JPMorgan Chase (JPM) Stock Inflation-Adjusted

JPMorgan Chase & Co. (JPM) is a global leader in financial services, offering solutions to the world's most important corporations, governments and institutions.

Judging a company's long-term performance based on nominal stock prices can be misleading. Inflation gradually changes a dollar's purchasing power, meaning the real value of an investment is often different from its market price. To provide a more accurate perspective, this page recalculates JPMorgan's historical stock prices in today's dollars using the US Consumer Price Index.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use June 2025 as the baseline (latest available CPI).

The current value of JPMorgan stock is 286.55 (as of the close of Jul 15, 2025), 3.19% lower than the all-time high of 296 (Jul 3, 2025).

Since December 30, 1983, the inflation-adjusted total return for the stock has been 2,740%, which is equivalent to an annual growth rate of 8.39%.

In nominal values, the total return since this date has been 8,943%, or an annualized rate of 11.45%.

Inflation-Adjusted Values by Month

This data presents JPMorgan'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 286.55 286.55
Jun 2025 289.91 289.91
May 2025 264.9 264
Apr 2025 245.97 244.62
Mar 2025 245.98 243.88
Feb 2025 265.98 263.11
Jan 2025 269.84 265.75
Dec 2024 242.33 237.1
Nov 2024 252.54 247
Oct 2024 224.3 219.5
Sep 2024 212.08 207.3
Aug 2024 226.46 221.01
Jul 2024 214.54 209.21
Jun 2024 203.04 197.76
May 2024 203.48 198.12
Apr 2024 192.86 187.47
Mar 2024 201.09 194.71
Feb 2024 188 180.87
Jan 2024 177.27 169.5
Dec 2023 172.82 164.35
Nov 2023 158.42 150.8
Oct 2023 140.86 134.36
Sep 2023 146.84 140.12
Aug 2023 148.53 141.38
Jul 2023 161.04 152.62
Jun 2023 147.55 139.57
May 2023 138.13 130.23
Apr 2023 141.06 132.66
Mar 2023 132.6 124.08
Feb 2023 146.36 136.5
Jan 2023 143.69 133.27
Dec 2022 137.77 126.76
Nov 2022 141.52 130.62
Oct 2022 128.8 118.99
Sep 2022 106.41 97.91
Aug 2022 116.06 106.56
Jul 2022 117.68 108.09
Jun 2022 113.86 104.6
May 2022 135.54 122.82
Apr 2022 123.69 110.87
Mar 2022 141.02 125.69
Feb 2022 148.65 130.75
Jan 2022 157.2 137.02
Dec 2021 167.92 145.14
Nov 2021 168.95 145.58
Oct 2021 181.6 155.72
Sep 2021 175.38 149.14
Aug 2021 171.84 145.74
Jul 2021 163.4 138.29
