S&P 500: $100 in 1928 → $697,965.65 in 2022

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Stock market returns since 1928

If you invested $100 in the S&P 500 at the beginning of 1928, you would have about $697,965.65 at the end of 2022, assuming you reinvested all dividends. This is a return on investment of 697,865.65%, or 9.82% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $527,545.18.

This investment result beats inflation during this period for an inflation-adjusted return of about 40,184.10% cumulatively, or 6.55% per year.

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 $697,865.65, or 697,865.65%. This means by 2022 you would have $697,965.65 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 1928 was 17.100 and the CPI in 2022 was 296.276.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 94 years.

Adjusted for inflation, the $697,965.65 nominal end value of the original $100 investment would have a real value of roughly $40,184.10 in 1928 dollars. This means the inflation-adjusted return is 40,184.10% as opposed to the original 697,865.65%.

For more information on inflation, see our U.S. inflation calculator for 1928.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 1134-month period between 1928 and 2022.

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

YearMonthReturn (%)Amount ($)CPI
19281-0.83%99.1717.30
192825.75%104.8717.10
192836.66%111.8617.10
192843.44%115.7017.10
19285-4.57%110.4217.20
192861.09%111.6217.10
192873.59%115.6317.10
192887.37%124.1617.10
192892.36%127.0817.30
1928107.08%136.0817.20
1928110.70%137.0317.20
1928127.69%147.5717.10
192910.81%148.7717.10
192922.05%151.8217.10
19293-0.30%151.3617.00
192941.80%154.0816.90
192952.20%157.4717.00
192969.20%171.9617.10
192975.96%182.2117.30
192984.24%189.9417.30
19299-10.32%170.3317.30
192910-26.19%125.7217.30
1929114.37%131.2217.30
1929121.83%133.6117.20
193016.64%142.4817.10
193024.12%148.3517.00
193036.69%158.2716.90
19304-5.65%149.3317.00
19305-9.77%134.7416.90
19306-1.76%132.3716.80
19307-0.90%131.1816.60
193080.34%131.6316.50
19309-13.37%114.0316.60
193010-6.80%106.2816.50
193011-6.19%99.7016.40
1930123.56%103.2516.10
193118.14%111.6515.90
193122.38%114.3115.70
19313-9.08%103.9315.60
19314-9.16%94.4115.50
19315-2.68%91.8815.30
193163.86%95.4315.10
19317-2.49%93.0515.10
19318-14.37%79.6815.10
19319-12.75%69.5215.00
1931102.05%70.9514.90
193111-18.10%58.1114.70
193112-0.85%57.6214.60
19321-0.05%57.5914.30
193221.14%58.2514.10
19323-23.22%44.7214.00
19324-11.31%39.6613.90
19325-12.39%34.7513.70
193266.18%36.8913.60
1932751.35%55.8413.60
1932810.37%61.6313.50
19329-13.22%53.4813.40
193210-0.34%53.3013.30
193211-2.64%51.9013.20
1932124.57%54.2713.10
19331-11.27%48.1512.90
193320.33%48.3212.70
1933311.24%53.7512.60
1933429.32%69.5012.60
1933517.58%81.7312.60
193368.46%88.6412.70
19337-4.64%84.5313.10
19338-0.48%84.1213.20
19339-9.38%76.2313.20
1933102.80%78.3613.20
1933112.32%80.1813.20
1933126.08%85.0613.20
193417.75%91.6513.20
19342-4.80%87.2613.30
193432.02%89.0213.30
19344-9.83%80.2713.30
193451.70%81.6413.30
19346-4.36%78.0813.40
19347-3.51%75.3413.40
19348-2.01%73.8213.40
193491.21%74.7213.60
1934103.21%77.1213.50
1934111.06%77.9313.50
1934120.40%78.2513.40
19351-2.62%76.2013.60
19352-5.93%71.6813.70
193537.94%77.3713.70
193548.27%83.7613.80
193554.17%87.2613.80
193565.60%92.1513.70
193577.10%98.6913.70
193582.43%101.1013.70
193592.99%104.1113.70
1935109.71%114.2213.70
1935110.29%114.5613.80
1935125.82%121.2313.80
193616.03%128.5413.80
193622.41%131.6413.80
193630.41%132.1913.70
19364-5.02%125.5513.70
193654.57%131.2913.70
193666.23%139.4813.80
193672.30%142.6813.90
193681.44%144.7414.00
193695.55%152.7814.00
1936103.10%157.5214.00
193611-1.40%155.3114.00
1936123.46%160.6814.00
193713.30%165.9914.10
193720.23%166.3714.10
19373-5.62%157.0114.20
19374-4.09%150.6014.30
19375-3.34%145.5714.40
193766.39%154.8814.40
193771.44%157.1014.50
19378-13.76%135.4814.50
19379-14.10%116.3814.60
193710-8.27%106.7614.60
193711-1.02%105.6714.50
1937123.24%109.0914.40
19381-1.80%107.1314.20
19382-6.02%100.6814.10
19383-3.44%97.2114.10
193841.56%98.7314.20
193852.93%101.6214.10
1938620.49%122.4414.10
193871.06%123.7414.10
19388-4.08%118.6814.10
1938911.62%132.4714.10
1938100.47%133.0914.00
193811-2.55%129.6914.00
193812-1.16%128.1814.00
19391-0.46%127.6014.00
193920.27%127.9413.90
19393-12.24%112.2813.90
193944.10%116.8813.80
193952.17%119.4113.80
193962.84%122.8013.80
19397-1.07%121.4913.80
1939811.06%134.9213.80
193991.38%136.7914.10
193910-1.41%134.8614.00
193911-1.97%132.2014.00
193912-0.15%132.0114.00
19401-0.23%131.7013.90
19402-0.15%131.5114.00
194031.42%133.3814.00
19404-13.34%115.5914.00
19405-8.09%106.2314.00
194063.87%110.3414.10
194072.65%113.2614.00
194084.76%118.6514.00
194091.47%120.3914.00
1940102.85%123.8214.00
194011-3.59%119.3814.00
1940120.72%120.2414.10
19411-5.72%113.3614.10
194121.18%114.6914.10
19413-2.55%111.7714.20
19414-1.59%109.9914.30
194154.11%114.5114.40
194165.71%121.0514.70
194170.08%121.1414.70
194180.86%122.1914.90
19419-3.43%117.9915.10
194110-4.08%113.1715.30
194111-5.88%106.5215.40
1941122.62%109.3015.50
19421-2.48%106.5915.70
19422-4.76%101.5215.80
19423-3.45%98.0116.00
194241.87%99.8516.10
194255.75%105.5916.30
194264.38%110.2116.30
194270.05%110.2616.40
194281.66%112.0916.50
194297.97%121.0316.50
1942102.15%123.6316.70
1942111.06%124.9416.80
1942126.50%133.0716.90
194316.43%141.6316.90
194324.01%147.3116.90
194333.79%152.8917.20
194344.36%159.5617.40
194352.18%163.0417.50
194362.47%167.0717.50
19437-4.54%159.4917.40
194382.55%163.5617.30
19439-0.50%162.7417.40
194310-4.21%155.9017.40
1943111.77%158.6517.40
1943123.67%164.4717.40
19441-0.24%164.0717.40
194423.24%169.3917.40
19443-1.31%167.1717.40
194442.20%170.8517.50
194455.14%179.6417.50
194463.02%185.0617.60
19447-1.06%183.1117.70
19448-1.23%180.8717.70
194492.88%186.0817.70
194410-0.28%185.5517.70
1944112.60%190.3817.70
1944123.38%196.8217.80
194513.73%204.1717.80
194520.31%204.8117.80
194532.90%210.7517.80
