82
199611-3,275.60
199612-3,382.30
19971-3,529.81
19972-3,507.80
19973-3,388.35
19974-3,700.68
19975-3,898.18
19976-4,121.77
19977-4,136.11
19978-4,185.41
19979-4,254.28
199710-4,205.27
199711-4,316.06
199712-4,326.29
19981-4,603.27
19982-4,847.83
19983-5,012.94
19984-5,001.81
19985-5,007.64
19986-5,231.36
19987-4,866.69
19988-4,628.29
19989-4,688.04
199810-5,202.52
199811-5,416.04
199812-5,689.42
19991-5,685.63
19992-5,851.85
19993-6,100.55
19994-6,094.52
19995-6,057.24
19996-6,331.17
19997-6,092.21
19998-6,055.78
19999-5,978.72
199910-6,403.56
199911-6,583.42
199912-6,575.59
20001-6,412.64
20002-6,665.36
20003-6,760.32
20004-6,568.41
20005-6,776.20
20006-6,833.82
20007-6,898.04
20008-6,823.56
20009-6,467.77
200010-6,417.80
200011-6,204.72
200012-6,232.96
20011-6,099.80
20012-5,545.95
20013-5,570.83
20014-5,954.07
20015-5,811.85
20016-5,657.24
20017-5,541.50
20018-4,918.23
20019-5,074.83
200110-5,331.27
200111-5,409.43
200112-5,393.32
20021-5,212.50
20022-5,470.27
20023-5,278.02
20024-5,129.16
20025-4,825.46
20026-4,306.32
20027-4,355.36
20028-4,148.14
20029-4,091.43
200210-4,362.51
200211-4,317.36
200212-4,307.75
20031-4,031.42
20032-4,084.14
20033-4,300.03
20034-4,528.45
20035-4,786.76
20036-4,815.29
20037-4,807.28
20038-4,959.25
20039-5,059.81
200310-5,121.07
200311-5,277.96
200312-5,538.43
20041-5,598.61
20042-5,510.99
20043-5,564.34
20044-5,421.66
20045-5,576.59
20046-5,451.74
20047-5,376.09
20048-5,525.69
20049-5,531.36
200410-5,795.42
200411-5,953.49
200412-5,873.16
20051-5,971.90
20052-5,956.64
20053-5,813.15
20054-5,890.80
20055-6,019.27
20056-6,128.08
20057-6,147.08
20058-6,164.27
20059-6,002.51
200510-6,240.30
200511-6,374.10
200512-6,467.59
20061-6,466.52
20062-6,562.62
20063-6,615.01
20064-6,562.97
20065-6,385.39
20066-6,431.37
20067-6,578.76
20068-6,745.28
20069-6,989.19
200610-7,129.08
200611-7,282.24
200612-7,332.69
20071-7,449.72
20072-7,265.42
20073-7,569.14
20074-7,825.86
20075-7,852.86
20076-7,897.98
20077-7,566.18
20078-7,798.82
20079-8,032.13
200710-7,646.08
200711-7,740.76
200712-7,227.14
20081-7,114.11
20082-6,927.25
20083-7,221.23
20084-7,406.28
20085-7,091.77
20086-6,660.70
20087-6,801.27
20088-6,471.58
20089-5,164.73
200810-4,720.29
200811-4,703.71
200812-4,652.18
20091-4,340.37
20092-4,093.51
20093-4,597.90
20094-4,904.12
20095-5,044.81
20096-5,109.26
20097-5,524.17
20098-5,725.83
20099-5,863.42
200910-5,986.22
200911-6,119.47
200912-6,202.51
20101-6,022.73
20102-6,380.66
20103-6,641.50
20104-6,250.82
20105-6,029.32
20106-6,019.73
20107-6,071.71
20108-6,276.40
20109-6,563.70
201010-6,727.19
201011-6,977.02
201012-7,218.58
20111-7,446.03
20112-7,363.20
20113-7,526.73
20114-7,576.35
20115-7,298.86
20116-7,525.25
20117-6,742.58
20118-6,689.36
20119-6,891.31
