Stock market returns between 1974 and 2021
If you invested $40000000 in the S&P 500 at the beginning of 1974, you would have about $7,238,416,502.85 at the end of 2021, assuming you reinvested all dividends. This is a return on investment of 17,996.04%, or 11.44% per year.
This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 3,192.37% cumulatively, or 7.55% per year.
If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $7,986,070,518.46.
The graph below shows the performance of $40000000 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 $40000000 is $7,198,416,502.85, or 17,996.04%. This means by 2021 you would have $7,238,416,502.85 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 1974 was 49.300 and the CPI in 2021 was 270.970.
The ratio between these CPIs describes how relative buying power of a dollar has changed over 47 years.
Adjusted for inflation, the $7,238,416,502.85 nominal end value of the original $40000000 investment would have a real return of roughly $1,276,949,160.79 in 1974 dollars. This means the inflation-adjusted return is 3,192.37% as opposed to the original 17,996.04%.
For more information on inflation, see our U.S. inflation calculator for 1974.
Full monthly data
The table below shows the full dataset pertaining to a $40000000 investment, including gains and losses over the 576-month period between 1974 and 2021.
Note that data shown is the monthly average closing price. Returns include dividends.
| Year | Month | Return (%) | Amount ($) | CPI |
|---|---|---|---|---|
| 1974 | 1 | -2.47% | 39,010,855.62 | 46.60 |
| 1974 | 2 | 4.57% | 40,795,461.37 | 47.20 |
| 1974 | 3 | -4.82% | 38,830,491.15 | 47.80 |
| 1974 | 4 | -2.71% | 37,779,864.44 | 48.00 |
| 1974 | 5 | 0.46% | 37,952,606.10 | 48.60 |
| 1974 | 6 | -11.35% | 33,646,182.20 | 49.00 |
| 1974 | 7 | -3.76% | 32,379,483.27 | 49.40 |
| 1974 | 8 | -10.01% | 29,137,134.20 | 50.00 |
| 1974 | 9 | 2.38% | 29,829,704.32 | 50.60 |
| 1974 | 10 | 3.74% | 30,946,361.16 | 51.10 |
| 1974 | 11 | -6.09% | 29,061,162.03 | 51.50 |
| 1974 | 12 | 8.63% | 31,569,945.81 | 51.90 |
| 1975 | 1 | 10.81% | 34,981,877.34 | 52.10 |
| 1975 | 2 | 4.97% | 36,721,751.53 | 52.50 |
| 1975 | 3 | 1.49% | 37,267,814.81 | 52.70 |
| 1975 | 4 | 6.71% | 39,769,467.11 | 52.90 |
| 1975 | 5 | 2.89% | 40,920,643.47 | 53.20 |
| 1975 | 6 | 0.43% | 41,097,420.06 | 53.60 |
| 1975 | 7 | -7.00% | 38,222,141.05 | 54.20 |
| 1975 | 8 | -0.85% | 37,896,227.92 | 54.30 |
| 1975 | 9 | 4.97% | 39,780,148.31 | 54.60 |
| 1975 | 10 | 2.04% | 40,592,339.43 | 54.90 |
| 1975 | 11 | -1.18% | 40,113,496.75 | 55.30 |
| 1975 | 12 | 9.55% | 43,942,443.83 | 55.50 |
| 1976 | 1 | 4.18% | 45,778,419.63 | 55.60 |
| 1976 | 2 | 0.80% | 46,145,749.36 | 55.80 |
| 1976 | 3 | 1.10% | 46,651,252.99 | 55.90 |
| 1976 | 4 | -0.38% | 46,472,451.04 | 56.10 |
| 1976 | 5 | 0.90% | 46,890,973.65 | 56.50 |
| 1976 | 6 | 2.67% | 48,140,785.46 | 56.80 |
| 1976 | 7 | -0.56% | 47,870,898.30 | 57.10 |
| 1976 | 8 | 2.44% | 49,037,934.88 | 57.40 |
| 1976 | 9 | -3.11% | 47,513,730.51 | 57.60 |
| 1976 | 10 | -0.37% | 47,339,523.99 | 57.90 |
| 1976 | 11 | 3.79% | 49,132,037.95 | 58.00 |
| 1976 | 12 | -0.54% | 48,868,076.42 | 58.20 |
| 1977 | 1 | -2.37% | 47,710,585.27 | 58.50 |
| 1977 | 2 | -0.05% | 47,684,735.34 | 59.10 |
| 1977 | 3 | -1.19% | 47,115,536.34 | 59.50 |
| 1977 | 4 | 0.06% | 47,145,926.77 | 60.00 |
| 1977 | 5 | 0.90% | 47,570,130.71 | 60.30 |
| 1977 | 6 | 1.28% | 48,180,188.45 | 60.70 |
| 1977 | 7 | -2.08% | 47,178,705.30 | 61.00 |
| 1977 | 8 | -1.18% | 46,624,197.84 | 61.20 |
| 1977 | 9 | -2.20% | 45,599,463.58 | 61.40 |
| 1977 | 10 | 0.98% | 46,046,859.06 | 61.60 |
| 1977 | 11 | -0.08% | 46,009,957.19 | 61.90 |
| 1977 | 12 | -3.39% | 44,450,055.19 | 62.10 |
| 1978 | 1 | -0.97% | 44,018,004.34 | 62.50 |
| 1978 | 2 | 0.27% | 44,134,945.00 | 62.90 |
| 1978 | 3 | 4.83% | 46,266,659.86 | 63.40 |
| 1978 | 4 | 5.50% | 48,813,325.25 | 63.90 |
| 1978 | 5 | 0.67% | 49,142,110.30 | 64.50 |
| 1978 | 6 | -0.06% | 49,111,499.22 | 65.20 |
| 1978 | 7 | 7.33% | 52,710,460.27 | 65.70 |
| 1978 | 8 | 0.40% | 52,921,138.50 | 66.00 |
| 1978 | 9 | -2.77% | 51,453,370.64 | 66.50 |
| 1978 | 10 | -5.44% | 48,655,515.61 | 67.10 |
| 1978 | 11 | 1.92% | 49,591,077.71 | 67.40 |
| 1978 | 12 | 4.19% | 51,666,617.30 | 67.70 |
| 1979 | 1 | -1.06% | 51,120,524.75 | 68.30 |
| 1979 | 2 | 2.34% | 52,317,338.57 | 69.10 |
| 1979 | 3 | 2.43% | 53,589,122.02 | 69.80 |
| 1979 | 4 | -1.89% | 52,574,667.08 | 70.60 |
| 1979 | 5 | 2.42% | 53,845,732.45 | 71.50 |
| 1979 | 6 | 1.42% | 54,610,797.19 | 72.30 |
| 1979 | 7 | 5.01% | 57,349,165.75 | 73.10 |
| 1979 | 8 | 1.54% | 58,232,601.43 | 73.80 |
| 1979 | 9 | -3.35% | 56,280,343.64 | 74.60 |
| 1979 | 10 | -0.32% | 56,098,876.33 | 75.20 |
| 1979 | 11 | 4.40% | 58,569,468.77 | 75.90 |
| 1979 | 12 | 3.31% | 60,509,559.79 | 76.70 |
| 1980 | 1 | 4.40% | 63,169,470.55 | 77.80 |
| 1980 | 2 | -8.78% | 57,624,564.37 | 78.90 |
| 1980 | 3 | -1.16% | 56,954,937.94 | 80.10 |
| 1980 | 4 | 5.04% | 59,823,267.42 | 81.00 |
| 1980 | 5 | 6.86% | 63,928,749.31 | 81.80 |
| 1980 | 6 | 4.97% | 67,105,662.29 | 82.70 |
| 1980 | 7 | 3.50% | 69,457,503.36 | 82.70 |
| 1980 | 8 | 2.84% | 71,427,184.58 | 83.30 |
| 1980 | 9 | 3.32% | 73,801,973.78 | 84.00 |
| 1980 | 10 | 4.61% | 77,207,710.03 | 84.80 |
| 1980 | 11 | -1.24% | 76,246,643.78 | 85.50 |
| 1980 | 12 | 0.01% | 76,254,258.93 | 86.30 |
| 1981 | 1 | -3.07% | 73,913,119.40 | 87.00 |
| 1981 | 2 | 4.14% | 76,975,563.28 | 87.90 |
| 1981 | 3 | 1.29% | 77,971,468.34 | 88.50 |
| 1981 | 4 | -1.62% | 76,710,459.21 | 89.10 |
| 1981 | 5 | 0.86% | 77,368,319.35 | 89.80 |
| 1981 | 6 | -2.02% | 75,808,379.88 | 90.60 |
| 1981 | 7 | 0.80% | 76,416,791.06 | 91.60 |
| 1981 | 8 | -8.30% | 70,072,146.94 | 92.30 |
| 1981 | 9 | 1.73% | 71,282,466.08 | 93.20 |
| 1981 | 10 | 3.04% | 73,452,112.26 | 93.40 |
| 1981 | 11 | 1.18% | 74,318,383.50 | 93.70 |
| 1981 | 12 | -4.80% | 70,748,039.51 | 94.00 |
| 1982 | 1 | -1.91% | 69,393,995.62 | 94.30 |
| 1982 | 2 | -2.74% | 67,489,448.62 | 94.60 |
| 1982 | 3 | 5.47% | 71,180,658.53 | 94.50 |
| 1982 | 4 | 0.57% | 71,586,137.35 | 94.90 |
| 1982 | 5 | -5.27% | 67,813,105.11 | 95.80 |
| 1982 | 6 | 0.24% | 67,978,465.23 | 97.00 |
| 1982 | 7 | 0.79% | 68,518,198.61 | 97.50 |
| 1982 | 8 | 12.10% | 76,806,416.31 | 97.70 |
| 1982 | 9 | 8.88% | 83,627,901.20 | 97.90 |