Jun 2021 167.29 140.91
May 2021 178.29 148.79
Apr 2021 168.31 139.34
Mar 2021 166.97 137.11
Feb 2021 162.56 132.55
Jan 2021 142.9 115.89
Dec 2020 140.72 113.64
Nov 2020 130.67 105.42
Oct 2020 108.61 87.67
Sep 2020 105.72 85.31
Aug 2020 110.18 88.78
Jul 2020 106.61 85.64
Jun 2020 103.29 82.55
May 2020 107.45 85.4
Apr 2020 105.74 84.04
Mar 2020 97.74 78.21
Feb 2020 125.78 100.87
Jan 2020 143.77 114.98
Dec 2019 151.04 120.33
Nov 2019 142.64 113.74
Oct 2019 135.16 107.83
Sep 2019 126.62 100.79
Aug 2019 118.29 94.09
Jul 2019 124.89 99.34
Jun 2019 119.73 95.08
May 2019 113.5 90.11
Apr 2019 124.57 98.69
Mar 2019 108.42 85.44
Feb 2019 112.4 88.08
Jan 2019 111.94 87.36
Dec 2018 104.94 81.74
Nov 2018 119.15 93.1
Oct 2018 116.43 91.28
Sep 2018 119.89 93.83
Aug 2018 121.88 95.27
Jul 2018 122.34 95.58
Jun 2018 110.31 86.18
May 2018 113.47 88.5
Apr 2018 115.82 89.96
Mar 2018 116.96 90.49
Feb 2018 123.12 95.04
Jan 2018 123.86 95.18
Dec 2017 114.55 87.54
Nov 2017 111.89 85.56
Oct 2017 107.71 82.36
Sep 2017 101.59 77.74
Aug 2017 97.19 73.98
Jul 2017 98.46 74.72
Jun 2017 97.43 73.99
May 2017 87.65 66.5
Apr 2017 92.9 70.42
Mar 2017 93.54 70.7
Feb 2017 96.58 72.94
Jan 2017 90.48 68.12
Dec 2016 92.28 69.07
Nov 2016 85.77 64.17
Oct 2016 73.98 55.44
Sep 2016 70.71 52.92
Aug 2016 71.84 53.64
Jul 2016 68.15 50.84
Jun 2016 65.59 49.01
May 2016 69.12 51.47
Apr 2016 67.2 49.84
Mar 2016 62.8 46.36
Feb 2016 59.96 44.08
Jan 2016 63.42 46.58
Dec 2015 70.03 51.35
Nov 2015 70.48 51.86
Oct 2015 67.77 49.97
Sep 2015 63.82 47.08
Aug 2015 66.99 49.5
Jul 2015 71.52 52.92
Jun 2015 70.27 51.99
May 2015 68.45 50.47
Apr 2015 66.17 48.53
Mar 2015 63.07 46.17
Feb 2015 64.18 46.71
Jan 2015 57.2 41.45
Dec 2014 65.1 47.39
Nov 2014 62.23 45.56
Oct 2014 62.22 45.8
Sep 2014 61.41 45.32
Aug 2014 60.65 44.72
Jul 2014 58.74 43.38
Jun 2014 58.26 43.05
May 2014 56.29 41.52
Apr 2014 56.9 41.82
Mar 2014 61.53 45.07
Feb 2014 57.96 42.19
Jan 2014 56.68 41.1
Dec 2013 59.71 43.14
Nov 2013 58.42 42.21
Oct 2013 52.51 38.02
Sep 2013 52.15 37.85
Aug 2013 51.03 37
Jul 2013 56.35 40.81
Jun 2013 53.02 38.38
May 2013 54.96 39.69
Apr 2013 49.43 35.63
Mar 2013 47.52 34.29
Feb 2013 49.11 35.35
Jan 2013 47.62 34
Dec 2012 44.33 31.56
Nov 2012 41.31 29.48
Oct 2012 41.71 29.91
Sep 2012 40.2 28.84
Aug 2012 37.05 26.46
Jul 2012 36.11 25.65
