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: September 2025 (latest available CPI).

The current value of the S&P 500 index is 6,857.12 (as of the close of Dec 4, 2025), 0.49% lower than the all-time high of 6,890.89 (Oct 28, 2025).

Since December 30, 1927, the inflation-adjusted total return for the index has been 1,968%, which is equivalent to an annual growth rate of 3.14%.

In nominal values, the total return since this date has been 38,729%, or an annualized rate of 6.28%.

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
Dec 2025 6,857.12 6,857.12
Nov 2025 6,849.09 6,849.09
Oct 2025 6,840.2 6,840.2
Sep 2025 6,688.46 6,688.46
Aug 2025 6,476.69 6,460.26
Jul 2025 6,373.77 6,339.39
Jun 2025 6,248.02 6,204.95
May 2025 5,973.02 5,911.69
Apr 2025 5,638.59 5,569.06
Mar 2025 5,699.61 5,611.85
Feb 2025 6,061.21 5,954.5
Jan 2025 6,176.09 6,040.53
Dec 2024 6,052.99 5,881.63
Nov 2024 6,210.33 6,032.38
Oct 2024 5,870.58 5,705.45
Sep 2024 5,936.08 5,762.48
Aug 2024 5,827.9 5,648.4
Jul 2024 5,702.43 5,522.3
Jun 2024 5,645.15 5,460.48
May 2024 5,457.83 5,277.51
Apr 2024 5,216.4 5,035.69
Mar 2024 5,464.1 5,254.35
Feb 2024 5,333.97 5,096.27
Jan 2024 5,103.05 4,845.65
Dec 2023 5,050.57 4,769.83
Nov 2023 4,831.84 4,567.8
Oct 2023 4,427.28 4,193.8
Sep 2023 4,525.04 4,288.05
Aug 2023 4,768.61 4,507.66
Jul 2023 4,875.82 4,588.96
Jun 2023 4,737.6 4,450.38
May 2023 4,463.95 4,179.83
Apr 2023 4,464.11 4,169.48
Mar 2023 4,421.95 4,109.31
Feb 2023 4,286.35 3,970.15
Jan 2023 4,425.84 4,076.6
Dec 2022 4,201.76 3,839.5
Nov 2022 4,451.36 4,080.11
Oct 2022 4,220.03 3,871.98
Sep 2022 3,923.78 3,585.62
Aug 2022 4,337.31 3,955
Jul 2022 4,527.93 4,130.29
Jun 2022 4,149.33 3,785.38
May 2022 4,591.65 4,132.15
Apr 2022 4,642.02 4,131.93
Mar 2022 5,118.11 4,530.41
Feb 2022 5,007.32 4,373.94
Jan 2022 5,216.65 4,515.55
Dec 2021 5,552.53 4,766.18
Nov 2021 5,336.83 4,567
Oct 2021 5,408.12 4,605.38
Sep 2021 5,100.39 4,307.54
Aug 2021 5,369.68 4,522.68
Jul 2021 5,229.17 4,395.26
Jun 2021 5,137.46 4,297.5
May 2021 5,072.51 4,204.11
Apr 2021 5,085.28 4,181.17
Mar 2021 4,871.68 3,972.89
Feb 2021 4,706.45 3,811.15
Jan 2021 4,611.88 3,714.24
Dec 2020 4,683.66 3,756.07
Nov 2020 4,520.27 3,621.63
Oct 2020 4,078.85 3,269.96
Sep 2020 4,196.64 3,363
Aug 2020 4,374.07 3,500.31
Jul 2020 4,100.56 3,271.12
Jun 2020 3,906.07 3,100.29
May 2020 3,856.53 3,044.31
Apr 2020 3,689.54 2,912.43
Mar 2020 3,252.33 2,584.59
Feb 2020 3,709.36 2,954.22
Jan 2020 4,061.11 3,225.52
Dec 2019 4,083.52 3,230.78
Nov 2019 3,966.4 3,140.98
Oct 2019 3,833.75 3,037.56
Sep 2019 3,765.57 2,976.74
Aug 2019 3,704.87 2,926.46
Jul 2019 3,772.94 2,980.38
Jun 2019 3,730.27 2,941.76
May 2019 3,490.42 2,752.06
Apr 2019 3,744.13 2,945.83
Mar 2019 3,621.58 2,834.4
Feb 2019 3,577.88 2,784.49