194544.16%219.5217.80
194552.19%224.3217.90
19456-1.70%220.5218.10
194570.71%222.0818.10
194587.18%238.0218.10
194594.51%248.7718.10
1945103.61%257.7418.10
1945112.02%262.9618.10
1945124.30%274.2618.20
194610.59%275.8718.20
19462-2.68%268.4818.10
194636.77%286.6518.30
194640.52%288.1418.40
19465-0.34%287.1618.50
19466-2.55%279.8518.70
19467-1.62%275.3019.80
19468-14.42%235.6020.20
19469-1.87%231.1920.40
194610-0.01%231.1620.80
1946113.39%239.0021.30
1946120.92%241.2021.50
194714.27%251.5021.50
19472-3.67%242.2621.50
19473-3.30%234.2721.90
19474-1.36%231.0821.90
194753.92%240.1421.90
194766.69%256.2222.00
19477-1.56%252.2222.20
19478-2.17%246.7622.50
194793.03%254.2223.00
194710-0.73%252.3723.00
194711-1.12%249.5423.10
194712-0.86%247.3823.40
19481-4.45%236.3723.70
194821.92%240.9123.50
194838.19%260.6323.40
194845.33%274.5323.80
194854.59%287.1223.90
19486-1.96%281.5024.10
19487-2.49%274.4924.40
19488-0.68%272.6324.50
194893.19%281.3324.50
194810-5.10%266.9824.40
194811-0.16%266.5524.20
1948121.63%270.9024.10
19491-3.33%261.8824.00
194921.49%265.7923.80
194930.41%266.8923.80
19494-0.18%266.4023.90
19495-4.91%253.3123.80
194966.26%269.1823.90
194974.17%280.4023.70
194981.87%285.6523.80
194993.14%294.6323.90
1949101.95%300.3623.70
1949113.24%310.1023.80
1949122.63%318.2623.60
195012.52%326.2823.50
195021.38%330.7723.50
195033.39%341.9723.60
195043.91%355.3623.60
195052.16%363.0523.70
19506-6.72%338.6423.80
195076.64%361.1224.10
195084.11%375.9624.30
195094.72%393.7124.40
1950100.38%395.1924.60
1950110.19%395.9624.70
1950128.01%427.6825.00
195114.31%446.1125.40
19512-1.11%441.1525.70
195131.93%449.6525.80
195140.63%452.4725.80
19515-1.15%447.2925.90
195162.37%457.8825.90
195174.97%480.6125.90
195183.14%495.6825.90
195190.03%495.8226.10
195110-2.25%484.6526.20
1951113.61%502.1626.40
1951123.83%521.4126.50
19521-1.33%514.4726.50
195220.75%518.3326.30
195230.20%519.3826.30
195240.46%521.7726.40
195253.24%538.7026.40
195263.37%556.8326.50
195270.88%561.7426.70
19528-1.11%555.5126.70
19529-1.61%546.5626.70
1952103.67%566.6026.70
1952114.51%592.1526.70
1952120.99%598.0126.70
19531-0.77%593.3826.60
195320.96%599.0626.50
19533-4.47%572.2726.60
195341.00%578.0126.60
19535-3.11%560.0426.70
195361.91%570.7626.80
195370.90%575.8926.80
19538-4.11%552.2426.90
195393.52%571.6626.90
1953102.71%587.1427.00
1953111.84%597.9326.90
1953123.02%616.0126.90
195412.68%632.4926.90
195422.58%648.8326.90
195434.45%677.7026.90
195444.42%707.6726.80
195451.22%716.3326.90
195464.46%748.2626.90
195472.39%766.1726.90
195482.74%787.1726.90
195492.71%808.5026.80
1954104.30%843.2926.80
1954114.95%885.0626.80
1954122.17%904.2526.70
195513.70%937.7526.70
19552-0.44%933.6626.70
195533.81%969.2126.70
19554-0.08%968.4526.70
195556.15%1,027.9626.70
195567.64%1,106.5426.70
19557-0.30%1,103.2326.80
195584.82%1,156.3726.80
19559-4.72%1,101.7326.90
1955107.07%1,179.5826.90
1955111.24%1,194.1726.90
195512-2.39%1,165.6626.80
195610.95%1,176.7326.80
195627.21%1,261.5226.80
195631.48%1,280.2326.80
19564-2.84%1,243.8926.90
19565-0.26%1,240.6327.00
195665.75%1,311.9527.20
19567-0.28%1,308.2127.40
19568-3.09%1,267.8127.30
19569-0.95%1,255.7227.40
195610-0.71%1,246.7727.50
1956111.81%1,269.3227.50
195612-1.86%1,245.6827.60
19571-4.00%1,195.9127.60
195721.62%1,215.2927.70
195732.64%1,247.4227.80
195744.16%1,299.3127.90
195751.95%1,324.7028.00
195762.32%1,355.4728.10
19577-5.21%1,284.9128.30
19578-3.74%1,236.8628.30
19579-5.90%1,163.9328.30
195710-1.80%1,142.9728.30
1957110.32%1,146.6128.40
1957122.33%1,173.3128.40
195810.70%1,181.5528.60
195822.42%1,210.1328.60
195830.90%1,220.9828.80
195843.56%1,264.4228.90
195852.74%1,299.0028.90
195863.07%1,338.8928.90
195874.05%1,393.1729.00
195882.94%1,434.1828.90
195894.36%1,496.7028.90
1958103.33%1,546.4828.90
1958112.16%1,579.9229.00
1958124.25%1,647.1528.90
19591-1.27%1,626.3129.00
195922.81%1,671.9528.90
195931.94%1,704.3228.90
195941.77%1,734.4129.00
19595-0.61%1,723.9029.00
195964.23%1,796.7729.10
19597-0.32%1,791.0529.20
19598-3.70%1,724.7229.20
195990.18%1,727.7729.30
1959100.67%1,739.3329.40
1959113.46%1,799.5729.40
195912-1.49%1,772.8329.40
19601-3.61%1,708.8529.30
19602-1.08%1,690.4229.40
196031.58%1,717.2029.40
19604-0.62%1,706.4829.50
196053.99%1,774.5329.50
19606-2.20%1,735.5629.60
196071.49%1,761.4429.60
19608-2.72%1,713.5129.60
19609-1.67%1,684.8329.60
1960103.54%1,744.4929.80
1960112.69%1,791.4229.80
1960125.43%1,888.6429.80
196114.37%1,971.2629.80
196123.40%2,038.2229.80
196132.92%2,097.7229.80
196141.26%2,124.2229.80
19615-1.08%2,101.2729.80
19616-0.03%2,100.6829.80
196173.84%2,181.3330.00
19618-0.54%2,169.5129.90
196191.34%2,198.6530.00
1961104.77%2,303.5730.00
1961111.16%2,330.3630.00
196112-3.49%2,249.1030.00
196211.91%2,292.0530.00
196220.34%2,299.8630.10
19623-2.94%2,232.1330.10
19624-7.19%2,071.7530.20
19625-11.41%1,835.3130.20
196262.72%1,885.1830.20
196273.02%1,942.1730.30
19628-0.59%1,930.6530.30
19629-2.86%1,875.5030.40
1962107.20%2,010.5530.40
1962114.62%2,103.5230.40
1962124.15%2,190.7430.40
196311.60%2,225.7030.40
19632-0.11%2,223.2930.40
196334.98%2,333.9730.50
196342.27%2,386.9430.50
196350.22%2,392.1130.50
19636-1.22%2,362.8830.60
196373.03%2,434.5030.70
196382.89%2,504.9530.70
196390.50%2,517.4730.70
196310-0.31%2,509.7530.80
1963112.39%2,569.8230.80
1963123.33%2,655.4030.90
196411.48%2,694.6930.90
196422.07%2,750.5030.90
196431.69%2,797.0730.90
196441.22%2,831.2130.90
19645-0.35%2,821.2830.90
196463.96%2,933.0331.00
19647-1.23%2,897.0831.10
196481.97%2,954.0231.00
196491.97%3,012.2231.10
1964100.94%3,040.4431.10
196411-1.49%2,995.1331.20
1964122.82%3,079.6231.20
196510.98%3,109.6531.20
196520.34%3,120.0831.20
196531.56%3,168.6831.30
196541.73%3,223.5831.40
19655-4.51%3,078.2831.40
196560.10%3,081.4531.60
196572.12%3,146.7331.60
196583.60%3,259.8931.60
196592.50%3,341.2931.60
1965101.08%3,377.2431.70
196511-0.21%3,370.0931.70
1965121.98%3,436.8331.80
19661-0.43%3,422.0431.80
19662-3.86%3,289.8732.00
196633.32%3,399.1332.10
19664-5.01%3,228.9132.30
19665-0.56%3,210.8532.30
