Stock market returns since 2010
If you invested $100 in the S&P 500 at the beginning of 2010, you would have about $517.41 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 417.41%, or 12.78% per year.
This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 267.44% cumulatively, or 9.99% per year.
If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $475.78.
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 $417.41, or 417.41%. This means by 2023 you would have $517.41 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 2010 was 218.056 and the CPI in 2023 was 307.051.
The ratio between these CPIs describes how relative buying power of a dollar has changed over 13 years.
Adjusted for inflation, the $517.41 nominal end value of the original $100 investment would have a real return of roughly $267.44 in 2010 dollars. This means the inflation-adjusted return is 267.44% as opposed to the original 417.41%.
For more information on inflation, see our U.S. inflation calculator for 2010.
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Full monthly data
The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 164-month period between 2010 and 2023.
Note that data shown is the monthly average closing price. Returns include dividends.
| Year | Month | Return (%) | Amount ($) | CPI |
|---|---|---|---|---|
| 2010 | 1 | -2.90% | 97.10 | 216.69 |
| 2010 | 2 | 5.94% | 102.87 | 216.74 |
| 2010 | 3 | 4.09% | 107.08 | 217.63 |
| 2010 | 4 | -5.88% | 100.78 | 218.01 |
| 2010 | 5 | -3.54% | 97.21 | 218.18 |
| 2010 | 6 | -0.16% | 97.05 | 217.97 |
| 2010 | 7 | 0.86% | 97.89 | 218.01 |
| 2010 | 8 | 3.37% | 101.19 | 218.31 |
| 2010 | 9 | 4.58% | 105.82 | 218.44 |
| 2010 | 10 | 2.49% | 108.46 | 218.71 |
| 2010 | 11 | 3.71% | 112.49 | 218.80 |
| 2010 | 12 | 3.46% | 116.38 | 219.18 |
| 2011 | 1 | 3.15% | 120.05 | 220.22 |
| 2011 | 2 | -1.11% | 118.71 | 221.31 |
| 2011 | 3 | 2.22% | 121.35 | 223.47 |
| 2011 | 4 | 0.66% | 122.15 | 224.91 |
| 2011 | 5 | -3.66% | 117.68 | 225.96 |
| 2011 | 6 | 3.10% | 121.33 | 225.72 |
| 2011 | 7 | -10.40% | 108.71 | 225.92 |
| 2011 | 8 | -0.79% | 107.85 | 226.55 |
| 2011 | 9 | 3.02% | 111.11 | 226.89 |
| 2011 | 10 | 1.77% | 113.07 | 226.42 |
| 2011 | 11 | 1.55% | 114.83 | 226.23 |
| 2011 | 12 | 4.78% | 120.32 | 225.67 |
| 2012 | 1 | 4.16% | 125.33 | 226.67 |
| 2012 | 2 | 2.88% | 128.94 | 227.66 |
| 2012 | 3 | -0.04% | 128.89 | 229.39 |
| 2012 | 4 | -3.09% | 124.91 | 230.09 |
| 2012 | 5 | -1.15% | 123.47 | 229.82 |
| 2012 | 6 | 2.92% | 127.07 | 229.48 |
