S&P 500: $100 in 1939 → $544,500.27 in 2022

$

Stock market returns since 1939

If you invested $100 in the S&P 500 at the beginning of 1939, you would have about $544,500.27 at the end of 2022, assuming you reinvested all dividends. This is a return on investment of 544,400.27%, or 10.85% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 25,454.68% cumulatively, or 6.86% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $563,987.08.

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 $544,400.27, or 544,400.27%. This means by 2022 you would have $544,500.27 in your pocket.

However, it's important to take into account the effect of inflation when considering an investment and especially a long-term investment. You can convert S&P returns to their real (inflation-adjusted) value using an inflation calculation based on the U.S. Bureau of Labor Statistics Consumer Price Index (CPI).

In the case of the returns described above, the CPI in 1939 was 13.900 and the CPI in 2022 was 296.171.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 83 years.

Adjusted for inflation, the $544,500.27 nominal end value of the original $100 investment would have a real return of roughly $25,454.68 in 1939 dollars. This means the inflation-adjusted return is 25,454.68% as opposed to the original 544,400.27%.

For more information on inflation, see our U.S. inflation calculator for 1939.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 1002-month period between 1939 and 2022.

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

YearMonthReturn (%)Amount ($)CPI
19391-0.46%99.5414.00
193920.27%99.8113.90
19393-12.24%87.5913.90
193944.10%91.1813.80
193952.17%93.1613.80
193962.84%95.8013.80
19397-1.07%94.7813.80
1939811.06%105.2613.80
193991.38%106.7114.10
193910-1.41%105.2114.00
193911-1.97%103.1314.00
193912-0.15%102.9814.00
19401-0.23%102.7513.90
19402-0.15%102.6014.00
194031.42%104.0514.00
19404-13.34%90.1714.00
19405-8.09%82.8714.00
194063.87%86.0814.10
194072.65%88.3614.00
194084.76%92.5614.00
194091.47%93.9214.00
1940102.85%96.6014.00
194011-3.59%93.1314.00
1940120.72%93.8014.10
19411-5.72%88.4314.10
194121.18%89.4714.10
19413-2.55%87.1914.20
19414-1.59%85.8114.30
194154.11%89.3314.40
194165.71%94.4414.70
194170.08%94.5114.70
194180.86%95.3214.90
19419-3.43%92.0515.10
194110-4.08%88.2915.30
194111-5.88%83.1015.40
1941122.62%85.2715.50
19421-2.48%83.1615.70
19422-4.76%79.2015.80
19423-3.45%76.4616.00
194241.87%77.8916.10
194255.75%82.3716.30
194264.38%85.9816.30
194270.05%86.0216.40
194281.66%87.4516.50
194297.97%94.4216.50
1942102.15%96.4516.70
1942111.06%97.4716.80
1942126.50%103.8116.90
194316.43%110.4916.90
194324.01%114.9216.90
194333.79%119.2717.20
194344.36%124.4817.40
194352.18%127.1917.50
194362.47%130.3417.50
19437-4.54%124.4217.40
194382.55%127.6017.30
19439-0.50%126.9617.40
194310-4.21%121.6217.40
1943111.77%123.7717.40
1943123.67%128.3117.40
19441-0.24%128.0017.40
194423.24%132.1417.40
19443-1.31%130.4117.40
194442.20%133.2917.50
194455.14%140.1417.50
194463.02%144.3717.60
19447-1.06%142.8517.70
19448-1.23%141.1017.70
194492.88%145.1717.70
194410-0.28%144.7517.70
1944112.60%148.5217.70
1944123.38%153.5417.80
194513.73%159.2817.80
194520.31%159.7817.80
194532.90%164.4117.80
194544.16%171.2517.80
194552.19%175.0017.90
19456-1.70%172.0318.10
194570.71%173.2518.10
194587.18%185.6918.10
194594.51%194.0718.10
1945103.61%201.0718.10
1945112.02%205.1418.10
1945124.30%213.9618.20
194610.59%215.2118.20
19462-2.68%209.4518.10
194636.77%223.6218.30
194640.52%224.7818.40
19465-0.34%224.0218.50
19466-2.55%218.3218.70
19467-1.62%214.7719.80
19468-14.42%183.8020.20
19469-1.87%180.3520.40
194610-0.01%180.3320.80
1946113.39%186.4521.30
1946120.92%188.1721.50
194714.27%196.2021.50
19472-3.67%189.0021.50
19473-3.30%182.7621.90
19474-1.36%180.2721.90
194753.92%187.3421.90
194766.69%199.8822.00
19477-1.56%196.7622.20
19478-2.17%192.5022.50
194793.03%198.3323.00
194710-0.73%196.8823.00
194711-1.12%194.6723.10
194712-0.86%192.9923.40
19481-4.45%184.4023.70
194821.92%187.9423.50
194838.19%203.3323.40
194845.33%214.1623.80
194854.59%223.9923.90
19486-1.96%219.6024.10
19487-2.49%214.1424.40
19488-0.68%212.6924.50
194893.19%219.4724.50
194810-5.10%208.2724.40
194811-0.16%207.9524.20
1948121.63%211.3324.10
19491-3.33%204.3024.00
194921.49%207.3523.80
194930.41%208.2123.80
19494-0.18%207.8323.90
19495-4.91%197.6223.80
194966.26%209.9923.90
194974.17%218.7523.70
194981.87%222.8423.80
194993.14%229.8523.90
1949101.95%234.3223.70
1949113.24%241.9223.80
1949122.63%248.2823.60
195012.52%254.5423.50
195021.38%258.0423.50
195033.39%266.7823.60
195043.91%277.2223.60
195052.16%283.2323.70
19506-6.72%264.1823.80
195076.64%281.7224.10
195084.11%293.2924.30
195094.72%307.1424.40
1950100.38%308.2924.60
1950110.19%308.8924.70
1950128.01%333.6525.00
195114.31%348.0225.40
19512-1.11%344.1525.70
195131.93%350.7825.80
195140.63%352.9825.80
19515-1.15%348.9425.90
195162.37%357.2025.90
195174.97%374.9425.90
195183.14%386.6925.90
195190.03%386.8026.10
195110-2.25%378.0926.20
1951113.61%391.7526.40
1951123.83%406.7726.50
19521-1.33%401.3526.50
195220.75%404.3626.30
195230.20%405.1826.30
195240.46%407.0426.40
195253.24%420.2526.40
195263.37%434.4026.50
195270.88%438.2226.70
19528-1.11%433.3726.70
19529-1.61%426.3826.70
1952103.67%442.0226.70
1952114.51%461.9526.70
1952120.99%466.5226.70
19531-0.77%462.9126.60
195320.96%467.3426.50
19533-4.47%446.4426.60
195341.00%450.9226.60
19535-3.11%436.9026.70