Jun 2012 35.49 25.25
May 2012 32.88 23.42
Apr 2012 42.57 30.37
Mar 2012 45.39 32.28
Feb 2012 39.03 27.55
Jan 2012 37.26 26.19
Dec 2011 33.13 23.18
Nov 2011 30.78 21.59
Oct 2011 34.52 24.23
Sep 2011 29.59 20.81
Aug 2011 36.95 25.95
Jul 2011 39.91 27.95
Jun 2011 40.18 28.12
May 2011 42.39 29.7
Apr 2011 44.95 31.34
Mar 2011 45.46 31.49
Feb 2011 46.49 31.9
Jan 2011 44.97 30.7
Dec 2010 42.6 28.95
Nov 2010 37.62 25.52
Oct 2010 37.87 25.68
Sep 2010 38.3 25.94
Aug 2010 36.61 24.78
Jul 2010 40.61 27.45
Jun 2010 36.87 24.91
May 2010 39.82 26.94
Apr 2010 42.87 28.98
Mar 2010 45.09 30.42
Feb 2010 42.46 28.53
Jan 2010 39.4 26.47
Dec 2009 42.26 28.29
Nov 2009 43.02 28.85
Oct 2009 42.32 28.36
Sep 2009 44.38 29.72
Aug 2009 44.05 29.47
Jul 2009 39.26 26.21
Jun 2009 34.54 23.1
May 2009 37.69 24.99
Apr 2009 33.8 22.35
Mar 2009 27.25 17.97
Feb 2009 23.48 15.45
Jan 2009 26.34 17.24
Dec 2008 32.31 21.06
Nov 2008 32.11 21.15
Oct 2008 41.03 27.55
Sep 2008 45.64 30.95
Aug 2008 37.56 25.51
Jul 2008 39.49 26.93
Jun 2008 33.16 22.49
May 2008 41.97 28.19
Apr 2008 46.9 31.24
Mar 2008 42.19 27.93
Feb 2008 40.28 26.44
Jan 2008 47.1 30.82
Dec 2007 43.22 28.14
Nov 2007 45.14 29.41
Oct 2007 46.78 30.3
Sep 2007 45.34 29.3
Aug 2007 44.17 28.47
Jul 2007 43.59 28.15
Jun 2007 47.6 30.75
May 2007 51.02 32.89
Apr 2007 51.6 33.06
Mar 2007 47.89 30.49
Feb 2007 49.34 31.13
Jan 2007 51.15 32.1
Dec 2006 48.31 30.23
Nov 2006 46.36 28.96
Oct 2006 47.45 29.69
Sep 2006 46.39 29.18
Aug 2006 44.88 28.37
Jul 2006 44.93 28.35
Jun 2006 41.16 25.89
May 2006 41.86 26.28
Apr 2006 44.78 27.97
Mar 2006 41.1 25.46
Feb 2006 40.83 25.15
Jan 2006 39.53 24.3
Dec 2005 39.44 24.06
Nov 2005 37.86 23.19
Oct 2005 35.95 22.2
Sep 2005 33.05 20.37
Aug 2005 33.41 20.34
Jul 2005 34.82 21.09
Jun 2005 34.83 21
May 2005 35.27 21.26
Apr 2005 34.98 21.1
Mar 2005 33.99 20.37
Feb 2005 36.19 21.52
Jan 2005 37.17 21.98
Dec 2004 38.59 22.77
Nov 2004 37.11 21.98
Oct 2004 38.07 22.53
Sep 2004 39.06 23
Aug 2004 38.99 22.91
Jul 2004 36.8 21.61
Jun 2004 37.82 22.24
May 2004 36.06 21.14
Apr 2004 37.01 21.57
Mar 2004 41.1 23.88
Feb 2004 40.45 23.35
Jan 2004 38.55 22.14
Dec 2003 36.25 20.71
Nov 2003 34.9 19.96
Oct 2003 35.3 20.25
Sep 2003 33.4 19.18
Aug 2003 33.4 19.12
Jul 2003 34.34 19.58
Jun 2003 33.19 18.9
May 2003 31.95 18.17
Apr 2003 28.49 16.23