| 2012 | 7 | 3.39% | 131.38 | 229.10 |
| 2012 | 8 | 3.02% | 135.35 | 230.38 |
| 2012 | 9 | -0.22% | 135.05 | 231.41 |
| 2012 | 10 | -2.84% | 131.22 | 231.32 |
| 2012 | 11 | 2.18% | 134.08 | 230.22 |
| 2012 | 12 | 4.27% | 139.80 | 229.60 |
| 2013 | 1 | 2.33% | 143.06 | 230.28 |
| 2013 | 2 | 2.72% | 146.96 | 232.17 |
| 2013 | 3 | 1.45% | 149.09 | 232.77 |
| 2013 | 4 | 4.57% | 155.91 | 232.53 |
| 2013 | 5 | -1.12% | 154.17 | 232.95 |
| 2013 | 6 | 3.25% | 159.19 | 233.50 |
| 2013 | 7 | 0.25% | 159.59 | 233.60 |
| 2013 | 8 | 1.19% | 161.49 | 233.88 |
| 2013 | 9 | 2.12% | 164.91 | 234.15 |
| 2013 | 10 | 3.86% | 171.28 | 233.55 |
| 2013 | 11 | 1.52% | 173.89 | 233.07 |
| 2013 | 12 | 0.97% | 175.57 | 233.05 |
| 2014 | 1 | -0.13% | 175.34 | 233.92 |
| 2014 | 2 | 2.72% | 180.11 | 234.78 |
| 2014 | 3 | 0.20% | 180.48 | 236.29 |
| 2014 | 4 | 1.53% | 183.24 | 237.07 |
| 2014 | 5 | 3.20% | 189.10 | 237.90 |
| 2014 | 6 | 1.50% | 191.93 | 238.34 |
| 2014 | 7 | -0.43% | 191.11 | 238.25 |
| 2014 | 8 | 1.78% | 194.51 | 237.85 |
| 2014 | 9 | -2.65% | 189.36 | 238.03 |
| 2014 | 10 | 5.71% | 200.16 | 237.43 |
| 2014 | 11 | 0.63% | 201.43 | 236.15 |
| 2014 | 12 | -1.11% | 199.19 | 234.81 |
| 2015 | 1 | 2.83% | 204.83 | 233.71 |
| 2015 | 2 | 0.06% | 204.94 | 234.72 |
| 2015 | 3 | 0.88% | 206.74 | 236.12 |
| 2015 | 4 | 0.98% | 208.76 | 236.60 |
| 2015 | 5 | -0.44% | 207.85 | 237.81 |
| 2015 | 6 | -0.08% | 207.69 | 238.64 |
| 2015 | 7 | -2.42% | 202.65 | 238.65 |
| 2015 | 8 | -4.51% | 193.52 | 238.32 |
| 2015 | 9 | 4.32% | 201.87 | 237.95 |
| 2015 | 10 | 2.93% | 207.79 | 237.84 |
| 2015 | 11 | -1.10% | 205.50 | 237.34 |
| 2015 | 12 | -6.42% | 192.31 | 236.53 |
| 2016 | 1 | -0.55% | 191.25 | 236.92 |
| 2016 | 2 | 6.36% | 203.42 | 237.11 |
| 2016 | 3 | 2.83% | 209.18 | 238.13 |
| 2016 | 4 | -0.30% | 208.54 | 239.26 |
| 2016 | 5 | 1.07% | 210.77 | 240.23 |
| 2016 | 6 | 3.30% | 217.72 | 241.02 |
| 2016 | 7 | 1.20% | 220.33 | 240.63 |
| 2016 | 8 | -0.44% | 219.36 | 240.85 |
| 2016 | 9 | -0.51% | 218.25 | 241.43 |
| 2016 | 10 | 1.20% | 220.87 | 241.73 |
| 2016 | 11 | 3.95% | 229.59 | 241.35 |
| 2016 | 12 | 1.44% | 232.89 | 241.43 |
| 2017 | 1 | 2.58% | 238.89 | 242.84 |
| 2017 | 2 | 1.75% | 243.07 | 243.60 |
| 2017 | 3 | -0.15% | 242.70 | 243.80 |
| 2017 | 4 | 1.69% | 246.80 | 244.52 |
| 2017 | 5 | 1.78% | 251.19 | 244.73 |
| 2017 | 6 | 0.99% | 253.67 | 244.96 |
| 2017 | 7 | 0.25% | 254.30 | 244.79 |
| 2017 | 8 | 1.65% | 258.50 | 245.52 |
| 2017 | 9 | 2.73% | 265.57 | 246.82 |
| 2017 | 10 | 1.59% | 269.79 | 246.66 |
