S&P 500: $10000 in 1970 → $2,378,939.99 in 2023

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Stock market returns between 1970 and 2023

If you invested $10000 in the S&P 500 at the beginning of 1970, you would have about $2,378,939.99 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 23,689.40%, or 10.66% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 2,929.28% cumulatively, or 6.52% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $2,304,774.47.

The graph below shows the performance of $10000 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 $10000 is $2,368,939.99, or 23,689.40%. This means by 2023 you would have $2,378,939.99 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 1970 was 38.800 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 53 years.

Adjusted for inflation, the $2,378,939.99 nominal end value of the original $10000 investment would have a real return of roughly $292,928.18 in 1970 dollars. This means the inflation-adjusted return is 2,929.28% as opposed to the original 23,689.40%.

For more information on inflation, see our U.S. inflation calculator for 1970.

Full monthly data

The table below shows the full dataset pertaining to a $10000 investment, including gains and losses over the 648-month period between 1970 and 2023.

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

YearMonthReturn (%)Amount ($)CPI
19701-3.20%9,680.3937.80
197022.01%9,875.1938.00
19703-2.75%9,603.8538.20
19704-11.20%8,528.3138.50
19705-0.27%8,505.2938.60
197060.52%8,549.7438.80
197073.26%8,828.1039.00
197086.32%9,386.1539.00
197092.49%9,619.8239.20
1970100.21%9,639.7139.40
1970117.16%10,329.7539.60
1970124.11%10,754.3739.80
197114.15%11,200.8039.80
197122.83%11,517.9839.90
197133.67%11,941.1440.00
19714-1.11%11,808.8540.10
19715-1.60%11,620.3940.30
19716-0.46%11,566.6040.60
19717-1.52%11,391.1240.70
197182.49%11,674.3540.80
19719-1.86%11,456.7740.80
197110-4.37%10,955.9440.90
1971117.16%11,740.7840.90
1971124.42%12,260.0241.10
197212.09%12,515.8841.10
197222.62%12,843.7541.30
197231.26%13,005.4441.40
19724-0.78%12,904.5341.50
197250.52%12,971.1341.60
19726-0.50%12,905.7741.70
197273.78%13,394.0941.90
19728-1.21%13,231.9642.00
197290.42%13,287.1942.10
1972105.25%13,985.3342.30
1972112.31%14,308.6042.40
1972120.99%14,450.1642.50
19731-3.33%13,969.6842.60
19732-1.35%13,781.7442.90
19733-1.63%13,556.6443.30
19734-2.57%13,208.2743.60
19735-1.99%12,945.4543.90
197361.21%13,102.1244.20
19737-1.64%12,887.8544.30
197382.00%13,145.0045.10
197394.24%13,701.7345.20
197310-6.85%12,762.7745.60
197311-6.81%11,894.2345.90
1973121.70%12,096.4846.20
19741-2.47%11,797.3546.60
197424.57%12,337.0447.20
19743-4.82%11,742.8147.80
19744-2.71%11,425.0848.00
197450.46%11,477.3248.60
19746-11.35%10,175.0149.00
19747-3.76%9,791.9449.40
19748-10.01%8,811.4250.00
197492.38%9,020.8650.60
1974103.74%9,358.5551.10
197411-6.09%8,788.4451.50
1974128.63%9,547.1351.90
1975110.81%10,578.9452.10
197524.97%11,105.1052.50
197531.49%11,270.2352.70
197546.71%12,026.7652.90
197552.89%12,374.8953.20
197560.43%12,428.3553.60
19757-7.00%11,558.8354.20
19758-0.85%11,460.2754.30
197594.97%12,029.9954.60
1975102.04%12,275.6154.90
197511-1.18%12,130.8055.30
1975129.55%13,288.7255.50
197614.18%13,843.9455.60
197620.80%13,955.0355.80
197631.10%14,107.9055.90
19764-0.38%14,053.8356.10
197650.90%14,180.3956.50
197662.67%14,558.3556.80
19767-0.56%14,476.7357.10
197682.44%14,829.6657.40
19769-3.11%14,368.7257.60
197610-0.37%14,316.0457.90
1976113.79%14,858.1258.00
197612-0.54%14,778.2958.20
19771-2.37%14,428.2558.50
19772-0.05%14,420.4359.10
19773-1.19%14,248.3059.50
197740.06%14,257.4960.00
197750.90%14,385.7860.30
197761.28%14,570.2760.70
19777-2.08%14,267.4161.00
19778-1.18%14,099.7261.20
19779-2.20%13,789.8261.40
1977100.98%13,925.1261.60
197711-0.08%13,913.9661.90
197712-3.39%13,442.2362.10
19781-0.97%13,311.5762.50