196660.02%3,211.4432.40
19667-5.77%3,026.1532.50
19668-3.22%2,928.5732.70
19669-0.56%2,912.0432.70
1966105.32%3,066.8432.90
1966110.72%3,088.7932.90
1966124.13%3,216.3732.90
196713.73%3,336.3432.90
196722.63%3,424.2132.90
196731.99%3,492.4433.00
196742.06%3,564.3033.10
19675-0.99%3,528.9533.20
196761.99%3,599.2633.30
196771.85%3,665.9133.40
196781.65%3,726.5433.50
196790.10%3,730.1733.60
196710-2.88%3,622.6733.70
1967113.11%3,735.4033.80
196712-0.02%3,734.7533.90
19681-4.26%3,575.7634.10
19682-1.56%3,520.0134.20
196837.66%3,789.7034.30
196842.56%3,886.6334.40
196852.94%4,000.9234.50
196860.05%4,002.8834.70
19687-1.93%3,925.4734.90
196883.51%4,063.1635.00
196892.72%4,173.5635.10
1968101.79%4,248.0935.30
1968111.29%4,302.7035.40
196812-3.99%4,131.2335.50
19691-0.24%4,121.3735.60
19692-1.91%4,042.5035.80
196932.27%4,134.4336.10
196943.51%4,279.7036.30
19695-4.97%4,066.9436.40
19696-4.21%3,895.9136.60
19697-0.28%3,884.8636.80
196980.63%3,909.2837.00
196991.35%3,961.9137.10
1969101.00%4,001.4337.30
196911-5.03%3,800.2637.50
196912-0.59%3,777.8837.70
19701-3.20%3,657.1337.80
197022.01%3,730.7238.00
19703-2.75%3,628.2138.20
19704-11.20%3,221.8938.50
19705-0.27%3,213.1938.60
197060.52%3,229.9938.80
197073.26%3,335.1539.00
197086.32%3,545.9739.00
197092.49%3,634.2539.20
1970100.21%3,641.7639.40
1970117.16%3,902.4539.60
1970124.11%4,062.8739.80
197114.15%4,231.5239.80
197122.83%4,351.3539.90
197133.67%4,511.2240.00
19714-1.11%4,461.2440.10
19715-1.60%4,390.0440.30
19716-0.46%4,369.7240.60
19717-1.52%4,303.4240.70
197182.49%4,410.4240.80
19719-1.86%4,328.2340.80
197110-4.37%4,139.0240.90
1971117.16%4,435.5240.90
1971124.42%4,631.6841.10
197212.09%4,728.3541.10
197222.62%4,852.2141.30
197231.26%4,913.2941.40
19724-0.78%4,875.1741.50
197250.52%4,900.3341.60
19726-0.50%4,875.6441.70
197273.78%5,060.1241.90
19728-1.21%4,998.8742.00
197290.42%5,019.7442.10
1972105.25%5,283.4842.30
1972112.31%5,405.6142.40
1972120.99%5,459.0942.50
19731-3.33%5,277.5742.60
19732-1.35%5,206.5742.90
19733-1.63%5,121.5343.30
19734-2.57%4,989.9243.60
19735-1.99%4,890.6343.90
197361.21%4,949.8244.20
19737-1.64%4,868.8744.30
197382.00%4,966.0245.10
197394.24%5,176.3445.20
197310-6.85%4,821.6245.60
197311-6.81%4,493.4945.90
1973121.70%4,569.9046.20
19741-2.47%4,456.8946.60
197424.57%4,660.7847.20
19743-4.82%4,436.2947.80
19744-2.71%4,316.2648.00
197450.46%4,335.9948.60
19746-11.35%3,843.9949.00
19747-3.76%3,699.2849.40
19748-10.01%3,328.8550.00
197492.38%3,407.9750.60
1974103.74%3,535.5551.10
197411-6.09%3,320.1751.50
1974128.63%3,606.7951.90
1975110.81%3,996.5952.10
197524.97%4,195.3752.50
197531.49%4,257.7652.70
197546.71%4,543.5652.90
197552.89%4,675.0853.20
197560.43%4,695.2853.60
19757-7.00%4,366.7854.20
19758-0.85%4,329.5554.30
197594.97%4,544.7854.60
1975102.04%4,637.5754.90
197511-1.18%4,582.8755.30
1975129.55%5,020.3255.50
197614.18%5,230.0755.60
197620.80%5,272.0455.80
197631.10%5,329.7955.90
19764-0.38%5,309.3656.10
197650.90%5,357.1856.50
197662.67%5,499.9756.80
19767-0.56%5,469.1357.10
197682.44%5,602.4657.40
19769-3.11%5,428.3357.60
197610-0.37%5,408.4257.90
1976113.79%5,613.2158.00
197612-0.54%5,583.0658.20
19771-2.37%5,450.8258.50
19772-0.05%5,447.8659.10
19773-1.19%5,382.8359.50
197740.06%5,386.3160.00
197750.90%5,434.7760.30
197761.28%5,504.4760.70
19777-2.08%5,390.0561.00
19778-1.18%5,326.7061.20
19779-2.20%5,209.6361.40
1977100.98%5,260.7461.60
197711-0.08%5,256.5261.90
197712-3.39%5,078.3162.10
19781-0.97%5,028.9562.50
197820.27%5,042.3162.90
197834.83%5,285.8563.40
197845.50%5,576.8063.90
197850.67%5,614.3664.50
19786-0.06%5,610.8765.20
197877.33%6,022.0465.70
197880.40%6,046.1166.00
19789-2.77%5,878.4266.50
197810-5.44%5,558.7767.10
1978111.92%5,665.6667.40
1978124.19%5,902.7867.70
19791-1.06%5,840.3968.30
197922.34%5,977.1369.10
197932.43%6,122.4269.80
19794-1.89%6,006.5370.60
197952.42%6,151.7471.50
197961.42%6,239.1572.30
197975.01%6,552.0073.10
197981.54%6,652.9373.80
19799-3.35%6,429.8974.60
197910-0.32%6,409.1675.20
1979114.40%6,691.4275.90
1979123.31%6,913.0776.70
198014.40%7,216.9677.80
19802-8.78%6,583.4678.90
19803-1.16%6,506.9680.10
198045.04%6,834.6681.00
198056.86%7,303.7081.80
198064.97%7,666.6682.70
198073.50%7,935.3582.70
198082.84%8,160.3883.30
198093.32%8,431.6984.00
1980104.61%8,820.7984.80
198011-1.24%8,710.9985.50
1980120.01%8,711.8686.30
19811-3.07%8,444.3987.00
198124.14%8,794.2787.90
198131.29%8,908.0588.50
19814-1.62%8,763.9889.10
198150.86%8,839.1489.80
19816-2.02%8,660.9290.60
198170.80%8,730.4391.60
19818-8.30%8,005.5792.30
198191.73%8,143.8593.20
1981103.04%8,391.7293.40
1981111.18%8,490.6993.70
198112-4.80%8,082.7994.00
19821-1.91%7,928.0994.30
19822-2.74%7,710.5094.60
198235.47%8,132.2194.50
198240.57%8,178.5494.90
19825-5.27%7,747.4895.80
198260.24%7,766.3797.00
198270.79%7,828.0397.50
1982812.10%8,774.9497.70
198298.88%9,554.2897.90
1982104.50%9,984.2298.20
1982111.36%10,119.5598.00
1982123.93%10,516.8297.60
198312.13%10,740.8397.80
198323.87%11,156.0397.90
198334.20%11,624.2997.90
198344.42%12,138.5598.60
198351.75%12,351.4099.20
198360.71%12,438.8699.50
19837-2.41%12,139.4499.90
198383.31%12,541.72100.20
198390.65%12,622.98100.70
198310-1.14%12,478.90101.00
198311-0.13%12,462.91101.20
1983121.58%12,659.32101.30
19841-5.11%12,012.15101.90
198420.44%12,065.29102.40
198430.51%12,126.48102.60
19844-0.25%12,095.85103.10
19845-1.85%11,872.29103.40
19846-0.91%11,764.43103.70
198479.21%12,847.53104.10
198481.41%13,028.29104.50
19849-0.41%12,974.56105.00
1984101.29%13,141.40105.30
198411-0.71%13,048.42105.30
1984124.70%13,661.38105.30
198515.79%14,452.01105.50
19852-0.48%14,382.89106.00
198531.02%14,530.27106.40
198542.74%14,927.76106.90
198552.51%15,302.59107.30
198562.25%15,646.48107.60
19857-1.85%15,357.75107.80
19858-1.88%15,068.26108.00
198591.50%15,293.61108.30
1985106.42%16,275.54108.70
1985115.29%17,137.25109.00
1985120.75%17,266.08109.30
198615.70%18,249.77109.60
198626.18%19,378.11109.30
198632.74%19,909.35108.80
198640.49%20,007.27108.60
198653.13%20,634.15108.90
19866-1.80%20,261.92109.50