195361.91%445.2626.80
195370.90%449.2726.80
19538-4.11%430.8226.90
195393.52%445.9726.90
1953102.71%458.0427.00
1953111.84%466.4626.90
1953123.02%480.5626.90
195412.68%493.4226.90
195422.58%506.1726.90
195434.45%528.6926.90
195444.42%552.0726.80
195451.22%558.8326.90
195464.46%583.7426.90
195472.39%597.7126.90
195482.74%614.0926.90
195492.71%630.7326.80
1954104.30%657.8726.80
1954114.95%690.4526.80
1954122.17%705.4326.70
195513.70%731.5626.70
19552-0.44%728.3726.70
195533.81%756.1126.70
19554-0.08%755.5126.70
195556.15%801.9426.70
195567.64%863.2426.70
19557-0.30%860.6626.80
195584.82%902.1126.80
19559-4.72%859.4926.90
1955107.07%920.2226.90
1955111.24%931.6026.90
195512-2.39%909.3626.80
195610.95%917.9926.80
195627.21%984.1426.80
195631.48%998.7426.80
19564-2.84%970.3926.90
19565-0.26%967.8427.00
195665.75%1,023.4827.20
19567-0.28%1,020.5727.40
19568-3.09%989.0527.30
19569-0.95%979.6227.40
195610-0.71%972.6427.50
1956111.81%990.2327.50
195612-1.86%971.7927.60
19571-4.00%932.9627.60
195721.62%948.0727.70
195732.64%973.1427.80
195744.16%1,013.6327.90
195751.95%1,033.4328.00
195762.32%1,057.4328.10
19577-5.21%1,002.3928.30
19578-3.74%964.9128.30
19579-5.90%908.0128.30
195710-1.80%891.6628.30
1957110.32%894.5028.40
1957122.33%915.3328.40
195810.70%921.7528.60
195822.42%944.0528.60
195830.90%952.5128.80
195843.56%986.4028.90
195852.74%1,013.3828.90
195863.07%1,044.5028.90
195874.05%1,086.8529.00
195882.94%1,118.8428.90
195894.36%1,167.6128.90
1958103.33%1,206.4528.90
1958112.16%1,232.5429.00
1958124.25%1,284.9828.90
19591-1.27%1,268.7229.00
195922.81%1,304.3328.90
195931.94%1,329.5828.90
195941.77%1,353.0629.00
19595-0.61%1,344.8529.00
195964.23%1,401.7129.10
19597-0.32%1,397.2429.20
19598-3.70%1,345.5029.20
195990.18%1,347.8829.30
1959100.67%1,356.9029.40
1959113.46%1,403.8929.40
195912-1.49%1,383.0329.40
19601-3.61%1,333.1129.30
19602-1.08%1,318.7429.40
196031.58%1,339.6329.40
19604-0.62%1,331.2729.50
196053.99%1,384.3629.50
19606-2.20%1,353.9629.60
196071.49%1,374.1429.60
19608-2.72%1,336.7529.60
19609-1.67%1,314.3829.60
1960103.54%1,360.9229.80
1960112.69%1,397.5329.80
1960125.43%1,473.3829.80
196114.37%1,537.8329.80
196123.40%1,590.0729.80
196132.92%1,636.4829.80
196141.26%1,657.1529.80
19615-1.08%1,639.2529.80
19616-0.03%1,638.8029.80
196173.84%1,701.7130.00
19618-0.54%1,692.4929.90
196191.34%1,715.2230.00
1961104.77%1,797.0730.00
1961111.16%1,817.9730.00
196112-3.49%1,754.5830.00
196211.91%1,788.0830.00
196220.34%1,794.1830.10
19623-2.94%1,741.3430.10
19624-7.19%1,616.2230.20
19625-11.41%1,431.7730.20
196262.72%1,470.6830.20
196273.02%1,515.1330.30
19628-0.59%1,506.1430.30
19629-2.86%1,463.1230.40
1962107.20%1,568.4830.40
1962114.62%1,641.0030.40
1962124.15%1,709.0530.40
196311.60%1,736.3230.40
19632-0.11%1,734.4430.40
196334.98%1,820.7830.50
196342.27%1,862.1130.50
196350.22%1,866.1430.50
19636-1.22%1,843.3430.60
196373.03%1,899.2130.70
196382.89%1,954.1730.70
196390.50%1,963.9430.70
196310-0.31%1,957.9230.80
1963112.39%2,004.7830.80
1963123.33%2,071.5430.90
196411.48%2,102.2030.90
196422.07%2,145.7330.90
196431.69%2,182.0630.90
196441.22%2,208.6930.90
19645-0.35%2,200.9530.90
196463.96%2,288.1331.00
19647-1.23%2,260.0831.10
196481.97%2,304.5031.00
196491.97%2,349.9131.10
1964100.94%2,371.9331.10
196411-1.49%2,336.5831.20
1964122.82%2,402.4931.20
196510.98%2,425.9131.20
196520.34%2,434.0531.20
196531.56%2,471.9731.30
196541.73%2,514.7931.40
19655-4.51%2,401.4431.40
196560.10%2,403.9231.60
196572.12%2,454.8431.60
196583.60%2,543.1231.60
196592.50%2,606.6231.60
1965101.08%2,634.6731.70
196511-0.21%2,629.0931.70
1965121.98%2,681.1631.80
19661-0.43%2,669.6231.80
19662-3.86%2,566.5132.00
196633.32%2,651.7432.10
19664-5.01%2,518.9532.30
19665-0.56%2,504.8632.30
196660.02%2,505.3232.40
19667-5.77%2,360.7832.50
19668-3.22%2,284.6532.70
19669-0.56%2,271.7532.70
1966105.32%2,392.5232.90
1966110.72%2,409.6432.90
1966124.13%2,509.1732.90
196713.73%2,602.7632.90
196722.63%2,671.3132.90
196731.99%2,724.5433.00
196742.06%2,780.6033.10
19675-0.99%2,753.0233.20
196761.99%2,807.8733.30
196771.85%2,859.8633.40
196781.65%2,907.1633.50
196790.10%2,910.0033.60
196710-2.88%2,826.1433.70
1967113.11%2,914.0833.80
196712-0.02%2,913.5733.90
19681-4.26%2,789.5434.10
19682-1.56%2,746.0434.20
196837.66%2,956.4434.30
196842.56%3,032.0634.40
196852.94%3,121.2234.50
196860.05%3,122.7534.70
19687-1.93%3,062.3634.90
196883.51%3,169.7735.00
196892.72%3,255.9035.10
1968101.79%3,314.0435.30
1968111.29%3,356.6435.40
196812-3.99%3,222.8735.50
19691-0.24%3,215.1835.60
19692-1.91%3,153.6535.80
196932.27%3,225.3736.10
196943.51%3,338.7036.30
19695-4.97%3,172.7236.40
19696-4.21%3,039.3036.60
19697-0.28%3,030.6836.80
196980.63%3,049.7337.00
196991.35%3,090.7937.10
1969101.00%3,121.6237.30
196911-5.03%2,964.6837.50
196912-0.59%2,947.2237.70
19701-3.20%2,853.0237.80
197022.01%2,910.4338.00
19703-2.75%2,830.4638.20
19704-11.20%2,513.4838.50
19705-0.27%2,506.6938.60
197060.52%2,519.7938.80
197073.26%2,601.8339.00
197086.32%2,766.3039.00
197092.49%2,835.1739.20
1970100.21%2,841.0339.40
1970117.16%3,044.4039.60
1970124.11%3,169.5539.80
197114.15%3,301.1239.80
197122.83%3,394.6039.90
197133.67%3,519.3140.00
19714-1.11%3,480.3240.10
19715-1.60%3,424.7840.30
19716-0.46%3,408.9240.60
19717-1.52%3,357.2140.70
197182.49%3,440.6840.80
19719-1.86%3,376.5640.80
197110-4.37%3,228.9540.90
1971117.16%3,460.2640.90
1971124.42%3,613.2941.10
197212.09%3,688.7041.10
197222.62%3,785.3341.30
