S&P 500: $100 in 1965 → $117.12 in 1974

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Stock market returns between 1965 and 1974

If you invested $100 in the S&P 500 at the beginning of 1965, you would have about $117.12 at the beginning of 1974, assuming you reinvested all dividends. This is a return on investment of 17.12%, or 1.59% per year.

This investment result does not beat inflation during this period, for an inflation-adjusted return of -25.17% cumulatively, or -2.86% per year.

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 $17.12, or 17.12%. This means by 1974 you would have $117.12 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 1974 was 49.300.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 9 years.

Adjusted for inflation, the $117.12 nominal end value of the original $100 investment would have a real value of roughly $-25.17 in 1965 dollars. This means the inflation-adjusted return is -25.17% as opposed to the original 17.12%.

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 120-month period between 1965 and 1974.

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

Year Month Return (%) Amount ($)
1965 1 0.98% 100.98
1965 2 0.34% 101.31
1965 3 1.56% 102.89
1965 4 1.73% 104.67
1965 5 -4.51% 99.96
1965 6 0.10% 100.06
1965 7 2.12% 102.18
1965 8 3.60% 105.85
1965 9 2.50% 108.50
1965 10 1.08% 109.66
1965 11 -0.21% 109.43
1965 12 1.98% 111.60
1966 1 -0.43% 111.12
1966 2 -3.86% 106.83
1966 3 3.32% 110.37
1966 4 -5.01% 104.85
1966 5 -0.56% 104.26
1966 6 0.02% 104.28
1966 7 -5.77% 98.26
1966 8 -3.22% 95.10
1966 9 -0.56% 94.56
1966 10 5.32% 99.59
1966 11 0.72% 100.30
1966 12 4.13% 104.44
1967 1 3.73% 108.34
1967 2 2.63% 111.19
1967 3 1.99% 113.40
1967 4 2.06% 115.74
1967 5 -0.99% 114.59
1967 6 1.99% 116.87
1967 7 1.85% 119.04
1967 8 1.65% 121.01
1967 9 0.10% 121.12
1967 10 -2.88% 117.63
1967 11 3.11% 121.29
1967 12 -0.02% 121.27
1968 1 -4.26% 116.11
1968 2 -1.56% 114.30
1968 3 7.66% 123.06
1968 4 2.56% 126.20
1968 5 2.94% 129.92
1968 6 0.05% 129.98
1968 7 -1.93% 127.47
1968 8 3.51% 131.94
1968 9 2.72% 135.52
1968 10 1.79% 137.94
1968 11 1.29% 139.72
1968 12 -3.99% 134.15
1969 1 -0.24% 133.83
1969 2 -1.91% 131.27
1969 3 2.27% 134.25
1969 4 3.51% 138.97
1969 5 -4.97% 132.06
1969 6 -4.21% 126.51
1969 7 -0.28% 126.15
1969 8 0.63% 126.94
1969 9 1.35% 128.65
1969 10 1.00% 129.93
1969 11 -5.03% 123.40
1969 12 -0.59% 122.67
1970 1 -3.20% 118.75
1970 2 2.01% 121.14
1970 3 -2.75% 117.81
1970 4 -11.20% 104.62
1970 5 -0.27% 104.34
1970 6 0.52% 104.88
1970 7 3.26% 108.30
1970 8 6.32% 115.14
1970 9 2.49% 118.01
1970 10 0.21% 118.25
1970 11 7.16% 126.72
1970 12 4.11% 131.93
1971 1 4.15% 137.40
1971 2 2.83% 141.30
1971 3 3.67% 146.49
1971 4 -1.11% 144.86
1971 5 -1.60% 142.55
1971 6 -0.46% 141.89
1971 7 -1.52% 139.74
1971 8 2.49% 143.21
1971 9 -1.86% 140.54
1971 10 -4.37% 134.40
1971 11 7.16% 144.03
1971 12 4.42% 150.40
1972 1 2.09% 153.54
1972 2 2.62% 157.56
1972 3 1.26% 159.54
1972 4 -0.78% 158.30
1972 5 0.52% 159.12
1972 6 -0.50% 158.32
1972 7 3.78% 164.31
1972 8 -1.21% 162.32
1972 9 0.42% 163.00
1972 10 5.25% 171.56
1972 11 2.31% 175.53
1972 12 0.99% 177.27
1973 1 -3.33% 171.37
1973 2 -1.35% 169.07
1973 3 -1.63% 166.30
1973 4 -2.57% 162.03
1973 5 -1.99% 158.81
1973 6 1.21% 160.73
1973 7 -1.64% 158.10
1973 8 2.00% 161.25
1973 9 4.24% 168.08
1973 10 -6.85% 156.57
1973 11 -6.81% 145.91
1973 12 1.70% 148.39
1974 1 -2.47% 144.72
1974 2 4.57% 151.34
1974 3 -4.82% 144.05
1974 4 -2.71% 140.16
1974 5 0.46% 140.80
1974 6 -11.35% 124.82
1974 7 -3.76% 120.12
1974 8 -10.01% 108.09
1974 9 2.38% 110.66
1974 10 3.74% 114.80
1974 11 -6.09% 107.81
1974 12 8.63% 117.12
Click to show 102 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.

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S&P 500 from 1965 to 1974
Start Value
Average monthly close
$86.12
End Value
Average monthly close
$96.11
Change in price +11.60%
+1.23% / yr
Change incl. dividends +17.12%
+1.59% / yr
Change, inflation-adjusted -25.17%
-2.86%
Final amount, nominal
($100 base)
$117.12
Final amount, inflation-adjusted
($100 base)
$74.83