Stock market returns since 1980
If you invested $100 in the S&P 500 at the beginning of 1980, you would have about $12,097.47 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 11,997.47%, or 11.61% per year.
This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 3,146.47% cumulatively, or 8.30% per year.
If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $10,405.16.
Contents
- Overview
- Adjusting for inflation
- Full monthly data
- Dollar cost average
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.
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This chart shows the rate of gains and loss by month, including dividends:
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Adjusting stock market return for inflation
The nominal return on investment of $100 is $11,997.47, or 11,997.47%. This means by 2023 you would have $12,097.47 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 1980 was 82.400 and the CPI in 2023 was 307.051.
The ratio between these CPIs describes how relative buying power of a dollar has changed over 43 years.
Adjusted for inflation, the $12,097.47 nominal end value of the original $100 investment would have a real return of roughly $3,146.47 in 1980 dollars. This means the inflation-adjusted return is 3,146.47% as opposed to the original 11,997.47%.
For more information on inflation, see our U.S. inflation calculator for 1980.
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Full monthly data
The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 524-month period between 1980 and 2023.
Note that data shown is the monthly average closing price. Returns include dividends.
| Year | Month | Return (%) | Amount ($) | CPI |
|---|---|---|---|---|
| 1980 | 1 | 4.40% | 104.40 | 77.80 |
| 1980 | 2 | -8.78% | 95.23 | 78.90 |
| 1980 | 3 | -1.16% | 94.13 | 80.10 |
| 1980 | 4 | 5.04% | 98.87 | 81.00 |
| 1980 | 5 | 6.86% | 105.65 | 81.80 |
| 1980 | 6 | 4.97% | 110.90 | 82.70 |
| 1980 | 7 | 3.50% | 114.79 | 82.70 |
| 1980 | 8 | 2.84% | 118.04 | 83.30 |
| 1980 | 9 | 3.32% | 121.97 | 84.00 |
| 1980 | 10 | 4.61% | 127.60 | 84.80 |
| 1980 | 11 | -1.24% | 126.01 | 85.50 |
| 1980 | 12 | 0.01% | 126.02 | 86.30 |
| 1981 | 1 | -3.07% | 122.15 | 87.00 |
| 1981 | 2 | 4.14% | 127.21 | 87.90 |
| 1981 | 3 | 1.29% | 128.86 | 88.50 |
| 1981 | 4 | -1.62% | 126.77 | 89.10 |
| 1981 | 5 | 0.86% | 127.86 | 89.80 |
| 1981 | 6 | -2.02% | 125.28 | 90.60 |
| 1981 | 7 | 0.80% | 126.29 | 91.60 |
| 1981 | 8 | -8.30% | 115.80 | 92.30 |
| 1981 | 9 | 1.73% | 117.80 | 93.20 |
| 1981 | 10 | 3.04% | 121.39 | 93.40 |
| 1981 | 11 | 1.18% | 122.82 | 93.70 |
| 1981 | 12 | -4.80% | 116.92 | 94.00 |
| 1982 | 1 | -1.91% | 114.68 | 94.30 |
| 1982 | 2 | -2.74% | 111.54 | 94.60 |
| 1982 | 3 | 5.47% | 117.64 | 94.50 |
| 1982 | 4 | 0.57% | 118.31 | 94.90 |
| 1982 | 5 | -5.27% | 112.07 | 95.80 |
| 1982 | 6 | 0.24% | 112.34 | 97.00 |
| 1982 | 7 | 0.79% | 113.24 | 97.50 |
| 1982 | 8 | 12.10% | 126.93 | 97.70 |
| 1982 | 9 | 8.88% | 138.21 | 97.90 |
| 1982 | 10 | 4.50% | 144.43 | 98.20 |
| 1982 | 11 | 1.36% | 146.38 | 98.00 |
| 1982 | 12 | 3.93% | 152.13 | 97.60 |
| 1983 | 1 | 2.13% | 155.37 | 97.80 |
| 1983 | 2 | 3.87% | 161.38 | 97.90 |
| 1983 | 3 | 4.20% | 168.15 | 97.90 |
| 1983 | 4 | 4.42% | 175.59 | 98.60 |
| 1983 | 5 | 1.75% | 178.67 | 99.20 |
| 1983 | 6 | 0.71% | 179.93 | 99.50 |
| 1983 | 7 | -2.41% | 175.60 | 99.90 |
| 1983 | 8 | 3.31% | 181.42 | 100.20 |
| 1983 | 9 | 0.65% | 182.60 | 100.70 |
| 1983 | 10 | -1.14% | 180.51 | 101.00 |
| 1983 | 11 | -0.13% | 180.28 | 101.20 |
| 1983 | 12 | 1.58% | 183.12 | 101.30 |
| 1984 | 1 | -5.11% | 173.76 | 101.90 |
| 1984 | 2 | 0.44% | 174.53 | 102.40 |
| 1984 | 3 | 0.51% | 175.41 | 102.60 |
| 1984 | 4 | -0.25% | 174.97 | 103.10 |
| 1984 | 5 | -1.85% | 171.74 | 103.40 |
| 1984 | 6 | -0.91% | 170.18 | 103.70 |
| 1984 | 7 | 9.21% | 185.84 | 104.10 |
| 1984 | 8 | 1.41% | 188.46 | 104.50 |
| 1984 | 9 | -0.41% | 187.68 | 105.00 |
| 1984 | 10 | 1.29% | 190.10 | 105.30 |
| 1984 | 11 | -0.71% | 188.75 | 105.30 |
| 1984 | 12 | 4.70% | 197.62 | 105.30 |
| 1985 | 1 | 5.79% | 209.05 | 105.50 |
| 1985 | 2 | -0.48% | 208.05 | 106.00 |
| 1985 | 3 | 1.02% | 210.19 | 106.40 |
| 1985 | 4 | 2.74% | 215.94 | 106.90 |
| 1985 | 5 | 2.51% | 221.36 | 107.30 |
| 1985 | 6 | 2.25% | 226.33 | 107.60 |
| 1985 | 7 | -1.85% | 222.16 | 107.80 |
| 1985 | 8 | -1.88% | 217.97 | 108.00 |
| 1985 | 9 | 1.50% | 221.23 | 108.30 |
| 1985 | 10 | 6.42% | 235.43 | 108.70 |
| 1985 | 11 | 5.29% | 247.90 | 109.00 |
| 1985 | 12 | 0.75% | 249.76 | 109.30 |
| 1986 | 1 | 5.70% | 263.99 | 109.60 |
| 1986 | 2 | 6.18% | 280.31 | 109.30 |
| 1986 | 3 | 2.74% | 288.00 | 108.80 |
| 1986 | 4 | 0.49% | 289.41 | 108.60 |