201110-7,013.08
201111-7,122.12
201112-7,462.74
20121-7,773.38
20122-7,997.56
20123-7,994.50
20124-7,747.39
20125-7,658.11
20126-7,881.81
20127-8,148.82
20128-8,395.01
20129-8,376.78
201210-8,139.09
201211-8,316.16
201212-8,671.16
20131-8,873.46
20132-9,115.04
20133-9,247.55
20134-9,670.56
20135-9,562.46
20136-9,873.67
20137-9,898.60
20138-10,016.64
20139-10,228.75
201310-10,623.58
201311-10,785.23
201312-10,889.61
20141-10,875.45
20142-11,171.51
20143-11,194.05
20144-11,365.54
20145-11,728.82
20146-11,904.27
20147-11,853.44
20148-12,064.20
20149-11,744.91
201410-12,415.03
201411-12,493.73
201412-12,355.04
20151-12,704.37
20152-12,711.40
20153-12,823.06
20154-12,948.59
20155-12,892.20
20156-12,881.93
20157-12,569.62
20158-12,003.10
20159-12,521.29
201510-12,888.47
201511-12,746.31
201512-11,928.05
20161-11,862.45
20162-12,617.23
20163-12,974.46
20164-12,934.97
20165-13,072.92
20166-13,503.99
20167-13,665.94
20168-13,605.99
20169-13,537.14
201610-13,699.75
201611-14,240.33
201612-14,445.06
20171-14,817.23
20172-15,076.42
20173-15,053.20
20174-15,307.96
20175-15,579.89
20176-15,733.80
20177-15,772.79
20178-16,033.56
20179-16,472.04
201710-16,733.88
201711-17,216.40
201712-18,053.44
20181-17,532.29
20182-17,543.61
20183-17,251.69
20184-17,590.11
20185-17,961.78
20186-18,245.71
20187-18,692.88
20188-19,006.87
20189-18,275.30
201810-17,895.88
201811-16,900.42
201812-17,193.75
20191-18,195.96
20192-18,550.42
20193-19,241.09
20194-18,946.36
20195-19,212.51
20196-19,947.84
20197-19,322.59
20198-19,918.74
20199-19,920.69
201910-20,803.91
201911-21,317.63
201912-22,031.00
20201-22,057.89
20202-17,885.05
20203-18,657.43
20204-19,755.86
20205-21,041.63
20206-21,773.13
20207-23,056.33
20208-22,911.76
20209-23,307.22
202010-24,228.81
202011-25,260.98
202012-25,967.10
20211-26,614.08
20212-26,832.68
20213-28,448.40
20214-28,664.68
20215-29,183.63
20216-30,079.04
20217-30,736.32
20218-30,710.34
20219-30,849.21
202110-32,312.93
202111-32,398.68
202112-31,733.88
20221-30,812.78
20222-30,537.75
20223-30,573.88
20224-28,166.88
20225-27,217.83
20226-27,344.31
20227-29,107.30
20228-26,989.04
20229-26,154.77
202210-27,537.07
202211-27,540.05
202212-27,919.13
20231-28,797.74
20232-28,053.19
20233-29,174.26
20234-29,389.48
20235-30,841.96
20236-32,037.41
20237-31,676.98
20238-32,092.09
Click to show 714 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 1963 to 2023
Start Value
Average monthly close
$65.06
End Value
Average monthly close
$3,960.66
Change in price+5,987.70%
+7.09% / yr
Change incl. dividends+38,074.54%
+10.30% / yr
Change incl. dividends, inflation-adjusted+3,733.71%
+6.19% / yr
Final amount, nominal
($100 base)
$38,174.54
Final amount, inflation-adjusted
($100 base)
$3,833.71