Jan 2019 3,489.27 2,704.1
Dec 2018 3,240.92 2,506.85
Nov 2018 3,557.02 2,760.17
Oct 2018 3,482.9 2,711.74
Sep 2018 3,749.26 2,913.98
Aug 2018 3,737.57 2,901.52
Jul 2018 3,629.8 2,816.29
Jun 2018 3,503.83 2,718.37
May 2018 3,492.5 2,705.27
Apr 2018 3,432.85 2,648.05
Mar 2018 3,437.15 2,640.87
Feb 2018 3,540.1 2,713.83
Jan 2018 3,700.26 2,823.81
Dec 2017 3,522.53 2,673.61
Nov 2017 3,486.19 2,647.58
Oct 2017 3,391.04 2,575.26
Sep 2017 3,315.34 2,519.36
Aug 2017 3,269.78 2,471.65
Jul 2017 3,277.78 2,470.3
Jun 2017 3,213.34 2,423.41
May 2017 3,200.85 2,411.8
Apr 2017 3,166.92 2,384.2
Mar 2017 3,147.7 2,362.72
Feb 2017 3,151.48 2,363.64
Jan 2017 3,048.02 2,278.87
Dec 2016 3,011.91 2,238.83
Nov 2016 2,959.04 2,198.81
Oct 2016 2,856.81 2,126.15
Sep 2016 2,917.04 2,168.27
Aug 2016 2,927.66 2,170.95
Jul 2016 2,933.93 2,173.6
Jun 2016 2,828.46 2,098.86
May 2016 2,835.18 2,096.96
Apr 2016 2,803.67 2,065.3
Mar 2016 2,809.38 2,059.74
Feb 2016 2,646.81 1,932.23
Jan 2016 2,659.97 1,940.24
Dec 2015 2,806.77 2,043.94
Nov 2015 2,847.09 2,080.41
Oct 2015 2,839.65 2,079.36
Sep 2015 2,620.88 1,920.03
Aug 2015 2,687.88 1,972.18
Jul 2015 2,863.25 2,103.84
Jun 2015 2,808.01 2,063.11
May 2015 2,878.33 2,107.39
Apr 2015 2,862.96 2,085.51
Mar 2015 2,844.54 2,067.89
Feb 2015 2,912.13 2,104.5
Jan 2015 2,772.59 1,994.99
Dec 2014 2,847.94 2,058.9
Nov 2014 2,843.7 2,067.56
Oct 2014 2,760.62 2,018.05
Sep 2014 2,691.25 1,972.29
Aug 2014 2,735.71 2,003.37
Jul 2014 2,632.03 1,930.67
Jun 2014 2,671.29 1,960.23
May 2014 2,626.21 1,923.57
Apr 2014 2,581.1 1,883.95
Mar 2014 2,573.65 1,872.34
Feb 2014 2,572.39 1,859.45
Jan 2014 2,475.18 1,782.59
Dec 2013 2,576.06 1,848.36
Nov 2013 2,516.54 1,805.81
Oct 2013 2,442.88 1,756.54
Sep 2013 2,332.56 1,681.55
Aug 2013 2,267.81 1,632.97
Jul 2013 2,343.9 1,685.73
Jun 2013 2,234.31 1,606.28
May 2013 2,273.77 1,630.74
Apr 2013 2,231.49 1,597.57
Mar 2013 2,189.57 1,569.19
Feb 2013 2,119.04 1,514.68
Jan 2013 2,113.02 1,498.11
Dec 2012 2,017.53 1,426.19
Nov 2012 1,997.97 1,416.18
Oct 2012 1,982.86 1,412.16
Sep 2012 2,022.11 1,440.67
Aug 2012 1,983.07 1,406.58
Jul 2012 1,955.46 1,379.32
Jun 2012 1,927.98 1,362.16
May 2012 1,851.9 1,310.33
Apr 2012 1,973.36 1,397.91
Mar 2012 1,994.28 1,408.47
Feb 2012 1,948.37 1,365.68
Jan 2012 1,880.62 1,312.41
Dec 2011 1,810.01 1,257.6
Nov 2011 1,790.27 1,246.96
Oct 2011 1,797.85 1,253.3
Sep 2011 1,619.67 1,131.42
Aug 2011 1,747.54 1,218.89
Jul 2011 1,857.86 1,292.28
Jun 2011 1,900.32 1,320.64
May 2011 1,933.59 1,345.2
Apr 2011 1,969.27 1,363.61
Mar 2011 1,927.04 1,325.83
Feb 2011 1,947.87 1,327.22
Jan 2011 1,896.86 1,286.12
Dec 2010 1,863.69 1,257.64
Nov 2010 1,752.46 1,180.55
Oct 2010 1,757.22 1,183.26
Sep 2010 1,696.87 1,141.2
Aug 2010 1,561.17 1,049.33
Jul 2010 1,641.2 1,101.6
