S&P 500: $100 in 1906 → $5,136,423.33 in 2023

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Stock market returns between 1906 and 2023

If you invested $100 in the S&P 500 at the beginning of 1906, you would have about $5,136,423.33 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 5,136,323.33%, or 9.66% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 151,614.74% cumulatively, or 6.42% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $5,654,649.90.

The graph below shows the performance of $100 over time if invested in an S&P 500 index fund. The returns assume that all dividends are automatically reinvested.

This chart shows the rate of gains and loss by month, including dividends:

Adjusting stock market return for inflation

The nominal return on investment of $100 is $5,136,323.33, or 5,136,323.33%. This means by 2023 you would have $5,136,423.33 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 1906 was 9.000 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 117 years.

Adjusted for inflation, the $5,136,423.33 nominal end value of the original $100 investment would have a real return of roughly $151,614.74 in 1906 dollars. This means the inflation-adjusted return is 151,614.74% as opposed to the original 5,136,323.33%.

For more information on inflation, see our U.S. inflation calculator for 1906.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 1412-month period between 1906 and 2023.

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

YearMonthReturn (%)Amount ($)
19061-0.43%99.57
19062-2.16%97.43
19063-1.06%96.40
19064-2.34%94.14
190651.63%95.68
19066-2.25%93.52
190677.74%100.76
190683.41%104.19
19069-2.67%101.40
1906102.39%103.83
190611-0.58%103.23
190612-2.51%100.64
19071-2.79%97.84
19072-9.46%88.58
190730.89%89.37
19074-3.05%86.64
19075-2.78%84.23
190764.27%87.83
19077-7.06%81.63
19078-0.59%81.15
19079-10.39%72.72
190710-5.33%68.84
1907115.70%72.77
1907124.82%76.27
19081-3.12%73.90
190824.64%77.32
190835.91%81.89
190845.88%86.70
190850.59%87.22
190864.12%90.82
190874.73%95.11
19088-0.67%94.47
190891.64%96.02
1908107.18%102.92
1908112.65%105.64
1908120.70%106.38
19091-2.50%103.73
190921.75%105.54
190934.87%110.68
190943.70%114.77
190952.13%117.21
190961.79%119.30
190972.77%122.60
190980.45%123.15
190990.74%124.07
190910-0.14%123.90
1909111.54%125.80
190912-1.78%123.56
19101-3.21%119.60
191022.85%123.01
19103-2.04%120.51
19104-1.26%118.99
19105-4.42%113.73
19106-4.64%108.46
191072.87%111.57
191081.11%112.81
191095.03%118.49
1910100.31%118.86
191011-2.37%116.04
1910122.86%119.36
191112.15%121.92
19112-0.75%121.01
19113-0.01%121.00
191142.58%124.11
191152.42%127.11
19116-0.01%127.10
19117-4.37%121.55
19118-5.03%115.44
191191.03%116.63
1911104.46%121.83
1911110.87%122.90
1911120.54%123.56
19121-0.45%123.01
191223.31%127.08
191233.54%131.58
191240.31%131.99
191250.41%132.53
191260.52%133.22
191272.71%136.82
191280.91%138.07
191290.20%138.35
191210-0.71%137.36
191211-3.19%132.99
191212-0.43%132.42
19131-3.12%128.29
19132-1.45%126.43
191330.34%126.86
19134-2.28%123.98
19135-4.56%118.32
191361.85%120.51
191373.16%124.31
191381.42%126.08
19139-2.70%122.68
191310-2.06%120.15
1913110.37%120.60
1913124.60%126.15
191411.79%128.41
19142-1.42%126.58
19143-1.94%124.12
191441.09%125.47
19145-0.03%125.44
19146-5.07%119.08
191470.48%119.65
191480.48%120.22
191490.47%120.79
1914100.47%121.36
191411-3.84%116.70
1914122.24%119.32
19151-0.87%118.28
191523.05%121.89
191537.99%131.64
19154-1.90%129.14
191551.58%131.17
191560.07%131.26
191574.69%137.41
191584.14%143.10
191595.95%151.62
1915103.89%157.52
1915110.59%158.45
191512-1.20%156.54
19161-1.00%154.98
191620.08%155.11
19163-0.67%154.07
191642.64%158.13
191651.41%160.36
19166-0.95%158.84
191671.22%160.77
191684.55%168.08
191693.55%174.05
1916102.75%178.85
191611-3.57%172.46
191612-1.87%169.24
19171-5.15%160.53
191723.64%166.37
19173-0.97%164.75
19174-2.83%160.08
191752.61%164.26
19176-2.19%160.66
19177-2.36%156.88
19178-4.17%150.33
19179-4.74%143.20
191710-7.61%132.30
191711-2.61%128.86
1917126.88%137.72
191813.84%143.00
19182-1.27%141.19
19183-0.21%140.90
191843.94%146.45
191850.85%147.70
191861.51%149.93
191871.62%152.36
191880.14%152.58
191894.91%160.06
1918103.17%165.14
191811-1.39%162.85
191812-0.03%162.80
191910.98%164.40
191923.64%170.39
191933.90%177.03
191947.47%190.25
191953.19%196.31
191963.75%203.69
19197-6.25%190.95
191982.09%194.94
191995.60%205.87
191910-2.48%200.75
191911-2.45%195.83
191912-0.51%194.82
19201-7.77%179.69
192027.58%193.30
19203-0.30%192.72
19204-5.77%181.60
19205-1.20%179.42
192060.42%180.18
19207-3.37%174.10
192084.12%181.27
192090.67%182.49
192010-4.53%174.22
192011-8.39%159.60
1920125.03%167.63
19211-0.11%167.45
19212-1.96%164.17
192131.04%165.87
192143.63%171.90
19215-7.43%159.12
192160.31%159.62
19217-0.61%158.64
192183.10%163.56
192191.96%166.76
1921105.96%176.69
1921114.09%183.91
1921120.39%184.63
192212.72%189.65
192224.28%197.76
192236.58%210.78
192244.38%220.01
19225-0.47%218.98
192261.19%221.58
192274.24%230.98
192283.07%238.07
192292.67%244.41
192210-4.52%233.38
1922110.25%233.96
1922121.85%238.29
192314.75%249.61
192322.08%254.80
19233-3.04%247.04
19234-4.25%236.53
19235-3.31%228.71
19236-2.84%222.22
192371.04%224.52
192381.16%227.12
19239-0.94%224.99
1923103.54%232.95
1923113.92%242.07
1923123.79%251.25
192410.95%253.65
19242-1.42%250.06
19243-1.79%245.59
192440.17%246.02
192452.42%251.97
192465.16%264.96
192473.93%275.38
19248-0.48%274.06
19249-0.81%271.85
1924106.08%288.39
1924115.87%305.32
1924124.58%319.32
192511.29%323.43
19252-2.19%316.35
19253-0.61%314.43
192543.67%325.97
192552.24%333.26
192563.22%344.00
192571.79%350.14
192582.74%359.75
192593.73%373.16
1925103.53%386.32
1925112.04%394.18
1925121.93%401.78
192610.56%404.02
19262-6.38%378.23
19263-2.35%369.32
192641.15%373.58
192655.22%393.08
192664.66%411.37
192674.39%429.45
192681.94%437.79
19269-1.83%429.76
1926101.74%437.23
1926112.71%449.06
192612-0.24%447.98
192712.37%458.61
192721.97%467.63
192732.88%481.09
