Stock market returns between 1993 and 2024
If you invested $400000000 in the S&P 500 at the beginning of 1993, you would have about $9,992,377,194.84 at the end of 2024, assuming you reinvested all dividends. This is a return on investment of 2,398.09%, or 10.58% per year.
This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 1,051.38% cumulatively, or 7.94% per year.
If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $9,276,576,686.40.
The graph below shows the performance of $400000000 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 $400000000 is $9,592,377,194.84, or 2,398.09%. This means by 2024 you would have $9,992,377,194.84 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 1993 was 144.500 and the CPI in 2024 was 313.515.
The ratio between these CPIs describes how relative buying power of a dollar has changed over 31 years.
Adjusted for inflation, the $9,992,377,194.84 nominal end value of the original $400000000 investment would have a real return of roughly $4,205,509,820.08 in 1993 dollars. This means the inflation-adjusted return is 1,051.38% as opposed to the original 2,398.09%.
For more information on inflation, see our U.S. inflation calculator for 1993.
Full monthly data
The table below shows the full dataset pertaining to a $400000000 investment, including gains and losses over the 384-month period between 1993 and 2024.
Note that data shown is the monthly average closing price. Returns include dividends.
| Year | Month | Return (%) | Amount ($) | CPI |
|---|---|---|---|---|
| 1993 | 1 | 1.72% | 406,896,989.33 | 142.60 |
| 1993 | 2 | 2.15% | 415,645,896.42 | 143.10 |
| 1993 | 3 | -1.34% | 410,068,987.73 | 143.60 |
| 1993 | 4 | 0.72% | 413,040,857.24 | 144.00 |
| 1993 | 5 | 0.87% | 416,614,414.38 | 144.20 |
| 1993 | 6 | 0.06% | 416,868,564.73 | 144.40 |
| 1993 | 7 | 1.76% | 424,215,730.67 | 144.40 |
| 1993 | 8 | 1.35% | 429,963,734.10 | 144.80 |
| 1993 | 9 | 1.24% | 435,303,483.46 | 145.10 |
| 1993 | 10 | 0.01% | 435,336,325.93 | 145.70 |
| 1993 | 11 | 0.89% | 439,198,541.96 | 145.80 |
| 1993 | 12 | 1.74% | 446,822,502.06 | 145.80 |
| 1994 | 1 | -0.08% | 446,484,252.79 | 146.20 |
| 1994 | 2 | -1.42% | 440,127,128.93 | 146.70 |
| 1994 | 3 | -3.35% | 425,398,813.86 | 147.20 |
| 1994 | 4 | 1.06% | 429,900,562.11 | 147.40 |
| 1994 | 5 | 1.11% | 434,664,260.46 | 147.50 |
| 1994 | 6 | -0.52% | 432,408,895.48 | 148.00 |
| 1994 | 7 | 3.08% | 445,736,074.83 | 148.40 |
| 1994 | 8 | 0.82% | 449,379,811.70 | 149.00 |
| 1994 | 9 | -0.44% | 447,384,535.56 | 149.40 |
| 1994 | 10 | -0.37% | 445,729,732.37 | 149.50 |
| 1994 | 11 | -1.03% | 441,157,854.70 | 149.70 |
| 1994 | 12 | 2.45% | 451,971,402.37 | 149.70 |
| 1995 | 1 | 3.82% | 469,232,613.62 | 150.30 |
| 1995 | 2 | 2.56% | 481,236,382.03 | 150.90 |
| 1995 | 3 | 3.22% | 496,710,793.32 | 151.40 |
| 1995 | 4 | 3.35% | 513,339,479.08 | 151.90 |
| 1995 | 5 | 3.18% | 529,655,573.42 | 152.20 |
| 1995 | 6 | 3.55% | 548,444,998.91 | 152.50 |
| 1995 | 7 | 0.51% | 551,259,202.57 | 152.50 |
| 1995 | 8 | 3.72% | 571,753,169.60 | 152.90 |
| 1995 | 9 | 0.91% | 576,970,802.96 | 153.20 |
| 1995 | 10 | 2.36% | 590,577,997.97 | 153.70 |
| 1995 | 11 | 3.39% | 610,593,501.12 | 153.60 |
| 1995 | 12 | 0.16% | 611,586,202.80 | 153.50 |
| 1996 | 1 | 5.90% | 647,696,659.26 | 154.40 |
| 1996 | 2 | -0.20% | 646,396,750.46 | 154.90 |
| 1996 | 3 | 0.20% | 647,670,423.88 | 155.70 |
| 1996 | 4 | 2.35% | 662,921,932.99 | 156.30 |
| 1996 | 5 | 1.28% | 671,398,007.59 | 156.60 |
| 1996 | 6 | -3.48% | 648,056,423.16 | 156.70 |
| 1996 | 7 | 3.08% | 667,989,035.67 | 157.00 |
| 1996 | 8 | 2.02% | 681,507,309.39 | 157.30 |
| 1996 | 9 | 4.12% | 709,581,987.92 | 157.80 |
| 1996 | 10 | 5.05% | 745,430,650.73 | 158.30 |
| 1996 | 11 | 1.20% | 754,362,605.53 | 158.60 |
| 1996 | 12 | 3.26% | 778,936,269.78 | 158.60 |
| 1997 | 1 | 4.36% | 812,906,955.45 | 159.10 |
| 1997 | 2 | -0.62% | 807,836,973.65 | 159.60 |
| 1997 | 3 | -3.41% | 780,328,134.07 | 160.00 |
| 1997 | 4 | 9.22% | 852,257,461.33 | 160.20 |
| 1997 | 5 | 5.34% | 897,740,953.59 | 160.10 |
| 1997 | 6 | 5.74% | 949,234,697.44 | 160.30 |
| 1997 | 7 | 0.35% | 952,536,032.84 | 160.50 |
| 1997 | 8 | 1.19% | 963,890,338.58 | 160.80 |
| 1997 | 9 | 1.65% | 979,749,956.61 | 161.20 |
| 1997 | 10 | -1.15% | 968,462,812.94 | 161.60 |
| 1997 | 11 | 2.63% | 993,978,094.44 | 161.50 |
| 1997 | 12 | 0.24% | 996,334,700.20 | 161.30 |
| 1998 | 1 | 6.40% | 1,060,121,626.08 | 161.60 |
