S&P 500: $10000 in 1987 → $84,227.27 in 2006

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Stock market returns between 1987 and 2006

If you invested $10000 in the S&P 500 at the beginning of 1987, you would have about $84,227.27 at the end of 2006, assuming you reinvested all dividends. This is a return on investment of 742.27%, or 11.24% per year.

This investment result beats inflation during this period for an inflation-adjusted return of about 374.61% cumulatively, or 8.10% per year.

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 $74,227.27, or 742.27%. This means by 2006 you would have $84,227.27 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 1987 was 113.600 and the CPI in 2006 was 201.600.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 19 years.

Adjusted for inflation, the $84,227.27 nominal end value of the original $10000 investment would have a real value of roughly $37,461.40 in 1987 dollars. This means the inflation-adjusted return is 374.61% as opposed to the original 742.27%.

For more information on inflation, see our U.S. inflation calculator for 1987.

Full monthly data

The table below shows the full dataset pertaining to a $10000 investment, including gains and losses over the 240-month period between 1987 and 2006.

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

Year Month Return (%) Amount ($) CPI
1987 1 6.46% 10,646.19 111.20
1987 2 4.38% 11,112.11 111.60
1987 3 -0.86% 11,016.94 112.10
1987 4 0.17% 11,035.98 112.70
1987 5 4.50% 11,532.43 113.10
1987 6 3.12% 11,892.49 113.50
1987 7 6.45% 12,660.03 113.80
1987 8 -3.03% 12,276.37 114.40
1987 9 -11.85% 10,821.15 115.00
1987 10 -12.30% 9,489.78 115.30
1987 11 -1.33% 9,363.12 115.40
1987 12 4.25% 9,760.73 115.40
1988 1 3.33% 10,085.62 115.70
1988 2 3.23% 10,411.59 116.00
1988 3 -0.89% 10,319.34 116.50
1988 4 -2.19% 10,093.53 117.10
1988 5 6.00% 10,698.96 117.50
1988 6 -0.31% 10,666.12 118.00
1988 7 -1.72% 10,482.82 118.50
1988 8 1.93% 10,684.85 119.00
1988 9 3.80% 11,091.04 119.80
1988 10 -2.02% 10,866.98 120.20
1988 11 2.33% 11,119.74 120.30
1988 12 3.51% 11,510.34 120.50
1989 1 3.30% 11,890.16 121.10
1989 2 -0.16% 11,870.94 121.60
1989 3 3.56% 12,294.11 122.30
1989 4 4.12% 12,800.05 123.10
1989 5 3.39% 13,234.31 123.80
1989 6 2.80% 13,604.89 124.10
1989 7 4.69% 14,243.07 124.40
1989 8 0.46% 14,307.95 124.60
1989 9 0.29% 14,348.91 125.00
1989 10 -1.81% 14,088.68 125.60
1989 11 2.74% 14,474.25 125.90
1989 12 -2.21% 14,154.19 126.10
1990 1 -2.53% 13,796.49 127.40
1990 2 2.71% 14,169.98 128.00
1990 3 0.20% 14,197.75 128.70
1990 4 3.85% 14,744.50 128.90
1990 5 3.17% 15,211.89 129.20
1990 6 0.17% 15,237.71 129.90
1990 7 -7.86% 14,039.84 130.40
1990 8 -4.34% 13,430.36 131.60
1990 9 -2.32% 13,119.34 132.70
1990 10 2.98% 13,510.80 133.50
1990 11 4.59% 14,130.49 133.80
1990 12 -0.69% 14,033.67 133.80
1991 1 11.61% 15,662.53 134.60
1991 2 3.04% 16,139.39 134.80
1991 3 2.26% 16,503.95 135.00
1991 4 -0.18% 16,474.43 135.20
1991 5 0.35% 16,531.60 135.60
1991 6 0.78% 16,660.62 136.00
1991 7 2.68% 17,106.95 136.20
1991 8 -0.30% 17,055.10 136.60
1991 9 0.18% 17,086.08 137.20
1991 10 0.02% 17,088.78 137.40
1991 11 0.94% 17,248.58 137.80
1991 12 7.36% 18,517.74 137.90
