S&P 500: $100 in 1966 → $36,736.88 in 2026

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Stock market returns since 1966

If you invested $100 in the S&P 500 at the beginning of 1966, you would have about $36,736.88 at the end of 2026, assuming you reinvested all dividends. This is a return on investment of 36,636.88%, or 10.30% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 3,474.18% cumulatively, or 6.12% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $37,573.29.

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 $36,636.88, or 36,636.88%. This means by 2026 you would have $36,736.88 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 1966 was 32.400 and the CPI in 2026 was 333.020.

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

Adjusted for inflation, the $36,736.88 nominal end value of the original $100 investment would have a real return of roughly $3,474.18 in 1966 dollars. This means the inflation-adjusted return is 3,474.18% as opposed to the original 36,636.88%.

For more information on inflation, see our U.S. inflation calculator for 1966.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 723-month period between 1966 and 2026.

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

YearMonthReturn (%)Amount ($)CPI
19661-0.43%99.5731.80
19662-3.86%95.7232.00
196633.32%98.9032.10
19664-5.01%93.9532.30
19665-0.56%93.4232.30
196660.02%93.4432.40
19667-5.77%88.0532.50
19668-3.22%85.2132.70
19669-0.56%84.7332.70
1966105.32%89.2332.90
1966110.72%89.8732.90
1966124.13%93.5932.90
196713.73%97.0832.90
196722.63%99.6332.90
196731.99%101.6233.00
196742.06%103.7133.10
19675-0.99%102.6833.20
196761.99%104.7333.30
196771.85%106.6733.40
196781.65%108.4333.50
196790.10%108.5333.60
196710-2.88%105.4133.70
1967113.11%108.6933.80
196712-0.02%108.6733.90
19681-4.26%104.0434.10
19682-1.56%102.4234.20
196837.66%110.2734.30
196842.56%113.0934.40
196852.94%116.4134.50
196860.05%116.4734.70
19687-1.93%114.2234.90
196883.51%118.2235.00
196892.72%121.4435.10
1968101.79%123.6035.30
1968111.29%125.1935.40
196812-3.99%120.2035.50
19691-0.24%119.9235.60
19692-1.91%117.6235.80
196932.27%120.3036.10
196943.51%124.5236.30
19695-4.97%118.3336.40
19696-4.21%113.3636.60
19697-0.28%113.0436.80
196980.63%113.7537.00
196991.35%115.2837.10
1969101.00%116.4337.30
196911-5.03%110.5737.50
196912-0.59%109.9237.70
19701-3.20%106.4137.80
197022.01%108.5538.00
19703-2.75%105.5738.20
19704-11.20%93.7538.50
19705-0.27%93.4938.60
197060.52%93.9838.80
197073.26%97.0439.00
197086.32%103.1839.00
197092.49%105.7439.20
1970100.21%105.9639.40
1970117.16%113.5539.60
1970124.11%118.2239.80
197114.15%123.1239.80
197122.83%126.6139.90
197133.67%131.2640.00
19714-1.11%129.8140.10
19715-1.60%127.7440.30
19716-0.46%127.1440.60
19717-1.52%125.2140.70
197182.49%128.3340.80
19719-1.86%125.9440.80
197110-4.37%120.4340.90
1971117.16%129.0640.90
1971124.42%134.7741.10
197212.09%137.5841.10
197222.62%141.1841.30
197231.26%142.9641.40
19724-0.78%141.8541.50
197250.52%142.5841.60
19726-0.50%141.8641.70
197273.78%147.2341.90
19728-1.21%145.4542.00
197290.42%146.0642.10
1972105.25%153.7342.30
1972112.31%157.2842.40
1972120.99%158.8442.50
19731-3.33%153.5642.60
19732-1.35%151.4942.90
19733-1.63%149.0243.30
19734-2.57%145.1943.60
19735-1.99%142.3043.90
197361.21%144.0244.20
19737-1.64%141.6744.30
197382.00%144.4945.10
197394.24%150.6145.20
197310-6.85%140.2945.60
197311-6.81%130.7545.90
1973121.70%132.9746.20
19741-2.47%129.6846.60
197424.57%135.6147.20
19743-4.82%129.0847.80
19744-2.71%125.5948.00
197450.46%126.1648.60
19746-11.35%111.8549.00
19747-3.76%107.6449.40
19748-10.01%96.8650.00
197492.38%99.1650.60
1974103.74%102.8751.10
197411-6.09%96.6151.50
1974128.63%104.9551.90
1975110.81%116.2952.10
197524.97%122.0752.50
197531.49%123.8952.70
197546.71%132.2052.90
197552.89%136.0353.20
197560.43%136.6253.60
19757-7.00%127.0654.20
