S&P 500: $100 in 1944 → $508,482.46 in 2023

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Stock market returns between 1944 and 2023

If you invested $100 in the S&P 500 at the beginning of 1944, you would have about $508,482.46 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 508,382.46%, or 11.31% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 29,270.62% cumulatively, or 7.39% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $421,399.87.

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 $508,382.46, or 508,382.46%. This means by 2023 you would have $508,482.46 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 1944 was 17.600 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 79 years.

Adjusted for inflation, the $508,482.46 nominal end value of the original $100 investment would have a real return of roughly $29,270.62 in 1944 dollars. This means the inflation-adjusted return is 29,270.62% as opposed to the original 508,382.46%.

For more information on inflation, see our U.S. inflation calculator for 1944.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 956-month period between 1944 and 2023.

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

YearMonthReturn (%)Amount ($)CPI
19441-0.24%99.7617.40
194423.24%102.9917.40
19443-1.31%101.6417.40
194442.20%103.8817.50
194455.14%109.2217.50
194463.02%112.5217.60
19447-1.06%111.3317.70
19448-1.23%109.9717.70
194492.88%113.1417.70
194410-0.28%112.8217.70
1944112.60%115.7517.70
1944123.38%119.6717.80
194513.73%124.1417.80
194520.31%124.5317.80
194532.90%128.1417.80
194544.16%133.4717.80
194552.19%136.3917.90
19456-1.70%134.0818.10
194570.71%135.0318.10
194587.18%144.7218.10
194594.51%151.2518.10
1945103.61%156.7118.10
1945112.02%159.8818.10
1945124.30%166.7518.20
194610.59%167.7318.20
19462-2.68%163.2418.10
194636.77%174.2918.30
194640.52%175.1918.40
19465-0.34%174.6018.50
19466-2.55%170.1518.70
19467-1.62%167.3919.80
19468-14.42%143.2520.20
19469-1.87%140.5620.40
194610-0.01%140.5520.80
1946113.39%145.3221.30
1946120.92%146.6521.50
194714.27%152.9121.50
19472-3.67%147.3021.50
19473-3.30%142.4421.90
19474-1.36%140.5021.90
194753.92%146.0121.90
194766.69%155.7822.00
19477-1.56%153.3522.20
19478-2.17%150.0322.50
194793.03%154.5723.00
194710-0.73%153.4423.00
194711-1.12%151.7223.10
194712-0.86%150.4123.40
19481-4.45%143.7223.70
194821.92%146.4823.50
194838.19%158.4723.40
194845.33%166.9123.80
194854.59%174.5723.90
19486-1.96%171.1524.10
19487-2.49%166.9024.40
19488-0.68%165.7624.50
194893.19%171.0524.50
194810-5.10%162.3224.40
194811-0.16%162.0724.20
1948121.63%164.7124.10
19491-3.33%159.2324.00
194921.49%161.6023.80
194930.41%162.2723.80
19494-0.18%161.9723.90
19495-4.91%154.0223.80
194966.26%163.6623.90
194974.17%170.4923.70
194981.87%173.6823.80
194993.14%179.1423.90
1949101.95%182.6223.70
1949113.24%188.5423.80
1949122.63%193.5023.60
195012.52%198.3823.50
195021.38%201.1123.50
195033.39%207.9223.60
195043.91%216.0623.60
195052.16%220.7423.70
19506-6.72%205.9023.80
195076.64%219.5624.10
195084.11%228.5824.30
195094.72%239.3824.40
1950100.38%240.2824.60
1950110.19%240.7524.70
1950128.01%260.0425.00
195114.31%271.2425.40
19512-1.11%268.2225.70
195131.93%273.3925.80
195140.63%275.1125.80
19515-1.15%271.9625.90
195162.37%278.3925.90
195174.97%292.2225.90
195183.14%301.3825.90
195190.03%301.4726.10
195110-2.25%294.6726.20
1951113.61%305.3226.40
1951123.83%317.0226.50
19521-1.33%312.8026.50
195220.75%315.1526.30
195230.20%315.7926.30
195240.46%317.2426.40
195253.24%327.5326.40
195263.37%338.5626.50
195270.88%341.5426.70
19528-1.11%337.7526.70
19529-1.61%332.3126.70
1952103.67%344.5026.70
1952114.51%360.0326.70
1952120.99%363.6026.70
19531-0.77%360.7826.60
195320.96%364.2426.50
19533-4.47%347.9426.60
195341.00%351.4326.60
19535-3.11%340.5126.70
195361.91%347.0326.80
195370.90%350.1526.80
19538-4.11%335.7726.90
195393.52%347.5826.90
1953102.71%356.9927.00
1953111.84%363.5526.90
1953123.02%374.5426.90
195412.68%384.5626.90
195422.58%394.4926.90
195434.45%412.0526.90
195444.42%430.2726.80
195451.22%435.5426.90
195464.46%454.9526.90
195472.39%465.8426.90
195482.74%478.6026.90
195492.71%491.5826.80
1954104.30%512.7326.80
1954114.95%538.1226.80
1954122.17%549.7926.70
195513.70%570.1626.70
19552-0.44%567.6726.70
195533.81%589.2926.70
19554-0.08%588.8326.70
195556.15%625.0126.70
195567.64%672.7926.70
19557-0.30%670.7726.80
195584.82%703.0826.80
19559-4.72%669.8626.90
1955107.07%717.2026.90
1955111.24%726.0726.90
195512-2.39%708.7326.80
195610.95%715.4626.80
195627.21%767.0226.80
195631.48%778.3926.80
19564-2.84%756.3026.90
19565-0.26%754.3127.00
195665.75%797.6827.20
19567-0.28%795.4127.40
19568-3.09%770.8427.30
19569-0.95%763.4927.40
195610-0.71%758.0527.50
1956111.81%771.7627.50
195612-1.86%757.3927.60
19571-4.00%727.1227.60
195721.62%738.9127.70
195732.64%758.4427.80
195744.16%790.0027.90
195751.95%805.4328.00
195762.32%824.1428.10
19577-5.21%781.2428.30
19578-3.74%752.0328.30
19579-5.90%707.6828.30
195710-1.80%694.9428.30
1957110.32%697.1528.40
1957122.33%713.3828.40
195810.70%718.3928.60
195822.42%735.7728.60
195830.90%742.3728.80
195843.56%768.7828.90
195852.74%789.8028.90
