Inflation-Adjusted S&P 500

The S&P 500 index tracks the performance of 500 large US companies, but its headline number (nominal value) doesn't account for the changing purchasing power of the dollar over time. This page adjusts the historical S&P 500 index level for inflation using the US Consumer Price Index, allowing for a more accurate comparison of the index's performance over time.

Explore the charts and data below to understand the S&P 500's real performance, compare nominal versus inflation-adjusted returns, and see how its long-term growth looks after accounting for inflation.

Adjusted prices baseline: February 2026 (latest available CPI).

The current value of the S&P 500 index is 6,632.19 (as of the close of Mar 13, 2026), 4.96% lower than the all-time high of 6,978.6 (Jan 27, 2026).

Since December 30, 1927, the inflation-adjusted total return for the index has been 1,888%, which is equivalent to an annual growth rate of 3.09%.

In nominal values, the total return since this date has been 37,455%, or an annualized rate of 6.22%.

Inflation-Adjusted Values by Month

This data presents the S&P 500 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
Mar 2026 6,632.19 6,632.19
Feb 2026 6,878.88 6,878.88
Jan 2026 6,971.74 6,939.03
Dec 2025 6,903.19 6,845.5
Nov 2025 6,905.36 6,849.09
Oct 2025 6,840.2 6,840.2
Sep 2025 6,729.34 6,688.46
Aug 2025 6,516.27 6,460.26
Jul 2025 6,412.72 6,339.39
Jun 2025 6,286.21 6,204.95
May 2025 6,009.52 5,911.69
Apr 2025 5,673.05 5,569.06
Mar 2025 5,734.44 5,611.85
Feb 2025 6,098.25 5,954.5
Jan 2025 6,213.83 6,040.53
Dec 2024 6,089.98 5,881.63
Nov 2024 6,248.29 6,032.38
Oct 2024 5,906.46 5,705.45
Sep 2024 5,972.36 5,762.48
Aug 2024 5,863.52 5,648.4
Jul 2024 5,737.28 5,522.3
Jun 2024 5,679.65 5,460.48
May 2024 5,491.19 5,277.51
Apr 2024 5,248.28 5,035.69
Mar 2024 5,497.49 5,254.35
Feb 2024 5,366.56 5,096.27
Jan 2024 5,134.24 4,845.65
Dec 2023 5,081.43 4,769.83
Nov 2023 4,861.37 4,567.8
Oct 2023 4,454.34 4,193.8
Sep 2023 4,552.7 4,288.05
Aug 2023 4,797.76 4,507.66
Jul 2023 4,905.62 4,588.96
Jun 2023 4,766.55 4,450.38
May 2023 4,491.23 4,179.83
Apr 2023 4,491.4 4,169.48
Mar 2023 4,448.98 4,109.31
Feb 2023 4,312.54 3,970.15
Jan 2023 4,452.89 4,076.6
Dec 2022 4,227.44 3,839.5
Nov 2022 4,478.57 4,080.11
Oct 2022 4,245.82 3,871.98
Sep 2022 3,947.76 3,585.62
Aug 2022 4,363.81 3,955
Jul 2022 4,555.61 4,130.29
Jun 2022 4,174.69 3,785.38
May 2022 4,619.72 4,132.15
Apr 2022 4,670.39 4,131.93
Mar 2022 5,149.39 4,530.41
Feb 2022 5,037.92 4,373.94
Jan 2022 5,248.53 4,515.55
Dec 2021 5,586.46 4,766.18
Nov 2021 5,369.45 4,567
Oct 2021 5,441.17 4,605.38
Sep 2021 5,131.56 4,307.54
Aug 2021 5,402.49 4,522.68
Jul 2021 5,261.13 4,395.26
Jun 2021 5,168.86 4,297.5
May 2021 5,103.51 4,204.11
Apr 2021 5,116.36 4,181.17
Mar 2021 4,901.45 3,972.89
Feb 2021 4,735.21 3,811.15
Jan 2021 4,640.07 3,714.24
Dec 2020 4,712.28 3,756.07
Nov 2020 4,547.9 3,621.63
Oct 2020 4,103.78 3,269.96
Sep 2020 4,222.29 3,363
Aug 2020 4,400.81 3,500.31
Jul 2020 4,125.62 3,271.12
Jun 2020 3,929.95 3,100.29
May 2020 3,880.1 3,044.31
Apr 2020 3,712.09 2,912.43
Mar 2020 3,272.21 2,584.59
Feb 2020 3,732.03 2,954.22
Jan 2020 4,085.93 3,225.52
Dec 2019 4,108.47 3,230.78
Nov 2019 3,990.64 3,140.98
Oct 2019 3,857.18 3,037.56
Sep 2019 3,788.59 2,976.74
Aug 2019 3,727.51 2,926.46
Jul 2019 3,796 2,980.38
Jun 2019 3,753.07 2,941.76
May 2019 3,511.75 2,752.06
Apr 2019 3,767.01 2,945.83
Mar 2019 3,643.71 2,834.4
Feb 2019 3,599.75 2,784.49
Jan 2019 3,510.6 2,704.1
Dec 2018 3,260.72 2,506.85
Nov 2018 3,578.75 2,760.17
Oct 2018 3,504.19 2,711.74
Sep 2018 3,772.18 2,913.98
Aug 2018 3,760.41 2,901.52
Jul 2018 3,651.98 2,816.29
Jun 2018 3,525.24 2,718.37
May 2018 3,513.85 2,705.27
Apr 2018 3,453.83 2,648.05
Mar 2018 3,458.16 2,640.87
Feb 2018 3,561.73 2,713.83
Jan 2018 3,722.88 2,823.81
Dec 2017 3,544.06 2,673.61
Nov 2017 3,507.49 2,647.58
Oct 2017 3,411.77 2,575.26
Sep 2017 3,335.6 2,519.36
Aug 2017 3,289.76 2,471.65
Jul 2017 3,297.81 2,470.3
Jun 2017 3,232.98 2,423.41
May 2017 3,220.41 2,411.8
Apr 2017 3,186.28 2,384.2
Mar 2017 3,166.93 2,362.72
Feb 2017 3,170.74 2,363.64