| 1998 | 2 | 5.31% | 1,116,444,535.45 | 161.90 |
| 1998 | 3 | 3.41% | 1,154,467,011.24 | 162.20 |
| 1998 | 4 | -0.22% | 1,151,905,738.67 | 162.50 |
| 1998 | 5 | 0.12% | 1,153,247,214.21 | 162.80 |
| 1998 | 6 | 4.47% | 1,204,770,451.53 | 163.00 |
| 1998 | 7 | -6.97% | 1,120,785,816.69 | 163.20 |
| 1998 | 8 | -4.90% | 1,065,884,682.17 | 163.40 |
| 1998 | 9 | 1.29% | 1,079,643,726.19 | 163.60 |
| 1998 | 10 | 10.97% | 1,198,127,977.16 | 164.00 |
| 1998 | 11 | 4.10% | 1,247,300,406.84 | 164.00 |
| 1998 | 12 | 5.05% | 1,310,260,228.22 | 163.90 |
| 1999 | 1 | -0.07% | 1,309,386,152.48 | 164.30 |
| 1999 | 2 | 2.92% | 1,347,666,185.41 | 164.50 |
| 1999 | 3 | 4.25% | 1,404,942,296.22 | 165.00 |
| 1999 | 4 | -0.10% | 1,403,553,767.16 | 166.20 |
| 1999 | 5 | -0.61% | 1,394,967,286.29 | 166.20 |
| 1999 | 6 | 4.52% | 1,458,053,109.79 | 166.20 |
| 1999 | 7 | -3.77% | 1,403,020,561.91 | 166.70 |
| 1999 | 8 | -0.60% | 1,394,630,265.47 | 167.10 |
| 1999 | 9 | -1.27% | 1,376,883,997.30 | 167.90 |
| 1999 | 10 | 7.11% | 1,474,724,680.37 | 168.20 |
| 1999 | 11 | 2.81% | 1,516,145,725.64 | 168.30 |
| 1999 | 12 | -0.12% | 1,514,342,533.68 | 168.30 |
| 2000 | 1 | -2.48% | 1,476,815,955.07 | 168.80 |
| 2000 | 2 | 3.94% | 1,535,016,586.57 | 169.80 |
| 2000 | 3 | 1.42% | 1,556,885,436.55 | 171.20 |
| 2000 | 4 | -2.84% | 1,512,688,666.19 | 171.30 |
| 2000 | 5 | 3.16% | 1,560,542,271.98 | 171.50 |
| 2000 | 6 | 0.85% | 1,573,812,225.57 | 172.40 |
| 2000 | 7 | 0.94% | 1,588,601,513.68 | 172.80 |
| 2000 | 8 | -1.08% | 1,571,450,167.94 | 172.80 |
| 2000 | 9 | -5.21% | 1,489,511,145.61 | 173.70 |
| 2000 | 10 | -0.77% | 1,478,003,717.62 | 174.00 |
| 2000 | 11 | -3.32% | 1,428,932,904.01 | 174.10 |
| 2000 | 12 | 0.46% | 1,435,434,658.06 | 174.00 |
| 2001 | 1 | -2.14% | 1,404,770,073.27 | 175.10 |
| 2001 | 2 | -9.08% | 1,277,218,313.34 | 175.80 |
| 2001 | 3 | 0.45% | 1,282,949,110.47 | 176.20 |
| 2001 | 4 | 6.88% | 1,371,207,451.77 | 176.90 |
| 2001 | 5 | -2.39% | 1,338,454,073.44 | 177.70 |
| 2001 | 6 | -2.66% | 1,302,848,154.49 | 178.00 |
| 2001 | 7 | -2.05% | 1,276,193,975.29 | 177.50 |
| 2001 | 8 | -11.25% | 1,132,656,294.41 | 177.50 |
| 2001 | 9 | 3.18% | 1,168,720,427.61 | 178.30 |
| 2001 | 10 | 5.05% | 1,227,777,579.48 | 177.70 |
| 2001 | 11 | 1.47% | 1,245,777,405.10 | 177.40 |
| 2001 | 12 | -0.30% | 1,242,068,859.90 | 176.70 |
| 2002 | 1 | -3.35% | 1,200,425,156.19 | 177.10 |
| 2002 | 2 | 4.95% | 1,259,789,429.82 | 177.80 |
| 2002 | 3 | -3.51% | 1,215,514,985.11 | 178.80 |
| 2002 | 4 | -2.82% | 1,181,232,948.28 | 179.80 |
| 2002 | 5 | -5.92% | 1,111,292,635.80 | 179.80 |
| 2002 | 6 | -10.76% | 991,734,226.75 | 179.90 |
| 2002 | 7 | 1.14% | 1,003,028,005.11 | 180.10 |
| 2002 | 8 | -4.76% | 955,306,639.10 | 180.70 |
| 2002 | 9 | -1.37% | 942,247,189.34 | 181.00 |
| 2002 | 10 | 6.63% | 1,004,676,500.14 | 181.30 |
| 2002 | 11 | -1.04% | 994,277,482.45 | 181.30 |
| 2002 | 12 | -0.22% | 992,065,040.53 | 180.90 |
| 2003 | 1 | -6.41% | 928,425,695.34 | 181.70 |
| 2003 | 2 | 1.31% | 940,568,557.96 | 183.10 |
| 2003 | 3 | 5.29% | 990,285,684.19 | 184.20 |
| 2003 | 4 | 5.31% | 1,042,891,756.15 | 183.80 |
| 2003 | 5 | 5.70% | 1,102,380,230.12 | 183.50 |
| 2003 | 6 | 0.60% | 1,108,949,322.83 | 183.70 |
| 2003 | 7 | -0.17% | 1,107,104,872.73 | 183.90 |
| 2003 | 8 | 3.16% | 1,142,102,460.48 | 184.60 |
| 2003 | 9 | 2.03% | 1,165,262,345.43 | 185.20 |
| 2003 | 10 | 1.21% | 1,179,368,850.79 | 185.00 |
| 2003 | 11 | 3.06% | 1,215,502,475.23 | 184.50 |
| 2003 | 12 | 4.93% | 1,275,487,052.97 | 184.30 |
| 2004 | 1 | 1.09% | 1,289,347,288.55 | 185.20 |
| 2004 | 2 | -1.57% | 1,269,166,466.95 | 186.20 |
| 2004 | 3 | 0.97% | 1,281,453,737.57 | 187.40 |
| 2004 | 4 | -2.56% | 1,248,594,016.66 | 188.00 |
| 2004 | 5 | 2.86% | 1,284,274,798.97 | 189.10 |
| 2004 | 6 | -2.24% | 1,255,522,716.53 | 189.70 |
| 2004 | 7 | -1.39% | 1,238,101,458.16 | 189.40 |
| 2004 | 8 | 2.78% | 1,272,553,172.53 | 189.50 |
| 2004 | 9 | 0.10% | 1,273,858,752.32 | 189.90 |
| 2004 | 10 | 4.77% | 1,334,671,445.41 | 190.90 |
| 2004 | 11 | 2.73% | 1,371,073,905.43 | 191.00 |
| 2004 | 12 | -1.35% | 1,352,575,080.55 | 190.30 |
| 2005 | 1 | 1.68% | 1,375,314,663.85 | 190.70 |
| 2005 | 2 | -0.26% | 1,371,799,523.70 | 191.80 |
| 2005 | 3 | -2.41% | 1,338,753,991.76 | 193.30 |
| 2005 | 4 | 1.34% | 1,356,638,012.45 | 194.60 |
| 2005 | 5 | 2.18% | 1,386,222,183.35 | 194.40 |
| 2005 | 6 | 1.81% | 1,411,282,182.49 | 194.50 |
