S&P 500: $100 in 1907 → $5,103,758.57 in 2023

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Stock market returns between 1907 and 2023

If you invested $100 in the S&P 500 at the beginning of 1907, you would have about $5,103,758.57 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 5,103,658.57%, or 9.74% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 157,349.92% cumulatively, or 6.51% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $5,974,168.95.

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 $5,103,658.57, or 5,103,658.57%. This means by 2023 you would have $5,103,758.57 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 1907 was 9.400 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 116 years.

Adjusted for inflation, the $5,103,758.57 nominal end value of the original $100 investment would have a real return of roughly $157,349.92 in 1907 dollars. This means the inflation-adjusted return is 157,349.92% as opposed to the original 5,103,658.57%.

For more information on inflation, see our U.S. inflation calculator for 1907.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 1400-month period between 1907 and 2023.

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

YearMonthReturn (%)Amount ($)
19071-2.79%97.21
19072-9.46%88.02
190730.89%88.80
19074-3.05%86.09
19075-2.78%83.70
190764.27%87.27
19077-7.06%81.11
19078-0.59%80.63
19079-10.39%72.26
190710-5.33%68.40
1907115.70%72.30
1907124.82%75.79
19081-3.12%73.43
190824.64%76.83
190835.91%81.37
190845.88%86.15
190850.59%86.66
190864.12%90.24
190874.73%94.51
19088-0.67%93.87
190891.64%95.41
1908107.18%102.27
1908112.65%104.97
1908120.70%105.71
19091-2.50%103.07
190921.75%104.87
190934.87%109.97
190943.70%114.04
190952.13%116.46
190961.79%118.54
190972.77%121.82
190980.45%122.37
190990.74%123.28
190910-0.14%123.11
1909111.54%125.00
190912-1.78%122.78
19101-3.21%118.84
191022.85%122.23
19103-2.04%119.74
19104-1.26%118.23
19105-4.42%113.01
19106-4.64%107.77
191072.87%110.86
191081.11%112.10
191095.03%117.74
1910100.31%118.10
191011-2.37%115.30
1910122.86%118.60
191112.15%121.15
19112-0.75%120.24
19113-0.01%120.23
191142.58%123.33
191152.42%126.31
19116-0.01%126.30
19117-4.37%120.78
19118-5.03%114.71
191191.03%115.89
1911104.46%121.06
1911110.87%122.12
1911120.54%122.77
19121-0.45%122.23
191223.31%126.27
191233.54%130.74
191240.31%131.15
191250.41%131.69
191260.52%132.37
191272.71%135.95
191280.91%137.20
191290.20%137.47
191210-0.71%136.49
191211-3.19%132.14
191212-0.43%131.58
19131-3.12%127.48
19132-1.45%125.63
191330.34%126.06
19134-2.28%123.19
19135-4.56%117.57
191361.85%119.74
191373.16%123.52
191381.42%125.28
19139-2.70%121.90
191310-2.06%119.39
1913110.37%119.84
1913124.60%125.35
191411.79%127.59
19142-1.42%125.77
19143-1.94%123.34
191441.09%124.68
19145-0.03%124.64
19146-5.07%118.32
191470.48%118.89
191480.48%119.46
191490.47%120.02
1914100.47%120.58
191411-3.84%115.96
1914122.24%118.56
19151-0.87%117.53
191523.05%121.12
191537.99%130.80
19154-1.90%128.31
191551.58%130.34
191560.07%130.43
191574.69%136.54
191584.14%142.19
191595.95%150.66
1915103.89%156.52
1915110.59%157.44
191512-1.20%155.55
19161-1.00%153.99
191620.08%154.12
19163-0.67%153.09
191642.64%157.13
191651.41%159.34
19166-0.95%157.83
191671.22%159.74
191684.55%167.01
191693.55%172.94
1916102.75%177.71
191611-3.57%171.37
191612-1.87%168.16
19171-5.15%159.51
191723.64%165.31
19173-0.97%163.70
19174-2.83%159.07
191752.61%163.22
19176-2.19%159.64
19177-2.36%155.88
19178-4.17%149.38
19179-4.74%142.29
191710-7.61%131.46
191711-2.61%128.04
1917126.87%136.84
191813.84%142.09
19182-1.27%140.29
19183-0.21%140.00
191843.94%145.52
191850.85%146.76
191861.51%148.98
191871.62%151.39
191880.14%151.61
191894.91%159.04
1918103.17%164.09
191811-1.39%161.81
191812-0.03%161.76
191910.98%163.35
191923.64%169.30
191933.90%175.90
191947.47%189.04
191953.19%195.07
191963.75%202.39
19197-6.25%189.74
191982.09%193.70
191995.60%204.56
191910-2.48%199.48
191911-2.45%194.58
191912-0.51%193.58
19201-7.77%178.54
192027.58%192.08
19203-0.30%191.49
19204-5.77%180.44
19205-1.20%178.28
192060.42%179.03
19207-3.37%172.99
192084.12%180.12
192090.67%181.33
192010-4.53%173.11
192011-8.39%158.59
1920125.03%166.57
19211-0.11%166.38
19212-1.96%163.12
192131.04%164.82
192143.63%170.81
19215-7.43%158.11
192160.31%158.61
19217-0.61%157.64
192183.10%162.52
192191.96%165.70
1921105.96%175.57
1921114.09%182.74
1921120.39%183.45
192212.72%188.45
192224.28%196.50
192236.58%209.44
192244.38%218.61
19225-0.47%217.59
192261.19%220.18
192274.24%229.51
192283.07%236.56
192292.67%242.86
192210-4.52%231.89
1922110.25%232.48
1922121.85%236.78
192314.75%248.02
192322.08%253.18
19233-3.04%245.47
19234-4.25%235.03
19235-3.31%227.26
19236-2.84%220.81
192371.04%223.09
192381.16%225.67
19239-0.94%223.56
1923103.54%231.46
1923113.92%240.53
1923123.79%249.65
192410.95%252.04
19242-1.42%248.47
19243-1.79%244.03
192440.17%244.45
192452.42%250.36
192465.16%263.27
192473.93%273.63
19248-0.48%272.32
19249-0.81%270.12
1924106.08%286.56
1924115.87%303.38
1924124.58%317.29
192511.29%321.37
19252-2.19%314.34
19253-0.61%312.43
192543.67%323.89
192552.24%331.14
192563.22%341.81
192571.79%347.92
192582.74%357.46
192593.73%370.78
1925103.53%383.86
1925112.04%391.68
1925121.93%399.22
192610.56%401.45
19262-6.38%375.82
19263-2.35%366.97
192641.15%371.21
192655.22%390.58
192664.66%408.76
192674.39%426.71
192681.94%435.01
19269-1.83%427.03
1926101.74%434.45
1926112.71%446.20
192612-0.24%445.13
192712.37%455.69
192721.97%464.65
192732.88%478.03
192743.87%496.52
192751.70%504.97
192762.62%518.23
192775.73%547.90
192786.06%581.12
19279-1.17%574.34
1927102.66%589.60
1927112.72%605.62
1927120.77%610.27
19281-0.83%605.22
192825.75%639.99
192836.66%682.63
192843.44%706.08
19285-4.57%673.85
192861.09%681.20
192873.59%705.66
192887.37%757.70
192892.36%775.56
1928107.08%830.49
1928110.70%836.26
1928127.69%900.59
192910.81%907.90
192922.05%926.51
19293-0.30%923.72
192941.80%940.32
192952.20%961.02
192969.20%1,049.44
192975.96%1,111.96
192984.24%1,159.15
19299-10.32%1,039.47
192910-26.19%767.22
1929114.37%800.77
1929121.83%815.40
193016.64%869.52
193024.12%905.36
193036.69%965.91
19304-5.65%911.32
19305-9.77%822.29
19306-1.76%807.82
19307-0.90%800.58
193080.34%803.33
19309-13.37%695.91
193010-6.80%648.59
193011-6.19%608.46
1930123.56%630.10
193118.14%681.38
193122.38%697.60
19313-9.08%634.26
19314-9.16%576.17
19315-2.68%560.73
193163.86%582.36
19317-2.49%567.89
19318-14.37%486.29
19319-12.75%424.29
1931102.05%433.00
193111-18.10%354.63
193112-0.85%351.62
19321-0.05%351.46
193221.14%355.46
