Stock market returns between 1993 and 2023
If you invested $100 in the S&P 500 at the beginning of 1993, you would have about $1,847.68 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 1,747.68%, or 9.98% per year.
This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 769.53% cumulatively, or 7.31% per year.
If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $1,715.25.
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 $1,747.68, or 1,747.68%. This means by 2023 you would have $1,847.68 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 1993 was 144.500 and the CPI in 2023 was 307.051.
The ratio between these CPIs describes how relative buying power of a dollar has changed over 30 years.
Adjusted for inflation, the $1,847.68 nominal end value of the original $100 investment would have a real return of roughly $769.53 in 1993 dollars. This means the inflation-adjusted return is 769.53% as opposed to the original 1,747.68%.
For more information on inflation, see our U.S. inflation calculator for 1993.
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Full monthly data
The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 368-month period between 1993 and 2023.
Note that data shown is the monthly average closing price. Returns include dividends.
| Year | Month | Return (%) | Amount ($) | CPI |
|---|---|---|---|---|
| 1993 | 1 | 1.72% | 101.72 | 142.60 |
| 1993 | 2 | 2.15% | 103.91 | 143.10 |
| 1993 | 3 | -1.34% | 102.52 | 143.60 |
| 1993 | 4 | 0.72% | 103.26 | 144.00 |
| 1993 | 5 | 0.87% | 104.15 | 144.20 |
| 1993 | 6 | 0.06% | 104.22 | 144.40 |
| 1993 | 7 | 1.76% | 106.05 | 144.40 |
| 1993 | 8 | 1.35% | 107.49 | 144.80 |
| 1993 | 9 | 1.24% | 108.83 | 145.10 |
| 1993 | 10 | 0.01% | 108.83 | 145.70 |
| 1993 | 11 | 0.89% | 109.80 | 145.80 |
| 1993 | 12 | 1.74% | 111.71 | 145.80 |
| 1994 | 1 | -0.08% | 111.62 | 146.20 |
| 1994 | 2 | -1.42% | 110.03 | 146.70 |
| 1994 | 3 | -3.35% | 106.35 | 147.20 |
| 1994 | 4 | 1.06% | 107.48 | 147.40 |
| 1994 | 5 | 1.11% | 108.67 | 147.50 |
| 1994 | 6 | -0.52% | 108.10 | 148.00 |
| 1994 | 7 | 3.08% | 111.43 | 148.40 |
| 1994 | 8 | 0.82% | 112.34 | 149.00 |
| 1994 | 9 | -0.44% | 111.85 | 149.40 |
| 1994 | 10 | -0.37% | 111.43 | 149.50 |
| 1994 | 11 | -1.03% | 110.29 | 149.70 |
| 1994 | 12 | 2.45% | 112.99 | 149.70 |
| 1995 | 1 | 3.82% | 117.31 | 150.30 |
| 1995 | 2 | 2.56% | 120.31 | 150.90 |
| 1995 | 3 | 3.22% | 124.18 | 151.40 |
| 1995 | 4 | 3.35% | 128.33 | 151.90 |
| 1995 | 5 | 3.18% | 132.41 | 152.20 |
| 1995 | 6 | 3.55% | 137.11 | 152.50 |
| 1995 | 7 | 0.51% | 137.81 | 152.50 |
| 1995 | 8 | 3.72% | 142.94 | 152.90 |
| 1995 | 9 | 0.91% | 144.24 | 153.20 |
| 1995 | 10 | 2.36% | 147.64 | 153.70 |
| 1995 | 11 | 3.39% | 152.65 | 153.60 |
| 1995 | 12 | 0.16% | 152.90 | 153.50 |
| 1996 | 1 | 5.90% | 161.92 | 154.40 |
| 1996 | 2 | -0.20% | 161.60 | 154.90 |
| 1996 | 3 | 0.20% | 161.92 | 155.70 |
| 1996 | 4 | 2.35% | 165.73 | 156.30 |
| 1996 | 5 | 1.28% | 167.85 | 156.60 |
| 1996 | 6 | -3.48% | 162.01 | 156.70 |
| 1996 | 7 | 3.08% | 167.00 | 157.00 |
| 1996 | 8 | 2.02% | 170.38 | 157.30 |
| 1996 | 9 | 4.12% | 177.40 | 157.80 |
| 1996 | 10 | 5.05% | 186.36 | 158.30 |
| 1996 | 11 | 1.20% | 188.59 | 158.60 |
| 1996 | 12 | 3.26% | 194.73 | 158.60 |
| 1997 | 1 | 4.36% | 203.23 | 159.10 |
| 1997 | 2 | -0.62% | 201.96 | 159.60 |
| 1997 | 3 | -3.41% | 195.08 | 160.00 |
| 1997 | 4 | 9.22% | 213.06 | 160.20 |
| 1997 | 5 | 5.34% | 224.44 | 160.10 |
| 1997 | 6 | 5.74% | 237.31 | 160.30 |
| 1997 | 7 | 0.35% | 238.13 | 160.50 |
| 1997 | 8 | 1.19% | 240.97 | 160.80 |
| 1997 | 9 | 1.65% | 244.94 | 161.20 |
| 1997 | 10 | -1.15% | 242.12 | 161.60 |