192743.87%499.70
192751.70%508.20
192762.62%521.54
192775.73%551.40
192786.06%584.84
19279-1.17%578.02
1927102.66%593.37
1927112.72%609.50
1927120.77%614.18
19281-0.83%609.09
192825.75%644.09
192836.66%687.00
192843.44%710.60
19285-4.57%678.16
192861.09%685.56
192873.59%710.18
192887.37%762.55
192892.36%780.53
1928107.08%835.80
1928110.70%841.61
1928127.69%906.35
192910.81%913.71
192922.05%932.44
19293-0.30%929.63
192941.80%946.33
192952.20%967.17
192969.20%1,056.15
192975.96%1,119.07
192984.24%1,166.57
19299-10.32%1,046.12
192910-26.19%772.13
1929114.37%805.90
1929121.83%820.62
193016.64%875.08
193024.12%911.15
193036.69%972.09
19304-5.65%917.15
19305-9.77%827.55
19306-1.76%812.99
19307-0.90%805.70
193080.34%808.47
19309-13.37%700.37
193010-6.80%652.74
193011-6.19%612.35
1930123.56%634.14
193118.14%685.75
193122.38%702.07
19313-9.08%638.32
19314-9.16%579.85
19315-2.68%564.32
193163.86%586.09
19317-2.49%571.52
19318-14.37%489.40
19319-12.75%427.00
1931102.05%435.78
193111-18.10%356.90
193112-0.85%353.87
19321-0.05%353.70
193221.14%357.74
19323-23.22%274.66
19324-11.31%243.58
19325-12.39%213.40
193266.18%226.59
1932751.35%342.96
1932810.37%378.51
19329-13.22%328.48
193210-0.34%327.38
193211-2.64%318.74
1932124.57%333.31
19331-11.27%295.76
193320.33%296.74
1933311.24%330.10
1933429.32%426.88
1933517.58%501.94
193368.46%544.41
19337-4.64%519.14
19338-0.48%516.63
19339-9.38%468.18
1933102.80%481.30
1933112.32%492.47
1933126.08%522.44
193417.75%562.92
19342-4.80%535.91
193432.02%546.73
19344-9.83%493.01
193451.70%501.40
19346-4.36%479.56
19347-3.51%462.71
19348-2.01%453.42
193491.21%458.89
1934103.21%473.63
1934111.06%478.64
1934120.40%480.58
19351-2.62%468.00
19352-5.93%440.24
193537.94%475.19
193548.27%514.46
193554.17%535.94
193565.60%565.95
193577.10%606.16
193582.43%620.91
193592.99%639.45
1935109.71%701.54
1935110.29%703.60
1935125.82%744.56
193616.03%789.48
193622.41%808.51
193630.41%811.87
19364-5.02%771.11
193654.57%806.38
193666.23%856.66
193672.30%876.34
193681.44%888.99
193695.55%938.34
1936103.10%967.44
193611-1.40%953.90
1936123.46%986.88
193713.30%1,019.47
193720.23%1,021.82
19373-5.62%964.34
19374-4.09%924.94
19375-3.34%894.06
193766.39%951.23
193771.44%964.89
19378-13.76%832.10
19379-14.10%714.79
193710-8.27%655.71
193711-1.02%649.03
1937123.24%670.03
19381-1.80%657.95
19382-6.02%618.36
19383-3.44%597.06
193841.56%606.35
193852.93%624.14
1938620.49%752.01
193871.06%759.96
19388-4.08%728.92
1938911.62%813.60
1938100.47%817.39
193811-2.55%796.54
193812-1.16%787.28
19391-0.46%783.68
193920.27%785.77
19393-12.24%689.58
193944.10%717.83
193952.17%733.42
193962.84%754.22
19397-1.07%746.17
1939811.06%828.66
193991.38%840.13
193910-1.41%828.30
193911-1.97%811.95
193912-0.15%810.75
19401-0.23%808.90
19402-0.15%807.72
194031.42%819.19
19404-13.34%709.90
19405-8.09%652.44
194063.87%677.68
194072.65%695.64
194084.76%728.74
194091.47%739.42
1940102.85%760.50
194011-3.59%733.20
1940120.72%738.48
19411-5.72%696.21
194121.18%704.40
19413-2.55%686.46
19414-1.59%675.57
194154.11%703.31
194165.71%743.48
194170.08%744.04
194180.86%750.46
19419-3.43%724.69
194110-4.08%695.10
194111-5.88%654.21
1941122.62%671.33
19421-2.48%654.68
19422-4.76%623.51
19423-3.45%601.97
194241.87%613.23
194255.75%648.48
194264.38%676.90
194270.05%677.20
194281.66%688.46
194297.97%743.32
1942102.15%759.34
1942111.06%767.36
1942126.50%817.26
194316.43%869.84
194324.01%904.77
194333.79%939.02
194344.36%980.00
194352.18%1,001.36
194362.47%1,026.12
19437-4.54%979.54
194382.55%1,004.55
19439-0.50%999.52
194310-4.21%957.48
1943111.77%974.43
1943123.67%1,010.15
19441-0.24%1,007.68
194423.24%1,040.34
19443-1.31%1,026.72
194442.20%1,049.34
194455.14%1,103.30
194463.02%1,136.61
19447-1.06%1,124.61
19448-1.23%1,110.84
194492.88%1,142.87
194410-0.28%1,139.62
1944112.60%1,169.25
1944123.38%1,208.82
194513.73%1,253.95
194520.31%1,257.90
194532.90%1,294.40
194544.16%1,348.25
194552.19%1,377.75
19456-1.70%1,354.39
194570.71%1,363.96
194587.18%1,461.88
194594.51%1,527.87
1945103.61%1,582.97
1945112.02%1,615.02
1945124.30%1,684.45
194610.59%1,694.31
19462-2.68%1,648.94
194636.77%1,760.56
194640.52%1,769.68
19465-0.34%1,763.69
19466-2.55%1,718.76
19467-1.62%1,690.85
19468-14.42%1,446.99
19469-1.87%1,419.90
194610-0.01%1,419.72
1946113.39%1,467.90
1946120.92%1,481.41
194714.27%1,544.66
19472-3.67%1,487.93
19473-3.30%1,438.86
19474-1.36%1,419.25
194753.92%1,474.90
194766.69%1,573.62
19477-1.56%1,549.09
19478-2.17%1,515.52
194793.03%1,561.40
194710-0.73%1,550.00
194711-1.12%1,532.60
194712-0.86%1,519.35
19481-4.45%1,451.76
194821.92%1,479.61
194838.19%1,600.76
194845.33%1,686.08
194854.59%1,763.43
19486-1.96%1,728.91
19487-2.49%1,685.89
19488-0.68%1,674.46
194893.19%1,727.85
194810-5.10%1,639.72
194811-0.16%1,637.12
1948121.63%1,663.80
19491-3.33%1,608.44
194921.49%1,632.42
194930.41%1,639.18
19494-0.18%1,636.18
19495-4.91%1,555.80
194966.26%1,653.24
194974.17%1,722.19
194981.87%1,754.42
194993.14%1,809.54
1949101.95%1,844.78
1949113.24%1,904.58
1949122.63%1,954.67
195012.52%2,003.98
195021.38%2,031.53
195033.39%2,100.33
195043.91%2,182.54
195052.16%2,229.79
19506-6.72%2,079.86
195076.64%2,217.92
195084.11%2,309.04
195094.72%2,418.06
1950100.38%2,427.15
1950110.19%2,431.88
1950128.01%2,626.74
195114.31%2,739.92
19512-1.11%2,709.44
195131.93%2,761.63
195140.63%2,778.99
19515-1.15%2,747.17
195162.37%2,812.19
195174.97%2,951.82
195183.14%3,044.38
195190.03%3,045.25
195110-2.25%2,976.62
1951113.61%3,084.18
1951123.83%3,202.42
19521-1.33%3,159.76
195220.75%3,183.45
195230.20%3,189.91
195240.46%3,204.58
195253.24%3,308.56
195263.37%3,419.96
195270.88%3,450.07
19528-1.11%3,411.82
19529-1.61%3,356.86
1952103.67%3,479.97
1952114.51%3,636.88
1952120.99%3,672.85
19531-0.77%3,644.44
195320.96%3,679.32
19533-4.47%3,514.75
195341.00%3,549.99
19535-3.11%3,439.67
195361.91%3,505.50
195370.90%3,537.00
19538-4.11%3,391.74
195393.52%3,511.02
1953102.71%3,606.11
1953111.84%3,672.34
1953123.02%3,783.39
195412.68%3,884.65
195422.58%3,984.96
195434.45%4,162.32