1992 1 -0.60% 18,406.48 138.10
1992 2 -1.01% 18,220.13 138.60
1992 3 0.26% 18,268.29 139.30
1992 4 2.07% 18,646.14 139.50
1992 5 -1.33% 18,398.31 139.70
1992 6 1.91% 18,750.11 140.20
1992 7 0.94% 18,926.68 140.50
1992 8 0.38% 18,998.26 140.90
1992 9 -1.18% 18,773.69 141.30
1992 10 2.76% 19,291.27 141.80
1992 11 3.27% 19,922.32 142.00
1992 12 0.14% 19,950.79 141.90
1993 1 1.72% 20,294.79 142.60
1993 2 2.15% 20,731.16 143.10
1993 3 -1.34% 20,453.00 143.60
1993 4 0.72% 20,601.23 144.00
1993 5 0.87% 20,779.47 144.20
1993 6 0.06% 20,792.14 144.40
1993 7 1.76% 21,158.60 144.40
1993 8 1.35% 21,445.29 144.80
1993 9 1.24% 21,711.62 145.10
1993 10 0.01% 21,713.26 145.70
1993 11 0.89% 21,905.89 145.80
1993 12 1.74% 22,286.15 145.80
1994 1 -0.08% 22,269.28 146.20
1994 2 -1.42% 21,952.21 146.70
1994 3 -3.35% 21,217.60 147.20
1994 4 1.06% 21,442.14 147.40
1994 5 1.11% 21,679.74 147.50
1994 6 -0.52% 21,567.25 148.00
1994 7 3.08% 22,231.97 148.40
1994 8 0.82% 22,413.70 149.00
1994 9 -0.44% 22,314.19 149.40
1994 10 -0.37% 22,231.65 149.50
1994 11 -1.03% 22,003.62 149.70
1994 12 2.45% 22,542.97 149.70
1995 1 3.82% 23,403.90 150.30
1995 2 2.56% 24,002.61 150.90
1995 3 3.22% 24,774.43 151.40
1995 4 3.35% 25,603.82 151.90
1995 5 3.18% 26,417.62 152.20
1995 6 3.55% 27,354.78 152.50
1995 7 0.51% 27,495.14 152.50
1995 8 3.72% 28,517.32 152.90
1995 9 0.91% 28,777.56 153.20
1995 10 2.36% 29,456.24 153.70
1995 11 3.39% 30,454.56 153.60
1995 12 0.16% 30,504.07 153.50
1996 1 5.90% 32,305.15 154.40
1996 2 -0.20% 32,240.31 154.90
1996 3 0.20% 32,303.84 155.70
1996 4 2.35% 33,064.54 156.30
1996 5 1.28% 33,487.30 156.60
1996 6 -3.48% 32,323.09 156.70
1996 7 3.08% 33,317.27 157.00
1996 8 2.02% 33,991.52 157.30
1996 9 4.12% 35,391.80 157.80
1996 10 5.05% 37,179.82 158.30
1996 11 1.20% 37,625.32 158.60
1996 12 3.26% 38,850.98 158.60
1997 1 4.36% 40,545.34 159.10
1997 2 -0.62% 40,292.46 159.60
1997 3 -3.41% 38,920.40 160.00
1997 4 9.22% 42,508.02 160.20
1997 5 5.34% 44,776.60 160.10
1997 6 5.74% 47,344.95 160.30
1997 7 0.35% 47,509.61 160.50
1997 8 1.19% 48,075.93 160.80
1997 9 1.65% 48,866.96 161.20
1997 10 -1.15% 48,303.99 161.60
1997 11 2.63% 49,576.62 161.50
1997 12 0.24% 49,694.16 161.30
1998 1 6.40% 52,875.66 161.60
1998 2 5.31% 55,684.87 161.90
1998 3 3.41% 57,581.32 162.20
1998 4 -0.22% 57,453.57 162.50
1998 5 0.12% 57,520.48 162.80
1998 6 4.47% 60,090.30 163.00
1998 7 -6.97% 55,901.40 163.20
1998 8 -4.90% 53,163.10 163.40
1998 9 1.29% 53,849.36 163.60
1998 10 10.97% 59,759.00 164.00
1998 11 4.10% 62,211.57 164.00
1998 12 5.05% 65,351.81 163.90
1999 1 -0.07% 65,308.22 164.30
1999 2 2.92% 67,217.51 164.50
1999 3 4.25% 70,074.27 165.00
1999 4 -0.10% 70,005.01 166.20
1999 5 -0.61% 69,576.74 166.20
1999 6 4.52% 72,723.27 166.20
1999 7 -3.77% 69,978.42 166.70
1999 8 -0.60% 69,559.93 167.10
1999 9 -1.27% 68,674.80 167.90
1999 10 7.11% 73,554.80 168.20
1999 11 2.81% 75,620.76 168.30
1999 12 -0.12% 75,530.82 168.30
2000 1 -2.48% 73,659.11 168.80
2000 2 3.94% 76,561.98 169.80
2000 3 1.42% 77,652.73 171.20
2000 4 -2.84% 75,448.33 171.30
2000 5 3.16% 77,835.12 171.50
2000 6 0.85% 78,496.99 172.40
2000 7 0.94% 79,234.63 172.80
2000 8 -1.08% 78,379.18 172.80
2000 9 -5.21% 74,292.31 173.70