197231.26%3,832.9841.40
19724-0.78%3,803.2441.50
197250.52%3,822.8741.60
19726-0.50%3,803.6141.70
197273.78%3,947.5341.90
19728-1.21%3,899.7442.00
197290.42%3,916.0242.10
1972105.25%4,121.7842.30
1972112.31%4,217.0542.40
1972120.99%4,258.7742.50
19731-3.33%4,117.1742.60
19732-1.35%4,061.7742.90
19733-1.63%3,995.4343.30
19734-2.57%3,892.7643.60
19735-1.99%3,815.3043.90
197361.21%3,861.4844.20
19737-1.64%3,798.3344.30
197382.00%3,874.1145.10
197394.24%4,038.1945.20
197310-6.85%3,761.4645.60
197311-6.81%3,505.4845.90
1973121.70%3,565.0946.20
19741-2.47%3,476.9346.60
197424.57%3,635.9947.20
19743-4.82%3,460.8647.80
19744-2.71%3,367.2248.00
197450.46%3,382.6148.60
19746-11.35%2,998.7949.00
19747-3.76%2,885.9049.40
19748-10.01%2,596.9150.00
197492.38%2,658.6450.60
1974103.74%2,758.1751.10
197411-6.09%2,590.1451.50
1974128.63%2,813.7451.90
1975110.81%3,117.8452.10
197524.97%3,272.9152.50
197531.49%3,321.5852.70
197546.71%3,544.5552.90
197552.89%3,647.1553.20
197560.43%3,662.9053.60
19757-7.00%3,406.6454.20
19758-0.85%3,377.5954.30
197594.97%3,545.5054.60
1975102.04%3,617.8954.90
197511-1.18%3,575.2155.30
1975129.55%3,916.4755.50
197614.18%4,080.1155.60
197620.80%4,112.8555.80
197631.10%4,157.9055.90
19764-0.38%4,141.9656.10
197650.90%4,179.2756.50
197662.67%4,290.6656.80
19767-0.56%4,266.6057.10
197682.44%4,370.6257.40
19769-3.11%4,234.7757.60
197610-0.37%4,219.2457.90
1976113.79%4,379.0158.00
197612-0.54%4,355.4858.20
19771-2.37%4,252.3258.50
19772-0.05%4,250.0159.10
19773-1.19%4,199.2859.50
197740.06%4,201.9960.00
197750.90%4,239.8060.30
197761.28%4,294.1760.70
19777-2.08%4,204.9161.00
19778-1.18%4,155.4961.20
19779-2.20%4,064.1661.40
1977100.98%4,104.0361.60
197711-0.08%4,100.7461.90
197712-3.39%3,961.7162.10
19781-0.97%3,923.2162.50
197820.27%3,933.6362.90
197834.83%4,123.6263.40
197845.50%4,350.6063.90
197850.67%4,379.9064.50
19786-0.06%4,377.1865.20
197877.33%4,697.9465.70
197880.40%4,716.7266.00
19789-2.77%4,585.9066.50
197810-5.44%4,336.5467.10
1978111.92%4,419.9267.40
1978124.19%4,604.9167.70
19791-1.06%4,556.2468.30
197922.34%4,662.9069.10
197932.43%4,776.2569.80
19794-1.89%4,685.8470.60
197952.42%4,799.1371.50
197961.42%4,867.3172.30
197975.01%5,111.3873.10
197981.54%5,190.1273.80
19799-3.35%5,016.1274.60
197910-0.32%4,999.9475.20
1979114.40%5,220.1475.90
1979123.31%5,393.0576.70
198014.40%5,630.1377.80
19802-8.78%5,135.9278.90
19803-1.16%5,076.2480.10
198045.04%5,331.8981.00
198056.86%5,697.8081.80
198064.97%5,980.9582.70
198073.50%6,190.5682.70
198082.84%6,366.1183.30
198093.32%6,577.7784.00
1980104.61%6,881.3284.80
198011-1.24%6,795.6685.50
1980120.01%6,796.3486.30
19811-3.07%6,587.6887.00
198124.14%6,860.6387.90
198131.29%6,949.3988.50
19814-1.62%6,837.0089.10
198150.86%6,895.6389.80
19816-2.02%6,756.6090.60
198170.80%6,810.8291.60
19818-8.30%6,245.3492.30
198191.73%6,353.2293.20
1981103.04%6,546.5993.40
1981111.18%6,623.8093.70
198112-4.80%6,305.5894.00
19821-1.91%6,184.9094.30
19822-2.74%6,015.1594.60
198235.47%6,344.1494.50
198240.57%6,380.2894.90
19825-5.27%6,044.0095.80
198260.24%6,058.7497.00
198270.79%6,106.8497.50
1982812.10%6,845.5597.70
198298.88%7,453.5397.90
1982104.50%7,788.9398.20
1982111.36%7,894.5198.00
1982123.93%8,204.4397.60
198312.13%8,379.1997.80
198323.87%8,703.0997.90
198334.20%9,068.4097.90
198344.42%9,469.5898.60
198351.75%9,635.6399.20
198360.71%9,703.8799.50
19837-2.41%9,470.2899.90
198383.31%9,784.11100.20
198390.65%9,847.50100.70
198310-1.14%9,735.10101.00
198311-0.13%9,722.62101.20
1983121.58%9,875.85101.30
19841-5.11%9,370.98101.90
198420.44%9,412.43102.40
198430.51%9,460.17102.60
19844-0.25%9,436.27103.10
19845-1.85%9,261.86103.40
19846-0.91%9,177.72103.70
198479.21%10,022.68104.10
198481.41%10,163.69104.50
19849-0.41%10,121.78105.00
1984101.29%10,251.93105.30
198411-0.71%10,179.40105.30
1984124.70%10,657.58105.30
198515.79%11,274.37105.50
19852-0.48%11,220.44106.00
198531.02%11,335.42106.40
198542.74%11,645.52106.90
198552.51%11,937.93107.30
198562.25%12,206.20107.60
19857-1.85%11,980.96107.80
19858-1.88%11,755.12108.00
198591.50%11,930.93108.30
1985106.42%12,696.95108.70
1985115.29%13,369.20109.00
1985120.75%13,469.70109.30
198615.70%14,237.10109.60
198626.18%15,117.35109.30
198632.74%15,531.78108.80
198640.49%15,608.17108.60
198653.13%16,097.21108.90
19866-1.80%15,806.83109.50
198672.28%16,167.36109.50
19868-2.46%15,770.25109.70
19869-0.09%15,756.08110.20
1986103.53%16,312.73110.30
1986111.71%16,591.51110.40
1986126.67%17,698.72110.50
198716.46%18,842.39111.20
198724.38%19,667.01111.60
19873-0.86%19,498.58112.10
198740.17%19,532.28112.70
198754.50%20,410.93113.10
198763.12%21,048.17113.50
198776.45%22,406.63113.80
19878-3.03%21,727.61114.40
19879-11.85%19,152.04115.00
198710-12.30%16,795.69115.30
198711-1.33%16,571.52115.40
1987124.25%17,275.23115.40
198813.33%17,850.25115.70
198823.23%18,427.18116.00
19883-0.89%18,263.91116.50
19884-2.19%17,864.25117.10
198856.00%18,935.78117.50
19886-0.31%18,877.67118.00
19887-1.72%18,553.26118.50
198881.93%18,910.81119.00
198893.80%19,629.72119.80
198810-2.02%19,233.16120.20
1988112.33%19,680.51120.30
1988123.51%20,371.82120.50
198913.30%21,044.06121.10
19892-0.16%21,010.04121.60
198933.56%21,759.00122.30
198944.12%22,654.45123.10
198953.39%23,423.03123.80
198962.80%24,078.92124.10
198974.69%25,208.40124.40
198980.46%25,323.24124.60
198990.29%25,395.72125.00
198910-1.81%24,935.16125.60
1989112.74%25,617.56125.90
198912-2.21%25,051.10126.10
19901-2.53%24,418.01127.40
199022.71%25,079.05128.00