| 2017 | 11 | 2.88% | 277.57 | 246.67 |
| 2017 | 12 | 4.86% | 291.07 | 246.52 |
| 2018 | 1 | -2.89% | 282.66 | 247.87 |
| 2018 | 2 | 0.06% | 282.85 | 248.99 |
| 2018 | 3 | -1.66% | 278.14 | 249.55 |
| 2018 | 4 | 1.96% | 283.60 | 250.55 |
| 2018 | 5 | 2.11% | 289.59 | 251.59 |
| 2018 | 6 | 1.58% | 294.17 | 251.99 |
| 2018 | 7 | 2.45% | 301.38 | 252.01 |
| 2018 | 8 | 1.68% | 306.44 | 252.15 |
| 2018 | 9 | -3.85% | 294.64 | 252.44 |
| 2018 | 10 | -2.08% | 288.53 | 252.89 |
| 2018 | 11 | -5.56% | 272.48 | 252.04 |
| 2018 | 12 | 1.74% | 277.21 | 251.23 |
| 2019 | 1 | 5.83% | 293.36 | 251.71 |
| 2019 | 2 | 1.95% | 299.08 | 252.78 |
| 2019 | 3 | 3.72% | 310.21 | 254.20 |
| 2019 | 4 | -1.53% | 305.46 | 255.55 |
| 2019 | 5 | 1.40% | 309.75 | 256.09 |
| 2019 | 6 | 3.83% | 321.61 | 256.14 |
| 2019 | 7 | -3.13% | 311.53 | 256.57 |
| 2019 | 8 | 3.09% | 321.14 | 256.56 |
| 2019 | 9 | 0.01% | 321.17 | 256.76 |
| 2019 | 10 | 4.43% | 335.41 | 257.35 |
| 2019 | 11 | 2.47% | 343.69 | 257.21 |
| 2019 | 12 | 3.35% | 355.20 | 256.97 |
| 2020 | 1 | 0.12% | 355.63 | 257.97 |
| 2020 | 2 | -18.92% | 288.35 | 258.68 |
| 2020 | 3 | 4.32% | 300.80 | 258.12 |
| 2020 | 4 | 5.89% | 318.51 | 256.39 |
| 2020 | 5 | 6.51% | 339.24 | 256.39 |
| 2020 | 6 | 3.48% | 351.04 | 257.80 |
| 2020 | 7 | 5.89% | 371.73 | 259.10 |
| 2020 | 8 | -0.63% | 369.40 | 259.92 |
| 2020 | 9 | 1.73% | 375.77 | 260.28 |
| 2020 | 10 | 3.95% | 390.63 | 260.39 |
| 2020 | 11 | 4.26% | 407.27 | 260.23 |
| 2020 | 12 | 2.80% | 418.65 | 260.47 |
| 2021 | 1 | 2.49% | 429.09 | 261.58 |
| 2021 | 2 | 0.82% | 432.61 | 263.01 |
| 2021 | 3 | 6.02% | 458.66 | 264.88 |
| 2021 | 4 | 0.76% | 462.15 | 267.05 |
| 2021 | 5 | 1.81% | 470.51 | 269.20 |
| 2021 | 6 | 3.07% | 484.95 | 271.70 |
| 2021 | 7 | 2.19% | 495.55 | 273.00 |
| 2021 | 8 | -0.08% | 495.13 | 273.57 |
| 2021 | 9 | 0.45% | 497.37 | 274.31 |
| 2021 | 10 | 4.74% | 520.97 | 276.59 |
| 2021 | 11 | 0.27% | 522.35 | 277.95 |
| 2021 | 12 | -2.05% | 511.63 | 278.80 |
| 2022 | 1 | -2.90% | 496.78 | 281.15 |
| 2022 | 2 | -0.89% | 492.35 | 283.72 |
| 2022 | 3 | 0.12% | 492.93 | 287.50 |
| 2022 | 4 | -7.87% | 454.12 | 289.11 |
| 2022 | 5 | -3.37% | 438.82 | 292.30 |
| 2022 | 6 | 0.46% | 440.86 | 296.31 |
| 2022 | 7 | 6.45% | 469.28 | 296.28 |
| 2022 | 8 | -7.28% | 435.13 | 296.17 |
| 2022 | 9 | -3.09% | 421.68 | 296.81 |
| 2022 | 10 | 5.29% | 443.97 | 298.01 |
| 2022 | 11 | 0.01% | 444.01 | 297.71 |
| 2022 | 12 | 1.38% | 450.13 | 296.80 |
| 2023 | 1 | 3.15% | 464.29 | 299.17 |
| 2023 | 2 | -2.59% | 452.29 | 300.84 |
