S&P 500: $100 in 1948 → $338,068.04 in 2023

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Stock market returns between 1948 and 2023

If you invested $100 in the S&P 500 at the beginning of 1948, you would have about $338,068.04 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 337,968.04%, or 11.34% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 26,639.03% cumulatively, or 7.67% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $307,631.40.

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 $337,968.04, or 337,968.04%. This means by 2023 you would have $338,068.04 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 1948 was 24.100 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 75 years.

Adjusted for inflation, the $338,068.04 nominal end value of the original $100 investment would have a real return of roughly $26,639.03 in 1948 dollars. This means the inflation-adjusted return is 26,639.03% as opposed to the original 337,968.04%.

For more information on inflation, see our U.S. inflation calculator for 1948.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 908-month period between 1948 and 2023.

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

YearMonthReturn (%)Amount ($)CPI
19481-4.45%95.5523.70
194821.92%97.3823.50
194838.19%105.3623.40
194845.33%110.9723.80
194854.59%116.0623.90
19486-1.96%113.7924.10
19487-2.49%110.9624.40
19488-0.68%110.2124.50
194893.19%113.7224.50
194810-5.10%107.9224.40
194811-0.16%107.7524.20
1948121.63%109.5124.10
19491-3.33%105.8624.00
194921.49%107.4423.80
194930.41%107.8923.80
19494-0.18%107.6923.90
19495-4.91%102.4023.80
194966.26%108.8123.90
194974.17%113.3523.70
194981.87%115.4723.80
194993.14%119.1023.90
1949101.95%121.4223.70
1949113.24%125.3523.80
1949122.63%128.6523.60
195012.52%131.9023.50
195021.38%133.7123.50
195033.39%138.2423.60
195043.91%143.6523.60
195052.16%146.7623.70
19506-6.72%136.8923.80
195076.64%145.9824.10
195084.11%151.9824.30
195094.72%159.1524.40
1950100.38%159.7524.60
1950110.19%160.0624.70
1950128.01%172.8925.00
195114.31%180.3425.40
19512-1.11%178.3325.70
195131.93%181.7625.80
195140.63%182.9125.80
19515-1.15%180.8125.90
195162.37%185.0925.90
195174.97%194.2825.90
195183.14%200.3725.90
195190.03%200.4326.10
195110-2.25%195.9126.20
1951113.61%202.9926.40
1951123.83%210.7826.50
19521-1.33%207.9726.50
195220.75%209.5326.30
195230.20%209.9526.30
195240.46%210.9226.40
195253.24%217.7626.40
195263.37%225.0926.50
195270.88%227.0826.70
19528-1.11%224.5626.70
19529-1.61%220.9426.70
1952103.67%229.0426.70
1952114.51%239.3726.70
1952120.99%241.7426.70
19531-0.77%239.8726.60
195320.96%242.1626.50
19533-4.47%231.3326.60
195341.00%233.6526.60
19535-3.11%226.3926.70
195361.91%230.7226.80
195370.90%232.8026.80
19538-4.11%223.2426.90
195393.52%231.0926.90
1953102.71%237.3527.00
1953111.84%241.7126.90
1953123.02%249.0126.90
195412.68%255.6826.90
195422.58%262.2826.90
195434.45%273.9526.90
195444.42%286.0726.80
195451.22%289.5726.90
195464.46%302.4826.90
195472.39%309.7226.90
195482.74%318.2026.90
195492.71%326.8326.80
1954104.30%340.8926.80
1954114.95%357.7826.80
1954122.17%365.5326.70
195513.70%379.0826.70
19552-0.44%377.4226.70
195533.81%391.7926.70
19554-0.08%391.4926.70
195556.15%415.5426.70
195567.64%447.3126.70
19557-0.30%445.9726.80
195584.82%467.4526.80
19559-4.72%445.3626.90
1955107.07%476.8326.90
1955111.24%482.7326.90
195512-2.39%471.2126.80
195610.95%475.6826.80
195627.21%509.9626.80
195631.48%517.5226.80
19564-2.84%502.8326.90
19565-0.26%501.5127.00
195665.75%530.3427.20
19567-0.28%528.8327.40
19568-3.09%512.5027.30
19569-0.95%507.6127.40
195610-0.71%503.9927.50
1956111.81%513.1127.50
195612-1.86%503.5527.60
19571-4.00%483.4327.60
195721.62%491.2727.70
195732.64%504.2627.80
195744.16%525.2327.90
195751.95%535.5028.00
195762.32%547.9328.10
19577-5.21%519.4128.30
19578-3.74%499.9928.30
19579-5.90%470.5128.30
195710-1.80%462.0428.30
1957110.32%463.5128.40
1957122.33%474.3028.40
195810.70%477.6328.60
195822.42%489.1828.60
195830.90%493.5728.80
195843.56%511.1328.90
195852.74%525.1128.90
195863.07%541.2328.90
195874.05%563.1829.00
195882.94%579.7528.90
195894.36%605.0328.90
1958103.33%625.1528.90
1958112.16%638.6729.00
1958124.25%665.8428.90
19591-1.27%657.4229.00
195922.81%675.8728.90
195931.94%688.9528.90
195941.77%701.1229.00
19595-0.61%696.8729.00
195964.23%726.3329.10
19597-0.32%724.0129.20
19598-3.70%697.2029.20
195990.18%698.4329.30
1959100.67%703.1129.40
1959113.46%727.4629.40
195912-1.49%716.6529.40
19601-3.61%690.7829.30
19602-1.08%683.3429.40
196031.58%694.1629.40
19604-0.62%689.8329.50
196053.99%717.3429.50
19606-2.20%701.5829.60
196071.49%712.0429.60
19608-2.72%692.6729.60
19609-1.67%681.0729.60
1960103.54%705.1929.80
1960112.69%724.1629.80
1960125.43%763.4629.80
196114.37%796.8629.80
196123.40%823.9329.80
196132.92%847.9829.80
196141.26%858.6929.80
19615-1.08%849.4229.80
19616-0.03%849.1829.80