19323-23.22%272.91
19324-11.31%242.03
19325-12.39%212.04
193266.18%225.15
1932751.35%340.78
1932810.37%376.10
19329-13.22%326.39
193210-0.34%325.30
193211-2.64%316.71
1932124.57%331.19
19331-11.27%293.87
193320.33%294.85
1933311.24%328.00
1933429.32%424.17
1933517.58%498.75
193368.46%540.95
19337-4.64%515.84
19338-0.48%513.34
19339-9.38%465.21
1933102.80%478.24
1933112.32%489.34
1933126.08%519.12
193417.75%559.34
19342-4.80%532.50
193432.02%543.26
19344-9.83%489.87
193451.70%498.21
19346-4.36%476.51
19347-3.51%459.77
19348-2.01%450.53
193491.21%455.98
1934103.21%470.62
1934111.06%475.60
1934120.40%477.53
19351-2.62%465.02
19352-5.93%437.45
193537.94%472.16
193548.27%511.19
193554.17%532.53
193565.60%562.35
193577.10%602.30
193582.43%616.96
193592.99%635.38
1935109.71%697.08
1935110.29%699.13
1935125.82%739.83
193616.03%784.46
193622.41%803.37
193630.41%806.70
19364-5.02%766.21
193654.57%801.25
193666.23%851.21
193672.30%870.77
193681.44%883.34
193695.55%932.37
1936103.10%961.29
193611-1.40%947.83
1936123.46%980.61
193713.30%1,012.99
193720.23%1,015.32
19373-5.62%958.21
19374-4.09%919.06
19375-3.34%888.38
193766.39%945.18
193771.44%958.76
19378-13.76%826.81
19379-14.10%710.25
193710-8.27%651.54
193711-1.02%644.90
1937123.24%665.77
19381-1.80%653.77
19382-6.02%614.42
19383-3.44%593.27
193841.56%602.50
193852.93%620.17
1938620.49%747.22
193871.06%755.13
19388-4.08%724.29
1938911.62%808.43
1938100.47%812.19
193811-2.55%791.48
193812-1.16%782.28
19391-0.46%778.70
193920.27%780.77
19393-12.24%685.20
193944.10%713.26
193952.17%728.75
193962.84%749.42
19397-1.07%741.42
1939811.06%823.39
193991.38%834.78
193910-1.41%823.03
193911-1.97%806.79
193912-0.15%805.59
19401-0.23%803.76
19402-0.15%802.59
194031.42%813.98
19404-13.34%705.39
19405-8.09%648.29
194063.87%673.37
194072.65%691.22
194084.76%724.10
194091.47%734.72
1940102.85%755.66
194011-3.59%728.53
1940120.72%733.78
19411-5.72%691.78
194121.18%699.92
19413-2.55%682.10
19414-1.59%671.27
194154.11%698.83
194165.71%738.75
194170.08%739.31
194180.86%745.69
19419-3.43%720.08
194110-4.08%690.68
194111-5.88%650.05
1941122.62%667.06
19421-2.48%650.52
19422-4.76%619.54
19423-3.45%598.14
194241.87%609.33
194255.75%644.36
194264.38%672.59
194270.05%672.90
194281.66%684.08
194297.97%738.59
1942102.15%754.51
1942111.06%762.48
1942126.50%812.07
194316.43%864.31
194324.01%899.01
194333.79%933.05
194344.36%973.76
194352.18%994.99
194362.47%1,019.59
19437-4.54%973.31
194382.55%998.16
19439-0.50%993.17
194310-4.21%951.39
1943111.77%968.23
1943123.67%1,003.72
19441-0.24%1,001.28
194423.24%1,033.72
19443-1.31%1,020.19
194442.20%1,042.67
194455.14%1,096.29
194463.02%1,129.38
19447-1.06%1,117.46
19448-1.23%1,103.77
194492.88%1,135.60
194410-0.28%1,132.38
1944112.60%1,161.82
1944123.38%1,201.14
194513.73%1,245.98
194520.31%1,249.90
194532.90%1,286.17
194544.16%1,339.68
194552.19%1,368.98
19456-1.70%1,345.77
194570.71%1,355.28
194587.18%1,452.59
194594.51%1,518.16
1945103.61%1,572.90
1945112.02%1,604.75
1945124.30%1,673.73
194610.59%1,683.54
19462-2.68%1,638.46
194636.77%1,749.37
194640.52%1,758.43
19465-0.34%1,752.47
19466-2.55%1,707.83
19467-1.62%1,680.10
19468-14.42%1,437.79
19469-1.87%1,410.87
194610-0.01%1,410.69
1946113.39%1,458.57
1946120.92%1,471.98
194714.27%1,534.84
19472-3.67%1,478.47
19473-3.30%1,429.70
19474-1.36%1,410.23
194753.92%1,465.52
194766.69%1,563.62
19477-1.56%1,539.24
19478-2.17%1,505.89
194793.03%1,551.47
194710-0.73%1,540.14
194711-1.12%1,522.86
194712-0.86%1,509.68
19481-4.45%1,442.52
194821.92%1,470.20
194838.19%1,590.58
194845.33%1,675.36
194854.59%1,752.21
19486-1.96%1,717.92
19487-2.49%1,675.17
19488-0.68%1,663.81
194893.19%1,716.86
194810-5.10%1,629.29
194811-0.16%1,626.71
1948121.63%1,653.22
19491-3.33%1,598.21
194921.49%1,622.04
194930.41%1,628.75
19494-0.18%1,625.77
19495-4.91%1,545.90
194966.26%1,642.73
194974.17%1,711.24
194981.87%1,743.26
194993.14%1,798.03
1949101.95%1,833.04
1949113.24%1,892.46
1949122.63%1,942.24
195012.52%1,991.23
195021.38%2,018.62
195033.39%2,086.97
195043.91%2,168.66
195052.16%2,215.61
19506-6.72%2,066.64
195076.64%2,203.81
195084.11%2,294.36
195094.72%2,402.68
1950100.38%2,411.72
1950110.19%2,416.42
1950128.01%2,610.03
195114.31%2,722.49
19512-1.11%2,692.21
195131.93%2,744.07
195140.63%2,761.32
19515-1.15%2,729.70
195162.37%2,794.30
195174.97%2,933.05
195183.14%3,025.02
195190.03%3,025.88
195110-2.25%2,957.69
1951113.61%3,064.56
1951123.83%3,182.05
19521-1.33%3,139.67
195220.75%3,163.20
195230.20%3,169.62
195240.46%3,184.20
195253.24%3,287.52
195263.37%3,398.21
195270.88%3,428.13
19528-1.11%3,390.12
19529-1.61%3,335.51
1952103.67%3,457.84
1952114.51%3,613.76
1952120.99%3,649.49
19531-0.77%3,621.26
195320.96%3,655.92
19533-4.47%3,492.40
195341.00%3,527.42
19535-3.11%3,417.80
195361.91%3,483.20
195370.90%3,514.51
19538-4.11%3,370.17
195393.52%3,488.69
1953102.71%3,583.18
1953111.84%3,648.99
1953123.02%3,759.33
195412.68%3,859.94
195422.58%3,959.62
195434.45%4,135.85
195444.42%4,318.75
195451.22%4,371.58
195464.46%4,566.43
195472.39%4,675.76
195482.74%4,803.87
195492.71%4,934.09
1954104.30%5,146.36
1954114.95%5,401.27
1954122.17%5,518.40
195513.70%5,722.84
19552-0.44%5,697.87
195533.81%5,914.86
19554-0.08%5,910.20
195556.15%6,273.39
195567.64%6,752.93
19557-0.30%6,732.72
195584.82%7,057.00
19559-4.72%6,723.57
1955107.07%7,198.66
1955111.24%7,287.72
195512-2.39%7,113.71
195610.95%7,181.25
195627.21%7,698.73
195631.48%7,812.89
19564-2.84%7,591.12
19565-0.26%7,571.23
195665.75%8,006.49
19567-0.28%7,983.70
19568-3.09%7,737.09
19569-0.95%7,663.31
195610-0.71%7,608.71
1956111.81%7,746.35
195612-1.86%7,602.07
19571-4.00%7,298.30
195721.62%7,416.58
195732.64%7,612.67
195744.16%7,929.37
195751.95%8,084.33
195762.32%8,272.06
19577-5.21%7,841.49
19578-3.74%7,548.26
19579-5.90%7,103.17
195710-1.80%6,975.28
1957110.32%6,997.46
1957122.33%7,160.41
195810.70%7,210.67
195822.42%7,385.09
195830.90%7,451.30
195843.56%7,716.40
195852.74%7,927.46
195863.07%8,170.89
195874.05%8,502.17
195882.94%8,752.45
195894.36%9,133.97
1958103.33%9,437.78
1958112.16%9,641.87
1958124.25%10,052.10
19591-1.27%9,924.94
195922.81%10,203.45
195931.94%10,401.03
195941.77%10,584.66
19595-0.61%10,520.49
195964.23%10,965.25
19597-0.32%10,930.32
19598-3.70%10,525.55
195990.18%10,544.15
1959100.67%10,614.70
1959113.46%10,982.30
195912-1.49%10,819.13
19601-3.61%10,428.64
19602-1.08%10,316.20
196031.58%10,479.64
19604-0.62%10,414.19
196053.99%10,829.52
19606-2.20%10,591.69
196071.49%10,749.60
19608-2.72%10,457.13
19609-1.67%10,282.08
1960103.54%10,646.15
1960112.69%10,932.60
1960125.43%11,525.91
196114.37%12,030.06