195444.42%4,346.39
195451.22%4,399.55
195464.46%4,595.66
195472.39%4,705.69
195482.74%4,834.61
195492.71%4,965.66
1954104.30%5,179.30
1954114.95%5,435.84
1954122.17%5,553.72
195513.70%5,759.47
19552-0.44%5,734.34
195533.81%5,952.71
19554-0.08%5,948.03
195556.15%6,313.54
195567.64%6,796.15
19557-0.30%6,775.81
195584.82%7,102.16
19559-4.72%6,766.60
1955107.07%7,244.74
1955111.24%7,334.37
195512-2.39%7,159.24
195610.95%7,227.21
195627.21%7,748.01
195631.48%7,862.89
19564-2.84%7,639.71
19565-0.26%7,619.69
195665.75%8,057.73
19567-0.28%8,034.79
19568-3.09%7,786.61
19569-0.95%7,712.36
195610-0.71%7,657.41
1956111.81%7,795.93
195612-1.86%7,650.72
19571-4.00%7,345.01
195721.62%7,464.04
195732.64%7,661.39
195744.16%7,980.12
195751.95%8,136.07
195762.32%8,325.00
19577-5.21%7,891.67
19578-3.74%7,596.57
19579-5.90%7,148.63
195710-1.80%7,019.92
1957110.32%7,042.25
1957122.33%7,206.24
195810.70%7,256.82
195822.42%7,432.36
195830.90%7,498.99
195843.56%7,765.79
195852.74%7,978.20
195863.07%8,223.19
195874.05%8,556.58
195882.94%8,808.46
195894.36%9,192.43
1958103.33%9,498.19
1958112.16%9,703.58
1958124.25%10,116.44
19591-1.27%9,988.46
195922.81%10,268.76
195931.94%10,467.60
195941.77%10,652.40
19595-0.61%10,587.82
195964.23%11,035.43
19597-0.32%11,000.28
19598-3.70%10,592.91
195990.18%10,611.63
1959100.67%10,682.64
1959113.46%11,052.59
195912-1.49%10,888.37
19601-3.61%10,495.38
19602-1.08%10,382.23
196031.58%10,546.71
19604-0.62%10,480.84
196053.99%10,898.83
19606-2.20%10,659.48
196071.49%10,818.40
19608-2.72%10,524.05
19609-1.67%10,347.88
1960103.54%10,714.29
1960112.69%11,002.57
1960125.43%11,599.67
196114.37%12,107.06
196123.40%12,518.34
196132.92%12,883.75
196141.26%13,046.52
19615-1.08%12,905.59
19616-0.03%12,901.98
196173.84%13,397.29
19618-0.54%13,324.71
196191.34%13,503.67
1961104.77%14,148.07
1961111.16%14,312.62
196112-3.49%13,813.52
196211.91%14,077.29
196220.34%14,125.29
19623-2.94%13,709.31
19624-7.19%12,724.28
19625-11.41%11,272.09
196262.72%11,578.40
196273.02%11,928.41
19628-0.59%11,857.64
19629-2.86%11,518.95
1962107.20%12,348.41
1962114.62%12,919.37
1962124.15%13,455.10
196311.60%13,669.78
19632-0.11%13,654.98
196334.98%14,334.75
196342.27%14,660.08
196350.22%14,691.84
19636-1.22%14,512.32
196373.03%14,952.21
196382.89%15,384.87
196390.50%15,461.78
196310-0.31%15,414.38
1963112.39%15,783.30
1963123.33%16,308.91
196411.48%16,550.27
196422.07%16,893.03
196431.69%17,179.05
196441.22%17,388.69
19645-0.35%17,327.72
196463.96%18,014.08
19647-1.23%17,793.28
196481.97%18,143.00
196491.97%18,500.45
1964100.94%18,673.79
196411-1.49%18,395.49
1964122.82%18,914.39
196510.98%19,098.82
196520.34%19,162.91
196531.56%19,461.40
196541.73%19,798.58
19655-4.51%18,906.19
196560.10%18,925.64
196572.12%19,326.60
196583.60%20,021.61
196592.50%20,521.51
1965101.08%20,742.32
196511-0.21%20,698.42
1965121.98%21,108.35
19661-0.43%21,017.49
19662-3.86%20,205.73
196633.32%20,876.75
19664-5.01%19,831.33
19665-0.56%19,720.37
196660.02%19,724.00
19667-5.77%18,586.03
19668-3.22%17,986.66
19669-0.56%17,885.14
1966105.32%18,835.93
1966110.72%18,970.75
1966124.13%19,754.30
196713.73%20,491.14
196722.63%21,030.82
196731.99%21,449.85
196742.06%21,891.22
19675-0.99%21,674.10
196761.99%22,105.94
196771.85%22,515.26
196781.65%22,887.65
196790.10%22,909.94
196710-2.88%22,249.74
1967113.11%22,942.09
196712-0.02%22,938.08
19681-4.26%21,961.61
19682-1.56%21,619.18
196837.66%23,275.58
196842.56%23,870.90
196852.94%24,572.87
196860.05%24,584.89
19687-1.93%24,109.44
196883.51%24,955.12
196892.72%25,633.20
1968101.79%26,090.94
1968111.29%26,426.29
196812-3.99%25,373.17
19691-0.24%25,312.64
19692-1.91%24,828.21
196932.27%25,392.86
196943.51%26,285.04
19695-4.97%24,978.33
19696-4.21%23,927.90
19697-0.28%23,860.04
196980.63%24,010.01
196991.35%24,333.28
1969101.00%24,576.00
196911-5.03%23,340.44
196912-0.59%23,202.96
19701-3.20%22,461.37
197022.01%22,913.36
19703-2.75%22,283.77
19704-11.20%19,788.20
19705-0.27%19,734.80
197060.52%19,837.92
197073.26%20,483.80
197086.32%21,778.64
197092.49%22,320.82
1970100.21%22,366.97
1970117.16%23,968.08
1970124.11%24,953.33
197114.15%25,989.16
197122.83%26,725.13
197133.67%27,706.98
19714-1.11%27,400.02
19715-1.60%26,962.75
19716-0.46%26,837.93
19717-1.52%26,430.76
197182.49%27,087.94
19719-1.86%26,583.11
197110-4.37%25,421.02
1971117.16%27,242.08
1971124.42%28,446.87
197212.09%29,040.55
197222.62%29,801.30
197231.26%30,176.47
19724-0.78%29,942.33
197250.52%30,096.86
19726-0.50%29,945.21
197273.78%31,078.25
19728-1.21%30,702.06
197290.42%30,830.22
1972105.25%32,450.10
1972112.31%33,200.19
1972120.99%33,528.66
19731-3.33%32,413.79
19732-1.35%31,977.71
19733-1.63%31,455.42
19734-2.57%30,647.09
19735-1.99%30,037.28
197361.21%30,400.80
19737-1.64%29,903.62
197382.00%30,500.28
197394.24%31,792.07
197310-6.85%29,613.40
197311-6.81%27,598.13
1973121.70%28,067.41
19741-2.47%27,373.34
197424.57%28,625.58
19743-4.82%27,246.79
19744-2.71%26,509.58
197450.46%26,630.79
19746-11.35%23,609.03
19747-3.76%22,720.21
19748-10.01%20,445.10
197492.38%20,931.07
1974103.74%21,714.61
197411-6.09%20,391.79
1974128.63%22,152.17
1975110.81%24,546.27
197524.97%25,767.11
197531.49%26,150.28
197546.71%27,905.65
197552.89%28,713.41
197560.43%28,837.46
19757-7.00%26,819.91
19758-0.85%26,591.23
197594.97%27,913.15
1975102.04%28,483.05
197511-1.18%28,147.05
1975129.55%30,833.77
197614.18%32,122.04
197620.80%32,379.79
197631.10%32,734.50
19764-0.38%32,609.04
197650.90%32,902.71
197662.67%33,779.68
19767-0.56%33,590.31
197682.44%34,409.20
19769-3.11%33,339.69
197610-0.37%33,217.45
1976113.79%34,475.23
197612-0.54%34,290.01
19771-2.37%33,477.82
19772-0.05%33,459.68
19773-1.19%33,060.28
197740.06%33,081.60
197750.90%33,379.26
197761.28%33,807.33
19777-2.08%33,104.60
19778-1.18%32,715.51
19779-2.20%31,996.47
1977100.98%32,310.40
197711-0.08%32,284.51
197712-3.39%31,189.95
19781-0.97%30,886.79
197820.27%30,968.84
197834.83%32,464.64
197845.50%34,251.59
197850.67%34,482.30
19786-0.06%34,460.82
197877.33%36,986.16
197880.40%37,133.99
19789-2.77%36,104.07