196173.84%881.7830.00
19618-0.54%877.0029.90
196191.34%888.7830.00
1961104.77%931.1930.00
1961111.16%942.0230.00
196112-3.49%909.1830.00
196211.91%926.5430.00
196220.34%929.7030.10
19623-2.94%902.3230.10
19624-7.19%837.4830.20
19625-11.41%741.9030.20
196262.72%762.0630.20
196273.02%785.1030.30
19628-0.59%780.4430.30
19629-2.86%758.1530.40
1962107.20%812.7530.40
1962114.62%850.3230.40
1962124.15%885.5830.40
196311.60%899.7130.40
19632-0.11%898.7430.40
196334.98%943.4830.50
196342.27%964.8930.50
196350.22%966.9830.50
19636-1.22%955.1730.60
196373.03%984.1230.70
196382.89%1,012.6030.70
196390.50%1,017.6630.70
196310-0.31%1,014.5430.80
1963112.39%1,038.8230.80
1963123.33%1,073.4230.90
196411.48%1,089.3030.90
196422.07%1,111.8630.90
196431.69%1,130.6930.90
196441.22%1,144.4930.90
19645-0.35%1,140.4730.90
196463.96%1,185.6531.00
19647-1.23%1,171.1131.10
196481.97%1,194.1331.00
196491.97%1,217.6631.10
1964100.94%1,229.0731.10
196411-1.49%1,210.7531.20
1964122.82%1,244.9031.20
196510.98%1,257.0431.20
196520.34%1,261.2631.20
196531.56%1,280.9131.30
196541.73%1,303.1031.40
19655-4.51%1,244.3631.40
196560.10%1,245.6431.60
196572.12%1,272.0331.60
196583.60%1,317.7831.60
196592.50%1,350.6831.60
1965101.08%1,365.2131.70
196511-0.21%1,362.3231.70
1965121.98%1,389.3031.80
19661-0.43%1,383.3231.80
19662-3.86%1,329.9032.00
196633.32%1,374.0632.10
19664-5.01%1,305.2532.30
19665-0.56%1,297.9532.30
196660.02%1,298.1932.40
19667-5.77%1,223.2932.50
19668-3.22%1,183.8432.70
19669-0.56%1,177.1632.70
1966105.32%1,239.7432.90
1966110.72%1,248.6132.90
1966124.13%1,300.1832.90
196713.73%1,348.6832.90
196722.63%1,384.2032.90
196731.99%1,411.7833.00
196742.06%1,440.8333.10
19675-0.99%1,426.5433.20
196761.99%1,454.9633.30
196771.85%1,481.9033.40
196781.65%1,506.4133.50
196790.10%1,507.8833.60
196710-2.88%1,464.4333.70
1967113.11%1,510.0033.80
196712-0.02%1,509.7333.90
19681-4.26%1,445.4634.10
19682-1.56%1,422.9334.20
196837.66%1,531.9534.30
196842.56%1,571.1334.40
196852.94%1,617.3334.50
196860.05%1,618.1234.70
19687-1.93%1,586.8334.90
196883.51%1,642.4935.00
196892.72%1,687.1235.10
1968101.79%1,717.2535.30
1968111.29%1,739.3235.40
196812-3.99%1,670.0135.50
19691-0.24%1,666.0235.60
19692-1.91%1,634.1435.80
196932.27%1,671.3036.10
196943.51%1,730.0236.30
19695-4.97%1,644.0236.40
19696-4.21%1,574.8836.60
19697-0.28%1,570.4236.80
196980.63%1,580.2937.00
196991.35%1,601.5637.10
1969101.00%1,617.5437.30
196911-5.03%1,536.2237.50
196912-0.59%1,527.1737.70
19701-3.20%1,478.3637.80
197022.01%1,508.1138.00
19703-2.75%1,466.6738.20
19704-11.20%1,302.4238.50
19705-0.27%1,298.9038.60
197060.52%1,305.6938.80
197073.26%1,348.2039.00
197086.32%1,433.4239.00
197092.49%1,469.1139.20
1970100.21%1,472.1439.40
1970117.16%1,577.5339.60
1970124.11%1,642.3739.80
197114.15%1,710.5539.80
197122.83%1,758.9939.90
197133.67%1,823.6140.00
19714-1.11%1,803.4140.10
19715-1.60%1,774.6340.30
19716-0.46%1,766.4140.60
19717-1.52%1,739.6140.70
197182.49%1,782.8740.80
19719-1.86%1,749.6440.80
197110-4.37%1,673.1640.90
1971117.16%1,793.0140.90
1971124.42%1,872.3141.10
197212.09%1,911.3841.10
197222.62%1,961.4641.30
197231.26%1,986.1541.40
19724-0.78%1,970.7441.50
197250.52%1,980.9141.60
19726-0.50%1,970.9341.70
197273.78%2,045.5041.90
19728-1.21%2,020.7442.00
197290.42%2,029.1842.10
1972105.25%2,135.7942.30
1972112.31%2,185.1642.40
1972120.99%2,206.7842.50
19731-3.33%2,133.4042.60
19732-1.35%2,104.7042.90
19733-1.63%2,070.3343.30
19734-2.57%2,017.1243.60
19735-1.99%1,976.9943.90
197361.21%2,000.9144.20
19737-1.64%1,968.1944.30
197382.00%2,007.4645.10
197394.24%2,092.4845.20
197310-6.85%1,949.0945.60
197311-6.81%1,816.4545.90
1973121.70%1,847.3446.20
19741-2.47%1,801.6546.60
197424.57%1,884.0747.20
19743-4.82%1,793.3247.80
19744-2.71%1,744.8048.00
197450.46%1,752.7848.60
19746-11.35%1,553.8949.00
19747-3.76%1,495.3949.40
19748-10.01%1,345.6550.00
197492.38%1,377.6450.60
1974103.74%1,429.2151.10
197411-6.09%1,342.1451.50
1974128.63%1,458.0151.90
1975110.81%1,615.5852.10
197524.97%1,695.9352.50
197531.49%1,721.1552.70
197546.71%1,836.6952.90
197552.89%1,889.8553.20
197560.43%1,898.0253.60
19757-7.00%1,765.2354.20
19758-0.85%1,750.1854.30
197594.97%1,837.1854.60
1975102.04%1,874.6954.90
197511-1.18%1,852.5855.30
1975129.55%2,029.4155.50
197614.18%2,114.2055.60
197620.80%2,131.1755.80
197631.10%2,154.5155.90
19764-0.38%2,146.2556.10
197650.90%2,165.5856.50
197662.67%2,223.3056.80
19767-0.56%2,210.8457.10
197682.44%2,264.7457.40
19769-3.11%2,194.3457.60
197610-0.37%2,186.3057.90
1976113.79%2,269.0858.00
197612-0.54%2,256.8958.20
19771-2.37%2,203.4458.50
19772-0.05%2,202.2459.10
19773-1.19%2,175.9559.50
197740.06%2,177.3660.00
197750.90%2,196.9560.30
197761.28%2,225.1260.70
19777-2.08%2,178.8761.00
19778-1.18%2,153.2661.20
19779-2.20%2,105.9461.40
1977100.98%2,126.6061.60
197711-0.08%2,124.9061.90
197712-3.39%2,052.8562.10
19781-0.97%2,032.9062.50
197820.27%2,038.3062.90