196123.40%12,438.73
196132.92%12,801.82
196141.26%12,963.55
19615-1.08%12,823.52
19616-0.03%12,819.93
196173.84%13,312.09
19618-0.54%13,239.98
196191.34%13,417.80
1961104.77%14,058.10
1961111.16%14,221.60
196112-3.49%13,725.67
196211.91%13,987.76
196220.34%14,035.46
19623-2.94%13,622.12
19624-7.19%12,643.36
19625-11.41%11,200.41
196262.72%11,504.76
196273.02%11,852.56
19628-0.59%11,782.23
19629-2.86%11,445.69
1962107.20%12,269.88
1962114.62%12,837.21
1962124.15%13,369.53
196311.60%13,582.85
19632-0.11%13,568.14
196334.98%14,243.59
196342.27%14,566.85
196350.22%14,598.41
19636-1.22%14,420.03
196373.03%14,857.12
196382.89%15,287.03
196390.50%15,363.45
196310-0.31%15,316.35
1963112.39%15,682.93
1963123.33%16,205.20
196411.48%16,445.02
196422.07%16,785.60
196431.69%17,069.80
196441.22%17,278.11
19645-0.35%17,217.52
196463.96%17,899.52
19647-1.23%17,680.13
196481.97%18,027.62
196491.97%18,382.80
1964100.94%18,555.04
196411-1.49%18,278.51
1964122.82%18,794.10
196510.98%18,977.36
196520.34%19,041.04
196531.56%19,337.63
196541.73%19,672.68
19655-4.51%18,785.96
196560.10%18,805.29
196572.12%19,203.69
196583.60%19,894.28
196592.50%20,391.01
1965101.08%20,610.41
196511-0.21%20,566.79
1965121.98%20,974.11
19661-0.43%20,883.83
19662-3.86%20,077.23
196633.32%20,743.98
19664-5.01%19,705.21
19665-0.56%19,594.96
196660.02%19,598.56
19667-5.77%18,467.83
19668-3.22%17,872.27
19669-0.56%17,771.40
1966105.32%18,716.14
1966110.72%18,850.11
1966124.13%19,628.67
196713.73%20,360.83
196722.63%20,897.08
196731.99%21,313.45
196742.06%21,752.01
19675-0.99%21,536.27
196761.99%21,965.36
196771.85%22,372.08
196781.65%22,742.09
196790.10%22,764.25
196710-2.88%22,108.24
1967113.11%22,796.19
196712-0.02%22,792.21
19681-4.26%21,821.95
19682-1.56%21,481.69
196837.66%23,127.56
196842.56%23,719.09
196852.94%24,416.60
196860.05%24,428.54
19687-1.93%23,956.12
196883.51%24,796.42
196892.72%25,470.18
1968101.79%25,925.02
1968111.29%26,258.24
196812-3.99%25,211.81
19691-0.24%25,151.66
19692-1.91%24,670.31
196932.27%25,231.38
196943.51%26,117.88
19695-4.97%24,819.48
19696-4.21%23,775.74
19697-0.28%23,708.30
196980.63%23,857.32
196991.35%24,178.54
1969101.00%24,419.71
196911-5.03%23,192.01
196912-0.59%23,055.40
19701-3.20%22,318.53
197022.01%22,767.64
19703-2.75%22,142.05
19704-11.20%19,662.36
19705-0.27%19,609.29
197060.52%19,711.76
197073.26%20,353.54
197086.32%21,640.14
197092.49%22,178.88
1970100.21%22,224.73
1970117.16%23,815.66
1970124.11%24,794.64
197114.15%25,823.88
197122.83%26,555.18
197133.67%27,530.78
19714-1.11%27,225.77
19715-1.60%26,791.29
19716-0.46%26,667.25
19717-1.52%26,262.68
197182.49%26,915.68
19719-1.86%26,414.05
197110-4.37%25,259.36
1971117.16%27,068.84
1971124.42%28,265.97
197212.09%28,855.87
197222.62%29,611.78
197231.26%29,984.56
19724-0.78%29,751.91
197250.52%29,905.46
19726-0.50%29,754.78
197273.78%30,880.61
19728-1.21%30,506.81
197290.42%30,634.15
1972105.25%32,243.74
1972112.31%32,989.06
1972120.99%33,315.44
19731-3.33%32,207.66
19732-1.35%31,774.35
19733-1.63%31,255.38
19734-2.57%30,452.19
19735-1.99%29,846.26
197361.21%30,207.47
19737-1.64%29,713.45
197382.00%30,306.32
197394.24%31,589.89
197310-6.85%29,425.08
197311-6.81%27,422.62
1973121.70%27,888.92
19741-2.47%27,199.27
197424.57%28,443.53
19743-4.82%27,073.51
19744-2.71%26,340.99
197450.46%26,461.43
19746-11.35%23,458.89
19747-3.76%22,575.72
19748-10.01%20,315.08
197492.38%20,797.96
1974103.74%21,576.51
197411-6.09%20,262.11
1974128.63%22,011.29
1975110.81%24,390.17
197524.97%25,603.25
197531.49%25,983.98
197546.71%27,728.19
197552.89%28,530.81
197560.43%28,654.07
19757-7.00%26,649.36
19758-0.85%26,422.12
197594.97%27,735.63
1975102.04%28,301.91
197511-1.18%27,968.05
1975129.55%30,637.68
197614.18%31,917.77
197620.80%32,173.88
197631.10%32,526.33
19764-0.38%32,401.66
197650.90%32,693.46
197662.67%33,564.86
19767-0.56%33,376.69
197682.44%34,190.38
19769-3.11%33,127.66
197610-0.37%33,006.20
1976113.79%34,255.99
197612-0.54%34,071.95
19771-2.37%33,264.92
19772-0.05%33,246.89
19773-1.19%32,850.03
197740.06%32,871.22
197750.90%33,166.99
197761.28%33,592.33
19777-2.08%32,894.08
19778-1.18%32,507.46
19779-2.20%31,792.99
1977100.98%32,104.93
197711-0.08%32,079.20
197712-3.39%30,991.60
19781-0.97%30,690.36
197820.27%30,771.90
197834.83%32,258.18
197845.50%34,033.77
197850.67%34,263.01
19786-0.06%34,241.67
197877.33%36,750.94
197880.40%36,897.83
19789-2.77%35,874.47
197810-5.44%33,923.74
1978111.92%34,576.04
1978124.19%36,023.15
19791-1.06%35,642.40
197922.34%36,476.85
197932.43%37,363.57
19794-1.89%36,656.27
197952.42%37,542.48
197961.42%38,075.90
197975.01%39,985.16
197981.54%40,601.11
19799-3.35%39,239.95
197910-0.32%39,113.43
1979114.40%40,835.98
1979123.31%42,188.66
198014.40%44,043.21
19802-8.78%40,177.17
19803-1.16%39,710.29
198045.04%41,710.16
198056.86%44,572.59
198064.97%46,787.61
198073.50%48,427.37
198082.84%49,800.67
198093.32%51,456.43
1980104.61%53,830.99
198011-1.24%53,160.91
1980120.01%53,166.22
19811-3.07%51,533.93
198124.14%53,669.13
198131.29%54,363.50
19814-1.62%53,484.30
198150.86%53,942.97
19816-2.02%52,855.34
198170.80%53,279.54
19818-8.30%48,855.91
198191.73%49,699.77
1981103.04%51,212.50
1981111.18%51,816.49
198112-4.80%49,327.16
19821-1.91%48,383.09
19822-2.74%47,055.19
198235.47%49,628.79
198240.57%49,911.50
19825-5.27%47,280.86
198260.24%47,396.15
198270.79%47,772.46
1982812.10%53,551.20
198298.88%58,307.29
1982104.50%60,931.07
1982111.36%61,756.99
1982123.93%64,181.42
198312.13%65,548.50
198323.87%68,082.35
198334.20%70,940.03
198344.42%74,078.42
198351.75%75,377.39
198360.71%75,911.16
19837-2.41%74,083.84
198383.31%76,538.86
198390.65%77,034.77
198310-1.14%76,155.48
198311-0.13%76,057.90
1983121.58%77,256.52
19841-5.11%73,307.03
198420.44%73,631.31
198430.51%74,004.77
19844-0.25%73,817.86
19845-1.85%72,453.48
19846-0.91%71,795.28
198479.21%78,405.15
198481.41%79,508.29
19849-0.41%79,180.39
1984101.29%80,198.57
198411-0.71%79,631.12
1984124.70%83,371.85
198515.79%88,196.88
19852-0.48%87,775.02
198531.02%88,674.46
198542.74%91,100.27
198552.51%93,387.77
198562.25%95,486.40
19857-1.85%93,724.37
19858-1.88%91,957.68
198591.50%93,332.96
1985106.42%99,325.42
1985115.29%104,584.22
1985120.75%105,370.41
198615.70%111,373.62
198626.18%118,259.60
198632.74%121,501.59
198640.49%122,099.18
198653.13%125,924.84
19866-1.80%123,653.26
198672.28%126,473.61
19868-2.46%123,367.12
19869-0.09%123,256.25
1986103.53%127,610.83
1986111.71%129,791.62
1986126.67%138,453.10
198716.46%147,399.77
198724.38%153,850.58
19873-0.86%152,532.99
198740.17%152,796.62
198754.50%159,670.09
198763.12%164,655.14
198776.45%175,282.00
