S&P 500: $100 in 1965 → $37,073.91 in 2025

$

Stock market returns since 1965

If you invested $100 in the S&P 500 at the beginning of 1965, you would have about $37,073.91 at the end of 2025, assuming you reinvested all dividends. This is a return on investment of 36,973.91%, or 10.35% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 3,576.22% cumulatively, or 6.18% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $35,765.87.

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 $36,973.91, or 36,973.91%. This means by 2025 you would have $37,073.91 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 1965 was 31.500 and the CPI in 2025 was 317.671.

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

Adjusted for inflation, the $37,073.91 nominal end value of the original $100 investment would have a real return of roughly $3,576.22 in 1965 dollars. This means the inflation-adjusted return is 3,576.22% as opposed to the original 36,973.91%.

For more information on inflation, see our U.S. inflation calculator for 1965.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 721-month period between 1965 and 2025.

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

YearMonthReturn (%)Amount ($)CPI
196510.98%100.9831.20
196520.34%101.3131.20
196531.56%102.8931.30
196541.73%104.6731.40
19655-4.51%99.9631.40
196560.10%100.0631.60
196572.12%102.1831.60
196583.60%105.8531.60
196592.50%108.5031.60
1965101.08%109.6631.70
196511-0.21%109.4331.70
1965121.98%111.6031.80
19661-0.43%111.1231.80
19662-3.86%106.8332.00
196633.32%110.3732.10
19664-5.01%104.8532.30
19665-0.56%104.2632.30
196660.02%104.2832.40
19667-5.77%98.2632.50
19668-3.22%95.1032.70
19669-0.56%94.5632.70
1966105.32%99.5932.90
1966110.72%100.3032.90
1966124.13%104.4432.90
196713.73%108.3432.90
196722.63%111.1932.90
196731.99%113.4033.00
196742.06%115.7433.10
19675-0.99%114.5933.20
196761.99%116.8733.30
196771.85%119.0433.40
196781.65%121.0133.50
196790.10%121.1233.60
196710-2.88%117.6333.70
1967113.11%121.2933.80
196712-0.02%121.2733.90
19681-4.26%116.1134.10
19682-1.56%114.3034.20
196837.66%123.0634.30
196842.56%126.2034.40
196852.94%129.9234.50
196860.05%129.9834.70
19687-1.93%127.4734.90
196883.51%131.9435.00
196892.72%135.5235.10
1968101.79%137.9435.30
1968111.29%139.7235.40
196812-3.99%134.1535.50
19691-0.24%133.8335.60
19692-1.91%131.2735.80
196932.27%134.2536.10
196943.51%138.9736.30
19695-4.97%132.0636.40
19696-4.21%126.5136.60
19697-0.28%126.1536.80
196980.63%126.9437.00
196991.35%128.6537.10
1969101.00%129.9337.30
196911-5.03%123.4037.50
196912-0.59%122.6737.70
19701-3.20%118.7537.80
197022.01%121.1438.00
19703-2.75%117.8138.20
19704-11.20%104.6238.50
19705-0.27%104.3438.60
197060.52%104.8838.80
197073.26%108.3039.00
197086.32%115.1439.00
197092.49%118.0139.20
1970100.21%118.2539.40
1970117.16%126.7239.60
1970124.11%131.9339.80
197114.15%137.4039.80
197122.83%141.3039.90
197133.67%146.4940.00
19714-1.11%144.8640.10
19715-1.60%142.5540.30
19716-0.46%141.8940.60
19717-1.52%139.7440.70
197182.49%143.2140.80
19719-1.86%140.5440.80
197110-4.37%134.4040.90
1971117.16%144.0340.90
1971124.42%150.4041.10
197212.09%153.5441.10
197222.62%157.5641.30
197231.26%159.5441.40
19724-0.78%158.3041.50
197250.52%159.1241.60
19726-0.50%158.3241.70
197273.78%164.3141.90
19728-1.21%162.3242.00
197290.42%163.0042.10
1972105.25%171.5642.30
1972112.31%175.5342.40
1972120.99%177.2742.50
19731-3.33%171.3742.60
19732-1.35%169.0742.90
19733-1.63%166.3043.30
19734-2.57%162.0343.60
19735-1.99%158.8143.90
197361.21%160.7344.20
19737-1.64%158.1044.30
197382.00%161.2545.10
197394.24%168.0845.20
197310-6.85%156.5745.60
197311-6.81%145.9145.90
1973121.70%148.3946.20
19741-2.47%144.7246.60
197424.57%151.3447.20
19743-4.82%144.0547.80
19744-2.71%140.1648.00
197450.46%140.8048.60
19746-11.35%124.8249.00
19747-3.76%120.1249.40