197834.83%2,136.7563.40
197845.50%2,254.3663.90
197850.67%2,269.5564.50
19786-0.06%2,268.1365.20
197877.33%2,434.3565.70
197880.40%2,444.0866.00
19789-2.77%2,376.2966.50
197810-5.44%2,247.0867.10
1978111.92%2,290.2867.40
1978124.19%2,386.1467.70
19791-1.06%2,360.9268.30
197922.34%2,416.1969.10
197932.43%2,474.9369.80
19794-1.89%2,428.0870.60
197952.42%2,486.7871.50
197961.42%2,522.1172.30
197975.01%2,648.5873.10
197981.54%2,689.3873.80
19799-3.35%2,599.2274.60
197910-0.32%2,590.8475.20
1979114.40%2,704.9475.90
1979123.31%2,794.5476.70
198014.40%2,917.3877.80
19802-8.78%2,661.3078.90
19803-1.16%2,630.3780.10
198045.04%2,762.8481.00
198056.86%2,952.4581.80
198064.97%3,099.1782.70
198073.50%3,207.7882.70
198082.84%3,298.7583.30
198093.32%3,408.4284.00
1980104.61%3,565.7184.80
198011-1.24%3,521.3385.50
1980120.01%3,521.6886.30
19811-3.07%3,413.5687.00
198124.14%3,554.9987.90
198131.29%3,600.9988.50
19814-1.62%3,542.7589.10
198150.86%3,573.1389.80
19816-2.02%3,501.0990.60
198170.80%3,529.1991.60
19818-8.30%3,236.1792.30
198191.73%3,292.0693.20
1981103.04%3,392.2793.40
1981111.18%3,432.2793.70
198112-4.80%3,267.3894.00
19821-1.91%3,204.8594.30
19822-2.74%3,116.8994.60
198235.47%3,287.3694.50
198240.57%3,306.0994.90
19825-5.27%3,131.8495.80
198260.24%3,139.4897.00
198270.79%3,164.4097.50
1982812.10%3,547.1897.70
198298.88%3,862.2297.90
1982104.50%4,036.0298.20
1982111.36%4,090.7298.00
1982123.93%4,251.3297.60
198312.13%4,341.8797.80
198323.87%4,509.7197.90
198334.20%4,699.0097.90
198344.42%4,906.8898.60
198351.75%4,992.9399.20
198360.71%5,028.2899.50
19837-2.41%4,907.2499.90
198383.31%5,069.86100.20
198390.65%5,102.71100.70
198310-1.14%5,044.47101.00
198311-0.13%5,038.00101.20
1983121.58%5,117.40101.30
19841-5.11%4,855.79101.90
198420.44%4,877.27102.40
198430.51%4,902.00102.60
19844-0.25%4,889.62103.10
19845-1.85%4,799.25103.40
19846-0.91%4,755.65103.70
198479.21%5,193.48104.10
198481.41%5,266.55104.50
19849-0.41%5,244.83105.00
1984101.29%5,312.28105.30
198411-0.71%5,274.69105.30
1984124.70%5,522.47105.30
198515.79%5,842.08105.50
19852-0.48%5,814.13106.00
198531.02%5,873.71106.40
198542.74%6,034.39106.90
198552.51%6,185.92107.30
198562.25%6,324.93107.60
19857-1.85%6,208.21107.80
19858-1.88%6,091.19108.00
198591.50%6,182.29108.30
1985106.42%6,579.22108.70
1985115.29%6,927.56109.00
1985120.75%6,979.63109.30
198615.70%7,377.28109.60
198626.18%7,833.40109.30
198632.74%8,048.15108.80
198640.49%8,087.73108.60
198653.13%8,341.14108.90
19866-1.80%8,190.67109.50
198672.28%8,377.49109.50
19868-2.46%8,171.72109.70
19869-0.09%8,164.37110.20
1986103.53%8,452.82110.30
1986111.71%8,597.27110.40
1986126.67%9,171.00110.50
198716.46%9,763.62111.20
198724.38%10,190.91111.60
19873-0.86%10,103.64112.10
198740.17%10,121.10112.70
198754.50%10,576.39113.10
198763.12%10,906.60113.50
198776.45%11,610.51113.80
19878-3.03%11,258.66114.40
19879-11.85%9,924.07115.00
198710-12.30%8,703.07115.30
198711-1.33%8,586.91115.40
1987124.25%8,951.56115.40
198813.33%9,249.52115.70
198823.23%9,548.47116.00
19883-0.89%9,463.87116.50
19884-2.19%9,256.77117.10
198856.00%9,812.01117.50
19886-0.31%9,781.90118.00
19887-1.72%9,613.80118.50
198881.93%9,799.07119.00
198893.80%10,171.59119.80
198810-2.02%9,966.10120.20
1988112.33%10,197.91120.30
1988123.51%10,556.13120.50
198913.30%10,904.46121.10
19892-0.16%10,886.84121.60
198933.56%11,274.93122.30
198944.12%11,738.93123.10
198953.39%12,137.19123.80
198962.80%12,477.05124.10
198974.69%13,062.32124.40
198980.46%13,121.82124.60
198990.29%13,159.38125.00
198910-1.81%12,920.73125.60
1989112.74%13,274.33125.90
198912-2.21%12,980.81126.10
19901-2.53%12,652.76127.40
199022.71%12,995.29128.00
199030.20%13,020.76128.70
199043.85%13,522.18128.90
199053.17%13,950.82129.20
199060.17%13,974.50129.90
19907-7.86%12,875.93130.40
19908-4.34%12,316.98131.60
19909-2.32%12,031.75132.70
1990102.98%12,390.75133.50
1990114.59%12,959.07133.80
199012-0.69%12,870.28133.80
1991111.61%14,364.10134.60
199123.04%14,801.43134.80
199132.26%15,135.77135.00
19914-0.18%15,108.70135.20
199150.35%15,161.13135.60
199160.78%15,279.46136.00
199172.68%15,688.78136.20
19918-0.30%15,641.23136.60
199190.18%15,669.64137.20
1991100.02%15,672.12137.40
1991110.94%15,818.67137.80
1991127.36%16,982.62137.90
19921-0.60%16,880.58138.10
19922-1.01%16,709.68138.60
199230.26%16,753.85139.30
199242.07%17,100.37139.50
19925-1.33%16,873.09139.70
199261.91%17,195.73140.20
199270.94%17,357.66140.50
199280.38%17,423.31140.90
19929-1.18%17,217.35141.30
1992102.76%17,692.02141.80
1992113.27%18,270.76142.00
1992120.14%18,296.87141.90
199311.72%18,612.35142.60
199322.15%19,012.54143.10
19933-1.34%18,757.44143.60
199340.72%18,893.38144.00
199350.87%19,056.85144.20
199360.06%19,068.47144.40
199371.76%19,404.55144.40
199381.35%19,667.47144.80
199391.24%19,911.73145.10
1993100.01%19,913.23145.70
1993110.89%20,089.89145.80
1993121.74%20,438.63145.80
19941-0.08%20,423.16146.20