Jun 2010 1,535.91 1,030.71
May 2010 1,621.8 1,089.41
Apr 2010 1,767.99 1,186.69
Mar 2010 1,745.3 1,169.43
Feb 2010 1,655.15 1,104.49
Jan 2010 1,609.66 1,073.87
Dec 2009 1,677.18 1,115.1
Nov 2009 1,644.99 1,095.63
Oct 2009 1,556.85 1,036.19
Sep 2009 1,589.76 1,057.08
Aug 2009 1,535.89 1,020.62
Jul 2009 1,489.35 987.48
Jun 2009 1,384.35 919.32
May 2009 1,395.97 919.14
Apr 2009 1,329.43 872.81
Mar 2009 1,218.32 797.87
Feb 2009 1,125.19 735.09
Jan 2009 1,270.45 825.88
Dec 2008 1,395.51 903.25
Nov 2008 1,370.36 896.24
Oct 2008 1,452.86 968.75
Sep 2008 1,731.55 1,166.36
Aug 2008 1,901.82 1,282.83
Jul 2008 1,871.42 1,267.38
Jun 2008 1,899.98 1,280
May 2008 2,099.61 1,400.38
Apr 2008 2,094.93 1,385.59
Mar 2008 2,011.97 1,322.7
Feb 2008 2,041.58 1,330.63
Jan 2008 2,121.25 1,378.55
Dec 2007 2,270.67 1,468.36
Nov 2007 2,288.9 1,481.14
Oct 2007 2,408.58 1,549.38
Sep 2007 2,378.48 1,526.75
Aug 2007 2,302.61 1,473.99
Jul 2007 2,269.2 1,455.27
Jun 2007 2,343.57 1,503.35
May 2007 2,390.71 1,530.62
Apr 2007 2,329.49 1,482.37
Mar 2007 2,247.34 1,420.86
Feb 2007 2,245.39 1,406.82
Jan 2007 2,307.82 1,438.24
Dec 2006 2,282.77 1,418.3
Nov 2006 2,257.69 1,400.63
Oct 2006 2,217.81 1,377.94
Sep 2006 2,138.41 1,335.85
Aug 2006 2,076.9 1,303.82
Jul 2006 2,037.64 1,276.66
Jun 2006 2,033.32 1,270.2
May 2006 2,037.16 1,270.09
Apr 2006 2,112.59 1,310.61
Mar 2006 2,104.97 1,294.87
Feb 2006 2,093.4 1,280.66
Jan 2006 2,096.67 1,280.08
Dec 2005 2,060.19 1,248.29
Nov 2005 2,053.8 1,249.48
Oct 2005 1,968.06 1,207.01
Sep 2005 2,007.63 1,228.81
Aug 2005 2,018.14 1,220.33
Jul 2005 2,051.49 1,234.18
Jun 2005 1,989.43 1,191.33
May 2005 1,990.74 1,191.5
Apr 2005 1,930.86 1,156.85
Mar 2005 1,983.73 1,180.59
Feb 2005 2,038.21 1,203.6
Jan 2005 2,011.94 1,181.27
Dec 2004 2,068.48 1,211.92
Nov 2004 1,996.11 1,173.82
Oct 2004 1,922.94 1,130.2
Sep 2004 1,906.35 1,114.58
Aug 2004 1,892.65 1,104.24
Jul 2004 1,889.33 1,101.72
Jun 2004 1,953.32 1,140.84
May 2004 1,924.89 1,120.68
Apr 2004 1,913.04 1,107.3
Mar 2004 1,951.94 1,126.21
Feb 2004 1,997.19 1,144.94
Jan 2004 1,983.75 1,131.13
Dec 2003 1,959.59 1,111.92
Nov 2003 1,862.89 1,058.2
Oct 2003 1,844.71 1,050.71
Sep 2003 1,746.71 995.97
Aug 2003 1,773.57 1,008.01
Jul 2003 1,749.06 990.31
Jun 2003 1,723.01 974.5
May 2003 1,705.58 963.59
Apr 2003 1,620.32 916.92
Mar 2003 1,495.6 848.18
Feb 2003 1,492.11 841.15
Jan 2003 1,529.62 855.7
Dec 2002 1,579.69 879.82
Nov 2002 1,677.4 936.31
Oct 2002 1,586.84 885.76
Sep 2002 1,463 815.28
Aug 2002 1,646.59 916.07
Jul 2002 1,644.05 911.62
Jun 2002 1,787.07 989.82
May 2002 1,927.74 1,067.14
Apr 2002 1,945.4 1,076.92
Mar 2002 2,084.3 1,147.39
Feb 2002 2,021.74 1,106.73
Jan 2002 2,072.78 1,130.2
Dec 2001 2,110.34 1,148.08
Nov 2001 2,086.21 1,139.45
Oct 2001 1,937.07 1,059.78