| 1986 | 5 | 3.13% | 298.48 | 108.90 |
| 1986 | 6 | -1.80% | 293.10 | 109.50 |
| 1986 | 7 | 2.28% | 299.78 | 109.50 |
| 1986 | 8 | -2.46% | 292.42 | 109.70 |
| 1986 | 9 | -0.09% | 292.15 | 110.20 |
| 1986 | 10 | 3.53% | 302.48 | 110.30 |
| 1986 | 11 | 1.71% | 307.65 | 110.40 |
| 1986 | 12 | 6.67% | 328.18 | 110.50 |
| 1987 | 1 | 6.46% | 349.38 | 111.20 |
| 1987 | 2 | 4.38% | 364.67 | 111.60 |
| 1987 | 3 | -0.86% | 361.55 | 112.10 |
| 1987 | 4 | 0.17% | 362.17 | 112.70 |
| 1987 | 5 | 4.50% | 378.47 | 113.10 |
| 1987 | 6 | 3.12% | 390.28 | 113.50 |
| 1987 | 7 | 6.45% | 415.47 | 113.80 |
| 1987 | 8 | -3.03% | 402.88 | 114.40 |
| 1987 | 9 | -11.85% | 355.12 | 115.00 |
| 1987 | 10 | -12.30% | 311.43 | 115.30 |
| 1987 | 11 | -1.33% | 307.28 | 115.40 |
| 1987 | 12 | 4.25% | 320.32 | 115.40 |
| 1988 | 1 | 3.33% | 330.99 | 115.70 |
| 1988 | 2 | 3.23% | 341.68 | 116.00 |
| 1988 | 3 | -0.89% | 338.66 | 116.50 |
| 1988 | 4 | -2.19% | 331.25 | 117.10 |
| 1988 | 5 | 6.00% | 351.11 | 117.50 |
| 1988 | 6 | -0.31% | 350.04 | 118.00 |
| 1988 | 7 | -1.72% | 344.02 | 118.50 |
| 1988 | 8 | 1.93% | 350.65 | 119.00 |
| 1988 | 9 | 3.80% | 363.98 | 119.80 |
| 1988 | 10 | -2.02% | 356.63 | 120.20 |
| 1988 | 11 | 2.33% | 364.92 | 120.30 |
| 1988 | 12 | 3.51% | 377.74 | 120.50 |
| 1989 | 1 | 3.30% | 390.21 | 121.10 |
| 1989 | 2 | -0.16% | 389.58 | 121.60 |
| 1989 | 3 | 3.56% | 403.46 | 122.30 |
| 1989 | 4 | 4.12% | 420.07 | 123.10 |
| 1989 | 5 | 3.39% | 434.32 | 123.80 |
| 1989 | 6 | 2.80% | 446.48 | 124.10 |
| 1989 | 7 | 4.69% | 467.42 | 124.40 |
| 1989 | 8 | 0.46% | 469.55 | 124.60 |
| 1989 | 9 | 0.29% | 470.90 | 125.00 |
| 1989 | 10 | -1.81% | 462.36 | 125.60 |
| 1989 | 11 | 2.74% | 475.01 | 125.90 |
| 1989 | 12 | -2.21% | 464.51 | 126.10 |
| 1990 | 1 | -2.53% | 452.77 | 127.40 |
| 1990 | 2 | 2.71% | 465.02 | 128.00 |
| 1990 | 3 | 0.20% | 465.94 | 128.70 |
| 1990 | 4 | 3.85% | 483.88 | 128.90 |
| 1990 | 5 | 3.17% | 499.22 | 129.20 |
| 1990 | 6 | 0.17% | 500.07 | 129.90 |
| 1990 | 7 | -7.86% | 460.75 | 130.40 |
| 1990 | 8 | -4.34% | 440.75 | 131.60 |
| 1990 | 9 | -2.32% | 430.55 | 132.70 |
| 1990 | 10 | 2.98% | 443.39 | 133.50 |
| 1990 | 11 | 4.59% | 463.73 | 133.80 |
| 1990 | 12 | -0.69% | 460.55 | 133.80 |
| 1991 | 1 | 11.61% | 514.01 | 134.60 |
| 1991 | 2 | 3.04% | 529.66 | 134.80 |
| 1991 | 3 | 2.26% | 541.62 | 135.00 |
| 1991 | 4 | -0.18% | 540.65 | 135.20 |
| 1991 | 5 | 0.35% | 542.53 | 135.60 |
| 1991 | 6 | 0.78% | 546.76 | 136.00 |
| 1991 | 7 | 2.68% | 561.41 | 136.20 |
| 1991 | 8 | -0.30% | 559.71 | 136.60 |
| 1991 | 9 | 0.18% | 560.72 | 137.20 |
| 1991 | 10 | 0.02% | 560.81 | 137.40 |
| 1991 | 11 | 0.94% | 566.06 | 137.80 |
| 1991 | 12 | 7.36% | 607.71 | 137.90 |
| 1992 | 1 | -0.60% | 604.06 | 138.10 |
| 1992 | 2 | -1.01% | 597.94 | 138.60 |
| 1992 | 3 | 0.26% | 599.52 | 139.30 |
| 1992 | 4 | 2.07% | 611.92 | 139.50 |
| 1992 | 5 | -1.33% | 603.79 | 139.70 |
| 1992 | 6 | 1.91% | 615.33 | 140.20 |
| 1992 | 7 | 0.94% | 621.13 | 140.50 |
| 1992 | 8 | 0.38% | 623.48 | 140.90 |
| 1992 | 9 | -1.18% | 616.11 | 141.30 |
| 1992 | 10 | 2.76% | 633.09 | 141.80 |
| 1992 | 11 | 3.27% | 653.80 | 142.00 |
| 1992 | 12 | 0.14% | 654.74 | 141.90 |
| 1993 | 1 | 1.72% | 666.03 | 142.60 |
| 1993 | 2 | 2.15% | 680.35 | 143.10 |
| 1993 | 3 | -1.34% | 671.22 | 143.60 |
| 1993 | 4 | 0.72% | 676.08 | 144.00 |
| 1993 | 5 | 0.87% | 681.93 | 144.20 |
| 1993 | 6 | 0.06% | 682.35 | 144.40 |
| 1993 | 7 | 1.76% | 694.37 | 144.40 |
| 1993 | 8 | 1.35% | 703.78 | 144.80 |
| 1993 | 9 | 1.24% | 712.52 | 145.10 |
| 1993 | 10 | 0.01% | 712.58 | 145.70 |
| 1993 | 11 | 0.89% | 718.90 | 145.80 |
| 1993 | 12 | 1.74% | 731.38 | 145.80 |
| 1994 | 1 | -0.08% | 730.82 | 146.20 |
| 1994 | 2 | -1.42% | 720.42 | 146.70 |
| 1994 | 3 | -3.35% | 696.31 | 147.20 |
| 1994 | 4 | 1.06% | 703.68 | 147.40 |
| 1994 | 5 | 1.11% | 711.48 | 147.50 |
| 1994 | 6 | -0.52% | 707.79 | 148.00 |
| 1994 | 7 | 3.08% | 729.60 | 148.40 |
| 1994 | 8 | 0.82% | 735.56 | 149.00 |
| 1994 | 9 | -0.44% | 732.30 | 149.40 |
| 1994 | 10 | -0.37% | 729.59 | 149.50 |
| 1994 | 11 | -1.03% | 722.11 | 149.70 |
| 1994 | 12 | 2.45% | 739.81 | 149.70 |
| 1995 | 1 | 3.82% | 768.06 | 150.30 |
| 1995 | 2 | 2.56% | 787.71 | 150.90 |
| 1995 | 3 | 3.22% | 813.04 | 151.40 |
| 1995 | 4 | 3.35% | 840.26 | 151.90 |
| 1995 | 5 | 3.18% | 866.96 | 152.20 |
| 1995 | 6 | 3.55% | 897.72 | 152.50 |
| 1995 | 7 | 0.51% | 902.32 | 152.50 |
| 1995 | 8 | 3.72% | 935.87 | 152.90 |
| 1995 | 9 | 0.91% | 944.41 | 153.20 |
| 1995 | 10 | 2.36% | 966.68 | 153.70 |
| 1995 | 11 | 3.39% | 999.45 | 153.60 |
| 1995 | 12 | 0.16% | 1,001.07 | 153.50 |
| 1996 | 1 | 5.90% | 1,060.18 | 154.40 |