19942-1.42%20,132.37146.70
19943-3.35%19,458.66147.20
199441.06%19,664.58147.40
199451.11%19,882.49147.50
19946-0.52%19,779.32148.00
199473.08%20,388.93148.40
199480.82%20,555.61149.00
19949-0.44%20,464.34149.40
199410-0.37%20,388.64149.50
199411-1.03%20,179.52149.70
1994122.45%20,674.15149.70
199513.82%21,463.72150.30
199522.56%22,012.80150.90
199533.22%22,720.63151.40
199543.35%23,481.26151.90
199553.18%24,227.59152.20
199563.55%25,087.06152.50
199570.51%25,215.79152.50
199583.72%26,153.23152.90
199590.91%26,391.90153.20
1995102.36%27,014.32153.70
1995113.39%27,929.87153.60
1995120.16%27,975.28153.50
199615.90%29,627.05154.40
19962-0.20%29,567.59154.90
199630.20%29,625.85155.70
199642.35%30,323.49156.30
199651.28%30,711.20156.60
19966-3.48%29,643.51156.70
199673.08%30,555.27157.00
199682.02%31,173.62157.30
199694.12%32,457.82157.80
1996105.05%34,097.61158.30
1996111.20%34,506.18158.60
1996123.26%35,630.23158.60
199714.36%37,184.13159.10
19972-0.62%36,952.21159.60
19973-3.41%35,693.90160.00
199749.22%38,984.10160.20
199755.34%41,064.62160.10
199765.74%43,420.05160.30
199770.35%43,571.06160.50
199781.19%44,090.43160.80
199791.65%44,815.89161.20
199710-1.15%44,299.59161.60
1997112.63%45,466.71161.50
1997120.24%45,574.51161.30
199816.40%48,492.26161.60
199825.31%51,068.59161.90
199833.41%52,807.82162.20
19984-0.22%52,690.67162.50
199850.12%52,752.03162.80
199864.47%55,108.81163.00
19987-6.97%51,267.17163.20
19988-4.90%48,755.88163.40
199891.29%49,385.24163.60
19981010.97%54,804.97164.00
1998114.10%57,054.23164.00
1998125.05%59,934.14163.90
19991-0.07%59,894.16164.30
199922.92%61,645.17164.50
199934.25%64,265.11165.00
19994-0.10%64,201.59166.20
19995-0.61%63,808.83166.20
199964.52%66,694.51166.20
19997-3.77%64,177.20166.70
19998-0.60%63,793.41167.10
19999-1.27%62,981.66167.90
1999107.11%67,457.10168.20
1999112.81%69,351.79168.30
199912-0.12%69,269.31168.30
20001-2.48%67,552.76168.80
200023.94%70,214.99169.80
200031.42%71,215.32171.20
20004-2.84%69,193.66171.30
200053.16%71,382.59171.50
200060.85%71,989.58172.40
200070.94%72,666.08172.80
20008-1.08%71,881.54172.80
20009-5.21%68,133.47173.70
200010-0.77%67,607.09174.00
200011-3.32%65,362.49174.10
2000120.46%65,659.89174.00
20011-2.14%64,257.23175.10
20012-9.08%58,422.73175.80
200130.45%58,684.87176.20
200146.88%62,722.00176.90
20015-2.39%61,223.79177.70
20016-2.66%59,595.10178.00
20017-2.05%58,375.88177.50
20018-11.25%51,810.15177.50
200193.18%53,459.81178.30
2001105.05%56,161.21177.70
2001111.47%56,984.56177.40
200112-0.30%56,814.92176.70
20021-3.35%54,910.05177.10
200224.95%57,625.50177.80
20023-3.51%55,600.29178.80
20024-2.82%54,032.16179.80
20025-5.92%50,832.93179.80
20026-10.76%45,364.07179.90
200271.14%45,880.68180.10
20028-4.76%43,697.80180.70
20029-1.37%43,100.43181.00
2002106.63%45,956.08181.30
200211-1.04%45,480.41181.30
200212-0.22%45,379.21180.90
20031-6.41%42,468.20181.70
200321.31%43,023.65183.10
200335.29%45,297.81184.20
200345.31%47,704.13183.80
200355.70%50,425.26183.50
200360.60%50,725.75183.70
20037-0.17%50,641.38183.90
200383.16%52,242.24184.60
200392.03%53,301.63185.20
2003101.21%53,946.89185.00
2003113.06%55,599.72184.50
2003124.93%58,343.54184.30
200411.09%58,977.54185.20
20042-1.57%58,054.43186.20
200430.97%58,616.47187.40
20044-2.56%57,113.40188.00
200452.86%58,745.51189.10
20046-2.24%57,430.33189.70
20047-1.39%56,633.45189.40
200482.78%58,209.34189.50
200490.10%58,269.06189.90
2004104.77%61,050.77190.90
2004112.73%62,715.89191.00
200412-1.35%61,869.72190.30
200511.68%62,909.87190.70
20052-0.26%62,749.08191.80
20053-2.41%61,237.51193.30
200541.34%62,055.56194.60
200552.18%63,408.81194.40
200561.81%64,555.11194.50
200570.31%64,755.24195.40
200580.28%64,936.35196.40
20059-2.62%63,232.28198.80
2005103.96%65,737.25199.20
2005112.14%67,146.75197.60
2005121.47%68,131.64196.80
20061-0.02%68,120.30198.30
200621.49%69,132.66198.70
200630.80%69,684.57199.80
20064-0.79%69,136.40201.50
20065-2.71%67,265.72202.50
200660.72%67,750.06202.90
200672.29%69,302.73203.50
200682.53%71,056.90203.90
200693.62%73,626.25202.90
2006102.00%75,099.99201.80
2006112.15%76,713.33201.50
2006120.69%77,244.83201.80
200711.60%78,477.69202.42
20072-2.47%76,536.24203.50
200734.18%79,735.65205.35
200743.39%82,440.09206.69
200750.34%82,724.42207.95
200760.57%83,199.78208.35
20077-4.20%79,704.46208.30
200783.07%82,155.17207.92
200792.99%84,612.95208.49
200710-4.81%80,546.19208.94
2007111.24%81,543.53210.18
200712-6.64%76,132.96210.04
20081-1.56%74,942.26211.08
20082-2.63%72,973.80211.69
200834.24%76,070.67213.53
200842.56%78,020.06214.82
20085-4.25%74,706.87216.63
20086-6.08%70,165.84218.82
200872.11%71,646.71219.96
20088-4.85%68,173.61219.09
20089-20.19%54,406.91218.78
200810-8.61%49,725.01216.57
200811-0.35%49,550.37212.43
200812-1.10%49,007.51210.23
20091-6.70%45,722.78211.14
20092-5.69%43,122.33212.19
2009312.32%48,435.75212.71
200946.66%51,661.49213.24