| 1997 | 11 | 2.63% | 248.49 | 161.50 |
| 1997 | 12 | 0.24% | 249.08 | 161.30 |
| 1998 | 1 | 6.40% | 265.03 | 161.60 |
| 1998 | 2 | 5.31% | 279.11 | 161.90 |
| 1998 | 3 | 3.41% | 288.62 | 162.20 |
| 1998 | 4 | -0.22% | 287.98 | 162.50 |
| 1998 | 5 | 0.12% | 288.31 | 162.80 |
| 1998 | 6 | 4.47% | 301.19 | 163.00 |
| 1998 | 7 | -6.97% | 280.20 | 163.20 |
| 1998 | 8 | -4.90% | 266.47 | 163.40 |
| 1998 | 9 | 1.29% | 269.91 | 163.60 |
| 1998 | 10 | 10.97% | 299.53 | 164.00 |
| 1998 | 11 | 4.10% | 311.83 | 164.00 |
| 1998 | 12 | 5.05% | 327.57 | 163.90 |
| 1999 | 1 | -0.07% | 327.35 | 164.30 |
| 1999 | 2 | 2.92% | 336.92 | 164.50 |
| 1999 | 3 | 4.25% | 351.24 | 165.00 |
| 1999 | 4 | -0.10% | 350.89 | 166.20 |
| 1999 | 5 | -0.61% | 348.74 | 166.20 |
| 1999 | 6 | 4.52% | 364.51 | 166.20 |
| 1999 | 7 | -3.77% | 350.76 | 166.70 |
| 1999 | 8 | -0.60% | 348.66 | 167.10 |
| 1999 | 9 | -1.27% | 344.22 | 167.90 |
| 1999 | 10 | 7.11% | 368.68 | 168.20 |
| 1999 | 11 | 2.81% | 379.04 | 168.30 |
| 1999 | 12 | -0.12% | 378.59 | 168.30 |
| 2000 | 1 | -2.48% | 369.20 | 168.80 |
| 2000 | 2 | 3.94% | 383.75 | 169.80 |
| 2000 | 3 | 1.42% | 389.22 | 171.20 |
| 2000 | 4 | -2.84% | 378.17 | 171.30 |
| 2000 | 5 | 3.16% | 390.14 | 171.50 |
| 2000 | 6 | 0.85% | 393.45 | 172.40 |
| 2000 | 7 | 0.94% | 397.15 | 172.80 |
| 2000 | 8 | -1.08% | 392.86 | 172.80 |
| 2000 | 9 | -5.21% | 372.38 | 173.70 |
| 2000 | 10 | -0.77% | 369.50 | 174.00 |
| 2000 | 11 | -3.32% | 357.23 | 174.10 |
| 2000 | 12 | 0.46% | 358.86 | 174.00 |
| 2001 | 1 | -2.14% | 351.19 | 175.10 |
| 2001 | 2 | -9.08% | 319.30 | 175.80 |
| 2001 | 3 | 0.45% | 320.74 | 176.20 |
| 2001 | 4 | 6.88% | 342.80 | 176.90 |
| 2001 | 5 | -2.39% | 334.61 | 177.70 |
| 2001 | 6 | -2.66% | 325.71 | 178.00 |
| 2001 | 7 | -2.05% | 319.05 | 177.50 |
| 2001 | 8 | -11.25% | 283.16 | 177.50 |
| 2001 | 9 | 3.18% | 292.18 | 178.30 |
| 2001 | 10 | 5.05% | 306.94 | 177.70 |
| 2001 | 11 | 1.47% | 311.44 | 177.40 |
| 2001 | 12 | -0.30% | 310.52 | 176.70 |
| 2002 | 1 | -3.35% | 300.11 | 177.10 |
| 2002 | 2 | 4.95% | 314.95 | 177.80 |
| 2002 | 3 | -3.51% | 303.88 | 178.80 |
| 2002 | 4 | -2.82% | 295.31 | 179.80 |
| 2002 | 5 | -5.92% | 277.82 | 179.80 |
| 2002 | 6 | -10.76% | 247.93 | 179.90 |
| 2002 | 7 | 1.14% | 250.76 | 180.10 |
| 2002 | 8 | -4.76% | 238.83 | 180.70 |
| 2002 | 9 | -1.37% | 235.56 | 181.00 |
| 2002 | 10 | 6.63% | 251.17 | 181.30 |
| 2002 | 11 | -1.04% | 248.57 | 181.30 |
| 2002 | 12 | -0.22% | 248.02 | 180.90 |
| 2003 | 1 | -6.41% | 232.11 | 181.70 |
| 2003 | 2 | 1.31% | 235.14 | 183.10 |
| 2003 | 3 | 5.29% | 247.57 | 184.20 |
| 2003 | 4 | 5.31% | 260.72 | 183.80 |
| 2003 | 5 | 5.70% | 275.60 | 183.50 |
| 2003 | 6 | 0.60% | 277.24 | 183.70 |
| 2003 | 7 | -0.17% | 276.78 | 183.90 |
| 2003 | 8 | 3.16% | 285.53 | 184.60 |
| 2003 | 9 | 2.03% | 291.32 | 185.20 |
| 2003 | 10 | 1.21% | 294.84 | 185.00 |
| 2003 | 11 | 3.06% | 303.88 | 184.50 |
| 2003 | 12 | 4.93% | 318.87 | 184.30 |
| 2004 | 1 | 1.09% | 322.34 | 185.20 |
| 2004 | 2 | -1.57% | 317.29 | 186.20 |
| 2004 | 3 | 0.97% | 320.36 | 187.40 |
| 2004 | 4 | -2.56% | 312.15 | 188.00 |
| 2004 | 5 | 2.86% | 321.07 | 189.10 |
| 2004 | 6 | -2.24% | 313.88 | 189.70 |
| 2004 | 7 | -1.39% | 309.53 | 189.40 |
| 2004 | 8 | 2.78% | 318.14 | 189.50 |
| 2004 | 9 | 0.10% | 318.46 | 189.90 |
| 2004 | 10 | 4.77% | 333.67 | 190.90 |
| 2004 | 11 | 2.73% | 342.77 | 191.00 |
| 2004 | 12 | -1.35% | 338.14 | 190.30 |
| 2005 | 1 | 1.68% | 343.83 | 190.70 |
| 2005 | 2 | -0.26% | 342.95 | 191.80 |
| 2005 | 3 | -2.41% | 334.69 | 193.30 |
| 2005 | 4 | 1.34% | 339.16 | 194.60 |
| 2005 | 5 | 2.18% | 346.56 | 194.40 |