199030.20%25,128.20128.70
199043.85%26,095.87128.90
199053.17%26,923.10129.20
199060.17%26,968.79129.90
19907-7.86%24,848.71130.40
19908-4.34%23,770.02131.60
19909-2.32%23,219.56132.70
1990102.98%23,912.39133.50
1990114.59%25,009.15133.80
199012-0.69%24,837.80133.80
1991111.61%27,720.66134.60
199123.04%28,564.65134.80
199132.26%29,209.88135.00
19914-0.18%29,157.63135.20
199150.35%29,258.81135.60
199160.78%29,487.17136.00
199172.68%30,277.11136.20
19918-0.30%30,185.34136.60
199190.18%30,240.17137.20
1991100.02%30,244.95137.40
1991110.94%30,527.78137.80
1991127.36%32,774.02137.90
19921-0.60%32,577.10138.10
19922-1.01%32,247.30138.60
199230.26%32,332.53139.30
199242.07%33,001.28139.50
19925-1.33%32,562.65139.70
199261.91%33,185.29140.20
199270.94%33,497.81140.50
199280.38%33,624.49140.90
19929-1.18%33,227.03141.30
1992102.76%34,143.07141.80
1992113.27%35,259.96142.00
1992120.14%35,310.34141.90
199311.72%35,919.18142.60
199322.15%36,691.49143.10
19933-1.34%36,199.19143.60
199340.72%36,461.53144.00
199350.87%36,776.99144.20
199360.06%36,799.43144.40
199371.76%37,448.00144.40
199381.35%37,955.41144.80
199391.24%38,426.78145.10
1993100.01%38,429.68145.70
1993110.89%38,770.62145.80
1993121.74%39,443.64145.80
19941-0.08%39,413.78146.20
19942-1.42%38,852.60146.70
19943-3.35%37,552.44147.20
199441.06%37,949.84147.40
199451.11%38,370.36147.50
19946-0.52%38,171.26148.00
199473.08%39,347.73148.40
199480.82%39,669.38149.00
19949-0.44%39,493.25149.40
199410-0.37%39,347.17149.50
199411-1.03%38,943.58149.70
1994122.45%39,898.16149.70
199513.82%41,421.91150.30
199522.56%42,481.55150.90
199533.22%43,847.57151.40
199543.35%45,315.48151.90
199553.18%46,755.80152.20
199563.55%48,414.45152.50
199570.51%48,662.87152.50
199583.72%50,472.00152.90
199590.91%50,932.59153.20
1995102.36%52,133.77153.70
1995113.39%53,900.66153.60
1995120.16%53,988.29153.50
199615.90%57,175.97154.40
19962-0.20%57,061.22154.90
199630.20%57,173.66155.70
199642.35%58,520.00156.30
199651.28%59,268.23156.60
19966-3.48%57,207.73156.70
199673.08%58,967.30157.00
199682.02%60,160.64157.30
199694.12%62,638.95157.80
1996105.05%65,803.52158.30
1996111.20%66,592.00158.60
1996123.26%68,761.26158.60
199714.36%71,760.05159.10
19972-0.62%71,312.50159.60
19973-3.41%68,884.13160.00
199749.22%75,233.75160.20
199755.34%79,248.85160.10
199765.74%83,794.50160.30
199770.35%84,085.93160.50
199781.19%85,088.24160.80
199791.65%86,488.26161.20
199710-1.15%85,491.88161.60
1997112.63%87,744.26161.50
1997120.24%87,952.29161.30
199816.40%93,583.14161.60
199825.31%98,555.09161.90
199833.41%101,911.56162.20
19984-0.22%101,685.46162.50
199850.12%101,803.88162.80
199864.47%106,352.14163.00
19987-6.97%98,938.32163.20
19988-4.90%94,091.88163.40
199891.29%95,306.47163.60
19981010.97%105,765.77164.00
1998114.10%110,106.50164.00
1998125.05%115,664.33163.90
19991-0.07%115,587.17164.30
199922.92%118,966.38164.50
199934.25%124,022.47165.00
19994-0.10%123,899.90166.20
19995-0.61%123,141.92166.20
199964.52%128,710.88166.20
19997-3.77%123,852.83166.70
19998-0.60%123,112.17167.10
19999-1.27%121,545.60167.90
1999107.11%130,182.57168.20
1999112.81%133,839.05168.30
199912-0.12%133,679.87168.30
20001-2.48%130,367.18168.80
200023.94%135,504.89169.80
200031.42%137,435.38171.20
20004-2.84%133,533.88171.30
200053.16%137,758.19171.50
200060.85%138,929.61172.40
200070.94%140,235.15172.80
20008-1.08%138,721.10172.80
20009-5.21%131,487.86173.70
200010-0.77%130,472.03174.00
200011-3.32%126,140.27174.10
2000120.46%126,714.21174.00
20011-2.14%124,007.27175.10
20012-9.08%112,747.53175.80
200130.45%113,253.42176.20
200146.88%121,044.50176.90
20015-2.39%118,153.17177.70
20016-2.66%115,010.03178.00
20017-2.05%112,657.11177.50
20018-11.25%99,986.20177.50
200193.18%103,169.79178.30
2001105.05%108,383.11177.70
2001111.47%109,972.06177.40
200112-0.30%109,644.68176.70
20021-3.35%105,968.55177.10
200224.95%111,208.98177.80
20023-3.51%107,300.62178.80
20024-2.82%104,274.34179.80
20025-5.92%98,100.30179.80
20026-10.76%87,546.18179.90
200271.14%88,543.15180.10
20028-4.76%84,330.51180.70
20029-1.37%83,177.67181.00
2002106.63%88,688.67181.30
200211-1.04%87,770.69181.30
200212-0.22%87,575.38180.90
20031-6.41%81,957.57181.70
200321.31%83,029.49183.10
200335.29%87,418.31184.20
200345.31%92,062.16183.80
200355.70%97,313.55183.50
200360.60%97,893.44183.70
20037-0.17%97,730.62183.90
200383.16%100,820.06184.60
200392.03%102,864.52185.20
2003101.21%104,109.79185.00
2003113.06%107,299.51184.50
2003124.93%112,594.70184.30
200411.09%113,818.23185.20
20042-1.57%112,036.75186.20
200430.97%113,121.42187.40
20044-2.56%110,220.70188.00
200452.86%113,370.45189.10
20046-2.24%110,832.33189.70
20047-1.39%109,294.46189.40
200482.78%112,335.71189.50
200490.10%112,450.96189.90
2004104.77%117,819.26190.90
2004112.73%121,032.71191.00
200412-1.35%119,399.71190.30
200511.68%121,407.07190.70
20052-0.26%121,096.77191.80
20053-2.41%118,179.65193.30
200541.34%119,758.37194.60
200552.18%122,369.94194.40
200561.81%124,582.13194.50
200570.31%124,968.36195.40
200580.28%125,317.89196.40
20059-2.62%122,029.27198.80
2005103.96%126,863.51199.20
2005112.14%129,583.63197.60
2005121.47%131,484.32196.80
20061-0.02%131,462.45198.30
200621.49%133,416.16198.70
200630.80%134,481.26199.80
20064-0.79%133,423.38201.50
20065-2.71%129,813.22202.50
200660.72%130,747.93202.90
200672.29%133,744.36203.50
200682.53%137,129.66203.90
200693.62%142,088.15202.90
2006102.00%144,932.25201.80
2006112.15%148,045.78201.50