200952.87%53,143.59213.86
200961.28%53,822.57215.69
200978.12%58,193.36215.35
200983.65%60,317.62215.83
200992.40%61,767.12215.97
2009102.09%63,060.72216.18
2009112.23%64,464.37216.33
2009121.36%65,339.13215.95
20101-2.90%63,445.29216.69
201025.94%67,215.87216.74
201034.09%69,963.60217.63
20104-5.88%65,848.07218.01
20105-3.54%63,514.70218.18
20106-0.16%63,413.66217.97
201070.86%63,961.31218.01
201083.37%66,117.55218.31
201094.58%69,144.03218.44
2010102.49%70,866.35218.71
2010113.71%73,498.14218.80
2010123.46%76,042.79219.18
201113.15%78,438.79220.22
20112-1.11%77,566.19221.31
201132.22%79,288.93223.47
201140.66%79,811.63224.91
20115-3.66%76,888.45225.96
201163.10%79,273.32225.72
20117-10.40%71,028.38225.92
20118-0.79%70,467.80226.55
201193.02%72,595.15226.89
2011101.77%73,878.00226.42
2011111.55%75,026.62226.23
2011124.78%78,614.81225.67
201214.16%81,887.23226.67
201222.88%84,248.73227.66
20123-0.04%84,216.54229.39
20124-3.09%81,613.44230.09
20125-1.15%80,672.92229.82
201262.92%83,029.45229.48
201273.39%85,842.24229.10
201283.02%88,435.67230.38
20129-0.22%88,243.65231.41
201210-2.84%85,739.74231.32
2012112.18%87,605.04230.22
2012124.27%91,344.69229.60
201312.33%93,475.78230.28
201322.72%96,020.62232.17
201331.45%97,416.56232.77
201344.57%101,872.65232.53
20135-1.12%100,733.94232.95
201363.25%104,012.31233.50
201370.25%104,274.97233.60
201381.19%105,518.41233.88
201392.12%107,752.82234.15
2013103.86%111,912.07233.55
2013111.52%113,614.99233.07
2013120.97%114,714.57233.05
20141-0.13%114,565.40233.92
201422.72%117,684.18234.78
201430.20%117,921.57236.29
201441.53%119,728.17237.07
201453.20%123,555.07237.90
201461.50%125,403.23238.34
20147-0.43%124,867.82238.25
201481.78%127,088.01237.85
20149-2.65%123,724.52238.03
2014105.71%130,783.81237.43
2014110.63%131,612.83236.15
201412-1.11%130,151.87234.81
201512.83%133,831.78233.71
201520.06%133,905.88234.72
201530.88%135,082.12236.12
201540.98%136,404.44236.60
20155-0.44%135,810.40237.81
20156-0.08%135,702.26238.64
20157-2.42%132,412.29238.65
20158-4.51%126,444.35238.32
201594.32%131,903.10237.95
2015102.93%135,771.12237.84
201511-1.10%134,273.60237.34
201512-6.42%125,653.75236.53
20161-0.55%124,962.76236.92
201626.36%132,913.80237.11
201632.83%136,676.94238.13
20164-0.30%136,260.94239.26
201651.07%137,714.15240.23
201663.30%142,255.19241.02
201671.20%143,961.20240.63
20168-0.44%143,329.68240.85
20169-0.51%142,604.46241.43
2016101.20%144,317.37241.73
2016113.95%150,012.08241.35
2016121.44%152,168.71241.43
201712.58%156,089.25242.84
201721.75%158,819.65243.60
20173-0.15%158,575.06243.80
201741.69%161,258.75244.52
201751.78%164,123.39244.73
201760.99%165,744.74244.96
201770.25%166,155.46244.79
201781.65%168,902.45245.52
201792.73%173,521.59246.82
2017101.59%176,279.84246.66
2017112.88%181,362.84246.67
2017124.86%190,180.52246.52
20181-2.89%184,690.61247.87
201820.06%184,809.88248.99
20183-1.66%181,734.69249.55
201841.96%185,299.64250.55
201852.11%189,214.96251.59
201861.58%192,205.96251.99
201872.45%196,916.56252.01
201881.68%200,224.26252.15
20189-3.85%192,517.65252.44
201810-2.08%188,520.78252.89
201811-5.56%178,034.29252.04
2018121.74%181,124.32251.23
201915.83%191,681.87251.71
201921.95%195,415.88252.78
201933.72%202,691.64254.20
20194-1.53%199,586.84255.55
201951.40%202,390.53256.09
201963.83%210,136.71256.14
20197-3.13%203,550.16256.57
201983.09%209,830.14256.56
201990.01%209,850.71256.76
2019104.43%219,154.85257.35
2019112.47%224,566.48257.21
2019123.35%232,081.37256.97
202010.12%232,364.68257.97
20202-18.92%188,406.61258.68
202034.32%196,543.16258.12
202045.89%208,114.38256.39
202056.51%221,659.03256.39
202063.48%229,364.86257.80
202075.89%242,882.49259.10
20208-0.63%241,359.61259.92
202091.73%245,525.48260.28
2020103.95%255,233.84260.39
2020114.26%266,107.01260.23
2020122.80%273,545.50260.47
202112.49%280,360.96261.58
202120.82%282,663.73263.01
202136.02%299,684.29264.88
202140.76%301,962.58267.05
202151.81%307,429.38269.20
202163.07%316,861.93271.70
202172.19%323,785.88273.00
20218-0.08%323,512.28273.57
202190.45%324,975.13274.31
2021104.74%340,394.37276.59
2021110.27%341,297.79277.95
202112-2.05%334,294.52278.80
20221-2.90%324,591.38281.15
20222-0.89%321,694.14283.72
202230.12%322,074.71287.50
20224-7.87%296,718.63289.11
20225-3.37%286,721.04292.30
202260.46%288,053.39296.31
202276.45%306,625.33296.28
20228-7.28%284,310.96296.17
20229-3.09%275,522.41296.81
2022105.29%290,084.03298.01
2022110.01%290,115.47297.71
2022121.38%294,108.78296.80
202313.15%303,364.30299.17
20232-2.59%295,521.04300.84
202334.00%307,330.71301.84
202340.74%309,597.88303.36
202354.94%324,898.78304.13
202363.88%337,492.00305.11
20237-1.13%333,695.14305.69
202381.31%338,068.04307.03
Click to show 894 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 1948. This would result in a final amount of $307,631.40, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $338,068.04).