| 1982 | 10 | 4.50% | 87,391,086.91 | 98.20 |
| 1982 | 11 | 1.36% | 88,575,672.25 | 98.00 |
| 1982 | 12 | 3.93% | 92,052,934.56 | 97.60 |
| 1983 | 1 | 2.13% | 94,013,675.36 | 97.80 |
| 1983 | 2 | 3.87% | 97,647,881.89 | 97.90 |
| 1983 | 3 | 4.20% | 101,746,542.98 | 97.90 |
| 1983 | 4 | 4.42% | 106,247,822.09 | 98.60 |
| 1983 | 5 | 1.75% | 108,110,881.86 | 99.20 |
| 1983 | 6 | 0.71% | 108,876,450.70 | 99.50 |
| 1983 | 7 | -2.41% | 106,255,592.43 | 99.90 |
| 1983 | 8 | 3.31% | 109,776,726.54 | 100.20 |
| 1983 | 9 | 0.65% | 110,487,999.19 | 100.70 |
| 1983 | 10 | -1.14% | 109,226,863.56 | 101.00 |
| 1983 | 11 | -0.13% | 109,086,913.89 | 101.20 |
| 1983 | 12 | 1.58% | 110,806,050.22 | 101.30 |
| 1984 | 1 | -5.11% | 105,141,446.05 | 101.90 |
| 1984 | 2 | 0.44% | 105,606,550.45 | 102.40 |
| 1984 | 3 | 0.51% | 106,142,187.23 | 102.60 |
| 1984 | 4 | -0.25% | 105,874,100.20 | 103.10 |
| 1984 | 5 | -1.85% | 103,917,224.90 | 103.40 |
| 1984 | 6 | -0.91% | 102,973,191.32 | 103.70 |
| 1984 | 7 | 9.21% | 112,453,479.06 | 104.10 |
| 1984 | 8 | 1.41% | 114,035,663.83 | 104.50 |
| 1984 | 9 | -0.41% | 113,565,378.28 | 105.00 |
| 1984 | 10 | 1.29% | 115,025,717.87 | 105.30 |
| 1984 | 11 | -0.71% | 114,211,845.78 | 105.30 |
| 1984 | 12 | 4.70% | 119,577,025.35 | 105.30 |
| 1985 | 1 | 5.79% | 126,497,379.03 | 105.50 |
| 1985 | 2 | -0.48% | 125,892,319.13 | 106.00 |
| 1985 | 3 | 1.02% | 127,182,352.83 | 106.40 |
| 1985 | 4 | 2.74% | 130,661,597.10 | 106.90 |
| 1985 | 5 | 2.51% | 133,942,466.35 | 107.30 |
| 1985 | 6 | 2.25% | 136,952,449.25 | 107.60 |
| 1985 | 7 | -1.85% | 134,425,251.47 | 107.80 |
| 1985 | 8 | -1.88% | 131,891,343.22 | 108.00 |
| 1985 | 9 | 1.50% | 133,863,862.67 | 108.30 |
| 1985 | 10 | 6.42% | 142,458,612.82 | 108.70 |
| 1985 | 11 | 5.29% | 150,001,105.12 | 109.00 |
| 1985 | 12 | 0.75% | 151,128,706.29 | 109.30 |
| 1986 | 1 | 5.70% | 159,738,880.82 | 109.60 |
| 1986 | 2 | 6.18% | 169,615,170.33 | 109.30 |
| 1986 | 3 | 2.74% | 174,265,045.24 | 108.80 |
| 1986 | 4 | 0.49% | 175,122,133.33 | 108.60 |
| 1986 | 5 | 3.13% | 180,609,130.14 | 108.90 |
| 1986 | 6 | -1.80% | 177,351,097.52 | 109.50 |
| 1986 | 7 | 2.28% | 181,396,216.77 | 109.50 |
| 1986 | 8 | -2.46% | 176,940,698.11 | 109.70 |
| 1986 | 9 | -0.09% | 176,781,676.71 | 110.20 |
| 1986 | 10 | 3.53% | 183,027,284.36 | 110.30 |
| 1986 | 11 | 1.71% | 186,155,110.01 | 110.40 |
| 1986 | 12 | 6.67% | 198,577,930.91 | 110.50 |
| 1987 | 1 | 6.46% | 211,409,794.05 | 111.20 |
| 1987 | 2 | 4.38% | 220,661,951.65 | 111.60 |
| 1987 | 3 | -0.86% | 218,772,180.06 | 112.10 |
| 1987 | 4 | 0.17% | 219,150,286.15 | 112.70 |
| 1987 | 5 | 4.50% | 229,008,637.83 | 113.10 |
| 1987 | 6 | 3.12% | 236,158,509.37 | 113.50 |
| 1987 | 7 | 6.45% | 251,400,206.34 | 113.80 |
| 1987 | 8 | -3.03% | 243,781,709.69 | 114.40 |
| 1987 | 9 | -11.85% | 214,884,104.77 | 115.00 |
| 1987 | 10 | -12.30% | 188,446,023.25 | 115.30 |
| 1987 | 11 | -1.33% | 185,930,845.72 | 115.40 |
| 1987 | 12 | 4.25% | 193,826,477.51 | 115.40 |
| 1988 | 1 | 3.33% | 200,278,118.20 | 115.70 |
| 1988 | 2 | 3.23% | 206,751,225.06 | 116.00 |
| 1988 | 3 | -0.89% | 204,919,358.88 | 116.50 |
| 1988 | 4 | -2.19% | 200,435,176.16 | 117.10 |
| 1988 | 5 | 6.00% | 212,457,678.08 | 117.50 |
| 1988 | 6 | -0.31% | 211,805,602.28 | 118.00 |
| 1988 | 7 | -1.72% | 208,165,753.96 | 118.50 |
| 1988 | 8 | 1.93% | 212,177,459.46 | 119.00 |
| 1988 | 9 | 3.80% | 220,243,633.64 | 119.80 |
| 1988 | 10 | -2.02% | 215,794,167.06 | 120.20 |
| 1988 | 11 | 2.33% | 220,813,438.52 | 120.30 |
| 1988 | 12 | 3.51% | 228,569,859.94 | 120.50 |
| 1989 | 1 | 3.30% | 236,112,326.95 | 121.10 |
| 1989 | 2 | -0.16% | 235,730,630.09 | 121.60 |
| 1989 | 3 | 3.56% | 244,133,953.23 | 122.30 |
| 1989 | 4 | 4.12% | 254,180,803.00 | 123.10 |
| 1989 | 5 | 3.39% | 262,804,197.82 | 123.80 |
| 1989 | 6 | 2.80% | 270,163,175.42 | 124.10 |
| 1989 | 7 | 4.69% | 282,835,861.97 | 124.40 |
| 1989 | 8 | 0.46% | 284,124,284.32 | 124.60 |
| 1989 | 9 | 0.29% | 284,937,606.78 | 125.00 |
| 1989 | 10 | -1.81% | 279,770,118.93 | 125.60 |
| 1989 | 11 | 2.74% | 287,426,605.54 | 125.90 |
| 1989 | 12 | -2.21% | 281,070,954.12 | 126.10 |
| 1990 | 1 | -2.53% | 273,967,774.58 | 127.40 |
| 1990 | 2 | 2.71% | 281,384,539.75 | 128.00 |
| 1990 | 3 | 0.20% | 281,936,013.32 | 128.70 |
| 1990 | 4 | 3.85% | 292,793,157.88 | 128.90 |
| 1990 | 5 | 3.17% | 302,074,575.59 | 129.20 |
| 1990 | 6 | 0.17% | 302,587,267.26 | 129.90 |
| 1990 | 7 | -7.86% | 278,800,195.78 | 130.40 |
| 1990 | 8 | -4.34% | 266,697,309.99 | 131.60 |
| 1990 | 9 | -2.32% | 260,521,216.65 | 132.70 |
| 1990 | 10 | 2.98% | 268,294,686.98 | 133.50 |
| 1990 | 11 | 4.59% | 280,600,305.72 | 133.80 |
| 1990 | 12 | -0.69% | 278,677,713.51 | 133.80 |
| 1991 | 1 | 11.61% | 311,023,208.45 | 134.60 |
| 1991 | 2 | 3.04% | 320,492,684.34 | 134.80 |
| 1991 | 3 | 2.26% | 327,732,064.37 | 135.00 |
| 1991 | 4 | -0.18% | 327,145,821.50 | 135.20 |
| 1991 | 5 | 0.35% | 328,281,053.30 | 135.60 |
| 1991 | 6 | 0.78% | 330,843,240.54 | 136.00 |
| 1991 | 7 | 2.68% | 339,706,310.49 | 136.20 |
| 1991 | 8 | -0.30% | 338,676,657.53 | 136.60 |
| 1991 | 9 | 0.18% | 339,291,850.15 | 137.20 |
| 1991 | 10 | 0.02% | 339,345,441.85 | 137.40 |
| 1991 | 11 | 0.94% | 342,518,796.27 | 137.80 |
| 1991 | 12 | 7.36% | 367,721,418.23 | 137.90 |
| 1992 | 1 | -0.60% | 365,511,978.83 | 138.10 |
| 1992 | 2 | -1.01% | 361,811,615.97 | 138.60 |
| 1992 | 3 | 0.26% | 362,767,896.68 | 139.30 |
| 1992 | 4 | 2.07% | 370,271,208.19 | 139.50 |
| 1992 | 5 | -1.33% | 365,349,849.99 | 139.70 |
| 1992 | 6 | 1.91% | 372,335,826.17 | 140.20 |
| 1992 | 7 | 0.94% | 375,842,186.64 | 140.50 |
| 1992 | 8 | 0.38% | 377,263,574.19 | 140.90 |
| 1992 | 9 | -1.18% | 372,804,108.63 | 141.30 |
| 1992 | 10 | 2.76% | 383,081,956.40 | 141.80 |
| 1992 | 11 | 3.27% | 395,613,332.99 | 142.00 |
| 1992 | 12 | 0.14% | 396,178,637.59 | 141.90 |
| 1993 | 1 | 1.72% | 403,009,737.19 | 142.60 |
| 1993 | 2 | 2.15% | 411,675,062.41 | 143.10 |
| 1993 | 3 | -1.34% | 406,151,432.20 | 143.60 |
| 1993 | 4 | 0.72% | 409,094,910.23 | 144.00 |
| 1993 | 5 | 0.87% | 412,634,327.73 | 144.20 |
| 1993 | 6 | 0.06% | 412,886,050.08 | 144.40 |
| 1993 | 7 | 1.76% | 420,163,025.56 | 144.40 |
| 1993 | 8 | 1.35% | 425,856,115.97 | 144.80 |
| 1993 | 9 | 1.24% | 431,144,852.54 | 145.10 |
| 1993 | 10 | 0.01% | 431,177,381.25 | 145.70 |
| 1993 | 11 | 0.89% | 435,002,699.97 | 145.80 |