2006120.69%149,071.48201.80
200711.60%151,450.73202.42
20072-2.47%147,704.00203.50
200734.18%153,878.41205.35
200743.39%159,097.59206.69
200750.34%159,646.32207.95
200760.57%160,563.68208.35
20077-4.20%153,818.23208.30
200783.07%158,547.74207.92
200792.99%163,290.91208.49
200710-4.81%155,442.64208.94
2007111.24%157,367.36210.18
200712-6.64%146,925.73210.04
20081-1.56%144,627.86211.08
20082-2.63%140,829.01211.69
200834.24%146,805.52213.53
200842.56%150,567.56214.82
20085-4.25%144,173.59216.63
20086-6.08%135,410.04218.82
200872.11%138,267.91219.96
20088-4.85%131,565.33219.09
20089-20.19%104,997.57218.78
200810-8.61%95,962.16216.57
200811-0.35%95,625.13212.43
200812-1.10%94,577.50210.23
20091-6.70%88,238.44211.14
20092-5.69%83,219.93212.19
2009312.32%93,474.09212.71
200946.66%99,699.29213.24
200952.87%102,559.53213.86
200961.28%103,869.87215.69
200978.12%112,304.88215.35
200983.65%116,404.39215.83
200992.40%119,201.71215.97
2009102.09%121,698.19216.18
2009112.23%124,407.02216.33
2009121.36%126,095.18215.95
20101-2.90%122,440.34216.69
201025.94%129,717.02216.74
201034.09%135,019.76217.63
20104-5.88%127,077.36218.01
20105-3.54%122,574.29218.18
20106-0.16%122,379.31217.97
201070.86%123,436.19218.01
201083.37%127,597.42218.31
201094.58%133,438.11218.44
2010102.49%136,761.94218.71
2010113.71%141,840.91218.80
2010123.46%146,751.72219.18
201113.15%151,375.67220.22
20112-1.11%149,691.67221.31
201132.22%153,016.30223.47
201140.66%154,025.04224.91
20115-3.66%148,383.71225.96
201163.10%152,986.18225.72
20117-10.40%137,074.63225.92
20118-0.79%135,992.78226.55
201193.02%140,098.27226.89
2011101.77%142,573.98226.42
2011111.55%144,790.65226.23
2011124.78%151,715.35225.67
201214.16%158,030.66226.67
201222.88%162,588.01227.66
20123-0.04%162,525.88229.39
20124-3.09%157,502.29230.09
20125-1.15%155,687.21229.82
201262.92%160,234.97229.48
201273.39%165,663.25229.10
201283.02%170,668.22230.38
20129-0.22%170,297.63231.41
201210-2.84%165,465.45231.32
2012112.18%169,065.21230.22
2012124.27%176,282.20229.60
201312.33%180,394.90230.28
201322.72%185,306.07232.17
201331.45%188,000.03232.77
201344.57%196,599.66232.53
20135-1.12%194,402.12232.95
201363.25%200,728.89233.50
201370.25%201,235.79233.60
201381.19%203,635.46233.88
201392.12%207,947.54234.15
2013103.86%215,974.31233.55
2013111.52%219,260.70233.07
2013120.97%221,382.73233.05
20141-0.13%221,094.85233.92
201422.72%227,113.65234.78
201430.20%227,571.79236.29
201441.53%231,058.27237.07
201453.20%238,443.63237.90
201461.50%242,010.32238.34
20147-0.43%240,977.05238.25
201481.78%245,261.71237.85
20149-2.65%238,770.65238.03
2014105.71%252,394.07237.43
2014110.63%253,993.97236.15
201412-1.11%251,174.52234.81
201512.83%258,276.22233.71
201520.06%258,419.21234.72
201530.88%260,689.19236.12
201540.98%263,241.09236.60
20155-0.44%262,094.67237.81
20156-0.08%261,885.97238.64
20157-2.42%255,536.81238.65
20158-4.51%244,019.52238.32
201594.32%254,554.14237.95
2015102.93%262,018.86237.84
201511-1.10%259,128.87237.34
201512-6.42%242,493.78236.53
20161-0.55%241,160.28236.92
201626.36%256,504.65237.11
201632.83%263,766.97238.13
20164-0.30%262,964.15239.26
201651.07%265,768.64240.23
201663.30%274,532.20241.02
201671.20%277,824.55240.63
20168-0.44%276,605.81240.85
20169-0.51%275,206.24241.43
2016101.20%278,511.91241.73
2016113.95%289,501.88241.35
2016121.44%293,663.86241.43
201712.58%301,229.95242.84
201721.75%306,499.24243.60
20173-0.15%306,027.22243.80
201741.69%311,206.34244.52
201751.78%316,734.70244.73
201760.99%319,863.67244.96
201770.25%320,656.31244.79
201781.65%325,957.60245.52
201792.73%334,871.88246.82
2017101.59%340,194.90246.66
2017112.88%350,004.38246.67
2017124.86%367,021.23246.52
20181-2.89%356,426.48247.87
201820.06%356,656.66248.99
20183-1.66%350,721.99249.55
201841.96%357,601.83250.55
201852.11%365,157.84251.59
201861.58%370,930.05251.99
201872.45%380,020.82252.01
201881.68%386,404.21252.15
20189-3.85%371,531.57252.44
201810-2.08%363,818.17252.89
201811-5.56%343,580.74252.04
2018121.74%349,544.05251.23
201915.83%369,918.63251.71
201921.95%377,124.73252.78
201933.72%391,165.91254.20
20194-1.53%385,174.08255.55
201951.40%390,584.81256.09
201963.83%405,533.83256.14
20197-3.13%392,822.72256.57
201983.09%404,942.20256.56
201990.01%404,981.89256.76
2019104.43%422,937.54257.35
2019112.47%433,381.22257.21
2019123.35%447,883.88256.97
202010.12%448,430.64257.97
20202-18.92%363,597.84258.68
202034.32%379,300.23258.12
202045.89%401,631.02256.39
202056.51%427,770.26256.39
202063.48%442,641.41257.80
202075.89%468,728.50259.10
20208-0.63%465,789.56259.92
202091.73%473,829.10260.28
2020103.95%492,564.85260.39
2020114.26%513,548.51260.23
2020122.80%527,903.73260.47
202112.49%541,056.60261.58
202120.82%545,500.61263.01
202136.02%578,347.86264.88
202140.76%582,744.64267.05
202151.81%593,294.78269.20
202163.07%611,498.26271.70
202172.19%624,860.49273.00
20218-0.08%624,332.49273.57
202190.45%627,155.57274.31
2021104.74%656,912.50276.59
2021110.27%658,655.97277.95
202112-2.05%645,140.66278.80
20221-2.90%626,415.00281.15
20222-0.89%620,823.72283.72
202230.12%621,558.17287.50
20224-7.87%572,624.57289.11
20225-3.37%553,330.64292.30
20226-1.60%544,500.27296.31
Click to show 990 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 1939. This would result in a final amount of $563,987.08, including dividend reinvestments. In this particular case, dollar-cost average returns are greater than the returns of a lump-sum investment (which ends with $544,500.27).

