S&P 500: $2000 in 1965 → $793,003.67 in 2025

$

Stock market returns since 1965

If you invested $2000 in the S&P 500 at the beginning of 1965, you would have about $793,003.67 at the end of 2025, assuming you reinvested all dividends. This is a return on investment of 39,550.18%, or 10.38% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 3,755.16% cumulatively, or 6.21% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $764,988.28.

The graph below shows the performance of $2000 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 $2000 is $791,003.67, or 39,550.18%. This means by 2025 you would have $793,003.67 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 323.976.

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

Adjusted for inflation, the $793,003.67 nominal end value of the original $2000 investment would have a real return of roughly $75,103.29 in 1965 dollars. This means the inflation-adjusted return is 3,755.16% as opposed to the original 39,550.18%.

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 $2000 investment, including gains and losses over the 727-month period between 1965 and 2025.

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

YearMonthReturn (%)Amount ($)CPI
196510.98%2,019.5031.20
196520.34%2,026.2831.20
196531.56%2,057.8431.30
196541.73%2,093.4931.40
19655-4.51%1,999.1331.40
196560.10%2,001.1931.60
196572.12%2,043.5931.60
196583.60%2,117.0831.60
196592.50%2,169.9431.60
1965101.08%2,193.2831.70
196511-0.21%2,188.6431.70
1965121.98%2,231.9931.80
19661-0.43%2,222.3831.80
19662-3.86%2,136.5532.00
196633.32%2,207.5032.10
19664-5.01%2,096.9632.30
19665-0.56%2,085.2232.30
196660.02%2,085.6132.40
19667-5.77%1,965.2832.50
19668-3.22%1,901.9032.70
19669-0.56%1,891.1732.70
1966105.32%1,991.7032.90
1966110.72%2,005.9632.90
1966124.13%2,088.8132.90
196713.73%2,166.7232.90
196722.63%2,223.7932.90
196731.99%2,268.1033.00
196742.06%2,314.7733.10
19675-0.99%2,291.8133.20
196761.99%2,337.4733.30
196771.85%2,380.7633.40
196781.65%2,420.1333.50
196790.10%2,422.4933.60
196710-2.88%2,352.6833.70
1967113.11%2,425.8933.80
196712-0.02%2,425.4633.90
19681-4.26%2,322.2134.10
19682-1.56%2,286.0034.20
196837.66%2,461.1534.30
196842.56%2,524.1034.40
196852.94%2,598.3334.50
196860.05%2,599.6034.70
19687-1.93%2,549.3234.90
196883.51%2,638.7435.00
196892.72%2,710.4435.10
1968101.79%2,758.8535.30
1968111.29%2,794.3135.40
196812-3.99%2,682.9535.50
19691-0.24%2,676.5535.60
19692-1.91%2,625.3235.80
196932.27%2,685.0336.10
196943.51%2,779.3736.30
19695-4.97%2,641.2036.40
19696-4.21%2,530.1336.60
19697-0.28%2,522.9536.80
196980.63%2,538.8137.00
196991.35%2,572.9937.10
1969101.00%2,598.6637.30
196911-5.03%2,468.0137.50
196912-0.59%2,453.4737.70
19701-3.20%2,375.0637.80
197022.01%2,422.8538.00
19703-2.75%2,356.2838.20
19704-11.20%2,092.4038.50
19705-0.27%2,086.7538.60
197060.52%2,097.6538.80
197073.26%2,165.9539.00
197086.32%2,302.8739.00
197092.49%2,360.2039.20
1970100.21%2,365.0839.40
1970117.16%2,534.3839.60
1970124.11%2,638.5639.80
197114.15%2,748.0839.80
197122.83%2,825.9039.90
197133.67%2,929.7240.00
19714-1.11%2,897.2740.10
19715-1.60%2,851.0340.30
19716-0.46%2,837.8340.60
19717-1.52%2,794.7840.70
197182.49%2,864.2740.80
19719-1.86%2,810.8940.80
197110-4.37%2,688.0140.90
1971117.16%2,880.5740.90
1971124.42%3,007.9641.10
197212.09%3,070.7441.10
197222.62%3,151.1841.30
197231.26%3,190.8541.40
19724-0.78%3,166.0941.50
197250.52%3,182.4341.60
19726-0.50%3,166.4041.70
197273.78%3,286.2041.90
19728-1.21%3,246.4242.00
197290.42%3,259.9742.10
1972105.25%3,431.2642.30
1972112.31%3,510.5742.40
1972120.99%3,545.3142.50
19731-3.33%3,427.4242.60
19732-1.35%3,381.3142.90
19733-1.63%3,326.0843.30
19734-2.57%3,240.6143.60
19735-1.99%3,176.1343.90
197361.21%3,214.5744.20
19737-1.64%3,162.0044.30
197382.00%3,225.0945.10
197394.24%3,361.6845.20
197310-6.85%3,131.3145.60
197311-6.81%2,918.2145.90
1973121.70%2,967.8446.20
19741-2.47%2,894.4546.60
197424.57%3,026.8647.20
19743-4.82%2,881.0647.80
19744-2.71%2,803.1148.00
197450.46%2,815.9348.60
19746-11.35%2,496.4149.00
19747-3.76%2,402.4349.40
19748-10.01%2,161.8650.00
197492.38%2,213.2450.60