197810-5.44%34,140.86
1978111.92%34,797.33
1978124.19%36,253.71
19791-1.06%35,870.52
197922.34%36,710.31
197932.43%37,602.70
19794-1.89%36,890.87
197952.42%37,782.76
197961.42%38,319.59
197975.01%40,241.07
197981.54%40,860.96
19799-3.35%39,491.09
197910-0.32%39,363.76
1979114.40%41,097.34
1979123.31%42,458.67
198014.40%44,325.09
19802-8.78%40,434.31
19803-1.16%39,964.44
198045.04%41,977.11
198056.86%44,857.86
198064.97%47,087.06
198073.50%48,737.31
198082.84%50,119.41
198093.32%51,785.76
1980104.61%54,175.52
198011-1.24%53,501.15
1980120.01%53,506.49
19811-3.07%51,863.75
198124.14%54,012.62
198131.29%54,711.43
19814-1.62%53,826.60
198150.86%54,288.21
19816-2.02%53,193.63
198170.80%53,620.54
19818-8.30%49,168.60
198191.73%50,017.86
1981103.04%51,540.27
1981111.18%52,148.12
198112-4.80%49,642.86
19821-1.91%48,692.75
19822-2.74%47,356.35
198235.47%49,946.42
198240.57%50,230.94
19825-5.27%47,583.46
198260.24%47,699.49
198270.79%48,078.21
1982812.10%53,893.93
198298.88%58,680.47
1982104.50%61,321.04
1982111.36%62,152.25
1982123.93%64,592.19
198312.13%65,968.01
198323.87%68,518.08
198334.20%71,394.05
198344.42%74,552.54
198351.75%75,859.82
198360.71%76,397.01
19837-2.41%74,557.99
198383.31%77,028.72
198390.65%77,527.81
198310-1.14%76,642.89
198311-0.13%76,544.68
1983121.58%77,750.98
19841-5.11%73,776.21
198420.44%74,102.56
198430.51%74,478.41
19844-0.25%74,290.30
19845-1.85%72,917.19
19846-0.91%72,254.78
198479.21%78,906.95
198481.41%80,017.15
19849-0.41%79,687.16
1984101.29%80,711.86
198411-0.71%80,140.77
1984124.70%83,905.44
198515.79%88,761.35
19852-0.48%88,336.79
198531.02%89,241.99
198542.74%91,683.32
198552.51%93,985.46
198562.25%96,097.52
19857-1.85%94,324.22
19858-1.88%92,546.22
198591.50%93,930.31
1985106.42%99,961.12
1985115.29%105,253.57
1985120.75%106,044.79
198615.70%112,086.43
198626.18%119,016.47
198632.74%122,279.22
198640.49%122,880.63
198653.13%126,730.77
19866-1.80%124,444.66
198672.28%127,283.06
19868-2.46%124,156.69
19869-0.09%124,045.11
1986103.53%128,427.56
1986111.71%130,622.31
1986126.67%139,339.22
198716.46%148,343.15
198724.38%154,835.25
19873-0.86%153,509.22
198740.17%153,774.54
198754.50%160,692.00
198763.12%165,708.96
198776.45%176,403.83
19878-3.03%171,058.04
19879-11.85%150,781.02
198710-12.30%132,229.81
198711-1.33%130,464.94
1987124.25%136,005.19
198813.33%140,532.21
198823.23%145,074.30
19883-0.89%143,788.90
19884-2.19%140,642.42
198856.00%149,078.43
19886-0.31%148,620.88
19887-1.72%146,066.85
198881.93%148,881.81
198893.80%154,541.72
198810-2.02%151,419.60
1988112.33%154,941.55
1988123.51%160,384.11
198913.30%165,676.55
19892-0.16%165,408.72
198933.56%171,305.21
198944.12%178,354.93
198953.39%184,405.84
198962.80%189,569.53
198974.69%198,461.77
198980.46%199,365.84
198990.29%199,936.53
198910-1.81%196,310.58
1989112.74%201,683.03
198912-2.21%197,223.36
19901-2.53%192,239.16
199022.71%197,443.40
199030.20%197,830.36
199043.85%205,448.66
199053.17%211,961.29
199060.17%212,321.04
19907-7.86%195,630.00
19908-4.34%187,137.58
19909-2.32%182,803.91
1990102.98%188,258.44
1990114.59%196,893.11
199012-0.69%195,544.06
1991111.61%218,240.42
199123.04%224,885.01
199132.26%229,964.77
19914-0.18%229,553.42
199150.35%230,349.99
199160.78%232,147.84
199172.68%238,366.93
19918-0.30%237,644.43
199190.18%238,076.11
1991100.02%238,113.71
1991110.94%240,340.41
1991127.36%258,024.72
19921-0.60%256,474.39
19922-1.01%253,877.89
199230.26%254,548.90
199242.07%259,813.87
19925-1.33%256,360.62
199261.91%261,262.58
199270.94%263,722.94
199280.38%264,720.31
19929-1.18%261,591.17
1992102.76%268,802.98
1992113.27%277,596.06
1992120.14%277,992.73
199311.72%282,786.01
199322.15%288,866.34
19933-1.34%284,990.49
199340.72%287,055.89
199350.87%289,539.44
199360.06%289,716.07
199371.76%294,822.22
199381.35%298,816.98
199391.24%302,528.01
1993100.01%302,550.83
1993110.89%305,235.00
1993121.74%310,533.52
19941-0.08%310,298.44
19942-1.42%305,880.35
19943-3.35%295,644.44
199441.06%298,773.08
199451.11%302,083.76
19946-0.52%300,516.32
199473.08%309,778.47
199480.82%312,310.80
19949-0.44%310,924.12
199410-0.37%309,774.06
199411-1.03%306,596.69
1994122.45%314,111.91
199513.82%326,108.14
199522.56%334,450.54
199533.22%345,204.97
199543.35%356,761.61
199553.18%368,101.00
199563.55%381,159.30
199570.51%383,115.13
199583.72%397,358.06
199590.91%400,984.22
1995102.36%410,440.97
1995113.39%424,351.38
1995120.16%425,041.29
199615.90%450,137.40
19962-0.20%449,233.99
199630.20%450,119.17
199642.35%460,718.69
199651.28%466,609.41
19966-3.48%450,387.43
199673.08%464,240.24
199682.02%473,635.19
199694.12%493,146.58
1996105.05%518,060.75
1996111.20%524,268.30
1996123.26%541,346.55
199714.36%564,955.56
19972-0.62%561,432.01
19973-3.41%542,313.87
199749.22%592,303.44
199755.34%623,913.64
199765.74%659,700.86
199770.35%661,995.23
199781.19%669,886.26
199791.65%680,908.41
199710-1.15%673,064.05
1997112.63%690,796.71
1997120.24%692,434.51
199816.40%736,765.26
199825.31%775,908.66
199833.41%802,333.59
19984-0.22%800,553.55
199850.12%801,485.85
199864.47%837,293.56
19987-6.97%778,925.77
19988-4.90%740,770.48
199891.29%750,332.76
19981010.97%832,677.16
1998114.10%866,851.11
1998125.05%910,607.04
19991-0.07%909,999.57
199922.92%936,603.50
199934.25%976,409.36
19994-0.10%975,444.35
19995-0.61%969,476.91
199964.52%1,013,320.41
19997-3.77%975,073.79
19998-0.60%969,242.68
19999-1.27%956,909.35
1999107.11%1,024,906.85
1999112.81%1,053,693.72
199912-0.12%1,052,440.53
20001-2.48%1,026,360.24
200023.94%1,066,808.62
200031.42%1,082,007.08
20004-2.84%1,051,291.13
200053.16%1,084,548.51
200060.85%1,093,770.89
200070.94%1,104,049.17
20008-1.08%1,092,129.30
20009-5.21%1,035,183.17
200010-0.77%1,027,185.72
200011-3.32%993,082.39
2000120.46%997,600.99
20011-2.14%976,289.67
20012-9.08%887,643.51
200130.45%891,626.31
200146.88%952,964.25
20015-2.39%930,201.25
20016-2.66%905,455.78
20017-2.05%886,931.61
20018-11.25%787,175.54
200193.18%812,239.45
2001105.05%853,283.10
2001111.47%865,792.65
200112-0.30%863,215.28
20021-3.35%834,273.66