195863.07%814.0628.90
195874.05%847.0629.00
195882.94%872.0028.90
195894.36%910.0128.90
1958103.33%940.2828.90
1958112.16%960.6129.00
1958124.25%1,001.4828.90
19591-1.27%988.8129.00
195922.81%1,016.5628.90
195931.94%1,036.2428.90
195941.77%1,054.5429.00
19595-0.61%1,048.1529.00
195964.23%1,092.4629.10
19597-0.32%1,088.9829.20
19598-3.70%1,048.6529.20
195990.18%1,050.5029.30
1959100.67%1,057.5329.40
1959113.46%1,094.1629.40
195912-1.49%1,077.9029.40
19601-3.61%1,039.0029.30
19602-1.08%1,027.7929.40
196031.58%1,044.0829.40
19604-0.62%1,037.5629.50
196053.99%1,078.9329.50
19606-2.20%1,055.2429.60
196071.49%1,070.9729.60
19608-2.72%1,041.8329.60
19609-1.67%1,024.3929.60
1960103.54%1,060.6729.80
1960112.69%1,089.2029.80
1960125.43%1,148.3129.80
196114.37%1,198.5429.80
196123.40%1,239.2629.80
196132.92%1,275.4329.80
196141.26%1,291.5529.80
19615-1.08%1,277.5929.80
19616-0.03%1,277.2429.80
196173.84%1,326.2730.00
19618-0.54%1,319.0929.90
196191.34%1,336.8030.00
1961104.77%1,400.5930.00
1961111.16%1,416.8830.00
196112-3.49%1,367.4830.00
196211.91%1,393.5930.00
196220.34%1,398.3430.10
19623-2.94%1,357.1630.10
19624-7.19%1,259.6530.20
19625-11.41%1,115.8930.20
196262.72%1,146.2130.20
196273.02%1,180.8630.30
19628-0.59%1,173.8530.30
19629-2.86%1,140.3230.40
1962107.20%1,222.4430.40
1962114.62%1,278.9630.40
1962124.15%1,331.9930.40
196311.60%1,353.2530.40
19632-0.11%1,351.7830.40
196334.98%1,419.0730.50
196342.27%1,451.2830.50
196350.22%1,454.4330.50
19636-1.22%1,436.6530.60
196373.03%1,480.2030.70
196382.89%1,523.0330.70
196390.50%1,530.6530.70
196310-0.31%1,525.9530.80
1963112.39%1,562.4730.80
1963123.33%1,614.5130.90
196411.48%1,638.4030.90
196422.07%1,672.3330.90
196431.69%1,700.6530.90
196441.22%1,721.4030.90
19645-0.35%1,715.3730.90
196463.96%1,783.3131.00
19647-1.23%1,761.4531.10
196481.97%1,796.0731.00
196491.97%1,831.4631.10
1964100.94%1,848.6231.10
196411-1.49%1,821.0731.20
1964122.82%1,872.4431.20
196510.98%1,890.7031.20
196520.34%1,897.0431.20
196531.56%1,926.5931.30
196541.73%1,959.9731.40
19655-4.51%1,871.6331.40
196560.10%1,873.5531.60
196572.12%1,913.2531.60
196583.60%1,982.0531.60
196592.50%2,031.5431.60
1965101.08%2,053.3931.70
196511-0.21%2,049.0531.70
1965121.98%2,089.6331.80
19661-0.43%2,080.6431.80
19662-3.86%2,000.2732.00
196633.32%2,066.7032.10
19664-5.01%1,963.2132.30
19665-0.56%1,952.2332.30
196660.02%1,952.5932.40
19667-5.77%1,839.9332.50
19668-3.22%1,780.6032.70
19669-0.56%1,770.5532.70
1966105.32%1,864.6732.90
1966110.72%1,878.0232.90
1966124.13%1,955.5932.90
196713.73%2,028.5332.90
196722.63%2,081.9632.90
196731.99%2,123.4433.00
196742.06%2,167.1333.10
19675-0.99%2,145.6433.20
196761.99%2,188.3933.30
196771.85%2,228.9133.40
196781.65%2,265.7733.50
196790.10%2,267.9833.60
196710-2.88%2,202.6233.70
1967113.11%2,271.1633.80
196712-0.02%2,270.7733.90
19681-4.26%2,174.1034.10
19682-1.56%2,140.2034.20
196837.66%2,304.1834.30
196842.56%2,363.1134.40
196852.94%2,432.6034.50
196860.05%2,433.7934.70
19687-1.93%2,386.7234.90
196883.51%2,470.4435.00
196892.72%2,537.5735.10
1968101.79%2,582.8835.30
1968111.29%2,616.0835.40
196812-3.99%2,511.8335.50
19691-0.24%2,505.8435.60
19692-1.91%2,457.8835.80
196932.27%2,513.7836.10
196943.51%2,602.1036.30
19695-4.97%2,472.7436.40
19696-4.21%2,368.7536.60
19697-0.28%2,362.0436.80
196980.63%2,376.8837.00
196991.35%2,408.8837.10
1969101.00%2,432.9137.30
196911-5.03%2,310.6037.50
196912-0.59%2,296.9937.70
19701-3.20%2,223.5737.80
197022.01%2,268.3238.00
19703-2.75%2,205.9938.20
19704-11.20%1,958.9438.50
19705-0.27%1,953.6538.60
197060.52%1,963.8638.80
197073.26%2,027.8039.00
197086.32%2,155.9939.00
197092.49%2,209.6639.20
1970100.21%2,214.2339.40
1970117.16%2,372.7339.60
1970124.11%2,470.2739.80
197114.15%2,572.8139.80
197122.83%2,645.6739.90
197133.67%2,742.8640.00
19714-1.11%2,712.4840.10
19715-1.60%2,669.1940.30
19716-0.46%2,656.8340.60
19717-1.52%2,616.5240.70
197182.49%2,681.5840.80
19719-1.86%2,631.6140.80
197110-4.37%2,516.5640.90
1971117.16%2,696.8440.90
1971124.42%2,816.1141.10
197212.09%2,874.8841.10
197222.62%2,950.1941.30
197231.26%2,987.3341.40
19724-0.78%2,964.1541.50
197250.52%2,979.4541.60
19726-0.50%2,964.4441.70
197273.78%3,076.6041.90
19728-1.21%3,039.3642.00
197290.42%3,052.0542.10
1972105.25%3,212.4142.30
1972112.31%3,286.6742.40
1972120.99%3,319.1842.50
19731-3.33%3,208.8242.60
19732-1.35%3,165.6542.90
19733-1.63%3,113.9443.30
19734-2.57%3,033.9243.60
19735-1.99%2,973.5543.90
197361.21%3,009.5444.20
19737-1.64%2,960.3244.30
197382.00%3,019.3945.10
197394.24%3,147.2745.20
197310-6.85%2,931.5945.60
197311-6.81%2,732.0945.90
1973121.70%2,778.5546.20
19741-2.47%2,709.8446.60
197424.57%2,833.8047.20
19743-4.82%2,697.3147.80
19744-2.71%2,624.3348.00
197450.46%2,636.3348.60
19746-11.35%2,337.1949.00
19747-3.76%2,249.2049.40
19748-10.01%2,023.9750.00
197492.38%2,072.0850.60
1974103.74%2,149.6551.10
197411-6.09%2,018.6951.50
1974128.63%2,192.9651.90
1975110.81%2,429.9752.10
197524.97%2,550.8352.50
197531.49%2,588.7652.70
197546.71%2,762.5352.90
197552.89%2,842.5053.20
197560.43%2,854.7853.60
19757-7.00%2,655.0554.20
19758-0.85%2,632.4154.30
197594.97%2,763.2754.60
1975102.04%2,819.6954.90