1974103.74%2,296.0951.10
197411-6.09%2,156.2251.50
1974128.63%2,342.3651.90
1975110.81%2,595.5152.10
197524.97%2,724.6052.50
197531.49%2,765.1252.70
197546.71%2,950.7352.90
197552.89%3,036.1553.20
197560.43%3,049.2653.60
19757-7.00%2,835.9354.20
19758-0.85%2,811.7554.30
197594.97%2,951.5354.60
1975102.04%3,011.7954.90
197511-1.18%2,976.2655.30
1975129.55%3,260.3555.50
197614.18%3,396.5755.60
197620.80%3,423.8355.80
197631.10%3,461.3355.90
19764-0.38%3,448.0756.10
197650.90%3,479.1256.50
197662.67%3,571.8556.80
19767-0.56%3,551.8357.10
197682.44%3,638.4257.40
19769-3.11%3,525.3357.60
197610-0.37%3,512.4057.90
1976113.79%3,645.4058.00
197612-0.54%3,625.8158.20
19771-2.37%3,539.9358.50
19772-0.05%3,538.0159.10
19773-1.19%3,495.7859.50
197740.06%3,498.0460.00
197750.90%3,529.5160.30
197761.28%3,574.7760.70
19777-2.08%3,500.4761.00
19778-1.18%3,459.3361.20
19779-2.20%3,383.2961.40
1977100.98%3,416.4961.60
197711-0.08%3,413.7561.90
197712-3.39%3,298.0162.10
19781-0.97%3,265.9662.50
197820.27%3,274.6362.90
197834.83%3,432.8063.40
197845.50%3,621.7563.90
197850.67%3,646.1464.50
19786-0.06%3,643.8765.20
197877.33%3,910.9065.70
197880.40%3,926.5366.00
19789-2.77%3,817.6366.50
197810-5.44%3,610.0467.10
1978111.92%3,679.4667.40
1978124.19%3,833.4567.70
19791-1.06%3,792.9368.30
197922.34%3,881.7369.10
197932.43%3,976.0969.80
19794-1.89%3,900.8370.60
197952.42%3,995.1371.50
197961.42%4,051.9072.30
197975.01%4,255.0773.10
197981.54%4,320.6273.80
19799-3.35%4,175.7774.60
197910-0.32%4,162.3175.20
1979114.40%4,345.6275.90
1979123.31%4,489.5676.70
198014.40%4,686.9277.80
19802-8.78%4,275.5178.90
19803-1.16%4,225.8280.10
198045.04%4,438.6481.00
198056.86%4,743.2581.80
198064.97%4,978.9782.70
198073.50%5,153.4682.70
198082.84%5,299.6183.30
198093.32%5,475.8184.00
1980104.61%5,728.5084.80
198011-1.24%5,657.1985.50
1980120.01%5,657.7686.30
19811-3.07%5,484.0587.00
198124.14%5,711.2787.90
198131.29%5,785.1788.50
19814-1.62%5,691.6089.10
198150.86%5,740.4189.80
19816-2.02%5,624.6790.60
198170.80%5,669.8191.60
19818-8.30%5,199.0792.30
198191.73%5,288.8793.20
1981103.04%5,449.8593.40
1981111.18%5,514.1293.70
198112-4.80%5,249.2294.00
19821-1.91%5,148.7594.30
19822-2.74%5,007.4494.60
198235.47%5,281.3294.50
198240.57%5,311.4094.90
19825-5.27%5,031.4695.80
198260.24%5,043.7397.00
198270.79%5,083.7797.50
1982812.10%5,698.7297.70
198298.88%6,204.8597.90
1982104.50%6,484.0698.20
1982111.36%6,571.9598.00
1982123.93%6,829.9597.60
198312.13%6,975.4397.80
198323.87%7,245.0897.90
198334.20%7,549.1897.90
198344.42%7,883.1698.60
198351.75%8,021.3999.20
198360.71%8,078.1999.50
19837-2.41%7,883.7399.90
198383.31%8,144.99100.20
198390.65%8,197.76100.70
198310-1.14%8,104.19101.00
198311-0.13%8,093.80101.20
1983121.58%8,221.36101.30
19841-5.11%7,801.07101.90
198420.44%7,835.58102.40
198430.51%7,875.32102.60
19844-0.25%7,855.43103.10
19845-1.85%7,710.23103.40
19846-0.91%7,640.19103.70
198479.21%8,343.59104.10
198481.41%8,460.98104.50
19849-0.41%8,426.09105.00
1984101.29%8,534.44105.30
198411-0.71%8,474.05105.30
1984124.70%8,872.13105.30
198515.79%9,385.59105.50
19852-0.48%9,340.70106.00
198531.02%9,436.41106.40
198542.74%9,694.56106.90
198552.51%9,937.99107.30
198562.25%10,161.31107.60
19857-1.85%9,973.81107.80
19858-1.88%9,785.80108.00
198591.50%9,932.15108.30
1985106.42%10,569.85108.70
1985115.29%11,129.47109.00
1985120.75%11,213.13109.30
198615.70%11,851.97109.60
198626.18%12,584.75109.30
198632.74%12,929.76108.80
198640.49%12,993.35108.60
198653.13%13,400.46108.90
19866-1.80%13,158.73109.50
198672.28%13,458.86109.50
19868-2.46%13,128.28109.70
19869-0.09%13,116.48110.20
1986103.53%13,579.88110.30
1986111.71%13,811.95110.40
1986126.67%14,733.67110.50
198716.46%15,685.75111.20
198724.38%16,372.22111.60
19873-0.86%16,232.00112.10
198740.17%16,260.06112.70
198754.50%16,991.51113.10
198763.12%17,522.00113.50
198776.45%18,652.87113.80
19878-3.03%18,087.61114.40
19879-11.85%15,943.53115.00
198710-12.30%13,981.93115.30
198711-1.33%13,795.31115.40
1987124.25%14,381.14115.40
198813.33%14,859.82115.70
198823.23%15,340.10116.00
19883-0.89%15,204.18116.50
19884-2.19%14,871.47117.10
198856.00%15,763.49117.50