19878-3.03%169,970.21
19879-11.85%149,822.14
198710-12.30%131,388.90
198711-1.33%129,635.26
1987124.25%135,140.27
198813.33%139,638.51
198823.23%144,151.71
19883-0.89%142,874.49
19884-2.19%139,748.01
198856.00%148,130.38
19886-0.31%147,675.73
19887-1.72%145,137.95
198881.93%147,935.00
198893.80%153,558.92
198810-2.02%150,456.65
1988112.33%153,956.20
1988123.51%159,364.16
198913.30%164,622.94
19892-0.16%164,356.81
198933.56%170,215.80
198944.12%177,220.70
198953.39%183,233.13
198962.80%188,363.98
198974.69%197,199.66
198980.46%198,097.98
198990.29%198,665.05
198910-1.81%195,062.16
1989112.74%200,400.44
198912-2.21%195,969.13
19901-2.53%191,016.63
199022.71%196,187.77
199030.20%196,572.27
199043.85%204,142.12
199053.17%210,613.34
199060.17%210,970.80
19907-7.86%194,385.90
19908-4.34%185,947.49
19909-2.32%181,641.38
1990102.98%187,061.22
1990114.59%195,640.98
199012-0.69%194,300.51
1991111.61%216,852.53
199123.04%223,454.87
199132.26%228,502.33
19914-0.18%228,093.59
199150.35%228,885.10
199160.78%230,671.51
199172.68%236,851.05
19918-0.30%236,133.15
199190.18%236,562.08
1991100.02%236,599.44
1991110.94%238,811.98
1991127.36%256,383.82
19921-0.60%254,843.35
19922-1.01%252,263.37
199230.26%252,930.12
199242.07%258,161.60
19925-1.33%254,730.31
199261.91%259,601.10
199270.94%262,045.81
199280.38%263,036.83
19929-1.18%259,927.59
1992102.76%267,093.54
1992113.27%275,830.71
1992120.14%276,224.85
199311.72%280,987.65
199322.15%287,029.32
19933-1.34%283,178.11
199340.72%285,230.37
199350.87%287,698.14
199360.06%287,873.64
199371.76%292,947.32
199381.35%296,916.67
199391.24%300,604.10
1993100.01%300,626.78
1993110.89%303,293.88
1993121.74%308,558.70
19941-0.08%308,325.12
19942-1.42%303,935.13
19943-3.35%293,764.31
199441.06%296,873.05
199451.11%300,162.68
19946-0.52%298,605.21
199473.08%307,808.45
199480.82%310,324.68
19949-0.44%308,946.82
199410-0.37%307,804.07
199411-1.03%304,646.91
1994122.45%312,114.33
199513.82%324,034.27
199522.56%332,323.62
199533.22%343,009.66
199543.35%354,492.80
199553.18%365,760.08
199563.55%378,735.35
199570.51%380,678.73
199583.72%394,831.09
199590.91%398,434.19
1995102.36%407,830.80
1995113.39%421,652.75
1995120.16%422,338.27
199615.90%447,274.78
19962-0.20%446,377.12
199630.20%447,256.67
199642.35%457,788.78
199651.28%463,642.04
19966-3.48%447,523.22
199673.08%461,287.93
199682.02%470,623.14
199694.12%490,010.45
1996105.05%514,766.18
1996111.20%520,934.25
1996123.26%537,903.89
199714.36%561,362.76
19972-0.62%557,861.62
19973-3.41%538,865.06
199749.22%588,536.73
199755.34%619,945.90
199765.74%655,505.53
199770.35%657,785.31
199781.19%665,626.16
199791.65%676,578.22
199710-1.15%668,783.74
1997112.63%686,403.63
1997120.24%688,031.01
199816.40%732,079.85
199825.31%770,974.32
199833.41%797,231.20
19984-0.22%795,462.48
199850.12%796,388.85
199864.47%831,968.85
19987-6.97%773,972.24
19988-4.90%736,059.60
199891.29%745,561.07
19981010.97%827,381.81
1998114.10%861,338.42
1998125.05%904,816.09
19991-0.07%904,212.49
199922.92%930,647.23
199934.25%970,199.94
19994-0.10%969,241.08
19995-0.61%963,311.58
199964.52%1,006,876.26
19997-3.77%968,872.87
19998-0.60%963,078.84
19999-1.27%950,823.94
1999107.11%1,018,389.01
1999112.81%1,046,992.82
199912-0.12%1,045,747.60
20001-2.48%1,019,833.17
200023.94%1,060,024.32
200031.42%1,075,126.12
20004-2.84%1,044,605.51
200053.16%1,077,651.39
200060.85%1,086,815.12
200070.94%1,097,028.04
20008-1.08%1,085,183.97
20009-5.21%1,028,599.99
200010-0.77%1,020,653.39
200011-3.32%986,766.95
2000120.46%991,256.81
20011-2.14%970,081.01
20012-9.08%881,998.60
200130.45%885,956.07
200146.88%946,903.94
20015-2.39%924,285.69
20016-2.66%899,697.60
20017-2.05%881,291.23
20018-11.25%782,169.54
200193.18%807,074.07
2001105.05%847,856.70
2001111.47%860,286.70
200112-0.30%857,725.72
20021-3.35%828,968.15
200224.95%869,962.87
20023-3.51%839,388.62
20024-2.82%815,714.74
20025-5.92%767,416.61
20026-10.76%684,854.10
200271.14%692,653.15
20028-4.76%659,698.59
20029-1.37%650,680.22
2002106.63%693,791.54
200211-1.04%686,610.37
200212-0.22%685,082.55
20031-6.41%641,135.62
200321.31%649,521.03
200335.29%683,853.79
200345.31%720,181.55
200355.70%761,262.04
200360.60%765,798.41
20037-0.17%764,524.70
200383.16%788,692.71
200392.03%804,686.05
2003101.21%814,427.46
2003113.06%839,379.98
2003124.93%880,803.05
200411.09%890,374.41
20042-1.57%876,438.30
200430.97%884,923.42
20044-2.56%862,231.74
200452.86%886,871.54
20046-2.24%867,016.44
20047-1.39%854,985.98
200482.78%878,777.03
200490.10%879,678.61
2004104.77%921,673.55
2004112.73%946,811.71
200412-1.35%934,037.13
200511.68%949,740.22
20052-0.26%947,312.80
20053-2.41%924,492.81
200541.34%936,842.83
200552.18%957,272.54
200561.81%974,578.03
200570.31%977,599.40
200580.28%980,333.65
20059-2.62%954,607.54
2005103.96%992,424.72
2005112.14%1,013,703.61
2005121.47%1,028,572.31
20061-0.02%1,028,401.16
200621.49%1,043,684.62
200630.80%1,052,016.68
20064-0.79%1,043,741.14
20065-2.71%1,015,499.67
200660.72%1,022,811.68
200672.29%1,046,252.06
200682.53%1,072,734.51
200693.62%1,111,523.66
2006102.00%1,133,772.40
2006112.15%1,158,128.83
2006120.69%1,166,152.66
200711.60%1,184,765.01
20072-2.47%1,155,455.22
200734.18%1,203,756.25
200743.39%1,244,584.69
200750.34%1,248,877.28
200760.57%1,256,053.57
20077-4.20%1,203,285.41
200783.07%1,240,283.35
200792.99%1,277,388.07
200710-4.81%1,215,992.84
2007111.24%1,231,049.52
200712-6.64%1,149,366.95
20081-1.56%1,131,391.25
20082-2.63%1,101,673.72
200834.24%1,148,426.58
200842.56%1,177,856.21
20085-4.25%1,127,837.58
20086-6.08%1,059,282.29
200872.11%1,081,638.81
20088-4.85%1,029,205.98
20089-20.19%821,372.39
200810-8.61%750,690.44
200811-0.35%748,053.89
200812-1.10%739,858.53
20091-6.70%690,269.47
20092-5.69%651,010.83
2009312.32%731,226.76
200946.66%779,925.16
200952.87%802,300.13
200961.28%812,550.65
200978.12%878,535.82
200983.65%910,605.39
200992.40%932,488.22
2009102.09%952,017.56
2009112.23%973,208.12
2009121.36%986,414.24
20101-2.90%957,823.29
201025.94%1,014,747.07
201034.09%1,056,229.22
20104-5.88%994,097.63
20105-3.54%958,871.14
20106-0.16%957,345.83
201070.86%965,613.58
201083.37%998,165.91
201094.58%1,043,856.32
2010102.49%1,069,857.89
2010113.71%1,109,589.59
2010123.46%1,148,005.72
201113.15%1,184,177.82
20112-1.11%1,171,004.30
201132.22%1,197,012.11
201140.66%1,204,903.23
20115-3.66%1,160,772.44
201163.10%1,196,776.54
20117-10.40%1,072,304.03
20118-0.79%1,063,840.93
201193.02%1,095,957.28
2011101.77%1,115,324.19
2011111.55%1,132,664.71
2011124.78%1,186,835.05
201214.16%1,236,238.35
201222.88%1,271,889.45
20123-0.04%1,271,403.46
20124-3.09%1,232,104.99
20125-1.15%1,217,906.07