YearMonthContribution ($)Amount ($)
193914.164.13
193924.168.29
193934.1610.92
193944.1615.68
193954.1620.25
193964.1625.09
193974.1628.92
193984.1636.72
193994.1641.43
1939104.1644.93
1939114.1648.11
1939124.1652.17
194014.1656.19
194024.1660.24
194034.1665.30
194044.1660.17
194054.1659.10
194064.1665.69
194074.1671.68
194084.1679.42
194094.1684.79
1940104.1691.46
1940114.1692.17
1940124.3297.16
19411-91.60
19412-92.67
19413-90.31
19414-88.88
19415-92.53
19416-97.82
19417-97.89
19418-98.73
19419-95.34
194110-91.45
194111-86.07
194112-88.32
19421-86.13
19422-82.03
19423-79.20
19424-80.68
19425-85.32
19426-89.06
19427-89.10
19428-90.58
19429-97.79
194210-99.90
194211-100.96
194212-107.52
19431-114.44
19432-119.04
19433-123.54
19434-128.93
19435-131.74
19436-135.00
19437-128.87
19438-132.16
19439-131.50
194310-125.97
194311-128.20
194312-132.90
19441-132.58
19442-136.87
19443-135.08
19444-138.06
19445-145.16
19446-149.54
19447-147.96
19448-146.15
19449-150.36
194410-149.93
194411-153.83
194412-159.04
19451-164.98
19452-165.50
19453-170.30
19454-177.38
19455-181.26
19456-178.19
19457-179.45
19458-192.33
19459-201.01
194510-208.26
194511-212.48
194512-221.61
19461-222.91
19462-216.94
19463-231.63
19464-232.83
19465-232.04
19466-226.13
19467-222.46
19468-190.37
19469-186.81
194610-186.78
194611-193.12
194612-194.90
19471-203.22
19472-195.76
19473-189.30
19474-186.72
19475-194.04
19476-207.03
19477-203.81
19478-199.39
19479-205.42
194710-203.93
194711-201.64
194712-199.89
19481-191.00
19482-194.67
19483-210.60
19484-221.83
19485-232.00
19486-227.46
19487-221.80
19488-220.30
19489-227.32
194810-215.73
194811-215.39
194812-218.90
19491-211.61
19492-214.77
19493-215.66
19494-215.26
19495-204.69
19496-217.51
19497-226.58
19498-230.82
19499-238.07
194910-242.71
194911-250.58
194912-257.17
19501-263.65
19502-267.28
19503-276.33
19504-287.15
19505-293.36
19506-273.64
19507-291.80
19508-303.79
19509-318.13
195010-319.33
195011-319.95
195012-345.59
19511-360.48
19512-356.47
19513-363.33
19514-365.62
19515-361.43
19516-369.98
19517-388.36
19518-400.53
19519-400.65
195110-391.62
195111-405.77
195112-421.33
19521-415.71
19522-418.83
19523-419.68
19524-421.61
19525-435.29
19526-449.95
19527-453.91
19528-448.88
19529-441.64
195210-457.84
195211-478.49
195212-483.22
19531-479.48
19532-484.07
19533-462.42
19534-467.05
19535-452.54
19536-461.20
19537-465.35
19538-446.23
19539-461.93
195310-474.44
195311-483.15
195312-497.76
19541-511.08
19542-524.28
19543-547.61
19544-571.83
19545-578.83
19546-604.63
19547-619.10
19548-636.06
19549-653.31
195410-681.41
195411-715.17
195412-730.67
19551-757.74
19552-754.44
19553-783.17
19554-782.55
19555-830.64
19556-894.13
19557-891.46
19558-934.39
19559-890.25
195510-953.15
195511-964.94
195512-941.90
19561-950.85
19562-1,019.36
19563-1,034.48
19564-1,005.12
19565-1,002.48
19566-1,060.11
19567-1,057.10
19568-1,024.44
19569-1,014.67
195610-1,007.45
195611-1,025.67
195612-1,006.56
19571-966.34
19572-982.00
19573-1,007.97
19574-1,049.90
19575-1,070.42
19576-1,095.28
19577-1,038.27
19578-999.44
19579-940.51
195710-923.57
195711-926.51
195712-948.09
19581-954.74
19582-977.84
19583-986.60
19584-1,021.70
19585-1,049.65
19586-1,081.88
19587-1,125.74
19588-1,158.88
19589-1,209.40
195810-1,249.63
195811-1,276.65
195812-1,330.97
19591-1,314.13
19592-1,351.01
19593-1,377.17
19594-1,401.48
19595-1,392.98
19596-1,451.87
19597-1,447.25
19598-1,393.65
19599-1,396.12
195910-1,405.46
195911-1,454.13
195912-1,432.53
19601-1,380.82
19602-1,365.94
19603-1,387.58
19604-1,378.91
19605-1,433.90
19606-1,402.41
19607-1,423.32
19608-1,384.59
19609-1,361.42
196010-1,409.62
196011-1,447.55
196012-1,526.11
19611-1,592.86
19612-1,646.97
19613-1,695.05
19614-1,716.46
19615-1,697.92
19616-1,697.45
19617-1,762.61
19618-1,753.06
19619-1,776.61
196110-1,861.39
196111-1,883.04
196112-1,817.37
19621-1,852.07
19622-1,858.39
19623-1,803.66
19624-1,674.07
19625-1,483.01
19626-1,523.31
19627-1,569.36
19628-1,560.05
19629-1,515.49
196210-1,624.62
196211-1,699.73
196212-1,770.22
19631-1,798.46
19632-1,796.51
19633-1,885.95
19634-1,928.75
19635-1,932.93
19636-1,909.31
19637-1,967.18
19638-2,024.11
19639-2,034.22
196310-2,027.99
196311-2,076.53
196312-2,145.68
19641-2,177.43
19642-2,222.53
19643-2,260.16
19644-2,287.74
19645-2,279.72
19646-2,370.02
19647-2,340.97
19648-2,386.98
19649-2,434.01
196410-2,456.81
196411-2,420.20
196412-2,488.47
19651-2,512.73
19652-2,521.16
19653-2,560.43
19654-2,604.80
19655-2,487.39
19656-2,489.95
19657-2,542.70
19658-2,634.14
19659-2,699.91
196510-2,728.96
196511-2,723.18
196512-2,777.11
19661-2,765.16
19662-2,658.36
19663-2,746.64
19664-2,609.10
19665-2,594.51
19666-2,594.98
19667-2,445.27
19668-2,366.41
19669-2,353.05
196610-2,478.14
196611-2,495.88
196612-2,598.97
19671-2,695.91
19672-2,766.91
19673-2,822.04
19674-2,880.11
19675-2,851.55
19676-2,908.36
19677-2,962.21
19678-3,011.21
19679-3,014.14
196710-2,927.28
196711-3,018.37
196712-3,017.84
19681-2,889.37
19682-2,844.32
19683-3,062.25
19684-3,140.57
19685-3,232.92
19686-3,234.50
19687-3,171.95
19688-3,283.21
19689-3,372.42
196810-3,432.65
196811-3,476.77
196812-3,338.21
19691-3,330.25
19692-3,266.52
19693-3,340.81
19694-3,458.18
19695-3,286.27
19696-3,148.07
19697-3,139.14
19698-3,158.87
19699-3,201.40
196910-3,233.33
196911-3,070.78
196912-3,052.69
19701-2,955.12
19702-3,014.59
19703-2,931.76