19748-10.01%108.0950.00
197492.38%110.6650.60
1974103.74%114.8051.10
197411-6.09%107.8151.50
1974128.63%117.1251.90
1975110.81%129.7852.10
197524.97%136.2352.50
197531.49%138.2652.70
197546.71%147.5452.90
197552.89%151.8153.20
197560.43%152.4653.60
19757-7.00%141.8054.20
19758-0.85%140.5954.30
197594.97%147.5854.60
1975102.04%150.5954.90
197511-1.18%148.8155.30
1975129.55%163.0255.50
197614.18%169.8355.60
197620.80%171.1955.80
197631.10%173.0755.90
19764-0.38%172.4056.10
197650.90%173.9656.50
197662.67%178.5956.80
19767-0.56%177.5957.10
197682.44%181.9257.40
19769-3.11%176.2757.60
197610-0.37%175.6257.90
1976113.79%182.2758.00
197612-0.54%181.2958.20
19771-2.37%177.0058.50
19772-0.05%176.9059.10
19773-1.19%174.7959.50
197740.06%174.9060.00
197750.90%176.4860.30
197761.28%178.7460.70
19777-2.08%175.0261.00
19778-1.18%172.9761.20
19779-2.20%169.1661.40
1977100.98%170.8261.60
197711-0.08%170.6961.90
197712-3.39%164.9062.10
19781-0.97%163.3062.50
197820.27%163.7362.90
197834.83%171.6463.40
197845.50%181.0963.90
197850.67%182.3164.50
19786-0.06%182.1965.20
197877.33%195.5565.70
197880.40%196.3366.00
19789-2.77%190.8866.50
197810-5.44%180.5067.10
1978111.92%183.9767.40
1978124.19%191.6767.70
19791-1.06%189.6568.30
197922.34%194.0969.10
197932.43%198.8069.80
19794-1.89%195.0470.60
197952.42%199.7671.50
197961.42%202.5972.30
197975.01%212.7573.10
197981.54%216.0373.80
19799-3.35%208.7974.60
197910-0.32%208.1275.20
1979114.40%217.2875.90
1979123.31%224.4876.70
198014.40%234.3577.80
19802-8.78%213.7878.90
19803-1.16%211.2980.10
198045.04%221.9381.00
198056.86%237.1681.80
198064.97%248.9582.70
198073.50%257.6782.70
198082.84%264.9883.30
198093.32%273.7984.00
1980104.61%286.4284.80
198011-1.24%282.8685.50
1980120.01%282.8986.30
19811-3.07%274.2087.00
198124.14%285.5687.90
198131.29%289.2688.50
19814-1.62%284.5889.10
198150.86%287.0289.80
19816-2.02%281.2390.60
198170.80%283.4991.60
19818-8.30%259.9592.30
198191.73%264.4493.20
1981103.04%272.4993.40
1981111.18%275.7193.70
198112-4.80%262.4694.00
19821-1.91%257.4494.30
19822-2.74%250.3794.60
198235.47%264.0794.50
198240.57%265.5794.90
19825-5.27%251.5795.80
198260.24%252.1997.00
198270.79%254.1997.50
1982812.10%284.9497.70
198298.88%310.2497.90
1982104.50%324.2098.20
1982111.36%328.6098.00
1982123.93%341.5097.60
198312.13%348.7797.80
198323.87%362.2597.90
198334.20%377.4697.90
198344.42%394.1698.60
198351.75%401.0799.20
198360.71%403.9199.50
19837-2.41%394.1999.90
198383.31%407.25100.20
198390.65%409.89100.70
198310-1.14%405.21101.00
198311-0.13%404.69101.20
1983121.58%411.07101.30
19841-5.11%390.05101.90
198420.44%391.78102.40
198430.51%393.77102.60
19844-0.25%392.77103.10
19845-1.85%385.51103.40
19846-0.91%382.01103.70
198479.21%417.18104.10
198481.41%423.05104.50
19849-0.41%421.30105.00
1984101.29%426.72105.30
198411-0.71%423.70105.30
1984124.70%443.61105.30
198515.79%469.28105.50
19852-0.48%467.03106.00
198531.02%471.82106.40
198542.74%484.73106.90
198552.51%496.90107.30
198562.25%508.07107.60
19857-1.85%498.69107.80
19858-1.88%489.29108.00
198591.50%496.61108.30
1985106.42%528.49108.70
1985115.29%556.47109.00
1985120.75%560.66109.30
198615.70%592.60109.60
198626.18%629.24109.30
198632.74%646.49108.80
198640.49%649.67108.60
198653.13%670.02108.90
19866-1.80%657.94109.50
198672.28%672.94109.50
19868-2.46%656.41109.70
19869-0.09%655.82110.20
1986103.53%678.99110.30
1986111.71%690.60110.40
1986126.67%736.68110.50
198716.46%784.29111.20
198724.38%818.61111.60
19873-0.86%811.60112.10
198740.17%813.00112.70
198754.50%849.58113.10
198763.12%876.10113.50
198776.45%932.64113.80
19878-3.03%904.38114.40
19879-11.85%797.18115.00
198710-12.30%699.10115.30
198711-1.33%689.77115.40
1987124.25%719.06115.40
198813.33%742.99115.70
198823.23%767.00116.00
19883-0.89%760.21116.50
19884-2.19%743.57117.10
198856.00%788.17117.50
19886-0.31%785.76118.00
