The Dow Jones Industrial Average (DJIA) tracks 30 large, publicly-owned blue-chip companies traded on the New York Stock Exchange (NYSE) and NASDAQ. Its nominal value, however, doesn't account for inflation's effect on purchasing power. This page presents the historical DJIA adjusted for inflation using the US Consumer Price Index (CPI-U), providing its value in constant dollars. Analyze the charts and data to see the DJIA's 'real' performance, compare nominal vs. inflation-adjusted returns, and understand its long-term growth after factoring in inflation.
Adjusted prices baseline: June 2025 (latest available CPI).
The current value of the Dow Jones Industrial Average index is 44,023.29 (as of the close of Jul 15, 2025), 2.2% lower than the all-time high of 45,014.04 (Dec 4, 2024).
Since May 26, 2015, the inflation-adjusted total return for the index has been 79.89%, which is equivalent to an annual growth rate of 5.96%.
In nominal values, the total return since this date has been 144.01%, or an annualized rate of 9.2%.
This data presents the Dow Jones Industrial Average index's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.
| Date | Inflation-Adjusted | Nominal value |
|---|---|---|
| Jul 2025 | 44,023.29 | 44,023.29 |
| Jun 2025 | 44,094.77 | 44,094.77 |
| May 2025 | 42,414.19 | 42,270.07 |
| Apr 2025 | 40,893.25 | 40,669.36 |
| Mar 2025 | 42,364.52 | 42,001.76 |
| Feb 2025 | 44,318.91 | 43,840.91 |
| Jan 2025 | 45,230.35 | 44,544.66 |
| Dec 2024 | 43,481.9 | 42,544.22 |
| Nov 2024 | 45,916.78 | 44,910.65 |
| Oct 2024 | 42,675.96 | 41,763.46 |
| Sep 2024 | 43,304.83 | 42,330.15 |
| Aug 2024 | 42,588.31 | 41,563.08 |
| Jul 2024 | 41,884.31 | 40,842.79 |
| Jun 2024 | 40,163.03 | 39,118.86 |
| May 2024 | 39,732.35 | 38,686.32 |
| Apr 2024 | 38,902.95 | 37,815.92 |
| Mar 2024 | 41,111.08 | 39,807.37 |
| Feb 2024 | 40,533.87 | 38,996.39 |
| Jan 2024 | 39,899.87 | 38,150.3 |
| Dec 2023 | 39,632.71 | 37,689.54 |
| Nov 2023 | 37,766.87 | 35,950.89 |
| Oct 2023 | 34,652.49 | 33,052.87 |
| Sep 2023 | 35,115.66 | 33,507.5 |
| Aug 2023 | 36,478.78 | 34,721.91 |
| Jul 2023 | 37,521.93 | 35,559.53 |
| Jun 2023 | 36,375.69 | 34,407.6 |
| May 2023 | 34,902.93 | 32,908.27 |
| Apr 2023 | 36,256.03 | 34,098.16 |
| Mar 2023 | 35,558.86 | 33,274.15 |
| Feb 2023 | 35,014.55 | 32,656.7 |
| Jan 2023 | 36,751.1 | 34,086.04 |
| Dec 2022 | 36,024.66 | 33,147.25 |
| Nov 2022 | 37,476.99 | 34,589.77 |
| Oct 2022 | 35,429.36 | 32,732.95 |
| Sep 2022 | 31,217.92 | 28,725.51 |
| Aug 2022 | 34,318.13 | 31,510.43 |
| Jul 2022 | 35,759.08 | 32,845.13 |
| Jun 2022 | 33,501.81 | 30,775.43 |
| May 2022 | 36,405.99 | 32,990.12 |
| Apr 2022 | 36,792.91 | 32,977.21 |
| Mar 2022 | 38,906.88 | 34,678.35 |
| Feb 2022 | 38,533.01 | 33,892.6 |
| Jan 2022 | 40,306.77 | 35,131.86 |
| Dec 2021 | 42,041.73 | 36,338.3 |
| Nov 2021 | 40,018.65 | 34,483.72 |
| Oct 2021 | 41,773.15 | 35,819.56 |
| Sep 2021 | 39,797.05 | 33,843.92 |
| Aug 2021 | 41,693.6 | 35,360.73 |
| Jul 2021 | 41,277.28 | 34,935.47 |
| Jun 2021 | 40,961.83 | 34,502.51 |
| May 2021 | 41,374.67 | 34,529.45 |
| Apr 2021 | 40,915.72 | 33,874.85 |
| Mar 2021 | 40,164.16 | 32,981.55 |
| Feb 2021 | 37,935.53 | 30,932.37 |
| Jan 2021 | 36,972.05 | 29,982.62 |
| Dec 2020 | 37,901.89 | 30,606.48 |
| Nov 2020 | 36,737.91 | 29,638.64 |
| Oct 2020 | 32,829.4 | 26,501.6 |
| Sep 2020 | 34,429.43 | 27,781.7 |
| Aug 2020 | 35,281.99 | 28,430.05 |
| Jul 2020 | 32,901.24 | 26,428.32 |
| Jun 2020 | 32,297.62 | 25,812.88 |
| May 2020 | 31,933.67 | 25,383.11 |
| Apr 2020 | 30,629.16 | 24,345.72 |
| Mar 2020 | 27,389.42 | 21,917.16 |
| Feb 2020 | 31,684.44 | 25,409.36 |
| Jan 2020 | 35,330.69 | 28,256.03 |
| Dec 2019 | 35,822.25 | 28,538.44 |
| Nov 2019 | 35,178.89 | 28,051.41 |
| Oct 2019 | 33,900.12 | 27,046.23 |
| Sep 2019 | 33,815.05 | 26,916.83 |
| Aug 2019 | 33,195.88 | 26,403.28 |
| Jul 2019 | 33,773.75 | 26,864.27 |
| Jun 2019 | 33,497.34 | 26,599.96 |
| May 2019 | 31,255.81 | 24,815.04 |
| Apr 2019 | 33,566.44 | 26,592.91 |
| Mar 2019 | 32,901.32 | 25,928.68 |