19886-0.31%15,715.11118.00
19887-1.72%15,445.05118.50
198881.93%15,742.70119.00
198893.80%16,341.18119.80
198810-2.02%16,011.05120.20
1988112.33%16,383.46120.30
1988123.51%16,958.95120.50
198913.30%17,518.57121.10
19892-0.16%17,490.25121.60
198933.56%18,113.75122.30
198944.12%18,859.18123.10
198953.39%19,499.00123.80
198962.80%20,045.01124.10
198974.69%20,985.27124.40
198980.46%21,080.86124.60
198990.29%21,141.21125.00
198910-1.81%20,757.80125.60
1989112.74%21,325.88125.90
198912-2.21%20,854.32126.10
19901-2.53%20,327.29127.40
199022.71%20,877.59128.00
199030.20%20,918.50128.70
199043.85%21,724.06128.90
199053.17%22,412.70129.20
199060.17%22,450.74129.90
19907-7.86%20,685.84130.40
19908-4.34%19,787.85131.60
19909-2.32%19,329.61132.70
1990102.98%19,906.37133.50
1990114.59%20,819.40133.80
199012-0.69%20,676.75133.80
1991111.61%23,076.66134.60
199123.04%23,779.25134.80
199132.26%24,316.38135.00
19914-0.18%24,272.89135.20
199150.35%24,357.12135.60
199160.78%24,547.22136.00
199172.68%25,204.82136.20
19918-0.30%25,128.43136.60
199190.18%25,174.07137.20
1991100.02%25,178.05137.40
1991110.94%25,413.50137.80
1991127.36%27,283.43137.90
19921-0.60%27,119.50138.10
19922-1.01%26,844.95138.60
199230.26%26,915.90139.30
199242.07%27,472.62139.50
19925-1.33%27,107.47139.70
199261.91%27,625.80140.20
199270.94%27,885.96140.50
199280.38%27,991.42140.90
19929-1.18%27,660.55141.30
1992102.76%28,423.12141.80
1992113.27%29,352.90142.00
1992120.14%29,394.84141.90
199311.72%29,901.68142.60
199322.15%30,544.61143.10
19933-1.34%30,134.78143.60
199340.72%30,353.18144.00
199350.87%30,615.79144.20
199360.06%30,634.46144.40
199371.76%31,174.39144.40
199381.35%31,596.79144.80
199391.24%31,989.19145.10
1993100.01%31,991.61145.70
1993110.89%32,275.43145.80
1993121.74%32,835.69145.80
19941-0.08%32,810.83146.20
19942-1.42%32,343.67146.70
19943-3.35%31,261.33147.20
199441.06%31,592.15147.40
199451.11%31,942.22147.50
19946-0.52%31,776.48148.00
199473.08%32,755.85148.40
199480.82%33,023.62149.00
19949-0.44%32,876.99149.40
199410-0.37%32,755.39149.50
199411-1.03%32,419.41149.70
1994122.45%33,214.07149.70
199513.82%34,482.55150.30
199522.56%35,364.67150.90
199533.22%36,501.84151.40
199543.35%37,723.83151.90
199553.18%38,922.85152.20
199563.55%40,303.63152.50
199570.51%40,510.44152.50
199583.72%42,016.48152.90
199590.91%42,399.91153.20
1995102.36%43,399.87153.70
1995113.39%44,870.75153.60
1995120.16%44,943.70153.50
199615.90%47,597.35154.40
19962-0.20%47,501.83154.90
199630.20%47,595.42155.70
199642.35%48,716.21156.30
199651.28%49,339.10156.60
19966-3.48%47,623.79156.70
199673.08%49,088.58157.00
199682.02%50,082.00157.30
199694.12%52,145.13157.80
1996105.05%54,779.54158.30
1996111.20%55,435.92158.60
1996123.26%57,241.77158.60
199714.36%59,738.18159.10
19972-0.62%59,365.60159.60
19973-3.41%57,344.05160.00
199749.22%62,629.93160.20
199755.34%65,972.38160.10
199765.74%69,756.51160.30
199770.35%69,999.11160.50
199781.19%70,833.51160.80
199791.65%71,998.99161.20
199710-1.15%71,169.53161.60
1997112.63%73,044.57161.50
1997120.24%73,217.75161.30
199816.40%77,905.27161.60
199825.31%82,044.28161.90
199833.41%84,838.44162.20
19984-0.22%84,650.22162.50
199850.12%84,748.80162.80
199864.47%88,535.09163.00
19987-6.97%82,363.30163.20
19988-4.90%78,328.78163.40
199891.29%79,339.89163.60
19981010.97%88,046.96164.00
1998114.10%91,660.49164.00
1998125.05%96,287.23163.90
19991-0.07%96,223.00164.30
199922.92%99,036.09164.50
199934.25%103,245.14165.00
19994-0.10%103,143.10166.20
19995-0.61%102,512.11166.20
199964.52%107,148.10166.20
19997-3.77%103,103.92166.70
19998-0.60%102,487.34167.10
19999-1.27%101,183.22167.90
1999107.11%108,373.25168.20
1999112.81%111,417.16168.30
199912-0.12%111,284.65168.30
20001-2.48%108,526.93168.80
200023.94%112,803.92169.80
200031.42%114,411.00171.20
20004-2.84%111,163.11171.30
200053.16%114,679.73171.50
200060.85%115,654.90172.40
200070.94%116,741.72172.80
20008-1.08%115,481.32172.80
20009-5.21%109,459.86173.70
200010-0.77%108,614.21174.00
200011-3.32%105,008.14174.10
2000120.46%105,485.94174.00
20011-2.14%103,232.48175.10
20012-9.08%93,859.08175.80
200130.45%94,280.21176.20