197511-1.18%2,786.4355.30
1975129.55%3,052.4055.50
197614.18%3,179.9455.60
197620.80%3,205.4555.80
197631.10%3,240.5755.90
19764-0.38%3,228.1556.10
197650.90%3,257.2256.50
197662.67%3,344.0356.80
19767-0.56%3,325.2957.10
197682.44%3,406.3557.40
19769-3.11%3,300.4857.60
197610-0.37%3,288.3857.90
1976113.79%3,412.8958.00
197612-0.54%3,394.5558.20
19771-2.37%3,314.1558.50
19772-0.05%3,312.3659.10
19773-1.19%3,272.8259.50
197740.06%3,274.9360.00
197750.90%3,304.3960.30
197761.28%3,346.7760.70
19777-2.08%3,277.2061.00
19778-1.18%3,238.6961.20
19779-2.20%3,167.5061.40
1977100.98%3,198.5861.60
197711-0.08%3,196.0261.90
197712-3.39%3,087.6662.10
19781-0.97%3,057.6562.50
197820.27%3,065.7762.90
197834.83%3,213.8563.40
197845.50%3,390.7563.90
197850.67%3,413.5964.50
19786-0.06%3,411.4665.20
197877.33%3,661.4665.70
197880.40%3,676.1066.00
19789-2.77%3,574.1466.50
197810-5.44%3,379.7967.10
1978111.92%3,444.7867.40
1978124.19%3,588.9567.70
19791-1.06%3,551.0268.30
197922.34%3,634.1569.10
197932.43%3,722.5069.80
19794-1.89%3,652.0370.60
197952.42%3,740.3271.50
197961.42%3,793.4672.30
197975.01%3,983.6873.10
197981.54%4,045.0573.80
19799-3.35%3,909.4474.60
197910-0.32%3,896.8375.20
1979114.40%4,068.4575.90
1979123.31%4,203.2176.70
198014.40%4,387.9877.80
19802-8.78%4,002.8178.90
19803-1.16%3,956.3080.10
198045.04%4,155.5481.00
198056.86%4,440.7281.80
198064.97%4,661.4082.70
198073.50%4,824.7782.70
198082.84%4,961.5983.30
198093.32%5,126.5584.00
1980104.61%5,363.1384.80
198011-1.24%5,296.3785.50
1980120.01%5,296.9086.30
19811-3.07%5,134.2787.00
198124.14%5,347.0087.90
198131.29%5,416.1888.50
19814-1.62%5,328.5989.10
198150.86%5,374.2989.80
19816-2.02%5,265.9390.60
198170.80%5,308.1991.60
19818-8.30%4,867.4792.30
198191.73%4,951.5493.20
1981103.04%5,102.2593.40
1981111.18%5,162.4393.70
198112-4.80%4,914.4294.00
19821-1.91%4,820.3694.30
19822-2.74%4,688.0694.60
198235.47%4,944.4794.50
198240.57%4,972.6394.90
19825-5.27%4,710.5595.80
198260.24%4,722.0397.00
198270.79%4,759.5297.50
1982812.10%5,335.2597.70
198298.88%5,809.1097.90
1982104.50%6,070.5098.20
1982111.36%6,152.7998.00
1982123.93%6,394.3397.60
198312.13%6,530.5397.80
198323.87%6,782.9897.90
198334.20%7,067.6997.90
198344.42%7,380.3698.60
198351.75%7,509.7899.20
198360.71%7,562.9599.50
19837-2.41%7,380.9099.90
198383.31%7,625.49100.20
198390.65%7,674.90100.70
198310-1.14%7,587.30101.00
198311-0.13%7,577.57101.20
1983121.58%7,696.99101.30
19841-5.11%7,303.51101.90
198420.44%7,335.82102.40
198430.51%7,373.02102.60
19844-0.25%7,354.40103.10
19845-1.85%7,218.47103.40
19846-0.91%7,152.89103.70
198479.21%7,811.43104.10
198481.41%7,921.33104.50
19849-0.41%7,888.66105.00
1984101.29%7,990.11105.30
198411-0.71%7,933.57105.30
1984124.70%8,306.26105.30
198515.79%8,786.97105.50
19852-0.48%8,744.94106.00
198531.02%8,834.55106.40
198542.74%9,076.23106.90
198552.51%9,304.13107.30
198562.25%9,513.22107.60
19857-1.85%9,337.67107.80
19858-1.88%9,161.65108.00
198591.50%9,298.67108.30
1985106.42%9,895.69108.70
1985115.29%10,419.62109.00
1985120.75%10,497.95109.30
198615.70%11,096.04109.60
198626.18%11,782.09109.30
198632.74%12,105.08108.80
198640.49%12,164.62108.60
198653.13%12,545.77108.90
19866-1.80%12,319.45109.50
198672.28%12,600.44109.50
19868-2.46%12,290.95109.70
19869-0.09%12,279.90110.20
1986103.53%12,713.74110.30
1986111.71%12,931.01110.40
1986126.67%13,793.95110.50
198716.46%14,685.29111.20
198724.38%15,327.98111.60
19873-0.86%15,196.71112.10
198740.17%15,222.98112.70
198754.50%15,907.77113.10
198763.12%16,404.43113.50
198776.45%17,463.17113.80
19878-3.03%16,933.97114.40
19879-11.85%14,926.63115.00
198710-12.30%13,090.15115.30
198711-1.33%12,915.43115.40
1987124.25%13,463.89115.40
198813.33%13,912.05115.70
198823.23%14,361.69116.00
19883-0.89%14,234.44116.50
19884-2.19%13,922.96117.10
198856.00%14,758.08117.50
19886-0.31%14,712.79118.00
19887-1.72%14,459.95118.50
198881.93%14,738.62119.00
198893.80%15,298.92119.80
198810-2.02%14,989.85120.20
1988112.33%15,338.51120.30
1988123.51%15,877.29120.50
198913.30%16,401.22121.10
19892-0.16%16,374.71121.60
198933.56%16,958.43122.30
198944.12%17,656.32123.10
198953.39%18,255.34123.80
198962.80%18,766.52124.10
198974.69%19,646.81124.40
198980.46%19,736.31124.60
198990.29%19,792.80125.00
198910-1.81%19,433.85125.60
1989112.74%19,965.70125.90
198912-2.21%19,524.21126.10
19901-2.53%19,030.80127.40
199022.71%19,545.99128.00
199030.20%19,584.30128.70
199043.85%20,338.48128.90
199053.17%20,983.20129.20
199060.17%21,018.81129.90
19907-7.86%19,366.48130.40
19908-4.34%18,525.77131.60
19909-2.32%18,096.75132.70
1990102.98%18,636.73133.50
1990114.59%19,491.52133.80
199012-0.69%19,357.97133.80
1991111.61%21,604.80134.60
199123.04%22,262.59134.80
199132.26%22,765.46135.00
19914-0.18%22,724.74135.20
199150.35%22,803.60135.60
199160.78%22,981.58136.00
199172.68%23,597.24136.20
19918-0.30%23,525.71136.60
199190.18%23,568.45137.20
1991100.02%23,572.17137.40
1991110.94%23,792.60137.80
1991127.36%25,543.27137.90
19921-0.60%25,389.79138.10
19922-1.01%25,132.75138.60
199230.26%25,199.18139.30
199242.07%25,720.39139.50
19925-1.33%25,378.53139.70
199261.91%25,863.80140.20
199270.94%26,107.37140.50
199280.38%26,206.10140.90