| Feb 2019 | 33,070.75 | 25,916 |
| Jan 2019 | 32,036.29 | 24,999.67 |
| Dec 2018 | 29,950.4 | 23,327.46 |
| Nov 2018 | 32,684.4 | 25,538.46 |
| Oct 2018 | 32,035.77 | 25,115.76 |
| Sep 2018 | 33,807.85 | 26,458.31 |
| Aug 2018 | 33,215.83 | 25,964.82 |
| Jul 2018 | 32,530.77 | 25,415.19 |
| Jun 2018 | 31,068.86 | 24,271.41 |
| May 2018 | 31,303.55 | 24,415.84 |
| Apr 2018 | 31,108.42 | 24,163.15 |
| Mar 2018 | 31,154.47 | 24,103.11 |
| Feb 2018 | 32,424.64 | 25,029.2 |
| Jan 2018 | 34,029.43 | 26,149.39 |
| Dec 2017 | 32,343.53 | 24,719.22 |
| Nov 2017 | 31,740.16 | 24,272.35 |
| Oct 2017 | 30,570.4 | 23,377.24 |
| Sep 2017 | 29,280.6 | 22,405.09 |
| Aug 2017 | 28,835.25 | 21,948.1 |
| Jul 2017 | 28,846.51 | 21,891.12 |
| Jun 2017 | 28,113.56 | 21,349.63 |
| May 2017 | 27,689.65 | 21,008.65 |
| Apr 2017 | 27,623.43 | 20,940.51 |
| Mar 2017 | 27,338.48 | 20,663.22 |
| Feb 2017 | 27,558.02 | 20,812.24 |
| Jan 2017 | 26,385.3 | 19,864.09 |
| Dec 2016 | 26,403.48 | 19,762.6 |
| Nov 2016 | 25,558.09 | 19,123.58 |
| Oct 2016 | 24,209.08 | 18,142.42 |
| Sep 2016 | 24,460.69 | 18,308.15 |
| Aug 2016 | 24,643.68 | 18,400.88 |
| Jul 2016 | 24,708.35 | 18,432.24 |
| Jun 2016 | 23,996.2 | 17,929.99 |
| May 2016 | 23,883.28 | 17,787.2 |
| Apr 2016 | 23,961.63 | 17,773.64 |
| Mar 2016 | 23,955.29 | 17,685.09 |
| Feb 2016 | 22,468.71 | 16,516.5 |
| Jan 2016 | 22,418.86 | 16,466.3 |
| Dec 2015 | 23,763.39 | 17,425.03 |
| Nov 2015 | 24,082.97 | 17,719.92 |
| Oct 2015 | 23,955.67 | 17,663.54 |
| Sep 2015 | 22,075.73 | 16,284.7 |
| Aug 2015 | 22,370.71 | 16,528.03 |
| Jul 2015 | 23,909.34 | 17,689.86 |
| Jun 2015 | 23,815.85 | 17,619.51 |
| May 2015 | 24,429.86 | 18,010.68 |
How much did an investment in the Dow Jones Industrial Average really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.
The table below shows the returns for the Dow Jones Industrial Average index by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.
| Year | Inflation-Adjusted Return | Nominal Return |
|---|---|---|
| 2024 | 9.71% | 12.88% |
| 2023 | 10.02% | 13.7% |
| 2022 | -14.31% | -8.78% |
| 2021 | 10.92% | 18.73% |
| 2020 | 5.81% | 7.25% |
| 2019 | 19.61% | 22.34% |
| 2018 | -7.4% | -5.63% |
| 2017 | 22.5% | 25.08% |
| 2016 | 11.11% | 13.42% |
Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.
This table presents both nominal and inflation-adjusted average annual returns for the Dow Jones Industrial Average over various trailing periods ending June 30, 2025, offering a clearer view of long-term, real investment performance.
| Period | Avg. Annual Return (Inflation-Adjusted) | Avg. Annual Return (Nominal) |
|---|---|---|
| Last 1 year | 9.79% | 12.72% |
| Last 3 years | 9.59% | 12.74% |
| Last 5 years | 6.42% | 11.3% |
| Last 10 years | 6.35% | 9.61% |
The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in June 2025.
The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.
Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the Dow Jones Industrial Average five years ago yielded an 73.54% nominal gain, but the real return (the actual increase in buying power) was 39.17%.
As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.
| Investment Period | What $100 Grew To (Nominal) | Total Nominal Return (%) | Total Inflation-Adjusted Return (%) |
|---|---|---|---|
| Last 5 years Feb 2020 - Jun 2025 | $173.54 | 73.54% | 39.17% |
The Dow Jones Industrial Average (DJIA), often called "the Dow", is a price-weighted index representing 30 prominent US companies. Established in 1896, it's one of the oldest and most widely recognized stock market indices globally. While not as broad as the S&P 500, the DJIA is often viewed as a key indicator of the US stock market's health and overall economic sentiment.
| Last Close Jul 15, 2025 | 44,023.29 |
|---|---|
| Highest Dec 4, 2024 | 45,014.04 |
| Highest, Inflation-Adjusted Dec 4, 2024 | 46,006.16 |
| Annualized return Since May 26, 2015 | 9.2% |
| Annualized return, Inflation-Adjusted Since May 26, 2015 | 5.96% |
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Other Inflation-Adjusted Data