| 1996 | 2 | -0.20% | 1,058.05 | 154.90 |
| 1996 | 3 | 0.20% | 1,060.13 | 155.70 |
| 1996 | 4 | 2.35% | 1,085.10 | 156.30 |
| 1996 | 5 | 1.28% | 1,098.97 | 156.60 |
| 1996 | 6 | -3.48% | 1,060.77 | 156.70 |
| 1996 | 7 | 3.08% | 1,093.39 | 157.00 |
| 1996 | 8 | 2.02% | 1,115.52 | 157.30 |
| 1996 | 9 | 4.12% | 1,161.47 | 157.80 |
| 1996 | 10 | 5.05% | 1,220.15 | 158.30 |
| 1996 | 11 | 1.20% | 1,234.77 | 158.60 |
| 1996 | 12 | 3.26% | 1,275.00 | 158.60 |
| 1997 | 1 | 4.36% | 1,330.60 | 159.10 |
| 1997 | 2 | -0.62% | 1,322.30 | 159.60 |
| 1997 | 3 | -3.41% | 1,277.27 | 160.00 |
| 1997 | 4 | 9.22% | 1,395.01 | 160.20 |
| 1997 | 5 | 5.34% | 1,469.46 | 160.10 |
| 1997 | 6 | 5.74% | 1,553.75 | 160.30 |
| 1997 | 7 | 0.35% | 1,559.15 | 160.50 |
| 1997 | 8 | 1.19% | 1,577.74 | 160.80 |
| 1997 | 9 | 1.65% | 1,603.70 | 161.20 |
| 1997 | 10 | -1.15% | 1,585.22 | 161.60 |
| 1997 | 11 | 2.63% | 1,626.99 | 161.50 |
| 1997 | 12 | 0.24% | 1,630.84 | 161.30 |
| 1998 | 1 | 6.40% | 1,735.25 | 161.60 |
| 1998 | 2 | 5.31% | 1,827.44 | 161.90 |
| 1998 | 3 | 3.41% | 1,889.68 | 162.20 |
| 1998 | 4 | -0.22% | 1,885.49 | 162.50 |
| 1998 | 5 | 0.12% | 1,887.68 | 162.80 |
| 1998 | 6 | 4.47% | 1,972.02 | 163.00 |
| 1998 | 7 | -6.97% | 1,834.55 | 163.20 |
| 1998 | 8 | -4.90% | 1,744.69 | 163.40 |
| 1998 | 9 | 1.29% | 1,767.21 | 163.60 |
| 1998 | 10 | 10.97% | 1,961.15 | 164.00 |
| 1998 | 11 | 4.10% | 2,041.64 | 164.00 |
| 1998 | 12 | 5.05% | 2,144.69 | 163.90 |
| 1999 | 1 | -0.07% | 2,143.26 | 164.30 |
| 1999 | 2 | 2.92% | 2,205.92 | 164.50 |
| 1999 | 3 | 4.25% | 2,299.67 | 165.00 |
| 1999 | 4 | -0.10% | 2,297.40 | 166.20 |
| 1999 | 5 | -0.61% | 2,283.34 | 166.20 |
| 1999 | 6 | 4.52% | 2,386.60 | 166.20 |
| 1999 | 7 | -3.77% | 2,296.52 | 166.70 |
| 1999 | 8 | -0.60% | 2,282.79 | 167.10 |
| 1999 | 9 | -1.27% | 2,253.74 | 167.90 |
| 1999 | 10 | 7.11% | 2,413.89 | 168.20 |
| 1999 | 11 | 2.81% | 2,481.69 | 168.30 |
| 1999 | 12 | -0.12% | 2,478.74 | 168.30 |
| 2000 | 1 | -2.48% | 2,417.32 | 168.80 |
| 2000 | 2 | 3.94% | 2,512.58 | 169.80 |
| 2000 | 3 | 1.42% | 2,548.38 | 171.20 |
| 2000 | 4 | -2.84% | 2,476.03 | 171.30 |
| 2000 | 5 | 3.16% | 2,554.36 | 171.50 |
| 2000 | 6 | 0.85% | 2,576.08 | 172.40 |
| 2000 | 7 | 0.94% | 2,600.29 | 172.80 |
| 2000 | 8 | -1.08% | 2,572.22 | 172.80 |
| 2000 | 9 | -5.21% | 2,438.10 | 173.70 |
| 2000 | 10 | -0.77% | 2,419.26 | 174.00 |
| 2000 | 11 | -3.32% | 2,338.94 | 174.10 |
| 2000 | 12 | 0.46% | 2,349.58 | 174.00 |
| 2001 | 1 | -2.14% | 2,299.39 | 175.10 |
| 2001 | 2 | -9.08% | 2,090.61 | 175.80 |
| 2001 | 3 | 0.45% | 2,099.99 | 176.20 |
| 2001 | 4 | 6.88% | 2,244.45 | 176.90 |
| 2001 | 5 | -2.39% | 2,190.84 | 177.70 |
| 2001 | 6 | -2.66% | 2,132.56 | 178.00 |
| 2001 | 7 | -2.05% | 2,088.93 | 177.50 |
| 2001 | 8 | -11.25% | 1,853.98 | 177.50 |
| 2001 | 9 | 3.18% | 1,913.01 | 178.30 |
| 2001 | 10 | 5.05% | 2,009.68 | 177.70 |
| 2001 | 11 | 1.47% | 2,039.14 | 177.40 |
| 2001 | 12 | -0.30% | 2,033.07 | 176.70 |
| 2002 | 1 | -3.35% | 1,964.91 | 177.10 |
| 2002 | 2 | 4.95% | 2,062.08 | 177.80 |
| 2002 | 3 | -3.51% | 1,989.61 | 178.80 |
| 2002 | 4 | -2.82% | 1,933.49 | 179.80 |
| 2002 | 5 | -5.92% | 1,819.01 | 179.80 |
| 2002 | 6 | -10.76% | 1,623.31 | 179.90 |
| 2002 | 7 | 1.14% | 1,641.80 | 180.10 |
| 2002 | 8 | -4.76% | 1,563.69 | 180.70 |
| 2002 | 9 | -1.37% | 1,542.31 | 181.00 |
| 2002 | 10 | 6.63% | 1,644.50 | 181.30 |
| 2002 | 11 | -1.04% | 1,627.48 | 181.30 |
| 2002 | 12 | -0.22% | 1,623.85 | 180.90 |
| 2003 | 1 | -6.41% | 1,519.69 | 181.70 |
| 2003 | 2 | 1.31% | 1,539.56 | 183.10 |
| 2003 | 3 | 5.29% | 1,620.94 | 184.20 |
| 2003 | 4 | 5.31% | 1,707.05 | 183.80 |
| 2003 | 5 | 5.70% | 1,804.42 | 183.50 |
| 2003 | 6 | 0.60% | 1,815.18 | 183.70 |
| 2003 | 7 | -0.17% | 1,812.16 | 183.90 |
| 2003 | 8 | 3.16% | 1,869.44 | 184.60 |
| 2003 | 9 | 2.03% | 1,907.35 | 185.20 |
| 2003 | 10 | 1.21% | 1,930.44 | 185.00 |
| 2003 | 11 | 3.06% | 1,989.59 | 184.50 |
| 2003 | 12 | 4.93% | 2,087.77 | 184.30 |
| 2004 | 1 | 1.09% | 2,110.46 | 185.20 |
| 2004 | 2 | -1.57% | 2,077.43 | 186.20 |
| 2004 | 3 | 0.97% | 2,097.54 | 187.40 |
| 2004 | 4 | -2.56% | 2,043.75 | 188.00 |
| 2004 | 5 | 2.86% | 2,102.16 | 189.10 |
| 2004 | 6 | -2.24% | 2,055.09 | 189.70 |
| 2004 | 7 | -1.39% | 2,026.58 | 189.40 |
| 2004 | 8 | 2.78% | 2,082.97 | 189.50 |
| 2004 | 9 | 0.10% | 2,085.11 | 189.90 |
| 2004 | 10 | 4.77% | 2,184.65 | 190.90 |
| 2004 | 11 | 2.73% | 2,244.23 | 191.00 |
| 2004 | 12 | -1.35% | 2,213.95 | 190.30 |
| 2005 | 1 | 1.68% | 2,251.17 | 190.70 |
| 2005 | 2 | -0.26% | 2,245.42 | 191.80 |
| 2005 | 3 | -2.41% | 2,191.33 | 193.30 |
| 2005 | 4 | 1.34% | 2,220.60 | 194.60 |
| 2005 | 5 | 2.18% | 2,269.03 | 194.40 |