200224.95%875,530.75
20023-3.51%844,760.82
20024-2.82%820,935.43
20025-5.92%772,328.18
20026-10.76%689,237.26
200271.14%697,086.23
20028-4.76%663,920.75
20029-1.37%654,844.67
2002106.63%698,231.90
200211-1.04%691,004.78
200212-0.22%689,467.17
20031-6.41%645,238.98
200321.31%653,678.05
200335.29%688,230.55
200345.31%724,790.81
200355.70%766,134.22
200360.60%770,699.62
20037-0.17%769,417.76
200383.16%793,740.45
200392.03%809,836.15
2003101.21%819,639.91
2003113.06%844,752.13
2003124.93%886,440.32
200411.09%896,072.93
20042-1.57%882,047.62
200430.97%890,587.05
20044-2.56%867,750.14
200452.86%892,547.64
20046-2.24%872,565.47
20047-1.39%860,458.01
200482.78%884,401.32
200490.10%885,308.68
2004104.77%927,572.39
2004112.73%952,871.44
200412-1.35%940,015.09
200511.68%955,818.69
20052-0.26%953,375.73
20053-2.41%930,409.69
200541.34%942,838.76
200552.18%963,399.22
200561.81%980,815.46
200570.31%983,856.17
200580.28%986,607.92
20059-2.62%960,717.16
2005103.96%998,776.38
2005112.14%1,020,191.45
2005121.47%1,035,155.32
20061-0.02%1,034,983.07
200621.49%1,050,364.34
200630.80%1,058,749.73
20064-0.79%1,050,421.23
20065-2.71%1,021,999.01
200660.72%1,029,357.81
200672.29%1,052,948.22
200682.53%1,079,600.16
200693.62%1,118,637.57
2006102.00%1,141,028.70
2006112.15%1,165,541.02
2006120.69%1,173,616.20
200711.60%1,192,347.67
20072-2.47%1,162,850.29
200734.18%1,211,460.46
200743.39%1,252,550.20
200750.34%1,256,870.27
200760.57%1,264,092.49
20077-4.20%1,210,986.60
200783.07%1,248,221.33
200792.99%1,285,563.53
200710-4.81%1,223,775.36
2007111.24%1,238,928.41
200712-6.64%1,156,723.06
20081-1.56%1,138,632.31
20082-2.63%1,108,724.59
200834.24%1,155,776.67
200842.56%1,185,394.65
20085-4.25%1,135,055.89
20086-6.08%1,066,061.84
200872.11%1,088,561.45
20088-4.85%1,035,793.04
20089-20.19%826,629.29
200810-8.61%755,494.96
200811-0.35%752,841.54
200812-1.10%744,593.73
20091-6.70%694,687.29
20092-5.69%655,177.39
2009312.32%735,906.71
200946.66%784,916.79
200952.87%807,434.96
200961.28%817,751.09
200978.12%884,158.57
200983.65%916,433.39
200992.40%938,456.28
2009102.09%958,110.61
2009112.23%979,436.79
2009121.36%992,727.43
20101-2.90%963,953.49
201025.94%1,021,241.59
201034.09%1,062,989.23
20104-5.88%1,000,459.99
20105-3.54%965,008.05
20106-0.16%963,472.98
201070.86%971,793.64
201083.37%1,004,554.31
201094.58%1,050,537.15
2010102.49%1,076,705.13
2010113.71%1,116,691.11
2010123.46%1,155,353.12
201113.15%1,191,756.72
20112-1.11%1,178,498.89
201132.22%1,204,673.15
201140.66%1,212,614.78
20115-3.66%1,168,201.55
201163.10%1,204,436.07
20117-10.40%1,079,166.93
20118-0.79%1,070,649.66
201193.02%1,102,971.56
2011101.77%1,122,462.42
2011111.55%1,139,913.92
2011124.78%1,194,430.96
201214.16%1,244,150.45
201222.88%1,280,029.72
20123-0.04%1,279,540.62
20124-3.09%1,239,990.63
20125-1.15%1,225,700.84
201262.92%1,261,504.63
201273.39%1,304,240.63
201283.02%1,343,643.90
20129-0.22%1,340,726.39
201210-2.84%1,302,683.36
2012112.18%1,331,023.69
2012124.27%1,387,841.92
201312.33%1,420,220.57
201322.72%1,458,885.42
201331.45%1,480,094.57
201344.57%1,547,798.09
20135-1.12%1,530,497.19
201363.25%1,580,306.87
201370.25%1,584,297.60
201381.19%1,603,189.83
201392.12%1,637,138.17
2013103.86%1,700,331.61
2013111.52%1,726,204.90
2013120.97%1,742,911.24
20141-0.13%1,740,644.83
201422.72%1,788,029.87
201430.20%1,791,636.76
201441.53%1,819,085.26
201453.20%1,877,229.00
201461.50%1,905,309.01
20147-0.43%1,897,174.28
201481.78%1,930,906.68
20149-2.65%1,879,803.61
2014105.71%1,987,058.67
2014110.63%1,999,654.39
201412-1.11%1,977,457.32
201512.83%2,033,367.91
201520.06%2,034,493.65
201530.88%2,052,364.84
201540.98%2,072,455.52
20155-0.44%2,063,429.97
20156-0.08%2,061,786.86
20157-2.42%2,011,800.95
20158-4.51%1,921,127.16
201594.32%2,004,064.51
2015102.93%2,062,833.10
201511-1.10%2,040,080.68
201512-6.42%1,909,115.21
20161-0.55%1,898,616.82
201626.36%2,019,420.63
201632.83%2,076,595.68
20164-0.30%2,070,275.25
201651.07%2,092,354.53
201663.30%2,161,348.64
201671.20%2,187,268.77
20168-0.44%2,177,673.85
20169-0.51%2,166,655.24
2016101.20%2,192,680.24
2016113.95%2,279,202.61
2016121.44%2,311,969.22
201712.58%2,371,535.84
201721.75%2,413,020.10
20173-0.15%2,409,303.95
201741.69%2,450,078.37
201751.78%2,493,602.24
201760.99%2,518,236.14
201770.25%2,524,476.46
201781.65%2,566,212.70
201792.73%2,636,393.46
2017101.59%2,678,300.75
2017112.88%2,755,529.19
2017124.86%2,889,500.22
20181-2.89%2,806,089.41
201820.06%2,807,901.53
20183-1.66%2,761,178.84
201841.96%2,815,342.70
201852.11%2,874,830.04
201861.58%2,920,273.69
201872.45%2,991,843.90
201881.68%3,042,099.33
20189-3.85%2,925,009.35
201810-2.08%2,864,282.99
201811-5.56%2,704,956.90
2018121.74%2,751,905.11
201915.83%2,912,310.98
201921.95%2,969,043.44
201933.72%3,079,587.44
20194-1.53%3,032,414.68
201951.40%3,075,012.50
201963.83%3,192,703.80
20197-3.13%3,092,631.24
201983.09%3,188,045.95
201990.01%3,188,358.47
2019104.43%3,329,720.47
2019112.47%3,411,941.92
2019123.35%3,526,119.06
202010.12%3,530,423.63
20202-18.92%2,862,548.36
202034.32%2,986,170.79
202045.89%3,161,977.57
202056.51%3,367,767.67
202063.48%3,484,845.92
202075.89%3,690,225.48
20208-0.63%3,667,087.67
202091.73%3,730,381.65
2020103.95%3,877,885.29
2020114.26%4,043,086.33
2020122.80%4,156,102.71
202112.49%4,259,653.20
202120.82%4,294,640.18
202136.02%4,553,241.35
202140.76%4,587,856.52
202151.81%4,670,916.12
202163.07%4,814,229.24
202172.19%4,919,427.94
20218-0.08%4,915,271.08
202190.45%4,937,496.76
2021104.74%5,171,768.35
2021110.27%5,185,494.41
202112-2.05%5,079,090.50
20221-2.90%4,931,666.35
20222-0.89%4,887,647.11
202230.12%4,893,429.29
20224-7.87%4,508,182.80
20225-3.37%4,356,284.77
202260.46%4,376,527.78
202276.45%4,658,699.77
20228-7.28%4,319,667.36
20229-3.09%4,186,138.87
2022105.29%4,407,380.26
2022110.01%4,407,857.90
2022121.38%4,468,530.14
202313.15%4,609,153.52
20232-2.59%4,489,987.22
202334.00%4,669,417.04
202340.74%4,703,863.11
202354.94%4,936,336.81
202363.88%5,127,671.29
20237-1.13%5,069,983.90
202381.31%5,136,423.33
Click to show 1398 more rows