197820.27%13,346.9462.90
197834.83%13,991.5963.40
197845.50%14,761.7363.90
197850.67%14,861.1664.50
19786-0.06%14,851.9165.20
197877.33%15,940.2765.70
197880.40%16,003.9966.00
19789-2.77%15,560.1266.50
197810-5.44%14,714.0167.10
1978111.92%14,996.9467.40
1978124.19%15,624.6067.70
19791-1.06%15,459.4668.30
197922.34%15,821.3969.10
197932.43%16,205.9969.80
19794-1.89%15,899.2170.60
197952.42%16,283.5971.50
197961.42%16,514.9672.30
197975.01%17,343.0773.10
197981.54%17,610.2473.80
19799-3.35%17,019.8574.60
197910-0.32%16,964.9775.20
1979114.40%17,712.1175.90
1979123.31%18,298.8276.70
198014.40%19,103.2077.80
19802-8.78%17,426.3678.90
19803-1.16%17,223.8680.10
198045.04%18,091.2781.00
198056.86%19,332.8281.80
198064.97%20,293.5682.70
198073.50%21,004.7882.70
198082.84%21,600.4483.30
198093.32%22,318.6084.00
1980104.61%23,348.5484.80
198011-1.24%23,057.9085.50
1980120.01%23,060.2086.30
19811-3.07%22,352.2187.00
198124.14%23,278.3387.90
198131.29%23,579.5188.50
19814-1.62%23,198.1689.10
198150.86%23,397.1189.80
19816-2.02%22,925.3690.60
198170.80%23,109.3591.60
19818-8.30%21,190.6692.30
198191.73%21,556.6793.20
1981103.04%22,212.8093.40
1981111.18%22,474.7793.70
198112-4.80%21,395.0594.00
19821-1.91%20,985.5894.30
19822-2.74%20,409.6294.60
198235.47%21,525.8894.50
198240.57%21,648.5094.90
19825-5.27%20,507.4995.80
198260.24%20,557.5097.00
198270.79%20,720.7297.50
1982812.10%23,227.1897.70
198298.88%25,290.0897.90
1982104.50%26,428.1198.20
1982111.36%26,786.3498.00
1982123.93%27,837.9197.60
198312.13%28,430.8697.80
198323.87%29,529.8997.90
198334.20%30,769.3797.90
198344.42%32,130.6198.60
198351.75%32,694.0299.20
198360.71%32,925.5499.50
19837-2.41%32,132.9699.90
198383.31%33,197.80100.20
198390.65%33,412.89100.70
198310-1.14%33,031.51101.00
198311-0.13%32,989.19101.20
1983121.58%33,509.08101.30
19841-5.11%31,796.03101.90
198420.44%31,936.69102.40
198430.51%32,098.67102.60
19844-0.25%32,017.60103.10
19845-1.85%31,425.81103.40
19846-0.91%31,140.33103.70
198479.21%34,007.28104.10
198481.41%34,485.75104.50
19849-0.41%34,343.53105.00
1984101.29%34,785.15105.30
198411-0.71%34,539.03105.30
1984124.70%36,161.52105.30
198515.79%38,254.32105.50
19852-0.48%38,071.34106.00
198531.02%38,461.47106.40
198542.74%39,513.63106.90
198552.51%40,505.81107.30
198562.25%41,416.06107.60
19857-1.85%40,651.81107.80
19858-1.88%39,885.52108.00
198591.50%40,482.03108.30
1985106.42%43,081.19108.70
1985115.29%45,362.13109.00
1985120.75%45,703.13109.30
198615.70%48,306.95109.60
198626.18%51,293.66109.30
198632.74%52,699.84108.80
198640.49%52,959.03108.60
198653.13%54,618.36108.90
19866-1.80%53,633.10109.50
198672.28%54,856.39109.50
19868-2.46%53,508.99109.70
19869-0.09%53,460.90110.20
1986103.53%55,349.64110.30
1986111.71%56,295.53110.40
1986126.67%60,052.34110.50
198716.46%63,932.85111.20
198724.38%66,730.82111.60
19873-0.86%66,159.33112.10
198740.17%66,273.67112.70
198754.50%69,254.95113.10
198763.12%71,417.16113.50
198776.45%76,026.43113.80
19878-3.03%73,722.51114.40
19879-11.85%64,983.53115.00
198710-12.30%56,988.33115.30
198711-1.33%56,227.71115.40
1987124.25%58,615.45115.40
198813.33%60,566.50115.70
198823.23%62,524.05116.00
19883-0.89%61,970.07116.50
19884-2.19%60,614.00117.10
198856.00%64,249.75117.50
19886-0.31%64,052.55118.00
19887-1.72%62,951.82118.50
198881.93%64,165.00119.00
198893.80%66,604.31119.80
198810-2.02%65,258.74120.20
1988112.33%66,776.63120.30
1988123.51%69,122.26120.50
198913.30%71,403.19121.10
19892-0.16%71,287.76121.60
198933.56%73,829.03122.30
198944.12%76,867.32123.10
198953.39%79,475.14123.80
198962.80%81,700.58124.10
198974.69%85,532.95124.40
198980.46%85,922.59124.60
198990.29%86,168.54125.00
198910-1.81%84,605.83125.60
1989112.74%86,921.25125.90
198912-2.21%84,999.22126.10
19901-2.53%82,851.13127.40
199022.71%85,094.05128.00
199030.20%85,260.83128.70
199043.85%88,544.16128.90
199053.17%91,350.97129.20