19704-2,603.43
19705-2,596.40
19706-2,609.97
19707-2,694.95
19708-2,865.30
19709-2,936.63
197010-2,942.71
197011-3,153.35
197012-3,282.98
19711-3,419.26
19712-3,516.09
19713-3,645.26
19714-3,604.88
19715-3,547.35
19716-3,530.92
19717-3,477.36
19718-3,563.82
19719-3,497.40
197110-3,344.51
197111-3,584.10
197112-3,742.61
19721-3,820.71
19722-3,920.80
19723-3,970.16
19724-3,939.35
19725-3,959.69
19726-3,939.73
19727-4,088.80
19728-4,039.31
19729-4,056.17
197210-4,269.29
197211-4,367.97
197212-4,411.19
19731-4,264.51
19732-4,207.14
19733-4,138.42
19734-4,032.08
19735-3,951.85
19736-3,999.67
19737-3,934.26
19738-4,012.76
19739-4,182.72
197310-3,896.08
197311-3,630.94
197312-3,692.68
19741-3,601.37
19742-3,766.12
19743-3,584.72
19744-3,487.73
19745-3,503.67
19746-3,106.12
19747-2,989.18
19748-2,689.85
19749-2,753.79
197410-2,856.88
197411-2,682.84
197412-2,914.44
19751-3,229.42
19752-3,390.04
19753-3,440.45
19754-3,671.40
19755-3,777.67
19756-3,793.99
19757-3,528.56
19758-3,498.47
19759-3,672.39
197510-3,747.36
197511-3,703.16
197512-4,056.64
19761-4,226.13
19762-4,260.04
19763-4,306.71
19764-4,290.20
19765-4,328.84
19766-4,444.22
19767-4,419.30
19768-4,527.04
19769-4,386.33
197610-4,370.25
197611-4,535.72
197612-4,511.36
19771-4,404.50
19772-4,402.11
19773-4,349.57
19774-4,352.37
19775-4,391.53
19776-4,447.85
19777-4,355.40
19778-4,304.21
19779-4,209.61
197710-4,250.91
197711-4,247.50
197712-4,103.50
19781-4,063.61
19782-4,074.41
19783-4,271.20
19784-4,506.30
19785-4,536.65
19786-4,533.83
19787-4,866.07
19788-4,885.52
19789-4,750.02
197810-4,491.73
197811-4,578.10
197812-4,769.71
19791-4,719.30
19792-4,829.78
19793-4,947.19
19794-4,853.54
19795-4,970.88
19796-5,041.51
19797-5,294.31
19798-5,375.86
19799-5,195.64
197910-5,178.88
197911-5,406.96
197912-5,586.06
19801-5,831.62
19802-5,319.73
19803-5,257.91
19804-5,522.71
19805-5,901.71
19806-6,195.00
19807-6,412.11
19808-6,593.95
19809-6,813.18
198010-7,127.59
198011-7,038.86
198012-7,039.57
19811-6,823.44
19812-7,106.16
19813-7,198.10
19814-7,081.68
19815-7,142.41
19816-6,998.41
19817-7,054.57
19818-6,468.85
19819-6,580.59
198110-6,780.88
198111-6,860.85
198112-6,531.25
19821-6,406.25
19822-6,230.43
19823-6,571.19
19824-6,608.62
19825-6,260.31
19826-6,275.57
19827-6,325.40
19828-7,090.54
19829-7,720.28
198210-8,067.69
198211-8,177.04
198212-8,498.06
19831-8,679.06
19832-9,014.56
19833-9,392.94
19834-9,808.49
19835-9,980.48
19836-10,051.15
19837-9,809.20
19838-10,134.26
19839-10,199.93
198310-10,083.50
198311-10,070.58
198312-10,229.29
19841-9,706.35
19842-9,749.28
19843-9,798.73
19844-9,773.98
19845-9,593.33
19846-9,506.18
19847-10,381.37
19848-10,527.44
19849-10,484.02
198410-10,618.83
198411-10,543.70
198412-11,039.00
19851-11,677.86
19852-11,622.01
19853-11,741.10
19854-12,062.29
19855-12,365.17
19856-12,643.05
19857-12,409.74
19858-12,175.82
19859-12,357.92
198510-13,151.36
198511-13,847.66
198512-13,951.76
19861-14,746.62
19862-15,658.37
19863-16,087.63
19864-16,166.76
19865-16,673.30
19866-16,372.53
19867-16,745.96
19868-16,334.64
19869-16,319.96
198610-16,896.54
198611-17,185.29
198612-18,332.13
19871-19,516.73
19872-20,370.86
19873-20,196.40
19874-20,231.31
19875-21,141.40
19876-21,801.46
19877-23,208.52
19878-22,505.21
19879-19,837.47
198710-17,396.78
198711-17,164.59
198712-17,893.49
19881-18,489.08
19882-19,086.66
19883-18,917.55
19884-18,503.58
19885-19,613.47
19886-19,553.27
19887-19,217.25
19888-19,587.60
19889-20,332.24
198810-19,921.48
198811-20,384.84
198812-21,100.89
19891-21,797.19
19892-21,761.96
19893-22,537.73
19894-23,465.22
19895-24,261.31
19896-24,940.67
19897-26,110.57
19898-26,229.51
19899-26,304.60
198910-25,827.55
198911-26,534.38
198912-25,947.64
19901-25,291.90
19902-25,976.59
19903-26,027.50
19904-27,029.80
19905-27,886.63
19906-27,933.96
19907-25,738.01
19908-24,620.71
19909-24,050.55
199010-24,768.17
199011-25,904.19
199012-25,726.70
19911-28,712.74
19912-29,586.94
19913-30,255.26
19914-30,201.14
19915-30,305.94
19916-30,542.47
19917-31,360.68
19918-31,265.63
19919-31,322.42
199110-31,327.37
199111-31,620.32
199112-33,946.96
19921-33,742.99
19922-33,401.38
19923-33,489.66
19924-34,182.34
19925-33,728.02
19926-34,372.94
19927-34,696.64
19928-34,827.86
19929-34,416.17
199210-35,364.99
199211-36,521.85
199212-36,574.04
19931-37,204.67
19932-38,004.63
19933-37,494.70
19934-37,766.43
19935-38,093.18
19936-38,116.42
19937-38,788.21
19938-39,313.78
19939-39,802.02
199310-39,805.02
199311-40,158.16
199312-40,855.26
19941-40,824.33
19942-40,243.07
19943-38,896.38
19944-39,308.00
19945-39,743.57
19946-39,537.35
19947-40,755.92
19948-41,089.09
19949-40,906.65
199410-40,755.34
199411-40,337.31
199412-41,326.05
19951-42,904.33
19952-44,001.90
19953-45,416.80
19954-46,937.25
19955-48,429.11
19956-50,147.13
19957-50,404.44
19958-52,278.31
19959-52,755.39
199510-53,999.56
199511-55,829.68
199512-55,920.45
19961-59,222.21
19962-59,103.35
19963-59,219.81
19964-60,614.34
19965-61,389.35
19966-59,255.11
19967-61,077.65
19968-62,313.69
19969-64,880.70
199610-68,158.53
199611-68,975.22
199612-71,222.12
19971-74,328.23
19972-73,864.66
19973-71,349.38
19974-77,926.25
19975-82,085.04
19976-86,793.37
19977-87,095.23
19978-88,133.41
19979-89,583.54
199710-88,551.50
199711-90,884.49
199712-91,099.97
19981-96,932.33
19982-102,082.22
19983-105,558.81
19984-105,324.62
19985-105,447.28
19986-110,158.31
19987-102,479.17