Jan 2017 3,066.64 2,278.87
Dec 2016 3,030.32 2,238.83
Nov 2016 2,977.13 2,198.81
Oct 2016 2,874.27 2,126.15
Sep 2016 2,934.86 2,168.27
Aug 2016 2,945.55 2,170.95
Jul 2016 2,951.86 2,173.6
Jun 2016 2,845.75 2,098.86
May 2016 2,852.51 2,096.96
Apr 2016 2,820.81 2,065.3
Mar 2016 2,826.55 2,059.74
Feb 2016 2,662.99 1,932.23
Jan 2016 2,676.23 1,940.24
Dec 2015 2,823.93 2,043.94
Nov 2015 2,864.49 2,080.41
Oct 2015 2,857 2,079.36
Sep 2015 2,636.9 1,920.03
Aug 2015 2,704.3 1,972.18
Jul 2015 2,880.75 2,103.84
Jun 2015 2,825.17 2,063.11
May 2015 2,895.92 2,107.39
Apr 2015 2,880.46 2,085.51
Mar 2015 2,861.93 2,067.89
Feb 2015 2,929.93 2,104.5
Jan 2015 2,789.53 1,994.99
Dec 2014 2,865.35 2,058.9
Nov 2014 2,861.08 2,067.56
Oct 2014 2,777.49 2,018.05
Sep 2014 2,707.69 1,972.29
Aug 2014 2,752.43 2,003.37
Jul 2014 2,648.12 1,930.67
Jun 2014 2,687.61 1,960.23
May 2014 2,642.26 1,923.57
Apr 2014 2,596.88 1,883.95
Mar 2014 2,589.38 1,872.34
Feb 2014 2,588.12 1,859.45
Jan 2014 2,490.31 1,782.59
Dec 2013 2,591.8 1,848.36
Nov 2013 2,531.92 1,805.81
Oct 2013 2,457.81 1,756.54
Sep 2013 2,346.82 1,681.55
Aug 2013 2,281.67 1,632.97
Jul 2013 2,358.22 1,685.73
Jun 2013 2,247.96 1,606.28
May 2013 2,287.67 1,630.74
Apr 2013 2,245.13 1,597.57
Mar 2013 2,202.95 1,569.19
Feb 2013 2,131.99 1,514.68
Jan 2013 2,125.93 1,498.11
Dec 2012 2,029.86 1,426.19
Nov 2012 2,010.18 1,416.18
Oct 2012 1,994.98 1,412.16
Sep 2012 2,034.46 1,440.67
Aug 2012 1,995.19 1,406.58
Jul 2012 1,967.41 1,379.32
Jun 2012 1,939.77 1,362.16
May 2012 1,863.22 1,310.33
Apr 2012 1,985.42 1,397.91
Mar 2012 2,006.46 1,408.47
Feb 2012 1,960.28 1,365.68
Jan 2012 1,892.11 1,312.41
Dec 2011 1,821.07 1,257.6
Nov 2011 1,801.21 1,246.96
Oct 2011 1,808.84 1,253.3
Sep 2011 1,629.57 1,131.42
Aug 2011 1,758.22 1,218.89
Jul 2011 1,869.22 1,292.28
Jun 2011 1,911.93 1,320.64
May 2011 1,945.4 1,345.2
Apr 2011 1,981.3 1,363.61
Mar 2011 1,938.82 1,325.83
Feb 2011 1,959.77 1,327.22
Jan 2011 1,908.45 1,286.12
Dec 2010 1,875.08 1,257.64
Nov 2010 1,763.17 1,180.55
Oct 2010 1,767.96 1,183.26
Sep 2010 1,707.24 1,141.2
Aug 2010 1,570.71 1,049.33
Jul 2010 1,651.23 1,101.6
Jun 2010 1,545.3 1,030.71
May 2010 1,631.71 1,089.41
Apr 2010 1,778.79 1,186.69
Mar 2010 1,755.96 1,169.43
Feb 2010 1,665.26 1,104.49
Jan 2010 1,619.5 1,073.87
Dec 2009 1,687.43 1,115.1
Nov 2009 1,655.04 1,095.63
Oct 2009 1,566.36 1,036.19
Sep 2009 1,599.48 1,057.08
Aug 2009 1,545.28 1,020.62
Jul 2009 1,498.45 987.48
Jun 2009 1,392.81 919.32
May 2009 1,404.5 919.14
Apr 2009 1,337.56 872.81
Mar 2009 1,225.77 797.87
Feb 2009 1,132.07 735.09
Jan 2009 1,278.21 825.88
Dec 2008 1,404.04 903.25
Nov 2008 1,378.74 896.24
Oct 2008 1,461.74 968.75
Sep 2008 1,742.13 1,166.36
Aug 2008 1,913.45 1,282.83
Jul 2008 1,882.86 1,267.38
Jun 2008 1,911.59 1,280
May 2008 2,112.44 1,400.38
Apr 2008 2,107.74 1,385.59
Mar 2008 2,024.27 1,322.7
Feb 2008 2,054.06 1,330.63
Jan 2008 2,134.21 1,378.55
Dec 2007 2,284.55 1,468.36
Nov 2007 2,302.89 1,481.14
Oct 2007 2,423.3 1,549.38
Sep 2007 2,393.01 1,526.75
Aug 2007 2,316.68 1,473.99
Jul 2007 2,283.07 1,455.27
Jun 2007 2,357.9 1,503.35
May 2007 2,405.32 1,530.62
Apr 2007 2,343.73 1,482.37
Mar 2007 2,261.07 1,420.86
Feb 2007 2,259.12 1,406.82
Jan 2007 2,321.93 1,438.24
Dec 2006 2,296.73 1,418.3
Nov 2006 2,271.49 1,400.63
Oct 2006 2,231.37 1,377.94
Sep 2006 2,151.48 1,335.85
Aug 2006 2,089.6 1,303.82
Jul 2006 2,050.09 1,276.66
Jun 2006 2,045.75 1,270.2
May 2006 2,049.61 1,270.09
Apr 2006 2,125.5 1,310.61
Mar 2006 2,117.84 1,294.87
Feb 2006 2,106.19 1,280.66
Jan 2006 2,109.49 1,280.08
Dec 2005 2,072.78 1,248.29
Nov 2005 2,066.35 1,249.48
Oct 2005 1,980.08 1,207.01
Sep 2005 2,019.9 1,228.81
Aug 2005 2,030.48 1,220.33
Jul 2005 2,064.03 1,234.18
Jun 2005 2,001.59 1,191.33
May 2005 2,002.9 1,191.5
Apr 2005 1,942.66 1,156.85
Mar 2005 1,995.86 1,180.59
Feb 2005 2,050.67 1,203.6
Jan 2005 2,024.23 1,181.27
Dec 2004 2,081.12 1,211.92
Nov 2004 2,008.31 1,173.82
Oct 2004 1,934.69 1,130.2
Sep 2004 1,918 1,114.58
Aug 2004 1,904.22 1,104.24
Jul 2004 1,900.87 1,101.72
Jun 2004 1,965.26 1,140.84
May 2004 1,936.65 1,120.68
Apr 2004 1,924.73 1,107.3
Mar 2004 1,963.87 1,126.21