199060.17%91,506.01129.90
19907-7.86%84,312.52130.40
19908-4.34%80,652.46131.60
19909-2.32%78,784.73132.70
1990102.98%81,135.53133.50
1990114.59%84,856.89133.80
199012-0.69%84,275.48133.80
1991111.61%94,057.14134.60
199123.04%96,920.82134.80
199132.26%99,110.10135.00
19914-0.18%98,932.81135.20
199150.35%99,276.12135.60
199160.78%100,050.96136.00
199172.68%102,731.26136.20
19918-0.30%102,419.88136.60
199190.18%102,605.92137.20
1991100.02%102,622.12137.40
1991110.94%103,581.78137.80
1991127.36%111,203.36137.90
19921-0.60%110,535.20138.10
19922-1.01%109,416.16138.60
199230.26%109,705.35139.30
199242.07%111,974.45139.50
19925-1.33%110,486.17139.70
199261.91%112,598.81140.20
199270.94%113,659.18140.50
199280.38%114,089.02140.90
19929-1.18%112,740.43141.30
1992102.76%115,848.57141.80
1992113.27%119,638.21142.00
1992120.14%119,809.16141.90
199311.72%121,874.97142.60
199322.15%124,495.47143.10
19933-1.34%122,825.06143.60
199340.72%123,715.20144.00
199350.87%124,785.56144.20
199360.06%124,861.68144.40
199371.76%127,062.33144.40
199381.35%128,783.99144.80
199391.24%130,383.36145.10
1993100.01%130,393.20145.70
1993110.89%131,550.02145.80
1993121.74%133,833.57145.80
19941-0.08%133,732.26146.20
19942-1.42%131,828.16146.70
19943-3.35%127,416.69147.20
199441.06%128,765.07147.40
199451.11%130,191.90147.50
19946-0.52%129,516.37148.00
199473.08%133,508.17148.40
199480.82%134,599.55149.00
19949-0.44%134,001.92149.40
199410-0.37%133,506.27149.50
199411-1.03%132,136.88149.70
1994122.45%135,375.79149.70
199513.82%140,545.92150.30
199522.56%144,141.32150.90
199533.22%148,776.26151.40
199543.35%153,756.93151.90
199553.18%158,643.98152.20
199563.55%164,271.84152.50
199570.51%165,114.76152.50
199583.72%171,253.17152.90
199590.91%172,815.97153.20
1995102.36%176,891.64153.70
1995113.39%182,886.74153.60
1995120.16%183,184.08153.50
199615.90%193,999.99154.40
19962-0.20%193,610.63154.90
199630.20%193,992.13155.70
199642.35%198,560.30156.30
199651.28%201,099.08156.60
19966-3.48%194,107.74156.70
199673.08%200,078.02157.00
199682.02%204,127.05157.30
199694.12%212,536.06157.80
1996105.05%223,273.56158.30
1996111.20%225,948.88158.60
1996123.26%233,309.26158.60
199714.36%243,484.25159.10
19972-0.62%241,965.68159.60
19973-3.41%233,726.15160.00
199749.22%255,270.63160.20
199755.34%268,893.98160.10
199765.74%284,317.54160.30
199770.35%285,306.36160.50
199781.19%288,707.24160.80
199791.65%293,457.56161.20
199710-1.15%290,076.80161.60
1997112.63%297,719.21161.50
1997120.24%298,425.07161.30
199816.40%317,530.71161.60
199825.31%334,400.71161.90
199833.41%345,789.32162.20
19984-0.22%345,022.16162.50
199850.12%345,423.96162.80
199864.47%360,856.35163.00
19987-6.97%335,701.03163.20
19988-4.90%319,256.88163.40
199891.29%323,378.03163.60
19981010.97%358,866.78164.00
1998114.10%373,595.04164.00
1998125.05%392,452.95163.90
19991-0.07%392,191.15164.30
199922.92%403,656.89164.50
199934.25%420,812.40165.00
19994-0.10%420,396.51166.20
19995-0.61%417,824.66166.20
199964.52%436,720.31166.20
19997-3.77%420,236.80166.70
19998-0.60%417,723.71167.10
19999-1.27%412,408.30167.90
1999107.11%441,713.82168.20
1999112.81%454,120.38168.30
199912-0.12%453,580.28168.30
20001-2.48%442,340.21168.80
200023.94%459,772.63169.80
200031.42%466,322.85171.20
20004-2.84%453,084.91171.30
200053.16%467,418.16171.50
200060.85%471,392.81172.40
200070.94%475,822.54172.80
20008-1.08%470,685.32172.80
20009-5.21%446,142.71173.70
200010-0.77%442,695.97174.00
200011-3.32%427,998.14174.10
2000120.46%429,945.56174.00
20011-2.14%420,760.82175.10
20012-9.08%382,556.14175.80
200130.45%384,272.65176.20
200146.88%410,708.04176.90
20015-2.39%400,897.66177.70
20016-2.66%390,232.87178.00
20017-2.05%382,249.33177.50
20018-11.25%339,256.51177.50
200193.18%350,058.54178.30
2001105.05%367,747.51177.70
2001111.47%373,138.87177.40
200112-0.30%372,028.08176.70
20021-3.35%359,554.83177.10