201262.92%1,253,482.17
201273.39%1,295,946.39
201283.02%1,335,099.08
20129-0.22%1,332,200.12
201210-2.84%1,294,399.02
2012112.18%1,322,559.13
2012124.27%1,379,016.02
201312.33%1,411,188.77
201322.72%1,449,607.73
201331.45%1,470,682.00
201344.57%1,537,954.97
20135-1.12%1,520,764.09
201363.25%1,570,257.01
201370.25%1,574,222.35
201381.19%1,592,994.44
201392.12%1,626,726.89
2013103.86%1,689,518.45
2013111.52%1,715,227.21
2013120.97%1,731,827.31
20141-0.13%1,729,575.31
201422.72%1,776,659.01
201430.20%1,780,242.96
201441.53%1,807,516.90
201453.20%1,865,290.88
201461.50%1,893,192.31
20147-0.43%1,885,109.31
201481.78%1,918,627.20
20149-2.65%1,867,849.12
2014105.71%1,974,422.10
2014110.63%1,986,937.71
201412-1.11%1,964,881.80
201512.83%2,020,436.83
201520.06%2,021,555.41
201530.88%2,039,312.95
201540.98%2,059,275.87
20155-0.44%2,050,307.72
20156-0.08%2,048,675.06
20157-2.42%1,999,007.03
20158-4.51%1,908,909.87
201594.32%1,991,319.79
2015102.93%2,049,714.65
201511-1.10%2,027,106.91
201512-6.42%1,896,974.32
20161-0.55%1,886,542.68
201626.36%2,006,578.25
201632.83%2,063,389.70
20164-0.30%2,057,109.46
201651.07%2,079,048.33
201663.30%2,147,603.68
201671.20%2,173,358.97
20168-0.44%2,163,825.07
20169-0.51%2,152,876.53
2016101.20%2,178,736.03
2016113.95%2,264,708.17
2016121.44%2,297,266.40
201712.58%2,356,454.21
201721.75%2,397,674.65
20173-0.15%2,393,982.13
201741.69%2,434,497.25
201751.78%2,477,744.34
201760.99%2,502,221.58
201770.25%2,508,422.21
201781.65%2,549,893.03
201792.73%2,619,627.48
2017101.59%2,661,268.27
2017112.88%2,738,005.57
2017124.86%2,871,124.62
20181-2.89%2,788,244.26
201820.06%2,790,044.85
20183-1.66%2,743,619.29
201841.96%2,797,438.71
201852.11%2,856,547.74
201861.58%2,901,702.39
201872.45%2,972,817.46
201881.68%3,022,753.29
20189-3.85%2,906,407.93
201810-2.08%2,846,067.76
201811-5.56%2,687,754.89
2018121.74%2,734,404.54
201915.83%2,893,790.32
201921.95%2,950,161.99
201933.72%3,060,003.00
20194-1.53%3,013,130.23
201951.40%3,055,457.15
201963.83%3,172,400.00
20197-3.13%3,072,963.85
201983.09%3,167,771.77
201990.01%3,168,082.30
2019104.43%3,308,545.32
2019112.47%3,390,243.89
2019123.35%3,503,694.92
202010.12%3,507,972.12
20202-18.92%2,844,344.17
202034.32%2,967,180.42
202045.89%3,141,869.17
202056.51%3,346,350.56
202063.48%3,462,684.26
202075.89%3,666,757.72
20208-0.63%3,643,767.06
202091.73%3,706,658.53
2020103.95%3,853,224.13
2020114.26%4,017,374.57
2020122.80%4,129,672.24
202112.49%4,232,564.20
202120.82%4,267,328.69
202136.02%4,524,285.29
202140.76%4,558,680.34
202151.81%4,641,211.72
202163.07%4,783,613.45
202172.19%4,888,143.15
20218-0.08%4,884,012.72
202190.45%4,906,097.06
2021104.74%5,138,878.81
2021110.27%5,152,517.58
202112-2.05%5,046,790.35
20221-2.90%4,900,303.73
20222-0.89%4,856,564.42
202230.12%4,862,309.83
20224-7.87%4,479,513.29
20225-3.37%4,328,581.25
202260.46%4,348,695.53
202276.45%4,629,073.06
20228-7.28%4,292,196.70
20229-3.09%4,159,517.39
2022105.29%4,379,351.80
2022110.01%4,379,826.41
2022121.38%4,440,112.80
202313.15%4,579,841.89
20232-2.59%4,461,433.42
202334.00%4,639,722.18
202340.74%4,673,949.19
202354.94%4,904,944.48
202363.88%5,095,062.19
20237-1.13%5,037,741.66
202381.31%5,103,758.57
Click to show 1386 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 1907. This would result in a final amount of $5,974,168.95, including dividend reinvestments. In this particular case, dollar-cost average returns are greater than the returns of a lump-sum investment (which ends with $5,103,758.57).

YearMonthContribution ($)Amount ($)
190714.164.03
190724.167.40
190734.1611.65
190744.1615.31
190754.1618.91
190764.1624.03
190774.1626.19
190784.1630.15
190794.1630.72
1907104.1633.00
1907114.1639.25
1907124.1645.48
190814.1648.07
190824.1654.63
190834.1662.25
190844.1670.29
190854.1674.87
190864.1682.27
190874.1690.50
190884.1694.01
190894.1699.76
1908104.16111.37
1908114.16118.57
1908124.32123.73
19091-120.64
19092-122.75
19093-128.73
19094-133.48
19095-136.32
19096-138.76
19097-142.60
19098-143.24
19099-144.30
190910-144.11
190911-146.32
190912-143.72
19101-139.11
19102-143.08
19103-140.16
19104-138.40
19105-132.28
19106-126.15
19107-129.77
19108-131.21
19109-137.82
191010-138.24
191011-134.96
191012-138.83
19111-141.81
19112-140.74
19113-140.73
19114-144.36
19115-147.85
19116-147.83
19117-141.37
19118-134.27
19119-135.65
191110-141.70
191111-142.94
191112-143.71
19121-143.07
19122-147.81
19123-153.04
19124-153.51
19125-154.15
19126-154.94
19127-159.14
19128-160.59
19129-160.92
191210-159.77
191211-154.68
191212-154.02
19131-149.22
19132-147.05
19133-147.55
19134-144.20
19135-137.62
19136-140.16
19137-144.59
19138-146.64
19139-142.69
191310-139.75
191311-140.27
191312-146.73
19141-149.35
19142-147.22
19143-144.37
19144-145.94
19145-145.90
19146-138.50
19147-139.17
19148-139.83
19149-140.49
191410-141.15
191411-135.73
191412-138.78
19151-137.58
19152-141.77
19153-153.11
19154-150.20
19155-152.57
19156-152.67
19157-159.83
19158-166.44
19159-176.35
191510-183.21
191511-184.29
191512-182.07
19161-180.25
19162-180.40
19163-179.19
19164-183.92
19165-186.51
19166-184.74
19167-186.99
19168-195.49
19169-202.44
191610-208.01
191611-200.59
191612-196.84
19171-186.71
19172-193.50
19173-191.62
19174-186.19
19175-191.05
19176-186.87
19177-182.47
19178-174.85
19179-166.56
191710-153.88
191711-149.87
191712-160.18
19181-166.33
19182-164.22
19183-163.88
19184-170.34
19185-171.79
19186-174.38
19187-177.21
19188-177.46
19189-186.17
191810-192.07
191811-189.41
191812-189.35
19191-191.21
19192-198.17
19193-205.90
19194-221.28
19195-228.33
19196-236.91
19197-222.10
19198-226.74
19199-239.45
191910-233.50
191911-227.77
191912-226.60
19201-208.99
19202-224.83
19203-224.15
19204-211.21
19205-208.68
19206-209.56
19207-202.49
19208-210.84
19209-212.25
192010-202.63
192011-185.64
192012-194.97
19211-194.76
19212-190.94
19213-192.93
19214-199.94
19215-185.08
19216-185.65
19217-184.52
19218-190.23
19219-193.96
192110-205.51
192111-213.91
192112-214.74
19221-220.58
19222-230.02
19223-245.15
19224-255.90
19225-254.70
19226-257.72
19227-268.65
19228-276.90
19229-284.28
192210-271.44
192211-272.12
192212-277.16
19231-290.32
19232-296.35
19233-287.33
19234-275.11
19235-266.01
19236-258.46
19237-261.14
19238-264.16
19239-261.69
192310-270.94
192311-281.55
192312-292.23
19241-295.02
19242-290.84
19243-285.65
19244-286.14
19245-293.06
19246-308.17
19247-320.29
19248-318.76
19249-316.19
192410-335.43
192411-355.11
192412-371.40
19251-376.18
19252-367.95
19253-365.71
19254-379.13
19255-387.62
19256-400.11
19257-407.25
19258-418.42
19259-434.02
192510-449.32
192511-458.47