19887-1.72%772.25118.50
198881.93%787.14119.00
198893.80%817.06119.80
198810-2.02%800.55120.20
1988112.33%819.17120.30
1988123.51%847.95120.50
198913.30%875.93121.10
19892-0.16%874.51121.60
198933.56%905.69122.30
198944.12%942.96123.10
198953.39%974.95123.80
198962.80%1,002.25124.10
198974.69%1,049.26124.40
198980.46%1,054.04124.60
198990.29%1,057.06125.00
198910-1.81%1,037.89125.60
1989112.74%1,066.29125.90
198912-2.21%1,042.72126.10
19901-2.53%1,016.36127.40
199022.71%1,043.88128.00
199030.20%1,045.93128.70
199043.85%1,086.20128.90
199053.17%1,120.64129.20
199060.17%1,122.54129.90
19907-7.86%1,034.29130.40
19908-4.34%989.39131.60
19909-2.32%966.48132.70
1990102.98%995.32133.50
1990114.59%1,040.97133.80
199012-0.69%1,033.84133.80
1991111.61%1,153.83134.60
199123.04%1,188.96134.80
199132.26%1,215.82135.00
19914-0.18%1,213.64135.20
199150.35%1,217.86135.60
199160.78%1,227.36136.00
199172.68%1,260.24136.20
19918-0.30%1,256.42136.60
199190.18%1,258.70137.20
1991100.02%1,258.90137.40
1991110.94%1,270.67137.80
1991127.36%1,364.17137.90
19921-0.60%1,355.98138.10
19922-1.01%1,342.25138.60
199230.26%1,345.80139.30
199242.07%1,373.63139.50
19925-1.33%1,355.37139.70
199261.91%1,381.29140.20
199270.94%1,394.30140.50
199280.38%1,399.57140.90
19929-1.18%1,383.03141.30
1992102.76%1,421.16141.80
1992113.27%1,467.64142.00
1992120.14%1,469.74141.90
199311.72%1,495.08142.60
199322.15%1,527.23143.10
19933-1.34%1,506.74143.60
199340.72%1,517.66144.00
199350.87%1,530.79144.20
199360.06%1,531.72144.40
199371.76%1,558.72144.40
199381.35%1,579.84144.80
199391.24%1,599.46145.10
1993100.01%1,599.58145.70
1993110.89%1,613.77145.80
1993121.74%1,641.78145.80
19941-0.08%1,640.54146.20
19942-1.42%1,617.18146.70
19943-3.35%1,563.07147.20
199441.06%1,579.61147.40
199451.11%1,597.11147.50
19946-0.52%1,588.82148.00
199473.08%1,637.79148.40
199480.82%1,651.18149.00
19949-0.44%1,643.85149.40
199410-0.37%1,637.77149.50
199411-1.03%1,620.97149.70
1994122.45%1,660.70149.70
199513.82%1,724.13150.30
199522.56%1,768.23150.90
199533.22%1,825.09151.40
199543.35%1,886.19151.90
199553.18%1,946.14152.20
199563.55%2,015.18152.50
199570.51%2,025.52152.50
199583.72%2,100.82152.90
199590.91%2,120.00153.20
1995102.36%2,169.99153.70
1995113.39%2,243.54153.60
1995120.16%2,247.18153.50
199615.90%2,379.87154.40
19962-0.20%2,375.09154.90
199630.20%2,379.77155.70
199642.35%2,435.81156.30
199651.28%2,466.95156.60
19966-3.48%2,381.19156.70
199673.08%2,454.43157.00
199682.02%2,504.10157.30
199694.12%2,607.26157.80
1996105.05%2,738.98158.30
1996111.20%2,771.80158.60
1996123.26%2,862.09158.60
199714.36%2,986.91159.10
19972-0.62%2,968.28159.60
19973-3.41%2,867.20160.00
199749.22%3,131.50160.20
199755.34%3,298.62160.10
199765.74%3,487.83160.30
199770.35%3,499.96160.50
199781.19%3,541.68160.80
199791.65%3,599.95161.20
199710-1.15%3,558.48161.60
1997112.63%3,652.23161.50
1997120.24%3,660.89161.30
199816.40%3,895.26161.60
199825.31%4,102.21161.90
199833.41%4,241.92162.20
19984-0.22%4,232.51162.50
199850.12%4,237.44162.80
199864.47%4,426.75163.00
19987-6.97%4,118.17163.20
19988-4.90%3,916.44163.40
199891.29%3,966.99163.60
19981010.97%4,402.35164.00
1998114.10%4,583.02164.00
1998125.05%4,814.36163.90
19991-0.07%4,811.15164.30
199922.92%4,951.80164.50
199934.25%5,162.26165.00
19994-0.10%5,157.16166.20
19995-0.61%5,125.61166.20
199964.52%5,357.41166.20
19997-3.77%5,155.20166.70
19998-0.60%5,124.37167.10
19999-1.27%5,059.16167.90
1999107.11%5,418.66168.20
1999112.81%5,570.86168.30
199912-0.12%5,564.23168.30
20001-2.48%5,426.35168.80
200023.94%5,640.20169.80
200031.42%5,720.55171.20
20004-2.84%5,558.16171.30
200053.16%5,733.99171.50
200060.85%5,782.75172.40
200070.94%5,837.09172.80
20008-1.08%5,774.07172.80
20009-5.21%5,472.99173.70
200010-0.77%5,430.71174.00
200011-3.32%5,250.41174.10
2000120.46%5,274.30174.00
20011-2.14%5,161.62175.10