Remember, returns are based on the average closing price across the entire month. Some losses are offset by dividend returns.

Dollar-cost averaging

Dollar-cost averaging is an alternative to investing the full lump-sum of $100.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $100.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1906. This would result in a final amount of $5,654,649.90, including dividend reinvestments. In this particular case, dollar-cost average returns are greater than the returns of a lump-sum investment (which ends with $5,136,423.33).

YearMonthContribution ($)Amount ($)
190614.164.13
190624.168.10
190634.1612.12
190644.1615.88
190654.1620.36
190664.1623.95
190674.1630.27
190684.1635.59
190694.1638.68
1906104.1643.84
1906114.1647.71
1906124.1650.56
190714.1653.18
190724.1651.90
190734.1656.54
190744.1658.84
190754.1661.23
190764.1668.16
190774.1667.20
190784.1670.92
190794.1667.25
1907104.1667.59
1907114.1675.81
1907124.3283.97
19081-81.35
19082-85.12
19083-90.15
19084-95.45
19085-96.02
19086-99.98
19087-104.71
19088-104.00
19089-105.71
190810-113.30
190811-116.30
190812-117.12
19091-114.19
19092-116.19
19093-121.84
19094-126.35
19095-129.03
19096-131.34
19097-134.97
19098-135.58
19099-136.59
190910-136.40
190911-138.50
190912-136.03
19101-131.67
19102-135.42
19103-132.67
19104-130.99
19105-125.21
19106-119.40
19107-122.83
19108-124.19
19109-130.45
191010-130.85
191011-127.74
191012-131.40
19111-134.22
19112-133.22
19113-133.20
19114-136.64
19115-139.94
19116-139.93
19117-133.81
19118-127.09
19119-128.40
191110-134.13
191111-135.30
191112-136.03
19121-135.42
19122-139.90
19123-144.86
19124-145.30
19125-145.90
19126-146.66
19127-150.63
19128-152.00
19129-152.31
191210-151.22
191211-146.40
191212-145.78
19131-141.23
19132-139.19
19133-139.66
19134-136.48
19135-130.26
19136-132.67
19137-136.86
19138-138.80
19139-135.06
191310-132.28
191311-132.77
191312-138.88
19141-141.36
19142-139.35
19143-136.65
19144-138.13
19145-138.10
19146-131.09
19147-131.73
19148-132.35
19149-132.98
191410-133.60
191411-128.47
191412-131.36
19151-130.22
19152-134.19
19153-144.92
19154-142.16
19155-144.41
19156-144.50
19157-151.28
19158-157.54
19159-166.92
191510-173.41
191511-174.44
191512-172.34
19161-170.61
19162-170.75
19163-169.61
19164-174.09
19165-176.54
19166-174.86
19167-176.99
19168-185.04
19169-191.61
191610-196.89
191611-189.87
191612-186.31
19171-176.73
19172-183.16
19173-181.37
19174-176.24
19175-180.83
19176-176.87
19177-172.71
19178-165.50
19179-157.65
191710-145.65
191711-141.86
191712-151.61
19181-157.43
19182-155.43
19183-155.11
19184-161.23
19185-162.60
19186-165.06
19187-167.73
19188-167.97
19189-176.21
191810-181.80
191811-179.28
191812-179.22
19191-180.99
19192-187.58
19193-194.89
19194-209.44
19195-216.12
19196-224.24
19197-210.22
19198-214.61
19199-226.64
191910-221.01
191911-215.59
191912-214.48
19201-197.82
19202-212.81
19203-212.16
19204-199.92
19205-197.52
19206-198.35
19207-191.66
19208-199.56
19209-200.90
192010-191.79
192011-175.71
192012-184.54
19211-184.34
19212-180.73
19213-182.61
19214-189.25
19215-175.18
19216-175.72
19217-174.65
19218-180.06
19219-183.58
192110-194.52
192111-202.47
192112-203.25
19221-208.79
19222-217.71
19223-232.04
19224-242.21
19225-241.08
19226-243.94
19227-254.28
19228-262.09
19229-269.07
192210-256.92
192211-257.57
192212-262.34
19231-274.79
19232-280.50
19233-271.96
19234-260.40
19235-251.78
19236-244.64
19237-247.17
19238-250.03
19239-247.69
192310-256.45
192311-266.50
192312-276.60
19241-279.24
19242-275.29
19243-270.37
19244-270.84
19245-277.39
19246-291.69
19247-303.16
19248-301.71
19249-299.28
192410-317.49
192411-336.12
192412-351.53
19251-356.06
19252-348.27
19253-346.15
19254-358.85
19255-366.89
19256-378.71
19257-385.47
19258-396.05
19259-410.81
192510-425.29
192511-433.95
192512-442.31
19261-444.78
19262-416.39
19263-406.58
19264-411.28
19265-432.73
19266-452.88
19267-472.77
19268-481.96
19269-473.12
192610-481.34
192611-494.36
192612-493.17
19271-504.88
19272-514.81
19273-529.62
19274-550.11
19275-559.48
19276-574.16
19277-607.04
19278-643.84
19279-636.34
192710-653.24
192711-670.99
192712-676.15
19281-670.54
19282-709.07
19283-756.31
19284-782.29
19285-746.58
19286-754.72
19287-781.83
19288-839.48
19289-859.27
192810-920.13
192811-926.52
192812-997.80
19291-1,005.89
19292-1,026.52
19293-1,023.43
19294-1,041.81
19295-1,064.75
19296-1,162.71
19297-1,231.98
19298-1,284.27
19299-1,151.67
192910-850.04
192911-887.21
192912-903.41
19301-963.37
19302-1,003.08
19303-1,070.17
19304-1,009.69
19305-911.04
19306-895.01
19307-886.99
19308-890.04
19309-771.03
193010-718.60
193011-674.14
193012-698.11
19311-754.93
19312-772.90
19313-702.73
19314-638.36
19315-621.26
19316-645.22
19317-629.18
19318-538.78
19319-470.09
193110-479.74
193111-392.91
193112-389.57
19321-389.39
19322-393.83
19323-302.37
19324-268.16
19325-234.93
19326-249.46
19327-377.56
19328-416.70
19329-361.63
193210-360.41
193211-350.90
193212-366.93
19331-325.59
19332-326.68
19333-363.41
19334-469.95
19335-552.58
19336-599.34
19337-571.52
19338-568.75
19339-515.42
193310-529.86
193311-542.16
193312-575.15
19341-619.72
19342-589.98
19343-601.89
19344-542.75
19345-551.99
19346-527.95
19347-509.39
19348-499.16
19349-505.19
193410-521.41
193411-526.93
193412-529.07
19351-515.21
19352-484.66
19353-523.13
19354-566.37
19355-590.01
19356-623.05
19357-667.31
19358-683.55
19359-703.96
193510-772.32
193511-774.59
193512-819.69
19361-869.13
19362-890.09
19363-893.78
19364-848.91
19365-887.74
19366-943.09
19367-964.75
19368-978.69
19369-1,033.01
193610-1,065.05
193611-1,050.14
193612-1,086.45
19371-1,122.33
19372-1,124.91
19373-1,061.64
19374-1,018.26
19375-984.27
19376-1,047.20
19377-1,062.25
19378-916.05
19379-786.91
193710-721.87
193711-714.51
193712-737.63
19381-724.34
19382-680.74
19383-657.30
19384-667.53
19385-687.11
19386-827.88
19387-836.63
19388-802.46
19389-895.69
193810-899.86
193811-876.91
193812-866.72
19391-862.75
19392-865.05
19393-759.16
19394-790.25
19395-807.42
19396-830.31
19397-821.45
19398-912.27
19399-924.89
193910-911.86
193911-893.87
193912-892.55
19401-890.51
19402-889.22
19403-901.84
19404-781.53
19405-718.27
19406-746.06
19407-765.83
19408-802.26
19409-814.02
194010-837.23
194011-807.17
194012-812.98
19411-766.45
19412-775.47
19413-755.72
19414-743.72
19415-774.26
19416-818.49
19417-819.11
19418-826.18
19419-797.80
194110-765.23
194111-720.22
194112-739.06
19421-720.74
19422-686.41
19423-662.71
19424-675.10
19425-713.91
19426-745.19
19427-745.53
19428-757.92
19429-818.32
194210-835.95
194211-844.78
194212-899.72
19431-957.60
19432-996.05
19433-1,033.76
19434-1,078.87
19435-1,102.39
19436-1,129.64
19437-1,078.37
19438-1,105.90
19439-1,100.37
194310-1,054.08
194311-1,072.74
194312-1,112.06
19441-1,109.35
19442-1,145.30
19443-1,130.31
19444-1,155.21
19445-1,214.62
19446-1,251.29
19447-1,238.08
19448-1,222.91
19449-1,258.18
194410-1,254.60
194411-1,287.22
194412-1,330.79
19451-1,380.47
19452-1,384.81
19453-1,424.99
19454-1,484.28
19455-1,516.75
19456-1,491.04
19457-1,501.57
19458-1,609.38
19459-1,682.02
194510-1,742.68
194511-1,777.96
194512-1,854.39
19461-1,865.26
19462-1,815.31
19463-1,938.19
19464-1,948.23
19465-1,941.63
19466-1,892.17
19467-1,861.45
19468-1,592.98
19469-1,563.16
194610-1,562.95
194611-1,616.00
194612-1,630.87
19471-1,700.50
19472-1,638.05
19473-1,584.02
19474-1,562.45
19475-1,623.70
19476-1,732.39
19477-1,705.38
19478-1,668.43
19479-1,718.93
194710-1,706.38
194711-1,687.23
194712-1,672.64
19481-1,598.23
19482-1,628.90
19483-1,762.26
19484-1,856.19
19485-1,941.34
19486-1,903.35
19487-1,855.98
19488-1,843.40
19489-1,902.18
194810-1,805.15
194811-1,802.30
194812-1,831.66
19491-1,770.71
19492-1,797.12
19493-1,804.56
19494-1,801.26
19495-1,712.76
19496-1,820.04
19497-1,895.95
19498-1,931.42
19499-1,992.10
194910-2,030.90
194911-2,096.73
194912-2,151.88
19501-2,206.16