19758-0.85%125.9754.30
197594.97%132.2454.60
1975102.04%134.9454.90
197511-1.18%133.3555.30
1975129.55%146.0755.50
197614.18%152.1855.60
197620.80%153.4055.80
197631.10%155.0855.90
19764-0.38%154.4856.10
197650.90%155.8856.50
197662.67%160.0356.80
19767-0.56%159.1357.10
197682.44%163.0157.40
19769-3.11%157.9557.60
197610-0.37%157.3757.90
1976113.79%163.3358.00
197612-0.54%162.4558.20
19771-2.37%158.6058.50
19772-0.05%158.5159.10
19773-1.19%156.6259.50
197740.06%156.7260.00
197750.90%158.1360.30
197761.28%160.1660.70
19777-2.08%156.8361.00
19778-1.18%154.9961.20
19779-2.20%151.5861.40
1977100.98%153.0761.60
197711-0.08%152.9561.90
197712-3.39%147.7662.10
19781-0.97%146.3262.50
197820.27%146.7162.90
197834.83%153.8063.40
197845.50%162.2763.90
197850.67%163.3664.50
19786-0.06%163.2665.20
197877.33%175.2265.70
197880.40%175.9266.00
19789-2.77%171.0466.50
197810-5.44%161.7467.10
1978111.92%164.8567.40
1978124.19%171.7567.70
19791-1.06%169.9468.30
197922.34%173.9169.10
197932.43%178.1469.80
19794-1.89%174.7770.60
197952.42%178.9971.50
197961.42%181.5472.30
197975.01%190.6473.10
197981.54%193.5873.80
19799-3.35%187.0974.60
197910-0.32%186.4875.20
1979114.40%194.7075.90
1979123.31%201.1576.70
198014.40%209.9977.80
19802-8.78%191.5678.90
19803-1.16%189.3380.10
198045.04%198.8681.00
198056.86%212.5181.80
198064.97%223.0782.70
198073.50%230.8982.70
198082.84%237.4483.30
198093.32%245.3384.00
1980104.61%256.6584.80
198011-1.24%253.4685.50
1980120.01%253.4986.30
19811-3.07%245.7087.00
198124.14%255.8887.90
198131.29%259.1988.50
19814-1.62%255.0089.10
198150.86%257.1989.80
19816-2.02%252.0090.60
198170.80%254.0391.60
19818-8.30%232.9392.30
198191.73%236.9693.20
1981103.04%244.1793.40
1981111.18%247.0593.70
198112-4.80%235.1894.00
19821-1.91%230.6894.30
19822-2.74%224.3594.60
198235.47%236.6294.50
198240.57%237.9794.90
19825-5.27%225.4295.80
198260.24%225.9797.00
198270.79%227.7797.50
1982812.10%255.3297.70
198298.88%278.0097.90
1982104.50%290.5198.20
1982111.36%294.4498.00
1982123.93%306.0097.60
198312.13%312.5297.80
198323.87%324.6097.90
198334.20%338.2397.90
198344.42%353.1998.60
198351.75%359.3899.20
198360.71%361.9399.50
19837-2.41%353.2299.90
198383.31%364.92100.20
198390.65%367.29100.70
198310-1.14%363.09101.00
198311-0.13%362.63101.20
1983121.58%368.34101.30
19841-5.11%349.51101.90
198420.44%351.06102.40
198430.51%352.84102.60
19844-0.25%351.95103.10
19845-1.85%345.44103.40
19846-0.91%342.30103.70
198479.21%373.82104.10
198481.41%379.08104.50
19849-0.41%377.51105.00
1984101.29%382.37105.30
198411-0.71%379.66105.30
1984124.70%397.50105.30
198515.79%420.50105.50
19852-0.48%418.49106.00
198531.02%422.78106.40
198542.74%434.35106.90
198552.51%445.25107.30
198562.25%455.26107.60
19857-1.85%446.86107.80
19858-1.88%438.43108.00
198591.50%444.99108.30
1985106.42%473.56108.70
1985115.29%498.63109.00
1985120.75%502.38109.30
198615.70%531.01109.60
198626.18%563.84109.30
198632.74%579.29108.80
198640.49%582.14108.60
198653.13%600.38108.90
19866-1.80%589.55109.50
198672.28%603.00109.50
19868-2.46%588.19109.70
19869-0.09%587.66110.20
1986103.53%608.42110.30
1986111.71%618.82110.40
1986126.67%660.11110.50
198716.46%702.77111.20
198724.38%733.53111.60
19873-0.86%727.24112.10
198740.17%728.50112.70
198754.50%761.27113.10
198763.12%785.04113.50
198776.45%835.71113.80
19878-3.03%810.38114.40
19879-11.85%714.32115.00
198710-12.30%626.43115.30
198711-1.33%618.07115.40
1987124.25%644.32115.40
198813.33%665.77115.70
198823.23%687.28116.00
19883-0.89%681.19116.50
19884-2.19%666.29117.10
198856.00%706.25117.50
19886-0.31%704.09118.00
19887-1.72%691.99118.50
198881.93%705.32119.00
198893.80%732.14119.80
198810-2.02%717.34120.20
1988112.33%734.03120.30
1988123.51%759.81120.50
198913.30%784.89121.10
19892-0.16%783.62121.60
198933.56%811.55122.30
198944.12%844.95123.10
198953.39%873.62123.80
198962.80%898.08124.10
198974.69%940.21124.40