| 2005 | 6 | 1.81% | 352.82 | 194.50 |
| 2005 | 7 | 0.31% | 353.91 | 195.40 |
| 2005 | 8 | 0.28% | 354.90 | 196.40 |
| 2005 | 9 | -2.62% | 345.59 | 198.80 |
| 2005 | 10 | 3.96% | 359.28 | 199.20 |
| 2005 | 11 | 2.14% | 366.98 | 197.60 |
| 2005 | 12 | 1.47% | 372.37 | 196.80 |
| 2006 | 1 | -0.02% | 372.31 | 198.30 |
| 2006 | 2 | 1.49% | 377.84 | 198.70 |
| 2006 | 3 | 0.80% | 380.86 | 199.80 |
| 2006 | 4 | -0.79% | 377.86 | 201.50 |
| 2006 | 5 | -2.71% | 367.64 | 202.50 |
| 2006 | 6 | 0.72% | 370.28 | 202.90 |
| 2006 | 7 | 2.29% | 378.77 | 203.50 |
| 2006 | 8 | 2.53% | 388.36 | 203.90 |
| 2006 | 9 | 3.62% | 402.40 | 202.90 |
| 2006 | 10 | 2.00% | 410.45 | 201.80 |
| 2006 | 11 | 2.15% | 419.27 | 201.50 |
| 2006 | 12 | 0.69% | 422.18 | 201.80 |
| 2007 | 1 | 1.60% | 428.91 | 202.42 |
| 2007 | 2 | -2.47% | 418.30 | 203.50 |
| 2007 | 3 | 4.18% | 435.79 | 205.35 |
| 2007 | 4 | 3.39% | 450.57 | 206.69 |
| 2007 | 5 | 0.34% | 452.12 | 207.95 |
| 2007 | 6 | 0.57% | 454.72 | 208.35 |
| 2007 | 7 | -4.20% | 435.62 | 208.30 |
| 2007 | 8 | 3.07% | 449.01 | 207.92 |
| 2007 | 9 | 2.99% | 462.45 | 208.49 |
| 2007 | 10 | -4.81% | 440.22 | 208.94 |
| 2007 | 11 | 1.24% | 445.67 | 210.18 |
| 2007 | 12 | -6.64% | 416.10 | 210.04 |
| 2008 | 1 | -1.56% | 409.59 | 211.08 |
| 2008 | 2 | -2.63% | 398.83 | 211.69 |
| 2008 | 3 | 4.24% | 415.76 | 213.53 |
| 2008 | 4 | 2.56% | 426.41 | 214.82 |
| 2008 | 5 | -4.25% | 408.30 | 216.63 |
| 2008 | 6 | -6.08% | 383.49 | 218.82 |
| 2008 | 7 | 2.11% | 391.58 | 219.96 |
| 2008 | 8 | -4.85% | 372.60 | 219.09 |
| 2008 | 9 | -20.19% | 297.36 | 218.78 |
| 2008 | 10 | -8.61% | 271.77 | 216.57 |
| 2008 | 11 | -0.35% | 270.81 | 212.43 |
| 2008 | 12 | -1.10% | 267.85 | 210.23 |
| 2009 | 1 | -6.70% | 249.89 | 211.14 |
| 2009 | 2 | -5.69% | 235.68 | 212.19 |
| 2009 | 3 | 12.32% | 264.72 | 212.71 |
| 2009 | 4 | 6.66% | 282.35 | 213.24 |
| 2009 | 5 | 2.87% | 290.45 | 213.86 |
| 2009 | 6 | 1.28% | 294.16 | 215.69 |
| 2009 | 7 | 8.12% | 318.05 | 215.35 |
| 2009 | 8 | 3.65% | 329.66 | 215.83 |
| 2009 | 9 | 2.40% | 337.58 | 215.97 |
| 2009 | 10 | 2.09% | 344.65 | 216.18 |
| 2009 | 11 | 2.23% | 352.32 | 216.33 |
| 2009 | 12 | 1.36% | 357.11 | 215.95 |
| 2010 | 1 | -2.90% | 346.75 | 216.69 |
| 2010 | 2 | 5.94% | 367.36 | 216.74 |
| 2010 | 3 | 4.09% | 382.38 | 217.63 |
| 2010 | 4 | -5.88% | 359.89 | 218.01 |
| 2010 | 5 | -3.54% | 347.13 | 218.18 |
| 2010 | 6 | -0.16% | 346.58 | 217.97 |
| 2010 | 7 | 0.86% | 349.58 | 218.01 |
| 2010 | 8 | 3.37% | 361.36 | 218.31 |
| 2010 | 9 | 4.58% | 377.90 | 218.44 |
| 2010 | 10 | 2.49% | 387.31 | 218.71 |
| 2010 | 11 | 3.71% | 401.70 | 218.80 |
| 2010 | 12 | 3.46% | 415.61 | 219.18 |
| 2011 | 1 | 3.15% | 428.70 | 220.22 |
| 2011 | 2 | -1.11% | 423.93 | 221.31 |
| 2011 | 3 | 2.22% | 433.35 | 223.47 |
| 2011 | 4 | 0.66% | 436.20 | 224.91 |
| 2011 | 5 | -3.66% | 420.23 | 225.96 |
| 2011 | 6 | 3.10% | 433.26 | 225.72 |
| 2011 | 7 | -10.40% | 388.20 | 225.92 |
| 2011 | 8 | -0.79% | 385.14 | 226.55 |
| 2011 | 9 | 3.02% | 396.76 | 226.89 |
| 2011 | 10 | 1.77% | 403.77 | 226.42 |
| 2011 | 11 | 1.55% | 410.05 | 226.23 |
| 2011 | 12 | 4.78% | 429.66 | 225.67 |
| 2012 | 1 | 4.16% | 447.55 | 226.67 |
| 2012 | 2 | 2.88% | 460.45 | 227.66 |
| 2012 | 3 | -0.04% | 460.28 | 229.39 |
| 2012 | 4 | -3.09% | 446.05 | 230.09 |
| 2012 | 5 | -1.15% | 440.91 | 229.82 |
| 2012 | 6 | 2.92% | 453.79 | 229.48 |
| 2012 | 7 | 3.39% | 469.16 | 229.10 |
| 2012 | 8 | 3.02% | 483.34 | 230.38 |
| 2012 | 9 | -0.22% | 482.29 | 231.41 |
| 2012 | 10 | -2.84% | 468.60 | 231.32 |
| 2012 | 11 | 2.18% | 478.80 | 230.22 |
| 2012 | 12 | 4.27% | 499.24 | 229.60 |
| 2013 | 1 | 2.33% | 510.88 | 230.28 |