Feb 2004 2,009.39 1,144.94
Jan 2004 1,995.88 1,131.13
Dec 2003 1,971.56 1,111.92
Nov 2003 1,874.28 1,058.2
Oct 2003 1,855.98 1,050.71
Sep 2003 1,757.39 995.97
Aug 2003 1,784.41 1,008.01
Jul 2003 1,759.75 990.31
Jun 2003 1,733.54 974.5
May 2003 1,716 963.59
Apr 2003 1,630.23 916.92
Mar 2003 1,504.74 848.18
Feb 2003 1,501.23 841.15
Jan 2003 1,538.96 855.7
Dec 2002 1,589.34 879.82
Nov 2002 1,687.66 936.31
Oct 2002 1,596.54 885.76
Sep 2002 1,471.94 815.28
Aug 2002 1,656.66 916.07
Jul 2002 1,654.1 911.62
Jun 2002 1,797.99 989.82
May 2002 1,939.52 1,067.14
Apr 2002 1,957.29 1,076.92
Mar 2002 2,097.03 1,147.39
Feb 2002 2,034.1 1,106.73
Jan 2002 2,085.45 1,130.2
Dec 2001 2,123.23 1,148.08
Nov 2001 2,098.96 1,139.45
Oct 2001 1,948.9 1,059.78
Sep 2001 1,907.82 1,040.94
Aug 2001 2,086.97 1,133.58
Jul 2001 2,229.93 1,211.23
Jun 2001 2,247.8 1,224.38
May 2001 2,309.42 1,255.82
Apr 2001 2,308.11 1,249.46
Mar 2001 2,151.98 1,160.33
Feb 2001 2,304.86 1,239.94
Jan 2001 2,549.35 1,366.01
Dec 2000 2,479.58 1,320.28
Nov 2000 2,468.16 1,314.95
Oct 2000 2,684.52 1,429.4
Sep 2000 2,702.53 1,436.51
Aug 2000 2,870.11 1,517.68
Jul 2000 2,705.87 1,430.83
Jun 2000 2,757.2 1,454.6
May 2000 2,706.88 1,420.6
Apr 2000 2,770.77 1,452.43
Mar 2000 2,860.48 1,498.58
Feb 2000 2,629.71 1,366.42
Jan 2000 2,699.58 1,394.46
Dec 1999 2,852.82 1,469.25
Nov 1999 2,696.82 1,388.91
Oct 1999 2,647.95 1,362.93
Sep 1999 2,496.55 1,282.71
Aug 1999 2,582.23 1,320.41
Jul 1999 2,604.71 1,328.72
Jun 1999 2,699.04 1,372.71
May 1999 2,559.7 1,301.84
Apr 1999 2,625.25 1,335.18
Mar 1999 2,547.68 1,286.37
Feb 1999 2,459.99 1,238.33
Jan 1999 2,545.14 1,279.64
Dec 1998 2,450.85 1,229.23
Nov 1998 2,318.64 1,163.63
Oct 1998 2,189.2 1,098.67
Sep 1998 2,031.44 1,017.01
Aug 1998 1,914.47 957.28
Jul 1998 2,243.98 1,120.67
Jun 1998 2,273.14 1,133.84
May 1998 2,189.58 1,090.82
Apr 1998 2,235.71 1,111.75
Mar 1998 2,219.7 1,101.75
Feb 1998 2,118.03 1,049.34
Jan 1998 1,982.31 980.28
Dec 1997 1,966.04 970.43
Nov 1997 1,933.19 955.4
Oct 1997 1,849.53 914.62
Sep 1997 1,920.33 947.28
Aug 1997 1,827.94 899.47
Jul 1997 1,943.02 954.31
Jun 1997 1,804.43 885.14
May 1997 1,731.45 848.28
Apr 1997 1,634.62 801.34
Mar 1997 1,546.35 757.12
Feb 1997 1,619.22 790.82
Jan 1997 1,614.74 786.16
Dec 1996 1,526.25 740.74
Nov 1996 1,559.79 757.02
Oct 1996 1,455.92 705.27
Sep 1996 1,423.38 687.33
Aug 1996 1,354.49 651.99
Jul 1996 1,332.01 639.95
Jun 1996 1,398.54 670.63
May 1996 1,396.29 669.12
Apr 1996 1,367.71 654.17
Mar 1996 1,354.78 645.5
Feb 1996 1,351.08 640.43
Jan 1996 1,346.13 636.02
Dec 1995 1,311.25 615.93
Nov 1995 1,287.93 605.37
Oct 1995 1,236.34 581.5
Sep 1995 1,246.58 584.41
Aug 1995 1,200.88 561.88
Jul 1995 1,204.41 562.06
Jun 1995 1,167.32 544.75
May 1995 1,145.25 533.4
Apr 1995 1,107.3 514.71
Mar 1995 1,080.74 500.71
Feb 1995 1,055.48 487.39
Jan 1995 1,022.8 470.42
Dec 1994 1,002.56 459.27
Nov 1994 990.37 453.69
Oct 1994 1,032.49 472.35
Sep 1994 1,012.09 462.71
Aug 1994 1,042.84 475.49
Jul 1994 1,009.11 458.26
Jun 1994 980.95 444.27
May 1994 1,011.37 456.5
Apr 1994 999.67 450.91
Mar 1994 989.61 445.77
Feb 1994 1,040.59 467.14
Jan 1994 1,076.49 481.61
Dec 1993 1,045.47 466.45
Nov 1993 1,035.02 461.79
Oct 1993 1,049.28 467.83
Sep 1993 1,033.57 458.93
Aug 1993 1,046.16 463.56
Jul 1993 1,014.14 448.13
Jun 1993 1,019.57 450.53
May 1993 1,020.22 450.19
Apr 1993 998.94 440.19
Mar 1993 1,027.85 451.67
Feb 1993 1,012.51 443.38
Jan 1993 1,005.52 438.78
Dec 1992 1,003.41 435.71
Nov 1992 992.67 431.35
Oct 1992 964.87 418.68
Sep 1992 966.25 417.8
Aug 1992 960.25 414.03
Jul 1992 986.66 424.21
Jun 1992 951.31 408.14
May 1992 971.58 415.35
Apr 1992 972.04 414.95
Mar 1992 947.02 403.69
Feb 1992 973.05 412.7
Jan 1992 967.29 408.78
Dec 1991 988.39 417.09
Nov 1991 889.81 375.22
Oct 1991 933.38 392.45
Sep 1991 923.81 387.86
Aug 1991 945.98 395.43
Jul 1991 930.47 387.81
Jun 1991 891.83 371.16
May 1991 939.46 389.83
Apr 1991 907.22 375.34
Mar 1991 908.27 375.22
Feb 1991 889.86 367.07
Jan 1991 835 343.93
Dec 1990 806.51 330.22
Nov 1990 786.97 322.22
Oct 1990 744.14 304
Sep 1990 753.67 306.05
Aug 1990 800.97 322.56
Jul 1990 892.52 356.15