| 1993 | 12 | 1.74% | 442,553,825.28 | 145.80 |
| 1994 | 1 | -0.08% | 442,218,807.44 | 146.20 |
| 1994 | 2 | -1.42% | 435,922,415.77 | 146.70 |
| 1994 | 3 | -3.35% | 421,334,806.27 | 147.20 |
| 1994 | 4 | 1.06% | 425,793,547.49 | 147.40 |
| 1994 | 5 | 1.11% | 430,511,736.30 | 147.50 |
| 1994 | 6 | -0.52% | 428,277,917.74 | 148.00 |
| 1994 | 7 | 3.08% | 441,477,777.13 | 148.40 |
| 1994 | 8 | 0.82% | 445,086,703.90 | 149.00 |
| 1994 | 9 | -0.44% | 443,110,489.45 | 149.40 |
| 1994 | 10 | -0.37% | 441,471,495.27 | 149.50 |
| 1994 | 11 | -1.03% | 436,943,294.59 | 149.70 |
| 1994 | 12 | 2.45% | 447,653,536.05 | 149.70 |
| 1995 | 1 | 3.82% | 464,749,843.94 | 150.30 |
| 1995 | 2 | 2.56% | 476,638,935.48 | 150.90 |
| 1995 | 3 | 3.22% | 491,965,513.44 | 151.40 |
| 1995 | 4 | 3.35% | 508,435,338.61 | 151.90 |
| 1995 | 5 | 3.18% | 524,595,558.68 | 152.20 |
| 1995 | 6 | 3.55% | 543,205,481.15 | 152.50 |
| 1995 | 7 | 0.51% | 545,992,799.59 | 152.50 |
| 1995 | 8 | 3.72% | 566,290,979.44 | 152.90 |
| 1995 | 9 | 0.91% | 571,458,766.62 | 153.20 |
| 1995 | 10 | 2.36% | 584,935,966.57 | 153.70 |
| 1995 | 11 | 3.39% | 604,760,253.49 | 153.60 |
| 1995 | 12 | 0.16% | 605,743,471.49 | 153.50 |
| 1996 | 1 | 5.90% | 641,508,950.10 | 154.40 |
| 1996 | 2 | -0.20% | 640,221,459.86 | 154.90 |
| 1996 | 3 | 0.20% | 641,482,965.36 | 155.70 |
| 1996 | 4 | 2.35% | 656,588,770.61 | 156.30 |
| 1996 | 5 | 1.28% | 664,983,869.83 | 156.60 |
| 1996 | 6 | -3.48% | 641,865,277.03 | 156.70 |
| 1996 | 7 | 3.08% | 661,607,465.20 | 157.00 |
| 1996 | 8 | 2.02% | 674,996,593.36 | 157.30 |
| 1996 | 9 | 4.12% | 702,803,063.09 | 157.80 |
| 1996 | 10 | 5.05% | 738,309,249.07 | 158.30 |
| 1996 | 11 | 1.20% | 747,155,873.28 | 158.60 |
| 1996 | 12 | 3.26% | 771,494,775.33 | 158.60 |
| 1997 | 1 | 4.36% | 805,140,925.25 | 159.10 |
| 1997 | 2 | -0.62% | 800,119,379.05 | 159.60 |
| 1997 | 3 | -3.41% | 772,873,342.58 | 160.00 |
| 1997 | 4 | 9.22% | 844,115,499.77 | 160.20 |
| 1997 | 5 | 5.34% | 889,164,469.77 | 160.10 |
| 1997 | 6 | 5.74% | 940,166,272.98 | 160.30 |
| 1997 | 7 | 0.35% | 943,436,069.37 | 160.50 |
| 1997 | 8 | 1.19% | 954,681,902.82 | 160.80 |
| 1997 | 9 | 1.65% | 970,390,007.49 | 161.20 |
| 1997 | 10 | -1.15% | 959,210,694.47 | 161.60 |
| 1997 | 11 | 2.63% | 984,482,218.13 | 161.50 |
| 1997 | 12 | 0.24% | 986,816,310.28 | 161.30 |
| 1998 | 1 | 6.40% | 1,049,993,853.76 | 161.60 |
| 1998 | 2 | 5.31% | 1,105,778,687.51 | 161.90 |
| 1998 | 3 | 3.41% | 1,143,437,919.15 | 162.20 |
| 1998 | 4 | -0.22% | 1,140,901,115.46 | 162.50 |
| 1998 | 5 | 0.12% | 1,142,229,775.34 | 162.80 |
| 1998 | 6 | 4.47% | 1,193,260,790.25 | 163.00 |
| 1998 | 7 | -6.97% | 1,110,078,494.72 | 163.20 |
| 1998 | 8 | -4.90% | 1,055,701,853.04 | 163.40 |
| 1998 | 9 | 1.29% | 1,069,329,451.32 | 163.60 |
| 1998 | 10 | 10.97% | 1,186,681,774.14 | 164.00 |
| 1998 | 11 | 4.10% | 1,235,384,439.63 | 164.00 |
| 1998 | 12 | 5.05% | 1,297,742,780.28 | 163.90 |
| 1999 | 1 | -0.07% | 1,296,877,054.94 | 164.30 |
| 1999 | 2 | 2.92% | 1,334,791,383.17 | 164.50 |
| 1999 | 3 | 4.25% | 1,391,520,312.04 | 165.00 |
| 1999 | 4 | -0.10% | 1,390,145,048.16 | 166.20 |
| 1999 | 5 | -0.61% | 1,381,640,597.43 | 166.20 |
| 1999 | 6 | 4.52% | 1,444,123,736.44 | 166.20 |
| 1999 | 7 | -3.77% | 1,389,616,936.84 | 166.70 |
| 1999 | 8 | -0.60% | 1,381,306,796.31 | 167.10 |
| 1999 | 9 | -1.27% | 1,363,730,065.44 | 167.90 |
| 1999 | 10 | 7.11% | 1,460,636,036.73 | 168.20 |
| 1999 | 11 | 2.81% | 1,501,661,369.94 | 168.30 |
| 1999 | 12 | -0.12% | 1,499,875,404.61 | 168.30 |
| 2000 | 1 | -2.48% | 1,462,707,332.64 | 168.80 |
| 2000 | 2 | 3.94% | 1,520,351,949.88 | 169.80 |
| 2000 | 3 | 1.42% | 1,542,011,877.86 | 171.20 |
| 2000 | 4 | -2.84% | 1,498,237,337.19 | 171.30 |
| 2000 | 5 | 3.16% | 1,545,633,778.06 | 171.50 |
| 2000 | 6 | 0.85% | 1,558,776,958.39 | 172.40 |
| 2000 | 7 | 0.94% | 1,573,424,958.43 | 172.80 |
| 2000 | 8 | -1.08% | 1,556,437,466.45 | 172.80 |
| 2000 | 9 | -5.21% | 1,475,281,240.87 | 173.70 |
| 2000 | 10 | -0.77% | 1,463,883,748.01 | 174.00 |
| 2000 | 11 | -3.32% | 1,415,281,727.81 | 174.10 |
| 2000 | 12 | 0.46% | 1,421,721,367.96 | 174.00 |
| 2001 | 1 | -2.14% | 1,391,349,734.40 | 175.10 |
| 2001 | 2 | -9.08% | 1,265,016,528.22 | 175.80 |
| 2001 | 3 | 0.45% | 1,270,692,576.72 | 176.20 |
| 2001 | 4 | 6.88% | 1,358,107,750.25 | 176.90 |
| 2001 | 5 | -2.39% | 1,325,667,278.24 | 177.70 |
| 2001 | 6 | -2.66% | 1,290,401,517.10 | 178.00 |
| 2001 | 7 | -2.05% | 1,264,001,976.09 | 177.50 |
| 2001 | 8 | -11.25% | 1,121,835,568.95 | 177.50 |
| 2001 | 9 | 3.18% | 1,157,555,166.85 | 178.30 |
| 2001 | 10 | 5.05% | 1,216,048,121.77 | 177.70 |
| 2001 | 11 | 1.47% | 1,233,875,987.75 | 177.40 |
| 2001 | 12 | -0.30% | 1,230,202,871.79 | 176.70 |
| 2002 | 1 | -3.35% | 1,188,957,007.28 | 177.10 |
| 2002 | 2 | 4.95% | 1,247,754,149.90 | 177.80 |
| 2002 | 3 | -3.51% | 1,203,902,676.94 | 178.80 |
| 2002 | 4 | -2.82% | 1,169,948,150.32 | 179.80 |
| 2002 | 5 | -5.92% | 1,100,676,006.05 | 179.80 |
| 2002 | 6 | -10.76% | 982,259,787.02 | 179.90 |
| 2002 | 7 | 1.14% | 993,445,671.34 | 180.10 |
| 2002 | 8 | -4.76% | 946,180,206.91 | 180.70 |
| 2002 | 9 | -1.37% | 933,245,519.38 | 181.00 |
| 2002 | 10 | 6.63% | 995,078,417.63 | 181.30 |
| 2002 | 11 | -1.04% | 984,778,745.97 | 181.30 |
| 2002 | 12 | -0.22% | 982,587,440.40 | 180.90 |
| 2003 | 1 | -6.41% | 919,556,067.71 | 181.70 |
| 2003 | 2 | 1.31% | 931,582,924.64 | 183.10 |
| 2003 | 3 | 5.29% | 980,825,082.98 | 184.20 |
| 2003 | 4 | 5.31% | 1,032,928,587.78 | 183.80 |
| 2003 | 5 | 5.70% | 1,091,848,744.20 | 183.50 |
| 2003 | 6 | 0.60% | 1,098,355,079.70 | 183.70 |
| 2003 | 7 | -0.17% | 1,096,528,250.38 | 183.90 |
| 2003 | 8 | 3.16% | 1,131,191,491.96 | 184.60 |
| 2003 | 9 | 2.03% | 1,154,130,121.13 | 185.20 |
| 2003 | 10 | 1.21% | 1,168,101,861.31 | 185.00 |
| 2003 | 11 | 3.06% | 1,203,890,286.57 | 184.50 |
| 2003 | 12 | 4.93% | 1,263,301,807.28 | 184.30 |
| 2004 | 1 | 1.09% | 1,277,029,630.40 | 185.20 |
| 2004 | 2 | -1.57% | 1,257,041,604.39 | 186.20 |
| 2004 | 3 | 0.97% | 1,269,211,489.73 | 187.40 |
| 2004 | 4 | -2.56% | 1,236,665,691.07 | 188.00 |
| 2004 | 5 | 2.86% | 1,272,005,600.38 | 189.10 |
| 2004 | 6 | -2.24% | 1,243,528,198.26 | 189.70 |
| 2004 | 7 | -1.39% | 1,226,273,372.24 | 189.40 |
| 2004 | 8 | 2.78% | 1,260,395,955.40 | 189.50 |
| 2004 | 9 | 0.10% | 1,261,689,062.45 | 189.90 |