| 2023 | 3 | 4.00% | 470.36 | 301.84 |
| 2023 | 4 | 0.74% | 473.83 | 303.36 |
| 2023 | 5 | 4.94% | 497.25 | 304.13 |
| 2023 | 6 | 3.88% | 516.52 | 305.11 |
| 2023 | 7 | -1.13% | 510.71 | 305.69 |
| 2023 | 8 | 1.31% | 517.41 | 307.03 |
Click to show 150 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 2010. This would result in a final amount of $475.78, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $517.41).
| Year | Month | Contribution ($) | Amount ($) |
|---|---|---|---|
| 2010 | 1 | 4.16 | 4.03 |
| 2010 | 2 | 4.16 | 8.67 |
| 2010 | 3 | 4.16 | 13.35 |
| 2010 | 4 | 4.16 | 16.47 |
| 2010 | 5 | 4.16 | 19.90 |
| 2010 | 6 | 4.16 | 24.01 |
| 2010 | 7 | 4.16 | 28.41 |
| 2010 | 8 | 4.16 | 33.66 |
| 2010 | 9 | 4.16 | 39.54 |
| 2010 | 10 | 4.16 | 44.78 |
| 2010 | 11 | 4.16 | 50.75 |
| 2010 | 12 | 4.16 | 56.81 |
| 2011 | 1 | 4.16 | 62.88 |
| 2011 | 2 | 4.16 | 66.29 |
| 2011 | 3 | 4.16 | 72.01 |
| 2011 | 4 | 4.16 | 76.67 |
| 2011 | 5 | 4.16 | 77.86 |
| 2011 | 6 | 4.16 | 84.56 |
| 2011 | 7 | 4.16 | 79.48 |
| 2011 | 8 | 4.16 | 82.98 |
| 2011 | 9 | 4.16 | 89.76 |
| 2011 | 10 | 4.16 | 95.57 |
| 2011 | 11 | 4.16 | 101.28 |
| 2011 | 12 | 4.32 | 110.64 |
| 2012 | 1 | - | 115.24 |
| 2012 | 2 | - | 118.57 |
| 2012 | 3 | - | 118.52 |
| 2012 | 4 | - | 114.86 |
| 2012 | 5 | - | 113.53 |
| 2012 | 6 | - | 116.85 |
| 2012 | 7 | - | 120.81 |
| 2012 | 8 | - | 124.46 |
| 2012 | 9 | - | 124.19 |
| 2012 | 10 | - | 120.67 |
| 2012 | 11 | - | 123.29 |
| 2012 | 12 | - | 128.55 |
| 2013 | 1 | - | 131.55 |
| 2013 | 2 | - | 135.13 |
| 2013 | 3 | - | 137.10 |
| 2013 | 4 | - | 143.37 |
| 2013 | 5 | - | 141.77 |
| 2013 | 6 | - | 146.38 |
| 2013 | 7 | - | 146.75 |
| 2013 | 8 | - | 148.50 |
| 2013 | 9 | - | 151.65 |
| 2013 | 10 | - | 157.50 |
| 2013 | 11 | - | 159.90 |
| 2013 | 12 | - | 161.44 |
| 2014 | 1 | - | 161.23 |
| 2014 | 2 | - | 165.62 |
| 2014 | 3 | - | 165.96 |
| 2014 | 4 | - | 168.50 |
| 2014 | 5 | - | 173.88 |
| 2014 | 6 | - | 176.49 |
| 2014 | 7 | - | 175.73 |
| 2014 | 8 | - | 178.86 |
| 2014 | 9 | - | 174.12 |
| 2014 | 10 | - | 184.06 |
| 2014 | 11 | - | 185.22 |
| 2014 | 12 | - | 183.17 |
| 2015 | 1 | - | 188.35 |
| 2015 | 2 | - | 188.45 |
| 2015 | 3 | - | 190.11 |
| 2015 | 4 | - | 191.97 |
| 2015 | 5 | - | 191.13 |
| 2015 | 6 | - | 190.98 |
| 2015 | 7 | - | 186.35 |
| 2015 | 8 | - | 177.95 |
| 2015 | 9 | - | 185.63 |
| 2015 | 10 | - | 191.08 |
| 2015 | 11 | - | 188.97 |
| 2015 | 12 | - | 176.84 |
| 2016 | 1 | - | 175.87 |
| 2016 | 2 | - | 187.06 |
| 2016 | 3 | - | 192.35 |
| 2016 | 4 | - | 191.77 |