192512-467.30
19261-469.91
19262-439.92
19263-429.56
19264-434.52
19265-457.19
19266-478.47
19267-499.49
19268-509.20
19269-499.85
192610-508.54
192611-522.30
192612-521.04
19271-533.41
19272-543.90
19273-559.55
19274-581.20
19275-591.09
19276-606.61
19277-641.34
19278-680.22
19279-672.29
192710-690.15
192711-708.90
192712-714.35
19281-708.43
19282-749.14
19283-799.05
19284-826.50
19285-788.77
19286-797.37
19287-826.00
19288-886.92
19289-907.83
192810-972.12
192811-978.88
192812-1,054.18
19291-1,062.73
19292-1,084.53
19293-1,081.26
19294-1,100.68
19295-1,124.92
19296-1,228.41
19297-1,301.59
19298-1,356.83
19299-1,216.74
192910-898.07
192911-937.34
192912-954.46
19301-1,017.81
19302-1,059.76
19303-1,130.64
19304-1,066.74
19305-962.52
19306-945.58
19307-937.11
19308-940.33
19309-814.60
193010-759.21
193011-712.23
193012-737.56
19311-797.59
19312-816.58
19313-742.43
19314-674.43
19315-656.36
19316-681.68
19317-664.74
19318-569.22
19319-496.65
193110-506.85
193111-415.11
193112-411.59
19321-411.39
19322-416.09
19323-319.45
19324-283.31
19325-248.20
19326-263.55
19327-398.89
19328-440.24
19329-382.06
193210-380.78
193211-370.73
193212-387.67
19331-343.99
19332-345.14
19333-383.94
19334-496.51
19335-583.80
19336-633.20
19337-603.81
19338-600.89
19339-544.54
193310-559.80
193311-572.80
193312-607.65
19341-654.74
19342-623.32
19343-635.91
19344-573.42
19345-583.18
19346-557.78
19347-538.18
19348-527.37
19349-533.74
193410-550.88
193411-556.71
193412-558.96
19351-544.33
19352-512.05
19353-552.69
19354-598.37
19355-623.35
19356-658.25
19357-705.02
19358-722.18
19359-743.74
193510-815.96
193511-818.36
193512-866.00
19361-918.24
19362-940.38
19363-944.28
19364-896.88
19365-937.90
19366-996.38
19367-1,019.27
19368-1,033.99
19369-1,091.38
193610-1,125.23
193611-1,109.47
193612-1,147.84
19371-1,185.75
19372-1,188.47
19373-1,121.63
19374-1,075.80
19375-1,039.88
19376-1,106.37
19377-1,122.27
19378-967.81
19379-831.37
193710-762.66
193711-754.88
193712-779.31
19381-765.27
19382-719.21
19383-694.44
19384-705.25
19385-725.94
19386-874.66
19387-883.91
19388-847.81
19389-946.30
193810-950.70
193811-926.46
193812-915.69
19391-911.50
19392-913.93
19393-802.05
19394-834.91
19395-853.04
19396-877.23
19397-867.87
19398-963.82
19399-977.15
193910-963.39
193911-944.38
193912-942.98
19401-940.83
19402-939.46
19403-952.80
19404-825.69
19405-758.85
19406-788.21
19407-809.10
19408-847.59
19409-860.02
194010-884.53
194011-852.78
194012-858.92
19411-809.76
19412-819.29
19413-798.43
19414-785.75
19415-818.01
19416-864.74
19417-865.40
19418-872.86
19419-842.88
194110-808.47
194111-760.91
194112-780.82
19421-761.46
19422-725.20
19423-700.15
19424-713.25
19425-754.25
19426-787.30
19427-787.65
19428-800.75
19429-864.55
194210-883.18
194211-892.51
194212-950.56
19431-1,011.71
19432-1,052.33
19433-1,092.18
19434-1,139.83
19435-1,164.68
19436-1,193.47
19437-1,139.30
19438-1,168.39
19439-1,162.54
194310-1,113.64
194311-1,133.36
194312-1,174.90
19441-1,172.04
19442-1,210.02
19443-1,194.18
19444-1,220.49
19445-1,283.25
19446-1,321.99
19447-1,308.04
19448-1,292.01
19449-1,329.27
194410-1,325.49
194411-1,359.96
194412-1,405.98
19451-1,458.47
19452-1,463.06
19453-1,505.51
19454-1,568.15
19455-1,602.45
19456-1,575.29
19457-1,586.42
19458-1,700.32
19459-1,777.07
194510-1,841.15
194511-1,878.43
194512-1,959.18
19461-1,970.65
19462-1,917.88
19463-2,047.71
19464-2,058.32
19465-2,051.35
19466-1,999.09
19467-1,966.63
19468-1,682.99
19469-1,651.49
194610-1,651.27
194611-1,707.32
194612-1,723.02
19471-1,796.59
19472-1,730.61
19473-1,673.53
19474-1,650.73
19475-1,715.45
19476-1,830.28
19477-1,801.75
19478-1,762.71
19479-1,816.06
194710-1,802.80
194711-1,782.57
194712-1,767.15
19481-1,688.54
19482-1,720.94
19483-1,861.84
19484-1,961.08
19485-2,051.04
19486-2,010.90
19487-1,960.86
19488-1,947.57
19489-2,009.66
194810-1,907.15
194811-1,904.14
194812-1,935.16
19491-1,870.77
19492-1,898.67
19493-1,906.52
19494-1,903.04
19495-1,809.55
19496-1,922.88
19497-2,003.08
19498-2,040.56
19499-2,104.67
194910-2,145.66
194911-2,215.21
194912-2,273.47
19501-2,330.82
19502-2,362.88
19503-2,442.89
19504-2,538.51
19505-2,593.46
19506-2,419.09
19507-2,579.66
19508-2,685.65
19509-2,812.44
195010-2,823.02
195011-2,828.52
195012-3,055.16
19511-3,186.80
19512-3,151.35
19513-3,212.05
19514-3,232.24
19515-3,195.23
19516-3,270.85
19517-3,433.26
19518-3,540.92
19519-3,541.92
195110-3,462.11
195111-3,587.20
195112-3,724.73
19521-3,675.11
19522-3,702.67
19523-3,710.18
19524-3,727.24
19525-3,848.19
19526-3,977.75
19527-4,012.77
19528-3,968.28
19529-3,904.36
195210-4,047.55
195211-4,230.06
195212-4,271.89
19531-4,238.84
19532-4,279.41
19533-4,088.00
19534-4,128.99
19535-4,000.68
19536-4,077.24
19537-4,113.89
19538-3,944.93
19539-4,083.67
195310-4,194.26
195311-4,271.30
195312-4,400.46
19541-4,518.23
19542-4,634.91
19543-4,841.18
19544-5,055.29
19545-5,117.12
19546-5,345.20
19547-5,473.18
19548-5,623.14
19549-5,775.56
195410-6,024.03
195411-6,322.42
195412-6,459.53
19551-6,698.84
19552-6,669.60
19553-6,923.59
19554-6,918.14
19555-7,343.27
19556-7,904.60
19557-7,880.94
19558-8,260.52
19559-7,870.22
195510-8,426.34
195511-8,530.59
195512-8,326.90
19561-8,405.96
19562-9,011.70
19563-9,145.32
19564-8,885.73
19565-8,862.45
19566-9,371.94
19567-9,345.26
19568-9,056.60
19569-8,970.23
195610-8,906.32
195611-9,067.44
195612-8,898.54
19571-8,542.98
19572-8,681.42
19573-8,910.96
19574-9,281.67
19575-9,463.05
19576-9,682.80
19577-9,178.80
19578-8,835.56
19579-8,314.56
195710-8,164.86
195711-8,190.83
195712-8,381.57
19581-8,440.40
19582-8,644.57
19583-8,722.06
19584-9,032.38
19585-9,279.43
19586-9,564.38
19587-9,952.15
19588-10,245.12
19589-10,691.70
195810-11,047.33
195811-11,286.22
195812-11,766.42
19591-11,617.57
19592-11,943.58
19593-12,174.86
19594-12,389.80
19595-12,314.68
19596-12,835.29
19597-12,794.41
19598-12,320.61
19599-12,342.38
195910-12,424.96
195911-12,855.26
195912-12,664.26
19601-12,207.17
19602-12,075.56
19603-12,266.87
19604-12,190.26
19605-12,676.42
19606-12,398.03
19607-12,582.87
19608-12,240.52
19609-12,035.61
196010-12,461.78
196011-12,797.08
196012-13,491.57
19611-14,081.71
19612-14,560.07
19613-14,985.08
19614-15,174.39
19615-15,010.48
19616-15,006.29
19617-15,582.37
19618-15,497.96
19619-15,706.11
196110-16,455.61
196111-16,646.99
196112-16,066.49
19621-16,373.28
19622-16,429.11
19623-15,945.28
19624-14,799.60
19625-13,110.56
19626-13,466.82
19627-13,873.93
19628-13,791.61
19629-13,397.68
196210-14,362.42
196211-15,026.51
196212-15,649.61
19631-15,899.31
19632-15,882.09
19633-16,672.73
19634-17,051.13
19635-17,088.07
19636-16,879.27