200146.88%100,766.06176.90
20015-2.39%98,359.11177.70
20016-2.66%95,742.54178.00
20017-2.05%93,783.80177.50
20018-11.25%83,235.63177.50
200193.18%85,885.88178.30
2001105.05%90,225.82177.70
2001111.47%91,548.57177.40
200112-0.30%91,276.04176.70
20021-3.35%88,215.77177.10
200224.95%92,578.28177.80
20023-3.51%89,324.68178.80
20024-2.82%86,805.39179.80
20025-5.92%81,665.68179.80
20026-10.76%72,879.68179.90
200271.14%73,709.62180.10
20028-4.76%70,202.72180.70
20029-1.37%69,243.02181.00
2002106.63%73,830.77181.30
200211-1.04%73,066.57181.30
200212-0.22%72,903.99180.90
20031-6.41%68,227.32181.70
200321.31%69,119.66183.10
200335.29%72,773.23184.20
200345.31%76,639.09183.80
200355.70%81,010.73183.50
200360.60%81,493.47183.70
20037-0.17%81,357.93183.90
200383.16%83,929.80184.60
200392.03%85,631.76185.20
2003101.21%86,668.40185.00
2003113.06%89,323.76184.50
2003124.93%93,731.85184.30
200411.09%94,750.40185.20
20042-1.57%93,267.37186.20
200430.97%94,170.32187.40
20044-2.56%91,755.56188.00
200452.86%94,377.64189.10
20046-2.24%92,264.73189.70
20047-1.39%90,984.49189.40
200482.78%93,516.25189.50
200490.10%93,612.19189.90
2004104.77%98,081.14190.90
2004112.73%100,756.25191.00
200412-1.35%99,396.83190.30
200511.68%101,067.89190.70
20052-0.26%100,809.57191.80
20053-2.41%98,381.15193.30
200541.34%99,695.40194.60
200552.18%101,869.45194.40
200561.81%103,711.04194.50
200570.31%104,032.56195.40
200580.28%104,323.53196.40
20059-2.62%101,585.85198.80
2005103.96%105,610.22199.20
2005112.14%107,874.64197.60
2005121.47%109,456.92196.80
20061-0.02%109,438.70198.30
200621.49%111,065.11198.70
200630.80%111,951.78199.80
20064-0.79%111,071.13201.50
20065-2.71%108,065.77202.50
200660.72%108,843.89202.90
200672.29%111,338.33203.50
200682.53%114,156.50203.90
200693.62%118,284.30202.90
2006102.00%120,651.92201.80
2006112.15%123,243.85201.50
2006120.69%124,097.71201.80
200711.60%126,078.37202.42
20072-2.47%122,959.33203.50
200734.18%128,099.35205.35
200743.39%132,444.16206.69
200750.34%132,900.97207.95
200760.57%133,664.64208.35
20077-4.20%128,049.25208.30
200783.07%131,986.43207.92
200792.99%135,934.98208.49
200710-4.81%129,401.52208.94
2007111.24%131,003.80210.18
200712-6.64%122,311.44210.04
20081-1.56%120,398.53211.08
20082-2.63%117,236.10211.69
200834.24%122,211.37213.53
200842.56%125,343.16214.82
20085-4.25%120,020.36216.63
20086-6.08%112,724.96218.82
200872.11%115,104.06219.96
20088-4.85%109,524.35219.09
20089-20.19%87,407.46218.78
200810-8.61%79,885.74216.57
200811-0.35%79,605.17212.43
200812-1.10%78,733.05210.23
20091-6.70%73,455.96211.14
20092-5.69%69,278.20212.19
2009312.32%77,814.49212.71
200946.66%82,996.79213.24
200952.87%85,377.85213.86
200961.28%86,468.68215.69
200978.12%93,490.58215.35
200983.65%96,903.31215.83
200992.40%99,232.00215.97
2009102.09%101,310.24216.18
2009112.23%103,565.26216.33
2009121.36%104,970.61215.95
20101-2.90%101,928.06216.69
201025.94%107,985.68216.74
201034.09%112,400.06217.63
20104-5.88%105,788.24218.01
20105-3.54%102,039.57218.18
20106-0.16%101,877.25217.97
201070.86%102,757.08218.01
201083.37%106,221.18218.31
201094.58%111,083.38218.44
2010102.49%113,850.38218.71
2010113.71%118,078.48218.80
2010123.46%122,166.58219.18
201113.15%126,015.89220.22
20112-1.11%124,614.01221.31
201132.22%127,381.66223.47
201140.66%128,221.41224.91
20115-3.66%123,525.17225.96
201163.10%127,356.60225.72
20117-10.40%114,110.69225.92
20118-0.79%113,210.07226.55
201193.02%116,627.78226.89
2011101.77%118,688.73226.42
2011111.55%120,534.05226.23
2011124.78%126,298.66225.67
201214.16%131,555.98226.67
201222.88%135,349.84227.66
20123-0.04%135,298.12229.39
20124-3.09%131,116.12230.09
20125-1.15%129,605.12229.82
201262.92%133,391.00229.48
201273.39%137,909.89229.10
201283.02%142,076.38230.38
20129-0.22%141,767.88231.41
201210-2.84%137,745.22231.32
2012112.18%140,741.92230.22
2012124.27%146,749.86229.60
201312.33%150,173.56230.28
201322.72%154,261.97232.17
201331.45%156,504.62232.77
201344.57%163,663.56232.53
20135-1.12%161,834.17232.95
201363.25%167,101.03233.50
201370.25%167,523.00233.60
201381.19%169,520.66233.88
201392.12%173,110.35234.15
2013103.86%179,792.39233.55
2013111.52%182,528.23233.07