198980.46%944.49124.60
198990.29%947.19125.00
198910-1.81%930.01125.60
1989112.74%955.47125.90
198912-2.21%934.34126.10
19901-2.53%910.73127.40
199022.71%935.38128.00
199030.20%937.21128.70
199043.85%973.31128.90
199053.17%1,004.16129.20
199060.17%1,005.86129.90
19907-7.86%926.79130.40
19908-4.34%886.56131.60
19909-2.32%866.03132.70
1990102.98%891.87133.50
1990114.59%932.77133.80
199012-0.69%926.38133.80
1991111.61%1,033.91134.60
199123.04%1,065.38134.80
199132.26%1,089.45135.00
19914-0.18%1,087.50135.20
199150.35%1,091.27135.60
199160.78%1,099.79136.00
199172.68%1,129.25136.20
19918-0.30%1,125.83136.60
199190.18%1,127.88137.20
1991100.02%1,128.05137.40
1991110.94%1,138.60137.80
1991127.36%1,222.38137.90
19921-0.60%1,215.04138.10
19922-1.01%1,202.74138.60
199230.26%1,205.92139.30
199242.07%1,230.86139.50
19925-1.33%1,214.50139.70
199261.91%1,237.72140.20
199270.94%1,249.38140.50
199280.38%1,254.10140.90
19929-1.18%1,239.28141.30
1992102.76%1,273.44141.80
1992113.27%1,315.10142.00
1992120.14%1,316.98141.90
199311.72%1,339.69142.60
199322.15%1,368.49143.10
19933-1.34%1,350.13143.60
199340.72%1,359.92144.00
199350.87%1,371.68144.20
199360.06%1,372.52144.40
199371.76%1,396.71144.40
199381.35%1,415.63144.80
199391.24%1,433.22145.10
1993100.01%1,433.32145.70
1993110.89%1,446.04145.80
1993121.74%1,471.14145.80
19941-0.08%1,470.03146.20
19942-1.42%1,449.10146.70
19943-3.35%1,400.60147.20
199441.06%1,415.43147.40
199451.11%1,431.11147.50
19946-0.52%1,423.68148.00
199473.08%1,467.56148.40
199480.82%1,479.56149.00
19949-0.44%1,472.99149.40
199410-0.37%1,467.54149.50
199411-1.03%1,452.49149.70
1994122.45%1,488.09149.70
199513.82%1,544.93150.30
199522.56%1,584.45150.90
199533.22%1,635.40151.40
199543.35%1,690.14151.90
199553.18%1,743.86152.20
199563.55%1,805.73152.50
199570.51%1,814.99152.50
199583.72%1,882.47152.90
199590.91%1,899.65153.20
1995102.36%1,944.45153.70
1995113.39%2,010.35153.60
1995120.16%2,013.62153.50
199615.90%2,132.51154.40
19962-0.20%2,128.23154.90
199630.20%2,132.42155.70
199642.35%2,182.64156.30
199651.28%2,210.54156.60
19966-3.48%2,133.69156.70
199673.08%2,199.32157.00
199682.02%2,243.83157.30
199694.12%2,336.26157.80
1996105.05%2,454.29158.30
1996111.20%2,483.70158.60
1996123.26%2,564.61158.60
199714.36%2,676.46159.10
19972-0.62%2,659.76159.60
19973-3.41%2,569.19160.00
199749.22%2,806.02160.20
199755.34%2,955.77160.10
199765.74%3,125.31160.30
199770.35%3,136.18160.50
199781.19%3,173.56160.80
199791.65%3,225.78161.20
199710-1.15%3,188.62161.60
1997112.63%3,272.62161.50
1997120.24%3,280.38161.30
199816.40%3,490.40161.60
199825.31%3,675.84161.90
199833.41%3,801.03162.20
19984-0.22%3,792.59162.50
199850.12%3,797.01162.80
199864.47%3,966.65163.00
19987-6.97%3,690.13163.20
19988-4.90%3,509.37163.40
199891.29%3,554.67163.60
19981010.97%3,944.78164.00
1998114.10%4,106.67164.00
1998125.05%4,313.97163.90
19991-0.07%4,311.09164.30
199922.92%4,437.12164.50
199934.25%4,625.70165.00
19994-0.10%4,621.13166.20
19995-0.61%4,592.86166.20
199964.52%4,800.57166.20
19997-3.77%4,619.38166.70
19998-0.60%4,591.75167.10
19999-1.27%4,533.32167.90
1999107.11%4,855.46168.20
1999112.81%4,991.83168.30
199912-0.12%4,985.90168.30
20001-2.48%4,862.34168.80
200023.94%5,053.97169.80
200031.42%5,125.97171.20
20004-2.84%4,980.45171.30
200053.16%5,138.01171.50
200060.85%5,181.70172.40
200070.94%5,230.39172.80
20008-1.08%5,173.92172.80
20009-5.21%4,904.14173.70
200010-0.77%4,866.25174.00
200011-3.32%4,704.69174.10
2000120.46%4,726.10174.00
20011-2.14%4,625.14175.10
20012-9.08%4,205.18175.80
200130.45%4,224.05176.20
200146.88%4,514.63176.90
20015-2.39%4,406.79177.70
20016-2.66%4,289.56178.00
20017-2.05%4,201.81177.50
20018-11.25%3,729.21177.50
200193.18%3,847.95178.30
2001105.05%4,042.40177.70
2001111.47%4,101.66177.40
200112-0.30%4,089.45176.70
20021-3.35%3,952.34177.10
200224.95%4,147.79177.80
20023-3.51%4,002.02178.80
20024-2.82%3,889.15179.80