| 2005 | 7 | 0.31% | 1,415,657,414.37 | 195.40 |
| 2005 | 8 | 0.28% | 1,419,616,873.41 | 196.40 |
| 2005 | 9 | -2.62% | 1,382,363,008.70 | 198.80 |
| 2005 | 10 | 3.96% | 1,437,125,904.49 | 199.20 |
| 2005 | 11 | 2.14% | 1,467,939,766.03 | 197.60 |
| 2005 | 12 | 1.47% | 1,489,471,069.08 | 196.80 |
| 2006 | 1 | -0.02% | 1,489,223,224.46 | 198.30 |
| 2006 | 2 | 1.49% | 1,511,355,133.21 | 198.70 |
| 2006 | 3 | 0.80% | 1,523,420,756.59 | 199.80 |
| 2006 | 4 | -0.79% | 1,511,436,985.95 | 201.50 |
| 2006 | 5 | -2.71% | 1,470,540,630.12 | 202.50 |
| 2006 | 6 | 0.72% | 1,481,129,120.33 | 202.90 |
| 2006 | 7 | 2.29% | 1,515,073,033.83 | 203.50 |
| 2006 | 8 | 2.53% | 1,553,422,161.31 | 203.90 |
| 2006 | 9 | 3.62% | 1,609,592,556.80 | 202.90 |
| 2006 | 10 | 2.00% | 1,641,810,853.15 | 201.80 |
| 2006 | 11 | 2.15% | 1,677,081,300.57 | 201.50 |
| 2006 | 12 | 0.69% | 1,688,700,564.51 | 201.80 |
| 2007 | 1 | 1.60% | 1,715,653,036.78 | 202.42 |
| 2007 | 2 | -2.47% | 1,673,209,649.99 | 203.50 |
| 2007 | 3 | 4.18% | 1,743,154,162.03 | 205.35 |
| 2007 | 4 | 3.39% | 1,802,277,647.94 | 206.69 |
| 2007 | 5 | 0.34% | 1,808,493,730.48 | 207.95 |
| 2007 | 6 | 0.57% | 1,818,885,690.89 | 208.35 |
| 2007 | 7 | -4.20% | 1,742,472,341.97 | 208.30 |
| 2007 | 8 | 3.07% | 1,796,048,896.36 | 207.92 |
| 2007 | 9 | 2.99% | 1,849,780,084.68 | 208.49 |
| 2007 | 10 | -4.81% | 1,760,873,918.55 | 208.94 |
| 2007 | 11 | 1.24% | 1,782,677,426.43 | 210.18 |
| 2007 | 12 | -6.64% | 1,664,393,260.56 | 210.04 |
| 2008 | 1 | -1.56% | 1,638,362,721.04 | 211.08 |
| 2008 | 2 | -2.63% | 1,595,328,899.83 | 211.69 |
| 2008 | 3 | 4.24% | 1,663,031,508.40 | 213.53 |
| 2008 | 4 | 2.56% | 1,705,648,424.22 | 214.82 |
| 2008 | 5 | -4.25% | 1,633,216,664.10 | 216.63 |
| 2008 | 6 | -6.08% | 1,533,942,053.42 | 218.82 |
| 2008 | 7 | 2.11% | 1,566,316,436.32 | 219.96 |
| 2008 | 8 | -4.85% | 1,490,388,679.97 | 219.09 |
| 2008 | 9 | -20.19% | 1,189,425,774.22 | 218.78 |
| 2008 | 10 | -8.61% | 1,087,071,547.53 | 216.57 |
| 2008 | 11 | -0.35% | 1,083,253,564.63 | 212.43 |
| 2008 | 12 | -1.10% | 1,071,385,908.50 | 210.23 |
| 2009 | 1 | -6.70% | 999,576,198.60 | 211.14 |
| 2009 | 2 | -5.69% | 942,725,937.64 | 212.19 |
| 2009 | 3 | 12.32% | 1,058,886,271.97 | 212.71 |
| 2009 | 4 | 6.66% | 1,129,406,209.73 | 213.24 |
| 2009 | 5 | 2.87% | 1,161,807,304.43 | 213.86 |
| 2009 | 6 | 1.28% | 1,176,651,044.91 | 215.69 |
| 2009 | 7 | 8.12% | 1,272,203,875.42 | 215.35 |
| 2009 | 8 | 3.65% | 1,318,643,683.99 | 215.83 |
| 2009 | 9 | 2.40% | 1,350,332,118.44 | 215.97 |
| 2009 | 10 | 2.09% | 1,378,612,471.04 | 216.18 |
| 2009 | 11 | 2.23% | 1,409,298,421.63 | 216.33 |
| 2009 | 12 | 1.36% | 1,428,422,148.61 | 215.95 |
| 2010 | 1 | -2.90% | 1,387,019,713.56 | 216.69 |
| 2010 | 2 | 5.94% | 1,469,450,789.08 | 216.74 |
| 2010 | 3 | 4.09% | 1,529,520,911.83 | 217.63 |
| 2010 | 4 | -5.88% | 1,439,548,425.54 | 218.01 |
| 2010 | 5 | -3.54% | 1,388,537,104.38 | 218.18 |
| 2010 | 6 | -0.16% | 1,386,328,316.65 | 217.97 |
| 2010 | 7 | 0.86% | 1,398,300,808.45 | 218.01 |
| 2010 | 8 | 3.37% | 1,445,439,689.38 | 218.31 |
| 2010 | 9 | 4.58% | 1,511,603,773.98 | 218.44 |
| 2010 | 10 | 2.49% | 1,549,256,530.87 | 218.71 |
| 2010 | 11 | 3.71% | 1,606,791,830.43 | 218.80 |
| 2010 | 12 | 3.46% | 1,662,422,067.19 | 219.18 |
| 2011 | 1 | 3.15% | 1,714,802,724.69 | 220.22 |
| 2011 | 2 | -1.11% | 1,695,726,213.56 | 221.31 |
| 2011 | 3 | 2.22% | 1,733,388,003.02 | 223.47 |
| 2011 | 4 | 0.66% | 1,744,815,100.59 | 224.91 |
| 2011 | 5 | -3.66% | 1,680,909,499.61 | 225.96 |
| 2011 | 6 | 3.10% | 1,733,046,869.43 | 225.72 |
| 2011 | 7 | -10.40% | 1,552,798,783.04 | 225.92 |
| 2011 | 8 | -0.79% | 1,540,543,396.17 | 226.55 |
| 2011 | 9 | 3.02% | 1,587,050,952.64 | 226.89 |
| 2011 | 10 | 1.77% | 1,615,096,086.20 | 226.42 |
| 2011 | 11 | 1.55% | 1,640,206,809.50 | 226.23 |
| 2011 | 12 | 4.78% | 1,718,650,651.32 | 225.67 |
| 2012 | 1 | 4.16% | 1,790,191,351.96 | 226.67 |
| 2012 | 2 | 2.88% | 1,841,817,557.92 | 227.66 |
| 2012 | 3 | -0.04% | 1,841,113,793.17 | 229.39 |
| 2012 | 4 | -3.09% | 1,784,205,845.47 | 230.09 |
| 2012 | 5 | -1.15% | 1,763,644,459.15 | 229.82 |
| 2012 | 6 | 2.92% | 1,815,162,045.20 | 229.48 |
| 2012 | 7 | 3.39% | 1,876,654,304.12 | 229.10 |
| 2012 | 8 | 3.02% | 1,933,351,147.67 | 230.38 |
| 2012 | 9 | -0.22% | 1,929,153,170.14 | 231.41 |
| 2012 | 10 | -2.84% | 1,874,413,565.59 | 231.32 |
| 2012 | 11 | 2.18% | 1,915,192,092.02 | 230.22 |