19637-17,390.90
19638-17,894.13
19639-17,983.58
196310-17,928.45
196311-18,357.54
196312-18,968.88
19641-19,249.60
19642-19,648.27
19643-19,980.93
19644-20,224.77
19645-20,153.85
19646-20,952.15
19647-20,695.35
19648-21,102.11
19649-21,517.86
196410-21,719.47
196411-21,395.78
196412-21,999.31
19651-22,213.81
19652-22,288.36
19653-22,635.53
19654-23,027.71
19655-21,989.77
19656-22,012.40
19657-22,478.75
19658-23,287.11
19659-23,868.55
196510-24,125.37
196511-24,074.32
196512-24,551.10
19661-24,445.42
19662-23,501.26
19663-24,281.73
19664-23,065.80
19665-22,936.74
19666-22,940.96
19667-21,617.39
19668-20,920.27
19669-20,802.19
196610-21,908.05
196611-22,064.86
196612-22,976.21
19671-23,833.22
19672-24,460.93
19673-24,948.30
19674-25,461.66
19675-25,209.13
19676-25,711.40
19677-26,187.48
19678-26,620.60
19679-26,646.53
196710-25,878.65
196711-26,683.92
196712-26,679.26
19681-25,543.53
19682-25,145.25
19683-27,071.81
19684-27,764.22
19685-28,580.68
19686-28,594.66
19687-28,041.66
19688-29,025.28
19689-29,813.94
196810-30,346.35
196811-30,736.39
196812-29,511.51
19691-29,441.10
19692-28,877.66
19693-29,534.41
19694-30,572.10
19695-29,052.27
19696-27,830.52
19697-27,751.59
19698-27,926.02
19699-28,302.02
196910-28,584.32
196911-27,147.25
196912-26,987.34
19701-26,124.80
19702-26,650.50
19703-25,918.23
19704-23,015.64
19705-22,953.52
19706-23,073.47
19707-23,824.69
19708-25,330.72
19709-25,961.33
197010-26,015.01
197011-27,877.25
197012-29,023.20
19711-30,227.97
19712-31,083.98
19713-32,225.96
19714-31,868.93
19715-31,360.35
19716-31,215.17
19717-30,741.60
19718-31,505.96
19719-30,918.78
197110-29,567.16
197111-31,685.24
197112-33,086.53
19721-33,777.03
19722-34,661.86
19723-35,098.22
19724-34,825.89
19725-35,005.63
19726-34,829.25
19727-36,147.08
19728-35,709.53
19729-35,858.60
197210-37,742.68
197211-38,615.11
197212-38,997.15
19731-37,700.45
19732-37,193.25
19733-36,585.77
19734-35,645.60
19735-34,936.33
19736-35,359.14
19737-34,780.87
19738-35,474.85
19739-36,977.32
197310-34,443.32
197311-32,099.35
197312-32,645.18
19741-31,837.91
19742-33,294.38
19743-31,690.71
19744-30,833.26
19745-30,974.24
19746-27,459.64
19747-26,425.85
19748-23,779.67
19749-24,344.90
197410-25,256.24
197411-23,717.67
197412-25,765.16
19751-28,549.74
19752-29,969.70
19753-30,415.36
19754-32,457.04
19755-33,396.54
19756-33,540.82
19757-31,194.22
19758-30,928.23
19759-32,465.75
197510-33,128.61
197511-32,737.81
197512-35,862.72
19761-37,361.12
19762-37,660.91
19763-38,073.46
19764-37,927.54
19765-38,269.11
19766-39,289.11
19767-39,068.85
19768-40,021.30
19769-38,777.36
197610-38,635.18
197611-40,098.11
197612-39,882.68
19771-38,938.02
19772-38,916.92
19773-38,452.38
19774-38,477.18
19775-38,823.39
19776-39,321.27
19777-38,503.93
19778-38,051.38
19779-37,215.07
197710-37,580.20
197711-37,550.08
197712-36,277.00
19781-35,924.39
19782-36,019.83
19783-37,759.59
19784-39,837.99
19785-40,106.33
19786-40,081.34
19787-43,018.56
19788-43,190.50
19789-41,992.61
197810-39,709.20
197811-40,472.74
197812-42,166.65
19791-41,720.97
19792-42,697.72
19793-43,735.66
19794-42,907.74
19795-43,945.09
19796-44,569.48
19797-46,804.35
19798-47,525.34
19799-45,932.05
197910-45,783.95
197911-47,800.27
197912-49,383.64
19801-51,554.47
19802-47,029.11
19803-46,482.60
19804-48,823.53
19805-52,174.14
19806-54,766.91
19807-56,686.32
19808-58,293.83
19809-60,231.97
198010-63,011.49
198011-62,227.13
198012-62,233.35
19811-60,322.68
19812-62,822.03
19813-63,634.81
19814-62,605.67
19815-63,142.57
19816-61,869.45
19817-62,366.00
19818-57,187.95
19819-58,175.72
198110-59,946.44
198111-60,653.42
198112-57,739.56
19821-56,634.49
19822-55,080.13
19823-58,092.63
19824-58,423.56
19825-55,344.28
19826-55,479.23
19827-55,919.72
19828-62,683.98
19829-68,251.20
198210-71,322.44
198211-72,289.22
198212-75,127.11
19831-76,727.33
19832-79,693.32
19833-83,038.35
19834-86,711.98
19835-88,232.48
19836-88,857.28
19837-86,718.32
19838-89,592.02
19839-90,172.51
198310-89,143.26
198311-89,029.05
198312-90,432.09
19841-85,809.04
19842-86,188.62
19843-86,625.77
19844-86,406.98
19845-84,809.91
19846-84,039.46
19847-91,776.60
19848-93,067.87
19849-92,684.05
198410-93,875.88
198411-93,211.66
198412-97,590.34
19851-103,238.24
19852-102,744.43
19853-103,797.27
19854-106,636.78
19855-109,314.40
19856-111,770.93
19857-109,708.41
19858-107,640.42
19859-109,250.25
198510-116,264.68
198511-122,420.33
198512-123,340.59
19861-130,367.61
19862-138,427.94
19863-142,222.84
19864-142,922.34
19865-147,400.44
19866-144,741.46
19867-148,042.80
19868-144,406.52
19869-144,276.74
198610-149,373.96
198611-151,926.68
198612-162,065.31
19871-172,537.77
19872-180,088.73
19873-178,546.43
19874-178,855.01
19875-186,900.70
19876-192,735.92
19877-205,175.12
19878-198,957.44
19879-175,373.26
198710-153,796.36
198711-151,743.65
198712-158,187.50
19881-163,452.88
19882-168,735.77
19883-167,240.73
19884-163,581.06
19885-173,392.98
19886-172,860.80
19887-169,890.21
19888-173,164.28
19889-179,747.33
198810-176,115.98
198811-180,212.36
198812-186,542.60
19891-192,698.23
19892-192,386.72
19893-199,244.92
19894-207,444.45
19895-214,482.26
19896-220,488.14
19897-230,830.69
19898-231,882.21
19899-232,545.98
198910-228,328.65
198911-234,577.33
198912-229,390.30
19901-223,593.18
19902-229,646.22
19903-230,096.30
19904-238,957.13
19905-246,531.97
19906-246,950.39
19907-227,537.06
19908-217,659.54
19909-212,619.05
199010-218,963.21
199011-229,006.19
199012-227,437.10
19911-253,835.21
19912-261,563.53
19913-267,471.80
19914-266,993.35
19915-267,919.85
19916-270,010.93
19917-277,244.34
19918-276,404.01
19919-276,906.09
199110-276,949.82
199111-279,539.69
199112-300,108.29
19921-298,305.11
19922-295,285.13
19923-296,065.58
19924-302,189.25
19925-298,172.79
19926-303,874.25
19927-306,735.89
19928-307,895.93
19929-304,256.43
199210-312,644.48
199211-322,871.71
199212-323,333.07
19931-328,908.13
19932-335,980.16
19933-331,472.16
19934-333,874.42
19935-336,763.04
19936-336,968.48
19937-342,907.44
19938-347,553.74
19939-351,870.03
199310-351,896.58
199311-355,018.53
199312-361,181.23
19941-360,907.81
19942-355,769.14
19943-343,863.76
19944-347,502.67
19945-351,353.32
19946-349,530.24
19947-360,303.03
19948-363,248.39
19949-361,635.54
199410-360,297.91
199411-356,602.31
199412-365,343.25
19951-379,296.05
19952-388,999.09
19953-401,507.56
19954-414,949.08
19955-428,137.91
19956-443,326.01
19957-445,600.83
19958-462,166.77
19959-466,384.35
199510-477,383.49
199511-493,562.68
199512-494,365.11
19961-523,554.37
19962-522,503.62
19963-523,533.17
19964-535,861.46
19965-542,712.95
19966-523,845.18