20025-5.92%3,658.88179.80
20026-10.76%3,265.24179.90
200271.14%3,302.42180.10
20028-4.76%3,145.30180.70
20029-1.37%3,102.30181.00
2002106.63%3,307.85181.30
200211-1.04%3,273.61181.30
200212-0.22%3,266.32180.90
20031-6.41%3,056.80181.70
200321.31%3,096.78183.10
200335.29%3,260.47184.20
200345.31%3,433.67183.80
200355.70%3,629.53183.50
200360.60%3,651.16183.70
20037-0.17%3,645.09183.90
200383.16%3,760.32184.60
200392.03%3,836.57185.20
2003101.21%3,883.01185.00
2003113.06%4,001.98184.50
2003124.93%4,199.48184.30
200411.09%4,245.11185.20
20042-1.57%4,178.67186.20
200430.97%4,219.12187.40
20044-2.56%4,110.93188.00
200452.86%4,228.41189.10
20046-2.24%4,133.75189.70
20047-1.39%4,076.39189.40
200482.78%4,189.82189.50
200490.10%4,194.12189.90
2004104.77%4,394.34190.90
2004112.73%4,514.19191.00
200412-1.35%4,453.29190.30
200511.68%4,528.16190.70
20052-0.26%4,516.58191.80
20053-2.41%4,407.78193.30
200541.34%4,466.66194.60
200552.18%4,564.07194.40
200561.81%4,646.58194.50
200570.31%4,660.98195.40
200580.28%4,674.02196.40
20059-2.62%4,551.36198.80
2005103.96%4,731.67199.20
2005112.14%4,833.12197.60
2005121.47%4,904.01196.80
20061-0.02%4,903.19198.30
200621.49%4,976.06198.70
200630.80%5,015.79199.80
20064-0.79%4,976.33201.50
20065-2.71%4,841.68202.50
200660.72%4,876.54202.90
200672.29%4,988.30203.50
200682.53%5,114.57203.90
200693.62%5,299.50202.90
2006102.00%5,405.58201.80
2006112.15%5,521.71201.50
2006120.69%5,559.96201.80
200711.60%5,648.70202.42
20072-2.47%5,508.96203.50
200734.18%5,739.25205.35
200743.39%5,933.91206.69
200750.34%5,954.38207.95
200760.57%5,988.59208.35
20077-4.20%5,737.00208.30
200783.07%5,913.40207.92
200792.99%6,090.31208.49
200710-4.81%5,797.59208.94
2007111.24%5,869.38210.18
200712-6.64%5,479.93210.04
20081-1.56%5,394.23211.08
20082-2.63%5,252.54211.69
200834.24%5,475.45213.53
200842.56%5,615.76214.82
20085-4.25%5,377.28216.63
20086-6.08%5,050.43218.82
200872.11%5,157.02219.96
20088-4.85%4,907.03219.09
20089-20.19%3,916.13218.78
200810-8.61%3,579.13216.57
200811-0.35%3,566.56212.43
200812-1.10%3,527.48210.23
20091-6.70%3,291.06211.14
20092-5.69%3,103.88212.19
2009312.32%3,486.33212.71
200946.66%3,718.51213.24
200952.87%3,825.19213.86
200961.28%3,874.07215.69
200978.12%4,188.67215.35
200983.65%4,341.57215.83
200992.40%4,445.90215.97
2009102.09%4,539.01216.18
2009112.23%4,640.05216.33
2009121.36%4,703.01215.95
20101-2.90%4,566.69216.69
201025.94%4,838.09216.74
201034.09%5,035.87217.63
20104-5.88%4,739.64218.01
20105-3.54%4,571.69218.18
20106-0.16%4,564.42217.97
201070.86%4,603.84218.01
201083.37%4,759.04218.31
201094.58%4,976.88218.44
2010102.49%5,100.85218.71
2010113.71%5,290.28218.80
2010123.46%5,473.44219.18
201113.15%5,645.90220.22
20112-1.11%5,583.09221.31
201132.22%5,707.09223.47
201140.66%5,744.72224.91
20115-3.66%5,534.31225.96
201163.10%5,705.97225.72
20117-10.40%5,112.51225.92
20118-0.79%5,072.16226.55
201193.02%5,225.29226.89
2011101.77%5,317.62226.42
2011111.55%5,400.30226.23
2011124.78%5,658.57225.67
201214.16%5,894.12226.67
201222.88%6,064.09227.66
20123-0.04%6,061.78229.39
20124-3.09%5,874.41230.09
20125-1.15%5,806.71229.82
201262.92%5,976.33229.48
201273.39%6,178.79229.10
201283.02%6,365.46230.38
20129-0.22%6,351.64231.41
201210-2.84%6,171.41231.32
2012112.18%6,305.67230.22
2012124.27%6,574.85229.60
201312.33%6,728.24230.28
201322.72%6,911.42232.17
201331.45%7,011.89232.77
201344.57%7,332.64232.53
20135-1.12%7,250.67232.95
201363.25%7,486.64233.50
201370.25%7,505.55233.60
201381.19%7,595.05233.88
201392.12%7,755.88234.15
2013103.86%8,055.26233.55
2013111.52%8,177.83233.07
2013120.97%8,256.98233.05
20141-0.13%8,246.24233.92
201422.72%8,470.72234.78
201430.20%8,487.81236.29
201441.53%8,617.85237.07
201453.20%8,893.30237.90
201461.50%9,026.33238.34
20147-0.43%8,987.79238.25
201481.78%9,147.60237.85
20149-2.65%8,905.50238.03
2014105.71%9,413.62237.43
2014110.63%9,473.29236.15