19929-1.18%25,896.33141.30
1992102.76%26,610.27141.80
1992113.27%27,480.74142.00
1992120.14%27,520.01141.90
199311.72%27,994.52142.60
199322.15%28,596.45143.10
19933-1.34%28,212.76143.60
199340.72%28,417.22144.00
199350.87%28,663.08144.20
199360.06%28,680.57144.40
199371.76%29,186.05144.40
199381.35%29,581.52144.80
199391.24%29,948.89145.10
1993100.01%29,951.15145.70
1993110.89%30,216.87145.80
1993121.74%30,741.40145.80
19941-0.08%30,718.13146.20
19942-1.42%30,280.76146.70
19943-3.35%29,267.45147.20
199441.06%29,577.17147.40
199451.11%29,904.91147.50
19946-0.52%29,749.74148.00
199473.08%30,666.65148.40
199480.82%30,917.34149.00
19949-0.44%30,780.07149.40
199410-0.37%30,666.22149.50
199411-1.03%30,351.67149.70
1994122.45%31,095.64149.70
199513.82%32,283.22150.30
199522.56%33,109.08150.90
199533.22%34,173.72151.40
199543.35%35,317.77151.90
199553.18%36,440.32152.20
199563.55%37,733.03152.50
199570.51%37,926.65152.50
199583.72%39,336.63152.90
199590.91%39,695.61153.20
1995102.36%40,631.78153.70
1995113.39%42,008.85153.60
1995120.16%42,077.15153.50
199615.90%44,561.55154.40
19962-0.20%44,472.11154.90
199630.20%44,559.74155.70
199642.35%45,609.05156.30
199651.28%46,192.20156.60
19966-3.48%44,586.30156.70
199673.08%45,957.66157.00
199682.02%46,887.72157.30
199694.12%48,819.26157.80
1996105.05%51,285.65158.30
1996111.20%51,900.17158.60
1996123.26%53,590.84158.60
199714.36%55,928.02159.10
19972-0.62%55,579.21159.60
19973-3.41%53,686.60160.00
199749.22%58,635.34160.20
199755.34%61,764.60160.10
199765.74%65,307.37160.30
199770.35%65,534.51160.50
199781.19%66,315.68160.80
199791.65%67,406.82161.20
199710-1.15%66,630.27161.60
1997112.63%68,385.72161.50
1997120.24%68,547.85161.30
199816.40%72,936.40161.60
199825.31%76,811.41161.90
199833.41%79,427.36162.20
19984-0.22%79,251.15162.50
199850.12%79,343.44162.80
199864.47%82,888.24163.00
19987-6.97%77,110.09163.20
19988-4.90%73,332.90163.40
199891.29%74,279.52163.60
19981010.97%82,431.24164.00
1998114.10%85,814.30164.00
1998125.05%90,145.94163.90
19991-0.07%90,085.80164.30
199922.92%92,719.47164.50
199934.25%96,660.07165.00
19994-0.10%96,564.54166.20
19995-0.61%95,973.79166.20
199964.52%100,314.09166.20
19997-3.77%96,527.85166.70
19998-0.60%95,950.60167.10
19999-1.27%94,729.66167.90
1999107.11%101,461.10168.20
1999112.81%104,310.87168.30
199912-0.12%104,186.81168.30
20001-2.48%101,604.98168.80
200023.94%105,609.18169.80
200031.42%107,113.76171.20
20004-2.84%104,073.02171.30
200053.16%107,365.35171.50
200060.85%108,278.32172.40
200070.94%109,295.83172.80
20008-1.08%108,115.81172.80
20009-5.21%102,478.41173.70
200010-0.77%101,686.70174.00
200011-3.32%98,310.62174.10
2000120.46%98,757.94174.00
20011-2.14%96,648.22175.10
20012-9.08%87,872.65175.80
200130.45%88,266.93176.20
200146.88%94,339.11176.90
20015-2.39%92,085.68177.70
20016-2.66%89,635.99178.00
20017-2.05%87,802.18177.50
20018-11.25%77,926.78177.50
200193.18%80,408.00178.30
2001105.05%84,471.13177.70
2001111.47%85,709.52177.40
200112-0.30%85,454.37176.70
20021-3.35%82,589.28177.10
200224.95%86,673.55177.80
20023-3.51%83,627.46178.80
20024-2.82%81,268.86179.80
20025-5.92%76,456.96179.80
20026-10.76%68,231.34179.90
200271.14%69,008.35180.10
20028-4.76%65,725.12180.70
20029-1.37%64,826.63181.00
2002106.63%69,121.77181.30
200211-1.04%68,406.32181.30
200212-0.22%68,254.10180.90
20031-6.41%63,875.71181.70
200321.31%64,711.14183.10
200335.29%68,131.68184.20
200345.31%71,750.98183.80
200355.70%75,843.79183.50
200360.60%76,295.74183.70
20037-0.17%76,168.85183.90
200383.16%78,576.68184.60
200392.03%80,170.08185.20
2003101.21%81,140.61185.00
2003113.06%83,626.60184.50
2003124.93%87,753.54184.30
200411.09%88,707.13185.20
20042-1.57%87,318.69186.20
200430.97%88,164.05187.40
20044-2.56%85,903.30188.00
200452.86%88,358.14189.10
20046-2.24%86,380.00189.70
20047-1.39%85,181.41189.40
200482.78%87,551.69189.50
200490.10%87,641.52189.90
2004104.77%91,825.43190.90
2004112.73%94,329.92191.00
200412-1.35%93,057.20190.30
200511.68%94,621.69190.70
20052-0.26%94,379.84191.80
20053-2.41%92,106.31193.30
200541.34%93,336.73194.60
200552.18%95,372.12194.40
200561.81%97,096.25194.50
200570.31%97,397.27195.40
200580.28%97,669.68196.40
20059-2.62%95,106.61198.80
2005103.96%98,874.30199.20
2005112.14%100,994.30197.60
2005121.47%102,475.65196.80
20061-0.02%102,458.60198.30
200621.49%103,981.27198.70
200630.80%104,811.39199.80
20064-0.79%103,986.91201.50
20065-2.71%101,173.24202.50
200660.72%101,901.72202.90
200672.29%104,237.07203.50
200682.53%106,875.49203.90
200693.62%110,740.01202.90
2006102.00%112,956.63201.80
2006112.15%115,383.24201.50
2006120.69%116,182.64201.80
200711.60%118,036.98202.42
20072-2.47%115,116.87203.50
200734.18%119,929.05205.35
200743.39%123,996.75206.69
200750.34%124,424.42207.95
200760.57%125,139.39208.35
20077-4.20%119,882.14208.30
200783.07%123,568.21207.92
200792.99%127,264.92208.49
200710-4.81%121,148.17208.94
2007111.24%122,648.26210.18
200712-6.64%114,510.30210.04
20081-1.56%112,719.40211.08
20082-2.63%109,758.67211.69
200834.24%114,416.61213.53
200842.56%117,348.66214.82
20085-4.25%112,365.35216.63
20086-6.08%105,535.26218.82
200872.11%107,762.61219.96
20088-4.85%102,538.78219.09