Jun 1990 900.66 358.02
May 1990 913.66 361.23
Apr 1990 838.64 330.8
Mar 1990 863.15 339.94
Feb 1990 847.32 331.89
Jan 1990 844.1 329.08
Dec 1989 915.83 353.4
Nov 1989 898.05 345.99
Oct 1989 885.55 340.36
Sep 1989 912.78 349.15
Aug 1989 921.74 351.45
Jul 1989 909.11 346.08
Jun 1989 837.32 317.98
May 1989 846.05 320.52
Apr 1989 821.98 309.64
Mar 1989 787.89 294.87
Feb 1989 776.28 288.86
Jan 1989 802.71 297.47
Dec 1988 753.15 277.72
Nov 1988 743.48 273.7
Oct 1988 758.43 278.97
Sep 1988 741.7 271.91
Aug 1988 718.16 261.52
Jul 1988 750.14 272.02
Jun 1988 757.42 273.5
May 1988 729.11 262.16
Apr 1988 729.28 261.33
Mar 1988 726.19 258.89
Feb 1988 754.48 267.82
Jan 1988 726.07 257.07
Dec 1987 699.67 247.08
Nov 1987 652.15 230.3
Oct 1987 713.63 251.79
Sep 1987 914.51 321.83
Aug 1987 942.08 329.8
Jul 1987 915.06 318.66
Jun 1987 875.27 304
May 1987 838.2 290.1
Apr 1987 836.13 288.36
Mar 1987 850.34 291.7
Feb 1987 832.19 284.2
Jan 1987 805.44 274.08
Dec 1986 716.18 242.17
Nov 1986 737.69 249.22
Oct 1986 722.84 243.98
Sep 1986 685.95 231.32
Aug 1986 753.45 252.93
Jul 1986 704.66 236.12
Jun 1986 748.59 250.84
May 1986 742.24 247.35
Apr 1986 708.7 235.52
Mar 1986 717.55 238.9
Feb 1986 678.45 226.92
Jan 1986 631.45 211.78
Dec 1985 631.68 211.28
Nov 1985 606.11 202.17
Oct 1985 570.66 189.82
Sep 1985 549.41 182.08
Aug 1985 570.75 188.63
Jul 1985 578.76 190.92
Jun 1985 582.66 191.85
May 1985 577.28 189.55
Apr 1985 549.73 179.83
Mar 1985 554.86 180.66
Feb 1985 558.56 181.18
Jan 1985 556.4 179.63
Dec 1984 519.01 167.24
Nov 1984 507.65 163.58
Oct 1984 515.44 166.09
Sep 1984 516.94 166.1
Aug 1984 521.23 166.68
Jul 1984 472.94 150.66
Jun 1984 482.71 153.18
May 1984 475.8 150.55
Apr 1984 507.29 160.05
Mar 1984 506.99 159.18
Feb 1984 501.22 157.06
Jan 1984 524.04 163.41
Dec 1983 532.05 164.93
Nov 1983 537.32 166.4
Oct 1983 529.17 163.55
Sep 1983 538.92 166.07
Aug 1983 536.16 164.4
Jul 1983 531.75 162.56
Jun 1983 550.58 167.64
May 1983 534.95 162.39
Apr 1983 544.96 164.43
Mar 1983 510.57 152.96
Feb 1983 494.22 148.06
Jan 1983 485.5 145.3
Dec 1982 470.89 140.64
Nov 1982 461.93 138.53
Oct 1982 444.99 133.72
Sep 1982 401.96 120.42
Aug 1982 399.73 119.51
Jul 1982 358.93 107.09
Jun 1982 369.27 109.61
May 1982 381.64 111.88
Apr 1982 400.96 116.44
Mar 1982 387.16 111.96
Feb 1982 390.73 113.11
Jan 1982 417.23 120.4
Dec 1981 426.04 122.55
Nov 1981 440.65 126.35
Oct 1981 426.46 121.89
Sep 1981 407.36 116.18
Aug 1981 434.73 122.79
Jul 1981 467.06 130.92
Jun 1981 473.26 131.21
May 1981 482.5 132.59
Apr 1981 487.1 132.81
Mar 1981 502.18 136
Feb 1981 488.02 131.27
Jan 1981 486.61 129.55
Dec 1980 514.07 135.76
Nov 1980 537.07 140.52
Oct 1980 491.22 127.47
Sep 1980 488.08 125.46
Aug 1980 480.1 122.38
Jul 1980 480.77 121.67
Jun 1980 451.41 114.24
May 1980 444.4 111.24
Apr 1980 428.81 106.29
Mar 1980 416.5 102.09
Feb 1980 470.75 113.66
Jan 1980 479.51 114.16
Dec 1979 459.88 107.94
Nov 1979 457.07 106.16
Oct 1979 442.46 101.82
Sep 1979 478.88 109.32
Aug 1979 484.07 109.32
Jul 1979 464.07 103.81
Jun 1979 465.14 102.91
May 1979 452.84 99.08
Apr 1979 471.01 101.76
Mar 1979 475.62 101.59
Feb 1979 455.32 96.28
Jan 1979 478.12 99.93
Dec 1978 463.92 96.11
Nov 1978 459.15 94.7
Oct 1978 453.65 93.15
Sep 1978 503.89 102.54
Aug 1978 511.42 103.29
Jul 1978 500.77 100.68
Jun 1978 478.8 95.53
May 1978 492.66 97.24
Apr 1978 495.19 96.83
Mar 1978 459.82 89.21
Feb 1978 452.2 87.04
Jan 1978 466.65 89.25
Dec 1977 500.44 95.1
Nov 1977 500.63 94.83
Oct 1977 489.86 92.34
Sep 1977 513.75 96.53
Aug 1977 516.72 96.77
Jul 1977 529.55 98.85
Jun 1977 540.94 100.48
May 1977 520.91 96.12
Apr 1977 536.15 98.44
Mar 1977 540.54 98.42
Feb 1977 551.94 99.82
Jan 1977 569.95 102.03
Dec 1976 603.37 107.46
Nov 1976 575.25 102.1
Oct 1976 580.76 102.9
Sep 1976 597.06 105.24
Aug 1976 585.88 102.91
Jul 1976 591.99 103.44
Jun 1976 599.95 104.28
May 1976 579.42 100.18
Apr 1976 592.06 101.64
Mar 1976 600.78 102.77
Feb 1976 583.94 99.71
Jan 1976 592.8 100.86
Dec 1975 531.04 90.19
Nov 1975 539.17 91.24
Oct 1975 530 89.04
Sep 1975 501.97 83.87
Aug 1975 522.86 86.88
Jul 1975 535.1 88.75
Jun 1975 580.35 95.19
May 1975 559.9 91.15