201412-1.11%9,368.13234.81
201512.83%9,633.00233.71
201520.06%9,638.34234.72
201530.88%9,723.00236.12
201540.98%9,818.18236.60
20155-0.44%9,775.42237.81
20156-0.08%9,767.64238.64
20157-2.42%9,530.83238.65
20158-4.51%9,101.27238.32
201594.32%9,494.18237.95
2015102.93%9,772.59237.84
201511-1.10%9,664.81237.34
201512-6.42%9,044.36236.53
20161-0.55%8,994.63236.92
201626.36%9,566.93237.11
201632.83%9,837.79238.13
20164-0.30%9,807.85239.26
201651.07%9,912.45240.23
201663.30%10,239.31241.02
201671.20%10,362.10240.63
20168-0.44%10,316.65240.85
20169-0.51%10,264.45241.43
2016101.20%10,387.74241.73
2016113.95%10,797.64241.35
2016121.44%10,952.87241.43
201712.58%11,235.06242.84
201721.75%11,431.59243.60
20173-0.15%11,413.99243.80
201741.69%11,607.15244.52
201751.78%11,813.35244.73
201760.99%11,930.05244.96
201770.25%11,959.61244.79
201781.65%12,157.34245.52
201792.73%12,489.82246.82
2017101.59%12,688.35246.66
2017112.88%13,054.22246.67
2017124.86%13,688.90246.52
20181-2.89%13,293.74247.87
201820.06%13,302.33248.99
20183-1.66%13,080.98249.55
201841.96%13,337.58250.55
201852.11%13,619.40251.59
201861.58%13,834.69251.99
201872.45%14,173.75252.01
201881.68%14,411.83252.15
20189-3.85%13,857.12252.44
201810-2.08%13,569.43252.89
201811-5.56%12,814.63252.04
2018121.74%13,037.05251.23
201915.83%13,796.96251.71
201921.95%14,065.73252.78
201933.72%14,589.43254.20
20194-1.53%14,365.95255.55
201951.40%14,567.76256.09
201963.83%15,125.31256.14
20197-3.13%14,651.22256.57
201983.09%15,103.25256.56
201990.01%15,104.73256.76
2019104.43%15,774.43257.35
2019112.47%16,163.95257.21
2019123.35%16,704.86256.97
202010.12%16,725.25257.97
20202-18.92%13,561.22258.68
202034.32%14,146.87258.12
202045.89%14,979.75256.39
202056.51%15,954.67256.39
202063.48%16,509.33257.80
202075.89%17,482.31259.10
20208-0.63%17,372.69259.92
202091.73%17,672.54260.28
2020103.95%18,371.34260.39
2020114.26%19,153.97260.23
2020122.80%19,689.38260.47
202112.49%20,179.95261.58
202120.82%20,345.70263.01
202136.02%21,570.81264.88
202140.76%21,734.80267.05
202151.81%22,128.29269.20
202163.07%22,807.23271.70
202172.19%23,305.61273.00
20218-0.08%23,285.91273.57
202190.45%23,391.21274.31
2021104.74%24,501.06276.59
2021110.27%24,566.09277.95
202112-2.05%24,062.00278.80
20221-2.90%23,363.58281.15
20222-0.89%23,155.05283.72
202230.12%23,182.44287.50
20224-7.87%21,357.35289.11
20225-3.37%20,637.74292.30
202260.46%20,733.64296.31
202276.45%22,070.42296.28
20228-7.28%20,464.26296.17
20229-3.09%19,831.68296.81
2022105.29%20,879.80298.01
2022110.01%20,882.06297.71
2022121.38%21,169.49296.80
202313.15%21,835.69299.17
20232-2.59%21,271.15300.84
202334.00%22,121.19301.84
202340.74%22,284.38303.36
202354.94%23,385.71304.13
202363.88%24,292.15305.11
20237-1.00%24,049.80305.69
20238-0.95%23,820.47307.03
20239-3.04%23,096.97307.79
2023104.60%24,159.83307.67
2023115.18%25,410.16307.05
2023122.91%26,150.06306.75
202414.20%27,248.17308.42
202423.28%28,142.49310.33
20243-1.01%27,858.50312.33
202442.52%28,559.61313.55
202453.55%29,573.65314.07
202462.38%30,277.40314.18
20247-0.97%29,983.52314.54
202482.72%30,799.71314.80
202493.15%31,770.48315.30
2024102.48%32,558.96315.66
2024111.47%33,037.68315.49
202412-0.42%32,899.41315.61
202511.09%33,259.50317.67
20252-5.77%31,340.61319.08
20253-5.42%29,641.57319.80
202548.34%32,113.60320.80
202553.88%33,359.50321.47
202564.53%34,869.78322.56
202571.89%35,528.40323.05
202582.83%36,534.98323.98
202592.40%37,412.92324.80
2025100.17%37,478.25324.80
2025111.76%38,138.41324.12
2025121.21%38,598.79324.05
20261-0.41%38,439.01325.25
20262-3.38%37,141.25326.79
20263-1.09%36,736.88330.21
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 1966. This would result in a final amount of $37,573.29, including dividend reinvestments. In this particular case, dollar-cost average returns are greater than the returns of a lump-sum investment (which ends with $36,736.88).