200224.95%377,335.79177.80
20023-3.51%364,074.58178.80
20024-2.82%353,806.33179.80
20025-5.92%332,857.60179.80
20026-10.76%297,047.12179.90
200271.14%300,429.86180.10
20028-4.76%286,136.22180.70
20029-1.37%282,224.62181.00
2002106.63%300,923.63181.30
200211-1.04%297,808.88181.30
200212-0.22%297,146.21180.90
20031-6.41%278,084.76181.70
200321.31%281,721.83183.10
200335.29%296,613.25184.20
200345.31%312,369.97183.80
200355.70%330,188.13183.50
200360.60%332,155.73183.70
20037-0.17%331,603.27183.90
200383.16%342,085.85184.60
200392.03%349,022.77185.20
2003101.21%353,247.99185.00
2003113.06%364,070.84184.50
2003124.93%382,037.59184.30
200411.09%386,189.05185.20
20042-1.57%380,144.43186.20
200430.97%383,824.75187.40
20044-2.56%373,982.51188.00
200452.86%384,669.72189.10
20046-2.24%376,057.81189.70
20047-1.39%370,839.75189.40
200482.78%381,158.83189.50
200490.10%381,549.88189.90
2004104.77%399,764.67190.90
2004112.73%410,668.04191.00
200412-1.35%405,127.22190.30
200511.68%411,938.25190.70
20052-0.26%410,885.38191.80
20053-2.41%400,987.49193.30
200541.34%406,344.16194.60
200552.18%415,205.30194.40
200561.81%422,711.34194.50
200570.31%424,021.82195.40
200580.28%425,207.77196.40
20059-2.62%414,049.39198.80
2005103.96%430,452.13199.20
2005112.14%439,681.59197.60
2005121.47%446,130.71196.80
20061-0.02%446,056.47198.30
200621.49%452,685.48198.70
200630.80%456,299.41199.80
20064-0.79%452,710.00201.50
20065-2.71%440,460.60202.50
200660.72%443,632.10202.90
200672.29%453,799.08203.50
200682.53%465,285.52203.90
200693.62%482,109.84202.90
2006102.00%491,759.96201.80
2006112.15%502,324.27201.50
2006120.69%505,804.50201.80
200711.60%513,877.39202.42
20072-2.47%501,164.62203.50
200734.18%522,114.60205.35
200743.39%539,823.44206.69
200750.34%541,685.30207.95
200760.57%544,797.93208.35
20077-4.20%521,910.38208.30
200783.07%537,957.79207.92
200792.99%554,051.51208.49
200710-4.81%527,422.08208.94
2007111.24%533,952.73210.18
200712-6.64%498,523.91210.04
20081-1.56%490,727.17211.08
20082-2.63%477,837.55211.69
200834.24%498,116.03213.53
200842.56%510,880.77214.82
20085-4.25%489,185.80216.63
20086-6.08%459,450.78218.82
200872.11%469,147.65219.96
20088-4.85%446,405.55219.09
20089-20.19%356,260.27218.78
200810-8.61%325,602.83216.57
200811-0.35%324,459.26212.43
200812-1.10%320,904.62210.23
20091-6.70%299,395.97211.14
20092-5.69%282,368.01212.19
2009312.32%317,160.69212.71
200946.66%338,283.03213.24
200952.87%347,987.90213.86
200961.28%352,433.94215.69
200978.12%381,054.20215.35
200983.65%394,963.99215.83
200992.40%404,455.40215.97
2009102.09%412,926.02216.18
2009112.23%422,117.16216.33
2009121.36%427,845.15215.95
20101-2.90%415,444.18216.69
201025.94%440,134.17216.74
201034.09%458,126.55217.63
20104-5.88%431,177.73218.01
20105-3.54%415,898.67218.18
20106-0.16%415,237.09217.97
201070.86%418,823.12218.01
201083.37%432,942.30218.31
201094.58%452,759.96218.44
2010102.49%464,037.82218.71
2010113.71%481,270.96218.80
2010123.46%497,933.49219.18
201113.15%513,622.70220.22
20112-1.11%507,908.85221.31
201132.22%519,189.41223.47
201140.66%522,612.09224.91
20115-3.66%503,470.90225.96
201163.10%519,087.24225.72
20117-10.40%465,098.81225.92
20118-0.79%461,428.04226.55
201193.02%475,358.12226.89
2011101.77%483,758.28226.42
2011111.55%491,279.51226.23
2011124.78%514,775.24225.67
201214.16%536,203.32226.67
201222.88%551,666.55227.66
20123-0.04%551,455.76229.39
20124-3.09%534,410.52230.09
20125-1.15%528,251.92229.82
201262.92%543,682.61229.48
201273.39%562,100.95229.10
201283.02%579,082.96230.38
20129-0.22%577,825.57231.41
201210-2.84%561,429.80231.32
2012112.18%573,643.90230.22
2012124.27%598,131.39229.60
201312.33%612,085.93230.28
201322.72%628,749.69232.17
201331.45%637,890.40232.77
201344.57%667,069.22232.53
20135-1.12%659,612.89232.95
201363.25%681,079.84233.50
201370.25%682,799.76233.60
201381.19%690,941.92233.88
201392.12%705,572.96234.15