Mar 2003 22.65 12.93
Feb 2003 21.79 12.37
Jan 2003 22.6 12.73
Dec 2002 23.02 12.91
Nov 2002 24.08 13.54
Oct 2002 19.85 11.16
Sep 2002 17.89 10.04
Aug 2002 24.92 13.96
Jul 2002 23.64 13.2
Jun 2002 31.81 17.74
May 2002 33.73 18.8
Apr 2002 32.94 18.36
Mar 2002 33.32 18.47
Feb 2002 27.49 15.15
Jan 2002 32.13 17.64
Dec 2001 34.06 18.66
Nov 2001 35.2 19.36
Oct 2001 32.94 18.15
Sep 2001 31.4 17.36
Aug 2001 36.39 20.03
Jul 2001 40 22.01
Jun 2001 40.66 22.44
May 2001 45.02 24.8
Apr 2001 44.14 24.21
Mar 2001 41.14 22.47
Feb 2001 42.85 23.35
Jan 2001 50.7 27.52
Dec 2000 41.22 22.24
Nov 2000 33.43 18.04
Oct 2000 41.28 22.27
Sep 2000 41.69 22.45
Aug 2000 49.63 26.59
Jul 2000 44.24 23.7
Jun 2000 40.72 21.77
May 2000 43.33 23.04
Apr 2000 41.89 22.25
Mar 2000 50.41 26.75
Feb 2000 45.86 24.14
Jan 2000 46.75 24.46
Dec 1999 44.89 23.42
Nov 1999 44.06 22.99
Oct 1999 49.79 25.96
Sep 1999 42.85 22.31
Aug 1999 47.2 24.45
Jul 1999 43.57 22.52
Jun 1999 48.82 25.16
May 1999 40.35 20.79
Apr 1999 46 23.7
Mar 1999 45.47 23.26
Feb 1999 44.1 22.49
Jan 1999 42.66 21.73
Dec 1998 39.27 19.95
Nov 1998 34.52 17.55
Oct 1998 30.92 15.72
Sep 1998 23.32 11.83
Aug 1998 27.9 14.13
Jul 1998 40.23 20.36
Jun 1998 40.02 20.23
May 1998 35.59 17.96
Apr 1998 36.34 18.31
Mar 1998 35.26 17.73
Feb 1998 32.27 16.2
Jan 1998 27.93 13.99
Dec 1997 28.42 14.21
Nov 1997 27.96 14
Oct 1997 29.66 14.86
Sep 1997 30.24 15.11
Aug 1997 28.35 14.13
Jul 1997 29.01 14.43
Jun 1997 24.67 12.26
May 1997 23.84 11.83
Apr 1997 23.23 11.54
Mar 1997 23.55 11.68
Feb 1997 24.96 12.35
Jan 1997 23.13 11.41
Dec 1996 22.28 10.96
Nov 1996 23.32 11.47
Oct 1996 21.2 10.41
Sep 1996 19.74 9.66
Aug 1996 18.19 8.87
Jul 1996 17.03 8.29
Jun 1996 17.34 8.42
May 1996 17.01 8.26
Apr 1996 16.79 8.14
Mar 1996 17.09 8.25
Feb 1996 17.26 8.29
Jan 1996 16.2 7.75
Dec 1995 14.17 6.74
Nov 1995 14.26 6.79
Oct 1995 13.51 6.44
Sep 1995 14.39 6.83
Aug 1995 13.63 6.46
Jul 1995 12.11 5.72
Jun 1995 10.97 5.18
May 1995 10.56 4.98
Apr 1995 9.58 4.51
Mar 1995 8.69 4.08
Feb 1995 9.27 4.33
Jan 1995 9.04 4.21
Dec 1994 8.35 3.88
Nov 1994 8.47 3.93
Oct 1994 8.86 4.11
Sep 1994 8.16 3.78
Aug 1994 9.06 4.19
Jul 1994 9.01 4.15
Jun 1994 9.06 4.16
May 1994 9.07 4.15
Apr 1994 8.21 3.75
Mar 1994 8.61 3.93
Feb 1994 8.85 4.02
Jan 1994 9.41 4.27
Dec 1993 9.59 4.33
Nov 1993 9.2 4.16