| 2005 | 6 | 1.81% | 2,310.05 | 194.50 |
| 2005 | 7 | 0.31% | 2,317.21 | 195.40 |
| 2005 | 8 | 0.28% | 2,323.69 | 196.40 |
| 2005 | 9 | -2.62% | 2,262.71 | 198.80 |
| 2005 | 10 | 3.96% | 2,352.35 | 199.20 |
| 2005 | 11 | 2.14% | 2,402.79 | 197.60 |
| 2005 | 12 | 1.47% | 2,438.03 | 196.80 |
| 2006 | 1 | -0.02% | 2,437.62 | 198.30 |
| 2006 | 2 | 1.49% | 2,473.85 | 198.70 |
| 2006 | 3 | 0.80% | 2,493.60 | 199.80 |
| 2006 | 4 | -0.79% | 2,473.99 | 201.50 |
| 2006 | 5 | -2.71% | 2,407.04 | 202.50 |
| 2006 | 6 | 0.72% | 2,424.38 | 202.90 |
| 2006 | 7 | 2.29% | 2,479.94 | 203.50 |
| 2006 | 8 | 2.53% | 2,542.71 | 203.90 |
| 2006 | 9 | 3.62% | 2,634.65 | 202.90 |
| 2006 | 10 | 2.00% | 2,687.39 | 201.80 |
| 2006 | 11 | 2.15% | 2,745.12 | 201.50 |
| 2006 | 12 | 0.69% | 2,764.14 | 201.80 |
| 2007 | 1 | 1.60% | 2,808.25 | 202.42 |
| 2007 | 2 | -2.47% | 2,738.78 | 203.50 |
| 2007 | 3 | 4.18% | 2,853.27 | 205.35 |
| 2007 | 4 | 3.39% | 2,950.05 | 206.69 |
| 2007 | 5 | 0.34% | 2,960.22 | 207.95 |
| 2007 | 6 | 0.57% | 2,977.23 | 208.35 |
| 2007 | 7 | -4.20% | 2,852.15 | 208.30 |
| 2007 | 8 | 3.07% | 2,939.85 | 207.92 |
| 2007 | 9 | 2.99% | 3,027.80 | 208.49 |
| 2007 | 10 | -4.81% | 2,882.27 | 208.94 |
| 2007 | 11 | 1.24% | 2,917.96 | 210.18 |
| 2007 | 12 | -6.64% | 2,724.35 | 210.04 |
| 2008 | 1 | -1.56% | 2,681.74 | 211.08 |
| 2008 | 2 | -2.63% | 2,611.30 | 211.69 |
| 2008 | 3 | 4.24% | 2,722.12 | 213.53 |
| 2008 | 4 | 2.56% | 2,791.88 | 214.82 |
| 2008 | 5 | -4.25% | 2,673.32 | 216.63 |
| 2008 | 6 | -6.08% | 2,510.82 | 218.82 |
| 2008 | 7 | 2.11% | 2,563.81 | 219.96 |
| 2008 | 8 | -4.85% | 2,439.53 | 219.09 |
| 2008 | 9 | -20.19% | 1,946.90 | 218.78 |
| 2008 | 10 | -8.61% | 1,779.37 | 216.57 |
| 2008 | 11 | -0.35% | 1,773.12 | 212.43 |
| 2008 | 12 | -1.10% | 1,753.69 | 210.23 |
| 2009 | 1 | -6.70% | 1,636.15 | 211.14 |
| 2009 | 2 | -5.69% | 1,543.09 | 212.19 |
| 2009 | 3 | 12.32% | 1,733.23 | 212.71 |
| 2009 | 4 | 6.66% | 1,848.66 | 213.24 |
| 2009 | 5 | 2.87% | 1,901.70 | 213.86 |
| 2009 | 6 | 1.28% | 1,925.99 | 215.69 |
| 2009 | 7 | 8.12% | 2,082.40 | 215.35 |
| 2009 | 8 | 3.65% | 2,158.41 | 215.83 |
| 2009 | 9 | 2.40% | 2,210.28 | 215.97 |
| 2009 | 10 | 2.09% | 2,256.57 | 216.18 |
| 2009 | 11 | 2.23% | 2,306.80 | 216.33 |
| 2009 | 12 | 1.36% | 2,338.10 | 215.95 |
| 2010 | 1 | -2.90% | 2,270.33 | 216.69 |
| 2010 | 2 | 5.94% | 2,405.26 | 216.74 |
| 2010 | 3 | 4.09% | 2,503.59 | 217.63 |
| 2010 | 4 | -5.88% | 2,356.32 | 218.01 |
| 2010 | 5 | -3.54% | 2,272.82 | 218.18 |
| 2010 | 6 | -0.16% | 2,269.20 | 217.97 |
| 2010 | 7 | 0.86% | 2,288.80 | 218.01 |
| 2010 | 8 | 3.37% | 2,365.96 | 218.31 |
| 2010 | 9 | 4.58% | 2,474.26 | 218.44 |
| 2010 | 10 | 2.49% | 2,535.89 | 218.71 |
| 2010 | 11 | 3.71% | 2,630.07 | 218.80 |
| 2010 | 12 | 3.46% | 2,721.12 | 219.18 |
| 2011 | 1 | 3.15% | 2,806.86 | 220.22 |
| 2011 | 2 | -1.11% | 2,775.64 | 221.31 |
| 2011 | 3 | 2.22% | 2,837.28 | 223.47 |
| 2011 | 4 | 0.66% | 2,855.99 | 224.91 |
| 2011 | 5 | -3.66% | 2,751.39 | 225.96 |
| 2011 | 6 | 3.10% | 2,836.73 | 225.72 |
| 2011 | 7 | -10.40% | 2,541.69 | 225.92 |
| 2011 | 8 | -0.79% | 2,521.63 | 226.55 |
| 2011 | 9 | 3.02% | 2,597.75 | 226.89 |
| 2011 | 10 | 1.77% | 2,643.66 | 226.42 |
| 2011 | 11 | 1.55% | 2,684.76 | 226.23 |
| 2011 | 12 | 4.78% | 2,813.16 | 225.67 |
| 2012 | 1 | 4.16% | 2,930.26 | 226.67 |
| 2012 | 2 | 2.88% | 3,014.77 | 227.66 |
| 2012 | 3 | -0.04% | 3,013.61 | 229.39 |
| 2012 | 4 | -3.09% | 2,920.47 | 230.09 |
| 2012 | 5 | -1.15% | 2,886.81 | 229.82 |
| 2012 | 6 | 2.92% | 2,971.14 | 229.48 |
| 2012 | 7 | 3.39% | 3,071.79 | 229.10 |
| 2012 | 8 | 3.02% | 3,164.59 | 230.38 |
| 2012 | 9 | -0.22% | 3,157.72 | 231.41 |
| 2012 | 10 | -2.84% | 3,068.12 | 231.32 |
| 2012 | 11 | 2.18% | 3,134.87 | 230.22 |
| 2012 | 12 | 4.27% | 3,268.69 | 229.60 |
| 2013 | 1 | 2.33% | 3,344.95 | 230.28 |
| 2013 | 2 | 2.72% | 3,436.01 | 232.17 |
| 2013 | 3 | 1.45% | 3,485.97 | 232.77 |
| 2013 | 4 | 4.57% | 3,645.42 | 232.53 |
| 2013 | 5 | -1.12% | 3,604.68 | 232.95 |
| 2013 | 6 | 3.25% | 3,721.99 | 233.50 |
| 2013 | 7 | 0.25% | 3,731.39 | 233.60 |
| 2013 | 8 | 1.19% | 3,775.88 | 233.88 |
| 2013 | 9 | 2.12% | 3,855.84 | 234.15 |
| 2013 | 10 | 3.86% | 4,004.67 | 233.55 |
| 2013 | 11 | 1.52% | 4,065.61 | 233.07 |
| 2013 | 12 | 0.97% | 4,104.96 | 233.05 |
| 2014 | 1 | -0.13% | 4,099.62 | 233.92 |
| 2014 | 2 | 2.72% | 4,211.22 | 234.78 |
| 2014 | 3 | 0.20% | 4,219.72 | 236.29 |
| 2014 | 4 | 1.53% | 4,284.37 | 237.07 |
| 2014 | 5 | 3.20% | 4,421.31 | 237.90 |
| 2014 | 6 | 1.50% | 4,487.44 | 238.34 |
| 2014 | 7 | -0.43% | 4,468.28 | 238.25 |
| 2014 | 8 | 1.78% | 4,547.73 | 237.85 |
| 2014 | 9 | -2.65% | 4,427.37 | 238.03 |