2013120.97%184,294.75233.05
20141-0.13%184,055.10233.92
201422.72%189,065.57234.78
201430.20%189,446.96236.29
201441.53%192,349.36237.07
201453.20%198,497.46237.90
201461.50%201,466.62238.34
20147-0.43%200,606.46238.25
201481.78%204,173.31237.85
20149-2.65%198,769.69238.03
2014105.71%210,110.80237.43
2014110.63%211,442.67236.15
201412-1.11%209,095.56234.81
201512.83%215,007.52233.71
201520.06%215,126.56234.72
201530.88%217,016.25236.12
201540.98%219,140.63236.60
20155-0.44%218,186.27237.81
20156-0.08%218,012.53238.64
20157-2.42%212,727.04238.65
20158-4.51%203,139.23238.32
201594.32%211,908.99237.95
2015102.93%218,123.16237.84
201511-1.10%215,717.33237.34
201512-6.42%201,869.09236.53
20161-0.55%200,758.99236.92
201626.36%213,532.74237.11
201632.83%219,578.41238.13
20164-0.30%218,910.09239.26
201651.07%221,244.74240.23
201663.30%228,540.15241.02
201671.20%231,280.94240.63
20168-0.44%230,266.37240.85
20169-0.51%229,101.27241.43
2016101.20%231,853.14241.73
2016113.95%241,001.99241.35
2016121.44%244,466.71241.43
201712.58%250,765.27242.84
201721.75%255,151.79243.60
20173-0.15%254,758.85243.80
201741.69%259,070.32244.52
201751.78%263,672.52244.73
201760.99%266,277.30244.96
201770.25%266,937.15244.79
201781.65%271,350.32245.52
201792.73%278,771.21246.82
2017101.59%283,202.47246.66
2017112.88%291,368.57246.67
2017124.86%305,534.61246.52
20181-2.89%296,714.79247.87
201820.06%296,906.40248.99
20183-1.66%291,965.96249.55
201841.96%297,693.23250.55
201852.11%303,983.40251.59
201861.58%308,788.59251.99
201872.45%316,356.39252.01
201881.68%321,670.38252.15
20189-3.85%309,289.34252.44
201810-2.08%302,868.15252.89
201811-5.56%286,021.08252.04
2018121.74%290,985.36251.23
201915.83%307,946.62251.71
201921.95%313,945.48252.78
201933.72%325,634.36254.20
20194-1.53%320,646.33255.55
201951.40%325,150.61256.09
201963.83%337,595.24256.14
20197-3.13%327,013.61256.57
201983.09%337,102.72256.56
201990.01%337,135.77256.76
2019104.43%352,083.33257.35
2019112.47%360,777.39257.21
2019123.35%372,850.44256.97
202010.12%373,305.60257.97
20202-18.92%302,684.74258.68
202034.32%315,756.52258.12
202045.89%334,346.26256.39
202056.51%356,106.43256.39
202063.48%368,486.23257.80
202075.89%390,202.99259.10
20208-0.63%387,756.41259.92
202091.73%394,449.09260.28
2020103.95%410,046.06260.39
2020114.26%427,514.36260.23
2020122.80%439,464.66260.47
202112.49%450,414.05261.58
202120.82%454,113.56263.01
202136.02%481,457.95264.88
202140.76%485,118.14267.05
202151.81%493,900.83269.20
202163.07%509,054.70271.70
202172.19%520,178.37273.00
20218-0.08%519,738.83273.57
202190.45%522,088.96274.31
2021104.74%546,860.75276.59
2021110.27%548,312.14277.95
202112-2.05%537,061.03278.80
20221-2.90%521,472.46281.15
20222-0.89%516,817.88283.72
202230.12%517,429.28287.50
20224-7.87%476,693.47289.11
20225-3.37%460,631.83292.30
202260.46%462,772.32296.31
202276.45%492,609.08296.28
20228-7.28%456,759.92296.17
20229-3.09%442,640.67296.81
2022105.29%466,034.65298.01
2022110.01%466,085.16297.71
2022121.38%472,500.62296.80
202313.15%487,370.08299.17
20232-2.59%474,769.48300.84
202334.00%493,742.32301.84
202340.74%497,384.63303.36
202354.94%521,966.31304.13
202363.88%542,197.94305.11
20237-1.00%536,788.78305.69
20238-0.95%531,670.08307.03
20239-3.04%515,521.60307.79
2023104.60%539,244.48307.67
2023115.18%567,151.71307.05
2023122.91%583,666.24306.75
202414.20%608,175.97308.42
202423.28%628,137.04310.33
20243-1.01%621,798.33312.33
202442.52%637,447.21313.55
202453.55%660,080.31314.07
202462.38%675,787.99314.18
20247-0.97%669,228.72314.54
202482.72%687,445.86314.80
202493.15%709,113.37315.30
2024102.48%726,712.04315.66
2024111.47%737,397.04315.49
202412-0.42%734,310.86315.61
202511.09%742,348.04317.67
20252-5.77%699,518.83319.08
20253-5.42%661,596.26319.80
202548.34%716,771.76320.80
202553.88%744,580.12321.47
202564.53%778,289.31322.56
202571.89%793,003.67323.05
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 $2,000.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $2,000.00 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 $764,988.28, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $793,003.67).