198672.28%20,724.07109.50
19868-2.46%20,215.04109.70
19869-0.09%20,196.87110.20
1986103.53%20,910.41110.30
1986111.71%21,267.76110.40
1986126.67%22,687.04110.50
198716.46%24,153.05111.20
198724.38%25,210.08111.60
19873-0.86%24,994.18112.10
198740.17%25,037.38112.70
198754.50%26,163.67113.10
198763.12%26,980.52113.50
198776.45%28,721.85113.80
19878-3.03%27,851.46114.40
19879-11.85%24,549.98115.00
198710-12.30%21,529.49115.30
198711-1.33%21,242.14115.40
1987124.25%22,144.19115.40
198813.33%22,881.28115.70
198823.23%23,620.82116.00
19883-0.89%23,411.53116.50
19884-2.19%22,899.22117.10
198856.00%24,272.76117.50
19886-0.31%24,198.27118.00
19887-1.72%23,782.42118.50
198881.93%24,240.75119.00
198893.80%25,162.29119.80
198810-2.02%24,653.95120.20
1988112.33%25,227.39120.30
1988123.51%26,113.54120.50
198913.30%26,975.25121.10
19892-0.16%26,931.64121.60
198933.56%27,891.70122.30
198944.12%29,039.53123.10
198953.39%30,024.73123.80
198962.80%30,865.47124.10
198974.69%32,313.30124.40
198980.46%32,460.50124.60
198990.29%32,553.42125.00
198910-1.81%31,963.04125.60
1989112.74%32,837.78125.90
198912-2.21%32,111.66126.10
19901-2.53%31,300.14127.40
199022.71%32,147.49128.00
199030.20%32,210.49128.70
199043.85%33,450.89128.90
199053.17%34,511.27129.20
199060.17%34,569.85129.90
19907-7.86%31,852.23130.40
19908-4.34%30,469.51131.60
19909-2.32%29,763.90132.70
1990102.98%30,652.00133.50
1990114.59%32,057.89133.80
199012-0.69%31,838.24133.80
1991111.61%35,533.63134.60
199123.04%36,615.50134.80
199132.26%37,442.58135.00
19914-0.18%37,375.60135.20
199150.35%37,505.30135.60
199160.78%37,798.02136.00
199172.68%38,810.60136.20
19918-0.30%38,692.97136.60
199190.18%38,763.25137.20
1991100.02%38,769.38137.40
1991110.94%39,131.92137.80
1991127.36%42,011.26137.90
19921-0.60%41,758.84138.10
19922-1.01%41,336.08138.60
199230.26%41,445.33139.30
199242.07%42,302.57139.50
19925-1.33%41,740.32139.70
199261.91%42,538.45140.20
199270.94%42,939.04140.50
199280.38%43,101.43140.90
19929-1.18%42,591.95141.30
1992102.76%43,766.16141.80
1992113.27%45,197.84142.00
1992120.14%45,262.43141.90
199311.72%46,042.86142.60
199322.15%47,032.86143.10
19933-1.34%46,401.79143.60
199340.72%46,738.08144.00
199350.87%47,142.45144.20
199360.06%47,171.21144.40
199371.76%48,002.58144.40
199381.35%48,653.01144.80
199391.24%49,257.23145.10
1993100.01%49,260.95145.70
1993110.89%49,697.98145.80
1993121.74%50,560.68145.80
19941-0.08%50,522.40146.20
19942-1.42%49,803.06146.70
19943-3.35%48,136.46147.20
199441.06%48,645.86147.40
199451.11%49,184.90147.50
19946-0.52%48,929.69148.00
199473.08%50,437.74148.40
199480.82%50,850.05149.00
19949-0.44%50,624.28149.40
199410-0.37%50,437.02149.50
199411-1.03%49,919.69149.70
1994122.45%51,143.31149.70
199513.82%53,096.52150.30
199522.56%54,454.82150.90
199533.22%56,205.84151.40
199543.35%58,087.48151.90
199553.18%59,933.74152.20
199563.55%62,059.88152.50
199570.51%62,378.32152.50
199583.72%64,697.34152.90
199590.91%65,287.75153.20
1995102.36%66,827.49153.70
1995113.39%69,092.36153.60
1995120.16%69,204.69153.50
199615.90%73,290.81154.40
19962-0.20%73,143.72154.90
199630.20%73,287.84155.70
199642.35%75,013.64156.30
199651.28%75,972.76156.60
19966-3.48%73,331.52156.70
199673.08%75,587.01157.00
199682.02%77,116.69157.30
199694.12%80,293.51157.80
1996105.05%84,350.00158.30
1996111.20%85,360.71158.60
1996123.26%88,141.37158.60
199714.36%91,985.36159.10
19972-0.62%91,411.66159.60
19973-3.41%88,298.86160.00
199749.22%96,438.10160.20
199755.34%101,584.84160.10
199765.74%107,411.67160.30
199770.35%107,785.23160.50
199781.19%109,070.04160.80
199791.65%110,864.65161.20
199710-1.15%109,587.45161.60
1997112.63%112,474.65161.50
1997120.24%112,741.32161.30
199816.40%119,959.20161.60
199825.31%126,332.48161.90
199833.41%130,634.95162.20
19984-0.22%130,345.13162.50
199850.12%130,496.92162.80
199864.47%136,327.09163.00
19987-6.97%126,823.72163.20
19988-4.90%120,611.32163.40
199891.29%122,168.24163.60
19981010.97%135,575.45164.00
1998114.10%141,139.61164.00
1998125.05%148,263.90163.90
19991-0.07%148,164.99164.30
199922.92%152,496.61164.50
199934.25%158,977.75165.00
19994-0.10%158,820.63166.20
19995-0.61%157,849.02166.20
199964.52%164,987.56166.20
19997-3.77%158,760.29166.70
19998-0.60%157,810.88167.10
19999-1.27%155,802.78167.90
1999107.11%166,874.05168.20
1999112.81%171,561.09168.30
199912-0.12%171,357.05168.30
20001-2.48%167,110.69168.80
200023.94%173,696.44169.80
200031.42%176,171.04171.20
20004-2.84%171,169.90171.30
200053.16%176,584.83171.50
200060.85%178,086.41172.40
200070.94%179,759.90172.80
20008-1.08%177,819.12172.80
20009-5.21%168,547.23173.70
200010-0.77%167,245.09174.00
200011-3.32%161,692.43174.10
2000120.46%162,428.14174.00
20011-2.14%158,958.26175.10
20012-9.08%144,525.00175.80
200130.45%145,173.48176.20
200146.88%155,160.45176.90
20015-2.39%151,454.20177.70
20016-2.66%147,425.18178.00
20017-2.05%144,409.09177.50
20018-11.25%128,166.93177.50
200193.18%132,247.81178.30
2001105.05%138,930.49177.70
2001111.47%140,967.27177.40
200112-0.30%140,547.63176.70
20021-3.35%135,835.39177.10
200224.95%142,552.82177.80
20023-3.51%137,542.90178.80
20024-2.82%133,663.68179.80
20025-5.92%125,749.51179.80
20026-10.76%112,220.75179.90
200271.14%113,498.71180.10
20028-4.76%108,098.74180.70
20029-1.37%106,620.99181.00
2002106.63%113,685.24181.30
200211-1.04%112,508.53181.30
200212-0.22%112,258.18180.90
20031-6.41%105,057.00181.70
200321.31%106,431.04183.10
200335.29%112,056.84184.20
200345.31%118,009.53183.80
200355.70%124,741.01183.50
200360.60%125,484.35183.70
20037-0.17%125,275.64183.90
200383.16%129,235.83184.60
200392.03%131,856.51185.20
2003101.21%133,452.74185.00
2003113.06%137,541.48184.50
2003124.93%144,329.10184.30
200411.09%145,897.47185.20
20042-1.57%143,613.89186.20
200430.97%145,004.27187.40
20044-2.56%141,285.99188.00
200452.86%145,323.49189.10
20046-2.24%142,070.02189.70
20047-1.39%140,098.69189.40
200482.78%143,997.12189.50
200490.10%144,144.85189.90
2004104.77%151,026.17190.90
2004112.73%155,145.33191.00
200412-1.35%153,052.08190.30