2013103.86%732,808.04233.55
2013111.52%743,958.90233.07
2013120.97%751,158.99233.05
20141-0.13%750,182.21233.92
201422.72%770,604.19234.78
201430.20%772,158.69236.29
201441.53%783,988.43237.07
201453.20%809,047.19237.90
201461.50%821,149.09238.34
20147-0.43%817,643.19238.25
201481.78%832,181.16237.85
20149-2.65%810,156.79238.03
2014105.71%856,381.52237.43
2014110.63%861,810.02236.15
201412-1.11%852,243.53234.81
201512.83%876,339.85233.71
201520.06%876,825.02234.72
201530.88%884,527.14236.12
201540.98%893,185.81236.60
20155-0.44%889,295.99237.81
20156-0.08%888,587.84238.64
20157-2.42%867,044.94238.65
20158-4.51%827,966.39238.32
201594.32%863,710.69237.95
2015102.93%889,038.75237.84
201511-1.10%879,232.92237.34
201512-6.42%822,789.49236.53
20161-0.55%818,264.90236.92
201626.36%870,328.86237.11
201632.83%894,970.14238.13
20164-0.30%892,246.16239.26
201651.07%901,761.88240.23
201663.30%931,496.92241.02
201671.20%942,667.97240.63
20168-0.44%938,532.75240.85
20169-0.51%933,783.96241.43
2016101.20%945,000.20241.73
2016113.95%982,289.57241.35
2016121.44%996,411.30241.43
201712.58%1,022,083.30242.84
201721.75%1,039,962.16243.60
20173-0.15%1,038,360.57243.80
201741.69%1,055,933.51244.52
201751.78%1,074,691.41244.73
201760.99%1,085,308.11244.96
201770.25%1,087,997.56244.79
201781.65%1,105,985.03245.52
201792.73%1,136,231.50246.82
2017101.59%1,154,292.68246.66
2017112.88%1,187,576.55246.67
2017124.86%1,245,315.31246.52
20181-2.89%1,209,366.97247.87
201820.06%1,210,147.95248.99
20183-1.66%1,190,011.43249.55
201841.96%1,213,354.95250.55
201852.11%1,238,992.77251.59
201861.58%1,258,578.05251.99
201872.45%1,289,423.34252.01
201881.68%1,311,082.40252.15
20189-3.85%1,260,619.02252.44
201810-2.08%1,234,447.20252.89
201811-5.56%1,165,780.93252.04
2018121.74%1,186,014.65251.23
201915.83%1,255,146.28251.71
201921.95%1,279,596.81252.78
201933.72%1,327,239.01254.20
20194-1.53%1,306,908.51255.55
201951.40%1,325,267.30256.09
201963.83%1,375,989.84256.14
20197-3.13%1,332,860.62256.57
201983.09%1,373,982.40256.56
201990.01%1,374,117.09256.76
2019104.43%1,435,041.21257.35
2019112.47%1,470,476.97257.21
2019123.35%1,519,684.97256.97
202010.12%1,521,540.16257.97
20202-18.92%1,233,699.62258.68
202034.32%1,286,978.35258.12
202045.89%1,362,747.46256.39
202056.51%1,451,438.77256.39
202063.48%1,501,897.10257.80
202075.89%1,590,411.48259.10
20208-0.63%1,580,439.55259.92
202091.73%1,607,717.96260.28
2020103.95%1,671,289.00260.39
2020114.26%1,742,487.26260.23
2020122.80%1,791,195.00260.47
202112.49%1,835,823.14261.58
202120.82%1,850,901.81263.01
202136.02%1,962,353.61264.88
202140.76%1,977,272.04267.05
202151.81%2,013,069.02269.20
202163.07%2,074,834.04271.70
202172.19%2,120,172.52273.00
20218-0.08%2,118,381.00273.57
202190.45%2,127,959.81274.31
2021104.74%2,228,926.06276.59
2021110.27%2,234,841.71277.95
202112-2.05%2,188,983.81278.80
20221-2.90%2,125,447.02281.15
20222-0.89%2,106,475.63283.72
202230.12%2,108,967.63287.50
20224-7.87%1,942,934.30289.11
20225-3.37%1,877,469.36292.30
202260.46%1,886,193.69296.31
202276.45%2,007,804.02296.28
20228-7.28%1,861,688.01296.17
20229-3.09%1,804,139.97296.81
2022105.29%1,899,490.47298.01
2022110.01%1,899,696.33297.71
2022121.38%1,925,844.82296.80
202313.15%1,986,450.61299.17
20232-2.59%1,935,092.38300.84
202334.00%2,012,422.95301.84
202340.74%2,027,268.50303.36
202354.94%2,127,459.89304.13
202363.88%2,209,921.13305.11
20237-1.00%2,187,874.14305.69
20238-0.95%2,167,011.08307.03
20239-3.04%2,101,192.18307.79
2023104.60%2,197,883.24307.67
2023115.18%2,311,629.12307.05
2023122.91%2,378,939.99306.75
Click to show 630 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 $10,000.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $10,000.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1970. This would result in a final amount of $2,304,774.47, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $2,378,939.99).