YearMonthContribution ($)Amount ($)
194814.163.96
194824.168.25
194834.1613.41
194844.1618.48
194854.1623.66
194864.1627.26
194874.1630.62
194884.1634.53
194894.1639.90
1948104.1641.79
1948114.1645.86
1948124.1650.81
194914.1653.12
194924.1658.12
194934.1662.51
194944.1666.53
194954.1667.19
194964.1675.79
194974.1683.26
194984.1689.04
194994.1696.10
1949104.16102.19
1949114.16109.77
1949124.32117.07
19501-120.02
19502-121.67
19503-125.79
19504-130.72
19505-133.55
19506-124.57
19507-132.84
19508-138.29
19509-144.82
195010-145.37
195011-145.65
195012-157.32
19511-164.10
19512-162.27
19513-165.40
19514-166.44
19515-164.53
19516-168.43
19517-176.79
19518-182.33
19519-182.39
195110-178.28
195111-184.72
195112-191.80
19521-189.24
19522-190.66
19523-191.05
19524-191.93
19525-198.16
19526-204.83
19527-206.63
19528-204.34
19529-201.05
195210-208.42
195211-217.82
195212-219.97
19531-218.27
19532-220.36
19533-210.51
19534-212.62
19535-206.01
19536-209.95
19537-211.84
19538-203.14
19539-210.28
195310-215.98
195311-219.94
195312-226.60
19541-232.66
19542-238.67
19543-249.29
19544-260.31
19545-263.50
19546-275.24
19547-281.83
19548-289.56
19549-297.40
195410-310.20
195411-325.56
195412-332.62
19551-344.95
19552-343.44
19553-356.52
19554-356.24
19555-378.13
19556-407.04
19557-405.82
19558-425.36
19559-405.27
195510-433.90
195511-439.27
195512-428.78
19561-432.85
19562-464.04
19563-470.93
19564-457.56
19565-456.36
19566-482.59
19567-481.22
19568-466.36
19569-461.91
195610-458.62
195611-466.91
195612-458.22
19571-439.91
19572-447.04
19573-458.86
19574-477.95
19575-487.29
19576-498.60
19577-472.65
19578-454.97
19579-428.15
195710-420.44
195711-421.78
195712-431.60
19581-434.63
19582-445.14
19583-449.13
19584-465.11
19585-477.83
19586-492.50
19587-512.47
19588-527.56
19589-550.55
195810-568.87
195811-581.17
195812-605.90
19591-598.23
19592-615.02
19593-626.93
19594-638.00
19595-634.13
19596-660.94
19597-658.83
19598-634.43
19599-635.55
195910-639.81
195911-661.96
195912-652.13
19601-628.59
19602-621.81
19603-631.67
19604-627.72
19605-652.75
19606-638.42
19607-647.94
19608-630.31
19609-619.76
196010-641.70
196011-658.97
196012-694.73
19611-725.12
19612-749.75
19613-771.64
19614-781.38
19615-772.94
19616-772.73
19617-802.39
19618-798.05
19619-808.76
196110-847.36
196111-857.21
196112-827.32
19621-843.12
19622-845.99
19623-821.08
19624-762.08
19625-675.11
19626-693.45
19627-714.42
19628-710.18
19629-689.89
196210-739.57
196211-773.77
196212-805.85
19631-818.71
19632-817.83
19633-858.54
19634-878.02
19635-879.93
19636-869.17
19637-895.52
19638-921.43
19639-926.04
196310-923.20
196311-945.30
196312-976.78
19641-991.23
19642-1,011.76
19643-1,028.89
19644-1,041.45
19645-1,037.79
19646-1,078.90
19647-1,065.68
19648-1,086.62
19649-1,108.03
196410-1,118.41
196411-1,101.75
196412-1,132.82
19651-1,143.87
19652-1,147.71
19653-1,165.58
19654-1,185.78
19655-1,132.33
19656-1,133.50
19657-1,157.51
19658-1,199.14
19659-1,229.08
196510-1,242.30
196511-1,239.67
196512-1,264.22
19661-1,258.78
19662-1,210.16
19663-1,250.35
19664-1,187.74
19665-1,181.10
19666-1,181.31
19667-1,113.16
19668-1,077.26
19669-1,071.18
196610-1,128.12
196611-1,136.20
196612-1,183.13
19671-1,227.26
19672-1,259.58
19673-1,284.68
19674-1,311.11
19675-1,298.11
19676-1,323.97
19677-1,348.49
19678-1,370.79
19679-1,372.13
196710-1,332.58
196711-1,374.05
196712-1,373.81
19681-1,315.33
19682-1,294.82
19683-1,394.02
19684-1,429.68
19685-1,471.72
19686-1,472.44
19687-1,443.97
19688-1,494.62
19689-1,535.23
196810-1,562.64
196811-1,582.73
196812-1,519.65
19691-1,516.03
19692-1,487.01
19693-1,520.83
19694-1,574.27
19695-1,496.01
19696-1,433.09
19697-1,429.03
19698-1,438.01
19699-1,457.37
196910-1,471.91
196911-1,397.91
196912-1,389.68
19701-1,345.26
19702-1,372.33
19703-1,334.62
19704-1,185.16
19705-1,181.96
19706-1,188.14
19707-1,226.82
19708-1,304.37
19709-1,336.84
197010-1,339.61
197011-1,435.50
197012-1,494.51
19711-1,556.55
19712-1,600.63
19713-1,659.43
19714-1,641.05
19715-1,614.86
19716-1,607.38
19717-1,583.00
19718-1,622.35
19719-1,592.12
197110-1,522.52
197111-1,631.59
197112-1,703.74
19721-1,739.30
19722-1,784.86
19723-1,807.33
19724-1,793.31
19725-1,802.57
19726-1,793.48
19727-1,861.34
19728-1,838.81
19729-1,846.49
197210-1,943.51
197211-1,988.43
197212-2,008.10
19731-1,941.33
19732-1,915.21
19733-1,883.93
19734-1,835.52
19735-1,799.00
19736-1,820.77
19737-1,790.99
19738-1,826.73
19739-1,904.10
197310-1,773.61
197311-1,652.91
197312-1,681.02
19741-1,639.45
19742-1,714.45
19743-1,631.87
19744-1,587.72
19745-1,594.97
19746-1,414.00
19747-1,360.76
19748-1,224.50
19749-1,253.61
197410-1,300.53
197411-1,221.31
197412-1,326.74
19751-1,470.13
19752-1,543.25
19753-1,566.20
19754-1,671.33
19755-1,719.71
19756-1,727.14
19757-1,606.30
19758-1,592.61
19759-1,671.78
197510-1,705.91
197511-1,685.79
197512-1,846.70
19761-1,923.86