YearMonthContribution ($)Amount ($)
196614.164.13
196624.167.96
196634.1612.51
196644.1615.83
196654.1619.86
196664.1624.02
196674.1626.54
196684.1629.70
196694.1633.65
1966104.1639.81
1966114.1644.27
1966124.1650.42
196714.1656.61
196724.1662.35
196734.1667.83
196744.1673.46
196754.1676.84
196764.1682.60
196774.1688.36
196784.1694.04
196794.1698.28
1967104.1699.48
1967114.16106.85
1967124.32111.14
19681-106.41
19682-104.75
19683-112.78
19684-115.66
19685-119.06
19686-119.12
19687-116.82
19688-120.92
19689-124.20
196810-126.42
196811-128.04
196812-122.94
19691-122.65
19692-120.30
19693-123.04
19694-127.36
19695-121.03
19696-115.94
19697-115.61
19698-116.34
19699-117.90
196910-119.08
196911-113.09
196912-112.43
19701-108.83
19702-111.02
19703-107.97
19704-95.88
19705-95.62
19706-96.12
19707-99.25
19708-105.52
19709-108.15
197010-108.38
197011-116.13
197012-120.91
19711-125.93
19712-129.49
19713-134.25
19714-132.76
19715-130.64
19716-130.04
19717-128.07
19718-131.25
19719-128.80
197110-123.17
197111-132.00
197112-137.83
19721-140.71
19722-144.40
19723-146.21
19724-145.08
19725-145.83
19726-145.09
19727-150.58
19728-148.76
19729-149.38
197210-157.23
197211-160.87
197212-162.46
19731-157.06
19732-154.94
19733-152.41
19734-148.50
19735-145.54
19736-147.30
19737-144.89
19738-147.78
19739-154.04
197310-143.49
197311-133.72
197312-136.00
19741-132.63
19742-138.70
19743-132.02
19744-128.45
19745-129.03
19746-114.39
19747-110.09
19748-99.06
19749-101.42
197410-105.21
197411-98.80
197412-107.33
19751-118.93
19752-124.85
19753-126.71
19754-135.21
19755-139.13
19756-139.73
19757-129.95
19758-128.84
19759-135.25
197510-138.01
197511-136.38
197512-149.40
19761-155.64
19762-156.89
19763-158.61
19764-158.00
19765-159.42
19766-163.67
19767-162.76
19768-166.72
19769-161.54
197610-160.95
197611-167.04
197612-166.15
19771-162.21
19772-162.12
19773-160.19
19774-160.29
19775-161.73
19776-163.81
19777-160.40
19778-158.52
19779-155.03
197710-156.55
197711-156.43
197712-151.13
19781-149.66
19782-150.05
19783-157.30
19784-165.96
19785-167.08
19786-166.97
19787-179.21
19788-179.93
19789-174.94
197810-165.42
197811-168.60
197812-175.66
19791-173.80
19792-177.87
19793-182.20
19794-178.75
19795-183.07
19796-185.67
19797-194.98
19798-197.98
19799-191.35
197910-190.73
197911-199.13
197912-205.73
19801-214.77
19802-195.92
19803-193.64
19804-203.39
19805-217.35
19806-228.15
19807-236.15
19808-242.84
19809-250.92
198010-262.50
198011-259.23
198012-259.26
19811-251.30
19812-261.71
19813-265.09
19814-260.81
19815-263.04
19816-257.74
19817-259.81
19818-238.24
19819-242.35
198110-249.73
198111-252.67
198112-240.54
19821-235.93
19822-229.46
19823-242.01
19824-243.39
19825-230.56
19826-231.12
19827-232.95
19828-261.13
19829-284.33
198210-297.12
198211-301.15
198212-312.97
19831-319.64
19832-331.99
19833-345.93
19834-361.23
19835-367.57
19836-370.17
19837-361.26
19838-373.23
19839-375.65
198310-371.36
198311-370.88
198312-376.73
19841-357.47
19842-359.05
19843-360.87
19844-359.96
19845-353.31
19846-350.10
19847-382.33
19848-387.71
19849-386.11
198410-391.08
198411-388.31
198412-406.55
19851-430.08
19852-428.02
19853-432.41
19854-444.24
19855-455.39
19856-465.62
19857-457.03
19858-448.42
19859-455.12
198510-484.34
198511-509.99
198512-513.82
19861-543.10
19862-576.67
19863-592.48
19864-595.40
19865-614.05
19866-602.97
19867-616.73
19868-601.58
19869-601.04
198610-622.27
198611-632.91
198612-675.14
19871-718.77
19872-750.23
19873-743.80
19874-745.09
19875-778.60
19876-802.91
19877-854.73
19878-828.83
19879-730.58
198710-640.70
198711-632.14
198712-658.99
19881-680.92
19882-702.93
19883-696.70
19884-681.46
19885-722.33
19886-720.12
19887-707.74
19888-721.38