20089-20.19%81,832.53218.78
200810-8.61%74,790.55216.57
200811-0.35%74,527.87212.43
200812-1.10%73,711.38210.23
20091-6.70%68,770.87211.14
20092-5.69%64,859.57212.19
2009312.32%72,851.40212.71
200946.66%77,703.18213.24
200952.87%79,932.37213.86
200961.28%80,953.62215.69
200978.12%87,527.66215.35
200983.65%90,722.72215.83
200992.40%92,902.89215.97
2009102.09%94,848.58216.18
2009112.23%96,959.77216.33
2009121.36%98,275.48215.95
20101-2.90%95,426.99216.69
201025.94%101,098.25216.74
201034.09%105,231.08217.63
20104-5.88%99,040.97218.01
20105-3.54%95,531.39218.18
20106-0.16%95,379.43217.97
201070.86%96,203.13218.01
201083.37%99,446.29218.31
201094.58%103,998.38218.44
2010102.49%106,588.89218.71
2010113.71%110,547.32218.80
2010123.46%114,374.68219.18
201113.15%117,978.47220.22
20112-1.11%116,666.01221.31
201132.22%119,257.14223.47
201140.66%120,043.33224.91
20115-3.66%115,646.62225.96
201163.10%119,233.67225.72
20117-10.40%106,832.60225.92
20118-0.79%105,989.43226.55
201193.02%109,189.15226.89
2011101.77%111,118.65226.42
2011111.55%112,846.27226.23
2011124.78%118,243.21225.67
201214.16%123,165.21226.67
201222.88%126,717.10227.66
20123-0.04%126,668.68229.39
20124-3.09%122,753.41230.09
20125-1.15%121,338.79229.82
201262.92%124,883.20229.48
201273.39%129,113.87229.10
201283.02%133,014.61230.38
20129-0.22%132,725.79231.41
201210-2.84%128,959.70231.32
2012112.18%131,765.27230.22
2012124.27%137,390.01229.60
201312.33%140,595.35230.28
201322.72%144,423.00232.17
201331.45%146,522.61232.77
201344.57%153,224.94232.53
20135-1.12%151,512.23232.95
201363.25%156,443.17233.50
201370.25%156,838.23233.60
201381.19%158,708.47233.88
201392.12%162,069.20234.15
2013103.86%168,325.07233.55
2013111.52%170,886.40233.07
2013120.97%172,540.26233.05
20141-0.13%172,315.89233.92
201422.72%177,006.79234.78
201430.20%177,363.86236.29
201441.53%180,081.14237.07
201453.20%185,837.10237.90
201461.50%188,616.89238.34
20147-0.43%187,811.59238.25
201481.78%191,150.94237.85
20149-2.65%186,091.98238.03
2014105.71%196,709.74237.43
2014110.63%197,956.65236.15
201412-1.11%195,759.25234.81
201512.83%201,294.14233.71
201520.06%201,405.58234.72
201530.88%203,174.75236.12
201540.98%205,163.63236.60
20155-0.44%204,270.15237.81
20156-0.08%204,107.49238.64
20157-2.42%199,159.11238.65
20158-4.51%190,182.82238.32
201594.32%198,393.24237.95
2015102.93%204,211.06237.84
201511-1.10%201,958.67237.34
201512-6.42%188,993.69236.53
20161-0.55%187,954.40236.92
201626.36%199,913.42237.11
201632.83%205,573.49238.13
20164-0.30%204,947.80239.26
201651.07%207,133.55240.23
201663.30%213,963.65241.02
201671.20%216,529.62240.63
20168-0.44%215,579.77240.85
20169-0.51%214,488.98241.43
2016101.20%217,065.33241.73
2016113.95%225,630.65241.35
2016121.44%228,874.40241.43
201712.58%234,771.22242.84
201721.75%238,877.97243.60
20173-0.15%238,510.09243.80
201741.69%242,546.57244.52
201751.78%246,855.24244.73
201760.99%249,293.88244.96
201770.25%249,911.64244.79
201781.65%254,043.34245.52
201792.73%260,990.92246.82
2017101.59%265,139.55246.66
2017112.88%272,784.81246.67
2017124.86%286,047.33246.52
20181-2.89%277,790.04247.87
201820.06%277,969.43248.99
20183-1.66%273,344.10249.55
201841.96%278,706.07250.55
201852.11%284,595.05251.59
201861.58%289,093.76251.99
201872.45%296,178.89252.01
201881.68%301,153.94252.15
20189-3.85%289,562.57252.44
201810-2.08%283,550.94252.89
201811-5.56%267,778.38252.04
2018121.74%272,426.04251.23
201915.83%288,305.49251.71
201921.95%293,921.74252.78
201933.72%304,865.10254.20
20194-1.53%300,195.21255.55
201951.40%304,412.20256.09
201963.83%316,063.10256.14
20197-3.13%306,156.37256.57
201983.09%315,601.99256.56
201990.01%315,632.93256.76
2019104.43%329,627.12257.35
2019112.47%337,766.67257.21
2019123.35%349,069.69256.97
202010.12%349,495.82257.97
20202-18.92%283,379.22258.68
202034.32%295,617.27258.12
202045.89%313,021.34256.39
202056.51%333,393.62256.39
202063.48%344,983.84257.80
202075.89%365,315.47259.10
20208-0.63%363,024.94259.92
202091.73%369,290.75260.28
2020103.95%383,892.94260.39
2020114.26%400,247.09260.23
2020122.80%411,435.19260.47
202112.49%421,686.22261.58
202120.82%425,149.77263.01
202136.02%450,750.10264.88
202140.76%454,176.85267.05
202151.81%462,399.37269.20
202163.07%476,586.71271.70
202172.19%487,000.91273.00
20218-0.08%486,589.40273.57
202190.45%488,789.64274.31
2021104.74%511,981.45276.59
2021110.27%513,340.27277.95
202112-2.05%502,806.77278.80
20221-2.90%488,212.45281.15
20222-0.89%483,854.75283.72
202230.12%484,427.16287.50
20224-7.87%446,289.51289.11
20225-3.37%431,252.30292.30
202260.46%433,256.27296.31
202276.45%461,190.01296.28
20228-7.28%427,627.35296.17
20229-3.09%414,408.64296.81
2022105.29%436,310.52298.01
2022110.01%436,357.81297.71
2022121.38%442,364.08296.80
202313.15%456,285.15299.17
20232-2.59%444,488.23300.84
202334.00%462,250.97301.84
202340.74%465,660.97303.36
202354.94%488,674.81304.13
202363.88%507,616.05305.11
20237-1.13%501,905.26305.69
202381.31%508,482.46307.03
Click to show 942 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 1944. This would result in a final amount of $421,399.87, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $508,482.46).