| 2013 | 2 | 2.72% | 524.79 | 232.17 |
| 2013 | 3 | 1.45% | 532.42 | 232.77 |
| 2013 | 4 | 4.57% | 556.78 | 232.53 |
| 2013 | 5 | -1.12% | 550.55 | 232.95 |
| 2013 | 6 | 3.25% | 568.47 | 233.50 |
| 2013 | 7 | 0.25% | 569.91 | 233.60 |
| 2013 | 8 | 1.19% | 576.70 | 233.88 |
| 2013 | 9 | 2.12% | 588.91 | 234.15 |
| 2013 | 10 | 3.86% | 611.65 | 233.55 |
| 2013 | 11 | 1.52% | 620.95 | 233.07 |
| 2013 | 12 | 0.97% | 626.96 | 233.05 |
| 2014 | 1 | -0.13% | 626.15 | 233.92 |
| 2014 | 2 | 2.72% | 643.19 | 234.78 |
| 2014 | 3 | 0.20% | 644.49 | 236.29 |
| 2014 | 4 | 1.53% | 654.36 | 237.07 |
| 2014 | 5 | 3.20% | 675.28 | 237.90 |
| 2014 | 6 | 1.50% | 685.38 | 238.34 |
| 2014 | 7 | -0.43% | 682.45 | 238.25 |
| 2014 | 8 | 1.78% | 694.59 | 237.85 |
| 2014 | 9 | -2.65% | 676.21 | 238.03 |
| 2014 | 10 | 5.71% | 714.79 | 237.43 |
| 2014 | 11 | 0.63% | 719.32 | 236.15 |
| 2014 | 12 | -1.11% | 711.33 | 234.81 |
| 2015 | 1 | 2.83% | 731.45 | 233.71 |
| 2015 | 2 | 0.06% | 731.85 | 234.72 |
| 2015 | 3 | 0.88% | 738.28 | 236.12 |
| 2015 | 4 | 0.98% | 745.51 | 236.60 |
| 2015 | 5 | -0.44% | 742.26 | 237.81 |
| 2015 | 6 | -0.08% | 741.67 | 238.64 |
| 2015 | 7 | -2.42% | 723.69 | 238.65 |
| 2015 | 8 | -4.51% | 691.07 | 238.32 |
| 2015 | 9 | 4.32% | 720.91 | 237.95 |
| 2015 | 10 | 2.93% | 742.05 | 237.84 |
| 2015 | 11 | -1.10% | 733.86 | 237.34 |
| 2015 | 12 | -6.42% | 686.75 | 236.53 |
| 2016 | 1 | -0.55% | 682.97 | 236.92 |
| 2016 | 2 | 6.36% | 726.43 | 237.11 |
| 2016 | 3 | 2.83% | 747.00 | 238.13 |
| 2016 | 4 | -0.30% | 744.72 | 239.26 |
| 2016 | 5 | 1.07% | 752.67 | 240.23 |
| 2016 | 6 | 3.30% | 777.48 | 241.02 |
| 2016 | 7 | 1.20% | 786.81 | 240.63 |
| 2016 | 8 | -0.44% | 783.36 | 240.85 |
| 2016 | 9 | -0.51% | 779.39 | 241.43 |
| 2016 | 10 | 1.20% | 788.75 | 241.73 |
| 2016 | 11 | 3.95% | 819.88 | 241.35 |
| 2016 | 12 | 1.44% | 831.67 | 241.43 |
| 2017 | 1 | 2.58% | 853.09 | 242.84 |
| 2017 | 2 | 1.75% | 868.02 | 243.60 |
| 2017 | 3 | -0.15% | 866.68 | 243.80 |
| 2017 | 4 | 1.69% | 881.35 | 244.52 |
| 2017 | 5 | 1.78% | 897.00 | 244.73 |
| 2017 | 6 | 0.99% | 905.86 | 244.96 |
| 2017 | 7 | 0.25% | 908.11 | 244.79 |
| 2017 | 8 | 1.65% | 923.12 | 245.52 |
| 2017 | 9 | 2.73% | 948.37 | 246.82 |
| 2017 | 10 | 1.59% | 963.44 | 246.66 |
| 2017 | 11 | 2.88% | 991.22 | 246.67 |
| 2017 | 12 | 4.86% | 1,039.42 | 246.52 |
| 2018 | 1 | -2.89% | 1,009.41 | 247.87 |
| 2018 | 2 | 0.06% | 1,010.06 | 248.99 |
| 2018 | 3 | -1.66% | 993.26 | 249.55 |
| 2018 | 4 | 1.96% | 1,012.74 | 250.55 |
| 2018 | 5 | 2.11% | 1,034.14 | 251.59 |
| 2018 | 6 | 1.58% | 1,050.49 | 251.99 |
| 2018 | 7 | 2.45% | 1,076.23 | 252.01 |
| 2018 | 8 | 1.68% | 1,094.31 | 252.15 |
| 2018 | 9 | -3.85% | 1,052.19 | 252.44 |
| 2018 | 10 | -2.08% | 1,030.34 | 252.89 |
| 2018 | 11 | -5.56% | 973.03 | 252.04 |
| 2018 | 12 | 1.74% | 989.92 | 251.23 |
| 2019 | 1 | 5.83% | 1,047.62 | 251.71 |
| 2019 | 2 | 1.95% | 1,068.03 | 252.78 |
| 2019 | 3 | 3.72% | 1,107.79 | 254.20 |
| 2019 | 4 | -1.53% | 1,090.83 | 255.55 |
| 2019 | 5 | 1.40% | 1,106.15 | 256.09 |
| 2019 | 6 | 3.83% | 1,148.48 | 256.14 |
| 2019 | 7 | -3.13% | 1,112.49 | 256.57 |
| 2019 | 8 | 3.09% | 1,146.81 | 256.56 |
| 2019 | 9 | 0.01% | 1,146.92 | 256.76 |
| 2019 | 10 | 4.43% | 1,197.77 | 257.35 |
| 2019 | 11 | 2.47% | 1,227.35 | 257.21 |
| 2019 | 12 | 3.35% | 1,268.42 | 256.97 |
| 2020 | 1 | 0.12% | 1,269.97 | 257.97 |
| 2020 | 2 | -18.92% | 1,029.72 | 258.68 |
| 2020 | 3 | 4.32% | 1,074.19 | 258.12 |
| 2020 | 4 | 5.89% | 1,137.43 | 256.39 |
| 2020 | 5 | 6.51% | 1,211.46 | 256.39 |
| 2020 | 6 | 3.48% | 1,253.57 | 257.80 |
| 2020 | 7 | 5.89% | 1,327.45 | 259.10 |
| 2020 | 8 | -0.63% | 1,319.13 | 259.92 |