19967-539,957.37
19968-550,884.63
19969-573,578.31
199610-602,555.95
199611-609,775.94
199612-629,639.64
19971-657,099.25
19972-653,001.02
19973-630,764.73
19974-688,907.55
19975-725,673.35
19976-767,297.42
19977-769,966.00
19978-779,144.06
19979-791,963.90
199710-782,840.14
199711-803,464.97
199712-805,369.89
19981-856,930.95
19982-902,458.60
19983-933,193.41
19984-931,123.05
19985-932,207.41
19986-973,855.32
19987-905,967.80
19988-861,589.42
19989-872,711.30
199810-968,485.99
199811-1,008,233.68
199812-1,059,126.16
19991-1,058,419.61
19992-1,089,362.61
19993-1,135,660.77
19994-1,134,538.37
19995-1,127,597.64
19996-1,178,591.97
19997-1,134,107.37
19998-1,127,325.22
19999-1,112,980.33
199910-1,192,068.15
199911-1,225,550.13
199912-1,224,092.55
20001-1,193,758.59
20002-1,240,804.07
20003-1,258,481.37
20004-1,222,755.68
20005-1,261,437.31
20006-1,272,163.85
20007-1,284,118.51
20008-1,270,254.52
20009-1,204,020.53
200010-1,194,718.70
200011-1,155,053.16
200012-1,160,308.74
20011-1,135,521.55
20012-1,032,417.30
20013-1,037,049.69
20014-1,108,391.79
20015-1,081,916.16
20016-1,053,134.74
20017-1,031,589.29
20018-915,563.09
20019-944,714.91
200110-992,452.74
200111-1,007,002.58
200112-1,004,004.85
20021-970,342.88
20022-1,018,328.96
20023-982,540.48
20024-954,829.19
20025-898,294.15
20026-801,651.18
20027-810,780.31
20028-772,205.57
20029-761,649.19
200210-812,112.84
200211-803,706.98
200212-801,918.59
20031-750,476.83
20032-760,292.30
20033-800,480.28
20034-843,003.48
20035-891,089.96
20036-896,399.97
20037-894,909.04
20038-923,198.74
20039-941,919.63
200310-953,322.38
200311-982,530.37
200312-1,031,017.86
20041-1,042,221.54
20042-1,025,908.73
20043-1,035,840.93
20044-1,009,279.34
20045-1,038,121.29
20046-1,014,880.04
20047-1,000,797.87
20048-1,028,646.31
20049-1,029,701.65
200410-1,078,858.54
200411-1,108,283.84
200412-1,093,330.63
20051-1,111,711.78
20052-1,108,870.38
20053-1,082,158.60
20054-1,096,614.84
20055-1,120,528.69
20056-1,140,785.50
20057-1,144,322.15
20058-1,147,522.71
20059-1,117,409.19
200510-1,161,675.83
200511-1,186,583.68
200512-1,203,988.14
20061-1,203,787.79
20062-1,221,677.74
20063-1,231,430.78
20064-1,221,743.90
20065-1,188,686.04
20066-1,197,245.07
20067-1,224,683.04
20068-1,255,681.89
20069-1,301,086.26
200610-1,327,129.36
200611-1,355,639.62
200612-1,365,031.85
20071-1,386,818.41
20072-1,352,510.03
20073-1,409,048.47
20074-1,456,839.91
20075-1,461,864.58
20076-1,470,264.74
20077-1,408,497.33
20078-1,451,805.01
20079-1,495,237.69
200710-1,423,371.93
200711-1,440,996.42
200712-1,345,383.46
20081-1,324,342.12
20082-1,289,556.48
20083-1,344,282.71
20084-1,378,731.36
20085-1,320,182.40
20086-1,239,935.49
20087-1,266,104.76
20088-1,204,729.87
20089-961,451.72
200810-878,715.45
200811-875,629.25
200812-866,036.24
20091-807,990.10
20092-762,036.18
20093-855,932.37
20094-912,935.94
20095-939,126.81
20096-951,125.49
20097-1,028,363.96
20098-1,065,902.78
20099-1,091,517.58
200910-1,114,377.51
200911-1,139,181.96
200912-1,154,640.30
20101-1,121,173.36
20102-1,187,805.09
20103-1,236,361.73
20104-1,163,634.03
20105-1,122,399.91
20106-1,120,614.48
20107-1,130,292.23
20108-1,168,396.13
20109-1,221,878.72
201010-1,252,314.68
201011-1,298,822.34
201012-1,343,790.08
20111-1,386,131.08
20112-1,370,710.91
20113-1,401,154.16
20114-1,410,391.06
20115-1,358,734.07
20116-1,400,878.41
20117-1,255,178.00
20118-1,245,271.57
20119-1,282,865.14
201110-1,305,534.94
201111-1,325,832.76
201112-1,389,241.48
20121-1,447,070.17
20122-1,488,801.32
20123-1,488,232.44
20124-1,442,231.89
20125-1,425,611.45
20126-1,467,254.79
20127-1,516,961.00
20128-1,562,790.91
20129-1,559,397.55
201210-1,515,149.73
201211-1,548,112.35
201212-1,614,197.57
20131-1,651,857.15
20132-1,696,828.21
20133-1,721,496.55
20134-1,800,242.45
20135-1,780,119.78
20136-1,838,053.38
20137-1,842,694.98
20138-1,864,668.52
20139-1,904,153.80
201310-1,977,654.03
201311-2,007,747.23
201312-2,027,178.36
20141-2,024,542.30
20142-2,079,655.80
20143-2,083,850.96
20144-2,115,776.28
20145-2,183,403.21
20146-2,216,063.04
20147-2,206,601.54
20148-2,245,835.66
20149-2,186,397.74
201410-2,311,145.99
201411-2,325,796.06
201412-2,299,978.67
20151-2,365,008.22
20152-2,366,317.57
20153-2,387,103.53
20154-2,410,470.98
20155-2,399,973.38
20156-2,398,062.28
20157-2,339,923.72
20158-2,234,461.12
20159-2,330,925.47
201510-2,399,279.16
201511-2,372,815.84
201512-2,220,490.03
20161-2,208,279.36
20162-2,348,786.16
20163-2,415,286.41
20164-2,407,935.11
20165-2,433,615.51
20166-2,513,862.49
20167-2,544,010.16
20168-2,532,850.32
20169-2,520,034.58
201610-2,550,304.24
201611-2,650,938.33
201612-2,689,049.14
20171-2,758,331.02
20172-2,806,581.31
20173-2,802,259.06
20174-2,849,683.75
20175-2,900,306.32
20176-2,928,957.99
20177-2,936,216.10
20178-2,984,759.48
20179-3,066,386.65
201710-3,115,128.98
201711-3,204,953.30
201712-3,360,774.87
20181-3,263,759.84
20182-3,265,867.52
20183-3,211,524.40
20184-3,274,522.34
20185-3,343,712.01
20186-3,396,567.47
20187-3,479,810.71
20188-3,538,262.75
20189-3,402,075.51
201810-3,331,444.73
201811-3,146,132.72
201812-3,200,738.14
20191-3,387,306.05
20192-3,453,291.51
20193-3,581,865.14
20194-3,526,998.54
20195-3,576,544.02
20196-3,713,430.66
20197-3,597,036.37
20198-3,708,013.12
20199-3,708,376.61
201910-3,872,794.61
201911-3,968,426.30
201912-4,101,225.62
20201-4,106,232.26
20202-3,329,427.20
20203-3,473,212.32
20204-3,677,693.02
20205-3,917,047.28
20206-4,053,220.87
20207-4,292,097.64
20208-4,265,186.08
20209-4,338,803.25
202010-4,510,364.59
202011-4,702,509.75
202012-4,833,958.99
20211-4,954,398.46
20212-4,995,091.79
20213-5,295,870.55
20214-5,336,131.43
20215-5,432,737.97
20216-5,599,425.31
20217-5,721,781.82
20218-5,716,946.98
20219-5,742,797.65
202110-6,015,278.70
202111-6,031,243.46
202112-5,907,485.19
20221-5,736,016.30
20222-5,684,817.56
20223-5,691,542.81
20224-5,243,462.99
20225-5,066,790.54
20226-5,090,335.18
20227-5,418,529.13
20228-5,024,200.87
20229-4,868,894.02
202210-5,126,219.66
202211-5,126,775.21
202212-5,197,343.03
20231-5,360,901.94
20232-5,222,299.73
20233-5,430,994.38
20234-5,471,058.57
20235-5,741,448.50
20236-5,963,989.46
20237-5,896,893.31
20238-5,974,168.95
Click to show 1386 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 1907 to 2023
Start Value
Average monthly close
$9.56
End Value
Average monthly close
$3,960.66
Change in price+41,329.46%
+5.33% / yr
Change incl. dividends+5,103,658.57%
+9.74% / yr
Change incl. dividends, inflation-adjusted+157,349.92%
+6.51% / yr
Final amount, nominal
($100 base)
$5,103,758.57
Final amount, inflation-adjusted
($100 base)
$157,449.92