YearMonthContribution ($)Amount ($)
194414.164.13
194424.168.54
194434.1612.52
194444.1617.03
194454.1622.26
194464.1627.20
194474.1631.01
194484.1634.72
194494.1639.99
1944104.1644.00
1944114.1649.40
1944124.1655.36
194514.1661.72
194524.1666.07
194534.1672.25
194544.1679.58
194554.1685.55
194564.1688.18
194574.1692.97
194584.16104.09
194594.16113.13
1945104.16121.50
1945114.16128.19
1945124.32138.19
19461-139.00
19462-135.28
19463-144.44
19464-145.19
19465-144.70
19466-141.01
19467-138.72
19468-118.71
19469-116.49
194610-116.48
194611-120.43
194612-121.54
19471-126.73
19472-122.07
19473-118.05
19474-116.44
19475-121.00
19476-129.10
19477-127.09
19478-124.34
19479-128.10
194710-127.16
194711-125.74
194712-124.65
19481-119.10
19482-121.39
19483-131.33
19484-138.33
19485-144.67
19486-141.84
19487-138.31
19488-137.38
19489-141.76
194810-134.52
194811-134.31
194812-136.50
19491-131.96
19492-133.93
19493-134.48
19494-134.23
19495-127.64
19496-135.63
19497-141.29
19498-143.93
19499-148.46
194910-151.35
194911-156.25
194912-160.36
19501-164.41
19502-166.67
19503-172.31
19504-179.06
19505-182.94
19506-170.64
19507-181.96
19508-189.44
19509-198.38
195010-199.13
195011-199.52
195012-215.50
19511-224.79
19512-222.29
19513-226.57
19514-227.99
19515-225.38
19516-230.72
19517-242.17
19518-249.77
19519-249.84
195110-244.21
195111-253.03
195112-262.73
19521-259.23
19522-261.17
19523-261.71
19524-262.91
19525-271.44
19526-280.58
19527-283.05
19528-279.91
19529-275.40
195210-285.50
195211-298.38
195212-301.33
19531-299.00
19532-301.86
19533-288.36
19534-291.25
19535-282.20
19536-287.60
19537-290.18
19538-278.26
19539-288.05
195310-295.85
195311-301.28
195312-310.40
19541-318.70
19542-326.93
19543-341.48
19544-356.58
19545-360.95
19546-377.03
19547-386.06
19548-396.64
19549-407.39
195410-424.92
195411-445.96
195412-455.64
19551-472.52
19552-470.45
19553-488.37
19554-487.99
19555-517.97
19556-557.57
19557-555.90
19558-582.67
19559-555.14
195510-594.37
195511-601.72
195512-587.35
19561-592.93
19562-635.66
19563-645.08
19564-626.77
19565-625.13
19566-661.07
19567-659.19
19568-638.83
19569-632.73
195610-628.23
195611-639.59
195612-627.68
19571-602.60
19572-612.36
19573-628.55
19574-654.70
19575-667.50
19576-683.00
19577-647.44
19578-623.23
19579-586.48
195710-575.92
195711-577.76
195712-591.21
19581-595.36
19582-609.76
19583-615.23
19584-637.12
19585-654.54
19586-674.64
19587-701.99
19588-722.66
19589-754.16
195810-779.25
195811-796.10
195812-829.97
19591-819.47
19592-842.46
19593-858.78
19594-873.94
19595-868.64
19596-905.36
19597-902.48
19598-869.06
19599-870.59
195910-876.42
195911-906.77
195912-893.30
19601-861.06
19602-851.77
19603-865.27
19604-859.86
19605-894.16
19606-874.52
19607-887.56
19608-863.41
19609-848.96
196010-879.02
196011-902.67
196012-951.65
19611-993.28
19612-1,027.02
19613-1,057.00
19614-1,070.36
19615-1,058.79
19616-1,058.50
19617-1,099.13
19618-1,093.18
19619-1,107.86
196110-1,160.73
196111-1,174.23
196112-1,133.28
19621-1,154.92
19622-1,158.86
19623-1,124.73
19624-1,043.92
19625-924.78
19626-949.91
19627-978.63
19628-972.82
19629-945.03
196210-1,013.08
196211-1,059.92
196212-1,103.88
19631-1,121.49
19632-1,120.27
19633-1,176.04
19634-1,202.74
19635-1,205.34
19636-1,190.61
19637-1,226.70
19638-1,262.20
19639-1,268.51
196310-1,264.62
196311-1,294.89
196312-1,338.01
19641-1,357.81
19642-1,385.93
19643-1,409.39
19644-1,426.59
19645-1,421.59
19646-1,477.90
19647-1,459.79
19648-1,488.48
19649-1,517.80
196410-1,532.03
196411-1,509.19
196412-1,551.76
19651-1,566.90
19652-1,572.15
19653-1,596.64
19654-1,624.31
19655-1,551.09
19656-1,552.69
19657-1,585.58
19658-1,642.60
19659-1,683.62
196510-1,701.73
196511-1,698.13
196512-1,731.76
19661-1,724.31
19662-1,657.71
19663-1,712.76
19664-1,626.99
19665-1,617.89
19666-1,618.19
19667-1,524.83
19668-1,475.65
19669-1,467.32
196610-1,545.33
196611-1,556.39
196612-1,620.67
19671-1,681.12
19672-1,725.40
19673-1,759.78
19674-1,795.99
19675-1,778.18
19676-1,813.60
19677-1,847.19
19678-1,877.74
19679-1,879.57
196710-1,825.40
196711-1,882.20
196712-1,881.87
19681-1,801.76
19682-1,773.67
19683-1,909.56
19684-1,958.40
19685-2,015.99
19686-2,016.98
19687-1,977.97
19688-2,047.36
19689-2,102.99
196810-2,140.54
196811-2,168.05
196812-2,081.65
19691-2,076.69
19692-2,036.94
19693-2,083.27
19694-2,156.46
19695-2,049.26
19696-1,963.08
19697-1,957.51
19698-1,969.82
19699-1,996.34
196910-2,016.25
196911-1,914.88
196912-1,903.61
19701-1,842.76
19702-1,879.85
19703-1,828.19
19704-1,623.45
19705-1,619.07
19706-1,627.53
19707-1,680.52
19708-1,786.75
19709-1,831.23
197010-1,835.02
197011-1,966.38
197012-2,047.21
19711-2,132.19
19712-2,192.57
19713-2,273.12
19714-2,247.94
19715-2,212.06
19716-2,201.82
19717-2,168.42
19718-2,222.34
19719-2,180.92
197110-2,085.58
197111-2,234.98
197112-2,333.82
19721-2,382.53
19722-2,444.94
19723-2,475.72
19724-2,456.51
19725-2,469.19
19726-2,456.75
19727-2,549.71
19728-2,518.84
19729-2,529.36
197210-2,662.25
197211-2,723.79
197212-2,750.74
19731-2,659.28
19732-2,623.50
19733-2,580.65
19734-2,514.33
19735-2,464.30
19736-2,494.13
19737-2,453.34
19738-2,502.29