YearMonthContribution ($)Amount ($)
19701416.66402.13
19702416.66834.00
19703416.661,215.06
19704416.661,447.70
19705416.661,857.88
19706416.662,284.96
19707416.662,788.12
19708416.663,405.94
19709416.663,916.43
197010416.664,340.74
197011416.665,096.65
197012416.665,738.73
19711416.666,409.75
19712416.667,018.60
19713416.667,707.34
19714416.668,032.95
19715416.668,313.71
19716416.668,688.87
19717416.668,966.30
19718416.669,615.15
19719416.669,843.77
197110416.669,810.80
197111416.6610,958.96
197112416.8211,877.80
19721-12,125.69
19722-12,443.33
19723-12,599.98
19724-12,502.22
19725-12,566.74
19726-12,503.42
19727-12,976.51
19728-12,819.44
19729-12,872.95
197210-13,549.32
197211-13,862.52
197212-13,999.67
19731-13,534.16
19732-13,352.08
19733-13,134.00
19734-12,796.49
19735-12,541.86
19736-12,693.65
19737-12,486.06
19738-12,735.19
19739-13,274.57
197310-12,364.88
197311-11,523.41
197312-11,719.36
19741-11,429.56
19742-11,952.42
19743-11,376.71
19744-11,068.90
19745-11,119.51
19746-9,857.79
19747-9,486.67
19748-8,536.71
19749-8,739.63
197410-9,066.79
197411-8,514.46
197412-9,249.49
19751-10,249.13
19752-10,758.89
19753-10,918.87
19754-11,651.82
19755-11,989.09
19756-12,040.89
19757-11,198.48
19758-11,102.99
19759-11,654.95
197510-11,892.91
197511-11,752.61
197512-12,874.43
19761-13,412.35
19762-13,519.97
19763-13,668.07
19764-13,615.69
19765-13,738.31
19766-14,104.48
19767-14,025.41
19768-14,367.33
19769-13,920.76
197610-13,869.72
197611-14,394.90
197612-14,317.57
19771-13,978.44
19772-13,970.87
19773-13,804.10
19774-13,813.00
19775-13,937.29
19776-14,116.03
19777-13,822.61
19778-13,660.14
19779-13,359.91
197710-13,490.99
197711-13,480.18
197712-13,023.16
19781-12,896.57
19782-12,930.83
19783-13,555.39
19784-14,301.52
19785-14,397.85
19786-14,388.88
19787-15,443.32
19788-15,505.05
19789-15,075.02
197810-14,255.29
197811-14,529.39
197812-15,137.49
19791-14,977.50
19792-15,328.14
19793-15,700.76
19794-15,403.54
19795-15,775.94
19796-16,000.09
19797-16,802.39
19798-17,061.22
19799-16,489.24
197910-16,436.07
197911-17,159.92
197912-17,728.33
19801-18,507.65
19802-16,883.08
19803-16,686.89
19804-17,527.26
19805-18,730.10
19806-19,660.89
19807-20,349.94
19808-20,927.02
19809-21,622.80
198010-22,620.62
198011-22,339.05
198012-22,341.28
19811-21,655.36
19812-22,552.61
19813-22,844.39
19814-22,474.94
19815-22,667.68
19816-22,210.64
19817-22,388.90
19818-20,530.02
19819-20,884.62
198110-21,520.29
198111-21,774.10
198112-20,728.04
19821-20,331.33
19822-19,773.33
19823-20,854.80
19824-20,973.59
19825-19,868.16
19826-19,916.60
19827-20,074.74
19828-22,503.05
19829-24,501.64
198210-25,604.19
198211-25,951.26
198212-26,970.04
19831-27,544.50
19832-28,609.27
19833-29,810.11
19834-31,128.91
19835-31,674.76
19836-31,899.06
19837-31,131.19
19838-32,162.83
19839-32,371.22
198310-32,001.73
198311-31,960.72
198312-32,464.40
19841-30,804.76
19842-30,941.03
19843-31,097.96
19844-31,019.42
19845-30,446.09
19846-30,169.50
19847-32,947.07
19848-33,410.63
19849-33,272.84
198410-33,700.70
198411-33,462.25
198412-35,034.16
19851-37,061.71
19852-36,884.44
19853-37,262.40
19854-38,281.76
19855-39,243.00
19856-40,124.88
19857-39,384.45
19858-38,642.06
19859-39,219.97
198510-41,738.10
198511-43,947.93
198512-44,278.30
19861-46,800.94
19862-49,694.53
19863-51,056.87
19864-51,307.99
19865-52,915.59
19866-51,961.04
19867-53,146.19
19868-51,840.80
19869-51,794.21
198610-53,624.07
198611-54,540.47
198612-58,180.16
19871-61,939.69
19872-64,650.42
19873-64,096.75
19874-64,207.53
19875-67,095.87
19876-69,190.67
19877-73,656.24
19878-71,424.14
19879-62,957.61
198710-55,211.67
198711-54,474.77
198712-56,788.06
19881-58,678.29
19882-60,574.80
19883-60,038.10
19884-58,724.30
19885-62,246.70
19886-62,055.66
19887-60,989.24
19888-62,164.60
19889-64,527.86
198810-63,224.24
198811-64,694.81
198812-66,967.32
19891-69,177.14
19892-69,065.31
19893-71,527.35