Sep 2001 1,896.23 1,040.94
Aug 2001 2,074.29 1,133.58
Jul 2001 2,216.38 1,211.23
Jun 2001 2,234.15 1,224.38
May 2001 2,295.39 1,255.82
Apr 2001 2,294.09 1,249.46
Mar 2001 2,138.91 1,160.33
Feb 2001 2,290.86 1,239.94
Jan 2001 2,533.87 1,366.01
Dec 2000 2,464.52 1,320.28
Nov 2000 2,453.16 1,314.95
Oct 2000 2,668.21 1,429.4
Sep 2000 2,686.12 1,436.51
Aug 2000 2,852.68 1,517.68
Jul 2000 2,689.43 1,430.83
Jun 2000 2,740.45 1,454.6
May 2000 2,690.44 1,420.6
Apr 2000 2,753.94 1,452.43
Mar 2000 2,843.1 1,498.58
Feb 2000 2,613.74 1,366.42
Jan 2000 2,683.18 1,394.46
Dec 1999 2,835.49 1,469.25
Nov 1999 2,680.44 1,388.91
Oct 1999 2,631.86 1,362.93
Sep 1999 2,481.38 1,282.71
Aug 1999 2,566.54 1,320.41
Jul 1999 2,588.89 1,328.72
Jun 1999 2,682.65 1,372.71
May 1999 2,544.15 1,301.84
Apr 1999 2,609.3 1,335.18
Mar 1999 2,532.2 1,286.37
Feb 1999 2,445.04 1,238.33
Jan 1999 2,529.68 1,279.64
Dec 1998 2,435.96 1,229.23
Nov 1998 2,304.56 1,163.63
Oct 1998 2,175.9 1,098.67
Sep 1998 2,019.1 1,017.01
Aug 1998 1,902.84 957.28
Jul 1998 2,230.35 1,120.67
Jun 1998 2,259.33 1,133.84
May 1998 2,176.28 1,090.82
Apr 1998 2,222.13 1,111.75
Mar 1998 2,206.22 1,101.75
Feb 1998 2,105.16 1,049.34
Jan 1998 1,970.27 980.28
Dec 1997 1,954.1 970.43
Nov 1997 1,921.45 955.4
Oct 1997 1,838.3 914.62
Sep 1997 1,908.66 947.28
Aug 1997 1,816.84 899.47
Jul 1997 1,931.21 954.31
Jun 1997 1,793.47 885.14
May 1997 1,720.93 848.28
Apr 1997 1,624.69 801.34
Mar 1997 1,536.95 757.12
Feb 1997 1,609.39 790.82
Jan 1997 1,604.93 786.16
Dec 1996 1,516.98 740.74
Nov 1996 1,550.32 757.02
Oct 1996 1,447.07 705.27
Sep 1996 1,414.73 687.33
Aug 1996 1,346.26 651.99
Jul 1996 1,323.92 639.95
Jun 1996 1,390.05 670.63
May 1996 1,387.8 669.12
Apr 1996 1,359.4 654.17
Mar 1996 1,346.55 645.5
Feb 1996 1,342.88 640.43
Jan 1996 1,337.95 636.02
Dec 1995 1,303.28 615.93
Nov 1995 1,280.11 605.37
Oct 1995 1,228.83 581.5
Sep 1995 1,239.01 584.41
Aug 1995 1,193.58 561.88
Jul 1995 1,197.1 562.06
Jun 1995 1,160.23 544.75
May 1995 1,138.29 533.4
Apr 1995 1,100.58 514.71
Mar 1995 1,074.18 500.71
Feb 1995 1,049.07 487.39
Jan 1995 1,016.58 470.42
Dec 1994 996.47 459.27
Nov 1994 984.36 453.69
Oct 1994 1,026.22 472.35
Sep 1994 1,005.95 462.71
Aug 1994 1,036.5 475.49
Jul 1994 1,002.98 458.26
Jun 1994 974.99 444.27
May 1994 1,005.23 456.5
Apr 1994 993.59 450.91
Mar 1994 983.6 445.77
Feb 1994 1,034.27 467.14
Jan 1994 1,069.95 481.61
Dec 1993 1,039.11 466.45
Nov 1993 1,028.73 461.79
Oct 1993 1,042.9 467.83
Sep 1993 1,027.29 458.93
Aug 1993 1,039.81 463.56
Jul 1993 1,007.98 448.13
Jun 1993 1,013.38 450.53
May 1993 1,014.02 450.19
Apr 1993 992.87 440.19
Mar 1993 1,021.6 451.67
Feb 1993 1,006.36 443.38
Jan 1993 999.41 438.78
Dec 1992 997.31 435.71
Nov 1992 986.64 431.35
Oct 1992 959.01 418.68
Sep 1992 960.38 417.8