19762-1,939.30
19763-1,960.54
19764-1,953.03
19765-1,970.61
19766-2,023.14
19767-2,011.80
19768-2,060.84
19769-1,996.79
197610-1,989.46
197611-2,064.80
197612-2,053.70
19771-2,005.06
19772-2,003.97
19773-1,980.05
19774-1,981.33
19775-1,999.16
19776-2,024.79
19777-1,982.71
19778-1,959.40
19779-1,916.34
197710-1,935.14
197711-1,933.59
197712-1,868.03
19781-1,849.88
19782-1,854.79
19783-1,944.38
19784-2,051.40
19785-2,065.22
19786-2,063.93
19787-2,215.18
19788-2,224.03
19789-2,162.35
197810-2,044.77
197811-2,084.09
197812-2,171.31
19791-2,148.36
19792-2,198.66
19793-2,252.11
19794-2,209.47
19795-2,262.89
19796-2,295.04
19797-2,410.12
19798-2,447.25
19799-2,365.21
197910-2,357.58
197911-2,461.41
197912-2,542.94
19801-2,654.72
19802-2,421.70
19803-2,393.56
19804-2,514.10
19805-2,686.63
19806-2,820.14
19807-2,918.98
19808-3,001.76
19809-3,101.56
198010-3,244.69
198011-3,204.30
198012-3,204.62
19811-3,106.23
19812-3,234.93
19813-3,276.79
19814-3,223.79
19815-3,251.44
19816-3,185.88
19817-3,211.45
19818-2,944.81
19819-2,995.68
198110-3,086.86
198111-3,123.26
198112-2,973.22
19821-2,916.31
19822-2,836.27
19823-2,991.40
19824-3,008.44
19825-2,849.88
19826-2,856.82
19827-2,879.51
19828-3,227.82
19829-3,514.50
198210-3,672.65
198211-3,722.43
198212-3,868.56
19831-3,950.97
19832-4,103.69
19833-4,275.94
19834-4,465.11
19835-4,543.41
19836-4,575.58
19837-4,465.44
19838-4,613.41
19839-4,643.31
198310-4,590.31
198311-4,584.43
198312-4,656.67
19841-4,418.62
19842-4,438.16
19843-4,460.67
19844-4,449.41
19845-4,367.17
19846-4,327.49
19847-4,725.91
19848-4,792.40
19849-4,772.63
198410-4,834.01
198411-4,799.80
198412-5,025.28
19851-5,316.11
19852-5,290.68
19853-5,344.89
19854-5,491.11
19855-5,628.99
19856-5,755.49
19857-5,649.28
19858-5,542.79
19859-5,625.69
198510-5,986.89
198511-6,303.86
198512-6,351.25
19861-6,713.10
19862-7,128.15
19863-7,323.56
19864-7,359.58
19865-7,590.18
19866-7,453.26
19867-7,623.26
19868-7,436.01
19869-7,429.33
198610-7,691.80
198611-7,823.25
198612-8,345.32
19871-8,884.59
19872-9,273.41
19873-9,194.00
19874-9,209.89
19875-9,624.19
19876-9,924.66
19877-10,565.20
19878-10,245.03
19879-9,030.60
198710-7,919.53
198711-7,813.82
198712-8,145.64
19881-8,416.78
19882-8,688.81
19883-8,611.83
19884-8,423.38
19885-8,928.63
19886-8,901.22
19887-8,748.26
19888-8,916.85
19889-9,255.83
198810-9,068.84
198811-9,279.78
198812-9,605.75
19891-9,922.72
19892-9,906.68
19893-10,259.84
19894-10,682.06
19895-11,044.46
19896-11,353.73
19897-11,886.30
19898-11,940.45
19899-11,974.63
198910-11,757.46
198911-12,079.23
198912-11,812.13
19901-11,513.62
19902-11,825.31
19903-11,848.48
19904-12,304.76
19905-12,694.82
19906-12,716.36
19907-11,716.70
19908-11,208.07
19909-10,948.52
199010-11,275.20
199011-11,792.35
199012-11,711.55
19911-13,070.89
19912-13,468.85
19913-13,773.08
19914-13,748.45
19915-13,796.15
19916-13,903.83
19917-14,276.31
19918-14,233.03
19919-14,258.89
199110-14,261.14
199111-14,394.50
199112-15,453.65
19921-15,360.80
19922-15,205.29
19923-15,245.48
19924-15,560.81
19925-15,353.99
19926-15,647.58
19927-15,794.93
19928-15,854.67
19929-15,667.26
199210-16,099.19
199211-16,625.82
199212-16,649.58
19931-16,936.66
19932-17,300.82
19933-17,068.69
19934-17,192.39
19935-17,341.14
19936-17,351.72
19937-17,657.53
19938-17,896.79
19939-18,119.05
199310-18,120.42
199311-18,281.18
199312-18,598.52
19941-18,584.44
19942-18,319.83
19943-17,706.78
19944-17,894.16
19945-18,092.44
19946-17,998.57
19947-18,553.30
19948-18,704.96
19949-18,621.91
199410-18,553.03
199411-18,362.73
199412-18,812.84
19951-19,531.32
19952-20,030.96
19953-20,675.07
19954-21,367.22
19955-22,046.36
19956-22,828.45
19957-22,945.59
19958-23,798.63
19959-24,015.80
199510-24,582.19
199511-25,415.31
199512-25,456.63
19961-26,959.69
19962-26,905.59
19963-26,958.60
19964-27,593.43
19965-27,946.24
19966-26,974.67
19967-27,804.34
19968-28,367.03
19969-29,535.61
199610-31,027.77
199611-31,399.55
199612-32,422.40
19971-33,836.40
19972-33,625.37
19973-32,480.34
19974-35,474.32
19975-37,367.53
19976-39,510.90
19977-39,648.31
19978-40,120.92
19979-40,781.06
199710-40,311.25
199711-41,373.30
199712-41,471.39
19981-44,126.45
19982-46,470.83
19983-48,053.48
19984-47,946.87
19985-48,002.71
19986-50,147.31
19987-46,651.53
19988-44,366.33
19989-44,939.04
199810-49,870.82
199811-51,917.57
199812-54,538.21
19991-54,501.82
19992-56,095.19
19993-58,479.25
19994-58,421.45
19995-58,064.05
19996-60,689.93
19997-58,399.26
19998-58,050.02
19999-57,311.35
199910-61,383.87
199911-63,107.97
199912-63,032.92
20001-61,470.91
20002-63,893.45
20003-64,803.72
20004-62,964.08
20005-64,955.93
20006-65,508.28
20007-66,123.87
20008-65,409.96
20009-61,999.34
200010-61,520.35
200011-59,477.83
200012-59,748.46
20011-58,472.08
20012-53,162.87
20013-53,401.41
20014-57,075.07
20015-55,711.75
20016-54,229.69
20017-53,120.24
20018-47,145.63