Oct 1993 9.6 4.33
Sep 1993 10.81 4.86
Aug 1993 9.78 4.39
Jul 1993 9.95 4.46
Jun 1993 9.86 4.42
May 1993 9.27 4.15
Apr 1993 9.26 4.13
Mar 1993 9.8 4.36
Feb 1993 9.86 4.38
Jan 1993 9.93 4.39
Dec 1992 9.48 4.17
Nov 1992 9.2 4.05
Oct 1992 8.45 3.71
Sep 1992 8.05 3.52
Aug 1992 8.04 3.51
Jul 1992 8.65 3.77
Jun 1992 9.23 4.01
May 1992 9.1 3.94
Apr 1992 8.77 3.79
Mar 1992 8.19 3.54
Feb 1992 8.45 3.63
Jan 1992 7.06 3.02
Dec 1991 5.37 2.3
Nov 1991 5.34 2.28
Oct 1991 6.28 2.67
Sep 1991 6.44 2.74
Aug 1991 6.76 2.86
Jul 1991 6.56 2.77
Jun 1991 5.48 2.31
May 1991 5.49 2.31
Apr 1991 5.28 2.21
Mar 1991 4.48 1.88
Feb 1991 4.27 1.78
Jan 1991 3.4 1.42
Dec 1990 2.8 1.16
Nov 1990 2.96 1.23
Oct 1990 2.64 1.09
Sep 1990 4.07 1.67
Aug 1990 5.73 2.34
Jul 1990 6.15 2.48
Jun 1990 6.84 2.75
May 1990 7.38 2.96
Apr 1990 6.32 2.53
Mar 1990 6.33 2.53
Feb 1990 6.98 2.77
Jan 1990 7.04 2.78
Dec 1989 8.26 3.23
Nov 1989 8.79 3.43
Oct 1989 9.33 3.63
Sep 1989 11.39 4.42
Aug 1989 10.66 4.12
Jul 1989 10.89 4.2
Jun 1989 10.07 3.88
May 1989 9.96 3.82
Apr 1989 10.19 3.89
Mar 1989 10.29 3.9
Feb 1989 8.95 3.38
Jan 1989 9.35 3.51
Dec 1988 8.96 3.35
Nov 1988 9.67 3.61
Oct 1988 9.24 3.44
Sep 1988 9.31 3.46
Aug 1988 9.37 3.46
Jul 1988 9.23 3.39
Jun 1988 9.04 3.31
May 1988 8.56 3.12
Apr 1988 7.33 2.66
Mar 1988 6.39 2.31
Feb 1988 7.51 2.7
Jan 1988 6.48 2.32
Dec 1987 6.45 2.31
Nov 1987 7.78 2.78
Oct 1987 8.16 2.92
Sep 1987 11.55 4.12
Aug 1987 12.3 4.36
Jul 1987 12.17 4.29
Jun 1987 12.89 4.54
May 1987 12.94 4.54
Apr 1987 13.14 4.59
Mar 1987 13.6 4.73
Feb 1987 14.52 5.02
Jan 1987 14.69 5.06
Dec 1986 13.32 4.56
Nov 1986 14.05 4.81
Oct 1986 13.86 4.74
Sep 1986 13.72 4.69
Aug 1986 15.49 5.27
Jul 1986 13.96 4.74
Jun 1986 16.31 5.54
May 1986 17.08 5.77
Apr 1986 17.09 5.75
Mar 1986 17.49 5.9
Feb 1986 15.3 5.19
Jan 1986 14.07 4.78
Dec 1985 14.47 4.9
Nov 1985 13.27 4.48
Oct 1985 12.46 4.2
Sep 1985 10.78 3.62
Aug 1985 12.91 4.32
Jul 1985 13.21 4.42
Jun 1985 13.36 4.46
May 1985 13.44 4.47
Apr 1985 12.35 4.09
Mar 1985 12.28 4.05
Feb 1985 12.94 4.25
Jan 1985 12.39 4.05
Dec 1984 11.42 3.73
Nov 1984 10.63 3.47
Oct 1984 9.93 3.24
Sep 1984 10.12 3.29
Aug 1984 9.17 2.97
Jul 1984 8.87 2.86
Jun 1984 8.06 2.59
May 1984 8.13 2.61
Apr 1984 10.69 3.42
Mar 1984 10.27 3.27
Feb 1984 10.95 3.47
Jan 1984 11.51 3.64
Dec 1983 10.09 3.17