2000 10 -0.77% 73,718.35 174.00
2000 11 -3.32% 71,270.85 174.10
2000 12 0.46% 71,595.13 174.00
2001 1 -2.14% 70,065.68 175.10
2001 2 -9.08% 63,703.78 175.80
2001 3 0.45% 63,989.62 176.20
2001 4 6.88% 68,391.68 176.90
2001 5 -2.39% 66,758.04 177.70
2001 6 -2.66% 64,982.12 178.00
2001 7 -2.05% 63,652.69 177.50
2001 8 -11.25% 56,493.47 177.50
2001 9 3.18% 58,292.24 178.30
2001 10 5.05% 61,237.83 177.70
2001 11 1.47% 62,135.61 177.40
2001 12 -0.30% 61,950.63 176.70
2002 1 -3.35% 59,873.57 177.10
2002 2 4.95% 62,834.48 177.80
2002 3 -3.51% 60,626.21 178.80
2002 4 -2.82% 58,916.32 179.80
2002 5 -5.92% 55,427.91 179.80
2002 6 -10.76% 49,464.70 179.90
2002 7 1.14% 50,028.00 180.10
2002 8 -4.76% 47,647.80 180.70
2002 9 -1.37% 46,996.44 181.00
2002 10 6.63% 50,110.22 181.30
2002 11 -1.04% 49,591.55 181.30
2002 12 -0.22% 49,481.20 180.90
2003 1 -6.41% 46,307.06 181.70
2003 2 1.31% 46,912.71 183.10
2003 3 5.29% 49,392.45 184.20
2003 4 5.31% 52,016.28 183.80
2003 5 5.70% 54,983.39 183.50
2003 6 0.60% 55,311.03 183.70
2003 7 -0.17% 55,219.04 183.90
2003 8 3.16% 56,964.61 184.60
2003 9 2.03% 58,119.76 185.20
2003 10 1.21% 58,823.35 185.00
2003 11 3.06% 60,625.58 184.50
2003 12 4.93% 63,617.43 184.30
2004 1 1.09% 64,308.74 185.20
2004 2 -1.57% 63,302.18 186.20
2004 3 0.97% 63,915.03 187.40
2004 4 -2.56% 62,276.09 188.00
2004 5 2.86% 64,055.74 189.10
2004 6 -2.24% 62,621.67 189.70
2004 7 -1.39% 61,752.75 189.40
2004 8 2.78% 63,471.10 189.50
2004 9 0.10% 63,536.22 189.90
2004 10 4.77% 66,569.37 190.90
2004 11 2.73% 68,385.02 191.00
2004 12 -1.35% 67,462.35 190.30
2005 1 1.68% 68,596.53 190.70
2005 2 -0.26% 68,421.21 191.80
2005 3 -2.41% 66,773.00 193.30
2005 4 1.34% 67,665.00 194.60
2005 5 2.18% 69,140.57 194.40
2005 6 1.81% 70,390.48 194.50
2005 7 0.31% 70,608.71 195.40
2005 8 0.28% 70,806.19 196.40
2005 9 -2.62% 68,948.08 198.80
2005 10 3.96% 71,679.49 199.20
2005 11 2.14% 73,216.39 197.60
2005 12 1.47% 74,290.31 196.80
2006 1 -0.02% 74,277.95 198.30
2006 2 1.49% 75,381.82 198.70
2006 3 0.80% 75,983.61 199.80
2006 4 -0.79% 75,385.90 201.50
2006 5 -2.71% 73,346.11 202.50
2006 6 0.72% 73,874.24 202.90
2006 7 2.29% 75,567.26 203.50
2006 8 2.53% 77,479.99 203.90
2006 9 3.62% 80,281.60 202.90
2006 10 2.00% 81,888.55 201.80
2006 11 2.15% 83,647.74 201.50
2006 12 0.69% 84,227.27 201.80
Click to show 222 more rows

Data Sources

The information on this page is derived from Robert Shiller's book, Irrational Exuberance and the accompanying dataset, as well as the U.S. Bureau of Labor Statistics' monthly CPI logs.

Note that S&P index value for the current quarter is based on a moving average of closing prices, per Robert Shiller's methodology. The inflation data used is based on annual CPI averages.


Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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S&P 500 from 1987 to 2006
Start Value
Average monthly close
$264.50
End Value
Average monthly close
$1,278.73
Change in price +383.45%
+8.65% / yr
Change incl. dividends +742.27%
+11.24% / yr
Change incl. dividends, inflation-adjusted +374.61%
+8.10% / yr
Final amount, nominal
($10000 base)
$84,227.27
Final amount, inflation-adjusted
($10000 base)
$47,461.40