| 2004 | 10 | 4.77% | 1,321,920,787.20 | 190.90 |
| 2004 | 11 | 2.73% | 1,357,975,479.74 | 191.00 |
| 2004 | 12 | -1.35% | 1,339,653,381.64 | 190.30 |
| 2005 | 1 | 1.68% | 1,362,175,724.47 | 190.70 |
| 2005 | 2 | -0.26% | 1,358,694,165.88 | 191.80 |
| 2005 | 3 | -2.41% | 1,325,964,331.32 | 193.30 |
| 2005 | 4 | 1.34% | 1,343,677,498.70 | 194.60 |
| 2005 | 5 | 2.18% | 1,372,979,040.01 | 194.40 |
| 2005 | 6 | 1.81% | 1,397,799,630.80 | 194.50 |
| 2005 | 7 | 0.31% | 1,402,133,064.31 | 195.40 |
| 2005 | 8 | 0.28% | 1,406,054,697.04 | 196.40 |
| 2005 | 9 | -2.62% | 1,369,156,733.62 | 198.80 |
| 2005 | 10 | 3.96% | 1,423,396,457.23 | 199.20 |
| 2005 | 11 | 2.14% | 1,453,915,941.44 | 197.60 |
| 2005 | 12 | 1.47% | 1,475,241,547.21 | 196.80 |
| 2006 | 1 | -0.02% | 1,474,996,070.35 | 198.30 |
| 2006 | 2 | 1.49% | 1,496,916,543.99 | 198.70 |
| 2006 | 3 | 0.80% | 1,508,866,899.58 | 199.80 |
| 2006 | 4 | -0.79% | 1,496,997,614.76 | 201.50 |
| 2006 | 5 | -2.71% | 1,456,491,958.41 | 202.50 |
| 2006 | 6 | 0.72% | 1,466,979,292.49 | 202.90 |
| 2006 | 7 | 2.29% | 1,500,598,925.99 | 203.50 |
| 2006 | 8 | 2.53% | 1,538,581,688.69 | 203.90 |
| 2006 | 9 | 3.62% | 1,594,215,465.59 | 202.90 |
| 2006 | 10 | 2.00% | 1,626,125,967.47 | 201.80 |
| 2006 | 11 | 2.15% | 1,661,059,461.98 | 201.50 |
| 2006 | 12 | 0.69% | 1,672,567,722.38 | 201.80 |
| 2007 | 1 | 1.60% | 1,699,262,706.74 | 202.42 |
| 2007 | 2 | -2.47% | 1,657,224,798.85 | 203.50 |
| 2007 | 3 | 4.18% | 1,726,501,102.58 | 205.35 |
| 2007 | 4 | 3.39% | 1,785,059,757.81 | 206.69 |
| 2007 | 5 | 0.34% | 1,791,216,455.60 | 207.95 |
| 2007 | 6 | 0.57% | 1,801,509,137.39 | 208.35 |
| 2007 | 7 | -4.20% | 1,725,825,796.22 | 208.30 |
| 2007 | 8 | 3.07% | 1,778,890,512.03 | 207.92 |
| 2007 | 9 | 2.99% | 1,832,108,384.49 | 208.49 |
| 2007 | 10 | -4.81% | 1,744,051,575.06 | 208.94 |
| 2007 | 11 | 1.24% | 1,765,646,785.18 | 210.18 |
| 2007 | 12 | -6.64% | 1,648,492,635.98 | 210.04 |
| 2008 | 1 | -1.56% | 1,622,710,776.76 | 211.08 |
| 2008 | 2 | -2.63% | 1,580,088,075.13 | 211.69 |
| 2008 | 3 | 4.24% | 1,647,143,893.19 | 213.53 |
| 2008 | 4 | 2.56% | 1,689,353,672.31 | 214.82 |
| 2008 | 5 | -4.25% | 1,617,613,882.20 | 216.63 |
| 2008 | 6 | -6.08% | 1,519,287,682.18 | 218.82 |
| 2008 | 7 | 2.11% | 1,551,352,779.46 | 219.96 |
| 2008 | 8 | -4.85% | 1,476,150,391.79 | 219.09 |
| 2008 | 9 | -20.19% | 1,178,062,706.88 | 218.78 |
| 2008 | 10 | -8.61% | 1,076,686,311.67 | 216.57 |
| 2008 | 11 | -0.35% | 1,072,904,803.51 | 212.43 |
| 2008 | 12 | -1.10% | 1,061,150,523.92 | 210.23 |
| 2009 | 1 | -6.70% | 990,026,841.34 | 211.14 |
| 2009 | 2 | -5.69% | 933,719,694.00 | 212.19 |
| 2009 | 3 | 12.32% | 1,048,770,301.49 | 212.71 |
| 2009 | 4 | 6.66% | 1,118,616,533.65 | 213.24 |
| 2009 | 5 | 2.87% | 1,150,708,087.54 | 213.86 |
| 2009 | 6 | 1.28% | 1,165,410,019.74 | 215.69 |
| 2009 | 7 | 8.12% | 1,260,049,995.27 | 215.35 |
| 2009 | 8 | 3.65% | 1,306,046,145.48 | 215.83 |
| 2009 | 9 | 2.40% | 1,337,431,847.46 | 215.97 |
| 2009 | 10 | 2.09% | 1,365,442,026.37 | 216.18 |
| 2009 | 11 | 2.23% | 1,395,834,821.61 | 216.33 |
| 2009 | 12 | 1.36% | 1,414,775,851.87 | 215.95 |
| 2010 | 1 | -2.90% | 1,373,768,951.09 | 216.69 |
| 2010 | 2 | 5.94% | 1,455,412,529.07 | 216.74 |
| 2010 | 3 | 4.09% | 1,514,908,777.55 | 217.63 |
| 2010 | 4 | -5.88% | 1,425,795,834.95 | 218.01 |
| 2010 | 5 | -3.54% | 1,375,271,845.65 | 218.18 |
| 2010 | 6 | -0.16% | 1,373,084,159.37 | 217.97 |
| 2010 | 7 | 0.86% | 1,384,942,273.09 | 218.01 |
| 2010 | 8 | 3.37% | 1,431,630,817.16 | 218.31 |
| 2010 | 9 | 4.58% | 1,497,162,809.40 | 218.44 |
| 2010 | 10 | 2.49% | 1,534,455,854.21 | 218.71 |
| 2010 | 11 | 3.71% | 1,591,441,495.69 | 218.80 |
| 2010 | 12 | 3.46% | 1,646,540,274.21 | 219.18 |
| 2011 | 1 | 3.15% | 1,698,420,518.02 | 220.22 |
| 2011 | 2 | -1.11% | 1,679,526,252.56 | 221.31 |
| 2011 | 3 | 2.22% | 1,716,828,243.64 | 223.47 |
| 2011 | 4 | 0.66% | 1,728,146,173.51 | 224.91 |
| 2011 | 5 | -3.66% | 1,664,851,088.68 | 225.96 |
| 2011 | 6 | 3.10% | 1,716,490,369.05 | 225.72 |
| 2011 | 7 | -10.40% | 1,537,964,265.81 | 225.92 |
| 2011 | 8 | -0.79% | 1,525,825,959.62 | 226.55 |
| 2011 | 9 | 3.02% | 1,571,889,210.52 | 226.89 |
| 2011 | 10 | 1.77% | 1,599,666,417.54 | 226.42 |
| 2011 | 11 | 1.55% | 1,624,537,247.90 | 226.23 |
| 2011 | 12 | 4.78% | 1,702,231,683.85 | 225.67 |
| 2012 | 1 | 4.16% | 1,773,088,927.13 | 226.67 |
| 2012 | 2 | 2.88% | 1,824,221,926.99 | 227.66 |
| 2012 | 3 | -0.04% | 1,823,524,885.58 | 229.39 |
| 2012 | 4 | -3.09% | 1,767,160,602.61 | 230.09 |
| 2012 | 5 | -1.15% | 1,746,795,647.57 | 229.82 |
| 2012 | 6 | 2.92% | 1,797,821,065.20 | 229.48 |
| 2012 | 7 | 3.39% | 1,858,725,863.60 | 229.10 |
| 2012 | 8 | 3.02% | 1,914,881,059.18 | 230.38 |
| 2012 | 9 | -0.22% | 1,910,723,186.64 | 231.41 |
| 2012 | 10 | -2.84% | 1,856,506,531.76 | 231.32 |
| 2012 | 11 | 2.18% | 1,896,895,484.37 | 230.22 |
| 2012 | 12 | 4.27% | 1,977,869,426.80 | 229.60 |
| 2013 | 1 | 2.33% | 2,024,013,552.81 | 230.28 |
| 2013 | 2 | 2.72% | 2,079,116,391.22 | 232.17 |
| 2013 | 3 | 1.45% | 2,109,342,406.73 | 232.77 |
| 2013 | 4 | 4.57% | 2,205,829,419.16 | 232.53 |
| 2013 | 5 | -1.12% | 2,181,173,208.48 | 232.95 |
| 2013 | 6 | 3.25% | 2,252,158,992.47 | 233.50 |
| 2013 | 7 | 0.25% | 2,257,846,330.82 | 233.60 |
| 2013 | 8 | 1.19% | 2,284,770,410.88 | 233.88 |
| 2013 | 9 | 2.12% | 2,333,151,564.45 | 234.15 |
| 2013 | 10 | 3.86% | 2,423,211,075.88 | 233.55 |
| 2013 | 11 | 1.52% | 2,460,084,149.86 | 233.07 |
| 2013 | 12 | 0.97% | 2,483,893,032.73 | 233.05 |
| 2014 | 1 | -0.13% | 2,480,663,080.08 | 233.92 |
| 2014 | 2 | 2.72% | 2,548,193,409.72 | 234.78 |
| 2014 | 3 | 0.20% | 2,553,333,726.83 | 236.29 |
| 2014 | 4 | 1.53% | 2,592,451,686.92 | 237.07 |
| 2014 | 5 | 3.20% | 2,675,314,682.55 | 237.90 |
| 2014 | 6 | 1.50% | 2,715,332,627.35 | 238.34 |
| 2014 | 7 | -0.43% | 2,703,739,492.38 | 238.25 |
| 2014 | 8 | 1.78% | 2,751,812,894.79 | 237.85 |
| 2014 | 9 | -2.65% | 2,678,983,863.65 | 238.03 |
| 2014 | 10 | 5.71% | 2,831,837,366.12 | 237.43 |
| 2014 | 11 | 0.63% | 2,849,788,034.91 | 236.15 |
| 2014 | 12 | -1.11% | 2,818,154,088.79 | 234.81 |
| 2015 | 1 | 2.83% | 2,897,834,523.17 | 233.71 |
| 2015 | 2 | 0.06% | 2,899,438,864.37 | 234.72 |
| 2015 | 3 | 0.88% | 2,924,907,815.78 | 236.12 |
| 2015 | 4 | 0.98% | 2,953,539,853.06 | 236.60 |
| 2015 | 5 | -0.44% | 2,940,677,185.18 | 237.81 |
| 2015 | 6 | -0.08% | 2,938,335,521.08 | 238.64 |