Aug 1992 954.41 414.03
Jul 1992 980.66 424.21
Jun 1992 945.53 408.14
May 1992 965.68 415.35
Apr 1992 966.13 414.95
Mar 1992 941.27 403.69
Feb 1992 967.14 412.7
Jan 1992 961.42 408.78
Dec 1991 982.38 417.09
Nov 1991 884.41 375.22
Oct 1991 927.71 392.45
Sep 1991 918.2 387.86
Aug 1991 940.23 395.43
Jul 1991 924.82 387.81
Jun 1991 886.42 371.16
May 1991 933.75 389.83
Apr 1991 901.7 375.34
Mar 1991 902.75 375.22
Feb 1991 884.45 367.07
Jan 1991 829.93 343.93
Dec 1990 801.61 330.22
Nov 1990 782.19 322.22
Oct 1990 739.62 304
Sep 1990 749.1 306.05
Aug 1990 796.11 322.56
Jul 1990 887.1 356.15
Jun 1990 895.19 358.02
May 1990 908.11 361.23
Apr 1990 833.54 330.8
Mar 1990 857.91 339.94
Feb 1990 842.17 331.89
Jan 1990 838.97 329.08
Dec 1989 910.26 353.4
Nov 1989 892.59 345.99
Oct 1989 880.17 340.36
Sep 1989 907.23 349.15
Aug 1989 916.14 351.45
Jul 1989 903.59 346.08
Jun 1989 832.23 317.98
May 1989 840.91 320.52
Apr 1989 816.99 309.64
Mar 1989 783.11 294.87
Feb 1989 771.56 288.86
Jan 1989 797.84 297.47
Dec 1988 748.58 277.72
Nov 1988 738.97 273.7
Oct 1988 753.82 278.97
Sep 1988 737.2 271.91
Aug 1988 713.8 261.52
Jul 1988 745.59 272.02
Jun 1988 752.82 273.5
May 1988 724.68 262.16
Apr 1988 724.85 261.33
Mar 1988 721.78 258.89
Feb 1988 749.9 267.82
Jan 1988 721.66 257.07
Dec 1987 695.42 247.08
Nov 1987 648.19 230.3
Oct 1987 709.29 251.79
Sep 1987 908.96 321.83
Aug 1987 936.36 329.8
Jul 1987 909.5 318.66
Jun 1987 869.95 304
May 1987 833.11 290.1
Apr 1987 831.05 288.36
Mar 1987 845.18 291.7
Feb 1987 827.13 284.2
Jan 1987 800.55 274.08
Dec 1986 711.83 242.17
Nov 1986 733.21 249.22
Oct 1986 718.45 243.98
Sep 1986 681.79 231.32
Aug 1986 748.88 252.93
Jul 1986 700.38 236.12
Jun 1986 744.04 250.84
May 1986 737.73 247.35
Apr 1986 704.39 235.52
Mar 1986 713.19 238.9
Feb 1986 674.32 226.92
Jan 1986 627.61 211.78
Dec 1985 627.85 211.28
Nov 1985 602.43 202.17
Oct 1985 567.19 189.82
Sep 1985 546.07 182.08
Aug 1985 567.29 188.63
Jul 1985 575.24 190.92
Jun 1985 579.12 191.85
May 1985 573.77 189.55
Apr 1985 546.39 179.83
Mar 1985 551.49 180.66
Feb 1985 555.16 181.18
Jan 1985 553.02 179.63
Dec 1984 515.86 167.24
Nov 1984 504.57 163.58
Oct 1984 512.31 166.09
Sep 1984 513.8 166.1
Aug 1984 518.06 166.68
Jul 1984 470.07 150.66
Jun 1984 479.78 153.18
May 1984 472.91 150.55
Apr 1984 504.21 160.05
Mar 1984 503.91 159.18
Feb 1984 498.17 157.06
Jan 1984 520.86 163.41
Dec 1983 528.82 164.93
Nov 1983 534.06 166.4
Oct 1983 525.95 163.55
Sep 1983 535.65 166.07
Aug 1983 532.91 164.4
Jul 1983 528.52 162.56
Jun 1983 547.23 167.64
May 1983 531.7 162.39
Apr 1983 541.65 164.43
Mar 1983 507.47 152.96
Feb 1983 491.21 148.06
Jan 1983 482.55 145.3
Dec 1982 468.03 140.64
Nov 1982 459.13 138.53
Oct 1982 442.28 133.72
Sep 1982 399.51 120.42
Aug 1982 397.31 119.51