| 2020 | 9 | 1.73% | 1,341.90 | 260.28 |
| 2020 | 10 | 3.95% | 1,394.96 | 260.39 |
| 2020 | 11 | 4.26% | 1,454.39 | 260.23 |
| 2020 | 12 | 2.80% | 1,495.04 | 260.47 |
| 2021 | 1 | 2.49% | 1,532.29 | 261.58 |
| 2021 | 2 | 0.82% | 1,544.88 | 263.01 |
| 2021 | 3 | 6.02% | 1,637.90 | 264.88 |
| 2021 | 4 | 0.76% | 1,650.35 | 267.05 |
| 2021 | 5 | 1.81% | 1,680.23 | 269.20 |
| 2021 | 6 | 3.07% | 1,731.78 | 271.70 |
| 2021 | 7 | 2.19% | 1,769.62 | 273.00 |
| 2021 | 8 | -0.08% | 1,768.13 | 273.57 |
| 2021 | 9 | 0.45% | 1,776.12 | 274.31 |
| 2021 | 10 | 4.74% | 1,860.40 | 276.59 |
| 2021 | 11 | 0.27% | 1,865.33 | 277.95 |
| 2021 | 12 | -2.05% | 1,827.06 | 278.80 |
| 2022 | 1 | -2.90% | 1,774.03 | 281.15 |
| 2022 | 2 | -0.89% | 1,758.19 | 283.72 |
| 2022 | 3 | 0.12% | 1,760.27 | 287.50 |
| 2022 | 4 | -7.87% | 1,621.69 | 289.11 |
| 2022 | 5 | -3.37% | 1,567.05 | 292.30 |
| 2022 | 6 | 0.46% | 1,574.33 | 296.31 |
| 2022 | 7 | 6.45% | 1,675.84 | 296.28 |
| 2022 | 8 | -7.28% | 1,553.88 | 296.17 |
| 2022 | 9 | -3.09% | 1,505.84 | 296.81 |
| 2022 | 10 | 5.29% | 1,585.43 | 298.01 |
| 2022 | 11 | 0.01% | 1,585.60 | 297.71 |
| 2022 | 12 | 1.38% | 1,607.43 | 296.80 |
| 2023 | 1 | 3.15% | 1,658.01 | 299.17 |
| 2023 | 2 | -2.59% | 1,615.15 | 300.84 |
| 2023 | 3 | 4.00% | 1,679.69 | 301.84 |
| 2023 | 4 | 0.74% | 1,692.08 | 303.36 |
| 2023 | 5 | 4.94% | 1,775.71 | 304.13 |
| 2023 | 6 | 3.88% | 1,844.53 | 305.11 |
| 2023 | 7 | -1.13% | 1,823.78 | 305.69 |
| 2023 | 8 | 1.31% | 1,847.68 | 307.03 |
Click to show 354 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 1993. This would result in a final amount of $1,715.25, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $1,847.68).
| Year | Month | Contribution ($) | Amount ($) |
|---|---|---|---|
| 1993 | 1 | 4.16 | 4.22 |
| 1993 | 2 | 4.16 | 8.55 |
| 1993 | 3 | 4.16 | 12.53 |
| 1993 | 4 | 4.16 | 16.80 |
| 1993 | 5 | 4.16 | 21.13 |
| 1993 | 6 | 4.16 | 25.30 |
| 1993 | 7 | 4.16 | 29.97 |
| 1993 | 8 | 4.16 | 34.58 |
| 1993 | 9 | 4.16 | 39.21 |
| 1993 | 10 | 4.16 | 43.37 |
| 1993 | 11 | 4.16 | 47.94 |
| 1993 | 12 | 4.16 | 53.00 |
| 1994 | 1 | 4.16 | 57.10 |
| 1994 | 2 | 4.16 | 60.38 |
| 1994 | 3 | 4.16 | 62.37 |
| 1994 | 4 | 4.16 | 67.23 |
| 1994 | 5 | 4.16 | 72.17 |
| 1994 | 6 | 4.16 | 75.92 |
| 1994 | 7 | 4.16 | 82.54 |
| 1994 | 8 | 4.16 | 87.40 |
| 1994 | 9 | 4.16 | 91.14 |
| 1994 | 10 | 4.16 | 94.94 |
| 1994 | 11 | 4.16 | 98.07 |
| 1994 | 12 | 4.32 | 104.89 |
| 1995 | 1 | - | 108.90 |
| 1995 | 2 | - | 111.69 |
| 1995 | 3 | - | 115.28 |
| 1995 | 4 | - | 119.14 |
| 1995 | 5 | - | 122.92 |
| 1995 | 6 | - | 127.28 |
| 1995 | 7 | - | 127.94 |
| 1995 | 8 | - | 132.69 |
| 1995 | 9 | - | 133.90 |
| 1995 | 10 | - | 137.06 |
| 1995 | 11 | - | 141.71 |
| 1995 | 12 | - | 141.94 |
| 1996 | 1 | - | 150.32 |
| 1996 | 2 | - | 150.02 |
| 1996 | 3 | - | 150.31 |
| 1996 | 4 | - | 153.85 |
| 1996 | 5 | - | 155.82 |
| 1996 | 6 | - | 150.40 |
| 1996 | 7 | - | 155.03 |
| 1996 | 8 | - | 158.17 |
| 1996 | 9 | - | 164.68 |
| 1996 | 10 | - | 173.00 |
| 1996 | 11 | - | 175.07 |
| 1996 | 12 | - | 180.78 |
| 1997 | 1 | - | 188.66 |
| 1997 | 2 | - | 187.48 |
| 1997 | 3 | - | 181.10 |
| 1997 | 4 | - | 197.79 |
| 1997 | 5 | - | 208.35 |
| 1997 | 6 | - | 220.30 |
| 1997 | 7 | - | 221.07 |
| 1997 | 8 | - | 223.70 |
| 1997 | 9 | - | 227.38 |
| 1997 | 10 | - | 224.76 |
| 1997 | 11 | - | 230.68 |
| 1997 | 12 | - | 231.23 |
| 1998 | 1 | - | 246.03 |
| 1998 | 2 | - | 259.11 |
| 1998 | 3 | - | 267.93 |
| 1998 | 4 | - | 267.34 |
| 1998 | 5 | - | 267.65 |
| 1998 | 6 | - | 279.61 |
| 1998 | 7 | - | 260.11 |
| 1998 | 8 | - | 247.37 |
| 1998 | 9 | - | 250.57 |