| 2014 | 10 | 5.71% | 4,679.98 | 237.43 |
| 2014 | 11 | 0.63% | 4,709.65 | 236.15 |
| 2014 | 12 | -1.11% | 4,657.37 | 234.81 |
| 2015 | 1 | 2.83% | 4,789.05 | 233.71 |
| 2015 | 2 | 0.06% | 4,791.70 | 234.72 |
| 2015 | 3 | 0.88% | 4,833.79 | 236.12 |
| 2015 | 4 | 0.98% | 4,881.11 | 236.60 |
| 2015 | 5 | -0.44% | 4,859.86 | 237.81 |
| 2015 | 6 | -0.08% | 4,855.99 | 238.64 |
| 2015 | 7 | -2.42% | 4,738.26 | 238.65 |
| 2015 | 8 | -4.51% | 4,524.70 | 238.32 |
| 2015 | 9 | 4.32% | 4,720.04 | 237.95 |
| 2015 | 10 | 2.93% | 4,858.45 | 237.84 |
| 2015 | 11 | -1.10% | 4,804.86 | 237.34 |
| 2015 | 12 | -6.42% | 4,496.41 | 236.53 |
| 2016 | 1 | -0.55% | 4,471.68 | 236.92 |
| 2016 | 2 | 6.36% | 4,756.20 | 237.11 |
| 2016 | 3 | 2.83% | 4,890.86 | 238.13 |
| 2016 | 4 | -0.30% | 4,875.98 | 239.26 |
| 2016 | 5 | 1.07% | 4,927.98 | 240.23 |
| 2016 | 6 | 3.30% | 5,090.48 | 241.02 |
| 2016 | 7 | 1.20% | 5,151.52 | 240.63 |
| 2016 | 8 | -0.44% | 5,128.93 | 240.85 |
| 2016 | 9 | -0.51% | 5,102.97 | 241.43 |
| 2016 | 10 | 1.20% | 5,164.27 | 241.73 |
| 2016 | 11 | 3.95% | 5,368.05 | 241.35 |
| 2016 | 12 | 1.44% | 5,445.22 | 241.43 |
| 2017 | 1 | 2.58% | 5,585.52 | 242.84 |
| 2017 | 2 | 1.75% | 5,683.22 | 243.60 |
| 2017 | 3 | -0.15% | 5,674.47 | 243.80 |
| 2017 | 4 | 1.69% | 5,770.50 | 244.52 |
| 2017 | 5 | 1.78% | 5,873.01 | 244.73 |
| 2017 | 6 | 0.99% | 5,931.03 | 244.96 |
| 2017 | 7 | 0.25% | 5,945.73 | 244.79 |
| 2017 | 8 | 1.65% | 6,044.03 | 245.52 |
| 2017 | 9 | 2.73% | 6,209.32 | 246.82 |
| 2017 | 10 | 1.59% | 6,308.02 | 246.66 |
| 2017 | 11 | 2.88% | 6,489.91 | 246.67 |
| 2017 | 12 | 4.86% | 6,805.44 | 246.52 |
| 2018 | 1 | -2.89% | 6,608.99 | 247.87 |
| 2018 | 2 | 0.06% | 6,613.26 | 248.99 |
| 2018 | 3 | -1.66% | 6,503.22 | 249.55 |
| 2018 | 4 | 1.96% | 6,630.78 | 250.55 |
| 2018 | 5 | 2.11% | 6,770.89 | 251.59 |
| 2018 | 6 | 1.58% | 6,877.92 | 251.99 |
| 2018 | 7 | 2.45% | 7,046.49 | 252.01 |
| 2018 | 8 | 1.68% | 7,164.85 | 252.15 |
| 2018 | 9 | -3.85% | 6,889.07 | 252.44 |
| 2018 | 10 | -2.08% | 6,746.05 | 252.89 |
| 2018 | 11 | -5.56% | 6,370.80 | 252.04 |
| 2018 | 12 | 1.74% | 6,481.37 | 251.23 |
| 2019 | 1 | 5.83% | 6,859.17 | 251.71 |
| 2019 | 2 | 1.95% | 6,992.78 | 252.78 |
| 2019 | 3 | 3.72% | 7,253.14 | 254.20 |
| 2019 | 4 | -1.53% | 7,142.04 | 255.55 |
| 2019 | 5 | 1.40% | 7,242.37 | 256.09 |
| 2019 | 6 | 3.83% | 7,519.56 | 256.14 |
| 2019 | 7 | -3.13% | 7,283.86 | 256.57 |
| 2019 | 8 | 3.09% | 7,508.59 | 256.56 |
| 2019 | 9 | 0.01% | 7,509.32 | 256.76 |
| 2019 | 10 | 4.43% | 7,842.26 | 257.35 |
| 2019 | 11 | 2.47% | 8,035.91 | 257.21 |
| 2019 | 12 | 3.35% | 8,304.83 | 256.97 |
| 2020 | 1 | 0.12% | 8,314.97 | 257.97 |
| 2020 | 2 | -18.92% | 6,741.96 | 258.68 |
| 2020 | 3 | 4.32% | 7,033.12 | 258.12 |
| 2020 | 4 | 5.89% | 7,447.19 | 256.39 |
| 2020 | 5 | 6.51% | 7,931.87 | 256.39 |
| 2020 | 6 | 3.48% | 8,207.62 | 257.80 |
| 2020 | 7 | 5.89% | 8,691.34 | 259.10 |
| 2020 | 8 | -0.63% | 8,636.84 | 259.92 |
| 2020 | 9 | 1.73% | 8,785.91 | 260.28 |
| 2020 | 10 | 3.95% | 9,133.32 | 260.39 |
| 2020 | 11 | 4.26% | 9,522.40 | 260.23 |
| 2020 | 12 | 2.80% | 9,788.58 | 260.47 |
| 2021 | 1 | 2.49% | 10,032.47 | 261.58 |
| 2021 | 2 | 0.82% | 10,114.87 | 263.01 |
| 2021 | 3 | 6.02% | 10,723.94 | 264.88 |
| 2021 | 4 | 0.76% | 10,805.46 | 267.05 |
| 2021 | 5 | 1.81% | 11,001.09 | 269.20 |
| 2021 | 6 | 3.07% | 11,338.62 | 271.70 |
| 2021 | 7 | 2.19% | 11,586.39 | 273.00 |
| 2021 | 8 | -0.08% | 11,576.60 | 273.57 |
| 2021 | 9 | 0.45% | 11,628.95 | 274.31 |
| 2021 | 10 | 4.74% | 12,180.71 | 276.59 |
| 2021 | 11 | 0.27% | 12,213.04 | 277.95 |
| 2021 | 12 | -2.05% | 11,962.43 | 278.80 |
| 2022 | 1 | -2.90% | 11,615.22 | 281.15 |
| 2022 | 2 | -0.89% | 11,511.54 | 283.72 |
| 2022 | 3 | 0.12% | 11,525.16 | 287.50 |
| 2022 | 4 | -7.87% | 10,617.81 | 289.11 |
| 2022 | 5 | -3.37% | 10,260.06 | 292.30 |
| 2022 | 6 | 0.46% | 10,307.74 | 296.31 |
| 2022 | 7 | 6.45% | 10,972.32 | 296.28 |
| 2022 | 8 | -7.28% | 10,173.82 | 296.17 |
| 2022 | 9 | -3.09% | 9,859.33 | 296.81 |
| 2022 | 10 | 5.29% | 10,380.40 | 298.01 |
| 2022 | 11 | 0.01% | 10,381.53 | 297.71 |
| 2022 | 12 | 1.38% | 10,524.42 | 296.80 |
| 2023 | 1 | 3.15% | 10,855.62 | 299.17 |
| 2023 | 2 | -2.59% | 10,574.96 | 300.84 |
| 2023 | 3 | 4.00% | 10,997.56 | 301.84 |
| 2023 | 4 | 0.74% | 11,078.69 | 303.36 |
| 2023 | 5 | 4.94% | 11,626.22 | 304.13 |
| 2023 | 6 | 3.88% | 12,076.85 | 305.11 |
| 2023 | 7 | -1.13% | 11,940.99 | 305.69 |
| 2023 | 8 | 1.31% | 12,097.47 | 307.03 |
Click to show 510 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 1980. This would result in a final amount of $10,405.16, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $12,097.47).