200511.68%155,625.20190.70
20052-0.26%155,227.44191.80
20053-2.41%151,488.14193.30
200541.34%153,511.83194.60
200552.18%156,859.45194.40
200561.81%159,695.14194.50
200570.31%160,190.23195.40
200580.28%160,638.27196.40
20059-2.62%156,422.76198.80
2005103.96%162,619.52199.20
2005112.14%166,106.29197.60
2005121.47%168,542.69196.80
20061-0.02%168,514.65198.30
200621.49%171,019.01198.70
200630.80%172,384.31199.80
20064-0.79%171,028.27201.50
20065-2.71%166,400.60202.50
200660.72%167,598.75202.90
200672.29%171,439.71203.50
200682.53%175,779.15203.90
200693.62%182,135.17202.90
2006102.00%185,780.86201.80
2006112.15%189,771.93201.50
2006120.69%191,086.72201.80
200711.60%194,136.55202.42
20072-2.47%189,333.83203.50
200734.18%197,248.47205.35
200743.39%203,938.65206.69
200750.34%204,642.04207.95
200760.57%205,817.96208.35
20077-4.20%197,171.32208.30
200783.07%203,233.83207.92
200792.99%209,313.84208.49
200710-4.81%199,253.57208.94
2007111.24%201,720.77210.18
200712-6.64%188,336.20210.04
20081-1.56%185,390.69211.08
20082-2.63%180,521.15211.69
200834.24%188,182.11213.53
200842.56%193,004.47214.82
20085-4.25%184,808.38216.63
20086-6.08%173,574.85218.82
200872.11%177,238.21219.96
20088-4.85%168,646.53219.09
20089-20.19%134,590.75218.78
200810-8.61%123,008.74216.57
200811-0.35%122,576.72212.43
200812-1.10%121,233.82210.23
20091-6.70%113,108.11211.14
20092-5.69%106,675.16212.19
2009312.32%119,819.41212.71
200946.66%127,799.17213.24
200952.87%131,465.55213.86
200961.28%133,145.21215.69
200978.12%143,957.59215.35
200983.65%149,212.54215.83
200992.40%152,798.28215.97
2009102.09%155,998.37216.18
2009112.23%159,470.67216.33
2009121.36%161,634.64215.95
20101-2.90%156,949.70216.69
201025.94%166,277.28216.74
201034.09%173,074.57217.63
20104-5.88%162,893.64218.01
20105-3.54%157,121.40218.18
20106-0.16%156,871.46217.97
201070.86%158,226.22218.01
201083.37%163,560.27218.31
201094.58%171,047.14218.44
2010102.49%175,307.78218.71
2010113.71%181,818.25218.80
2010123.46%188,113.15219.18
201113.15%194,040.34220.22
20112-1.11%191,881.71221.31
201132.22%196,143.37223.47
201140.66%197,436.42224.91
20115-3.66%190,205.11225.96
201163.10%196,104.77225.72
20117-10.40%175,708.61225.92
20118-0.79%174,321.84226.55
201193.02%179,584.45226.89
2011101.77%182,757.93226.42
2011111.55%185,599.36226.23
2011124.78%194,475.75225.67
201214.16%202,571.02226.67
201222.88%208,412.84227.66
20123-0.04%208,333.20229.39
20124-3.09%201,893.72230.09
20125-1.15%199,567.08229.82
201262.92%205,396.60229.48
201273.39%212,354.83229.10
201283.02%218,770.42230.38
20129-0.22%218,295.39231.41
201210-2.84%212,101.27231.32
2012112.18%216,715.61230.22
2012124.27%225,966.68229.60
201312.33%231,238.53230.28
201322.72%237,533.90232.17
201331.45%240,987.14232.77
201344.57%252,010.55232.53
20135-1.12%249,193.64232.95
201363.25%257,303.59233.50
201370.25%257,953.35233.60
201381.19%261,029.36233.88
201392.12%266,556.79234.15
2013103.86%276,845.86233.55
2013111.52%281,058.52233.07
2013120.97%283,778.63233.05
20141-0.13%283,409.61233.92
201422.72%291,124.78234.78
201430.20%291,712.05236.29
201441.53%296,181.18237.07
201453.20%305,648.07237.90
201461.50%310,220.03238.34
20147-0.43%308,895.54238.25
201481.78%314,387.81237.85
20149-2.65%306,067.27238.03
2014105.71%323,530.40237.43
2014110.63%325,581.22236.15
201412-1.11%321,967.12234.81
201512.83%331,070.42233.71
201520.06%331,253.71234.72
201530.88%334,163.47236.12
201540.98%337,434.61236.60
20155-0.44%335,965.08237.81
20156-0.08%335,697.55238.64
20157-2.42%327,558.91238.65
20158-4.51%312,795.52238.32
201594.32%326,299.27237.95
2015102.93%335,867.90237.84
201511-1.10%332,163.38237.34
201512-6.42%310,839.75236.53
20161-0.55%309,130.41236.92
201626.36%328,799.54237.11
201632.83%338,108.71238.13
20164-0.30%337,079.62239.26
201651.07%340,674.54240.23
201663.30%351,908.08241.02
201671.20%356,128.36240.63
20168-0.44%354,566.13240.85
20169-0.51%352,772.09241.43
2016101.20%357,009.45241.73
2016113.95%371,096.91241.35
2016121.44%376,431.93241.43
201712.58%386,130.50242.84
201721.75%392,884.91243.60
20173-0.15%392,279.85243.80
201741.69%398,918.69244.52
201751.78%406,005.19244.73
201760.99%410,016.05244.96
201770.25%411,032.10244.79
201781.65%417,827.54245.52
201792.73%429,254.28246.82
2017101.59%436,077.57246.66
2017112.88%448,651.81246.67
2017124.86%470,464.81246.52
20181-2.89%456,883.96247.87
201820.06%457,179.01248.99
20183-1.66%449,571.68249.55
201841.96%458,390.57250.55
201852.11%468,076.23251.59
201861.58%475,475.30251.99
201872.45%487,128.28252.01
201881.68%495,310.80252.15
20189-3.85%476,246.36252.44
201810-2.08%466,358.97252.89
201811-5.56%440,417.69252.04
2018121.74%448,061.74251.23
201915.83%474,178.83251.71
201921.95%483,415.93252.78
201933.72%501,414.57254.20
20194-1.53%493,733.96255.55
201951.40%500,669.68256.09
201963.83%519,832.03256.14
20197-3.13%503,538.34256.57
201983.09%519,073.65256.56
201990.01%519,124.53256.76
2019104.43%542,140.91257.35
2019112.47%555,528.11257.21
2019123.35%574,118.29256.97
202010.12%574,819.15257.97
20202-18.92%466,076.54258.68
202034.32%486,204.59258.12
202045.89%514,829.23256.39
202056.51%548,335.71256.39
202063.48%567,398.25257.80
202075.89%600,837.89259.10
20208-0.63%597,070.62259.92
202091.73%607,376.07260.28
2020103.95%631,392.43260.39
2020114.26%658,290.25260.23
2020122.80%676,691.44260.47
202112.49%693,551.40261.58
202120.82%699,247.93263.01
202136.02%741,353.05264.88
202140.76%746,989.05267.05
202151.81%760,512.71269.20
202163.07%783,846.77271.70
202172.19%800,975.09273.00
20218-0.08%800,298.28273.57
202190.45%803,917.04274.31
2021104.74%842,060.84276.59
2021110.27%844,295.70277.95
202112-2.05%826,971.15278.80
20221-2.90%802,967.74281.15
20222-0.89%795,800.58283.72
202230.12%796,742.03287.50
20224-7.87%734,016.67289.11
20225-3.37%709,284.83292.30
20226-1.60%697,965.65296.31
Click to show 1122 more rows

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 1928. This would result in a final amount of $527,545.18, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $697,965.65).