20012-9.08%4,692.95175.80
200130.45%4,714.01176.20
200146.88%5,038.30176.90
20015-2.39%4,917.96177.70
20016-2.66%4,787.13178.00
20017-2.05%4,689.19177.50
20018-11.25%4,161.78177.50
200193.18%4,294.29178.30
2001105.05%4,511.29177.70
2001111.47%4,577.43177.40
200112-0.30%4,563.80176.70
20021-3.35%4,410.79177.10
200224.95%4,628.91177.80
20023-3.51%4,466.23178.80
20024-2.82%4,340.27179.80
20025-5.92%4,083.28179.80
20026-10.76%3,643.98179.90
200271.14%3,685.48180.10
20028-4.76%3,510.14180.70
20029-1.37%3,462.15181.00
2002106.63%3,691.54181.30
200211-1.04%3,653.33181.30
200212-0.22%3,645.20180.90
20031-6.41%3,411.37181.70
200321.31%3,455.98183.10
200335.29%3,638.66184.20
200345.31%3,831.95183.80
200355.70%4,050.54183.50
200360.60%4,074.67183.70
20037-0.17%4,067.90183.90
200383.16%4,196.49184.60
200392.03%4,281.59185.20
2003101.21%4,333.42185.00
2003113.06%4,466.19184.50
2003124.93%4,686.59184.30
200411.09%4,737.52185.20
20042-1.57%4,663.37186.20
200430.97%4,708.52187.40
20044-2.56%4,587.78188.00
200452.86%4,718.88189.10
20046-2.24%4,613.24189.70
20047-1.39%4,549.22189.40
200482.78%4,675.81189.50
200490.10%4,680.61189.90
2004104.77%4,904.06190.90
2004112.73%5,037.81191.00
200412-1.35%4,969.84190.30
200511.68%5,053.39190.70
20052-0.26%5,040.48191.80
20053-2.41%4,919.06193.30
200541.34%4,984.77194.60
200552.18%5,093.47194.40
200561.81%5,185.55194.50
200570.31%5,201.63195.40
200580.28%5,216.18196.40
20059-2.62%5,079.29198.80
2005103.96%5,280.51199.20
2005112.14%5,393.73197.60
2005121.47%5,472.85196.80
20061-0.02%5,471.94198.30
200621.49%5,553.26198.70
200630.80%5,597.59199.80
20064-0.79%5,553.56201.50
20065-2.71%5,403.29202.50
200660.72%5,442.19202.90
200672.29%5,566.92203.50
200682.53%5,707.82203.90
200693.62%5,914.21202.90
2006102.00%6,032.60201.80
2006112.15%6,162.19201.50
2006120.69%6,204.89201.80
200711.60%6,303.92202.42
20072-2.47%6,147.97203.50
200734.18%6,404.97205.35
200743.39%6,622.21206.69
200750.34%6,645.05207.95
200760.57%6,683.23208.35
20077-4.20%6,402.46208.30
200783.07%6,599.32207.92
200792.99%6,796.75208.49
200710-4.81%6,470.08208.94
2007111.24%6,550.19210.18
200712-6.64%6,115.57210.04
20081-1.56%6,019.93211.08
20082-2.63%5,861.81211.69
200834.24%6,110.57213.53
200842.56%6,267.16214.82
20085-4.25%6,001.02216.63
20086-6.08%5,636.25218.82
200872.11%5,755.20219.96
20088-4.85%5,476.22219.09
20089-20.19%4,370.37218.78
200810-8.61%3,994.29216.57
200811-0.35%3,980.26212.43
200812-1.10%3,936.65210.23
20091-6.70%3,672.80211.14
20092-5.69%3,463.91212.19
2009312.32%3,890.72212.71
200946.66%4,149.84213.24
200952.87%4,268.89213.86
200961.28%4,323.43215.69
200978.12%4,674.53215.35
200983.65%4,845.17215.83
200992.40%4,961.60215.97
2009102.09%5,065.51216.18
2009112.23%5,178.26216.33
2009121.36%5,248.53215.95
20101-2.90%5,096.40216.69
201025.94%5,399.28216.74
201034.09%5,620.00217.63
20104-5.88%5,289.41218.01
20105-3.54%5,101.98218.18
20106-0.16%5,093.86217.97
201070.86%5,137.85218.01
201083.37%5,311.06218.31
201094.58%5,554.17218.44
2010102.49%5,692.52218.71
2010113.71%5,903.92218.80
2010123.46%6,108.33219.18
201113.15%6,300.79220.22
20112-1.11%6,230.70221.31
201132.22%6,369.08223.47
201140.66%6,411.07224.91
20115-3.66%6,176.26225.96
201163.10%6,367.83225.72
20117-10.40%5,705.53225.92
20118-0.79%5,660.50226.55
201193.02%5,831.39226.89
2011101.77%5,934.44226.42
2011111.55%6,026.70226.23
2011124.78%6,314.93225.67
201214.16%6,577.80226.67
201222.88%6,767.49227.66
20123-0.04%6,764.91229.39
20124-3.09%6,555.81230.09
20125-1.15%6,480.26229.82
201262.92%6,669.55229.48
201273.39%6,895.49229.10
201283.02%7,103.82230.38
20129-0.22%7,088.39231.41
201210-2.84%6,887.26231.32
2012112.18%7,037.10230.22
2012124.27%7,337.49229.60
201312.33%7,508.68230.28
201322.72%7,713.10232.17
201331.45%7,825.23232.77
201344.57%8,183.18232.53
20135-1.12%8,091.71232.95
201363.25%8,355.05233.50
201370.25%8,376.15233.60