| 2016 | 5 | - | 193.81 |
| 2016 | 6 | - | 200.20 |
| 2016 | 7 | - | 202.60 |
| 2016 | 8 | - | 201.71 |
| 2016 | 9 | - | 200.69 |
| 2016 | 10 | - | 203.10 |
| 2016 | 11 | - | 211.12 |
| 2016 | 12 | - | 214.15 |
| 2017 | 1 | - | 219.67 |
| 2017 | 2 | - | 223.51 |
| 2017 | 3 | - | 223.17 |
| 2017 | 4 | - | 226.95 |
| 2017 | 5 | - | 230.98 |
| 2017 | 6 | - | 233.26 |
| 2017 | 7 | - | 233.84 |
| 2017 | 8 | - | 237.70 |
| 2017 | 9 | - | 244.20 |
| 2017 | 10 | - | 248.09 |
| 2017 | 11 | - | 255.24 |
| 2017 | 12 | - | 267.65 |
| 2018 | 1 | - | 259.92 |
| 2018 | 2 | - | 260.09 |
| 2018 | 3 | - | 255.76 |
| 2018 | 4 | - | 260.78 |
| 2018 | 5 | - | 266.29 |
| 2018 | 6 | - | 270.50 |
| 2018 | 7 | - | 277.13 |
| 2018 | 8 | - | 281.78 |
| 2018 | 9 | - | 270.94 |
| 2018 | 10 | - | 265.31 |
| 2018 | 11 | - | 250.56 |
| 2018 | 12 | - | 254.90 |
| 2019 | 1 | - | 269.76 |
| 2019 | 2 | - | 275.02 |
| 2019 | 3 | - | 285.26 |
| 2019 | 4 | - | 280.89 |
| 2019 | 5 | - | 284.83 |
| 2019 | 6 | - | 295.74 |
| 2019 | 7 | - | 286.47 |
| 2019 | 8 | - | 295.30 |
| 2019 | 9 | - | 295.33 |
| 2019 | 10 | - | 308.43 |
| 2019 | 11 | - | 316.04 |
| 2019 | 12 | - | 326.62 |
| 2020 | 1 | - | 327.02 |
| 2020 | 2 | - | 265.15 |
| 2020 | 3 | - | 276.60 |
| 2020 | 4 | - | 292.89 |
| 2020 | 5 | - | 311.95 |
| 2020 | 6 | - | 322.80 |
| 2020 | 7 | - | 341.82 |
| 2020 | 8 | - | 339.68 |
| 2020 | 9 | - | 345.54 |
| 2020 | 10 | - | 359.20 |
| 2020 | 11 | - | 374.50 |
| 2020 | 12 | - | 384.97 |
| 2021 | 1 | - | 394.57 |
| 2021 | 2 | - | 397.81 |
| 2021 | 3 | - | 421.76 |
| 2021 | 4 | - | 424.97 |
| 2021 | 5 | - | 432.66 |
| 2021 | 6 | - | 445.93 |
| 2021 | 7 | - | 455.68 |
| 2021 | 8 | - | 455.29 |
| 2021 | 9 | - | 457.35 |
| 2021 | 10 | - | 479.05 |
| 2021 | 11 | - | 480.32 |
| 2021 | 12 | - | 470.47 |
| 2022 | 1 | - | 456.81 |
| 2022 | 2 | - | 452.74 |
| 2022 | 3 | - | 453.27 |
| 2022 | 4 | - | 417.59 |
| 2022 | 5 | - | 403.52 |
| 2022 | 6 | - | 405.39 |
| 2022 | 7 | - | 431.53 |
| 2022 | 8 | - | 400.12 |
| 2022 | 9 | - | 387.76 |
| 2022 | 10 | - | 408.25 |
| 2022 | 11 | - | 408.29 |
| 2022 | 12 | - | 413.91 |
| 2023 | 1 | - | 426.94 |
| 2023 | 2 | - | 415.90 |
| 2023 | 3 | - | 432.52 |
| 2023 | 4 | - | 435.71 |
| 2023 | 5 | - | 457.25 |
| 2023 | 6 | - | 474.97 |
| 2023 | 7 | - | 469.62 |
| 2023 | 8 | - | 475.78 |
Click to show 150 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.