YearMonthContribution ($)Amount ($)
192814.164.11
192824.168.73
192834.1613.73
192844.1618.49
192854.1621.61
192864.1626.03
192874.1631.26
192884.1638.02
192894.1643.16
1928104.1650.66
1928114.1655.19
1928124.1663.90
192914.1668.60
192924.1674.24
192934.1678.15
192944.1683.78
192954.1689.86
192964.16102.66
192974.16113.17
192984.16122.30
192994.16113.39
1929104.1686.75
1929114.1694.87
1929124.32100.99
19301-107.69
19302-112.13
19303-119.63
19304-112.87
19305-101.84
19306-100.05
19307-99.15
19308-99.49
19309-86.19
193010-80.33
193011-75.36
193012-78.04
19311-84.39
19312-86.40
19313-78.55
19314-71.36
19315-69.45
19316-72.13
19317-70.33
19318-60.23
19319-52.55
193110-53.63
193111-43.92
193112-43.55
19321-43.53
19322-44.02
19323-33.80
19324-29.98
19325-26.26
19326-27.89
19327-42.21
19328-46.58
19329-40.42
193210-40.29
193211-39.23
193212-41.02
19331-36.40
19332-36.52
19333-40.62
19334-52.53
19335-61.77
19336-67.00
19337-63.89
19338-63.58
19339-57.62
193310-59.23
193311-60.61
193312-64.29
19341-69.28
19342-65.95
19343-67.28
19344-60.67
19345-61.70
19346-59.02
19347-56.94
19348-55.80
19349-56.47
193410-58.29
193411-58.90
193412-59.14
19351-57.59
19352-54.18
19353-58.48
19354-63.31
19355-65.95
19356-69.65
19357-74.60
19358-76.41
19359-78.69
193510-86.33
193511-86.59
193512-91.63
19361-97.16
19362-99.50
19363-99.91
19364-94.90
19365-99.24
19366-105.42
19367-107.85
19368-109.40
19369-115.47
193610-119.06
193611-117.39
193612-121.45
19371-125.46
19372-125.75
19373-118.68
19374-113.83
19375-110.03
19376-117.06
19377-118.74
19378-102.40
19379-87.96
193710-80.69
193711-79.87
193712-82.46
19381-80.97
19382-76.10
19383-73.48
19384-74.62
19385-76.81
19386-92.54
19387-93.52
19388-89.70
19389-100.12
193810-100.59
193811-98.03
193812-96.89
19391-96.44
19392-96.70
19393-84.86
19394-88.34
19395-90.26
19396-92.82
19397-91.83
19398-101.98
19399-103.39
193910-101.93
193911-99.92
193912-99.77
19401-99.55
19402-99.40
19403-100.81
19404-87.36
19405-80.29
19406-83.40
19407-85.61
19408-89.68
19409-91.00
194010-93.59
194011-90.23
194012-90.88
19411-85.68
19412-86.69
19413-84.48
19414-83.14
19415-86.55
19416-91.50
19417-91.56
19418-92.35
19419-89.18
194110-85.54
194111-80.51
194112-82.62
19421-80.57
19422-76.73
19423-74.08
19424-75.47
19425-79.80
19426-83.30
19427-83.34
19428-84.72
19429-91.48
194210-93.45
194211-94.43
194212-100.58
19431-107.05
19432-111.34
19433-115.56
19434-120.60
19435-123.23
19436-126.28
19437-120.55
19438-123.62
19439-123.00
194310-117.83
194311-119.92
194312-124.31
19441-124.01
19442-128.03
19443-126.35
19444-129.14
19445-135.78
19446-139.88
19447-138.40
19448-136.70
19449-140.65
194410-140.25
194411-143.89
194412-148.76
19451-154.32
19452-154.80
19453-159.29
19454-165.92
19455-169.55
19456-166.68
19457-167.85
19458-179.90
19459-188.03
194510-194.81
194511-198.75
194512-207.29
19461-208.51
19462-202.92
19463-216.66
19464-217.78
19465-217.05
19466-211.52
19467-208.08
19468-178.07
19469-174.74
194610-174.72
194611-180.65
194612-182.31
19471-190.09
19472-183.11
19473-177.07
19474-174.66
19475-181.51
19476-193.66
19477-190.64
19478-186.51
19479-192.15
194710-190.75
194711-188.61
194712-186.98
19481-178.66
19482-182.09
19483-197.00
19484-207.50
19485-217.01
19486-212.77
19487-207.47
19488-206.07
19489-212.64
194810-201.79
194811-201.47
194812-204.75
19491-197.94
19492-200.89
19493-201.72
19494-201.35
19495-191.46
19496-203.45
19497-211.94
19498-215.90
19499-222.69
194910-227.02
194911-234.38
194912-240.55
19501-246.62
19502-250.01
19503-258.47
19504-268.59
19505-274.41
19506-255.96
19507-272.95
19508-284.16
19509-297.58
195010-298.69
195011-299.28
195012-323.26
19511-337.18
19512-333.43
19513-339.86
19514-341.99
19515-338.08
19516-346.08
19517-363.26
19518-374.65
19519-374.76
195110-366.31
195111-379.55
195112-394.10
19521-388.85
19522-391.77
19523-392.56
19524-394.37
19525-407.16
19526-420.87
19527-424.58
19528-419.87
19529-413.11
195210-428.26
195211-447.57
195212-451.99
19531-448.50
19532-452.79
19533-432.54
19534-436.88
19535-423.30
19536-431.40
19537-435.28
19538-417.40
19539-432.08
195310-443.78
195311-451.93
195312-465.60
19541-478.06
19542-490.40
19543-512.23
19544-534.88
19545-541.43
19546-565.56
19547-579.10
19548-594.97
19549-611.09
195410-637.38
195411-668.96
195412-683.46
19551-708.78
19552-705.69
19553-732.56
19554-731.99
19555-776.97
19556-836.36
19557-833.86
19558-874.02
19559-832.72
195510-891.56
195511-902.59
195512-881.04
19561-889.41
19562-953.50
19563-967.64
19564-940.17
19565-937.71
19566-991.61
19567-988.79
19568-958.25
19569-949.11
195610-942.35
195611-959.40
195612-941.53
19571-903.90
19572-918.55
19573-942.84
19574-982.06
19575-1,001.25
19576-1,024.51
19577-971.18
19578-934.86
19579-879.74
195710-863.90
195711-866.65
195712-886.83
19581-893.05
19582-914.65
19583-922.85
19584-955.69
19585-981.83
19586-1,011.98
19587-1,053.00
19588-1,084.00
19589-1,131.25
195810-1,168.88
195811-1,194.16
195812-1,244.97
19591-1,229.22
19592-1,263.71
19593-1,288.18
19594-1,310.92
19595-1,302.98
19596-1,358.06
19597-1,353.74
19598-1,303.60
19599-1,305.91
195910-1,314.64
195911-1,360.17
195912-1,339.96
19601-1,291.60
19602-1,277.68
19603-1,297.92
19604-1,289.81
19605-1,341.25
19606-1,311.79
19607-1,331.35
19608-1,295.13
19609-1,273.45
196010-1,318.54
196011-1,354.02
196012-1,427.50
19611-1,489.94
19612-1,540.55
19613-1,585.52
19614-1,605.55
19615-1,588.21
19616-1,587.77
19617-1,648.72
19618-1,639.79
19619-1,661.81
196110-1,741.11
196111-1,761.36
196112-1,699.94
19621-1,732.40
19622-1,738.31
19623-1,687.12
19624-1,565.90
19625-1,387.19
19626-1,424.88
19627-1,467.96
19628-1,459.25
19629-1,417.56
196210-1,519.64
196211-1,589.91
196212-1,655.83
19631-1,682.25
19632-1,680.43
19633-1,764.09
19634-1,804.12
19635-1,808.03
19636-1,785.94
19637-1,840.07
19638-1,893.32
19639-1,902.78
196310-1,896.95
196311-1,942.35
196312-2,007.04
19641-2,036.74
19642-2,078.92
19643-2,114.12
19644-2,139.92
19645-2,132.41