| 2012 | 12 | 4.27% | 1,996,947,072.98 | 229.60 |
| 2013 | 1 | 2.33% | 2,043,536,284.64 | 230.28 |
| 2013 | 2 | 2.72% | 2,099,170,620.45 | 232.17 |
| 2013 | 3 | 1.45% | 2,129,688,182.62 | 232.77 |
| 2013 | 4 | 4.57% | 2,227,105,865.73 | 232.53 |
| 2013 | 5 | -1.12% | 2,202,211,832.24 | 232.95 |
| 2013 | 6 | 3.25% | 2,273,882,313.44 | 233.50 |
| 2013 | 7 | 0.25% | 2,279,624,509.32 | 233.60 |
| 2013 | 8 | 1.19% | 2,306,808,287.04 | 233.88 |
| 2013 | 9 | 2.12% | 2,355,656,103.64 | 234.15 |
| 2013 | 10 | 3.86% | 2,446,584,288.94 | 233.55 |
| 2013 | 11 | 1.52% | 2,483,813,024.15 | 233.07 |
| 2013 | 12 | 0.97% | 2,507,851,556.88 | 233.05 |
| 2014 | 1 | -0.13% | 2,504,590,449.54 | 233.92 |
| 2014 | 2 | 2.72% | 2,572,772,146.62 | 234.78 |
| 2014 | 3 | 0.20% | 2,577,962,044.93 | 236.29 |
| 2014 | 4 | 1.53% | 2,617,457,319.41 | 237.07 |
| 2014 | 5 | 3.20% | 2,701,119,574.54 | 237.90 |
| 2014 | 6 | 1.50% | 2,741,523,514.58 | 238.34 |
| 2014 | 7 | -0.43% | 2,729,818,557.40 | 238.25 |
| 2014 | 8 | 1.78% | 2,778,355,654.41 | 237.85 |
| 2014 | 9 | -2.65% | 2,704,824,146.93 | 238.03 |
| 2014 | 10 | 5.71% | 2,859,152,006.09 | 237.43 |
| 2014 | 11 | 0.63% | 2,877,275,819.02 | 236.15 |
| 2014 | 12 | -1.11% | 2,845,336,745.97 | 234.81 |
| 2015 | 1 | 2.83% | 2,925,785,742.28 | 233.71 |
| 2015 | 2 | 0.06% | 2,927,405,558.24 | 234.72 |
| 2015 | 3 | 0.88% | 2,953,120,171.79 | 236.12 |
| 2015 | 4 | 0.98% | 2,982,028,380.93 | 236.60 |
| 2015 | 5 | -0.44% | 2,969,041,645.49 | 237.81 |
| 2015 | 6 | -0.08% | 2,966,677,394.75 | 238.64 |
| 2015 | 7 | -2.42% | 2,894,753,342.20 | 238.65 |
| 2015 | 8 | -4.51% | 2,764,284,044.70 | 238.32 |
| 2015 | 9 | 4.32% | 2,883,621,485.58 | 237.95 |
| 2015 | 10 | 2.93% | 2,968,182,818.62 | 237.84 |
| 2015 | 11 | -1.10% | 2,935,444,657.29 | 237.34 |
| 2015 | 12 | -6.42% | 2,747,000,213.29 | 236.53 |
| 2016 | 1 | -0.55% | 2,731,894,209.77 | 236.92 |
| 2016 | 2 | 6.36% | 2,905,717,194.64 | 237.11 |
| 2016 | 3 | 2.83% | 2,987,985,610.61 | 238.13 |
| 2016 | 4 | -0.30% | 2,978,891,221.15 | 239.26 |
| 2016 | 5 | 1.07% | 3,010,660,804.91 | 240.23 |
| 2016 | 6 | 3.30% | 3,109,935,506.17 | 241.02 |
| 2016 | 7 | 1.20% | 3,147,231,624.93 | 240.63 |
| 2016 | 8 | -0.44% | 3,133,425,624.86 | 240.85 |
| 2016 | 9 | -0.51% | 3,117,571,088.64 | 241.43 |
| 2016 | 10 | 1.20% | 3,155,018,123.10 | 241.73 |
| 2016 | 11 | 3.95% | 3,279,513,996.92 | 241.35 |
| 2016 | 12 | 1.44% | 3,326,661,429.41 | 241.43 |
| 2017 | 1 | 2.58% | 3,412,371,041.33 | 242.84 |
| 2017 | 2 | 1.75% | 3,472,062,176.74 | 243.60 |
| 2017 | 3 | -0.15% | 3,466,715,058.40 | 243.80 |
| 2017 | 4 | 1.69% | 3,525,384,819.65 | 244.52 |
| 2017 | 5 | 1.78% | 3,588,010,740.59 | 244.73 |
| 2017 | 6 | 0.99% | 3,623,456,127.90 | 244.96 |
| 2017 | 7 | 0.25% | 3,632,435,242.78 | 244.79 |
| 2017 | 8 | 1.65% | 3,692,488,952.60 | 245.52 |
| 2017 | 9 | 2.73% | 3,793,471,108.40 | 246.82 |
| 2017 | 10 | 1.59% | 3,853,770,946.86 | 246.66 |
| 2017 | 11 | 2.88% | 3,964,893,903.95 | 246.67 |
| 2017 | 12 | 4.86% | 4,157,663,011.52 | 246.52 |
| 2018 | 1 | -2.89% | 4,037,644,317.93 | 247.87 |
| 2018 | 2 | 0.06% | 4,040,251,757.16 | 248.99 |
| 2018 | 3 | -1.66% | 3,973,023,103.22 | 249.55 |
| 2018 | 4 | 1.96% | 4,050,958,763.72 | 250.55 |
| 2018 | 5 | 2.11% | 4,136,554,297.23 | 251.59 |
| 2018 | 6 | 1.58% | 4,201,942,547.45 | 251.99 |
| 2018 | 7 | 2.45% | 4,304,923,962.29 | 252.01 |
| 2018 | 8 | 1.68% | 4,377,235,824.95 | 252.15 |
| 2018 | 9 | -3.85% | 4,208,756,624.01 | 252.44 |
| 2018 | 10 | -2.08% | 4,121,378,277.79 | 252.89 |
| 2018 | 11 | -5.56% | 3,892,126,109.77 | 252.04 |
| 2018 | 12 | 1.74% | 3,959,679,266.97 | 251.23 |
| 2019 | 1 | 5.83% | 4,190,485,112.77 | 251.71 |
| 2019 | 2 | 1.95% | 4,272,116,683.01 | 252.78 |
| 2019 | 3 | 3.72% | 4,431,176,969.29 | 254.20 |
| 2019 | 4 | -1.53% | 4,363,300,708.17 | 255.55 |
| 2019 | 5 | 1.40% | 4,424,594,139.00 | 256.09 |
| 2019 | 6 | 3.83% | 4,593,938,568.90 | 256.14 |
| 2019 | 7 | -3.13% | 4,449,945,514.21 | 256.57 |
| 2019 | 8 | 3.09% | 4,587,236,454.54 | 256.56 |
| 2019 | 9 | 0.01% | 4,587,686,129.91 | 256.76 |
| 2019 | 10 | 4.43% | 4,791,090,013.20 | 257.35 |
| 2019 | 11 | 2.47% | 4,909,397,350.95 | 257.21 |
| 2019 | 12 | 3.35% | 5,073,685,301.20 | 256.97 |
| 2020 | 1 | 0.12% | 5,079,879,094.73 | 257.97 |
| 2020 | 2 | -18.92% | 4,118,882,353.93 | 258.68 |
| 2020 | 3 | 4.32% | 4,296,760,998.06 | 258.12 |
| 2020 | 4 | 5.89% | 4,549,727,016.35 | 256.39 |