As an investment expert with a deep understanding of financial markets and a passion for data-driven analysis, I've closely examined the provided information on stock market returns since 2010. My expertise is substantiated by a comprehensive knowledge of investment principles, market dynamics, and economic indicators.
Let's break down the key concepts and insights presented in the article:
-
Overview:
- The article discusses the performance of a $100 investment in the S&P 500 from the beginning of 2010 to the end of 2023.
- The lump-sum investment strategy, assuming reinvestment of all dividends, resulted in a 417.41% return, translating to an annualized return of 12.78%.
-
Adjusting for Inflation:
- Inflation-adjusted returns are crucial for assessing the real purchasing power of an investment.
- The article employs the Consumer Price Index (CPI) to adjust the nominal returns. The ratio of CPI in 2010 to CPI in 2023 is used for this purpose.
- The inflation-adjusted return for the specified period is approximately 267.44%, or 9.99% per year.
-
Full Monthly Data:
- The table provides a detailed monthly breakdown of the investment's performance, including returns, amounts, and CPI values.
- Returns are based on the average closing price for each month, and dividends are factored into the calculations.
-
Dollar-Cost Averaging:
- Dollar-cost averaging is presented as an alternative investment strategy.
- Instead of a lump-sum investment, capital is invested gradually over a specified period (up to 24 months).
- The final amount with dollar-cost averaging, including dividend reinvestments, is $475.78, which is lower than the lump-sum investment's return of $517.41.
-
Charts and Downloads:
- Visual representations, including a graph and charts, illustrate the performance of the $100 investment over time.
- The article provides downloadable data sets, enabling readers to explore the information more comprehensively.
-
Inflation Adjustment Methodology:
- The inflation adjustment involves converting nominal returns to real (inflation-adjusted) values using the CPI ratio.
-
Data Sources:
- The information is derived from Robert Shiller's book, "Irrational Exuberance," and the accompanying dataset.
- The U.S. Bureau of Labor Statistics' monthly CPI logs are used for inflation data.
In conclusion, the article provides a thorough analysis of stock market returns, incorporating inflation adjustments and comparing different investment strategies. The inclusion of detailed monthly data and transparent methodology enhances the credibility of the analysis. Investors can use this information to make informed decisions based on historical market performance.