201381.19%8,476.03233.88
201392.12%8,655.52234.15
2013103.86%8,989.62233.55
2013111.52%9,126.41233.07
2013120.97%9,214.74233.05
20141-0.13%9,202.75233.92
201422.72%9,453.28234.78
201430.20%9,472.35236.29
201441.53%9,617.47237.07
201453.20%9,924.87237.90
201461.50%10,073.33238.34
20147-0.43%10,030.32238.25
201481.78%10,208.67237.85
20149-2.65%9,938.48238.03
2014105.71%10,505.54237.43
2014110.63%10,572.13236.15
201412-1.11%10,454.78234.81
201512.83%10,750.38233.71
201520.06%10,756.33234.72
201530.88%10,850.81236.12
201540.98%10,957.03236.60
20155-0.44%10,909.31237.81
20156-0.08%10,900.63238.64
20157-2.42%10,636.35238.65
20158-4.51%10,156.96238.32
201594.32%10,595.45237.95
2015102.93%10,906.16237.84
201511-1.10%10,785.87237.34
201512-6.42%10,093.45236.53
20161-0.55%10,037.95236.92
201626.36%10,676.64237.11
201632.83%10,978.92238.13
20164-0.30%10,945.50239.26
201651.07%11,062.24240.23
201663.30%11,427.01241.02
201671.20%11,564.05240.63
20168-0.44%11,513.32240.85
20169-0.51%11,455.06241.43
2016101.20%11,592.66241.73
2016113.95%12,050.10241.35
2016121.44%12,223.34241.43
201712.58%12,538.26242.84
201721.75%12,757.59243.60
20173-0.15%12,737.94243.80
201741.69%12,953.52244.52
201751.78%13,183.63244.73
201760.99%13,313.86244.96
201770.25%13,346.86244.79
201781.65%13,567.52245.52
201792.73%13,938.56246.82
2017101.59%14,160.12246.66
2017112.88%14,568.43246.67
2017124.86%15,276.73246.52
20181-2.89%14,835.74247.87
201820.06%14,845.32248.99
20183-1.66%14,598.30249.55
201841.96%14,884.66250.55
201852.11%15,199.17251.59
201861.58%15,439.43251.99
201872.45%15,817.82252.01
201881.68%16,083.52252.15
20189-3.85%15,464.47252.44
201810-2.08%15,143.41252.89
201811-5.56%14,301.05252.04
2018121.74%14,549.27251.23
201915.83%15,397.33251.71
201921.95%15,697.27252.78
201933.72%16,281.72254.20
20194-1.53%16,032.32255.55
201951.40%16,257.53256.09
201963.83%16,879.76256.14
20197-3.13%16,350.68256.57
201983.09%16,855.14256.56
201990.01%16,856.79256.76
2019104.43%17,604.17257.35
2019112.47%18,038.87257.21
2019123.35%18,642.52256.97
202010.12%18,665.28257.97
20202-18.92%15,134.24258.68
202034.32%15,787.83258.12
202045.89%16,717.31256.39
202056.51%17,805.32256.39
202063.48%18,424.31257.80
202075.89%19,510.15259.10
20208-0.63%19,387.82259.92
202091.73%19,722.45260.28
2020103.95%20,502.30260.39
2020114.26%21,375.72260.23
2020122.80%21,973.23260.47
202112.49%22,520.70261.58
202120.82%22,705.68263.01
202136.02%24,072.90264.88
202140.76%24,255.91267.05
202151.81%24,695.04269.20
202163.07%25,452.74271.70
202172.19%26,008.92273.00
20218-0.08%25,986.94273.57
202190.45%26,104.45274.31
2021104.74%27,343.04276.59
2021110.27%27,415.61277.95
202112-2.05%26,853.05278.80
20221-2.90%26,073.62281.15
20222-0.89%25,840.89283.72
202230.12%25,871.46287.50
20224-7.87%23,834.67289.11
20225-3.37%23,031.59292.30
202260.46%23,138.62296.31
202276.45%24,630.45296.28
20228-7.28%22,838.00296.17
20229-3.09%22,132.03296.81
2022105.29%23,301.73298.01
2022110.01%23,304.26297.71
2022121.38%23,625.03296.80
202313.15%24,368.50299.17
20232-2.59%23,738.47300.84
202334.00%24,687.12301.84
202340.74%24,869.23303.36
202354.94%26,098.32304.13
202363.88%27,109.90305.11
20237-1.00%26,839.44305.69
20238-0.95%26,583.50307.03
20239-3.04%25,776.08307.79
2023104.60%26,962.22307.67
2023115.18%28,357.59307.05
2023122.91%29,183.31306.75
202414.20%30,408.80308.42
202423.28%31,406.85310.33
20243-1.01%31,089.92312.33
202442.52%31,872.36313.55
202453.55%33,004.02314.07
202462.38%33,789.40314.18
20247-0.97%33,461.44314.54
202482.72%34,372.29314.80
202493.15%35,455.67315.30
2024102.48%36,335.60315.66
2024111.47%36,869.85315.49
202412-0.42%36,715.54315.61
202510.98%37,073.91317.67
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 1965. This would result in a final amount of $35,765.87, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $37,073.91).