19894-74,470.91
19895-76,997.43
19896-79,153.49
19897-82,866.39
19898-83,243.87
19899-83,482.16
198910-81,968.17
198911-84,211.40
198912-82,349.30
19901-80,268.18
19902-82,441.17
19903-82,602.75
19904-85,783.72
19905-88,503.02
19906-88,653.23
19907-81,684.00
19908-78,138.05
19909-76,328.55
199010-78,606.05
199011-82,211.40
199012-81,648.12
19911-91,124.83
19912-93,899.23
19913-96,020.26
19914-95,848.50
19915-96,181.10
19916-96,931.78
19917-99,528.52
19918-99,226.85
19919-99,407.09
199110-99,422.79
199111-100,352.53
199112-107,736.50
19921-107,089.17
19922-106,005.02
19923-106,285.20
19924-108,483.55
19925-107,041.67
19926-109,088.45
19927-110,115.75
19928-110,532.20
19929-109,225.64
199210-112,236.89
199211-115,908.38
199212-116,074.01
19931-118,075.41
19932-120,614.21
19933-118,995.88
19934-119,858.27
19935-120,895.26
19936-120,969.01
19937-123,101.05
19938-124,769.04
19939-126,318.55
199310-126,328.08
199311-127,448.84
199312-129,661.20
19941-129,563.04
19942-127,718.30
19943-123,444.36
19944-124,750.70
19945-126,133.06
19946-125,478.58
19947-129,345.93
19948-130,403.29
19949-129,824.29
199410-129,344.09
199411-128,017.40
199412-131,155.33
19951-136,164.28
19952-139,647.59
19953-144,138.03
19954-148,963.43
19955-153,698.11
19956-159,150.52
19957-159,967.16
19958-165,914.21
19959-167,428.28
199510-171,376.89
199511-177,185.09
199512-177,473.15
19961-187,951.87
19962-187,574.65
19963-187,944.26
19964-192,370.01
19965-194,829.64
19966-188,056.27
19967-193,840.41
19968-197,763.21
19969-205,910.06
199610-216,312.81
199611-218,904.73
199612-226,035.64
19971-235,893.42
19972-234,422.19
19973-226,439.54
19974-247,312.35
19975-260,510.98
19976-275,453.69
19977-276,411.69
19978-279,706.54
19979-284,308.76
199710-281,033.40
199711-288,437.55
199712-289,121.41
19981-307,631.42
19982-323,975.48
19983-335,009.03
19984-334,265.79
19985-334,655.07
19986-349,606.34
19987-325,235.26
19988-309,303.77
19989-313,296.44
199810-347,678.79
199811-361,947.89
199812-380,217.89
19991-379,964.25
19992-391,072.54
19993-407,693.21
19994-407,290.28
19995-404,798.61
19996-423,105.17
19997-407,135.55
19998-404,700.81
19999-399,551.11
199910-427,943.01
199911-439,962.78
199912-439,439.52
20001-428,549.87
20002-445,438.82
20003-451,784.83
20004-438,959.59
20005-452,845.99
20006-456,696.73
20007-460,988.36
20008-456,011.30
20009-432,233.82
200010-428,894.54
200011-414,654.92
200012-416,541.64
20011-407,643.23
20012-370,629.62
20013-372,292.61
20014-397,903.86
20015-388,399.32
20016-378,067.02
20017-370,332.38
20018-328,679.89
20019-339,145.16
200110-356,282.66
200111-361,505.94
200112-360,429.78
20021-348,345.40
20022-365,572.02
20023-352,724.24
20024-342,776.11
20025-322,480.48
20026-287,786.42
20027-291,063.70
20028-277,215.68
20029-273,426.02
200210-291,542.07
200211-288,524.43
200212-287,882.41
20031-269,415.23
20032-272,938.91
20033-287,366.07
20034-302,631.57
20035-319,894.23
20036-321,800.48
20037-321,265.25
20038-331,421.03
20039-338,141.68
200310-342,235.17
200311-352,720.61
200312-370,127.24
20041-374,149.27
20042-368,293.10
20043-371,858.68
20044-362,323.28
20045-372,677.31
20046-364,333.89
20047-359,278.50
20048-369,275.87
20049-369,654.73
200410-387,301.66
200411-397,865.11
200412-392,497.03
20051-399,095.71
20052-398,075.67
20053-388,486.35
20054-393,676.03
20055-402,260.91
20056-409,532.95
20057-410,802.58
20058-411,951.55
20059-401,141.04
200510-417,032.41
200511-425,974.13
200512-432,222.19
20061-432,150.27
20062-438,572.62
20063-442,073.88
20064-438,596.37
20065-426,728.86
20066-429,801.48
20067-439,651.50
20068-450,779.84
20069-467,079.65
200610-476,428.92
200611-486,663.87
200612-490,035.61
20071-497,856.81
20072-485,540.38
20073-505,837.23
20074-522,993.98
20075-524,797.79
20076-527,813.38
20077-505,639.37
20078-521,186.49
20079-536,778.47
200710-510,979.23
200711-517,306.29
200712-482,981.99
20081-475,428.32
20082-462,940.55