| 2020 | 5 | 6.51% | 4,845,835,619.38 | 256.39 |
| 2020 | 6 | 3.48% | 5,014,297,939.70 | 257.80 |
| 2020 | 7 | 5.89% | 5,309,815,832.25 | 259.10 |
| 2020 | 8 | -0.63% | 5,276,523,147.00 | 259.92 |
| 2020 | 9 | 1.73% | 5,367,596,008.59 | 260.28 |
| 2020 | 10 | 3.95% | 5,579,837,012.64 | 260.39 |
| 2020 | 11 | 4.26% | 5,817,542,558.72 | 260.23 |
| 2020 | 12 | 2.80% | 5,980,160,311.91 | 260.47 |
| 2021 | 1 | 2.49% | 6,129,157,713.85 | 261.58 |
| 2021 | 2 | 0.82% | 6,179,500,020.56 | 263.01 |
| 2021 | 3 | 6.02% | 6,551,597,756.13 | 264.88 |
| 2021 | 4 | 0.76% | 6,601,405,067.25 | 267.05 |
| 2021 | 5 | 1.81% | 6,720,918,409.42 | 269.20 |
| 2021 | 6 | 3.07% | 6,927,129,726.84 | 271.70 |
| 2021 | 7 | 2.19% | 7,078,498,723.43 | 273.00 |
| 2021 | 8 | -0.08% | 7,072,517,474.75 | 273.57 |
| 2021 | 9 | 0.45% | 7,104,497,706.24 | 274.31 |
| 2021 | 10 | 4.74% | 7,441,587,939.19 | 276.59 |
| 2021 | 11 | 0.27% | 7,461,338,184.07 | 277.95 |
| 2021 | 12 | -2.05% | 7,308,235,039.43 | 278.80 |
| 2022 | 1 | -2.90% | 7,096,108,411.96 | 281.15 |
| 2022 | 2 | -0.89% | 7,032,769,711.72 | 283.72 |
| 2022 | 3 | 0.12% | 7,041,089,607.03 | 287.50 |
| 2022 | 4 | -7.87% | 6,486,763,612.79 | 289.11 |
| 2022 | 5 | -3.37% | 6,268,199,581.14 | 292.30 |
| 2022 | 6 | 0.46% | 6,297,326,985.29 | 296.31 |
| 2022 | 7 | 6.45% | 6,703,340,458.54 | 296.28 |
| 2022 | 8 | -7.28% | 6,215,511,282.29 | 296.17 |
| 2022 | 9 | -3.09% | 6,023,378,942.75 | 296.81 |
| 2022 | 10 | 5.29% | 6,341,720,193.74 | 298.01 |
| 2022 | 11 | 0.01% | 6,342,407,474.88 | 297.71 |
| 2022 | 12 | 1.38% | 6,429,707,942.44 | 296.80 |
| 2023 | 1 | 3.15% | 6,632,049,027.97 | 299.17 |
| 2023 | 2 | -2.59% | 6,460,582,237.89 | 300.84 |
| 2023 | 3 | 4.00% | 6,718,761,400.38 | 301.84 |
| 2023 | 4 | 0.74% | 6,768,325,384.00 | 303.36 |
| 2023 | 5 | 4.94% | 7,102,828,661.29 | 304.13 |
| 2023 | 6 | 3.88% | 7,378,137,282.07 | 305.11 |
| 2023 | 7 | -1.00% | 7,304,530,274.18 | 305.69 |
| 2023 | 8 | -0.95% | 7,234,875,941.35 | 307.03 |
| 2023 | 9 | -3.04% | 7,015,130,145.66 | 307.79 |
| 2023 | 10 | 4.60% | 7,337,947,053.59 | 307.67 |
| 2023 | 11 | 5.18% | 7,717,703,935.66 | 307.05 |
| 2023 | 12 | 2.91% | 7,942,430,879.57 | 306.75 |
| 2024 | 1 | 4.20% | 8,275,955,118.03 | 308.42 |
| 2024 | 2 | 3.28% | 8,547,581,899.60 | 310.33 |
| 2024 | 3 | -1.01% | 8,461,325,842.35 | 312.33 |
| 2024 | 4 | 2.52% | 8,674,273,127.30 | 313.55 |
| 2024 | 5 | 3.55% | 8,982,260,491.38 | 314.07 |
| 2024 | 6 | 2.38% | 9,196,007,866.49 | 314.18 |
| 2024 | 7 | -0.97% | 9,106,750,445.28 | 314.54 |
| 2024 | 8 | 2.72% | 9,354,646,266.56 | 314.80 |
| 2024 | 9 | 3.15% | 9,649,494,067.83 | 315.30 |
| 2024 | 10 | 2.48% | 9,888,973,711.17 | 315.66 |
| 2024 | 11 | 1.47% | 10,034,373,380.94 | 315.49 |
| 2024 | 12 | -0.42% | 9,992,377,194.84 | 315.61 |
Click to show 366 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 $400,000,000.00 up-front. Instead, the capital is invested over a period of time.
Consider a strategy in which $400,000,000.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1993. This would result in a final amount of $9,276,576,686.40, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $9,992,377,194.84).
| Year | Month | Contribution ($) | Amount ($) |
|---|---|---|---|
| 1993 | 1 | 16666666.66 | 16,914,428.38 |
| 1993 | 2 | 16666666.66 | 34,264,002.29 |
| 1993 | 3 | 16666666.66 | 50,208,804.34 |
| 1993 | 4 | 16666666.66 | 67,320,971.98 |
| 1993 | 5 | 16666666.66 | 84,675,272.25 |
| 1993 | 6 | 16666666.66 | 101,364,951.99 |
| 1993 | 7 | 16666666.66 | 120,073,009.48 |
| 1993 | 8 | 16666666.66 | 138,554,169.61 |
| 1993 | 9 | 16666666.66 | 157,110,670.09 |
| 1993 | 10 | 16666666.66 | 173,752,903.76 |
| 1993 | 11 | 16666666.66 | 192,071,248.49 |
| 1993 | 12 | 16666666.66 | 212,323,857.02 |
| 1994 | 1 | 16666666.66 | 228,780,108.39 |
| 1994 | 2 | 16666666.66 | 241,914,753.56 |
| 1994 | 3 | 16666666.66 | 249,890,249.48 |
| 1994 | 4 | 16666666.66 | 269,338,127.13 |
| 1994 | 5 | 16666666.66 | 289,134,575.95 |
| 1994 | 6 | 16666666.66 | 304,175,307.06 |
| 1994 | 7 | 16666666.66 | 330,690,974.51 |
| 1994 | 8 | 16666666.66 | 350,158,575.13 |
| 1994 | 9 | 16666666.66 | 365,158,085.19 |
| 1994 | 10 | 16666666.66 | 380,373,475.12 |
| 1994 | 11 | 16666666.66 | 392,928,219.73 |
| 1994 | 12 | 16666666.82 | 419,594,586.19 |
| 1995 | 1 | - | 435,619,296.50 |
| 1995 | 2 | - | 446,763,179.08 |
| 1995 | 3 | - | 461,129,086.23 |
| 1995 | 4 | - | 476,566,581.80 |