Jul 1982 356.75 107.09
Jun 1982 367.02 109.61
May 1982 379.32 111.88
Apr 1982 398.52 116.44
Mar 1982 384.81 111.96
Feb 1982 388.35 113.11
Jan 1982 414.7 120.4
Dec 1981 423.45 122.55
Nov 1981 437.98 126.35
Oct 1981 423.87 121.89
Sep 1981 404.88 116.18
Aug 1981 432.09 122.79
Jul 1981 464.22 130.92
Jun 1981 470.39 131.21
May 1981 479.57 132.59
Apr 1981 484.14 132.81
Mar 1981 499.13 136
Feb 1981 485.06 131.27
Jan 1981 483.65 129.55
Dec 1980 510.95 135.76
Nov 1980 533.81 140.52
Oct 1980 488.23 127.47
Sep 1980 485.11 125.46
Aug 1980 477.18 122.38
Jul 1980 477.85 121.67
Jun 1980 448.67 114.24
May 1980 441.7 111.24
Apr 1980 426.21 106.29
Mar 1980 413.97 102.09
Feb 1980 467.89 113.66
Jan 1980 476.6 114.16
Dec 1979 457.09 107.94
Nov 1979 454.29 106.16
Oct 1979 439.78 101.82
Sep 1979 475.97 109.32
Aug 1979 481.13 109.32
Jul 1979 461.25 103.81
Jun 1979 462.31 102.91
May 1979 450.09 99.08
Apr 1979 468.15 101.76
Mar 1979 472.73 101.59
Feb 1979 452.56 96.28
Jan 1979 475.22 99.93
Dec 1978 461.1 96.11
Nov 1978 456.36 94.7
Oct 1978 450.9 93.15
Sep 1978 500.83 102.54
Aug 1978 508.31 103.29
Jul 1978 497.73 100.68
Jun 1978 475.89 95.53
May 1978 489.67 97.24
Apr 1978 492.18 96.83
Mar 1978 457.03 89.21
Feb 1978 449.45 87.04
Jan 1978 463.81 89.25
Dec 1977 497.4 95.1
Nov 1977 497.59 94.83
Oct 1977 486.88 92.34
Sep 1977 510.63 96.53
Aug 1977 513.58 96.77
Jul 1977 526.34 98.85
Jun 1977 537.66 100.48
May 1977 517.74 96.12
Apr 1977 532.89 98.44
Mar 1977 537.26 98.42
Feb 1977 548.59 99.82
Jan 1977 566.48 102.03
Dec 1976 599.71 107.46
Nov 1976 571.76 102.1
Oct 1976 577.24 102.9
Sep 1976 593.44 105.24
Aug 1976 582.32 102.91
Jul 1976 588.39 103.44
Jun 1976 596.31 104.28
May 1976 575.9 100.18
Apr 1976 588.46 101.64
Mar 1976 597.13 102.77
Feb 1976 580.39 99.71
Jan 1976 589.2 100.86
Dec 1975 527.81 90.19
Nov 1975 535.89 91.24
Oct 1975 526.78 89.04
Sep 1975 498.92 83.87
Aug 1975 519.68 86.88
Jul 1975 531.85 88.75
Jun 1975 576.82 95.19
May 1975 556.49 91.15
Apr 1975 536.01 87.3
Mar 1975 513.76 83.36
Feb 1975 504.77 81.59
Jan 1975 479.91 76.98
Dec 1974 429.06 68.56
Nov 1974 441.29 69.97
Oct 1974 469.72 73.9
Sep 1974 407.86 63.54
Aug 1974 468.69 72.15
Jul 1974 521.46 79.31
Jun 1974 570.06 86
May 1974 583.3 87.28
Apr 1974 611.1 90.31
Mar 1974 638.59 93.98
Feb 1974 662.12 96.22
Jan 1974 673.09 96.57
Dec 1973 685.81 97.55
Nov 1973 679.04 95.96
Oct 1973 771.33 108.29
Sep 1973 779.16 108.43
Aug 1973 750.78 104.25
Jul 1973 793.45 108.22
Jun 1973 766.15 104.26
May 1973 776.49 104.95
Apr 1973 796.88 106.97
Mar 1973 836.53 111.52
Feb 1973 845.54 111.68
Jan 1973 884.66 116.03
Dec 1972 902.18 118.05
Nov 1972 893.74 116.67
Oct 1972 856.77 111.58
Sep 1972 852.89 110.55
Aug 1972 859.1 111.09
Jul 1972 832.46 107.39
Jun 1972 834.51 107.14
May 1972 855.18 109.53