19646-2,216.88
19647-2,189.71
19648-2,232.75
19649-2,276.73
196410-2,298.07
196411-2,263.82
196412-2,327.67
19651-2,350.37
19652-2,358.26
19653-2,394.99
19654-2,436.49
19655-2,326.67
19656-2,329.06
19657-2,378.40
19658-2,463.93
19659-2,525.45
196510-2,552.63
196511-2,547.22
196512-2,597.67
19661-2,586.49
19662-2,486.59
19663-2,569.17
19664-2,440.52
19665-2,426.86
19666-2,427.31
19667-2,287.27
19668-2,213.51
19669-2,201.01
196610-2,318.02
196611-2,334.61
196612-2,431.04
19671-2,521.72
19672-2,588.13
19673-2,639.70
19674-2,694.02
19675-2,667.30
19676-2,720.44
19677-2,770.81
19678-2,816.64
19679-2,819.38
196710-2,738.14
196711-2,823.34
196712-2,822.85
19681-2,702.68
19682-2,660.54
19683-2,864.38
19684-2,937.64
19685-3,024.03
19686-3,025.51
19687-2,967.00
19688-3,071.07
19689-3,154.52
196810-3,210.85
196811-3,252.12
196812-3,122.52
19691-3,115.07
19692-3,055.45
19693-3,124.94
19694-3,234.73
19695-3,073.93
19696-2,944.66
19697-2,936.31
19698-2,954.76
19699-2,994.54
196910-3,024.41
196911-2,872.36
196912-2,855.44
19701-2,764.18
19702-2,819.80
19703-2,742.32
19704-2,435.21
19705-2,428.64
19706-2,441.33
19707-2,520.81
19708-2,680.16
19709-2,746.88
197010-2,752.56
197011-2,949.60
197012-3,070.85
19711-3,198.32
19712-3,288.89
19713-3,409.72
19714-3,371.95
19715-3,318.14
19716-3,302.77
19717-3,252.67
19718-3,333.54
19719-3,271.42
197110-3,128.41
197111-3,352.51
197112-3,500.78
19721-3,573.84
19722-3,667.46
19723-3,713.63
19724-3,684.81
19725-3,703.83
19726-3,685.17
19727-3,824.60
19728-3,778.31
19729-3,794.08
197210-3,993.43
197211-4,085.74
197212-4,126.16
19731-3,988.96
19732-3,935.30
19733-3,871.02
19734-3,771.54
19735-3,696.50
19736-3,741.24
19737-3,680.05
19738-3,753.48
19739-3,912.45
197310-3,644.34
197311-3,396.33
197312-3,454.08
19741-3,368.67
19742-3,522.77
19743-3,353.09
19744-3,262.37
19745-3,277.28
19746-2,905.42
19747-2,796.03
19748-2,516.05
19749-2,575.85
197410-2,672.28
197411-2,509.49
197412-2,726.13
19751-3,020.76
19752-3,171.00
19753-3,218.15
19754-3,434.17
19755-3,533.58
19756-3,548.84
19757-3,300.56
19758-3,272.42
19759-3,435.10
197510-3,505.23
197511-3,463.88
197512-3,794.52
19761-3,953.06
19762-3,984.78
19763-4,028.43
19764-4,012.99
19765-4,049.13
19766-4,157.05
19767-4,133.75
19768-4,234.52
19769-4,102.91
197610-4,087.86
197611-4,242.65
197612-4,219.86
19771-4,119.90
19772-4,117.67
19773-4,068.52
19774-4,071.15
19775-4,107.78
19776-4,160.46
19777-4,073.98
19778-4,026.09
19779-3,937.60
197710-3,976.24
197711-3,973.05
197712-3,838.35
19781-3,801.04
19782-3,811.14
19783-3,995.22
19784-4,215.13
19785-4,243.52
19786-4,240.88
19787-4,551.65
19788-4,569.85
19789-4,443.10
197810-4,201.50
197811-4,282.29
197812-4,461.52
19791-4,414.36
19792-4,517.71
19793-4,627.53
19794-4,539.93
19795-4,649.69
19796-4,715.75
19797-4,952.22
19798-5,028.50
19799-4,859.92
197910-4,844.25
197911-5,057.59
197912-5,225.12
19801-5,454.81
19802-4,976.00
19803-4,918.17
19804-5,165.86
19805-5,520.38
19806-5,794.71
19807-5,997.79
19808-6,167.88
19809-6,372.95
198010-6,667.04
198011-6,584.05
198012-6,584.71
19811-6,382.55
19812-6,646.99
19813-6,732.99
19814-6,624.10
19815-6,680.91
19816-6,546.21
19817-6,598.74
19818-6,050.87
19819-6,155.38
198110-6,342.74
198111-6,417.54
198112-6,109.23
19821-5,992.31
19822-5,827.85
19823-6,146.59
19824-6,181.61
19825-5,855.80
19826-5,870.08
19827-5,916.68
19828-6,632.39
19829-7,221.44
198210-7,546.40
198211-7,648.69
198212-7,948.95
19831-8,118.27
19832-8,432.09
19833-8,786.02
19834-9,174.71
19835-9,335.59
19836-9,401.70
19837-9,175.38
19838-9,479.44
19839-9,540.86
198310-9,431.96
198311-9,419.87
198312-9,568.32
19841-9,079.17
19842-9,119.34
19843-9,165.59
19844-9,142.44
19845-8,973.46
19846-8,891.94
19847-9,710.58
19848-9,847.21
19849-9,806.60
198410-9,932.70
198411-9,862.42
198412-10,325.72
19851-10,923.30
19852-10,871.05
19853-10,982.45
19854-11,282.89
19855-11,566.20
19856-11,826.12
19857-11,607.89
19858-11,389.08
19859-11,559.41
198510-12,301.59
198511-12,952.90
198512-13,050.27
19861-13,793.77
19862-14,646.61
19863-15,048.14
19864-15,122.15
19865-15,595.96
19866-15,314.62
19867-15,663.93
19868-15,279.18
19869-15,265.45
198610-15,804.77
198611-16,074.87
198612-17,147.60
19871-18,255.66
19872-19,054.60
19873-18,891.42
19874-18,924.07
19875-19,775.35
19876-20,392.76
19877-21,708.91
19878-21,051.04
19879-18,555.67
198710-16,272.69
198711-16,055.50
198712-16,737.30
19881-17,294.42
19882-17,853.38
19883-17,695.20
19884-17,307.98
19885-18,346.15
19886-18,289.84
19887-17,975.53
19888-18,321.95
19889-19,018.48
198810-18,634.26
198811-19,067.68
198812-19,737.46
19891-20,388.77
19892-20,355.81
19893-21,081.46
19894-21,949.02
19895-22,693.67
19896-23,329.13
19897-24,423.44
19898-24,534.70
19899-24,604.93
198910-24,158.71
198911-24,819.86
198912-24,271.04
19901-23,657.67
19902-24,298.12
19903-24,345.74
19904-25,283.27
19905-26,084.74
19906-26,129.02
19907-24,074.95
19908-23,029.85
19909-22,496.53
199010-23,167.78
199011-24,230.40
199012-24,064.38
19911-26,857.48
19912-27,675.18
19913-28,300.32
19914-28,249.70
19915-28,347.73
19916-28,568.98
19917-29,334.32
19918-29,245.41
19919-29,298.53
199110-29,303.16
199111-29,577.18
199112-31,753.48
19921-31,562.69
19922-31,243.16
19923-31,325.73
19924-31,973.66
19925-31,548.69
19926-32,151.94
19927-32,454.72
19928-32,577.46
19929-32,192.38
199210-33,079.89
199211-34,162.00
199212-34,210.82
19931-34,800.70
19932-35,548.96
19933-35,071.99
19934-35,326.16
19935-35,631.80
19936-35,653.54
19937-36,281.92
19938-36,773.53
19939-37,230.22
199310-37,233.03
199311-37,563.35
199312-38,215.41
19941-38,186.48
19942-37,642.77
19943-36,383.10
19944-36,768.12
19945-37,175.55
19946-36,982.65
19947-38,122.49
19948-38,434.13
19949-38,263.48
199410-38,121.95
199411-37,730.93
199412-38,655.78
19951-40,132.08
19952-41,158.73
19953-42,482.21
19954-43,904.41
19955-45,299.88
19956-46,906.88
19957-47,147.57
19958-48,900.36
19959-49,346.61
199510-50,510.39
199511-52,222.26