19502-2,236.50
19503-2,312.23
19504-2,402.74
19505-2,454.75
19506-2,289.71
19507-2,441.69
19508-2,542.01
19509-2,662.03
195010-2,672.04
195011-2,677.24
195012-2,891.76
19511-3,016.36
19512-2,982.80
19513-3,040.26
19514-3,059.37
19515-3,024.34
19516-3,095.91
19517-3,249.63
19518-3,351.54
19519-3,352.49
195110-3,276.94
195111-3,395.35
195112-3,525.52
19521-3,478.56
19522-3,504.63
19523-3,511.75
19524-3,527.90
19525-3,642.37
19526-3,765.00
19527-3,798.16
19528-3,756.05
19529-3,695.54
195210-3,831.07
195211-4,003.82
195212-4,043.41
19531-4,012.14
19532-4,050.53
19533-3,869.36
19534-3,908.16
19535-3,786.71
19536-3,859.17
19537-3,893.86
19538-3,733.95
19539-3,865.26
195310-3,969.94
195311-4,042.86
195312-4,165.11
19541-4,276.58
19542-4,387.02
19543-4,582.26
19544-4,784.91
19545-4,843.44
19546-5,059.32
19547-5,180.46
19548-5,322.39
19549-5,466.66
195410-5,701.85
195411-5,984.28
195412-6,114.05
19551-6,340.56
19552-6,312.89
19553-6,553.30
19554-6,548.14
19555-6,950.53
19556-7,481.84
19557-7,459.44
19558-7,818.72
19559-7,449.30
195510-7,975.68
195511-8,074.35
195512-7,881.55
19561-7,956.38
19562-8,529.72
19563-8,656.20
19564-8,410.50
19565-8,388.46
19566-8,870.70
19567-8,845.44
19568-8,572.22
19569-8,490.48
195610-8,429.98
195611-8,582.48
195612-8,422.62
19571-8,086.07
19572-8,217.11
19573-8,434.37
19574-8,785.26
19575-8,956.94
19576-9,164.93
19577-8,687.88
19578-8,363.00
19579-7,869.87
195710-7,728.18
195711-7,752.76
195712-7,933.30
19581-7,988.98
19582-8,182.23
19583-8,255.58
19584-8,549.30
19585-8,783.14
19586-9,052.85
19587-9,419.88
19588-9,697.17
19589-10,119.87
195810-10,456.48
195811-10,682.60
195812-11,137.11
19591-10,996.22
19592-11,304.80
19593-11,523.71
19594-11,727.15
19595-11,656.05
19596-12,148.82
19597-12,110.12
19598-11,661.66
19599-11,682.27
195910-11,760.43
195911-12,167.71
195912-11,986.93
19601-11,554.29
19602-11,429.72
19603-11,610.80
19604-11,538.28
19605-11,998.44
19606-11,734.94
19607-11,909.89
19608-11,585.85
19609-11,391.91
196010-11,795.28
196011-12,112.65
196012-12,769.99
19611-13,328.57
19612-13,781.35
19613-14,183.62
19614-14,362.81
19615-14,207.67
19616-14,203.70
19617-14,748.97
19618-14,669.08
19619-14,866.09
196110-15,575.51
196111-15,756.65
196112-15,207.20
19621-15,497.58
19622-15,550.42
19623-15,092.47
19624-14,008.07
19625-12,409.36
19626-12,746.57
19627-13,131.90
19628-13,053.99
19629-12,681.12
196210-13,594.27
196211-14,222.84
196212-14,812.62
19631-15,048.96
19632-15,032.66
19633-15,781.01
19634-16,139.18
19635-16,174.14
19636-15,976.51
19637-16,460.78
19638-16,937.09
19639-17,021.76
196310-16,969.57
196311-17,375.72
196312-17,954.36
19641-18,220.07
19642-18,597.41
19643-18,912.29
19644-19,143.08
19645-19,075.96
19646-19,831.56
19647-19,588.49
19648-19,973.49
19649-20,367.01
196410-20,557.84
196411-20,251.46
196412-20,822.71
19651-21,025.74
19652-21,096.30
19653-21,424.90
19654-21,796.11
19655-20,813.68
19656-20,835.10
19657-21,276.51
19658-22,041.64
19659-22,591.98
196510-22,835.06
196511-22,786.74
196512-23,238.02
19661-23,138.00
19662-22,244.33
19663-22,983.06
19664-21,832.16
19665-21,710.00
19666-21,714.00
19667-20,461.22
19668-19,801.38
19669-19,689.62
196610-20,736.33
196611-20,884.76
196612-21,747.36
19671-22,558.54
19672-23,152.67
19673-23,613.98
19674-24,099.88
19675-23,860.86
19676-24,336.26
19677-24,786.89
19678-25,196.84
19679-25,221.38
196710-24,494.57
196711-25,256.78
196712-25,252.36
19681-24,177.37
19682-23,800.39
19683-25,623.91
19684-26,279.29
19685-27,052.09
19686-27,065.32
19687-26,541.90
19688-27,472.91
19689-28,219.39
196810-28,723.32
196811-29,092.51
196812-27,933.13
19691-27,866.49
19692-27,333.19
19693-27,954.81
19694-28,937.00
19695-27,498.45
19696-26,342.05
19697-26,267.34
19698-26,432.44
19699-26,788.33
196910-27,055.53
196911-25,695.32
196912-25,543.97
19701-24,727.56
19702-25,225.14
19703-24,532.03
19704-21,784.68
19705-21,725.89
19706-21,839.42
19707-22,550.46
19708-23,975.95
19709-24,572.83
197010-24,623.63
197011-26,386.28
197012-27,470.94
19711-28,611.27
19712-29,421.50
19713-30,502.40
19714-30,164.47
19715-29,683.09
19716-29,545.67
19717-29,097.43
19718-29,820.91
19719-29,265.14
197110-27,985.81
197111-29,990.60
197112-31,316.95
19721-31,970.52
19722-32,808.02
19723-33,221.04
19724-32,963.29
19725-33,133.41
19726-32,966.46
19727-34,213.81
19728-33,799.67
19729-33,940.75
197210-35,724.07
197211-36,549.84
197212-36,911.45
19731-35,684.10
19732-35,204.02
19733-34,629.03
19734-33,739.15
19735-33,067.81
19736-33,468.01
19737-32,920.67
19738-33,577.53
19739-34,999.65
197310-32,601.17
197311-30,382.57
197312-30,899.20
19741-30,135.11
19742-31,513.68
19743-29,995.78
19744-29,184.19
19745-29,317.63
19746-25,991.01
19747-25,012.51
19748-22,507.86
19749-23,042.85
197410-23,905.45
197411-22,449.17
197412-24,387.15
19751-27,022.80
19752-28,366.82
19753-28,788.64
19754-30,721.12
19755-31,610.38
19756-31,746.94
19757-29,525.84
19758-29,274.08
19759-30,729.37
197510-31,356.77
197511-30,986.88
197512-33,944.66
19761-35,362.92
19762-35,646.67
19763-36,037.16
19764-35,899.04
19765-36,222.34
19766-37,187.80
19767-36,979.32
19768-37,880.83
19769-36,703.41
197610-36,568.84
197611-37,953.52
197612-37,749.62
19771-36,855.48
19772-36,835.51
19773-36,395.81
19774-36,419.29
19775-36,746.98
19776-37,218.24
19777-36,444.61
19778-36,016.26
19779-35,224.68
197710-35,570.28
197711-35,541.78
197712-34,336.78
19781-34,003.03
19782-34,093.37
19783-35,740.07
19784-37,707.32
19785-37,961.30
19786-37,937.66
19787-40,717.78
19788-40,880.53
19789-39,746.70
197810-37,585.42
197811-38,308.12
197812-39,911.43
19791-39,489.59
19792-40,414.10
19793-41,396.53
19794-40,612.88
19795-41,594.76
19796-42,185.75
19797-44,301.09
19798-44,983.53
19799-43,475.44
197910-43,335.26
197911-45,243.75
197912-46,742.43
19801-48,797.16
19802-44,513.83
19803-43,996.56
19804-46,212.28
19805-49,383.69
19806-51,837.79
19807-53,654.54
19808-55,176.08
19809-57,010.56
198010-59,641.42
198011-58,899.01
198012-58,904.90
19811-57,096.41
19812-59,462.09
19813-60,231.41
19814-59,257.30
19815-59,765.49
19816-58,560.46
19817-59,030.45
19818-54,129.34
19819-55,064.29
198110-56,740.29
198111-57,409.47
198112-54,651.45
19821-53,605.48
19822-52,134.26
19823-54,985.64
19824-55,298.87
19825-52,384.27
19826-52,512.01
19827-52,928.94
19828-59,331.43
19829-64,600.89
198210-67,507.87
198211-68,422.94
198212-71,109.06
19831-72,623.69
19832-75,431.04
19833-78,597.18
19834-82,074.33
19835-83,513.50
19836-84,104.89
19837-82,080.33
19838-84,800.34
19839-85,349.78
198310-84,375.58
198311-84,267.47
198312-85,595.47
19841-81,219.67
19842-81,578.96
19843-81,992.73
19844-81,785.63
19845-80,273.99
19846-79,544.74
19847-86,868.07
19848-88,090.28
19849-87,726.99
198410-88,855.08
198411-88,226.38
198412-92,370.87
19851-97,716.71
19852-97,249.31
19853-98,245.84
19854-100,933.48
19855-103,467.89
19856-105,793.04
19857-103,840.83
19858-101,883.44
19859-103,407.17
198510-110,046.44
198511-115,872.87
198512-116,743.92
19861-123,395.10
19862-131,024.34
19863-134,616.28
19864-135,278.36
19865-139,516.96
19866-137,000.19
19867-140,124.97
19868-136,683.17
19869-136,560.33
198610-141,384.93
198611-143,801.12
198612-153,397.50
19871-163,309.86
19872-170,456.96
19873-168,997.15
19874-169,289.23
19875-176,904.61
19876-182,427.75
19877-194,201.65
19878-188,316.52
19879-165,993.69
198710-145,570.80
198711-143,627.88
198712-149,727.09
19881-154,710.86
19882-159,711.20
19883-158,296.12
19884-154,832.18
19885-164,119.33
19886-163,615.61
19887-160,803.90
19888-163,902.86
19889-170,133.82
198810-166,696.70
198811-170,573.98
198812-176,565.67
19891-182,392.07
19892-182,097.22
19893-188,588.62
19894-196,349.61
19895-203,011.01
19896-208,695.67
19897-218,485.07
19898-219,480.35
19899-220,108.63
198910-216,116.85
198911-222,031.33
198912-217,121.72
19901-211,634.65
19902-217,363.95
19903-217,789.96
19904-226,176.88
19905-233,346.59
19906-233,742.64
19907-215,367.60