20083-482,586.83
20084-494,953.62
20085-473,935.01
20086-445,127.01
20087-454,521.57
20088-432,488.47
20089-345,153.54
200810-315,451.88
200811-314,343.96
200812-310,900.14
20091-290,062.04
20092-273,564.95
20093-307,272.93
20094-327,736.76
20095-337,139.08
20096-341,446.51
20097-369,174.51
20098-382,650.64
20099-391,846.15
200910-400,052.69
200911-408,957.29
200912-414,506.71
20101-402,492.34
20102-426,412.61
20103-443,844.06
20104-417,735.39
20105-402,932.67
20106-402,291.71
20107-405,765.95
20108-419,444.95
20109-438,644.77
201010-449,571.04
201011-466,266.92
201012-482,409.98
20111-497,610.06
20112-492,074.35
20113-503,003.23
20114-506,319.21
20115-487,774.76
20116-502,904.24
20117-450,598.95
20118-447,042.62
20119-460,538.41
201110-468,676.69
201111-475,963.45
201112-498,726.67
20121-519,486.71
20122-534,467.87
20123-534,263.64
20124-517,749.81
20125-511,783.20
20126-526,732.84
20127-544,576.97
20128-561,029.54
20129-559,811.35
201210-543,926.74
201211-555,760.06
201212-579,484.13
20131-593,003.62
20132-609,147.87
20133-618,003.61
20134-646,272.76
20135-639,048.89
20136-659,846.59
20137-661,512.89
20138-669,401.21
20139-683,576.12
201310-709,962.11
201311-720,765.33
201312-727,740.96
20141-726,794.63
20142-746,579.94
20143-748,085.97
20144-759,546.91
20145-783,824.44
20146-795,549.06
20147-792,152.45
20148-806,237.19
20149-784,899.45
201410-829,683.08
201411-834,942.34
201412-825,674.10
20151-849,019.20
20152-849,489.24
20153-856,951.24
20154-865,339.97
20155-861,571.41
20156-860,885.34
20157-840,014.06
20158-802,153.82
20159-836,783.76
201510-861,322.19
201511-851,822.07
201512-797,138.31
20161-792,754.78
20162-843,195.60
20163-867,068.67
20164-864,429.61
20165-873,648.67
20166-902,456.70
20167-913,279.47
20168-909,273.18
20169-904,672.43
201610-915,539.00
201611-951,665.84
201612-965,347.32
20171-990,218.96
20172-1,007,540.43
20173-1,005,988.78
20174-1,023,013.87
20175-1,041,186.97
20176-1,051,472.69
20177-1,054,078.30
20178-1,071,504.98
20179-1,100,808.49
201710-1,118,306.60
201711-1,150,552.82
201712-1,206,491.53
20181-1,171,663.90
20182-1,172,420.54
20183-1,152,911.79
20184-1,175,527.55
20185-1,200,366.09
20186-1,219,340.79
20187-1,249,224.45
20188-1,270,208.27
20189-1,221,318.13
201810-1,195,962.24
201811-1,129,436.70
201812-1,149,039.61
20191-1,216,016.01
20192-1,239,704.27
20193-1,285,861.18
20194-1,266,164.51
20195-1,283,950.94
20196-1,333,092.16
20197-1,291,307.53
20198-1,331,147.31
20199-1,331,277.79
201910-1,390,302.56
201911-1,424,633.57
201912-1,472,307.47
20201-1,474,104.82
20202-1,195,237.96
20203-1,246,855.68
20204-1,320,262.63
20205-1,406,188.91
20206-1,455,074.15
20207-1,540,829.02
20208-1,531,167.98
20209-1,557,595.96
202010-1,619,185.12
202011-1,688,163.71
202012-1,735,352.94
20211-1,778,589.76
20212-1,793,198.34
20213-1,901,175.53
20214-1,915,628.87
20215-1,950,309.85
20216-2,010,149.28
20217-2,054,074.30
20218-2,052,338.63
20219-2,061,618.81
202110-2,159,437.35
202111-2,165,168.58
202112-2,120,740.34
20221-2,059,184.37
20222-2,040,804.42
20223-2,043,218.73
20224-1,882,361.63
20225-1,818,937.63
20226-1,827,389.96
20227-1,945,208.99
20228-1,803,648.27
20229-1,747,894.34
202210-1,840,272.21
202211-1,840,471.64
202212-1,865,804.93
20231-1,924,521.28
20232-1,874,764.19
20233-1,949,683.92
20234-1,964,066.64
20235-2,061,134.48
20236-2,141,024.92
20237-2,119,665.27
20238-2,099,452.63
20239-2,035,685.69
202310-2,129,362.32
202311-2,239,562.08
202312-2,304,774.47
Click to show 630 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 1970 to 2023
Start Value
Average monthly close
$90.31
End Value
Average monthly close
$3,960.66
Change in price +4,285.62%
+7.39% / yr
Change incl. dividends +23,689.40%
+10.66% / yr
Change incl. dividends, inflation-adjusted +2,929.28%
+6.52% / yr
Final amount, nominal
($10000 base)
$2,378,939.99
Final amount, inflation-adjusted
($10000 base)
$302,928.18