| 1998 | 10 | - | 278.06 |
| 1998 | 11 | - | 289.48 |
| 1998 | 12 | - | 304.09 |
| 1999 | 1 | - | 303.88 |
| 1999 | 2 | - | 312.77 |
| 1999 | 3 | - | 326.06 |
| 1999 | 4 | - | 325.74 |
| 1999 | 5 | - | 323.75 |
| 1999 | 6 | - | 338.39 |
| 1999 | 7 | - | 325.62 |
| 1999 | 8 | - | 323.67 |
| 1999 | 9 | - | 319.55 |
| 1999 | 10 | - | 342.26 |
| 1999 | 11 | - | 351.87 |
| 1999 | 12 | - | 351.45 |
| 2000 | 1 | - | 342.74 |
| 2000 | 2 | - | 356.25 |
| 2000 | 3 | - | 361.32 |
| 2000 | 4 | - | 351.07 |
| 2000 | 5 | - | 362.17 |
| 2000 | 6 | - | 365.25 |
| 2000 | 7 | - | 368.69 |
| 2000 | 8 | - | 364.71 |
| 2000 | 9 | - | 345.69 |
| 2000 | 10 | - | 343.02 |
| 2000 | 11 | - | 331.63 |
| 2000 | 12 | - | 333.14 |
| 2001 | 1 | - | 326.02 |
| 2001 | 2 | - | 296.42 |
| 2001 | 3 | - | 297.75 |
| 2001 | 4 | - | 318.23 |
| 2001 | 5 | - | 310.63 |
| 2001 | 6 | - | 302.37 |
| 2001 | 7 | - | 296.18 |
| 2001 | 8 | - | 262.87 |
| 2001 | 9 | - | 271.24 |
| 2001 | 10 | - | 284.94 |
| 2001 | 11 | - | 289.12 |
| 2001 | 12 | - | 288.26 |
| 2002 | 1 | - | 278.60 |
| 2002 | 2 | - | 292.37 |
| 2002 | 3 | - | 282.10 |
| 2002 | 4 | - | 274.14 |
| 2002 | 5 | - | 257.91 |
| 2002 | 6 | - | 230.16 |
| 2002 | 7 | - | 232.78 |
| 2002 | 8 | - | 221.71 |
| 2002 | 9 | - | 218.68 |
| 2002 | 10 | - | 233.17 |
| 2002 | 11 | - | 230.75 |
| 2002 | 12 | - | 230.24 |
| 2003 | 1 | - | 215.47 |
| 2003 | 2 | - | 218.29 |
| 2003 | 3 | - | 229.83 |
| 2003 | 4 | - | 242.04 |
| 2003 | 5 | - | 255.84 |
| 2003 | 6 | - | 257.37 |
| 2003 | 7 | - | 256.94 |
| 2003 | 8 | - | 265.06 |
| 2003 | 9 | - | 270.44 |
| 2003 | 10 | - | 273.71 |
| 2003 | 11 | - | 282.10 |
| 2003 | 12 | - | 296.02 |
| 2004 | 1 | - | 299.23 |
| 2004 | 2 | - | 294.55 |
| 2004 | 3 | - | 297.40 |
| 2004 | 4 | - | 289.78 |
| 2004 | 5 | - | 298.06 |
| 2004 | 6 | - | 291.38 |
| 2004 | 7 | - | 287.34 |
| 2004 | 8 | - | 295.34 |
| 2004 | 9 | - | 295.64 |
| 2004 | 10 | - | 309.75 |
| 2004 | 11 | - | 318.20 |
| 2004 | 12 | - | 313.91 |
| 2005 | 1 | - | 319.19 |
| 2005 | 2 | - | 318.37 |
| 2005 | 3 | - | 310.70 |
| 2005 | 4 | - | 314.85 |
| 2005 | 5 | - | 321.72 |
| 2005 | 6 | - | 327.53 |
| 2005 | 7 | - | 328.55 |
| 2005 | 8 | - | 329.47 |
| 2005 | 9 | - | 320.82 |
| 2005 | 10 | - | 333.53 |
| 2005 | 11 | - | 340.68 |
| 2005 | 12 | - | 345.68 |
| 2006 | 1 | - | 345.62 |
| 2006 | 2 | - | 350.76 |
| 2006 | 3 | - | 353.56 |
| 2006 | 4 | - | 350.78 |
| 2006 | 5 | - | 341.29 |
| 2006 | 6 | - | 343.74 |
| 2006 | 7 | - | 351.62 |
| 2006 | 8 | - | 360.52 |
| 2006 | 9 | - | 373.56 |
| 2006 | 10 | - | 381.03 |
| 2006 | 11 | - | 389.22 |
| 2006 | 12 | - | 391.92 |
| 2007 | 1 | - | 398.17 |
| 2007 | 2 | - | 388.32 |
| 2007 | 3 | - | 404.55 |
| 2007 | 4 | - | 418.28 |
| 2007 | 5 | - | 419.72 |
| 2007 | 6 | - | 422.13 |
| 2007 | 7 | - | 404.40 |
| 2007 | 8 | - | 416.83 |
| 2007 | 9 | - | 429.30 |
| 2007 | 10 | - | 408.67 |
| 2007 | 11 | - | 413.73 |
| 2007 | 12 | - | 386.28 |
| 2008 | 1 | - | 380.23 |
| 2008 | 2 | - | 370.25 |
| 2008 | 3 | - | 385.96 |
| 2008 | 4 | - | 395.85 |
| 2008 | 5 | - | 379.04 |
| 2008 | 6 | - | 356.00 |
| 2008 | 7 | - | 363.51 |
| 2008 | 8 | - | 345.89 |
| 2008 | 9 | - | 276.04 |
| 2008 | 10 | - | 252.29 |
| 2008 | 11 | - | 251.40 |
| 2008 | 12 | - | 248.65 |
| 2009 | 1 | - | 231.98 |
| 2009 | 2 | - | 218.79 |
| 2009 | 3 | - | 245.75 |
| 2009 | 4 | - | 262.11 |
| 2009 | 5 | - | 269.63 |
| 2009 | 6 | - | 273.08 |
| 2009 | 7 | - | 295.26 |
| 2009 | 8 | - | 306.03 |
| 2009 | 9 | - | 313.39 |
| 2009 | 10 | - | 319.95 |
| 2009 | 11 | - | 327.07 |
| 2009 | 12 | - | 331.51 |
| 2010 | 1 | - | 321.90 |
| 2010 | 2 | - | 341.03 |
| 2010 | 3 | - | 354.97 |
| 2010 | 4 | - | 334.09 |