199512-52,307.16
19961-55,395.58
19962-55,284.40
19963-55,393.34
19964-56,697.75
19965-57,422.69
19966-55,426.35
19967-57,131.13
19968-58,287.31
19969-60,688.45
199610-63,754.48
199611-64,518.40
199612-66,620.12
19971-69,525.53
19972-69,091.91
19973-66,739.16
19974-72,891.06
19975-76,781.13
19976-81,185.24
19977-81,467.59
19978-82,438.69
19979-83,795.12
199710-82,829.76
199711-85,012.01
199712-85,213.56
19981-90,669.07
19982-95,486.20
19983-98,738.15
19984-98,519.09
19985-98,633.83
19986-103,040.46
19987-95,857.50
19988-91,161.97
19989-92,338.74
199810-102,472.34
199811-106,677.92
199812-112,062.68
19991-111,987.93
19992-115,261.91
19993-120,160.56
19994-120,041.81
19995-119,307.43
19996-124,702.97
19997-119,996.20
19998-119,278.60
19999-117,760.82
199910-126,128.84
199911-129,671.46
199912-129,517.24
20001-126,307.70
20002-131,285.43
20003-133,155.81
20004-129,375.79
20005-133,468.57
20006-134,603.51
20007-135,868.39
20008-134,401.49
20009-127,393.49
200010-126,409.29
200011-122,212.41
200012-122,768.48
20011-120,145.83
20012-109,236.71
20013-109,726.85
20014-117,275.32
20015-114,474.02
20016-111,428.75
20017-109,149.10
20018-96,872.74
20019-99,957.20
200110-105,008.19
200111-106,547.66
200112-106,230.48
20021-102,668.82
20022-107,746.07
20023-103,959.40
20024-101,027.36
20025-95,045.57
20026-84,820.10
20027-85,786.02
20028-81,704.55
20029-80,587.62
200210-85,927.01
200211-85,037.61
200212-84,848.39
20031-79,405.51
20032-80,444.05
20033-84,696.21
20034-89,195.45
20035-94,283.32
20036-94,845.16
20037-94,687.41
20038-97,680.65
20039-99,661.44
200310-100,867.93
200311-103,958.33
200312-109,088.64
20041-110,274.06
20042-108,548.06
20043-109,598.95
20044-106,788.56
20045-109,840.23
20046-107,381.15
20047-105,891.16
20048-108,837.71
20049-108,949.37
200410-114,150.50
200411-117,263.90
200412-115,681.75
20051-117,626.60
20052-117,325.96
20053-114,499.67
20054-116,029.24
20055-118,559.49
20056-120,702.79
20057-121,076.99
20058-121,415.64
20059-118,229.42
200510-122,913.13
200511-125,548.55
200512-127,390.06
20061-127,368.86
20062-129,261.74
20063-130,293.67
20064-129,268.74
20065-125,770.99
20066-126,676.60
20067-129,579.72
20068-132,859.61
20069-137,663.69
200610-140,419.23
200611-143,435.81
200612-144,429.57
20071-146,734.73
20072-143,104.68
20073-149,086.82
20074-154,143.48
20075-154,675.12
20076-155,563.92
20077-149,028.51
20078-153,610.75
20079-158,206.22
200710-150,602.34
200711-152,467.13
200712-142,350.64
20081-140,124.32
20082-136,443.77
20083-142,234.17
20084-145,879.07
20085-139,684.19
20086-131,193.53
20087-133,962.42
20088-127,468.54
20089-101,728.07
200810-92,974.02
200811-92,647.48
200812-91,632.47
20091-85,490.80
20092-80,628.56
20093-90,563.41
20094-96,594.77
20095-99,365.94
20096-100,635.49
20097-108,807.84
20098-112,779.70
20099-115,489.91
200910-117,908.65
200911-120,533.13
200912-122,168.72
20101-118,627.70
20102-125,677.78
20103-130,815.40
20104-123,120.32
20105-118,757.47
20106-118,568.56
20107-119,592.53
20108-123,624.18
20109-129,283.00
201010-132,503.33
201011-137,424.16
201012-142,182.05
20111-146,662.01
20112-145,030.45
20113-148,251.55
20114-149,228.88
20115-143,763.22
20116-148,222.38
20117-132,806.29
20118-131,758.12
20119-135,735.78
201110-138,134.39
201111-140,282.04
201112-146,991.11
20121-153,109.77
20122-157,525.21
20123-157,465.02
20124-152,597.85
20125-150,839.30
20126-155,245.44
20127-160,504.70
20128-165,353.81
20129-164,994.77
201210-160,313.05
201211-163,800.72
201212-170,792.98
20131-174,777.62
20132-179,535.86
20133-182,145.94
20134-190,477.78
20135-188,348.67
20136-194,478.43
20137-194,969.55
20138-197,294.49
20139-201,472.30
201310-209,249.12
201311-212,433.19
201312-214,489.13
20141-214,210.22
20142-220,041.60
20143-220,485.47
20144-223,863.39
20145-231,018.77
20146-234,474.40
20147-233,473.31
20148-237,624.55
20149-231,335.61
201410-244,534.82
201411-246,084.90
201412-243,353.24
20151-250,233.81
20152-250,372.34
20153-252,571.64
20154-255,044.07
20155-253,933.36
20156-253,731.15
20157-247,579.70
20158-236,421.04
20159-246,627.62
201510-253,859.90
201511-251,059.90
201512-234,942.81
20161-233,650.84
20162-248,517.40
20163-255,553.58
20164-254,775.76
20165-257,492.92
20166-265,983.59
20167-269,173.42
20168-267,992.63
20169-266,636.64
201610-269,839.37
201611-280,487.14
201612-284,519.52
20171-291,850.01
20172-296,955.22
20173-296,497.89
20174-301,515.74
20175-306,871.95
20176-309,903.49
20177-310,671.45
20178-315,807.67
20179-324,444.37
201710-329,601.64
201711-339,105.66
201712-355,592.63
20181-345,327.78
20182-345,550.79
20183-339,800.92
20184-346,466.53
20185-353,787.26
20186-359,379.73
20187-368,187.42
20188-374,372.04
20189-359,962.51
201810-352,489.30
201811-332,882.04
201812-338,659.66
20191-358,399.81
20192-365,381.51
20193-378,985.47
20194-373,180.21
20195-378,422.46
20196-392,905.99
20197-380,590.69
20198-392,332.77
20199-392,371.23
201910-409,767.77
201911-419,886.24
201912-433,937.31
20201-434,467.04
20202-352,275.83
20203-367,489.27
20204-389,124.70
20205-414,450.00
20206-428,858.08
20207-454,132.85
20208-451,285.43
20209-459,074.62
202010-477,226.97
202011-497,557.22
202012-511,465.44
20211-524,208.74
20212-528,514.37
20213-560,338.79
20214-564,598.66
20215-574,820.29
20216-592,456.93
20217-605,403.07
20218-604,891.51
20219-607,626.69
202110-636,457.02
202111-638,146.20
202112-625,051.74
20221-606,909.18
20222-601,492.01
20223-602,203.58
20224-554,793.72
20225-536,100.58
20226-527,545.18
Click to show 1122 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.

Email · LinkedIn · Twitter


S&P 500 from 1928 to 2022
Start Value
Average monthly close
$17.53
End Value
Average monthly close
$3,831.39
Change in price+21,756.19%
+5.90% / yr
Change incl. dividends+697,865.65%
+9.82% / yr
Change incl. dividends, inflation-adjusted+40,184.10%
+6.55% / yr
Final amount, nominal
($100 base)
$697,965.65
Final amount, inflation-adjusted
($100 base)
$40,284.10