| Year | Month | Contribution ($) | Amount ($) |
|---|---|---|---|
| 1980 | 1 | 4.16 | 4.33 |
| 1980 | 2 | 4.16 | 7.72 |
| 1980 | 3 | 4.16 | 11.73 |
| 1980 | 4 | 4.16 | 16.67 |
| 1980 | 5 | 4.16 | 22.24 |
| 1980 | 6 | 4.16 | 27.69 |
| 1980 | 7 | 4.16 | 32.95 |
| 1980 | 8 | 4.16 | 38.14 |
| 1980 | 9 | 4.16 | 43.69 |
| 1980 | 10 | 4.16 | 50.05 |
| 1980 | 11 | 4.16 | 53.52 |
| 1980 | 12 | 4.16 | 57.67 |
| 1981 | 1 | 4.16 | 59.91 |
| 1981 | 2 | 4.16 | 66.71 |
| 1981 | 3 | 4.16 | 71.77 |
| 1981 | 4 | 4.16 | 74.69 |
| 1981 | 5 | 4.16 | 79.50 |
| 1981 | 6 | 4.16 | 81.96 |
| 1981 | 7 | 4.16 | 86.80 |
| 1981 | 8 | 4.16 | 83.39 |
| 1981 | 9 | 4.16 | 89.04 |
| 1981 | 10 | 4.16 | 96.02 |
| 1981 | 11 | 4.16 | 101.34 |
| 1981 | 12 | 4.32 | 100.56 |
| 1982 | 1 | - | 98.64 |
| 1982 | 2 | - | 95.93 |
| 1982 | 3 | - | 101.18 |
| 1982 | 4 | - | 101.76 |
| 1982 | 5 | - | 96.39 |
| 1982 | 6 | - | 96.63 |
| 1982 | 7 | - | 97.39 |
| 1982 | 8 | - | 109.18 |
| 1982 | 9 | - | 118.87 |
| 1982 | 10 | - | 124.22 |
| 1982 | 11 | - | 125.91 |
| 1982 | 12 | - | 130.85 |
| 1983 | 1 | - | 133.64 |
| 1983 | 2 | - | 138.80 |
| 1983 | 3 | - | 144.63 |
| 1983 | 4 | - | 151.03 |
| 1983 | 5 | - | 153.67 |
| 1983 | 6 | - | 154.76 |
| 1983 | 7 | - | 151.04 |
| 1983 | 8 | - | 156.04 |
| 1983 | 9 | - | 157.05 |
| 1983 | 10 | - | 155.26 |
| 1983 | 11 | - | 155.06 |
| 1983 | 12 | - | 157.50 |
| 1984 | 1 | - | 149.45 |
| 1984 | 2 | - | 150.11 |
| 1984 | 3 | - | 150.88 |
| 1984 | 4 | - | 150.49 |
| 1984 | 5 | - | 147.71 |
| 1984 | 6 | - | 146.37 |
| 1984 | 7 | - | 159.85 |
| 1984 | 8 | - | 162.10 |
| 1984 | 9 | - | 161.43 |
| 1984 | 10 | - | 163.50 |
| 1984 | 11 | - | 162.35 |
| 1984 | 12 | - | 169.97 |
| 1985 | 1 | - | 179.81 |
| 1985 | 2 | - | 178.95 |
| 1985 | 3 | - | 180.78 |
| 1985 | 4 | - | 185.73 |
| 1985 | 5 | - | 190.39 |
| 1985 | 6 | - | 194.67 |
| 1985 | 7 | - | 191.08 |
| 1985 | 8 | - | 187.48 |
| 1985 | 9 | - | 190.28 |
| 1985 | 10 | - | 202.50 |
| 1985 | 11 | - | 213.22 |
| 1985 | 12 | - | 214.82 |
| 1986 | 1 | - | 227.06 |
| 1986 | 2 | - | 241.10 |
| 1986 | 3 | - | 247.71 |
| 1986 | 4 | - | 248.93 |
| 1986 | 5 | - | 256.73 |
| 1986 | 6 | - | 252.10 |
| 1986 | 7 | - | 257.84 |
| 1986 | 8 | - | 251.51 |
| 1986 | 9 | - | 251.29 |
| 1986 | 10 | - | 260.16 |
| 1986 | 11 | - | 264.61 |
| 1986 | 12 | - | 282.27 |
| 1987 | 1 | - | 300.51 |
| 1987 | 2 | - | 313.66 |
| 1987 | 3 | - | 310.97 |
| 1987 | 4 | - | 311.51 |
| 1987 | 5 | - | 325.52 |
| 1987 | 6 | - | 335.69 |
| 1987 | 7 | - | 357.35 |
| 1987 | 8 | - | 346.52 |
| 1987 | 9 | - | 305.45 |
| 1987 | 10 | - | 267.87 |
| 1987 | 11 | - | 264.29 |
| 1987 | 12 | - | 275.51 |
| 1988 | 1 | - | 284.68 |
| 1988 | 2 | - | 293.89 |
| 1988 | 3 | - | 291.28 |
| 1988 | 4 | - | 284.91 |
| 1988 | 5 | - | 302.00 |
| 1988 | 6 | - | 301.07 |
| 1988 | 7 | - | 295.90 |
| 1988 | 8 | - | 301.60 |
| 1988 | 9 | - | 313.06 |
| 1988 | 10 | - | 306.74 |
| 1988 | 11 | - | 313.87 |
| 1988 | 12 | - | 324.90 |
| 1989 | 1 | - | 335.62 |
| 1989 | 2 | - | 335.08 |
| 1989 | 3 | - | 347.02 |
| 1989 | 4 | - | 361.30 |
| 1989 | 5 | - | 373.56 |
| 1989 | 6 | - | 384.02 |
| 1989 | 7 | - | 402.04 |
| 1989 | 8 | - | 403.87 |
| 1989 | 9 | - | 405.02 |
| 1989 | 10 | - | 397.68 |
| 1989 | 11 | - | 408.56 |
| 1989 | 12 | - | 399.53 |
| 1990 | 1 | - | 389.43 |
| 1990 | 2 | - | 399.97 |
| 1990 | 3 | - | 400.76 |
| 1990 | 4 | - | 416.19 |
| 1990 | 5 | - | 429.38 |
| 1990 | 6 | - | 430.11 |
| 1990 | 7 | - | 396.30 |
| 1990 | 8 | - | 379.10 |
| 1990 | 9 | - | 370.32 |
| 1990 | 10 | - | 381.37 |
| 1990 | 11 | - | 398.86 |
| 1990 | 12 | - | 396.13 |
| 1991 | 1 | - | 442.10 |
| 1991 | 2 | - | 455.56 |
| 1991 | 3 | - | 465.85 |
| 1991 | 4 | - | 465.02 |
| 1991 | 5 | - | 466.63 |
| 1991 | 6 | - | 470.28 |
| 1991 | 7 | - | 482.87 |
| 1991 | 8 | - | 481.41 |
| 1991 | 9 | - | 482.29 |
| 1991 | 10 | - | 482.36 |
| 1991 | 11 | - | 486.87 |
| 1991 | 12 | - | 522.70 |
| 1992 | 1 | - | 519.56 |
| 1992 | 2 | - | 514.30 |
| 1992 | 3 | - | 515.66 |
| 1992 | 4 | - | 526.32 |
| 1992 | 5 | - | 519.33 |
| 1992 | 6 | - | 529.26 |
| 1992 | 7 | - | 534.24 |
| 1992 | 8 | - | 536.26 |
| 1992 | 9 | - | 529.92 |
| 1992 | 10 | - | 544.53 |
| 1992 | 11 | - | 562.34 |
| 1992 | 12 | - | 563.15 |
| 1993 | 1 | - | 572.86 |
| 1993 | 2 | - | 585.17 |
| 1993 | 3 | - | 577.32 |
| 1993 | 4 | - | 581.51 |
| 1993 | 5 | - | 586.54 |
| 1993 | 6 | - | 586.90 |
| 1993 | 7 | - | 597.24 |
| 1993 | 8 | - | 605.33 |
| 1993 | 9 | - | 612.85 |
| 1993 | 10 | - | 612.90 |
| 1993 | 11 | - | 618.33 |
| 1993 | 12 | - | 629.07 |
| 1994 | 1 | - | 628.59 |
| 1994 | 2 | - | 619.64 |
| 1994 | 3 | - | 598.90 |
| 1994 | 4 | - | 605.24 |
| 1994 | 5 | - | 611.95 |
| 1994 | 6 | - | 608.77 |
| 1994 | 7 | - | 627.54 |
| 1994 | 8 | - | 632.67 |
| 1994 | 9 | - | 629.86 |
| 1994 | 10 | - | 627.53 |
| 1994 | 11 | - | 621.09 |
| 1994 | 12 | - | 636.32 |
| 1995 | 1 | - | 660.62 |
| 1995 | 2 | - | 677.52 |
| 1995 | 3 | - | 699.30 |
| 1995 | 4 | - | 722.71 |
| 1995 | 5 | - | 745.68 |
| 1995 | 6 | - | 772.14 |
| 1995 | 7 | - | 776.10 |
| 1995 | 8 | - | 804.95 |
| 1995 | 9 | - | 812.30 |
| 1995 | 10 | - | 831.45 |
| 1995 | 11 | - | 859.63 |
| 1995 | 12 | - | 861.03 |
| 1996 | 1 | - | 911.87 |
| 1996 | 2 | - | 910.04 |
| 1996 | 3 | - | 911.83 |
| 1996 | 4 | - | 933.31 |
| 1996 | 5 | - | 945.24 |
| 1996 | 6 | - | 912.38 |
| 1996 | 7 | - | 940.44 |
| 1996 | 8 | - | 959.47 |
| 1996 | 9 | - | 999.00 |
| 1996 | 10 | - | 1,049.47 |
| 1996 | 11 | - | 1,062.04 |
| 1996 | 12 | - | 1,096.64 |
| 1997 | 1 | - | 1,144.46 |
| 1997 | 2 | - | 1,137.33 |
| 1997 | 3 | - | 1,098.60 |
| 1997 | 4 | - | 1,199.86 |