| 2015 | 7 | -2.42% | 2,867,098,588.21 | 238.65 |
| 2015 | 8 | -4.51% | 2,737,875,716.88 | 238.32 |
| 2015 | 9 | 4.32% | 2,856,073,078.73 | 237.95 |
| 2015 | 10 | 2.93% | 2,939,826,563.02 | 237.84 |
| 2015 | 11 | -1.10% | 2,907,401,162.65 | 237.34 |
| 2015 | 12 | -6.42% | 2,720,757,004.93 | 236.53 |
| 2016 | 1 | -0.55% | 2,705,795,315.19 | 236.92 |
| 2016 | 2 | 6.36% | 2,877,957,698.52 | 237.11 |
| 2016 | 3 | 2.83% | 2,959,440,170.91 | 238.13 |
| 2016 | 4 | -0.30% | 2,950,432,663.84 | 239.26 |
| 2016 | 5 | 1.07% | 2,981,898,739.86 | 240.23 |
| 2016 | 6 | 3.30% | 3,080,225,029.60 | 241.02 |
| 2016 | 7 | 1.20% | 3,117,164,843.39 | 240.63 |
| 2016 | 8 | -0.44% | 3,103,490,737.65 | 240.85 |
| 2016 | 9 | -0.51% | 3,087,787,666.25 | 241.43 |
| 2016 | 10 | 1.20% | 3,124,876,953.99 | 241.73 |
| 2016 | 11 | 3.95% | 3,248,183,468.18 | 241.35 |
| 2016 | 12 | 1.44% | 3,294,880,482.10 | 241.43 |
| 2017 | 1 | 2.58% | 3,379,771,275.30 | 242.84 |
| 2017 | 2 | 1.75% | 3,438,892,157.06 | 243.60 |
| 2017 | 3 | -0.15% | 3,433,596,121.91 | 243.80 |
| 2017 | 4 | 1.69% | 3,491,705,387.11 | 244.52 |
| 2017 | 5 | 1.78% | 3,553,733,017.20 | 244.73 |
| 2017 | 6 | 0.99% | 3,588,839,780.33 | 244.96 |
| 2017 | 7 | 0.25% | 3,597,733,114.09 | 244.79 |
| 2017 | 8 | 1.65% | 3,657,213,106.43 | 245.52 |
| 2017 | 9 | 2.73% | 3,757,230,538.70 | 246.82 |
| 2017 | 10 | 1.59% | 3,816,954,308.32 | 246.66 |
| 2017 | 11 | 2.88% | 3,927,015,662.68 | 246.67 |
| 2017 | 12 | 4.86% | 4,117,943,168.70 | 246.52 |
| 2018 | 1 | -2.89% | 3,999,071,062.42 | 247.87 |
| 2018 | 2 | 0.06% | 4,001,653,591.72 | 248.99 |
| 2018 | 3 | -1.66% | 3,935,067,200.41 | 249.55 |
| 2018 | 4 | 1.96% | 4,012,258,309.90 | 250.55 |
| 2018 | 5 | 2.11% | 4,097,036,114.53 | 251.59 |
| 2018 | 6 | 1.58% | 4,161,799,684.24 | 251.99 |
| 2018 | 7 | 2.45% | 4,263,797,275.81 | 252.01 |
| 2018 | 8 | 1.68% | 4,335,418,313.90 | 252.15 |
| 2018 | 9 | -3.85% | 4,168,548,663.17 | 252.44 |
| 2018 | 10 | -2.08% | 4,082,005,077.76 | 252.89 |
| 2018 | 11 | -5.56% | 3,854,943,048.78 | 252.04 |
| 2018 | 12 | 1.74% | 3,921,850,843.24 | 251.23 |
| 2019 | 1 | 5.83% | 4,150,451,707.09 | 251.71 |
| 2019 | 2 | 1.95% | 4,231,303,417.80 | 252.78 |
| 2019 | 3 | 3.72% | 4,388,844,136.58 | 254.20 |
| 2019 | 4 | -1.53% | 4,321,616,324.94 | 255.55 |
| 2019 | 5 | 1.40% | 4,382,324,194.75 | 256.09 |
| 2019 | 6 | 3.83% | 4,550,050,808.54 | 256.14 |
| 2019 | 7 | -3.13% | 4,407,433,377.97 | 256.57 |
| 2019 | 8 | 3.09% | 4,543,412,722.20 | 256.56 |
| 2019 | 9 | 0.01% | 4,543,858,101.65 | 256.76 |
| 2019 | 10 | 4.43% | 4,745,318,785.05 | 257.35 |
| 2019 | 11 | 2.47% | 4,862,495,884.77 | 257.21 |
| 2019 | 12 | 3.35% | 5,025,214,325.53 | 256.97 |
| 2020 | 1 | 0.12% | 5,031,348,947.23 | 257.97 |
| 2020 | 2 | -18.92% | 4,079,532,998.47 | 258.68 |
| 2020 | 3 | 4.32% | 4,255,712,295.70 | 258.12 |
| 2020 | 4 | 5.89% | 4,506,261,626.90 | 256.39 |
| 2020 | 5 | 6.51% | 4,799,541,384.22 | 256.39 |
| 2020 | 6 | 3.48% | 4,966,394,315.61 | 257.80 |
| 2020 | 7 | 5.89% | 5,259,089,005.74 | 259.10 |
| 2020 | 8 | -0.63% | 5,226,114,379.04 | 259.92 |
| 2020 | 9 | 1.73% | 5,316,317,184.60 | 260.28 |
| 2020 | 10 | 3.95% | 5,526,530,564.16 | 260.39 |
| 2020 | 11 | 4.26% | 5,761,965,212.65 | 260.23 |
| 2020 | 12 | 2.80% | 5,923,029,412.42 | 260.47 |
| 2021 | 1 | 2.49% | 6,070,603,381.68 | 261.58 |
| 2021 | 2 | 0.82% | 6,120,464,747.90 | 263.01 |
| 2021 | 3 | 6.02% | 6,489,007,682.73 | 264.88 |
| 2021 | 4 | 0.76% | 6,538,339,164.38 | 267.05 |
| 2021 | 5 | 1.81% | 6,656,710,747.06 | 269.20 |
| 2021 | 6 | 3.07% | 6,860,952,044.05 | 271.70 |
| 2021 | 7 | 2.19% | 7,010,874,951.15 | 273.00 |
| 2021 | 8 | -0.08% | 7,004,950,843.77 | 273.57 |
| 2021 | 9 | 0.45% | 7,036,625,555.12 | 274.31 |
| 2021 | 10 | 4.74% | 7,370,495,428.21 | 276.59 |
| 2021 | 11 | 0.27% | 7,390,056,990.99 | 277.95 |
| 2021 | 12 | -2.05% | 7,238,416,502.85 | 278.80 |
Click to show 558 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 $40,000,000.00 up-front. Instead, the capital is invested over a period of time.
Consider a strategy in which $40,000,000.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1974. This would result in a final amount of $7,986,070,518.46, including dividend reinvestments. In this particular case, dollar-cost average returns are greater than the returns of a lump-sum investment (which ends with $7,238,416,502.85).
| Year | Month | Contribution ($) | Amount ($) |
|---|---|---|---|
| 1974 | 1 | 1666666.66 | 1,620,538.96 |
| 1974 | 2 | 1666666.66 | 3,432,500.47 |
| 1974 | 3 | 1666666.66 | 4,848,655.34 |
| 1974 | 4 | 1666666.66 | 6,333,841.15 |
| 1974 | 5 | 1666666.66 | 8,031,698.57 |
| 1974 | 6 | 1666666.66 | 8,592,492.76 |
| 1974 | 7 | 1666666.66 | 9,866,744.62 |
| 1974 | 8 | 1666666.66 | 10,371,999.35 |
| 1974 | 9 | 1666666.66 | 12,317,497.42 |
| 1974 | 10 | 1666666.66 | 14,500,465.63 |
| 1974 | 11 | 1666666.66 | 15,175,295.22 |
| 1974 | 12 | 1666666.66 | 18,288,435.10 |
| 1975 | 1 | 1666666.66 | 22,104,819.97 |
| 1975 | 2 | 1666666.66 | 24,947,472.73 |
| 1975 | 3 | 1666666.66 | 27,003,815.44 |
| 1975 | 4 | 1666666.66 | 30,588,988.45 |
| 1975 | 5 | 1666666.66 | 33,183,636.49 |
| 1975 | 6 | 1666666.66 | 34,995,279.36 |
| 1975 | 7 | 1666666.66 | 34,091,412.77 |
| 1975 | 8 | 1666666.66 | 35,447,165.02 |
| 1975 | 9 | 1666666.66 | 38,952,771.39 |
| 1975 | 10 | 1666666.66 | 41,442,962.89 |
| 1975 | 11 | 1666666.66 | 42,595,401.94 |
| 1975 | 12 | 1666666.82 | 48,481,246.56 |
| 1976 | 1 | - | 50,506,859.79 |
| 1976 | 2 | - | 50,912,130.90 |
| 1976 | 3 | - | 51,469,847.86 |
| 1976 | 4 | - | 51,272,577.51 |
| 1976 | 5 | - | 51,734,329.20 |
| 1976 | 6 | - | 53,113,233.72 |
| 1976 | 7 | - | 52,815,469.99 |
| 1976 | 8 | - | 54,103,049.46 |
| 1976 | 9 | - | 52,421,410.44 |
| 1976 | 10 | - | 52,229,210.17 |
| 1976 | 11 | - | 54,206,872.40 |
| 1976 | 12 | - | 53,915,646.37 |
| 1977 | 1 | - | 52,638,598.27 |
| 1977 | 2 | - | 52,610,078.31 |
| 1977 | 3 | - | 51,982,086.91 |
| 1977 | 4 | - | 52,015,616.36 |
| 1977 | 5 | - | 52,483,636.21 |
| 1977 | 6 | - | 53,156,706.64 |
| 1977 | 7 | - | 52,051,780.57 |
| 1977 | 8 | - | 51,439,998.20 |
| 1977 | 9 | - | 50,309,419.41 |
| 1977 | 10 | - | 50,803,026.25 |
| 1977 | 11 | - | 50,762,312.79 |
| 1977 | 12 | - | 49,041,288.95 |
| 1978 | 1 | - | 48,564,611.70 |
| 1978 | 2 | - | 48,693,631.12 |
| 1978 | 3 | - | 51,045,530.21 |