Returns from Investing in JPMorgan stock

How much did an investment in JPMorgan really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for JPMorgan stock by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Year Inflation-Adjusted Return Nominal Return
2024 40.22% 44.27%
2023 25.44% 29.65%
2022 -17.96% -12.66%
2021 19.33% 27.73%
2020 -6.83% -5.57%
2019 43.93% 47.22%
2018 -8.39% -6.64%
2017 24.12% 26.74%
2016 31.77% 34.51%
2015 7.57% 8.35%
2014 9.04% 9.86%
2013 34.68% 36.71%
2012 33.82% 36.15%
2011 -22.23% -19.93%
2010 0.8% 2.31%
2009 30.79% 34.35%
2008 -25.23% -25.17%
2007 -10.55% -6.9%
2006 22.5% 25.61%
2005 2.2% 5.69%
2004 6.45% 9.92%
2003 57.52% 60.48%
2002 -32.42% -30.82%
2001 -17.38% -16.09%
2000 -8.18% -5.07%
1999 14.33% 17.4%
1998 38.14% 40.37%
1997 27.57% 29.74%
1996 57.29% 62.51%
1995 69.64% 73.95%
1994 -12.92% -10.59%
1993 1.1% 3.88%
1992 76.64% 81.76%
1991 91.8% 97.67%
1990 -66.09% -64.02%
1989 -7.91% -3.63%
1988 38.89% 45.03%
1987 -51.56% -49.41%
1986 -7.9% -6.89%
1985 26.71% 31.52%
1984 13.15% 17.61%

Jpmorgan Stock: Average Annualized Returns

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 JPMorgan 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 42.79% 46.6%
Last 3 years 36.55% 40.47%
Last 5 years 22.92% 28.56%
Last 10 years 15.23% 18.75%
Last 20 years 11.18% 14.03%
Last 30 years 11.53% 14.35%
Last 40 years 8% 11%

Real Returns of Investing in the JPMorgan

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 JPMorgan five years ago yielded an 187.42% nominal gain, but the real return (the actual increase in buying power) was 130.49%.

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 $287.42 187.42% 130.49%
Last 10 years Feb 2015 - Jun 2025 $620.72 520.72% 351.69%
Last 25 years Feb 2000 - Jun 2025 $1,200.82 1,101% 532.12%

Inflation in JPMorgan's Operations

As a major financial institution, JPMorgan Chase's operations are moderately impacted by inflation, primarily through interest rate dynamics and client activity.

  • Interest Rate Sensitivity: Inflation prompts central banks to raise interest rates. This can widen net interest margins (the difference between interest earned on assets and paid on liabilities), potentially boosting profitability.
  • Loan Demand and Credit Risk: High inflation can dampen economic growth, leading to reduced loan demand from consumers and businesses. It can also increase credit risk as borrowers' ability to repay debt is strained.
  • Operating Costs: Wage inflation increases expenses for talent in competitive fields like investment banking and technology. Other operational costs, from real estate to marketing, also rise.
  • Asset Management: Inflation can affect the value of assets under management. While some assets may hedge against inflation, overall market volatility can impact fees tied to asset performance.

JPMorgan Chase mitigates these risks through sophisticated interest rate hedging strategies and a diversified business model that includes investment banking, sales and trading, and asset management, which can perform differently in various inflationary environments. Its global scale also provides a buffer against localized economic downturns.

About JPMorgan

JPMorgan Chase & Co. is one of the oldest financial institutions in the United States, with a history dating back over 200 years.

The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.

Headquartered in New York City, JPMorgan Chase serves millions of customers, clients, and communities worldwide. Its stock is a component of the Dow Jones Industrial Average and the S&P 500.

Last Close
Jul 15, 2025
286.55
Highest
Jul 3, 2025
296
Highest, Inflation-Adjusted
Jul 3, 2025
296
Annualized return
Since Dec 30, 1983
11.45%
Annualized return, Inflation-Adjusted
Since Dec 30, 1983
8.39%

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Other Inflation-Adjusted Data