YearMonthContribution ($)Amount ($)
1965183.3383.94
1965283.33167.63
1965383.33254.66
1965483.33343.65
1965583.33407.53
1965683.33491.15
1965783.33586.44
1965883.33693.64
1965983.33796.16
19651083.33888.75
19651183.33969.82
19651283.331,073.80
1966183.331,151.95
1966283.331,187.36
1966383.331,312.67
1966483.331,325.89
1966583.331,401.11
1966683.331,484.48
1966783.331,477.13
1966883.331,509.89
1966983.331,583.97
19661083.331,755.67
19661183.331,851.92
19661283.412,015.02
19671-2,090.18
19672-2,145.23
19673-2,187.97
19674-2,232.99
19675-2,210.85
19676-2,254.89
19677-2,296.65
19678-2,334.63
19679-2,336.91
196710-2,269.56
196711-2,340.19
196712-2,339.78
19681-2,240.17
19682-2,205.24
19683-2,374.20
19684-2,434.93
19685-2,506.53
19686-2,507.76
19687-2,459.26
19688-2,545.52
19689-2,614.69
196810-2,661.38
196811-2,695.59
196812-2,588.17
19691-2,581.99
19692-2,532.58
19693-2,590.17
19694-2,681.18
19695-2,547.89
19696-2,440.74
19697-2,433.82
19698-2,449.12
19699-2,482.09
196910-2,506.85
196911-2,380.82
196912-2,366.80
19701-2,291.15
19702-2,337.25
19703-2,273.03
19704-2,018.48
19705-2,013.03
19706-2,023.55
19707-2,089.43
19708-2,221.51
19709-2,276.81
197010-2,281.52
197011-2,444.84
197012-2,545.34
19711-2,651.00
19712-2,726.07
19713-2,826.22
19714-2,794.91
19715-2,750.31
19716-2,737.58
19717-2,696.04
19718-2,763.08
19719-2,711.58
197110-2,593.05
197111-2,778.80
197112-2,901.70
19721-2,962.25
19722-3,039.85
19723-3,078.12
19724-3,054.24
19725-3,070.00
19726-3,054.53
19727-3,170.11
19728-3,131.73
19729-3,144.81
197210-3,310.04
197211-3,386.55
197212-3,420.06
19731-3,306.34
19732-3,261.86
19733-3,208.58
19734-3,126.13
19735-3,063.92
19736-3,101.00
19737-3,050.29
19738-3,111.15
19739-3,242.92
197310-3,020.69
197311-2,815.12
197312-2,862.99
19741-2,792.19
19742-2,919.92
19743-2,779.28
19744-2,704.08
19745-2,716.45
19746-2,408.22
19747-2,317.55
19748-2,085.48
19749-2,135.05
197410-2,214.98
197411-2,080.04
197412-2,259.61
19751-2,503.82
19752-2,628.35
19753-2,667.43
19754-2,846.49
19755-2,928.88
19756-2,941.54
19757-2,735.74
19758-2,712.41
19759-2,847.25
197510-2,905.39
197511-2,871.11
197512-3,145.17
19761-3,276.58
19762-3,302.87
19763-3,339.05
19764-3,326.25
19765-3,356.21
19766-3,445.66
19767-3,426.35
19768-3,509.88
19769-3,400.78
197610-3,388.31
197611-3,516.61
197612-3,497.72
19771-3,414.87
19772-3,413.02
19773-3,372.28
19774-3,374.46
19775-3,404.82
19776-3,448.48
19777-3,376.80
19778-3,337.11
19779-3,263.77
197710-3,295.79
197711-3,293.15
197712-3,181.50
19781-3,150.58
19782-3,158.95
19783-3,311.52
19784-3,493.80
19785-3,517.33
19786-3,515.14
19787-3,772.74
19788-3,787.82
19789-3,682.76
197810-3,482.50
197811-3,549.47
197812-3,698.02
19791-3,658.94
19792-3,744.60
19793-3,835.63
19794-3,763.02
19795-3,853.99
19796-3,908.75
19797-4,104.75
19798-4,167.98
19799-4,028.25
197910-4,015.26
197911-4,192.09
197912-4,330.95
19801-4,521.34
19802-4,124.46
19803-4,076.53
19804-4,281.83
19805-4,575.68
19806-4,803.07
19807-4,971.40
19808-5,112.38
19809-5,282.36
198010-5,526.12
198011-5,457.33
198012-5,457.88
19811-5,290.31
19812-5,509.50
19813-5,580.79
19814-5,490.53
19815-5,537.62
19816-5,425.96
19817-5,469.51
19818-5,015.39
19819-5,102.02
198110-5,257.31
198111-5,319.32
198112-5,063.77
19821-4,966.86
19822-4,830.54
19823-5,094.74
19824-5,123.76
19825-4,853.70
19826-4,865.54
19827-4,904.17
19828-5,497.40
19829-5,985.64
198210-6,254.99
198211-6,339.78
198212-6,588.66
19831-6,729.00
19832-6,989.12
19833-7,282.48
19834-7,604.66
19835-7,738.01
19836-7,792.80
19837-7,605.21
19838-7,857.24
19839-7,908.15
198310-7,817.88
198311-7,807.87
198312-7,930.91
19841-7,525.47
19842-7,558.76
19843-7,597.10
19844-7,577.91
19845-7,437.85
19846-7,370.28
19847-8,048.83
19848-8,162.07
19849-8,128.41
198410-8,232.93
198411-8,174.68
198412-8,558.69
19851-9,054.01
19852-9,010.71
19853-9,103.04
19854-9,352.07
19855-9,586.89
19856-9,802.33
19857-9,621.45
19858-9,440.09
19859-9,581.27
198510-10,196.44
198511-10,736.29
198512-10,816.99
19861-11,433.27
19862-12,140.16
19863-12,472.97
19864-12,534.32
19865-12,927.05
19866-12,693.85
19867-12,983.38