| 1978 | 4 | - | 53,855,239.96 |
| 1978 | 5 | - | 54,217,985.13 |
| 1978 | 6 | - | 54,184,212.23 |
| 1978 | 7 | - | 58,154,908.97 |
| 1978 | 8 | - | 58,387,348.09 |
| 1978 | 9 | - | 56,767,974.90 |
| 1978 | 10 | - | 53,681,130.21 |
| 1978 | 11 | - | 54,713,326.26 |
| 1978 | 12 | - | 57,003,247.75 |
| 1979 | 1 | - | 56,400,749.45 |
| 1979 | 2 | - | 57,721,181.83 |
| 1979 | 3 | - | 59,124,327.45 |
| 1979 | 4 | - | 58,005,089.74 |
| 1979 | 5 | - | 59,407,443.10 |
| 1979 | 6 | - | 60,251,531.15 |
| 1979 | 7 | - | 63,272,745.03 |
| 1979 | 8 | - | 64,247,430.54 |
| 1979 | 9 | - | 62,093,524.59 |
| 1979 | 10 | - | 61,893,313.58 |
| 1979 | 11 | - | 64,619,092.82 |
| 1979 | 12 | - | 66,759,575.29 |
| 1980 | 1 | - | 69,694,227.50 |
| 1980 | 2 | - | 63,576,589.50 |
| 1980 | 3 | - | 62,837,797.55 |
| 1980 | 4 | - | 66,002,395.97 |
| 1980 | 5 | - | 70,531,931.94 |
| 1980 | 6 | - | 74,036,987.37 |
| 1980 | 7 | - | 76,631,749.45 |
| 1980 | 8 | - | 78,804,878.50 |
| 1980 | 9 | - | 81,424,959.01 |
| 1980 | 10 | - | 85,182,472.80 |
| 1980 | 11 | - | 84,122,138.29 |
| 1980 | 12 | - | 84,130,540.00 |
| 1981 | 1 | - | 81,547,584.82 |
| 1981 | 2 | - | 84,926,347.68 |
| 1981 | 3 | - | 86,025,119.50 |
| 1981 | 4 | - | 84,633,861.08 |
| 1981 | 5 | - | 85,359,671.41 |
| 1981 | 6 | - | 83,638,606.23 |
| 1981 | 7 | - | 84,309,860.03 |
| 1981 | 8 | - | 77,309,879.40 |
| 1981 | 9 | - | 78,645,212.06 |
| 1981 | 10 | - | 81,038,960.38 |
| 1981 | 11 | - | 81,994,708.54 |
| 1981 | 12 | - | 78,055,584.72 |
| 1982 | 1 | - | 76,561,682.01 |
| 1982 | 2 | - | 74,460,414.89 |
| 1982 | 3 | - | 78,532,888.84 |
| 1982 | 4 | - | 78,980,249.45 |
| 1982 | 5 | - | 74,817,501.77 |
| 1982 | 6 | - | 74,999,941.89 |
| 1982 | 7 | - | 75,595,424.18 |
| 1982 | 8 | - | 84,739,729.56 |
| 1982 | 9 | - | 92,265,803.72 |
| 1982 | 10 | - | 96,417,687.83 |
| 1982 | 11 | - | 97,724,628.65 |
| 1982 | 12 | - | 101,561,056.42 |
| 1983 | 1 | - | 103,724,321.58 |
| 1983 | 2 | - | 107,733,904.29 |
| 1983 | 3 | - | 112,255,914.94 |
| 1983 | 4 | - | 117,222,129.91 |
| 1983 | 5 | - | 119,277,624.60 |
| 1983 | 6 | - | 120,122,268.84 |
| 1983 | 7 | - | 117,230,702.84 |
| 1983 | 8 | - | 121,115,533.91 |
| 1983 | 9 | - | 121,900,273.72 |
| 1983 | 10 | - | 120,508,875.74 |
| 1983 | 11 | - | 120,354,470.70 |
| 1983 | 12 | - | 122,251,176.15 |
| 1984 | 1 | - | 116,001,476.60 |
| 1984 | 2 | - | 116,514,621.50 |
| 1984 | 3 | - | 117,105,584.06 |
| 1984 | 4 | - | 116,809,806.39 |
| 1984 | 5 | - | 114,650,805.99 |
| 1984 | 6 | - | 113,609,263.45 |
| 1984 | 7 | - | 124,068,767.46 |
| 1984 | 8 | - | 125,814,375.65 |
| 1984 | 9 | - | 125,295,514.43 |
| 1984 | 10 | - | 126,906,692.09 |
| 1984 | 11 | - | 126,008,755.38 |
| 1984 | 12 | - | 131,928,102.84 |
| 1985 | 1 | - | 139,563,257.92 |
| 1985 | 2 | - | 138,895,701.55 |
| 1985 | 3 | - | 140,318,982.48 |
| 1985 | 4 | - | 144,157,596.92 |
| 1985 | 5 | - | 147,777,346.23 |
| 1985 | 6 | - | 151,098,229.42 |
| 1985 | 7 | - | 148,309,998.09 |
| 1985 | 8 | - | 145,514,363.16 |
| 1985 | 9 | - | 147,690,623.60 |
| 1985 | 10 | - | 157,173,123.09 |
| 1985 | 11 | - | 165,494,677.30 |
| 1985 | 12 | - | 166,738,748.08 |
| 1986 | 1 | - | 176,238,265.13 |
| 1986 | 2 | - | 187,134,673.82 |
| 1986 | 3 | - | 192,264,833.02 |
| 1986 | 4 | - | 193,210,449.49 |
| 1986 | 5 | - | 199,264,196.66 |
| 1986 | 6 | - | 195,669,642.77 |
| 1986 | 7 | - | 200,132,581.26 |
| 1986 | 8 | - | 195,216,853.32 |
| 1986 | 9 | - | 195,041,406.64 |
| 1986 | 10 | - | 201,932,121.36 |
| 1986 | 11 | - | 205,383,019.24 |
| 1986 | 12 | - | 219,088,989.84 |
| 1987 | 1 | - | 233,246,252.54 |
| 1987 | 2 | - | 243,454,062.90 |
| 1987 | 3 | - | 241,369,097.34 |
| 1987 | 4 | - | 241,786,257.89 |
| 1987 | 5 | - | 252,662,875.96 |
| 1987 | 6 | - | 260,551,255.73 |
| 1987 | 7 | - | 277,367,263.33 |
| 1987 | 8 | - | 268,961,854.29 |
| 1987 | 9 | - | 237,079,423.84 |
| 1987 | 10 | - | 207,910,560.27 |
| 1987 | 11 | - | 205,135,590.75 |
| 1987 | 12 | - | 213,846,760.15 |
| 1988 | 1 | - | 220,964,789.00 |
| 1988 | 2 | - | 228,106,501.25 |
| 1988 | 3 | - | 226,085,422.13 |
| 1988 | 4 | - | 221,138,069.43 |
| 1988 | 5 | - | 234,402,372.22 |
| 1988 | 6 | - | 233,682,943.68 |
| 1988 | 7 | - | 229,667,136.45 |
| 1988 | 8 | - | 234,093,209.89 |
| 1988 | 9 | - | 242,992,536.95 |
| 1988 | 10 | - | 238,083,486.21 |
| 1988 | 11 | - | 243,621,196.82 |
| 1988 | 12 | - | 252,178,776.83 |
| 1989 | 1 | - | 260,500,303.15 |
| 1989 | 2 | - | 260,079,180.93 |
| 1989 | 3 | - | 269,350,480.96 |
| 1989 | 4 | - | 280,435,067.04 |
| 1989 | 5 | - | 289,949,169.90 |
| 1989 | 6 | - | 298,068,254.24 |
| 1989 | 7 | - | 312,049,899.03 |
| 1989 | 8 | - | 313,471,402.16 |
| 1989 | 9 | - | 314,368,732.48 |
| 1989 | 10 | - | 308,667,496.25 |
| 1989 | 11 | - | 317,114,819.21 |
| 1989 | 12 | - | 310,102,694.34 |
| 1990 | 1 | - | 302,265,829.37 |
| 1990 | 2 | - | 310,448,670.14 |
| 1990 | 3 | - | 311,057,105.26 |
| 1990 | 4 | - | 323,035,681.25 |
| 1990 | 5 | - | 333,275,774.00 |
| 1990 | 6 | - | 333,841,421.44 |
| 1990 | 7 | - | 307,597,390.01 |
| 1990 | 8 | - | 294,244,400.53 |
| 1990 | 9 | - | 287,430,380.24 |
| 1990 | 10 | - | 296,006,770.14 |
| 1990 | 11 | - | 309,583,432.80 |
| 1990 | 12 | - | 307,462,256.58 |
| 1991 | 1 | - | 343,148,708.64 |
| 1991 | 2 | - | 353,596,284.05 |
| 1991 | 3 | - | 361,583,417.61 |
| 1991 | 4 | - | 360,936,621.88 |
| 1991 | 5 | - | 362,189,111.46 |
| 1991 | 6 | - | 365,015,946.30 |
| 1991 | 7 | - | 374,794,480.27 |
| 1991 | 8 | - | 373,658,474.74 |
| 1991 | 9 | - | 374,337,210.43 |
| 1991 | 10 | - | 374,396,337.61 |
| 1991 | 11 | - | 377,897,466.92 |
| 1991 | 12 | - | 405,703,260.64 |
| 1992 | 1 | - | 403,265,608.87 |
| 1992 | 2 | - | 399,183,036.57 |
| 1992 | 3 | - | 400,238,091.24 |
| 1992 | 4 | - | 408,516,417.70 |
| 1992 | 5 | - | 403,086,733.79 |
| 1992 | 6 | - | 410,794,289.49 |
| 1992 | 7 | - | 414,662,820.95 |
| 1992 | 8 | - | 416,231,023.23 |
| 1992 | 9 | - | 411,310,940.72 |
| 1992 | 10 | - | 422,650,384.51 |
| 1992 | 11 | - | 436,476,123.48 |
| 1992 | 12 | - | 437,099,818.24 |
| 1993 | 1 | - | 444,636,500.20 |
| 1993 | 2 | - | 454,196,864.44 |
| 1993 | 3 | - | 448,102,700.01 |
| 1993 | 4 | - | 451,350,209.07 |
| 1993 | 5 | - | 455,255,212.01 |
| 1993 | 6 | - | 455,532,934.69 |
| 1993 | 7 | - | 463,561,546.93 |
| 1993 | 8 | - | 469,842,675.06 |
| 1993 | 9 | - | 475,677,683.75 |
| 1993 | 10 | - | 475,713,572.34 |