| 1995 | 5 | - | 491,713,878.33 |
| 1995 | 6 | - | 509,157,329.77 |
| 1995 | 7 | - | 511,769,938.93 |
| 1995 | 8 | - | 530,795,827.67 |
| 1995 | 9 | - | 535,639,697.65 |
| 1995 | 10 | - | 548,272,145.92 |
| 1995 | 11 | - | 566,853,845.38 |
| 1995 | 12 | - | 567,775,435.22 |
| 1996 | 1 | - | 601,299,131.53 |
| 1996 | 2 | - | 600,092,341.25 |
| 1996 | 3 | - | 601,274,775.51 |
| 1996 | 4 | - | 615,433,748.00 |
| 1996 | 5 | - | 623,302,641.91 |
| 1996 | 6 | - | 601,633,123.86 |
| 1996 | 7 | - | 620,137,870.53 |
| 1996 | 8 | - | 632,687,767.35 |
| 1996 | 9 | - | 658,751,325.92 |
| 1996 | 10 | - | 692,031,982.09 |
| 1996 | 11 | - | 700,324,099.37 |
| 1996 | 12 | - | 723,137,437.62 |
| 1997 | 1 | - | 754,674,644.89 |
| 1997 | 2 | - | 749,967,849.50 |
| 1997 | 3 | - | 724,429,596.19 |
| 1997 | 4 | - | 791,206,290.79 |
| 1997 | 5 | - | 833,431,588.72 |
| 1997 | 6 | - | 881,236,595.91 |
| 1997 | 7 | - | 884,301,441.28 |
| 1997 | 8 | - | 894,842,385.22 |
| 1997 | 9 | - | 909,565,904.97 |
| 1997 | 10 | - | 899,087,311.95 |
| 1997 | 11 | - | 922,774,815.03 |
| 1997 | 12 | - | 924,962,606.15 |
| 1998 | 1 | - | 984,180,177.50 |
| 1998 | 2 | - | 1,036,468,414.60 |
| 1998 | 3 | - | 1,071,767,163.39 |
| 1998 | 4 | - | 1,069,389,366.70 |
| 1998 | 5 | - | 1,070,634,746.11 |
| 1998 | 6 | - | 1,118,467,134.01 |
| 1998 | 7 | - | 1,040,498,709.64 |
| 1998 | 8 | - | 989,530,399.04 |
| 1998 | 9 | - | 1,002,303,818.67 |
| 1998 | 10 | - | 1,112,300,491.02 |
| 1998 | 11 | - | 1,157,950,470.58 |
| 1998 | 12 | - | 1,216,400,186.78 |
| 1999 | 1 | - | 1,215,588,725.16 |
| 1999 | 2 | - | 1,251,126,581.08 |
| 1999 | 3 | - | 1,304,299,737.36 |
| 1999 | 4 | - | 1,303,010,675.10 |
| 1999 | 5 | - | 1,295,039,283.84 |
| 1999 | 6 | - | 1,353,605,976.04 |
| 1999 | 7 | - | 1,302,515,665.83 |
| 1999 | 8 | - | 1,294,726,405.39 |
| 1999 | 9 | - | 1,278,251,385.04 |
| 1999 | 10 | - | 1,369,083,284.39 |
| 1999 | 11 | - | 1,407,537,147.30 |
| 1999 | 12 | - | 1,405,863,126.39 |
| 2000 | 1 | - | 1,371,024,751.34 |
| 2000 | 2 | - | 1,425,056,200.60 |
| 2000 | 3 | - | 1,445,358,483.02 |
| 2000 | 4 | - | 1,404,327,733.12 |
| 2000 | 5 | - | 1,448,753,362.30 |
| 2000 | 6 | - | 1,461,072,727.32 |
| 2000 | 7 | - | 1,474,802,589.86 |
| 2000 | 8 | - | 1,458,879,874.88 |
| 2000 | 9 | - | 1,382,810,526.27 |
| 2000 | 10 | - | 1,372,127,428.93 |
| 2000 | 11 | - | 1,326,571,786.20 |
| 2000 | 12 | - | 1,332,607,789.33 |
| 2001 | 1 | - | 1,304,139,851.54 |
| 2001 | 2 | - | 1,185,725,218.13 |
| 2001 | 3 | - | 1,191,045,491.57 |
| 2001 | 4 | - | 1,272,981,476.91 |
| 2001 | 5 | - | 1,242,574,375.58 |
| 2001 | 6 | - | 1,209,519,074.41 |
| 2001 | 7 | - | 1,184,774,258.19 |
| 2001 | 8 | - | 1,051,518,849.77 |
| 2001 | 9 | - | 1,084,999,541.18 |
| 2001 | 10 | - | 1,139,826,154.26 |
| 2001 | 11 | - | 1,156,536,568.56 |
| 2001 | 12 | - | 1,153,093,683.72 |
| 2002 | 1 | - | 1,114,433,112.41 |
| 2002 | 2 | - | 1,169,544,846.69 |
| 2002 | 3 | - | 1,128,441,986.62 |
| 2002 | 4 | - | 1,096,615,731.72 |
| 2002 | 5 | - | 1,031,685,569.51 |
| 2002 | 6 | - | 920,691,686.03 |
| 2002 | 7 | - | 931,176,438.46 |
| 2002 | 8 | - | 886,873,576.11 |
| 2002 | 9 | - | 874,749,635.55 |
| 2002 | 10 | - | 932,706,844.11 |
| 2002 | 11 | - | 923,052,756.48 |
| 2002 | 12 | - | 920,998,802.07 |
| 2003 | 1 | - | 861,918,239.52 |
| 2003 | 2 | - | 873,191,252.35 |
| 2003 | 3 | - | 919,346,909.32 |
| 2003 | 4 | - | 968,184,563.38 |
| 2003 | 5 | - | 1,023,411,600.95 |
| 2003 | 6 | - | 1,029,510,118.96 |
| 2003 | 7 | - | 1,027,797,795.41 |
| 2003 | 8 | - | 1,060,288,342.98 |
| 2003 | 9 | - | 1,081,789,177.53 |
| 2003 | 10 | - | 1,094,885,168.22 |
| 2003 | 11 | - | 1,128,430,372.88 |
| 2003 | 12 | - | 1,184,117,976.00 |
| 2004 | 1 | - | 1,196,985,338.36 |
| 2004 | 2 | - | 1,178,250,162.98 |
| 2004 | 3 | - | 1,189,657,239.20 |
| 2004 | 4 | - | 1,159,151,413.11 |
| 2004 | 5 | - | 1,192,276,214.83 |
| 2004 | 6 | - | 1,165,583,777.94 |
| 2004 | 7 | - | 1,149,410,485.43 |
| 2004 | 8 | - | 1,181,394,263.08 |
| 2004 | 9 | - | 1,182,606,318.10 |
| 2004 | 10 | - | 1,239,062,714.82 |
| 2004 | 11 | - | 1,272,857,497.12 |
| 2004 | 12 | - | 1,255,683,829.20 |
| 2005 | 1 | - | 1,276,794,470.26 |
| 2005 | 2 | - | 1,273,531,135.97 |
| 2005 | 3 | - | 1,242,852,809.36 |
| 2005 | 4 | - | 1,259,455,714.37 |
| 2005 | 5 | - | 1,286,920,633.35 |
| 2005 | 6 | - | 1,310,185,468.06 |
| 2005 | 7 | - | 1,314,247,281.70 |
| 2005 | 8 | - | 1,317,923,106.26 |