19889-748.80
198810-733.68
198811-750.74
198812-777.11
19891-802.76
19892-801.46
19893-830.03
19894-864.19
19895-893.51
19896-918.53
19897-961.61
19898-965.99
19899-968.76
198910-951.19
198911-977.22
198912-955.61
19901-931.46
19902-956.68
19903-958.55
19904-995.47
19905-1,027.02
19906-1,028.76
19907-947.89
19908-906.74
19909-885.74
199010-912.17
199011-954.01
199012-947.47
19911-1,057.45
19912-1,089.64
19913-1,114.25
19914-1,112.26
19915-1,116.12
19916-1,124.83
19917-1,154.96
19918-1,151.46
19919-1,153.56
199110-1,153.74
199111-1,164.53
199112-1,250.21
19921-1,242.70
19922-1,230.12
19923-1,233.37
19924-1,258.88
19925-1,242.15
19926-1,265.90
19927-1,277.82
19928-1,282.66
19929-1,267.49
199210-1,302.44
199211-1,345.04
199212-1,346.96
19931-1,370.19
19932-1,399.65
19933-1,380.87
19934-1,390.88
19935-1,402.91
19936-1,403.77
19937-1,428.51
19938-1,447.87
19939-1,465.85
199310-1,465.96
199311-1,478.96
199312-1,504.64
19941-1,503.50
19942-1,482.09
19943-1,432.49
19944-1,447.65
19945-1,463.69
19946-1,456.10
19947-1,500.98
19948-1,513.25
19949-1,506.53
199410-1,500.96
199411-1,485.56
199412-1,521.97
19951-1,580.10
19952-1,620.52
19953-1,672.63
19954-1,728.63
19955-1,783.57
19956-1,846.84
19957-1,856.32
19958-1,925.33
19959-1,942.90
199510-1,988.72
199511-2,056.12
199512-2,059.46
19961-2,181.06
19962-2,176.68
19963-2,180.97
19964-2,232.33
19965-2,260.87
19966-2,182.27
19967-2,249.39
19968-2,294.92
19969-2,389.45
199610-2,510.17
199611-2,540.25
199612-2,623.00
19971-2,737.39
19972-2,720.32
19973-2,627.69
19974-2,869.90
19975-3,023.06
19976-3,196.46
19977-3,207.58
19978-3,245.82
19979-3,299.22
199710-3,261.21
199711-3,347.13
199712-3,355.07
19981-3,569.87
19982-3,759.53
19983-3,887.57
19984-3,878.94
19985-3,883.46
19986-4,056.96
19987-3,774.15
19988-3,589.27
19989-3,635.61
199810-4,034.59
199811-4,200.17
199812-4,412.19
19991-4,409.24
19992-4,538.15
19993-4,731.02
19994-4,726.34
19995-4,697.43
19996-4,909.87
19997-4,724.55
19998-4,696.29
19999-4,636.54
199910-4,966.01
199911-5,105.49
199912-5,099.42
20001-4,973.05
20002-5,169.03
20003-5,242.67
20004-5,093.85
20005-5,254.99
20006-5,299.67
20007-5,349.48
20008-5,291.72
20009-5,015.80
200010-4,977.05
200011-4,811.81
200012-4,833.70
20011-4,730.44
20012-4,300.92
20013-4,320.22
20014-4,617.42
20015-4,507.13
20016-4,387.23
20017-4,297.47
20018-3,814.12
20019-3,935.56
200110-4,134.43
200111-4,195.05
200112-4,182.56
20021-4,042.33
20022-4,242.23
20023-4,093.14
20024-3,977.70
20025-3,742.18
20026-3,339.58
20027-3,377.61
20028-3,216.91
20029-3,172.93
200210-3,383.16
200211-3,348.14
200212-3,340.69
20031-3,126.39
20032-3,167.28
20033-3,334.70
20034-3,511.85
20035-3,712.17
20036-3,734.29
20037-3,728.08
20038-3,845.93
20039-3,923.92
200310-3,971.42
200311-4,093.10
200312-4,295.09
20041-4,341.76
20042-4,273.81
20043-4,315.18
20044-4,204.53
20045-4,324.68
20046-4,227.86
20047-4,169.20
20048-4,285.21
20049-4,289.61
200410-4,494.39
200411-4,616.97
200412-4,554.68
20051-4,631.25
20052-4,619.41
20053-4,508.14
20054-4,568.36
20055-4,667.98
20056-4,752.37
20057-4,767.10
20058-4,780.43
20059-4,654.99
200510-4,839.40
200511-4,943.16
200512-5,015.66
20061-5,014.83
20062-5,089.36
20063-5,129.99
20064-5,089.63
20065-4,951.92
20066-4,987.57
20067-5,101.88
20068-5,231.01
20069-5,420.16
200610-5,528.65
200611-5,647.42
200612-5,686.55
20071-5,777.31
20072-5,634.39
20073-5,869.92
20074-6,069.01
20075-6,089.94
20076-6,124.94
20077-5,867.62
20078-6,048.04
20079-6,228.97
200710-5,929.59
200711-6,003.01
200712-5,604.70
20081-5,517.04
20082-5,372.13
20083-5,600.11
20084-5,743.62
20085-5,499.71
20086-5,165.41
20087-5,274.43
20088-5,018.75
20089-4,005.29
200810-3,660.62
200811-3,647.76
200812-3,607.80