YearMonthContribution ($)Amount ($)
196514.164.19
196524.168.37
196534.1612.71
196544.1617.16
196554.1620.34
196564.1624.52
196574.1629.28
196584.1634.63
196594.1639.75
1965104.1644.37
1965114.1648.42
1965124.1653.61
196614.1657.51
196624.1659.28
196634.1665.53
196644.1666.19
196654.1669.95
196664.1674.11
196674.1673.74
196684.1675.38
196694.1679.07
1966104.1687.65
1966114.1692.45
1966124.32100.76
19671-104.51
19672-107.27
19673-109.40
19674-111.65
19675-110.55
19676-112.75
19677-114.84
19678-116.74
19679-116.85
196710-113.48
196711-117.01
196712-116.99
19681-112.01
19682-110.27
19683-118.72
19684-121.75
19685-125.33
19686-125.39
19687-122.97
19688-127.28
19689-130.74
196810-133.08
196811-134.79
196812-129.41
19691-129.11
19692-126.63
19693-129.51
19694-134.07
19695-127.40
19696-122.04
19697-121.70
19698-122.46
19699-124.11
196910-125.35
196911-119.05
196912-118.35
19701-114.56
19702-116.87
19703-113.66
19704-100.93
19705-100.66
19706-101.18
19707-104.48
19708-111.08
19709-113.85
197010-114.08
197011-122.25
197012-127.27
19711-132.56
19712-136.31
19713-141.32
19714-139.75
19715-137.52
19716-136.89
19717-134.81
19718-138.16
19719-135.59
197110-129.66
197111-138.95
197112-145.09
19721-148.12
19722-152.00
19723-153.91
19724-152.72
19725-153.51
19726-152.73
19727-158.51
19728-156.59
19729-157.25
197210-165.51
197211-169.34
197212-171.01
19731-165.32
19732-163.10
19733-160.44
19734-156.31
19735-153.20
19736-155.06
19737-152.52
19738-155.57
19739-162.15
197310-151.04
197311-140.76
197312-143.16
19741-139.62
19742-146.00
19743-138.97
19744-135.21
19745-135.83
19746-120.42
19747-115.88
19748-104.28
19749-106.76
197410-110.75
197411-104.01
197412-112.99
19751-125.20
19752-131.42
19753-133.38
19754-142.33
19755-146.45
19756-147.08
19757-136.79
19758-135.63
19759-142.37
197510-145.28
197511-143.56
197512-157.27
19761-163.84
19762-165.15
19763-166.96
19764-166.32
19765-167.82
19766-172.29
19767-171.33
19768-175.50
19769-170.05
197610-169.42
197611-175.84
197612-174.89
19771-170.75
19772-170.66
19773-168.62
19774-168.73
19775-170.25
19776-172.43
19777-168.85
19778-166.86
19779-163.20
197710-164.80
197711-164.67
197712-159.08
19781-157.54
19782-157.95
19783-165.58
19784-174.70
19785-175.88
19786-175.77
19787-188.65
19788-189.40
19789-184.15
197810-174.13
197811-177.48
197812-184.91
19791-182.96
19792-187.24
19793-191.79
19794-188.16
19795-192.71
19796-195.45
19797-205.25
19798-208.41
19799-201.42
197910-200.77
197911-209.61
197912-216.56
19801-226.08
19802-206.23
19803-203.84
19804-214.10
19805-228.80
19806-240.16
19807-248.58
19808-255.63
19809-264.13
198010-276.32
198011-272.88
198012-272.91
19811-264.53
19812-275.49
19813-279.05
19814-274.54
19815-276.89
19816-271.31
19817-273.49
19818-250.78
19819-255.11
198110-262.88
198111-265.98
198112-253.20
19821-248.35
19822-241.54
19823-254.75
19824-256.20
19825-242.70
19826-243.29
19827-245.22
19828-274.88
19829-299.30
198210-312.76
198211-317.00
198212-329.45
19831-336.47
19832-349.47
19833-364.14
19834-380.25
19835-386.92
19836-389.66
19837-380.28
19838-392.88
19839-395.43
198310-390.91
198311-390.41
198312-396.56
19841-376.29
19842-377.96
19843-379.87
19844-378.91
19845-371.91
19846-368.53
19847-402.46
19848-408.12
19849-406.44
198410-411.67
198411-408.75
198412-427.96
19851-452.72
19852-450.56
19853-455.17
19854-467.63
19855-479.37
19856-490.14
19857-481.10
19858-472.03
19859-479.09
198510-509.85
198511-536.84
198512-540.88
19861-571.69
19862-607.04
19863-623.68
19864-626.75
19865-646.38
19866-634.72
19867-649.20
19868-633.25
19869-632.69
198610-655.04
198611-666.23
198612-710.69
19871-756.62
19872-789.73
19873-782.97
19874-784.32
19875-819.60
19876-845.19