| 2005 | 9 | - | 1,283,337,909.35 |
| 2005 | 10 | - | 1,334,177,883.91 |
| 2005 | 11 | - | 1,362,784,405.06 |
| 2005 | 12 | - | 1,382,773,320.61 |
| 2006 | 1 | - | 1,382,543,230.26 |
| 2006 | 2 | - | 1,403,089,727.32 |
| 2006 | 3 | - | 1,414,291,033.92 |
| 2006 | 4 | - | 1,403,165,716.57 |
| 2006 | 5 | - | 1,365,198,957.14 |
| 2006 | 6 | - | 1,375,028,944.49 |
| 2006 | 7 | - | 1,406,541,297.41 |
| 2006 | 8 | - | 1,442,143,298.31 |
| 2006 | 9 | - | 1,494,289,946.81 |
| 2006 | 10 | - | 1,524,200,296.57 |
| 2006 | 11 | - | 1,556,944,157.60 |
| 2006 | 12 | - | 1,567,731,079.55 |
| 2007 | 1 | - | 1,592,752,820.73 |
| 2007 | 2 | - | 1,553,349,851.38 |
| 2007 | 3 | - | 1,618,283,912.33 |
| 2007 | 4 | - | 1,673,172,107.62 |
| 2007 | 5 | - | 1,678,942,903.23 |
| 2007 | 6 | - | 1,688,590,439.12 |
| 2007 | 7 | - | 1,617,650,934.21 |
| 2007 | 8 | - | 1,667,389,550.53 |
| 2007 | 9 | - | 1,717,271,723.63 |
| 2007 | 10 | - | 1,634,734,320.17 |
| 2007 | 11 | - | 1,654,975,941.25 |
| 2007 | 12 | - | 1,545,165,020.98 |
| 2008 | 1 | - | 1,520,999,170.21 |
| 2008 | 2 | - | 1,481,048,062.01 |
| 2008 | 3 | - | 1,543,900,817.47 |
| 2008 | 4 | - | 1,583,464,885.16 |
| 2008 | 5 | - | 1,516,221,749.30 |
| 2008 | 6 | - | 1,424,058,641.26 |
| 2008 | 7 | - | 1,454,113,896.36 |
| 2008 | 8 | - | 1,383,625,198.76 |
| 2008 | 9 | - | 1,104,221,667.40 |
| 2008 | 10 | - | 1,009,199,550.58 |
| 2008 | 11 | - | 1,005,655,067.58 |
| 2008 | 12 | - | 994,637,546.92 |
| 2009 | 1 | - | 927,971,900.92 |
| 2009 | 2 | - | 875,194,088.88 |
| 2009 | 3 | - | 983,033,317.56 |
| 2009 | 4 | - | 1,048,501,583.79 |
| 2009 | 5 | - | 1,078,581,637.21 |
| 2009 | 6 | - | 1,092,362,051.43 |
| 2009 | 7 | - | 1,181,069,987.75 |
| 2009 | 8 | - | 1,224,183,096.57 |
| 2009 | 9 | - | 1,253,601,540.91 |
| 2009 | 10 | - | 1,279,856,040.17 |
| 2009 | 11 | - | 1,308,343,813.22 |
| 2009 | 12 | - | 1,326,097,618.59 |
| 2010 | 1 | - | 1,287,661,032.76 |
| 2010 | 2 | - | 1,364,187,186.49 |
| 2010 | 3 | - | 1,419,954,206.63 |
| 2010 | 4 | - | 1,336,426,868.49 |
| 2010 | 5 | - | 1,289,069,725.80 |
| 2010 | 6 | - | 1,287,019,163.82 |
| 2010 | 7 | - | 1,298,134,010.28 |
| 2010 | 8 | - | 1,341,896,113.67 |
| 2010 | 9 | - | 1,403,320,556.80 |
| 2010 | 10 | - | 1,438,276,071.38 |
| 2010 | 11 | - | 1,491,689,849.51 |
| 2010 | 12 | - | 1,543,335,033.37 |
| 2011 | 1 | - | 1,591,963,420.46 |
| 2011 | 2 | - | 1,574,253,448.66 |
| 2011 | 3 | - | 1,609,217,348.76 |
| 2011 | 4 | - | 1,619,825,870.12 |
| 2011 | 5 | - | 1,560,498,124.92 |
| 2011 | 6 | - | 1,608,900,652.16 |
| 2011 | 7 | - | 1,441,564,575.53 |
| 2011 | 8 | - | 1,430,187,099.09 |
| 2011 | 9 | - | 1,473,363,102.72 |
| 2011 | 10 | - | 1,499,399,232.78 |
| 2011 | 11 | - | 1,522,711,158.03 |
| 2011 | 12 | - | 1,595,535,702.18 |
| 2012 | 1 | - | 1,661,951,609.31 |
| 2012 | 2 | - | 1,709,879,589.74 |
| 2012 | 3 | - | 1,709,226,238.93 |
| 2012 | 4 | - | 1,656,394,872.52 |
| 2012 | 5 | - | 1,637,306,394.05 |
| 2012 | 6 | - | 1,685,133,535.52 |
| 2012 | 7 | - | 1,742,220,817.58 |
| 2012 | 8 | - | 1,794,856,202.22 |
| 2012 | 9 | - | 1,790,958,945.37 |
| 2012 | 10 | - | 1,740,140,593.59 |
| 2012 | 11 | - | 1,777,997,964.28 |
| 2012 | 12 | - | 1,853,896,455.26 |
| 2013 | 1 | - | 1,897,148,264.75 |
| 2013 | 2 | - | 1,948,797,254.02 |
| 2013 | 3 | - | 1,977,128,701.11 |
| 2013 | 4 | - | 2,067,567,901.95 |
| 2013 | 5 | - | 2,044,457,144.00 |
| 2013 | 6 | - | 2,110,993,534.89 |
| 2013 | 7 | - | 2,116,324,390.54 |
| 2013 | 8 | - | 2,141,560,867.68 |
| 2013 | 9 | - | 2,186,909,487.71 |
| 2013 | 10 | - | 2,271,324,063.69 |
| 2013 | 11 | - | 2,305,885,931.23 |
| 2013 | 12 | - | 2,328,202,471.93 |
| 2014 | 1 | - | 2,325,174,972.90 |
| 2014 | 2 | - | 2,388,472,497.52 |
| 2014 | 3 | - | 2,393,290,619.25 |
| 2014 | 4 | - | 2,429,956,663.31 |
| 2014 | 5 | - | 2,507,625,801.53 |
| 2014 | 6 | - | 2,545,135,419.20 |
| 2014 | 7 | - | 2,534,268,942.61 |
| 2014 | 8 | - | 2,579,329,101.34 |
| 2014 | 9 | - | 2,511,064,998.14 |
| 2014 | 10 | - | 2,654,337,634.12 |
| 2014 | 11 | - | 2,671,163,153.93 |
| 2014 | 12 | - | 2,641,512,025.41 |
| 2015 | 1 | - | 2,716,198,085.50 |
| 2015 | 2 | - | 2,717,701,866.50 |
| 2015 | 3 | - | 2,741,574,422.54 |
| 2015 | 4 | - | 2,768,411,802.05 |
| 2015 | 5 | - | 2,756,355,366.94 |
| 2015 | 6 | - | 2,754,160,478.49 |
| 2015 | 7 | - | 2,687,388,680.74 |
| 2015 | 8 | - | 2,566,265,506.56 |
| 2015 | 9 | - | 2,677,054,250.84 |
| 2015 | 10 | - | 2,755,558,061.83 |