| 1993 | 11 | - | 479,934,007.15 |
| 1993 | 12 | - | 488,265,086.09 |
| 1994 | 1 | - | 487,895,464.35 |
| 1994 | 2 | - | 480,948,720.14 |
| 1994 | 3 | - | 464,854,360.54 |
| 1994 | 4 | - | 469,773,643.90 |
| 1994 | 5 | - | 474,979,173.11 |
| 1994 | 6 | - | 472,514,624.05 |
| 1994 | 7 | - | 487,077,893.22 |
| 1994 | 8 | - | 491,059,585.03 |
| 1994 | 9 | - | 488,879,247.95 |
| 1994 | 10 | - | 487,070,962.51 |
| 1994 | 11 | - | 482,075,045.26 |
| 1994 | 12 | - | 493,891,544.56 |
| 1995 | 1 | - | 512,753,725.31 |
| 1995 | 2 | - | 525,870,837.79 |
| 1995 | 3 | - | 542,780,493.69 |
| 1995 | 4 | - | 560,951,482.50 |
| 1995 | 5 | - | 578,780,887.17 |
| 1995 | 6 | - | 599,313,023.34 |
| 1995 | 7 | - | 602,388,243.12 |
| 1995 | 8 | - | 624,783,016.28 |
| 1995 | 9 | - | 630,484,582.76 |
| 1995 | 10 | - | 645,353,838.92 |
| 1995 | 11 | - | 667,225,770.89 |
| 1995 | 12 | - | 668,310,545.21 |
| 1996 | 1 | - | 707,770,230.10 |
| 1996 | 2 | - | 706,349,755.34 |
| 1996 | 3 | - | 707,741,561.39 |
| 1996 | 4 | - | 724,407,641.04 |
| 1996 | 5 | - | 733,669,867.71 |
| 1996 | 6 | - | 708,163,361.93 |
| 1996 | 7 | - | 729,944,715.20 |
| 1996 | 8 | - | 744,716,802.66 |
| 1996 | 9 | - | 775,395,394.87 |
| 1996 | 10 | - | 814,569,004.86 |
| 1996 | 11 | - | 824,329,394.41 |
| 1996 | 12 | - | 851,182,254.85 |
| 1997 | 1 | - | 888,303,706.18 |
| 1997 | 2 | - | 882,763,485.88 |
| 1997 | 3 | - | 852,703,213.92 |
| 1997 | 4 | - | 931,303,953.60 |
| 1997 | 5 | - | 981,006,019.11 |
| 1997 | 6 | - | 1,037,275,784.30 |
| 1997 | 7 | - | 1,040,883,317.05 |
| 1997 | 8 | - | 1,053,290,729.49 |
| 1997 | 9 | - | 1,070,621,319.89 |
| 1997 | 10 | - | 1,058,287,298.77 |
| 1997 | 11 | - | 1,086,169,111.03 |
| 1997 | 12 | - | 1,088,744,290.91 |
| 1998 | 1 | - | 1,158,447,425.18 |
| 1998 | 2 | - | 1,219,994,258.80 |
| 1998 | 3 | - | 1,261,543,301.94 |
| 1998 | 4 | - | 1,258,744,472.50 |
| 1998 | 5 | - | 1,260,210,369.29 |
| 1998 | 6 | - | 1,316,512,363.46 |
| 1998 | 7 | - | 1,224,738,191.90 |
| 1998 | 8 | - | 1,164,745,002.10 |
| 1998 | 9 | - | 1,179,780,191.20 |
| 1998 | 10 | - | 1,309,253,802.61 |
| 1998 | 11 | - | 1,362,986,952.80 |
| 1998 | 12 | - | 1,431,786,269.00 |
| 1999 | 1 | - | 1,430,831,123.14 |
| 1999 | 2 | - | 1,472,661,611.73 |
| 1999 | 3 | - | 1,535,250,055.79 |
| 1999 | 4 | - | 1,533,732,741.29 |
| 1999 | 5 | - | 1,524,349,868.22 |
| 1999 | 6 | - | 1,593,286,873.18 |
| 1999 | 7 | - | 1,533,150,081.50 |
| 1999 | 8 | - | 1,523,981,588.87 |
| 1999 | 9 | - | 1,504,589,362.39 |
| 1999 | 10 | - | 1,611,504,724.35 |
| 1999 | 11 | - | 1,656,767,552.75 |
| 1999 | 12 | - | 1,654,797,115.56 |
| 2000 | 1 | - | 1,613,789,963.83 |
| 2000 | 2 | - | 1,677,388,677.46 |
| 2000 | 3 | - | 1,701,285,853.34 |
| 2000 | 4 | - | 1,652,989,852.61 |
| 2000 | 5 | - | 1,705,281,858.60 |
| 2000 | 6 | - | 1,719,782,594.35 |
| 2000 | 7 | - | 1,735,943,582.22 |
| 2000 | 8 | - | 1,717,201,456.94 |
| 2000 | 9 | - | 1,627,662,627.53 |
| 2000 | 10 | - | 1,615,087,890.82 |
| 2000 | 11 | - | 1,561,465,781.55 |
| 2000 | 12 | - | 1,568,570,570.33 |
| 2001 | 1 | - | 1,535,061,859.24 |
| 2001 | 2 | - | 1,395,679,731.53 |
| 2001 | 3 | - | 1,401,942,057.49 |
| 2001 | 4 | - | 1,498,386,319.84 |
| 2001 | 5 | - | 1,462,595,080.55 |
| 2001 | 6 | - | 1,423,686,728.81 |
| 2001 | 7 | - | 1,394,560,386.60 |
| 2001 | 8 | - | 1,237,709,651.03 |
| 2001 | 9 | - | 1,277,118,716.20 |
| 2001 | 10 | - | 1,341,653,392.07 |
| 2001 | 11 | - | 1,361,322,693.35 |
| 2001 | 12 | - | 1,357,270,182.26 |
| 2002 | 1 | - | 1,311,764,043.95 |
| 2002 | 2 | - | 1,376,634,326.98 |
| 2002 | 3 | - | 1,328,253,447.65 |
| 2002 | 4 | - | 1,290,791,767.47 |
| 2002 | 5 | - | 1,214,364,522.80 |
| 2002 | 6 | - | 1,083,717,125.63 |
| 2002 | 7 | - | 1,096,058,396.81 |
| 2002 | 8 | - | 1,043,910,895.79 |
| 2002 | 9 | - | 1,029,640,188.00 |
| 2002 | 10 | - | 1,097,859,789.01 |
| 2002 | 11 | - | 1,086,496,267.15 |
| 2002 | 12 | - | 1,084,078,622.24 |
| 2003 | 1 | - | 1,014,536,756.70 |
| 2003 | 2 | - | 1,027,805,864.31 |
| 2003 | 3 | - | 1,082,134,231.41 |
| 2003 | 4 | - | 1,139,619,492.64 |
| 2003 | 5 | - | 1,204,625,495.54 |
| 2003 | 6 | - | 1,211,803,868.62 |
| 2003 | 7 | - | 1,209,788,346.60 |
| 2003 | 8 | - | 1,248,031,944.71 |
| 2003 | 9 | - | 1,273,339,898.47 |
| 2003 | 10 | - | 1,288,754,775.79 |
| 2003 | 11 | - | 1,328,239,777.48 |
| 2003 | 12 | - | 1,393,787,897.55 |
| 2004 | 1 | - | 1,408,933,663.68 |
| 2004 | 2 | - | 1,386,881,080.04 |
| 2004 | 3 | - | 1,400,307,989.44 |
| 2004 | 4 | - | 1,364,400,544.35 |
| 2004 | 5 | - | 1,403,390,702.99 |
| 2004 | 6 | - | 1,371,971,877.98 |
| 2004 | 7 | - | 1,352,934,805.80 |
| 2004 | 8 | - | 1,390,581,901.03 |
| 2004 | 9 | - | 1,392,008,572.75 |
| 2004 | 10 | - | 1,458,461,615.50 |
| 2004 | 11 | - | 1,498,240,387.14 |
| 2004 | 12 | - | 1,478,025,804.66 |
| 2005 | 1 | - | 1,502,874,473.98 |
| 2005 | 2 | - | 1,499,033,306.18 |
| 2005 | 3 | - | 1,462,922,816.16 |
| 2005 | 4 | - | 1,482,465,571.65 |
| 2005 | 5 | - | 1,514,793,660.96 |
| 2005 | 6 | - | 1,542,177,963.63 |
| 2005 | 7 | - | 1,546,958,996.27 |
| 2005 | 8 | - | 1,551,285,693.35 |
| 2005 | 9 | - | 1,510,576,549.61 |
| 2005 | 10 | - | 1,570,418,679.10 |
| 2005 | 11 | - | 1,604,090,512.30 |
| 2005 | 12 | - | 1,627,618,833.92 |
| 2006 | 1 | - | 1,627,348,001.83 |
| 2006 | 2 | - | 1,651,532,635.05 |
| 2006 | 3 | - | 1,664,717,339.52 |
| 2006 | 4 | - | 1,651,622,079.60 |
| 2006 | 5 | - | 1,606,932,605.34 |
| 2006 | 6 | - | 1,618,503,173.22 |
| 2006 | 7 | - | 1,655,595,369.26 |
| 2006 | 8 | - | 1,697,501,360.90 |
| 2006 | 9 | - | 1,758,881,535.04 |
| 2006 | 10 | - | 1,794,088,063.74 |
| 2006 | 11 | - | 1,832,629,829.12 |
| 2006 | 12 | - | 1,845,326,774.52 |
| 2007 | 1 | - | 1,874,779,076.35 |
| 2007 | 2 | - | 1,828,399,084.72 |
| 2007 | 3 | - | 1,904,830,918.47 |
| 2007 | 4 | - | 1,969,438,080.83 |
| 2007 | 5 | - | 1,976,230,702.20 |
| 2007 | 6 | - | 1,987,586,512.22 |
| 2007 | 7 | - | 1,904,085,859.90 |
| 2007 | 8 | - | 1,962,631,615.37 |
| 2007 | 9 | - | 2,021,346,346.99 |
| 2007 | 10 | - | 1,924,194,174.35 |
| 2007 | 11 | - | 1,948,019,947.68 |
| 2007 | 12 | - | 1,818,764,979.18 |
| 2008 | 1 | - | 1,790,320,118.94 |
| 2008 | 2 | - | 1,743,294,930.37 |
| 2008 | 3 | - | 1,817,276,925.12 |
| 2008 | 4 | - | 1,863,846,540.52 |
| 2008 | 5 | - | 1,784,696,767.56 |
| 2008 | 6 | - | 1,676,214,481.84 |
| 2008 | 7 | - | 1,711,591,574.06 |
| 2008 | 8 | - | 1,628,621,552.80 |