| 2010 | 5 | - | 322.25 |
| 2010 | 6 | - | 321.74 |
| 2010 | 7 | - | 324.52 |
| 2010 | 8 | - | 335.46 |
| 2010 | 9 | - | 350.82 |
| 2010 | 10 | - | 359.55 |
| 2010 | 11 | - | 372.91 |
| 2010 | 12 | - | 385.82 |
| 2011 | 1 | - | 397.97 |
| 2011 | 2 | - | 393.55 |
| 2011 | 3 | - | 402.29 |
| 2011 | 4 | - | 404.94 |
| 2011 | 5 | - | 390.11 |
| 2011 | 6 | - | 402.21 |
| 2011 | 7 | - | 360.38 |
| 2011 | 8 | - | 357.53 |
| 2011 | 9 | - | 368.33 |
| 2011 | 10 | - | 374.83 |
| 2011 | 11 | - | 380.66 |
| 2011 | 12 | - | 398.87 |
| 2012 | 1 | - | 415.47 |
| 2012 | 2 | - | 427.45 |
| 2012 | 3 | - | 427.29 |
| 2012 | 4 | - | 414.08 |
| 2012 | 5 | - | 409.31 |
| 2012 | 6 | - | 421.27 |
| 2012 | 7 | - | 435.54 |
| 2012 | 8 | - | 448.70 |
| 2012 | 9 | - | 447.72 |
| 2012 | 10 | - | 435.02 |
| 2012 | 11 | - | 444.48 |
| 2012 | 12 | - | 463.46 |
| 2013 | 1 | - | 474.27 |
| 2013 | 2 | - | 487.18 |
| 2013 | 3 | - | 494.26 |
| 2013 | 4 | - | 516.87 |
| 2013 | 5 | - | 511.09 |
| 2013 | 6 | - | 527.73 |
| 2013 | 7 | - | 529.06 |
| 2013 | 8 | - | 535.37 |
| 2013 | 9 | - | 546.70 |
| 2013 | 10 | - | 567.81 |
| 2013 | 11 | - | 576.45 |
| 2013 | 12 | - | 582.03 |
| 2014 | 1 | - | 581.27 |
| 2014 | 2 | - | 597.09 |
| 2014 | 3 | - | 598.30 |
| 2014 | 4 | - | 607.46 |
| 2014 | 5 | - | 626.88 |
| 2014 | 6 | - | 636.26 |
| 2014 | 7 | - | 633.54 |
| 2014 | 8 | - | 644.81 |
| 2014 | 9 | - | 627.74 |
| 2014 | 10 | - | 663.56 |
| 2014 | 11 | - | 667.76 |
| 2014 | 12 | - | 660.35 |
| 2015 | 1 | - | 679.02 |
| 2015 | 2 | - | 679.40 |
| 2015 | 3 | - | 685.37 |
| 2015 | 4 | - | 692.07 |
| 2015 | 5 | - | 689.06 |
| 2015 | 6 | - | 688.51 |
| 2015 | 7 | - | 671.82 |
| 2015 | 8 | - | 641.54 |
| 2015 | 9 | - | 669.24 |
| 2015 | 10 | - | 688.86 |
| 2015 | 11 | - | 681.26 |
| 2015 | 12 | - | 637.53 |
| 2016 | 1 | - | 634.02 |
| 2016 | 2 | - | 674.36 |
| 2016 | 3 | - | 693.46 |
| 2016 | 4 | - | 691.35 |
| 2016 | 5 | - | 698.72 |
| 2016 | 6 | - | 721.76 |
| 2016 | 7 | - | 730.42 |
| 2016 | 8 | - | 727.21 |
| 2016 | 9 | - | 723.53 |
| 2016 | 10 | - | 732.22 |
| 2016 | 11 | - | 761.12 |
| 2016 | 12 | - | 772.06 |
| 2017 | 1 | - | 791.95 |
| 2017 | 2 | - | 805.80 |
| 2017 | 3 | - | 804.56 |
| 2017 | 4 | - | 818.18 |
| 2017 | 5 | - | 832.71 |
| 2017 | 6 | - | 840.94 |
| 2017 | 7 | - | 843.02 |
| 2017 | 8 | - | 856.96 |
| 2017 | 9 | - | 880.40 |
| 2017 | 10 | - | 894.39 |
| 2017 | 11 | - | 920.18 |
| 2017 | 12 | - | 964.92 |
| 2018 | 1 | - | 937.06 |
| 2018 | 2 | - | 937.67 |
| 2018 | 3 | - | 922.07 |
| 2018 | 4 | - | 940.15 |
| 2018 | 5 | - | 960.02 |
| 2018 | 6 | - | 975.19 |
| 2018 | 7 | - | 999.09 |
| 2018 | 8 | - | 1,015.88 |
| 2018 | 9 | - | 976.78 |
| 2018 | 10 | - | 956.50 |
| 2018 | 11 | - | 903.29 |
| 2018 | 12 | - | 918.97 |
| 2019 | 1 | - | 972.54 |
| 2019 | 2 | - | 991.48 |
| 2019 | 3 | - | 1,028.40 |
| 2019 | 4 | - | 1,012.64 |
| 2019 | 5 | - | 1,026.87 |
| 2019 | 6 | - | 1,066.17 |
| 2019 | 7 | - | 1,032.75 |
| 2019 | 8 | - | 1,064.61 |
| 2019 | 9 | - | 1,064.72 |
| 2019 | 10 | - | 1,111.92 |
| 2019 | 11 | - | 1,139.38 |
| 2019 | 12 | - | 1,177.51 |
| 2020 | 1 | - | 1,178.95 |
| 2020 | 2 | - | 955.92 |
| 2020 | 3 | - | 997.20 |
| 2020 | 4 | - | 1,055.91 |
| 2020 | 5 | - | 1,124.63 |
| 2020 | 6 | - | 1,163.73 |
| 2020 | 7 | - | 1,232.31 |
| 2020 | 8 | - | 1,224.59 |
| 2020 | 9 | - | 1,245.72 |
| 2020 | 10 | - | 1,294.98 |
| 2020 | 11 | - | 1,350.15 |
| 2020 | 12 | - | 1,387.89 |
| 2021 | 1 | - | 1,422.47 |
| 2021 | 2 | - | 1,434.15 |
| 2021 | 3 | - | 1,520.51 |
| 2021 | 4 | - | 1,532.07 |
| 2021 | 5 | - | 1,559.80 |
| 2021 | 6 | - | 1,607.66 |
| 2021 | 7 | - | 1,642.79 |
| 2021 | 8 | - | 1,641.40 |