Apr 1972 842.68 107.67
Mar 1972 841.03 107.2
Feb 1972 838.11 106.57
Jan 1972 821.4 103.94
Dec 1971 806.78 102.09
Nov 1971 746.4 93.99
Oct 1971 748.31 94.23
Sep 1971 782.86 98.34
Aug 1971 788.36 99.03
Jul 1971 762.76 95.58
Jun 1971 789.6 98.7
May 1971 802.97 99.63
Apr 1971 841.97 103.95
Mar 1971 814.52 100.31
Feb 1971 787.58 96.75
Jan 1971 782.46 95.88
Dec 1970 752.02 92.15
Nov 1970 715.22 87.2
Oct 1970 686.28 83.25
Sep 1970 698.49 84.3
Aug 1970 678.92 81.52
Jul 1970 650.02 78.05
Jun 1970 608.75 72.72
May 1970 644.13 76.55
Apr 1970 687.73 81.52
Mar 1970 762.09 89.63
Feb 1970 764.99 89.5
Jan 1970 730.54 85.02
Dec 1969 793.13 92.06
Nov 1969 812.52 93.81
Oct 1969 845.7 97.12
Sep 1969 815.24 93.12
Aug 1969 838.42 95.51
Jul 1969 810.5 91.83
Jun 1969 867.11 97.71
May 1969 923.18 103.46
Apr 1969 927.78 103.69
Mar 1969 913.31 101.51
Feb 1969 890.3 98.13
Jan 1969 939.82 103.01
Dec 1968 950.25 103.86
Nov 1968 994.31 108.37
Oct 1968 951.49 103.41
Sep 1968 950.06 102.67
Aug 1968 917.42 98.86
Jul 1968 909.63 97.74
Jun 1968 932.09 99.58
May 1968 929.02 98.68
Apr 1968 920.2 97.46
Mar 1968 854.14 90.2
Feb 1968 848.66 89.36
Jan 1968 878.58 92.24
Dec 1967 924.29 96.47
Nov 1967 903.29 94
Oct 1967 899.22 93.3
Sep 1967 934.86 96.71
Aug 1967 907.89 93.64
Jul 1967 921.4 94.75
Jun 1967 884.08 90.64
May 1967 871.48 89.08
Apr 1967 922.49 94.01
Mar 1967 887.79 90.2
Feb 1967 856.72 86.78
Jan 1967 855.04 86.61
Dec 1966 793.05 80.33
Nov 1966 794.23 80.45
Oct 1966 791.76 80.2
Sep 1966 760.45 76.56
Aug 1966 765.81 77.1
Jul 1966 835.49 83.6
Jun 1966 849.49 84.74
May 1966 866.1 86.13
Apr 1966 915.67 91.06
Mar 1966 902.86 89.23
Feb 1966 925.88 91.22
Jan 1966 948.66 92.88
Dec 1965 944.06 92.43
Nov 1965 938.64 91.61
Oct 1965 946.94 92.42
Sep 1965 924.65 89.96
Aug 1965 895.98 87.17
Jul 1965 876.24 85.25
Jun 1965 864.63 84.12
May 1965 914.61 88.42
Apr 1965 921.75 89.11
Mar 1965 894.08 86.16
Feb 1965 910.17 87.43
Jan 1965 911.52 87.56
Dec 1964 882.27 84.75
Nov 1964 878.83 84.42
Oct 1964 886.25 84.86
Sep 1964 879.15 84.18
Aug 1964 857.37 81.83
Jul 1964 868.71 83.18
Jun 1964 855.9 81.69
May 1964 844.8 80.37
Apr 1964 835.23 79.46
Mar 1964 830.18 78.98
Feb 1964 817.78 77.8
Jan 1964 809.79 77.04
Dec 1963 788.56 75.02
Nov 1963 772.24 73.23
Oct 1963 780.47 74.01
Sep 1963 758.57 71.7
Aug 1963 767.04 72.5
Jul 1963 731.38 69.13
Jun 1963 736.32 69.37
May 1963 753.96 70.8
Apr 1963 743.31 69.8
Mar 1963 708.92 66.57
Feb 1963 686.89 64.29
Jan 1963 707.29 66.2
Dec 1962 674.17 63.1
Nov 1962 665.2 62.26
Oct 1962 603.87 56.52
Sep 1962 601.2 56.27
Aug 1962 633.74 59.12
Jul 1962 624.19 58.23
Jun 1962 588.83 54.75
May 1962 641.32 59.63
Apr 1962 701.65 65.24
Mar 1962 750.49 69.55
Feb 1962 754.92 69.96
Jan 1962 745.31 68.84
Dec 1961 774.65 71.55
Nov 1961 772.16 71.32