Apr 1975 539.29 87.3
Mar 1975 516.9 83.36
Feb 1975 507.85 81.59
Jan 1975 482.84 76.98
Dec 1974 431.68 68.56
Nov 1974 443.98 69.97
Oct 1974 472.59 73.9
Sep 1974 410.35 63.54
Aug 1974 471.55 72.15
Jul 1974 524.64 79.31
Jun 1974 573.54 86
May 1974 586.87 87.28
Apr 1974 614.83 90.31
Mar 1974 642.49 93.98
Feb 1974 666.17 96.22
Jan 1974 677.2 96.57
Dec 1973 690 97.55
Nov 1973 683.19 95.96
Oct 1973 776.04 108.29
Sep 1973 783.92 108.43
Aug 1973 755.37 104.25
Jul 1973 798.3 108.22
Jun 1973 770.83 104.26
May 1973 781.23 104.95
Apr 1973 801.75 106.97
Mar 1973 841.64 111.52
Feb 1973 850.71 111.68
Jan 1973 890.07 116.03
Dec 1972 907.69 118.05
Nov 1972 899.2 116.67
Oct 1972 862 111.58
Sep 1972 858.1 110.55
Aug 1972 864.35 111.09
Jul 1972 837.55 107.39
Jun 1972 839.61 107.14
May 1972 860.4 109.53
Apr 1972 847.83 107.67
Mar 1972 846.17 107.2
Feb 1972 843.23 106.57
Jan 1972 826.42 103.94
Dec 1971 811.71 102.09
Nov 1971 750.97 93.99
Oct 1971 752.88 94.23
Sep 1971 787.65 98.34
Aug 1971 793.17 99.03
Jul 1971 767.42 95.58
Jun 1971 794.43 98.7
May 1971 807.88 99.63
Apr 1971 847.11 103.95
Mar 1971 819.5 100.31
Feb 1971 792.39 96.75
Jan 1971 787.24 95.88
Dec 1970 756.61 92.15
Nov 1970 719.59 87.2
Oct 1970 690.48 83.25
Sep 1970 702.75 84.3
Aug 1970 683.06 81.52
Jul 1970 653.99 78.05
Jun 1970 612.47 72.72
May 1970 648.07 76.55
Apr 1970 691.94 81.52
Mar 1970 766.75 89.63
Feb 1970 769.66 89.5
Jan 1970 735.01 85.02
Dec 1969 797.98 92.06
Nov 1969 817.49 93.81
Oct 1969 850.87 97.12
Sep 1969 820.22 93.12
Aug 1969 843.55 95.51
Jul 1969 815.45 91.83
Jun 1969 872.41 97.71
May 1969 928.82 103.46
Apr 1969 933.45 103.69
Mar 1969 918.89 101.51
Feb 1969 895.74 98.13
Jan 1969 945.57 103.01
Dec 1968 956.05 103.86
Nov 1968 1,000.39 108.37
Oct 1968 957.3 103.41
Sep 1968 955.87 102.67
Aug 1968 923.03 98.86
Jul 1968 915.19 97.74
Jun 1968 937.79 99.58
May 1968 934.7 98.68
Apr 1968 925.83 97.46
Mar 1968 859.36 90.2
Feb 1968 853.85 89.36
Jan 1968 883.95 92.24
Dec 1967 929.94 96.47
Nov 1967 908.81 94
Oct 1967 904.72 93.3
Sep 1967 940.58 96.71
Aug 1967 913.44 93.64
Jul 1967 927.03 94.75
Jun 1967 889.48 90.64
May 1967 876.81 89.08
Apr 1967 928.13 94.01
Mar 1967 893.21 90.2
Feb 1967 861.96 86.78
Jan 1967 860.27 86.61
Dec 1966 797.89 80.33
Nov 1966 799.08 80.45
Oct 1966 796.6 80.2
Sep 1966 765.1 76.56
Aug 1966 770.49 77.1
Jul 1966 840.59 83.6
Jun 1966 854.68 84.74
May 1966 871.39 86.13
Apr 1966 921.27 91.06
Mar 1966 908.38 89.23
Feb 1966 931.54 91.22
Jan 1966 954.46 92.88
Dec 1965 949.83 92.43
Nov 1965 944.38 91.61
Oct 1965 952.73 92.42
Sep 1965 930.3 89.96
Aug 1965 901.45 87.17
Jul 1965 881.6 85.25
Jun 1965 869.91 84.12
May 1965 920.2 88.42
Apr 1965 927.38 89.11
Mar 1965 899.55 86.16
Feb 1965 915.73 87.43
Jan 1965 917.09 87.56
Dec 1964 887.66 84.75
Nov 1964 884.2 84.42
Oct 1964 891.67 84.86
Sep 1964 884.53 84.18
Aug 1964 862.61 81.83
Jul 1964 874.02 83.18
Jun 1964 861.13 81.69
May 1964 849.96 80.37
Apr 1964 840.33 79.46
Mar 1964 835.26 78.98
Feb 1964 822.78 77.8
Jan 1964 814.74 77.04
Dec 1963 793.38 75.02
Nov 1963 776.96 73.23
Oct 1963 785.24 74.01
Sep 1963 763.21 71.7
Aug 1963 771.72 72.5
Jul 1963 735.85 69.13
Jun 1963 740.82 69.37
May 1963 758.57 70.8
Apr 1963 747.86 69.8
Mar 1963 713.25 66.57
Feb 1963 691.09 64.29
Jan 1963 711.62 66.2
Dec 1962 678.29 63.1
Nov 1962 669.26 62.26
Oct 1962 607.56 56.52
Sep 1962 604.87 56.27
Aug 1962 637.61 59.12
Jul 1962 628.01 58.23
Jun 1962 592.43 54.75
May 1962 645.24 59.63
Apr 1962 705.94 65.24
Mar 1962 755.08 69.55
Feb 1962 759.53 69.96
Jan 1962 749.86 68.84
Dec 1961 779.38 71.55
Nov 1961 776.88 71.32
Oct 1961 747.47 68.62
Sep 1961 726.88 66.73
Aug 1961 743.96 68.07
Jul 1961 727.21 66.76
Jun 1961 708.84 64.64
May 1961 729.89 66.56
Apr 1961 716.19 65.31
Mar 1961 713.44 65.06
Feb 1961 695.68 63.44
Jan 1961 677.48 61.78
Dec 1960 637.23 58.11
Nov 1960 609.05 55.54
Oct 1960 585.47 53.39
Sep 1960 590.86 53.52
Aug 1960 628.84 56.96
Jul 1960 612.83 55.51
Jun 1960 628.4 56.92
May 1960 618.45 55.83
Apr 1960 602.28 54.37
Mar 1960 615.11 55.34
Feb 1960 623.78 56.12
Jan 1960 620.22 55.61
Dec 1959 665.69 59.89
Nov 1959 647.79 58.28
Oct 1959 639.34 57.52
Sep 1959 634.39 56.88