19739-2,608.27
197310-2,429.53
197311-2,264.19
197312-2,302.69
19741-2,245.75
19742-2,348.49
19743-2,235.37
19744-2,174.89
19745-2,184.83
19746-1,936.92
19747-1,864.00
19748-1,677.35
19749-1,717.22
197410-1,781.50
197411-1,672.97
197412-1,817.40
19751-2,013.81
19752-2,113.97
19753-2,145.41
19754-2,289.42
19755-2,355.69
19756-2,365.87
19757-2,200.35
19758-2,181.58
19759-2,290.04
197510-2,336.79
197511-2,309.23
197512-2,529.65
19761-2,635.34
19762-2,656.49
19763-2,685.59
19764-2,675.29
19765-2,699.39
19766-2,771.34
19767-2,755.80
19768-2,822.98
19769-2,735.24
197610-2,725.21
197611-2,828.40
197612-2,813.20
19771-2,746.57
19772-2,745.08
19773-2,712.31
19774-2,714.06
19775-2,738.48
19776-2,773.60
19777-2,715.95
19778-2,684.03
19779-2,625.04
197710-2,650.79
197711-2,648.67
197712-2,558.87
19781-2,534.00
19782-2,540.73
19783-2,663.45
19784-2,810.05
19785-2,828.98
19786-2,827.22
19787-3,034.40
19788-3,046.53
19789-2,962.03
197810-2,800.97
197811-2,854.83
197812-2,974.31
19791-2,942.87
19792-3,011.77
19793-3,084.98
19794-3,026.58
19795-3,099.75
19796-3,143.80
19797-3,301.44
19798-3,352.29
19799-3,239.91
197910-3,229.46
197911-3,371.69
197912-3,483.37
19801-3,636.50
19802-3,317.29
19803-3,278.74
19804-3,443.86
19805-3,680.21
19806-3,863.09
19807-3,998.48
19808-4,111.87
19809-4,248.58
198010-4,444.64
198011-4,389.31
198012-4,389.75
19811-4,254.98
19812-4,431.28
19813-4,488.61
19814-4,416.02
19815-4,453.89
19816-4,364.08
19817-4,399.11
19818-4,033.87
19819-4,103.54
198110-4,228.44
198111-4,278.31
198112-4,072.77
19821-3,994.83
19822-3,885.19
19823-4,097.68
19824-4,121.02
19825-3,903.82
19826-3,913.34
19827-3,944.41
19828-4,421.54
19829-4,814.23
198210-5,030.87
198211-5,099.06
198212-5,299.24
19831-5,412.11
19832-5,621.33
19833-5,857.28
19834-6,116.40
19835-6,223.65
19836-6,267.72
19837-6,116.85
19838-6,319.55
19839-6,360.50
198310-6,287.90
198311-6,279.84
198312-6,378.81
19841-6,052.71
19842-6,079.49
19843-6,110.32
19844-6,094.89
19845-5,982.24
19846-5,927.89
19847-6,473.64
19848-6,564.73
19849-6,537.65
198410-6,621.72
198411-6,574.87
198412-6,883.73
19851-7,282.11
19852-7,247.28
19853-7,321.55
19854-7,521.84
19855-7,710.71
19856-7,883.98
19857-7,738.50
19858-7,592.63
19859-7,706.18
198510-8,200.96
198511-8,635.16
198512-8,700.07
19861-9,195.74
19862-9,764.29
19863-10,031.97
19864-10,081.31
19865-10,397.18
19866-10,209.63
19867-10,442.49
19868-10,186.00
19869-10,176.85
198610-10,536.39
198611-10,716.45
198612-11,431.60
19871-12,170.29
19872-12,702.92
19873-12,594.13
19874-12,615.89
19875-13,183.41
19876-13,595.01
19877-14,472.43
19878-14,033.86
19879-12,370.30
198710-10,848.33
198711-10,703.54
198712-11,158.07
19881-11,529.47
19882-11,902.11
19883-11,796.66
19884-11,538.51
19885-12,230.62
19886-12,193.08
19887-11,983.54
19888-12,214.49
19889-12,678.83
198810-12,422.69
198811-12,711.64
198812-13,158.15
19891-13,592.35
19892-13,570.38
19893-14,054.14
19894-14,632.51
19895-15,128.93
19896-15,552.57
19897-16,282.10
19898-16,356.27
19899-16,403.09
198910-16,105.61
198911-16,546.38
198912-16,180.50
19901-15,771.59
19902-16,198.55
19903-16,230.30
19904-16,855.32
19905-17,389.62
19906-17,419.14
19907-16,049.78
19908-15,353.05
19909-14,997.51
199010-15,445.00
199011-16,153.41
199012-16,042.73
19911-17,904.77
19912-18,449.90
19913-18,866.65
19914-18,832.91
19915-18,898.26
19916-19,045.76
19917-19,555.98
19918-19,496.71
19919-19,532.12
199110-19,535.21
199111-19,717.89
199112-21,168.73
19921-21,041.54
19922-20,828.52
19923-20,883.57
19924-21,315.52
19925-21,032.21
19926-21,434.37
19927-21,636.23
19928-21,718.05
19929-21,461.33
199210-22,053.00
199211-22,774.40
199212-22,806.94
19931-23,200.19
19932-23,699.03
19933-23,381.05
19934-23,550.50
19935-23,754.25
19936-23,768.74
19937-24,187.66
19938-24,515.39
19939-24,819.85
199310-24,821.72
199311-25,041.94
199312-25,476.64
19941-25,457.35
19942-25,094.88
19943-24,255.11
19944-24,511.79
19945-24,783.40
19946-24,654.81
19947-25,414.69
19948-25,622.45
19949-25,508.68
199410-25,414.33
199411-25,153.65
199412-25,770.21
19951-26,754.40
19952-27,438.82
19953-28,321.13
19954-29,269.26
19955-30,199.56
19956-31,270.88
19957-31,431.34
19958-32,599.85
19959-32,897.35
199510-33,673.19
199511-34,814.42
199512-34,871.02
19961-36,929.95
19962-36,855.83
19963-36,928.45
19964-37,798.05
19965-38,281.34
19966-36,950.46
19967-38,086.96
19968-38,857.74
19969-40,458.48
199610-42,502.48
199611-43,011.76
199612-44,412.88
19971-46,349.80
19972-46,060.72
19973-44,492.24
19974-48,593.46
19975-51,186.81
19976-54,122.85
19977-54,311.08
19978-54,958.47
19979-55,862.75
199710-55,219.18
199711-56,674.00
199712-56,808.36
19981-60,445.33
19982-63,656.71
19983-65,824.65
19984-65,678.61
19985-65,755.10
19986-68,692.82
19987-63,904.24
19988-60,773.92
19989-61,558.42
199810-68,314.08
199811-71,117.76
199812-74,707.57
19991-74,657.73
19992-76,840.35
19993-80,106.09
19994-80,026.92
19995-79,537.34
19996-83,134.32
19997-79,996.51
19998-79,518.12
19999-78,506.28
199910-84,084.89
199911-86,446.61
199912-86,343.80
20001-84,204.13
20002-87,522.58
20003-88,769.48
20004-86,249.50
20005-88,977.99
20006-89,734.60