20091-3,365.98
20092-3,174.55
20093-3,565.71
20094-3,803.18
20095-3,912.28
20096-3,962.27
20097-4,284.03
20098-4,440.42
20099-4,547.12
200910-4,642.36
200911-4,745.69
200912-4,810.09
20101-4,670.67
20102-4,948.25
20103-5,150.53
20104-4,847.55
20105-4,675.78
20106-4,668.34
20107-4,708.65
20108-4,867.39
20109-5,090.19
201010-5,216.99
201011-5,410.73
201012-5,598.06
20111-5,774.45
20112-5,710.21
20113-5,837.03
20114-5,875.51
20115-5,660.31
20116-5,835.88
20117-5,228.91
20118-5,187.64
20119-5,344.25
201110-5,438.69
201111-5,523.25
201112-5,787.40
20121-6,028.31
20122-6,202.16
20123-6,199.79
20124-6,008.16
20125-5,938.92
20126-6,112.40
20127-6,319.47
20128-6,510.39
20129-6,496.25
201210-6,311.92
201211-6,449.24
201212-6,724.54
20131-6,881.43
20132-7,068.77
20133-7,171.54
20134-7,499.58
20135-7,415.75
20136-7,657.10
20137-7,676.44
20138-7,767.97
20139-7,932.46
201310-8,238.66
201311-8,364.02
201312-8,444.97
20141-8,433.99
20142-8,663.58
20143-8,681.06
20144-8,814.06
20145-9,095.78
20146-9,231.84
20147-9,192.42
20148-9,355.87
20149-9,108.26
201410-9,627.94
201411-9,688.97
201412-9,581.42
20151-9,852.33
20152-9,857.78
20153-9,944.37
20154-10,041.72
20155-9,997.99
20156-9,990.03
20157-9,747.83
20158-9,308.48
20159-9,710.34
201510-9,995.09
201511-9,884.85
201512-9,250.28
20161-9,199.41
20162-9,784.75
20163-10,061.78
20164-10,031.15
20165-10,138.14
20166-10,472.43
20167-10,598.03
20168-10,551.54
20169-10,498.15
201610-10,624.25
201611-11,043.47
201612-11,202.24
20171-11,490.86
20172-11,691.86
20173-11,673.86
20174-11,871.42
20175-12,082.31
20176-12,201.67
20177-12,231.91
20178-12,434.13
20179-12,774.18
201710-12,977.23
201711-13,351.43
201712-14,000.56
20181-13,596.41
20182-13,605.19
20183-13,378.81
20184-13,641.25
20185-13,929.48
20186-14,149.67
20187-14,496.45
20188-14,739.96
20189-14,172.62
201810-13,878.38
201811-13,106.39
201812-13,333.87
20191-14,111.09
20192-14,385.98
20193-14,921.60
20194-14,693.03
20195-14,899.43
20196-15,469.68
20197-14,984.80
20198-15,447.12
20199-15,448.63
201910-16,133.57
201911-16,531.96
201912-17,085.19
20201-17,106.05
20202-13,869.97
20203-14,468.96
20204-15,320.81
20205-16,317.93
20206-16,885.21
20207-17,880.34
20208-17,768.23
20209-18,074.91
202010-18,789.61
202011-19,590.06
202012-20,137.66
20211-20,639.40
20212-20,808.92
20213-22,061.93
20214-22,229.65
20215-22,632.10
20216-23,326.50
20217-23,836.22
20218-23,816.08
20219-23,923.77
202110-25,058.89
202111-25,125.40
202112-24,609.84
20221-23,895.52
20222-23,682.23
20223-23,710.25
20224-21,843.61
20225-21,107.61
20226-21,205.69
20227-22,572.91
20228-20,930.19
20229-20,283.20
202210-21,355.18
202211-21,357.50
202212-21,651.48
20231-22,332.84
20232-21,755.44
20233-22,624.84
20234-22,791.74
20235-23,918.15
20236-24,845.23
20237-24,597.36
20238-24,362.81
20239-23,622.83
202310-24,709.89
202311-25,988.69
202312-26,745.44
20241-27,868.55
20242-28,783.23
20243-28,492.77
20244-29,209.85
20245-30,246.97
20246-30,966.75
20247-30,666.18
20248-31,500.95
20249-32,493.82
202410-33,300.25
202411-33,789.87
202412-33,648.45
20251-34,016.74
20252-32,054.17
20253-30,316.44
20254-32,844.75
20255-34,119.02
20256-35,663.68
20257-36,337.30
20258-37,366.80
20259-38,264.72
202510-38,331.55
202511-39,006.74
202512-39,477.59
20261-39,314.18
20262-37,986.88
20263-37,573.29
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 1966 to 2026
Start Value
Average monthly close
$93.32
End Value
Average monthly close
$6,575.32
Change in price +6,945.99%
+7.35% / yr
Change incl. dividends +36,636.88%
+10.30% / yr
Change incl. dividends, inflation-adjusted +3,474.18%
+6.12% / yr
Final amount, nominal
($100 base)
$36,736.88
Final amount, inflation-adjusted
($100 base)
$3,574.18