Aug 1959 667 59.6
Jul 1959 677.18 60.51
Jun 1959 656.6 58.47
May 1959 661.23 58.68
Apr 1959 648.95 57.59
Mar 1959 626.88 55.44
Feb 1959 626.55 55.41
Jan 1959 624.84 55.45
Dec 1958 624.28 55.21
Nov 1958 591.37 52.48
Oct 1958 580.41 51.33
Sep 1958 566.05 50.06
Aug 1958 539.93 47.75
Jul 1958 531.76 47.19
Jun 1958 511.55 45.24
May 1958 498.55 44.09
Apr 1958 491.2 43.44
Mar 1958 477.7 42.1
Feb 1958 466.64 40.84
Jan 1958 476.47 41.7
Dec 1957 460.15 39.99
Nov 1957 480.05 41.72
Oct 1957 474.13 41.06
Sep 1957 489.83 42.42
Aug 1957 522.16 45.22
Jul 1957 553.23 47.91
Jun 1957 550.88 47.37
May 1957 553.55 47.43
Apr 1957 535.74 45.74
Mar 1957 518.51 44.11
Feb 1957 510.35 43.26
Jan 1957 529.49 44.72
Dec 1956 552.57 46.67
Nov 1956 535.69 45.08
Oct 1956 541.63 45.58
Sep 1956 540.86 45.35
Aug 1956 568.7 47.51
Jul 1956 589.05 49.39
Jun 1956 564.3 46.97
May 1956 547.06 45.2
Apr 1956 587.73 48.38
Mar 1956 591.14 48.48
Feb 1956 552.85 45.34
Jan 1956 534.32 43.82
Dec 1955 554.56 45.48
Nov 1955 552.86 45.51
Oct 1955 514.35 42.34
Sep 1955 530.51 43.67
Aug 1955 526.51 43.18
Jul 1955 530.66 43.52
Jun 1955 502.17 41.03
May 1955 463.99 37.91
Apr 1955 464.6 37.96
Mar 1955 447.71 36.58
Feb 1955 449.91 36.76
Jan 1955 448.32 36.63
Dec 1954 440.36 35.98
Nov 1954 417.5 34.24
Oct 1954 386.29 31.68
Sep 1954 393.97 32.31
Aug 1954 362.38 29.83
Jul 1954 375.13 30.88
Jun 1954 354.85 29.21
May 1954 354.6 29.19
Apr 1954 344.59 28.26
Mar 1954 327.27 26.94
Feb 1954 317.67 26.15
Jan 1954 316.82 26.08
Dec 1953 301.4 24.81
Nov 1953 300.79 24.76
Oct 1953 297.01 24.54
Sep 1953 283.66 23.35
Aug 1953 283.29 23.32
Jul 1953 301.79 24.75
Jun 1953 294.35 24.14
May 1953 300.35 24.54
Apr 1953 302.46 24.62
Mar 1953 310.69 25.29
Feb 1953 319.39 25.9
Jan 1953 324.08 26.38
Dec 1952 325.19 26.57
Nov 1952 314.06 25.66
Oct 1952 300.1 24.52
Sep 1952 300.35 24.54
Aug 1952 306.35 25.03
Jul 1952 310.87 25.4
Jun 1952 307.79 24.96
May 1952 295.34 23.86
Apr 1952 288.66 23.32
Mar 1952 302.8 24.37
Feb 1952 289.01 23.26
Jan 1952 297.68 24.14
Dec 1951 293.12 23.77
Nov 1951 283.21 22.88
Oct 1951 286.12 22.94
Sep 1951 291.23 23.26
Aug 1951 293.73 23.28
Jul 1951 282.62 22.4
Jun 1951 264.46 20.96
May 1951 271.52 21.52
Apr 1951 284.1 22.43
Mar 1951 272.07 21.48
Feb 1951 277.2 21.8
Jan 1951 278.67 21.66
Dec 1950 267.05 20.43
Nov 1950 258.12 19.51
Oct 1950 259.44 19.53
Sep 1950 260.49 19.45
Aug 1950 247.71 18.42
Jul 1950 241.9 17.84
Jun 1950 242.89 17.69
May 1950 258.95 18.78
Apr 1950 248.69 17.96
Mar 1950 239.41 17.29
Feb 1950 239.46 17.22
Jan 1950 237.09 17.05
Dec 1949 232.49 16.79
Nov 1949 220.51 16.06
Oct 1949 221.17 16.04
Sep 1949 213.03 15.58
Aug 1949 208.98 15.22
Jul 1949 207.38 15.04
Jun 1949 193.61 14.16
May 1949 194.84 14.19
Apr 1949 201.13 14.71
Mar 1949 206.78 15.06
Feb 1949 200.74 14.62
Jan 1949 207.24 15.22
Dec 1948 206.11 15.2
Nov 1948 199.18 14.75
Oct 1948 220.98 16.5
Sep 1948 206.61 15.49
Aug 1948 213.01 15.97
Jul 1948 212.28 15.85
Jun 1948 226.99 16.74
May 1948 228.2 16.69
Apr 1948 212.55 15.48
Mar 1948 210.59 15.08
Feb 1948 193.71 13.93
Jan 1948 202.41 14.68
Dec 1947 213.67 15.3
Nov 1947 211.92 14.98
Oct 1947 219.23 15.43
Sep 1947 214.68 15.11
Aug 1947 222.5 15.32
Jul 1947 231.99 15.76
Jun 1947 225.93 15.21
May 1947 215.62 14.45
Apr 1947 217.56 14.58
Mar 1947 226.36 15.17
Feb 1947 234.53 15.43
Jan 1947 238.02 15.66
Dec 1946 232.55 15.3
Nov 1946 225.22 14.68
Oct 1946 233.15 14.84
Sep 1946 239.64 14.96
Aug 1946 269.35 16.65
Jul 1946 296.42 17.96
Jun 1946 322.07 18.43
May 1946 338.8 19.18
Apr 1946 333.18 18.76
Mar 1946 322.14 18.04
Feb 1946 311.98 17.28
Jan 1946 333.43 18.57
Dec 1945 311.7 17.36
Nov 1945 310.36 17.19
Oct 1945 300.61 16.65
Sep 1945 289.77 16.05
Aug 1945 280.02 15.51
Jul 1945 264.68 14.66
Jun 1945 268.47 14.87
May 1945 274.02 15.01
Apr 1945 272.44 14.84
Mar 1945 249.86 13.61
Feb 1945 262.53 14.3
Jan 1945 247.29 13.47
Dec 1944 243.8 13.28
Nov 1944 236.87 12.83
Oct 1944 235.95 12.78
Sep 1944 235.21 12.74
Aug 1944 236.69 12.82
Jul 1944 234.66 12.71
Jun 1944 241 12.98
May 1944 230.62 12.35
Apr 1944 221.65 11.87
Mar 1944 225.74 12.02
Feb 1944 221.99 11.82
Jan 1944 222.55 11.85
Dec 1943 219.17 11.67