| 1997 | 5 | - | 1,263.90 |
| 1997 | 6 | - | 1,336.40 |
| 1997 | 7 | - | 1,341.04 |
| 1997 | 8 | - | 1,357.03 |
| 1997 | 9 | - | 1,379.36 |
| 1997 | 10 | - | 1,363.47 |
| 1997 | 11 | - | 1,399.39 |
| 1997 | 12 | - | 1,402.71 |
| 1998 | 1 | - | 1,492.51 |
| 1998 | 2 | - | 1,571.80 |
| 1998 | 3 | - | 1,625.34 |
| 1998 | 4 | - | 1,621.73 |
| 1998 | 5 | - | 1,623.62 |
| 1998 | 6 | - | 1,696.16 |
| 1998 | 7 | - | 1,577.92 |
| 1998 | 8 | - | 1,500.62 |
| 1998 | 9 | - | 1,519.99 |
| 1998 | 10 | - | 1,686.80 |
| 1998 | 11 | - | 1,756.03 |
| 1998 | 12 | - | 1,844.67 |
| 1999 | 1 | - | 1,843.44 |
| 1999 | 2 | - | 1,897.33 |
| 1999 | 3 | - | 1,977.97 |
| 1999 | 4 | - | 1,976.02 |
| 1999 | 5 | - | 1,963.93 |
| 1999 | 6 | - | 2,052.74 |
| 1999 | 7 | - | 1,975.27 |
| 1999 | 8 | - | 1,963.45 |
| 1999 | 9 | - | 1,938.47 |
| 1999 | 10 | - | 2,076.22 |
| 1999 | 11 | - | 2,134.53 |
| 1999 | 12 | - | 2,131.99 |
| 2000 | 1 | - | 2,079.16 |
| 2000 | 2 | - | 2,161.10 |
| 2000 | 3 | - | 2,191.89 |
| 2000 | 4 | - | 2,129.66 |
| 2000 | 5 | - | 2,197.04 |
| 2000 | 6 | - | 2,215.72 |
| 2000 | 7 | - | 2,236.54 |
| 2000 | 8 | - | 2,212.39 |
| 2000 | 9 | - | 2,097.03 |
| 2000 | 10 | - | 2,080.83 |
| 2000 | 11 | - | 2,011.75 |
| 2000 | 12 | - | 2,020.90 |
| 2001 | 1 | - | 1,977.73 |
| 2001 | 2 | - | 1,798.15 |
| 2001 | 3 | - | 1,806.22 |
| 2001 | 4 | - | 1,930.48 |
| 2001 | 5 | - | 1,884.36 |
| 2001 | 6 | - | 1,834.24 |
| 2001 | 7 | - | 1,796.71 |
| 2001 | 8 | - | 1,594.63 |
| 2001 | 9 | - | 1,645.40 |
| 2001 | 10 | - | 1,728.55 |
| 2001 | 11 | - | 1,753.89 |
| 2001 | 12 | - | 1,748.67 |
| 2002 | 1 | - | 1,690.04 |
| 2002 | 2 | - | 1,773.62 |
| 2002 | 3 | - | 1,711.28 |
| 2002 | 4 | - | 1,663.02 |
| 2002 | 5 | - | 1,564.55 |
| 2002 | 6 | - | 1,396.23 |
| 2002 | 7 | - | 1,412.13 |
| 2002 | 8 | - | 1,344.94 |
| 2002 | 9 | - | 1,326.56 |
| 2002 | 10 | - | 1,414.45 |
| 2002 | 11 | - | 1,399.81 |
| 2002 | 12 | - | 1,396.70 |
| 2003 | 1 | - | 1,307.10 |
| 2003 | 2 | - | 1,324.19 |
| 2003 | 3 | - | 1,394.19 |
| 2003 | 4 | - | 1,468.25 |
| 2003 | 5 | - | 1,552.00 |
| 2003 | 6 | - | 1,561.25 |
| 2003 | 7 | - | 1,558.66 |
| 2003 | 8 | - | 1,607.93 |
| 2003 | 9 | - | 1,640.53 |
| 2003 | 10 | - | 1,660.39 |
| 2003 | 11 | - | 1,711.27 |
| 2003 | 12 | - | 1,795.72 |
| 2004 | 1 | - | 1,815.23 |
| 2004 | 2 | - | 1,786.82 |
| 2004 | 3 | - | 1,804.12 |
| 2004 | 4 | - | 1,757.85 |
| 2004 | 5 | - | 1,808.09 |
| 2004 | 6 | - | 1,767.61 |
| 2004 | 7 | - | 1,743.08 |
| 2004 | 8 | - | 1,791.58 |
| 2004 | 9 | - | 1,793.42 |
| 2004 | 10 | - | 1,879.04 |
| 2004 | 11 | - | 1,930.29 |
| 2004 | 12 | - | 1,904.25 |
| 2005 | 1 | - | 1,936.26 |
| 2005 | 2 | - | 1,931.31 |
| 2005 | 3 | - | 1,884.79 |
| 2005 | 4 | - | 1,909.97 |
| 2005 | 5 | - | 1,951.62 |
| 2005 | 6 | - | 1,986.90 |
| 2005 | 7 | - | 1,993.06 |
| 2005 | 8 | - | 1,998.63 |
| 2005 | 9 | - | 1,946.18 |
| 2005 | 10 | - | 2,023.28 |
| 2005 | 11 | - | 2,066.66 |
| 2005 | 12 | - | 2,096.98 |
| 2006 | 1 | - | 2,096.63 |
| 2006 | 2 | - | 2,127.79 |
| 2006 | 3 | - | 2,144.77 |
| 2006 | 4 | - | 2,127.90 |
| 2006 | 5 | - | 2,070.32 |
| 2006 | 6 | - | 2,085.23 |
| 2006 | 7 | - | 2,133.02 |
| 2006 | 8 | - | 2,187.01 |
| 2006 | 9 | - | 2,266.09 |
| 2006 | 10 | - | 2,311.45 |
| 2006 | 11 | - | 2,361.11 |
| 2006 | 12 | - | 2,377.46 |
| 2007 | 1 | - | 2,415.41 |
| 2007 | 2 | - | 2,355.66 |
| 2007 | 3 | - | 2,454.13 |
| 2007 | 4 | - | 2,537.37 |
| 2007 | 5 | - | 2,546.12 |
| 2007 | 6 | - | 2,560.75 |
| 2007 | 7 | - | 2,453.17 |
| 2007 | 8 | - | 2,528.60 |
| 2007 | 9 | - | 2,604.24 |
| 2007 | 10 | - | 2,479.08 |
| 2007 | 11 | - | 2,509.77 |
| 2007 | 12 | - | 2,343.24 |
| 2008 | 1 | - | 2,306.60 |
| 2008 | 2 | - | 2,246.01 |
| 2008 | 3 | - | 2,341.33 |
| 2008 | 4 | - | 2,401.33 |
| 2008 | 5 | - | 2,299.35 |
| 2008 | 6 | - | 2,159.59 |
| 2008 | 7 | - | 2,205.16 |
| 2008 | 8 | - | 2,098.27 |
| 2008 | 9 | - | 1,674.55 |
| 2008 | 10 | - | 1,530.45 |
| 2008 | 11 | - | 1,525.08 |
| 2008 | 12 | - | 1,508.37 |
| 2009 | 1 | - | 1,407.27 |
| 2009 | 2 | - | 1,327.23 |
| 2009 | 3 | - | 1,490.77 |
| 2009 | 4 | - | 1,590.05 |
| 2009 | 5 | - | 1,635.67 |
| 2009 | 6 | - | 1,656.57 |
| 2009 | 7 | - | 1,791.09 |
| 2009 | 8 | - | 1,856.47 |
| 2009 | 9 | - | 1,901.09 |
| 2009 | 10 | - | 1,940.90 |
| 2009 | 11 | - | 1,984.10 |
| 2009 | 12 | - | 2,011.03 |
| 2010 | 1 | - | 1,952.74 |
| 2010 | 2 | - | 2,068.79 |
| 2010 | 3 | - | 2,153.36 |
| 2010 | 4 | - | 2,026.69 |
| 2010 | 5 | - | 1,954.87 |
| 2010 | 6 | - | 1,951.77 |
| 2010 | 7 | - | 1,968.62 |
| 2010 | 8 | - | 2,034.99 |
| 2010 | 9 | - | 2,128.14 |
| 2010 | 10 | - | 2,181.15 |
| 2010 | 11 | - | 2,262.15 |
| 2010 | 12 | - | 2,340.47 |
| 2011 | 1 | - | 2,414.21 |
| 2011 | 2 | - | 2,387.36 |
| 2011 | 3 | - | 2,440.38 |
| 2011 | 4 | - | 2,456.47 |
| 2011 | 5 | - | 2,366.50 |
| 2011 | 6 | - | 2,439.90 |
| 2011 | 7 | - | 2,186.13 |
| 2011 | 8 | - | 2,168.88 |
| 2011 | 9 | - | 2,234.36 |
| 2011 | 10 | - | 2,273.84 |
| 2011 | 11 | - | 2,309.19 |
| 2011 | 12 | - | 2,419.63 |
| 2012 | 1 | - | 2,520.35 |
| 2012 | 2 | - | 2,593.03 |
| 2012 | 3 | - | 2,592.04 |
| 2012 | 4 | - | 2,511.92 |
| 2012 | 5 | - | 2,482.98 |
| 2012 | 6 | - | 2,555.51 |
| 2012 | 7 | - | 2,642.08 |
| 2012 | 8 | - | 2,721.90 |
| 2012 | 9 | - | 2,715.99 |
| 2012 | 10 | - | 2,638.92 |
| 2012 | 11 | - | 2,696.33 |
| 2012 | 12 | - | 2,811.43 |
| 2013 | 1 | - | 2,877.03 |
| 2013 | 2 | - | 2,955.35 |
| 2013 | 3 | - | 2,998.32 |
| 2013 | 4 | - | 3,135.47 |
| 2013 | 5 | - | 3,100.42 |
| 2013 | 6 | - | 3,201.32 |
| 2013 | 7 | - | 3,209.41 |
| 2013 | 8 | - | 3,247.68 |
| 2013 | 9 | - | 3,316.45 |
| 2013 | 10 | - | 3,444.46 |