19908-206,018.36
19909-201,247.45
199010-207,252.30
199011-216,758.15
199012-215,272.98
19911-240,259.24
19912-247,574.22
19913-253,166.49
19914-252,713.63
19915-253,590.58
19916-255,569.82
19917-262,416.36
19918-261,620.97
19919-262,096.20
199110-262,137.60
199111-264,588.95
199112-284,057.47
19921-282,350.73
19922-279,492.27
19923-280,230.98
19924-286,027.14
19925-282,225.48
19926-287,622.01
19927-290,330.61
19928-291,428.60
19929-287,983.75
199210-295,923.18
199211-305,603.42
199212-306,040.11
19931-311,317.00
19932-318,010.79
19933-313,743.89
19934-316,017.67
19935-318,751.80
19936-318,946.25
19937-324,567.57
19938-328,965.37
19939-333,050.81
199310-333,075.94
199311-336,030.92
199312-341,864.02
19941-341,605.22
19942-336,741.39
19943-325,472.75
19944-328,917.04
19945-332,561.74
19946-330,836.16
19947-341,032.79
19948-343,820.62
19949-342,294.03
199410-341,027.94
199411-337,529.99
199412-345,803.44
19951-359,010.00
19952-368,194.09
19953-380,033.56
19954-392,756.18
19955-405,239.62
19956-419,615.42
19957-421,768.57
19958-437,448.51
19959-441,440.52
199510-451,851.39
199511-467,165.25
199512-467,924.77
19961-495,552.89
19962-494,558.33
19963-495,532.82
19964-507,201.75
19965-513,686.80
19966-495,828.15
19967-511,078.59
19968-521,421.43
19969-542,901.37
199610-570,329.19
199611-577,163.04
199612-595,964.35
19971-621,955.33
19972-618,076.29
19973-597,029.27
19974-652,062.42
19975-686,861.85
19976-726,259.73
19977-728,785.58
19978-737,472.76
19979-749,606.96
199710-740,971.16
199711-760,492.91
199712-762,295.95
19981-811,099.34
19982-854,192.02
19983-883,283.02
19984-881,323.39
19985-882,349.76
19986-921,770.20
19987-857,513.53
19988-815,508.66
19989-826,035.71
199810-916,688.04
199811-954,309.88
199812-1,002,480.46
19991-1,001,811.70
19992-1,031,099.77
19993-1,074,921.73
19994-1,073,859.37
19995-1,067,289.85
19996-1,115,556.83
19997-1,073,451.41
19998-1,067,032.00
19999-1,053,454.32
199910-1,128,312.25
199911-1,160,003.51
199912-1,158,623.89
20001-1,129,912.29
20002-1,174,441.61
20003-1,191,173.47
20004-1,157,358.51
20005-1,193,971.32
20006-1,204,124.16
20007-1,215,439.45
20008-1,202,316.95
20009-1,139,625.38
200010-1,130,821.05
200011-1,093,276.95
200012-1,098,251.45
20011-1,074,789.97
20012-977,200.08
20013-981,584.71
20014-1,049,111.19
20015-1,024,051.58
20016-996,809.48
20017-976,416.36
20018-866,595.64
20019-894,188.32
200110-939,372.96
200111-953,144.63
200112-950,307.22
20021-918,445.61
20022-963,865.24
20023-929,990.85
20024-903,761.65
20025-850,250.30
20026-758,776.13
20027-767,417.00
20028-730,905.37
20029-720,913.58
200210-768,678.26
200211-760,721.97
200212-759,029.23
20031-710,338.75
20032-719,629.26
20033-757,667.85
20034-797,916.77
20035-843,431.41
20036-848,457.43
20037-847,046.24
20038-873,822.90
20039-891,542.54
200310-902,335.43
200311-929,981.27
200312-975,875.49
20041-986,479.96
20042-971,039.61
20043-980,440.60
20044-955,299.62
20045-982,599.00
20046-960,600.77
20047-947,271.76
20048-973,630.78
20049-974,629.68
200410-1,021,157.49
200411-1,049,009.02
200412-1,034,855.56
20051-1,052,253.62
20052-1,049,564.19
20053-1,024,281.04
20054-1,037,964.11
20055-1,060,598.97
20056-1,079,772.38
20057-1,083,119.87
20058-1,086,149.26
20059-1,057,646.31
200510-1,099,545.42
200511-1,123,121.11
200512-1,139,594.72
20061-1,139,405.09
20062-1,156,338.22
20063-1,165,569.64
20064-1,156,400.85
20065-1,125,111.04
20066-1,133,212.29
20067-1,159,182.79
20068-1,188,523.72
20069-1,231,499.70
200610-1,256,149.93
200611-1,283,135.36
200612-1,292,025.26
20071-1,312,646.61
20072-1,280,173.16
20073-1,333,687.72
20074-1,378,923.12
20075-1,383,679.05
20076-1,391,629.94
20077-1,333,166.06
20078-1,374,157.50
20079-1,415,267.25
200710-1,347,245.11
200711-1,363,926.98
200712-1,273,427.74
20081-1,253,511.76
20082-1,220,586.58
20083-1,272,385.86
20084-1,304,992.07
20085-1,249,574.51
20086-1,173,619.48
20087-1,198,389.13
20088-1,140,296.79
20089-910,029.98
200810-831,718.74
200811-828,797.60
200812-819,717.65
20091-764,776.02
20092-721,279.87
20093-810,154.18
20094-864,109.00
20095-888,899.09
20096-900,256.04
20097-973,363.53
20098-1,008,894.64
20099-1,033,139.47
200910-1,054,776.78
200911-1,078,254.61
200912-1,092,886.18
20101-1,061,209.16
20102-1,124,277.20
20103-1,170,236.87
20104-1,101,398.89
20105-1,062,370.12
20106-1,060,680.17
20107-1,069,840.33
20108-1,105,906.30
20109-1,156,528.46
201010-1,185,336.59
201011-1,229,356.87
201012-1,271,919.58
20111-1,311,996.03
20112-1,297,400.59
20113-1,326,215.63
20114-1,334,958.51
20115-1,286,064.32
20116-1,325,954.63
20117-1,188,046.77
20118-1,178,670.17
20119-1,214,253.12
201110-1,235,710.46
201111-1,254,922.68
201112-1,314,940.08
20121-1,369,675.89
20122-1,409,175.12
20123-1,408,636.66
20124-1,365,096.38
20125-1,349,364.86
20126-1,388,780.98
20127-1,435,828.72
20128-1,479,207.49
20129-1,475,995.62
201210-1,434,114.33
201211-1,465,313.99
201212-1,527,864.75
20131-1,563,510.17
20132-1,606,076.01
20133-1,629,425.01
20134-1,703,959.30
20135-1,684,912.87
20136-1,739,747.98
20137-1,744,141.33
20138-1,764,939.65
20139-1,802,313.13
201310-1,871,882.31
201311-1,900,366.02
201312-1,918,757.91
20141-1,916,262.84
20142-1,968,428.67
20143-1,972,399.46
20144-2,002,617.31
20145-2,066,627.32
20146-2,097,540.39
20147-2,088,584.92
20148-2,125,720.67
20149-2,069,461.69
201410-2,187,537.98
201411-2,201,404.51
201412-2,176,967.92
20151-2,238,519.47
20152-2,239,758.79
20153-2,259,433.05
20154-2,281,550.73
20155-2,271,614.57
20156-2,269,805.68
20157-2,214,776.57
20158-2,114,954.48
20159-2,206,259.58
201510-2,270,957.48
201511-2,245,909.51
201512-2,101,730.61
20161-2,090,173.00
20162-2,223,165.02
20163-2,286,108.60
20164-2,279,150.48
20165-2,303,457.40
20166-2,379,412.50
20167-2,407,947.77
20168-2,397,384.80
20169-2,385,254.49
201610-2,413,905.23
201611-2,509,157.05
201612-2,545,229.57
20171-2,610,806.01
20172-2,656,475.72
20173-2,652,384.64
20174-2,697,272.89
20175-2,745,188.00
20176-2,772,307.27
20177-2,779,177.19
20178-2,825,124.30
20179-2,902,385.78
201710-2,948,521.20
201711-3,033,541.41
201712-3,181,029.10
20181-3,089,202.77
20182-3,091,197.72
20183-3,039,761.06
20184-3,099,389.65
20185-3,164,878.82
20186-3,214,907.39
20187-3,293,698.50
20188-3,349,024.32
20189-3,220,120.84
201810-3,153,267.64
201811-2,977,866.75
201812-3,029,551.69
20191-3,206,141.30
20192-3,268,597.64
20193-3,390,294.71
20194-3,338,362.56
20195-3,385,258.18
20196-3,514,823.65
20197-3,404,654.53
20198-3,509,695.86
20199-3,510,039.91
201910-3,665,664.27
201911-3,756,181.25
201912-3,881,878.01
20201-3,886,616.88
20202-3,151,358.01
20203-3,287,453.01
20204-3,480,997.38
20205-3,707,550.15
20206-3,836,440.72
20207-4,062,541.54
20208-4,037,069.30
20209-4,106,749.17
202010-4,269,134.82
202011-4,451,003.40
202012-4,575,422.28
20211-4,689,420.24
20212-4,727,937.15
20213-5,012,629.23
20214-5,050,736.82
20215-5,142,176.51
20216-5,299,948.84
20217-5,415,761.30
20218-5,411,185.05
20219-5,435,653.13
202110-5,693,560.96
202111-5,708,671.88
202112-5,591,532.62
20221-5,429,234.48
20222-5,380,774.02
20223-5,387,139.58
20224-4,963,024.61
20225-4,795,801.21
20226-4,818,086.59
20227-5,128,727.61
20228-4,755,489.38
20229-4,608,488.87
202210-4,852,051.85
202211-4,852,577.69
202212-4,919,371.30
20231-5,074,182.52
20232-4,942,993.23
20233-5,140,526.18
20234-5,178,447.60
20235-5,434,376.14
20236-5,645,014.84
20237-5,581,507.23
20238-5,654,649.90
Click to show 1398 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.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


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 1906 to 2023
Start Value
Average monthly close
$9.87
End Value
Average monthly close
$3,960.66
Change in price+40,028.23%
+5.26% / yr
Change incl. dividends+5,136,323.33%
+9.66% / yr
Change incl. dividends, inflation-adjusted+151,614.74%
+6.42% / yr
Final amount, nominal
($100 base)
$5,136,423.33
Final amount, inflation-adjusted
($100 base)
$151,714.74