| 2021 | 9 | - | 1,648.82 |
| 2021 | 10 | - | 1,727.06 |
| 2021 | 11 | - | 1,731.64 |
| 2021 | 12 | - | 1,696.11 |
| 2022 | 1 | - | 1,646.88 |
| 2022 | 2 | - | 1,632.18 |
| 2022 | 3 | - | 1,634.11 |
| 2022 | 4 | - | 1,505.46 |
| 2022 | 5 | - | 1,454.74 |
| 2022 | 6 | - | 1,461.50 |
| 2022 | 7 | - | 1,555.72 |
| 2022 | 8 | - | 1,442.51 |
| 2022 | 9 | - | 1,397.92 |
| 2022 | 10 | - | 1,471.80 |
| 2022 | 11 | - | 1,471.96 |
| 2022 | 12 | - | 1,492.22 |
| 2023 | 1 | - | 1,539.18 |
| 2023 | 2 | - | 1,499.38 |
| 2023 | 3 | - | 1,559.30 |
| 2023 | 4 | - | 1,570.81 |
| 2023 | 5 | - | 1,648.44 |
| 2023 | 6 | - | 1,712.33 |
| 2023 | 7 | - | 1,693.07 |
| 2023 | 8 | - | 1,715.25 |
Click to show 354 more rows
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.
I'm a seasoned financial expert with a profound understanding of stock market dynamics and investment strategies. Over the years, I've closely monitored and analyzed market trends, making informed decisions that have consistently demonstrated a comprehensive grasp of financial instruments. My knowledge is not theoretical; it's based on real-world experience, and I pride myself on the ability to interpret complex financial data accurately.
Now, let's delve into the details of the provided article on stock market returns between 1993 and 2023.
Overview:
The article discusses the performance of a $100 investment in the S&P 500 from 1993 to 2023. It highlights that if one invested $100 in the S&P 500 at the beginning of 1993 and reinvested all dividends, the investment would have grown to approximately $1,847.68 by the end of 2023. The annual return on investment is calculated at 9.98%.
Adjusting for Inflation:
The article emphasizes the importance of adjusting stock market returns for inflation. It provides the Consumer Price Index (CPI) values in 1993 (144.500) and 2023 (307.051). Adjusting for inflation, the real return on the investment is approximately $769.53 in 1993 dollars. This results in an inflation-adjusted return of 769.53%, contrasting with the nominal return of 1,747.68%.
Full Monthly Data:
A comprehensive table presents the monthly data, including the return percentage, amount, and CPI, over the 368-month period from 1993 to 2023. The monthly data is essential for a detailed analysis of the stock's performance, factoring in the variability in returns and capturing the impact of market fluctuations.
Dollar Cost Averaging:
The article introduces the concept of dollar-cost averaging as an alternative investment strategy. Instead of investing the full lump sum upfront, the capital is invested over a specified period. In this case, a strategy of investing $100 in the S&P 500 over no more than 24 months beginning in 1993 would result in a final amount of $1,715.25, including dividend reinvestments. This is compared to the lump-sum investment return of $1,847.68.
Graphs and Additional Data:
The article includes visual representations of the data, such as a graph illustrating the performance of $100 over time in an S&P 500 index fund. Additionally, charts depict the rate of gains and losses by month, including dividends.
Conclusion:
In conclusion, the article provides a comprehensive overview of stock market returns over a substantial period, incorporating inflation adjustments and comparing different investment strategies. The inclusion of detailed monthly data and visual representations enhances the understanding of the investment's performance and its resilience against inflation. This information is valuable for investors seeking insights into long-term market trends and the impact of different investment approaches.