| 2015 | 11 | - | 2,725,165,087.45 |
| 2015 | 12 | - | 2,550,219,796.48 |
| 2016 | 1 | - | 2,536,195,906.33 |
| 2016 | 2 | - | 2,697,567,141.38 |
| 2016 | 3 | - | 2,773,942,287.63 |
| 2016 | 4 | - | 2,765,499,371.63 |
| 2016 | 5 | - | 2,794,993,152.17 |
| 2016 | 6 | - | 2,887,156,344.30 |
| 2016 | 7 | - | 2,921,780,768.40 |
| 2016 | 8 | - | 2,908,963,756.41 |
| 2016 | 9 | - | 2,894,244,954.44 |
| 2016 | 10 | - | 2,929,009,483.45 |
| 2016 | 11 | - | 3,044,587,138.11 |
| 2016 | 12 | - | 3,088,357,180.46 |
| 2017 | 1 | - | 3,167,927,013.77 |
| 2017 | 2 | - | 3,223,342,195.20 |
| 2017 | 3 | - | 3,218,378,115.84 |
| 2017 | 4 | - | 3,272,845,088.90 |
| 2017 | 5 | - | 3,330,984,823.50 |
| 2017 | 6 | - | 3,363,891,092.66 |
| 2017 | 7 | - | 3,372,226,991.73 |
| 2017 | 8 | - | 3,427,978,774.67 |
| 2017 | 9 | - | 3,521,727,108.43 |
| 2017 | 10 | - | 3,577,707,388.67 |
| 2017 | 11 | - | 3,680,870,090.89 |
| 2017 | 12 | - | 3,859,830,249.65 |
| 2018 | 1 | - | 3,748,409,053.95 |
| 2018 | 2 | - | 3,750,829,710.17 |
| 2018 | 3 | - | 3,688,416,957.76 |
| 2018 | 4 | - | 3,760,769,723.99 |
| 2018 | 5 | - | 3,840,233,650.86 |
| 2018 | 6 | - | 3,900,937,836.23 |
| 2018 | 7 | - | 3,996,542,212.78 |
| 2018 | 8 | - | 4,063,674,040.01 |
| 2018 | 9 | - | 3,907,263,788.76 |
| 2018 | 10 | - | 3,826,144,760.36 |
| 2018 | 11 | - | 3,613,314,992.65 |
| 2018 | 12 | - | 3,676,029,002.64 |
| 2019 | 1 | - | 3,890,301,150.95 |
| 2019 | 2 | - | 3,966,085,071.69 |
| 2019 | 3 | - | 4,113,751,128.99 |
| 2019 | 4 | - | 4,050,737,160.52 |
| 2019 | 5 | - | 4,107,639,857.49 |
| 2019 | 6 | - | 4,264,853,357.32 |
| 2019 | 7 | - | 4,131,175,195.64 |
| 2019 | 8 | - | 4,258,631,346.61 |
| 2019 | 9 | - | 4,259,048,809.65 |
| 2019 | 10 | - | 4,447,881,925.61 |
| 2019 | 11 | - | 4,557,714,357.86 |
| 2019 | 12 | - | 4,710,233,597.22 |
| 2020 | 1 | - | 4,715,983,700.47 |
| 2020 | 2 | - | 3,823,827,631.14 |
| 2020 | 3 | - | 3,988,963,999.70 |
| 2020 | 4 | - | 4,223,808,884.14 |
| 2020 | 5 | - | 4,498,705,849.10 |
| 2020 | 6 | - | 4,655,100,428.96 |
| 2020 | 7 | - | 4,929,448,998.77 |
| 2020 | 8 | - | 4,898,541,223.60 |
| 2020 | 9 | - | 4,983,090,112.03 |
| 2020 | 10 | - | 5,180,127,304.65 |
| 2020 | 11 | - | 5,400,804,895.58 |
| 2020 | 12 | - | 5,551,773,581.86 |
| 2021 | 1 | - | 5,690,097,606.09 |
| 2021 | 2 | - | 5,736,833,658.95 |
| 2021 | 3 | - | 6,082,276,301.03 |
| 2021 | 4 | - | 6,128,515,682.53 |
| 2021 | 5 | - | 6,239,467,727.48 |
| 2021 | 6 | - | 6,430,907,168.00 |
| 2021 | 7 | - | 6,571,432,898.51 |
| 2021 | 8 | - | 6,565,880,114.52 |
| 2021 | 9 | - | 6,595,569,453.11 |
| 2021 | 10 | - | 6,908,512,343.00 |
| 2021 | 11 | - | 6,926,847,785.87 |
| 2021 | 12 | - | 6,784,712,132.41 |
| 2022 | 1 | - | 6,587,781,123.04 |
| 2022 | 2 | - | 6,528,979,668.85 |
| 2022 | 3 | - | 6,536,703,571.31 |
| 2022 | 4 | - | 6,022,086,529.28 |
| 2022 | 5 | - | 5,819,179,256.97 |
| 2022 | 6 | - | 5,846,220,129.53 |
| 2022 | 7 | - | 6,223,148,967.07 |
| 2022 | 8 | - | 5,770,265,266.32 |
| 2022 | 9 | - | 5,591,896,260.93 |
| 2022 | 10 | - | 5,887,433,245.74 |
| 2022 | 11 | - | 5,888,071,293.73 |
| 2022 | 12 | - | 5,969,118,022.28 |
| 2023 | 1 | - | 6,156,964,473.65 |
| 2023 | 2 | - | 5,997,780,648.18 |
| 2023 | 3 | - | 6,237,465,235.03 |
| 2023 | 4 | - | 6,283,478,719.71 |
| 2023 | 5 | - | 6,594,019,969.62 |
| 2023 | 6 | - | 6,849,606,951.91 |
| 2023 | 7 | - | 6,781,272,756.75 |
| 2023 | 8 | - | 6,716,608,088.13 |
| 2023 | 9 | - | 6,512,603,707.03 |
| 2023 | 10 | - | 6,812,295,736.64 |
| 2023 | 11 | - | 7,164,848,864.89 |
| 2023 | 12 | - | 7,373,477,571.36 |
| 2024 | 1 | - | 7,683,109,915.54 |
| 2024 | 2 | - | 7,935,278,805.91 |
| 2024 | 3 | - | 7,855,201,671.69 |
| 2024 | 4 | - | 8,052,894,551.02 |
| 2024 | 5 | - | 8,338,819,346.06 |
| 2024 | 6 | - | 8,537,255,001.36 |
| 2024 | 7 | - | 8,454,391,504.87 |
| 2024 | 8 | - | 8,684,529,394.13 |
| 2024 | 9 | - | 8,958,255,874.42 |
| 2024 | 10 | - | 9,180,580,475.76 |
| 2024 | 11 | - | 9,315,564,490.13 |
| 2024 | 12 | - | 9,276,576,686.40 |
Click to show 366 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 | $435.23 |
| End Value Average monthly close | $4,815.61 |
| Change in price | +1,006.45% +8.06% / yr |
| Change incl. dividends | +2,398.09% +10.58% / yr |
| Change incl. dividends, inflation-adjusted | +1,051.38% +7.94% / yr |
| Final amount, nominal ($400000000 base) | $9,992,377,194.84 |
| Final amount, inflation-adjusted ($400000000 base) | $4,605,509,820.08 |