Nov 1943 206.96 11.02
Oct 1943 223.68 11.91
Sep 1943 226.87 12.08
Aug 1943 222.89 11.8
Jul 1943 222.55 11.85
Jun 1943 230.62 12.35
May 1943 225.01 12.05
Apr 1943 217.67 11.59
Mar 1943 220.01 11.58
Feb 1943 212.12 10.97
Jan 1943 201.87 10.44
Dec 1942 188.92 9.77
Nov 1942 180.7 9.29
Oct 1942 183.16 9.36
Sep 1942 175.28 8.85
Aug 1942 170.72 8.62
Jul 1942 170.57 8.56
Jun 1942 166.4 8.3
May 1942 163.39 8.15
Apr 1942 155.48 7.66
Mar 1942 163.6 8.01
Feb 1942 177.66 8.59
Jan 1942 184.21 8.85
Dec 1941 183.21 8.69
Nov 1941 193.52 9.12
Oct 1941 202.91 9.5
Sep 1941 220.74 10.2
Aug 1941 225.46 10.28
Jul 1941 230.97 10.39
Jun 1941 218.97 9.85
May 1941 212.86 9.38
Apr 1941 212.75 9.31
Mar 1941 229.21 9.96
Feb 1941 229.91 9.92
Jan 1941 233.38 10.07
Dec 1940 245.2 10.58
Nov 1940 246.72 10.57
Oct 1940 258.63 11.08
Sep 1940 248.82 10.66
Aug 1940 245.09 10.5
Jul 1940 240.19 10.29
Jun 1940 231.3 9.98
May 1940 216.38 9.27
Apr 1940 284.54 12.19
Mar 1940 284.3 12.18
Feb 1940 283.14 12.13
Jan 1940 283.29 12.05
Dec 1939 290.84 12.46
Nov 1939 284.77 12.2
Oct 1939 299.48 12.83
Sep 1939 296.42 12.79
Aug 1939 264.74 11.18
Jul 1939 285.11 12.04
Jun 1939 257.17 10.86
May 1939 274.69 11.6
Apr 1939 258.82 10.93
Mar 1939 258.14 10.98
Feb 1939 298.57 12.7
Jan 1939 287.1 12.3
Dec 1938 306.71 13.14
Nov 1938 297.14 12.73
Oct 1938 307.41 13.17
Sep 1938 283.68 12.24
Aug 1938 279.51 12.06
Jul 1938 285.76 12.33
Jun 1938 267.92 11.56
May 1938 214.84 9.27
Apr 1938 225.07 9.78
Mar 1938 197 8.5
Feb 1938 262.82 11.34
Jan 1938 246.01 10.69
Dec 1937 239.42 10.55
Nov 1937 250.38 11.11
Oct 1937 276.42 12.35
Sep 1937 307.98 13.76
Aug 1937 361.49 16.04
Jul 1937 377.94 16.77
Jun 1937 349.48 15.4
May 1937 368.99 16.26
Apr 1937 375.46 16.43
Mar 1937 412.39 17.92
Feb 1937 418.56 18.06
Jan 1937 411.84 17.77
Dec 1936 401.01 17.18
Nov 1936 403.35 17.28
Oct 1936 402.18 17.23
Sep 1936 373.7 16.01
Aug 1936 373.24 15.99
Jul 1936 372.63 15.85
Jun 1936 351.41 14.84
May 1936 343.48 14.4
Apr 1936 328.45 13.77
Mar 1936 355.89 14.92
Feb 1936 345.73 14.6
Jan 1936 338.86 14.31
Dec 1935 318.02 13.43
Nov 1935 306.42 12.94
Oct 1935 297.21 12.46
Sep 1935 276.46 11.59
Aug 1935 268.11 11.24
Jul 1935 264.29 11.08
Jun 1935 244.25 10.24
May 1935 226.86 9.58
Apr 1935 219.75 9.28
Mar 1935 201.56 8.45
Feb 1935 208.47 8.74
Jan 1935 218.66 9.1
Dec 1934 231.68 9.5
Nov 1934 230.93 9.54
Oct 1934 213.26 8.81
Sep 1934 218.18 9.08
Aug 1934 223.14 9.15
Jul 1934 211.68 8.68
Jun 1934 239.24 9.81
May 1934 236.12 9.61
Apr 1934 257.01 10.46
Mar 1934 260.94 10.62
Feb 1934 264.38 10.76
Jan 1934 276.53 11.17
Dec 1933 246.82 9.97
Nov 1933 244.59 9.88
Oct 1933 221.82 8.96
Sep 1933 240.63 9.72
Aug 1933 274.55 11.09
Jul 1933 248.21 9.95
Jun 1933 280.73 10.91
May 1933 250.02 9.64
Apr 1933 203.07 7.83
Mar 1933 151.72 5.85
Feb 1933 145.64 5.66
Jan 1933 175.81 6.94
Dec 1932 172.62 6.92
Nov 1932 162.15 6.55
Oct 1932 171.01 6.96
Sep 1932 197.05 8.08
Aug 1932 203.09 8.39
Jul 1932 144.89 6.03
Jun 1932 106.45 4.43
May 1932 106.62 4.47
Apr 1932 137.06 5.83
Mar 1932 170.63 7.31
Feb 1932 192.13 8.29
Jan 1932 181.45 7.94
Dec 1931 181.75 8.12
Nov 1931 211.19 9.5
Oct 1931 228.75 10.43
Sep 1931 211.54 9.71
Aug 1931 299.95 13.86
Jul 1931 297.14 13.73
Jun 1931 320.94 14.83
May 1931 278.09 13.02
Apr 1931 318.14 15.09
Mar 1931 349.62 16.69
Feb 1931 375.28 18.03
Jan 1931 332.75 16.19
Dec 1930 311.36 15.34
Nov 1930 326.39 16.38
Oct 1930 335.5 16.94
Sep 1930 365.96 18.59
Aug 1930 423.24 21.37
Jul 1930 417.54 21.21
Jun 1930 397.98 20.46
May 1930 473.55 24.49
Apr 1930 478.64 24.9
Mar 1930 466.97 24.15
Feb 1930 447.5 23.28
Jan 1930 435.52 22.79
Dec 1929 407.53 21.45
Nov 1929 395.16 20.92
Oct 1929 456.18 24.15
Sep 1929 569.7 30.16
Aug 1929 598.98 31.71
Jul 1929 545.52 28.88
Jun 1929 523.81 27.41
May 1929 477.3 24.83
Apr 1929 501.59 25.94
Mar 1929 490.75 25.53
Feb 1929 489.03 25.59
Jan 1929 491.9 25.74
Dec 1928 465.33 24.35
Nov 1928 461.3 24.28
Oct 1928 411.9 21.68
Sep 1928 399.32 21.14
Aug 1928 398.83 20.87
Jul 1928 371.31 19.43
Jun 1928 365.77 19.14
May 1928 379.98 20
Apr 1928 377.43 19.75
Mar 1928 368.45 19.28
Feb 1928 329.84 17.26
Jan 1928 331.89 17.57
Dec 1927 333.59 17.66