| 2008 | 9 | - | 1,299,744,474.30 |
| 2008 | 10 | - | 1,187,896,939.60 |
| 2008 | 11 | - | 1,183,724,840.52 |
| 2008 | 12 | - | 1,170,756,464.68 |
| 2009 | 1 | - | 1,092,286,436.81 |
| 2009 | 2 | - | 1,030,163,339.98 |
| 2009 | 3 | - | 1,157,097,492.54 |
| 2009 | 4 | - | 1,234,158,122.48 |
| 2009 | 5 | - | 1,269,564,403.99 |
| 2009 | 6 | - | 1,285,784,894.65 |
| 2009 | 7 | - | 1,390,200,206.78 |
| 2009 | 8 | - | 1,440,947,286.48 |
| 2009 | 9 | - | 1,475,574,808.83 |
| 2009 | 10 | - | 1,506,478,151.29 |
| 2009 | 11 | - | 1,540,010,209.85 |
| 2009 | 12 | - | 1,560,907,653.82 |
| 2010 | 1 | - | 1,515,665,161.73 |
| 2010 | 2 | - | 1,605,741,682.05 |
| 2010 | 3 | - | 1,671,383,281.38 |
| 2010 | 4 | - | 1,573,065,887.87 |
| 2010 | 5 | - | 1,517,323,289.86 |
| 2010 | 6 | - | 1,514,909,638.07 |
| 2010 | 7 | - | 1,527,992,573.04 |
| 2010 | 8 | - | 1,579,503,563.76 |
| 2010 | 9 | - | 1,651,804,337.14 |
| 2010 | 10 | - | 1,692,949,370.12 |
| 2010 | 11 | - | 1,755,821,042.58 |
| 2010 | 12 | - | 1,816,610,958.51 |
| 2011 | 1 | - | 1,873,849,898.19 |
| 2011 | 2 | - | 1,853,004,049.33 |
| 2011 | 3 | - | 1,894,158,952.64 |
| 2011 | 4 | - | 1,906,645,908.32 |
| 2011 | 5 | - | 1,836,813,091.89 |
| 2011 | 6 | - | 1,893,786,179.08 |
| 2011 | 7 | - | 1,696,820,164.58 |
| 2011 | 8 | - | 1,683,428,096.14 |
| 2011 | 9 | - | 1,734,249,207.34 |
| 2011 | 10 | - | 1,764,895,514.30 |
| 2011 | 11 | - | 1,792,335,245.77 |
| 2011 | 12 | - | 1,878,054,718.27 |
| 2012 | 1 | - | 1,956,230,786.39 |
| 2012 | 2 | - | 2,012,645,299.50 |
| 2012 | 3 | - | 2,011,876,260.88 |
| 2012 | 4 | - | 1,949,690,126.89 |
| 2012 | 5 | - | 1,927,221,681.33 |
| 2012 | 6 | - | 1,983,517,500.08 |
| 2012 | 7 | - | 2,050,713,138.07 |
| 2012 | 8 | - | 2,112,668,588.09 |
| 2012 | 9 | - | 2,108,081,250.06 |
| 2012 | 10 | - | 2,048,264,572.06 |
| 2012 | 11 | - | 2,092,825,288.29 |
| 2012 | 12 | - | 2,182,163,006.58 |
| 2013 | 1 | - | 2,233,073,346.46 |
| 2013 | 2 | - | 2,293,867,741.63 |
| 2013 | 3 | - | 2,327,215,793.83 |
| 2013 | 4 | - | 2,433,668,922.78 |
| 2013 | 5 | - | 2,406,465,979.00 |
| 2013 | 6 | - | 2,484,783,864.76 |
| 2013 | 7 | - | 2,491,058,646.70 |
| 2013 | 8 | - | 2,520,763,707.45 |
| 2013 | 9 | - | 2,574,142,136.84 |
| 2013 | 10 | - | 2,673,503,870.01 |
| 2013 | 11 | - | 2,714,185,553.49 |
| 2013 | 12 | - | 2,740,453,649.21 |
| 2014 | 1 | - | 2,736,890,075.65 |
| 2014 | 2 | - | 2,811,395,594.15 |
| 2014 | 3 | - | 2,817,066,853.17 |
| 2014 | 4 | - | 2,860,225,296.41 |
| 2014 | 5 | - | 2,951,647,187.69 |
| 2014 | 6 | - | 2,995,798,574.81 |
| 2014 | 7 | - | 2,983,007,988.17 |
| 2014 | 8 | - | 3,036,046,878.87 |
| 2014 | 9 | - | 2,955,695,357.48 |
| 2014 | 10 | - | 3,124,337,055.45 |
| 2014 | 11 | - | 3,144,141,843.80 |
| 2014 | 12 | - | 3,109,240,436.24 |
| 2015 | 1 | - | 3,197,151,040.39 |
| 2015 | 2 | - | 3,198,921,093.54 |
| 2015 | 3 | - | 3,227,020,725.83 |
| 2015 | 4 | - | 3,258,610,158.22 |
| 2015 | 5 | - | 3,244,418,908.98 |
| 2015 | 6 | - | 3,241,835,375.05 |
| 2015 | 7 | - | 3,163,240,399.31 |
| 2015 | 8 | - | 3,020,670,133.75 |
| 2015 | 9 | - | 3,151,076,068.04 |
| 2015 | 10 | - | 3,243,480,426.30 |
| 2015 | 11 | - | 3,207,705,815.39 |
| 2015 | 12 | - | 3,001,783,234.84 |
| 2016 | 1 | - | 2,985,276,156.35 |
| 2016 | 2 | - | 3,175,221,144.08 |
| 2016 | 3 | - | 3,265,119,918.25 |
| 2016 | 4 | - | 3,255,182,028.30 |
| 2016 | 5 | - | 3,289,898,226.51 |
| 2016 | 6 | - | 3,398,380,611.20 |
| 2016 | 7 | - | 3,439,135,928.03 |
| 2016 | 8 | - | 3,424,049,427.74 |
| 2016 | 9 | - | 3,406,724,390.48 |
| 2016 | 10 | - | 3,447,644,620.38 |
| 2016 | 11 | - | 3,583,687,429.92 |
| 2016 | 12 | - | 3,635,207,765.35 |
| 2017 | 1 | - | 3,728,866,904.82 |
| 2017 | 2 | - | 3,794,094,365.92 |
| 2017 | 3 | - | 3,788,251,304.78 |
| 2017 | 4 | - | 3,852,362,659.73 |
| 2017 | 5 | - | 3,920,797,106.38 |
| 2017 | 6 | - | 3,959,530,037.26 |
| 2017 | 7 | - | 3,969,341,960.97 |
| 2017 | 8 | - | 4,034,965,625.08 |
| 2017 | 9 | - | 4,145,313,829.95 |
| 2017 | 10 | - | 4,211,206,451.03 |
| 2017 | 11 | - | 4,332,636,011.88 |
| 2017 | 12 | - | 4,543,284,366.59 |
| 2018 | 1 | - | 4,412,133,993.71 |
| 2018 | 2 | - | 4,414,983,271.74 |
| 2018 | 3 | - | 4,341,519,190.69 |
| 2018 | 4 | - | 4,426,683,348.30 |
| 2018 | 5 | - | 4,520,217,828.65 |
| 2018 | 6 | - | 4,591,670,809.35 |
| 2018 | 7 | - | 4,704,203,703.62 |
| 2018 | 8 | - | 4,783,222,458.70 |
| 2018 | 9 | - | 4,599,116,888.42 |
| 2018 | 10 | - | 4,503,634,240.29 |
| 2018 | 11 | - | 4,253,119,037.86 |
| 2018 | 12 | - | 4,326,937,719.70 |
| 2019 | 1 | - | 4,579,150,702.82 |
| 2019 | 2 | - | 4,668,353,564.11 |
| 2019 | 3 | - | 4,842,166,619.66 |
| 2019 | 4 | - | 4,767,994,866.16 |
| 2019 | 5 | - | 4,834,973,234.86 |
| 2019 | 6 | - | 5,020,024,283.67 |
| 2019 | 7 | - | 4,862,675,938.59 |
| 2019 | 8 | - | 5,012,700,551.25 |
| 2019 | 9 | - | 5,013,191,933.81 |
| 2019 | 10 | - | 5,235,461,434.84 |
| 2019 | 11 | - | 5,364,741,724.42 |
| 2019 | 12 | - | 5,544,267,307.40 |
| 2020 | 1 | - | 5,551,035,572.46 |
| 2020 | 2 | - | 4,500,906,820.63 |
| 2020 | 3 | - | 4,695,283,628.18 |
| 2020 | 4 | - | 4,971,712,129.71 |
| 2020 | 5 | - | 5,295,284,671.12 |
| 2020 | 6 | - | 5,479,371,795.11 |
| 2020 | 7 | - | 5,802,298,837.90 |
| 2020 | 8 | - | 5,765,918,271.23 |
| 2020 | 9 | - | 5,865,438,099.35 |
| 2020 | 10 | - | 6,097,364,360.08 |
| 2020 | 11 | - | 6,357,116,987.54 |
| 2020 | 12 | - | 6,534,817,463.44 |
| 2021 | 1 | - | 6,697,634,306.71 |
| 2021 | 2 | - | 6,752,645,839.50 |
| 2021 | 3 | - | 7,159,255,470.96 |
| 2021 | 4 | - | 7,213,682,387.55 |
| 2021 | 5 | - | 7,344,280,537.90 |
| 2021 | 6 | - | 7,569,617,861.31 |
| 2021 | 7 | - | 7,735,026,263.55 |
| 2021 | 8 | - | 7,728,490,256.77 |
| 2021 | 9 | - | 7,763,436,640.20 |
| 2021 | 10 | - | 8,131,791,839.08 |
| 2021 | 11 | - | 8,153,373,910.20 |
| 2021 | 12 | - | 7,986,070,518.46 |
Click to show 558 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.
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.
| Start Value Average monthly close | $96.11 |
| End Value Average monthly close | $3,793.75 |
| Change in price | +3,847.30% +8.13% / yr |
| Change incl. dividends | +17,996.04% +11.44% / yr |
| Change incl. dividends, inflation-adjusted | +3,192.37% +7.55% / yr |
| Final amount, nominal ($40000000 base) | $7,238,416,502.85 |
| Final amount, inflation-adjusted ($40000000 base) | $1,316,949,160.79 |