19868-12,664.48
19869-12,653.10
198610-13,100.13
198611-13,324.00
198612-14,213.16
19871-15,131.60
19872-15,793.82
19873-15,658.56
19874-15,685.62
19875-16,391.23
19876-16,902.98
19877-17,993.90
19878-17,448.61
19879-15,380.27
198710-13,487.97
198711-13,307.95
198712-13,873.08
19881-14,334.85
19882-14,798.16
19883-14,667.05
19884-14,346.09
19885-15,206.60
19886-15,159.93
19887-14,899.41
19888-15,186.54
19889-15,763.88
198810-15,445.41
198811-15,804.66
198812-16,359.82
19891-16,899.67
19892-16,872.35
19893-17,473.82
19894-18,192.92
19895-18,810.14
19896-19,336.85
19897-20,243.90
19898-20,336.12
19899-20,394.33
198910-20,024.47
198911-20,572.48
198912-20,117.57
19901-19,609.17
19902-20,140.02
19903-20,179.49
19904-20,956.59
19905-21,620.90
19906-21,657.60
19907-19,955.05
19908-19,088.78
19909-18,646.73
199010-19,203.12
199011-20,083.89
199012-19,946.28
19911-22,261.40
19912-22,939.17
19913-23,457.33
19914-23,415.37
19915-23,496.62
19916-23,680.01
19917-24,314.38
19918-24,240.69
19919-24,284.72
199110-24,288.55
199111-24,515.69
199112-26,319.56
19921-26,161.42
19922-25,896.56
19923-25,965.01
19924-26,502.06
19925-26,149.81
19926-26,649.83
19927-26,900.80
19928-27,002.53
19929-26,683.35
199210-27,418.98
199211-28,315.91
199212-28,356.37
19931-28,845.31
19932-29,465.53
19933-29,070.17
19934-29,280.85
19935-29,534.19
19936-29,552.20
19937-30,073.05
19938-30,480.53
19939-30,859.07
199310-30,861.40
199311-31,135.20
199312-31,675.67
19941-31,651.69
19942-31,201.02
19943-30,156.92
19944-30,476.05
19945-30,813.76
19946-30,653.87
19947-31,598.65
19948-31,856.96
19949-31,715.51
199410-31,598.20
199411-31,274.09
199412-32,040.68
19951-33,264.34
19952-34,115.30
19953-35,212.29
19954-36,391.12
19955-37,547.78
19956-38,879.78
19957-39,079.28
19958-40,532.12
19959-40,902.00
199510-41,866.63
199511-43,285.55
199512-43,355.92
19961-45,915.82
19962-45,823.67
19963-45,913.96
19964-46,995.16
19965-47,596.03
19966-45,941.33
19967-47,354.37
19968-48,312.69
19969-50,302.93
199610-52,844.28
199611-53,477.47
199612-55,219.52
19971-57,627.74
19972-57,268.32
19973-55,318.19
19974-60,417.33
19975-63,641.70
19976-67,292.14
19977-67,526.17
19978-68,331.09
19979-69,455.39
199710-68,655.24
199711-70,464.04
199712-70,631.10
19981-75,153.01
19982-79,145.80
19983-81,841.25
19984-81,659.68
19985-81,754.77
19986-85,407.31
19987-79,453.56
19988-75,561.56
19989-76,536.95
199810-84,936.41
199811-88,422.29
199812-92,885.57
19991-92,823.61
19992-95,537.32
19993-99,597.68
19994-99,499.24
19995-98,890.54
19996-103,362.75
19997-99,461.44
19998-98,866.65
19999-97,608.60
199910-104,544.61
199911-107,480.99
199912-107,353.16
20001-104,692.87
20002-108,818.76
20003-110,369.07
20004-107,235.92
20005-110,628.30
20006-111,569.02
20007-112,617.45
20008-111,401.57
20009-105,592.84
200010-104,777.07
200011-101,298.39
200012-101,759.31
20011-99,585.47
20012-90,543.20
20013-90,949.46
20014-97,206.18
20015-94,884.26
20016-92,360.13
20017-90,470.59
20018-80,295.07
20019-82,851.69
200110-87,038.30
200111-88,314.33
200112-88,051.42
20021-85,099.26
20022-89,307.65
20023-86,169.00
20024-83,738.71
20025-78,780.58
20026-70,304.97
20027-71,105.59
20028-67,722.58
20029-66,796.79
200210-71,222.46
200211-70,485.26
200212-70,328.42
20031-65,816.97
20032-66,677.79
20033-70,202.28
20034-73,931.57
20035-78,148.77
20036-78,614.46
20037-78,483.70
20038-80,964.71
20039-82,606.54
200310-83,606.56
200311-86,168.11
200312-90,420.47
20041-91,403.04
20042-89,972.40
20043-90,843.46
20044-88,514.00
20045-91,043.44
20046-89,005.18
20047-87,770.17
20048-90,212.49
20049-90,305.04
200410-94,616.11
200411-97,196.71
200412-95,885.31
20051-97,497.34
20052-97,248.15
20053-94,905.52
20054-96,173.34
20055-98,270.59
20056-100,047.12
20057-100,357.28
20058-100,637.97
20059-97,997.01
200510-101,879.20
200511-104,063.62
200512-105,590.00
20061-105,572.43
20062-107,141.38
20063-107,996.72
20064-107,147.18
20065-104,248.00
20066-104,998.63
20067-107,404.95
20068-110,123.55
20069-114,105.52
200610-116,389.51
200611-118,889.86
200612-119,713.56
20071-121,624.25
20072-118,615.40
20073-123,573.83
20074-127,765.15