| 2013 | 11 | - | 3,496.88 |
| 2013 | 12 | - | 3,530.72 |
| 2014 | 1 | - | 3,526.13 |
| 2014 | 2 | - | 3,622.12 |
| 2014 | 3 | - | 3,629.43 |
| 2014 | 4 | - | 3,685.03 |
| 2014 | 5 | - | 3,802.82 |
| 2014 | 6 | - | 3,859.70 |
| 2014 | 7 | - | 3,843.22 |
| 2014 | 8 | - | 3,911.55 |
| 2014 | 9 | - | 3,808.03 |
| 2014 | 10 | - | 4,025.30 |
| 2014 | 11 | - | 4,050.82 |
| 2014 | 12 | - | 4,005.85 |
| 2015 | 1 | - | 4,119.12 |
| 2015 | 2 | - | 4,121.40 |
| 2015 | 3 | - | 4,157.60 |
| 2015 | 4 | - | 4,198.30 |
| 2015 | 5 | - | 4,180.01 |
| 2015 | 6 | - | 4,176.69 |
| 2015 | 7 | - | 4,075.43 |
| 2015 | 8 | - | 3,891.74 |
| 2015 | 9 | - | 4,059.75 |
| 2015 | 10 | - | 4,178.80 |
| 2015 | 11 | - | 4,132.71 |
| 2015 | 12 | - | 3,867.41 |
| 2016 | 1 | - | 3,846.14 |
| 2016 | 2 | - | 4,090.86 |
| 2016 | 3 | - | 4,206.68 |
| 2016 | 4 | - | 4,193.88 |
| 2016 | 5 | - | 4,238.61 |
| 2016 | 6 | - | 4,378.37 |
| 2016 | 7 | - | 4,430.88 |
| 2016 | 8 | - | 4,411.44 |
| 2016 | 9 | - | 4,389.12 |
| 2016 | 10 | - | 4,441.84 |
| 2016 | 11 | - | 4,617.12 |
| 2016 | 12 | - | 4,683.50 |
| 2017 | 1 | - | 4,804.16 |
| 2017 | 2 | - | 4,888.20 |
| 2017 | 3 | - | 4,880.67 |
| 2017 | 4 | - | 4,963.27 |
| 2017 | 5 | - | 5,051.44 |
| 2017 | 6 | - | 5,101.34 |
| 2017 | 7 | - | 5,113.98 |
| 2017 | 8 | - | 5,198.53 |
| 2017 | 9 | - | 5,340.70 |
| 2017 | 10 | - | 5,425.59 |
| 2017 | 11 | - | 5,582.04 |
| 2017 | 12 | - | 5,853.43 |
| 2018 | 1 | - | 5,684.46 |
| 2018 | 2 | - | 5,688.13 |
| 2018 | 3 | - | 5,593.49 |
| 2018 | 4 | - | 5,703.21 |
| 2018 | 5 | - | 5,823.72 |
| 2018 | 6 | - | 5,915.77 |
| 2018 | 7 | - | 6,060.76 |
| 2018 | 8 | - | 6,162.56 |
| 2018 | 9 | - | 5,925.37 |
| 2018 | 10 | - | 5,802.35 |
| 2018 | 11 | - | 5,479.59 |
| 2018 | 12 | - | 5,574.70 |
| 2019 | 1 | - | 5,899.64 |
| 2019 | 2 | - | 6,014.57 |
| 2019 | 3 | - | 6,238.51 |
| 2019 | 4 | - | 6,142.94 |
| 2019 | 5 | - | 6,229.24 |
| 2019 | 6 | - | 6,467.65 |
| 2019 | 7 | - | 6,264.93 |
| 2019 | 8 | - | 6,458.22 |
| 2019 | 9 | - | 6,458.85 |
| 2019 | 10 | - | 6,745.21 |
| 2019 | 11 | - | 6,911.78 |
| 2019 | 12 | - | 7,143.07 |
| 2020 | 1 | - | 7,151.79 |
| 2020 | 2 | - | 5,798.84 |
| 2020 | 3 | - | 6,049.27 |
| 2020 | 4 | - | 6,405.41 |
| 2020 | 5 | - | 6,822.29 |
| 2020 | 6 | - | 7,059.46 |
| 2020 | 7 | - | 7,475.51 |
| 2020 | 8 | - | 7,428.64 |
| 2020 | 9 | - | 7,556.86 |
| 2020 | 10 | - | 7,855.67 |
| 2020 | 11 | - | 8,190.32 |
| 2020 | 12 | - | 8,419.27 |
| 2021 | 1 | - | 8,629.04 |
| 2021 | 2 | - | 8,699.91 |
| 2021 | 3 | - | 9,223.77 |
| 2021 | 4 | - | 9,293.90 |
| 2021 | 5 | - | 9,462.16 |
| 2021 | 6 | - | 9,752.47 |
| 2021 | 7 | - | 9,965.58 |
| 2021 | 8 | - | 9,957.16 |
| 2021 | 9 | - | 10,002.18 |
| 2021 | 10 | - | 10,476.76 |
| 2021 | 11 | - | 10,504.57 |
| 2021 | 12 | - | 10,289.02 |
| 2022 | 1 | - | 9,990.37 |
| 2022 | 2 | - | 9,901.20 |
| 2022 | 3 | - | 9,912.91 |
| 2022 | 4 | - | 9,132.50 |
| 2022 | 5 | - | 8,824.79 |
| 2022 | 6 | - | 8,865.80 |
| 2022 | 7 | - | 9,437.41 |
| 2022 | 8 | - | 8,750.61 |
| 2022 | 9 | - | 8,480.11 |
| 2022 | 10 | - | 8,928.30 |
| 2022 | 11 | - | 8,929.26 |
| 2022 | 12 | - | 9,052.17 |
| 2023 | 1 | - | 9,337.04 |
| 2023 | 2 | - | 9,095.64 |
| 2023 | 3 | - | 9,459.12 |
| 2023 | 4 | - | 9,528.90 |
| 2023 | 5 | - | 9,999.83 |
| 2023 | 6 | - | 10,387.43 |
| 2023 | 7 | - | 10,270.57 |
| 2023 | 8 | - | 10,405.16 |
Click to show 510 more rows
See Also
S&P 500 Returns since 2015The 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.
I am an expert in financial markets and investment strategies with a deep understanding of stock market dynamics. My knowledge is based on extensive research, real-world experience, and a continuous commitment to staying updated on market trends.
Now, let's delve into the concepts used in the provided article on stock market returns since 1980:
-
Overview:
- The article discusses the performance of a $100 investment in the S&P 500 from the beginning of 1980 to the end of 2023.
- The investment, assuming reinvestment of all dividends, yielded a return of $12,097.47, representing a remarkable 11,997.47% or an annualized return of 11.61%.
-
Adjusting for Inflation:
- The nominal return on the investment is $11,997.47, but the article emphasizes the importance of adjusting for inflation.
- Inflation is accounted for using the Consumer Price Index (CPI) from the U.S. Bureau of Labor Statistics.
- The inflation-adjusted return is approximately $3,146.47, resulting in a real return of 3,146.47%, or 8.30% per year.
-
Full Monthly Data:
- The article provides a detailed monthly breakdown of the investment's performance, including gains and losses, over the 524-month period from 1980 to 2023.
- The data includes the monthly average closing price, returns (%), and the Consumer Price Index (CPI) for each month.
-
Dollar-Cost Averaging:
- An alternative investment strategy is introduced: dollar-cost averaging (monthly).
- If an investor used this strategy instead of a lump-sum investment, the ending value would be $10,405.16.
-
Graphs and Downloads:
- The article includes visual representations of the investment's performance, such as a graph showing the growth of $100 over time and charts illustrating the rate of gains and losses by month.
- Readers are encouraged to download these charts for a more detailed analysis.
Overall, the article provides a comprehensive overview of stock market returns, considering both nominal and inflation-adjusted values, different investment strategies, and detailed monthly data for a thorough understanding of the S&P 500's performance over the specified period.