20007-90,577.85
20008-89,599.92
20009-84,927.98
200010-84,271.86
200011-81,473.97
200012-81,844.68
20011-80,096.27
20012-72,823.60
20013-73,150.36
20014-78,182.62
20015-76,315.10
20016-74,284.95
20017-72,765.20
20018-64,581.06
20019-66,637.34
200110-70,004.62
200111-71,030.93
200112-70,819.48
20021-68,445.06
20022-71,829.86
20023-69,305.44
20024-67,350.77
20025-63,362.96
20026-56,546.06
20027-57,190.00
20028-54,469.05
20029-53,724.44
200210-57,283.99
200211-56,691.07
200212-56,564.92
20031-52,936.37
20032-53,628.73
20033-56,463.47
20034-59,462.92
20035-62,854.80
20036-63,229.35
20037-63,124.19
20038-65,119.66
20039-66,440.17
200310-67,244.49
200311-69,304.73
200312-72,724.89
20041-73,515.17
20042-72,364.51
20043-73,065.10
20044-71,191.52
20045-73,225.95
20046-71,586.58
20047-70,593.26
20048-72,557.61
20049-72,632.05
200410-76,099.43
200411-78,175.00
200412-77,120.25
20051-78,416.80
20052-78,216.37
20053-76,332.21
20054-77,351.90
20055-79,038.72
20056-80,467.57
20057-80,717.03
20058-80,942.79
20059-78,818.68
200510-81,941.11
200511-83,698.04
200512-84,925.69
20061-84,911.56
20062-86,173.47
20063-86,861.41
20064-86,178.13
20065-83,846.33
20066-84,450.06
20067-86,385.45
20068-88,572.02
20069-91,774.70
200610-93,611.70
200611-95,622.73
200612-96,285.23
20071-97,821.99
20072-95,401.98
20073-99,390.03
20074-102,761.10
20075-103,115.52
20076-103,708.04
20077-99,351.16
20078-102,405.95
20079-105,469.56
200710-100,400.37
200711-101,643.54
200712-94,899.29
20081-93,415.10
20082-90,961.43
20083-94,821.65
20084-97,251.55
20085-93,121.69
20086-87,461.31
20087-89,307.21
20088-84,978.01
20089-67,817.91
200810-61,981.94
200811-61,764.25
200812-61,087.59
20091-56,993.19
20092-53,751.74
20093-60,374.89
20094-64,395.75
20095-66,243.17
20096-67,089.52
20097-72,537.69
20098-75,185.57
20099-76,992.36
200910-78,604.83
200911-80,354.46
200912-81,444.85
20101-79,084.19
20102-83,784.19
20103-87,209.23
20104-82,079.24
20105-79,170.71
20106-79,044.77
20107-79,727.41
20108-82,415.14
20109-86,187.64
201010-88,334.50
201011-91,615.01
201012-94,786.90
20111-97,773.51
20112-96,685.82
20113-98,833.19
20114-99,484.73
20115-95,841.01
20116-98,813.74
20117-88,536.47
20118-87,837.70
20119-90,489.44
201110-92,088.50
201111-93,520.25
201112-97,992.91
20121-102,071.97
20122-105,015.56
20123-104,975.43
20124-101,730.69
20125-100,558.33
20126-103,495.73
20127-107,001.86
20128-110,234.56
20129-109,995.20
201210-106,874.09
201211-109,199.18
201212-113,860.63
20131-116,517.02
20132-119,689.15
20133-121,429.18
20134-126,983.68
20135-125,564.28
20136-129,650.74
20137-129,978.15
20138-131,528.10
20139-134,313.27
201310-139,497.75
201311-141,620.44
201312-142,991.05
20141-142,805.11
20142-146,692.65
20143-146,988.56
20144-149,240.48
20145-154,010.68
20146-156,314.41
20147-155,647.02
20148-158,414.48
20149-154,221.91
201410-163,021.27
201411-164,054.64
201412-162,233.56
20151-166,820.55
20152-166,912.91
20153-168,379.09
20154-170,027.36
20155-169,286.89
20156-169,152.08
20157-165,051.17
20158-157,612.15
20159-164,416.46
201510-169,237.92
201511-167,371.28
201512-156,626.67
20161-155,765.37
20162-165,676.30
20163-170,367.02
20164-169,848.48
20165-171,659.90
20166-177,320.28
20167-179,446.81
20168-178,659.63
20169-177,755.64
201610-179,890.77
201611-186,989.20
201612-189,677.42
20171-194,564.35
20172-197,967.79
20173-197,662.91
20174-201,008.10
20175-204,578.87
20176-206,599.87
20177-207,111.83
20178-210,535.94
20179-216,293.67
201710-219,731.81
201711-226,067.74
201712-237,058.93
20181-230,215.78
20182-230,364.45
20183-226,531.25
20184-230,974.93
20185-235,855.37
20186-239,583.63
20187-245,455.36
20188-249,578.39
20189-239,972.15
201810-234,990.07
201811-221,918.72
201812-225,770.42
20191-238,930.36
20192-243,584.77
20193-252,653.97
20194-248,783.84
20195-252,278.63
20196-261,934.20
20197-253,724.10
20198-261,552.07
20199-261,577.71
201910-273,175.26
201911-279,920.83
201912-289,288.09
20201-289,641.25
20202-234,847.76
20203-244,989.93
20204-259,413.38
20205-276,296.71
20206-285,901.98
20207-302,751.63
20208-300,853.37
20209-306,046.10
202010-318,147.52
202011-331,700.86
202012-340,972.90
20211-349,468.33
20212-352,338.72
20213-373,554.74
20214-376,394.63
20215-383,208.96
20216-394,966.58
20217-403,597.24
20218-403,256.21
20219-405,079.63
202110-424,299.63
202111-425,425.73
202112-416,696.20
20221-404,601.30
20222-400,989.89
20223-401,464.27
20224-369,858.07
20225-357,396.13
20226-359,056.90
20227-382,206.71
20228-354,391.98
20229-343,437.11
202210-361,588.08
202211-361,627.27
202212-366,604.91
20231-378,141.86
20232-368,365.28
20233-383,085.97
20234-385,911.98
20235-404,984.47
20236-420,681.84
20237-415,949.08
20238-421,399.87
Click to show 942 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 1944 to 2023
Start Value
Average monthly close
$11.85
End Value
Average monthly close
$3,960.66
Change in price+33,323.26%
+7.63% / yr
Change incl. dividends+508,382.46%
+11.31% / yr
Change incl. dividends, inflation-adjusted+29,270.62%
+7.39% / yr
Final amount, nominal
($100 base)
$508,482.46
Final amount, inflation-adjusted
($100 base)
$29,370.62