Returns from Investing in the S&P 500 index

How much did an investment in the S&P 500 really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Note that the S&P 500 index does not include the impact of reinvested dividends or management fees. As an alternative, explore the Inflation-Adjusted S&P 500 ETF (SPY), which might provide a more accurate view for investors.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the S&P 500 index by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the index nominally increased, as in 2007.

Year Inflation-Adjusted Return Nominal Return
2024 19.85% 23.31%
2023 20.2% 24.23%
2022 -24.33% -19.44%
2021 18.55% 26.89%
2020 14.7% 16.26%
2019 26% 28.88%
2018 -7.99% -6.24%
2017 16.95% 19.42%
2016 7.31% 9.54%
2015 -1.45% -0.73%
2014 10.55% 11.39%
2013 27.68% 29.6%
2012 11.47% 13.41%
2011 -2.88% 0%
2010 11.12% 12.78%
2009 20.18% 23.45%
2008 -38.54% -38.49%
2007 -0.53% 3.53%
2006 10.8% 13.62%
2005 -0.4% 3%
2004 5.56% 8.99%
2003 24.05% 26.38%
2002 -25.15% -23.37%
2001 -14.37% -13.04%
2000 -13.08% -10.14%
1999 16.4% 19.53%
1998 24.66% 26.67%
1997 28.82% 31.01%
1996 16.4% 20.26%
1995 30.79% 34.11%
1994 -4.1% -1.54%
1993 4.19% 7.06%
1992 1.52% 4.46%
1991 22.55% 26.31%
1990 -11.94% -6.56%
1989 21.6% 27.25%
1988 7.64% 12.4%
1987 -2.3% 2.03%
1986 13.38% 14.62%
1985 21.71% 26.33%
1984 -2.45% 1.4%
1983 12.99% 17.27%
1982 10.53% 14.76%
1981 -17.12% -9.73%
1980 11.78% 25.77%
1979 -0.87% 12.31%
1978 -7.3% 1.06%
1977 -17.06% -11.5%
1976 13.62% 19.15%
1975 23.02% 31.55%
1974 -37.44% -29.72%
1973 -23.98% -17.37%
1972 11.82% 15.63%
1971 7.28% 10.79%
1970 -5.18% 0.1%
1969 -16.53% -11.36%
1968 2.81% 7.66%
1967 16.55% 20.09%
1966 -16% -13.09%
1965 7% 9.06%
1964 11.88% 12.97%
1963 16.97% 18.89%
1962 -12.97% -11.81%
1961 22.31% 23.13%
1960 -4.27% -2.97%
1959 6.63% 8.48%
1958 35.67% 38.06%
1957 -16.73% -14.31%
1956 -0.36% 2.62%
1955 25.93% 26.4%
1954 46.11% 45.02%
1953 -7.32% -6.62%
1952 10.94% 11.78%
1951 9.76% 16.35%
1950 14.87% 21.68%
1949 12.8% 10.46%
1948 -3.54% -0.65%
1947 -8.12% 0%
1946 -25.39% -11.87%
1945 27.85% 30.72%
1944 11.24% 13.8%
1943 16.01% 19.45%
1942 3.11% 12.43%
1941 -25.28% -17.86%
1940 -15.69% -15.09%
1939 -5.18% -5.18%
1938 28.11% 24.55%
1937 -40.3% -38.59%
1936 26.1% 27.92%
1935 37.27% 41.37%
1934 -6.14% -4.71%
1933 42.98% 44.08%
1932 -5.02% -14.78%
1931 -41.63% -47.07%
1930 -23.6% -28.48%
1929 -12.42% -11.91%
1928 39.49% 37.88%

S&P 500 Index: 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 the S&P 500 over various trailing periods ending February 28, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 12.8% 15.52%
Last 3 years 16.84% 20.11%
Last 5 years 7.75% 12.54%
Last 10 years 9.95% 13.54%
Last 20 years 6.1% 8.77%
Last 30 years 5.58% 8.24%
Last 40 years 5.96% 8.9%
Last 50 years 5.06% 8.84%
Last 75 years 4.37% 7.97%

Real Returns of Investing in the S&P 500

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 September 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 S&P 500 five years ago yielded an 75.5% nominal gain, but the real return (the actual increase in buying power) was 42.11%.

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 2021 - Sep 2025 $175.5 75.5% 42.11%
Last 10 years Feb 2016 - Sep 2025 $346.15 246.15% 152.7%
Last 25 years Feb 2001 - Sep 2025 $539.42 439.42% 191.96%
Last 50 years Feb 1976 - Sep 2025 $6,707.91 6,608% 1,052%

About the S&P 500 index

The Standard & Poor's 500 (S&P 500®) is a widely followed stock market index that measures the performance of 500 of the largest publicly traded companies in the United States, selected by S&P Dow Jones Indices. It is a market-capitalization weighted index, meaning companies with larger market values have a proportionally larger impact on the index's movement.

Launched in its current form in 1957, the S&P 500 is considered a primary benchmark for the overall health and performance of the U.S. stock market and, by extension, the broader U.S. economy. It represents approximately 80% of the total available U.S. equity market capitalization. Investors commonly use it to gauge market trends and benchmark the performance of their own portfolios.

Last Close
Mar 13, 2026
6,632.19
Highest
Jan 27, 2026
6,978.6
Highest, Inflation-Adjusted
Jan 27, 2026
7,011.49
Annualized return
Since Dec 30, 1927
6.22%
Annualized return, Inflation-Adjusted
Since Dec 30, 1927
3.09%