20075-128,205.81
20076-128,942.51
20077-123,525.50
20078-127,323.59
20079-131,132.64
200710-124,830.00
200711-126,375.67
200712-117,990.40
20081-116,145.07
20082-113,094.36
20083-117,893.86
20084-120,915.01
20085-115,780.26
20086-108,742.59
20087-111,037.64
20088-105,655.05
20089-84,319.51
200810-77,063.52
200811-76,792.86
200812-75,951.55
20091-70,860.89
20092-66,830.72
20093-75,065.44
20094-80,064.66
20095-82,361.61
20096-83,413.89
20097-90,187.72
20098-93,479.89
20099-95,726.31
200910-97,731.13
200911-99,906.48
200912-101,262.18
20101-98,327.13
20102-104,170.74
20103-108,429.17
20104-102,050.94
20105-98,434.70
20106-98,278.11
20107-99,126.85
20108-102,468.57
20109-107,159.01
201010-109,828.25
201011-113,906.98
201012-117,850.66
20111-121,563.97
20112-120,211.62
20113-122,881.50
20114-123,691.58
20115-119,161.25
20116-122,857.32
20117-110,079.36
20118-109,210.56
20119-112,507.53
201110-114,495.67
201111-116,275.80
201112-121,836.75
20121-126,908.34
20122-130,568.17
20123-130,518.28
20124-126,484.02
20125-125,026.41
20126-128,678.54
20127-133,037.78
20128-137,057.07
20129-136,759.47
201210-132,878.93
201211-135,769.76
201212-141,565.45
20131-144,868.20
20132-148,812.17
20133-150,975.59
20134-157,881.62
20135-156,116.86
20136-161,197.65
20137-161,604.72
20138-163,531.80
20139-166,994.67
201310-173,440.65
201311-176,079.83
201312-177,783.95
20141-177,552.76
20142-182,386.23
20143-182,754.14
20144-185,554.00
20145-191,484.90
20146-194,349.17
20147-193,519.39
20148-196,960.23
20149-191,747.52
201410-202,687.96
201411-203,972.78
201412-201,708.59
20151-207,411.69
20152-207,526.52
20153-209,349.45
20154-211,398.78
20155-210,478.14
20156-210,310.54
20157-205,211.78
20158-195,962.68
20159-204,422.63
201510-210,417.26
201511-208,096.42
201512-194,737.42
20161-193,666.54
20162-205,989.01
20163-211,821.10
20164-211,176.39
20165-213,428.56
20166-220,466.24
20167-223,110.20
20168-222,131.48
20169-221,007.53
201610-223,662.19
201611-232,487.82
201612-235,830.14
20171-241,906.18
20172-246,137.74
20173-245,758.68
20174-249,917.83
20175-254,357.44
20176-256,870.20
20177-257,506.74
20178-261,764.00
20179-268,922.72
201710-273,197.43
201711-281,075.04
201712-294,740.62
20181-286,232.39
20182-286,417.23
20183-281,651.33
20184-287,176.26
20185-293,244.21
20186-297,879.64
20187-305,180.09
20188-310,306.35
20189-298,362.70
201810-292,168.37
201811-275,916.46
201812-280,705.37
20191-297,067.41
20192-302,854.35
20193-314,130.28
20194-309,318.47
20195-313,663.62
20196-325,668.61
20197-315,460.80
20198-325,193.49
20199-325,225.37
201910-339,644.86
201911-348,031.78
201912-359,678.30
20201-360,117.39
20202-291,991.43
20203-304,601.41
20204-322,534.41
20205-343,525.82
20206-355,468.28
20207-376,417.82
20208-374,057.67
20209-380,513.91
202010-395,559.87
202011-412,411.04
202012-423,939.16
20211-434,501.73
20212-438,070.54
20213-464,448.90
20214-467,979.79
20215-476,452.20
20216-491,070.71
20217-501,801.40
20218-501,377.39
20219-503,644.50
202110-527,541.14
202111-528,941.25
202112-518,087.63
20221-503,049.77
20222-498,559.63
20223-499,149.44
20224-459,852.75
20225-444,358.54
20226-446,423.41
20227-475,206.08
20228-440,623.42
20229-427,002.97
202210-449,570.48
202211-449,619.21
202212-455,808.02
20231-470,152.17
20232-457,996.72
20233-476,299.29
20234-479,812.92
20235-503,526.18
20236-523,043.06
20237-517,824.99
20238-512,887.13
20239-497,309.15
202310-520,193.94
202311-547,115.26
202312-563,046.36
20241-586,690.21
20242-605,946.09
20243-599,831.31
20244-614,927.35
20245-636,760.86
20246-651,913.61
20247-645,586.07
20248-663,159.63
20249-684,061.67
202410-701,038.61
202411-711,346.13
202412-708,368.98
20251-716,122.22
20252-674,806.08
20253-638,223.25
20254-691,449.50
20255-718,275.44
20256-750,793.74
20257-764,988.28
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
$6,415.54
Change in price+7,349.54%
+7.45% / yr
Change incl. dividends+39,550.18%
+10.38% / yr
Change incl. dividends, inflation-adjusted+3,755.16%
+6.21% / yr
Final amount, nominal
($2000 base)
$793,003.67
Final amount, inflation-adjusted
($2000 base)
$77,103.29