19877-899.74
19878-872.47
19879-769.05
198710-674.43
198711-665.43
198712-693.69
19881-716.78
19882-739.94
19883-733.39
19884-717.34
19885-760.37
19886-758.03
19887-745.01
19888-759.36
19889-788.23
198810-772.31
198811-790.27
198812-818.03
19891-845.02
19892-843.66
19893-873.73
19894-909.69
19895-940.55
19896-966.89
19897-1,012.24
19898-1,016.85
19899-1,019.77
198910-1,001.27
198911-1,028.67
198912-1,005.93
19901-980.51
19902-1,007.05
19903-1,009.02
19904-1,047.88
19905-1,081.10
19906-1,082.93
19907-997.80
19908-954.48
19909-932.38
199010-960.20
199011-1,004.24
199012-997.36
19911-1,113.12
19912-1,147.01
19913-1,172.92
19914-1,170.82
19915-1,174.89
19916-1,184.06
19917-1,215.78
19918-1,212.09
19919-1,214.29
199110-1,214.49
199111-1,225.84
199112-1,316.04
19921-1,308.13
19922-1,294.89
19923-1,298.31
19924-1,325.17
19925-1,307.55
19926-1,332.56
19927-1,345.10
19928-1,350.19
19929-1,334.23
199210-1,371.01
199211-1,415.86
199212-1,417.89
19931-1,442.33
19932-1,473.35
19933-1,453.58
19934-1,464.11
19935-1,476.78
19936-1,477.68
19937-1,503.72
19938-1,524.10
19939-1,543.03
199310-1,543.14
199311-1,556.83
199312-1,583.86
19941-1,582.66
19942-1,560.13
19943-1,507.92
19944-1,523.88
19945-1,540.76
19946-1,532.77
19947-1,580.01
19948-1,592.92
19949-1,585.85
199410-1,579.99
199411-1,563.78
199412-1,602.11
19951-1,663.30
19952-1,705.85
19953-1,760.70
19954-1,819.64
19955-1,877.48
19956-1,944.08
19957-1,954.06
19958-2,026.70
19959-2,045.20
199510-2,093.43
199511-2,164.38
199512-2,167.90
19961-2,295.90
19962-2,291.29
19963-2,295.81
19964-2,349.87
19965-2,379.92
19966-2,297.18
19967-2,367.83
19968-2,415.75
19969-2,515.27
199610-2,642.34
199611-2,674.00
199612-2,761.11
19971-2,881.52
19972-2,863.55
19973-2,766.04
19974-3,021.01
19975-3,182.24
19976-3,364.77
19977-3,376.47
19978-3,416.72
19979-3,472.94
199710-3,432.93
199711-3,523.37
199712-3,531.72
19981-3,757.83
19982-3,957.48
19983-4,092.26
19984-4,083.18
19985-4,087.93
19986-4,270.57
19987-3,972.87
19988-3,778.26
19989-3,827.03
199810-4,247.02
199811-4,421.33
199812-4,644.50
19991-4,641.40
19992-4,777.09
19993-4,980.12
19994-4,975.20
19995-4,944.76
19996-5,168.38
19997-4,973.31
19998-4,943.57
19999-4,880.66
199910-5,227.48
199911-5,374.31
199912-5,367.91
20001-5,234.89
20002-5,441.20
20003-5,518.72
20004-5,362.05
20005-5,531.68
20006-5,578.72
20007-5,631.14
20008-5,570.34
20009-5,279.89
200010-5,239.10
200011-5,065.16
200012-5,088.21
20011-4,979.51
20012-4,527.38
20013-4,547.69
20014-4,860.54
20015-4,744.44
20016-4,618.23
20017-4,523.75
20018-4,014.95
20019-4,142.78
200110-4,352.12
200111-4,415.93
200112-4,402.78
20021-4,255.17
20022-4,465.60
20023-4,308.66
20024-4,187.14
20025-3,939.22
20026-3,515.42
20027-3,555.45
20028-3,386.29
20029-3,340.00
200210-3,561.29
200211-3,524.43
200212-3,516.59
20031-3,291.01
20032-3,334.05
20033-3,510.28
20034-3,696.76
20035-3,907.63
20036-3,930.91
20037-3,924.37
20038-4,048.43
20039-4,130.52
200310-4,180.53
200311-4,308.61
200312-4,521.24
20041-4,570.37
20042-4,498.83
20043-4,542.39
20044-4,425.91
20045-4,552.39
20046-4,450.47
20047-4,388.72
20048-4,510.84
20049-4,515.47
200410-4,731.03
200411-4,860.07
200412-4,794.49
20051-4,875.10
20052-4,862.64
20053-4,745.50
20054-4,808.90
20055-4,913.76
20056-5,002.59
20057-5,018.10
20058-5,032.14
20059-4,900.08
200510-5,094.20
200511-5,203.43
200512-5,279.75
20061-5,278.87
20062-5,357.32
20063-5,400.09
20064-5,357.62
20065-5,212.65
20066-5,250.18
20067-5,370.50
20068-5,506.44
20069-5,705.55
200610-5,819.75
200611-5,944.78
200612-5,985.96
20071-6,081.50
20072-5,931.05
20073-6,178.99
20074-6,388.56
20075-6,410.60
20076-6,447.43
20077-6,176.57
20078-6,366.48
20079-6,556.95
200710-6,241.80
200711-6,319.09