19988-97,459.28
19989-98,717.34
199810-109,550.96
199811-114,047.04
199812-119,803.78
19991-119,723.86
19992-123,224.00
19993-128,461.05
19994-128,334.09
19995-127,548.98
19996-133,317.24
19997-128,285.33
19998-127,518.16
19999-125,895.53
199910-134,841.61
199911-138,628.94
199912-138,464.07
20001-135,032.82
20002-140,354.40
20003-142,353.98
20004-138,312.85
20005-142,688.35
20006-143,901.69
20007-145,253.95
20008-143,685.71
20009-136,193.61
200010-135,141.42
200011-130,654.63
200012-131,249.12
20011-128,445.30
20012-116,782.59
20013-117,306.59
20014-125,376.50
20015-122,381.69
20016-119,126.06
20017-116,688.93
20018-103,564.55
20019-106,862.07
200110-112,261.97
200111-113,907.79
200112-113,568.70
20021-109,761.00
20022-115,188.98
20023-111,140.74
20024-108,006.16
20025-101,611.16
20026-90,679.32
20027-91,711.97
20028-87,348.56
20029-86,154.47
200210-91,862.70
200211-90,911.87
200212-90,709.57
20031-84,890.70
20032-86,000.98
20033-90,546.87
20034-95,356.92
20035-100,796.25
20036-101,396.90
20037-101,228.25
20038-104,428.26
20039-106,545.88
200310-107,835.71
200311-111,139.60
200312-116,624.29
20041-117,891.60
20042-116,046.37
20043-117,169.86
20044-114,165.32
20045-117,427.80
20046-114,798.85
20047-113,205.94
20048-116,356.03
20049-116,475.41
200410-122,035.82
200411-125,364.29
200412-123,672.84
20051-125,752.04
20052-125,430.63
20053-122,409.11
20054-124,044.34
20055-126,749.37
20056-129,040.73
20057-129,440.78
20058-129,802.82
20059-126,396.51
200510-131,403.76
200511-134,221.23
200512-136,189.94
20061-136,167.28
20062-138,190.91
20063-139,294.14
20064-138,198.40
20065-134,459.04
20066-135,427.20
20067-138,530.86
20068-142,037.32
20069-147,173.26
200610-150,119.15
200611-153,344.10
200612-154,406.51
20071-156,870.91
20072-152,990.10
20073-159,385.48
20074-164,791.44
20075-165,359.81
20076-166,310.00
20077-159,323.14
20078-164,221.92
20079-169,134.84
200710-161,005.69
200711-162,999.30
200712-152,183.97
20081-149,803.87
20082-145,869.06
20083-152,059.46
20084-155,956.14
20085-149,333.34
20086-140,256.15
20087-143,216.31
20088-136,273.84
20089-108,755.27
200810-99,396.50
200811-99,047.40
200812-97,962.28
20091-91,396.35
20092-86,198.24
20093-96,819.38
20094-103,267.37
20095-106,229.97
20096-107,587.21
20097-116,324.09
20098-120,570.32
20099-123,467.76
200910-126,053.58
200911-128,859.35
200912-130,607.93
20101-126,822.29
20102-134,359.39
20103-139,851.90
20104-131,625.26
20105-126,961.04
20106-126,759.07
20107-127,853.78
20108-132,163.93
20109-138,213.65
201010-141,656.43
201011-146,917.18
201012-152,003.74
20111-156,793.17
20112-155,048.90
20113-158,492.51
20114-159,537.35
20115-153,694.14
20116-158,461.32
20117-141,980.32
20118-140,859.75
20119-145,112.17
201110-147,676.48
201111-149,972.48
201112-157,145.00
20121-163,686.33
20122-168,406.78
20123-168,342.43
20124-163,139.05
20125-161,259.02
20126-165,969.53
20127-171,592.08
20128-176,776.16
20129-176,392.32
201210-171,387.20
201211-175,115.79
201212-182,591.06
20131-186,850.95
20132-191,937.88
20133-194,728.26
20134-203,635.66
20135-201,359.47
20136-207,912.67
20137-208,437.70
20138-210,923.26
20139-215,389.66
201310-223,703.69
201311-227,107.70
201312-229,305.67
20141-229,007.49
20142-235,241.69
20143-235,716.23
20144-239,327.48
20145-246,977.15
20146-250,671.49
20147-249,601.24
20148-254,039.24
20149-247,315.88
201410-261,426.86
201411-263,084.01
201412-260,163.66
20151-267,519.52
20152-267,667.63
20153-270,018.85
20154-272,662.08
20155-271,474.63
20156-271,258.46
20157-264,682.07
20158-252,752.60
20159-263,664.23
201510-271,396.11
201511-268,402.69
201512-251,172.25
20161-249,791.03
20162-265,684.55
20163-273,206.78
20164-272,375.23
20165-275,280.08
20166-284,357.28
20167-287,767.45
20168-286,505.10
20169-285,055.44
201610-288,479.41
201611-299,862.70
201612-304,173.63
20171-312,010.50
20172-317,468.37
20173-316,979.45
20174-322,343.93
20175-328,070.14
20176-331,311.09
20177-332,132.10
20178-337,623.11
20179-346,856.43
201710-352,369.95
201711-362,530.49
201712-380,156.35
20181-369,182.43
20182-369,420.84
20183-363,273.78
20184-370,399.84
20185-378,226.27
20186-384,205.06
20187-393,621.17
20188-400,233.01
20189-384,828.10
201810-376,838.65
201811-355,876.96
201812-362,053.69
20191-383,157.44
20192-390,621.43
20193-405,165.13
20194-398,958.86
20195-404,563.23
20196-420,047.25
20197-406,881.23
20198-419,434.44
20199-419,475.56
201910-438,073.82
201911-448,891.26
201912-463,912.94
20201-464,479.28
20202-376,610.44
20203-392,874.79
20204-416,004.76
20205-443,079.49
20206-458,482.86
20207-485,503.56
20208-482,459.44
20209-490,786.70
202010-510,192.98
202011-531,927.61
202012-546,796.58
20211-560,420.18
20212-565,023.23
20213-599,046.02
20214-603,600.16
20215-614,527.88
20216-633,382.83
20217-647,223.27
20218-646,676.37
20219-649,600.49
202110-680,422.37
202111-682,228.24
202112-668,229.23
20221-648,833.41
20222-643,042.03
20223-643,802.76
20224-593,117.91
20225-573,133.48
20226-563,987.08
Click to show 990 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 1939 to 2022
Start Value
Average monthly close
$12.50
End Value
Average monthly close
$3,831.39
Change in price+30,551.12%
+7.14% / yr
Change incl. dividends+544,400.27%
+10.85% / yr
Change incl. dividends, inflation-adjusted+25,454.68%
+6.86% / yr
Final amount, nominal
($100 base)
$544,500.27
Final amount, inflation-adjusted
($100 base)
$25,554.68