20019-48,646.76
200110-51,104.95
200111-51,854.18
200112-51,699.81
20021-49,966.44
20022-52,437.41
20023-50,594.54
20024-49,167.58
20025-46,256.39
20026-41,279.90
20027-41,749.99
20028-39,763.64
20029-39,220.05
200210-41,818.61
200211-41,385.76
200212-41,293.67
20031-38,644.75
20032-39,150.18
20033-41,219.60
20034-43,409.28
20035-45,885.42
20036-46,158.85
20037-46,082.08
20038-47,538.82
20039-48,502.82
200310-49,089.99
200311-50,594.02
200312-53,090.81
20041-53,667.73
20042-52,827.72
20043-53,339.17
20044-51,971.42
20045-53,456.59
20046-52,259.82
20047-51,534.67
20048-52,968.69
20049-53,023.03
200410-55,554.30
200411-57,069.51
200412-56,299.52
20051-57,246.03
20052-57,099.72
20053-55,724.23
20054-56,468.63
20055-57,700.04
20056-58,743.14
20057-58,925.25
20058-59,090.06
20059-57,539.41
200510-59,818.86
200511-61,101.45
200512-61,997.67
20061-61,987.35
20062-62,908.57
20063-63,410.79
20064-62,911.98
20065-61,209.71
20066-61,650.45
20067-63,063.33
20068-64,659.57
20069-66,997.60
200610-68,338.65
200611-69,806.75
200612-70,290.39
20071-71,412.26
20072-69,645.60
20073-72,556.96
20074-75,017.92
20075-75,276.65
20076-75,709.21
20077-72,528.58
20078-74,758.65
20079-76,995.15
200710-73,294.53
200711-74,202.08
200712-69,278.62
20081-68,195.13
20082-66,403.89
20083-69,221.94
20084-70,995.83
20085-67,980.93
20086-63,848.73
20087-65,196.28
20088-62,035.86
20089-49,508.60
200810-45,248.21
200811-45,089.29
200812-44,595.31
20091-41,606.31
20092-39,239.98
20093-44,075.03
20094-47,010.35
20095-48,359.01
20096-48,976.87
20097-52,954.15
20098-54,887.16
20099-56,206.16
200910-57,383.30
200911-58,660.57
200912-59,456.57
20101-57,733.24
20102-61,164.35
20103-63,664.70
20104-59,919.69
20105-57,796.40
20106-57,704.46
20107-58,202.80
20108-60,164.91
20109-62,918.92
201010-64,486.18
201011-66,881.02
201012-69,196.57
20111-71,376.86
20112-70,582.82
20113-72,150.46
20114-72,626.10
20115-69,966.09
20116-72,136.26
20117-64,633.62
20118-64,123.50
20119-66,059.33
201110-67,226.68
201111-68,271.89
201112-71,537.03
20121-74,514.84
20122-76,663.72
20123-76,634.43
20124-74,265.70
20125-73,409.85
20126-75,554.22
20127-78,113.77
20128-80,473.71
20129-80,298.98
201210-78,020.50
201211-79,717.86
201212-83,120.83
20131-85,060.05
20132-87,375.77
20133-88,646.04
20134-92,700.94
20135-91,664.76
20136-94,647.97
20137-94,886.98
20138-96,018.47
20139-98,051.71
201310-101,836.50
201311-103,386.11
201312-104,386.69
20141-104,250.95
20142-107,088.94
20143-107,304.96
20144-108,948.91
20145-112,431.27
20146-114,113.04
20147-113,625.83
20148-115,646.14
20149-112,585.47
201410-119,009.20
201411-119,763.59
201412-118,434.16
20151-121,782.76
20152-121,850.18
20153-122,920.53
20154-124,123.80
20155-123,583.24
20156-123,484.83
20157-120,491.07
20158-115,060.42
20159-120,027.72
201510-123,547.50
201511-122,184.80
201512-114,341.00
20161-113,712.23
20162-120,947.43
20163-124,371.77
20164-123,993.22
20165-125,315.60
20166-129,447.80
20167-131,000.21
20168-130,425.55
20169-129,765.63
201610-131,324.32
201611-136,506.33
201612-138,468.79
20171-142,036.36
20172-144,520.94
20173-144,298.38
20174-146,740.44
20175-149,347.18
20176-150,822.56
20177-151,196.31
20178-153,695.98
20179-157,899.25
201710-160,409.17
201711-165,034.55
201712-173,058.36
20181-168,062.71
20182-168,171.24
20183-165,372.92
20184-168,616.91
20185-172,179.73
20186-174,901.45
20187-179,187.94
20188-182,197.85
20189-175,185.08
201810-171,548.05
201811-162,005.67
201812-164,817.49
20191-174,424.55
20192-177,822.37
20193-184,443.09
20194-181,617.81
20195-184,169.09
20196-191,217.87
20197-185,224.31
20198-190,938.90
20199-190,957.62
201910-199,424.09
201911-204,348.51
201912-211,186.83
20201-211,444.64
20202-171,444.16
20203-178,848.17
20204-189,377.61
20205-201,702.82
20206-208,714.89
20207-221,015.51
20208-219,629.74
20209-223,420.55
202010-232,254.86
202011-242,149.10
202012-248,917.90
20211-255,119.76
20212-257,215.20
20213-272,703.38
20214-274,776.56
20215-279,751.18
20216-288,334.51
20217-294,635.08
20218-294,386.12
20219-295,717.26
202110-309,748.29
202111-310,570.37
202112-304,197.61
20221-295,368.07
20222-292,731.66
20223-293,077.97
20224-270,004.73
20225-260,907.23
20226-262,119.63
20227-279,019.51
20228-258,714.13
20229-250,716.83
202210-263,967.45
202211-263,996.06
202212-267,629.85
20231-276,052.08
20232-268,914.96
20233-279,661.39
20234-281,724.44
20235-295,647.79
20236-307,107.22
20237-303,652.20
20238-307,631.40
Click to show 894 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 1948 to 2023
Start Value
Average monthly close
$14.83
End Value
Average monthly close
$3,960.66
Change in price+26,607.06%
+7.73% / yr
Change incl. dividends+337,968.04%
+11.34% / yr
Change incl. dividends, inflation-adjusted+26,639.03%
+7.67% / yr
Final amount, nominal
($100 base)
$338,068.04
Final amount, inflation-adjusted
($100 base)
$26,739.03