200712-5,899.80
20081-5,807.53
20082-5,654.99
20083-5,894.97
20084-6,046.04
20085-5,789.29
20086-5,437.39
20087-5,552.15
20088-5,283.00
20089-4,216.18
200810-3,853.36
200811-3,839.83
200812-3,797.76
20091-3,543.21
20092-3,341.70
20093-3,753.45
20094-4,003.42
20095-4,118.28
20096-4,170.89
20097-4,509.60
20098-4,674.22
20099-4,786.54
200910-4,886.79
200911-4,995.56
200912-5,063.35
20101-4,916.59
20102-5,208.79
20103-5,421.72
20104-5,102.79
20105-4,921.97
20106-4,914.14
20107-4,956.58
20108-5,123.67
20109-5,358.21
201010-5,491.67
201011-5,695.62
201012-5,892.81
20111-6,078.49
20112-6,010.87
20113-6,144.37
20114-6,184.87
20115-5,958.35
20116-6,143.16
20117-5,504.23
20118-5,460.79
20119-5,625.65
201110-5,725.06
201111-5,814.07
201112-6,092.13
20121-6,345.72
20122-6,528.72
20123-6,526.23
20124-6,324.50
20125-6,251.62
20126-6,434.23
20127-6,652.21
20128-6,853.18
20129-6,838.30
201210-6,644.26
201211-6,788.81
201212-7,078.61
20131-7,243.76
20132-7,440.96
20133-7,549.14
20134-7,894.46
20135-7,806.22
20136-8,060.27
20137-8,080.62
20138-8,176.98
20139-8,350.13
201310-8,672.45
201311-8,804.41
201312-8,889.62
20141-8,878.06
20142-9,119.75
20143-9,138.14
20144-9,278.14
20145-9,574.70
20146-9,717.92
20147-9,676.43
20148-9,848.48
20149-9,587.83
201410-10,134.88
201411-10,199.13
201412-10,085.91
20151-10,371.08
20152-10,376.82
20153-10,467.97
20154-10,570.44
20155-10,524.41
20156-10,516.03
20157-10,261.08
20158-9,798.60
20159-10,221.62
201510-10,521.37
201511-10,405.32
201512-9,737.34
20161-9,683.79
20162-10,299.94
20163-10,591.56
20164-10,559.32
20165-10,671.94
20166-11,023.84
20167-11,156.04
20168-11,107.10
20169-11,050.90
201610-11,183.64
201611-11,624.95
201612-11,792.07
20171-12,095.89
20172-12,307.47
20173-12,288.52
20174-12,496.49
20175-12,718.48
20176-12,844.12
20177-12,875.95
20178-13,088.83
20179-13,446.78
201710-13,660.52
201711-14,054.42
201712-14,737.74
20181-14,312.30
20182-14,321.55
20183-14,083.24
20184-14,359.50
20185-14,662.91
20186-14,894.69
20187-15,259.73
20188-15,516.06
20189-14,918.85
201810-14,609.12
201811-13,796.48
201812-14,035.94
20191-14,854.08
20192-15,143.44
20193-15,707.26
20194-15,466.66
20195-15,683.93
20196-16,284.21
20197-15,773.79
20198-16,260.45
20199-16,262.05
201910-16,983.05
201911-17,402.42
201912-17,984.77
20201-18,006.73
20202-14,600.27
20203-15,230.80
20204-16,127.49
20205-17,177.11
20206-17,774.26
20207-18,821.79
20208-18,703.78
20209-19,026.60
202010-19,778.94
202011-20,621.54
202012-21,197.97
20211-21,726.12
20212-21,904.57
20213-23,223.55
20214-23,400.11
20215-23,823.75
20216-24,554.71
20217-25,091.27
20218-25,070.07
20219-25,183.43
202110-26,378.32
202111-26,448.33
202112-25,905.62
20221-25,153.69
20222-24,929.17
20223-24,958.66
20224-22,993.74
20225-22,218.99
20226-22,322.24
20227-23,761.44
20228-22,032.22
20229-21,351.17
202210-22,479.60
202211-22,482.03
202212-22,791.49
20231-23,508.73
20232-22,900.93
20233-23,816.10
20234-23,991.79
20235-25,177.51
20236-26,153.40
20237-25,892.49
20238-25,645.58
20239-24,866.65
202310-26,010.94
202311-27,357.07
202312-28,153.66
20241-29,335.91
20242-30,298.75
20243-29,993.00
20244-30,747.84
20245-31,839.56
20246-32,597.24
20247-32,280.85
20248-33,159.57
20249-34,204.72
202410-35,053.60
202411-35,569.01
202412-35,420.14
20251-35,765.87
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 1965 to 2025
Start Value
Average monthly close
$86.12
End Value
Average monthly close
$6,037.88
Change in price+6,911.01%
+7.34% / yr
Change incl. dividends+36,973.91%
+10.35% / yr
Change incl. dividends, inflation-adjusted+3,576.22%
+6.18% / yr
Final amount, nominal
($100 base)
$37,073.91
Final amount, inflation-adjusted
($100 base)
$3,676.22