Oct 1961 742.93 68.62
Sep 1961 722.46 66.73
Aug 1961 739.44 68.07
Jul 1961 722.79 66.76
Jun 1961 704.53 64.64
May 1961 725.46 66.56
Apr 1961 711.84 65.31
Mar 1961 709.11 65.06
Feb 1961 691.45 63.44
Jan 1961 673.36 61.78
Dec 1960 633.36 58.11
Nov 1960 605.35 55.54
Oct 1960 581.92 53.39
Sep 1960 587.27 53.52
Aug 1960 625.02 56.96
Jul 1960 609.11 55.51
Jun 1960 624.58 56.92
May 1960 614.7 55.83
Apr 1960 598.62 54.37
Mar 1960 611.38 55.34
Feb 1960 619.99 56.12
Jan 1960 616.45 55.61
Dec 1959 661.64 59.89
Nov 1959 643.86 58.28
Oct 1959 635.46 57.52
Sep 1959 630.53 56.88
Aug 1959 662.95 59.6
Jul 1959 673.07 60.51
Jun 1959 652.61 58.47
May 1959 657.22 58.68
Apr 1959 645.01 57.59
Mar 1959 623.08 55.44
Feb 1959 622.74 55.41
Jan 1959 621.04 55.45
Dec 1958 620.49 55.21
Nov 1958 587.78 52.48
Oct 1958 576.89 51.33
Sep 1958 562.61 50.06
Aug 1958 536.65 47.75
Jul 1958 528.53 47.19
Jun 1958 508.44 45.24
May 1958 495.52 44.09
Apr 1958 488.21 43.44
Mar 1958 474.79 42.1
Feb 1958 463.81 40.84
Jan 1958 473.57 41.7
Dec 1957 457.35 39.99
Nov 1957 477.14 41.72
Oct 1957 471.25 41.06
Sep 1957 486.86 42.42
Aug 1957 518.99 45.22
Jul 1957 549.86 47.91
Jun 1957 547.54 47.37
May 1957 550.19 47.43
Apr 1957 532.49 45.74
Mar 1957 515.36 44.11
Feb 1957 507.25 43.26
Jan 1957 526.27 44.72
Dec 1956 549.22 46.67
Nov 1956 532.44 45.08
Oct 1956 538.34 45.58
Sep 1956 537.58 45.35
Aug 1956 565.25 47.51
Jul 1956 585.47 49.39
Jun 1956 560.88 46.97
May 1956 543.74 45.2
Apr 1956 584.16 48.38
Mar 1956 587.55 48.48
Feb 1956 549.49 45.34
Jan 1956 531.07 43.82
Dec 1955 551.19 45.48
Nov 1955 549.5 45.51
Oct 1955 511.23 42.34
Sep 1955 527.29 43.67
Aug 1955 523.32 43.18
Jul 1955 527.44 43.52
Jun 1955 499.12 41.03
May 1955 461.17 37.91
Apr 1955 461.78 37.96
Mar 1955 444.99 36.58
Feb 1955 447.18 36.76
Jan 1955 445.6 36.63
Dec 1954 437.69 35.98
Nov 1954 414.97 34.24
Oct 1954 383.94 31.68
Sep 1954 391.58 32.31
Aug 1954 360.18 29.83
Jul 1954 372.86 30.88
Jun 1954 352.69 29.21
May 1954 352.45 29.19
Apr 1954 342.49 28.26
Mar 1954 325.28 26.94
Feb 1954 315.74 26.15
Jan 1954 314.9 26.08
Dec 1953 299.56 24.81
Nov 1953 298.96 24.76
Oct 1953 295.21 24.54
Sep 1953 281.94 23.35
Aug 1953 281.57 23.32
Jul 1953 299.96 24.75
Jun 1953 292.56 24.14
May 1953 298.52 24.54
Apr 1953 300.62 24.62
Mar 1953 308.8 25.29
Feb 1953 317.45 25.9
Jan 1953 322.11 26.38
Dec 1952 323.22 26.57
Nov 1952 312.15 25.66
Oct 1952 298.28 24.52
Sep 1952 298.52 24.54
Aug 1952 304.48 25.03
Jul 1952 308.99 25.4
Jun 1952 305.92 24.96
May 1952 293.55 23.86
Apr 1952 286.91 23.32
Mar 1952 300.96 24.37
Feb 1952 287.26 23.26
Jan 1952 295.87 24.14
Dec 1951 291.34 23.77
Nov 1951 281.49 22.88
Oct 1951 284.39 22.94
Sep 1951 289.46 23.26
Aug 1951 291.94 23.28
Jul 1951 280.91 22.4
Jun 1951 262.85 20.96
May 1951 269.87 21.52
Apr 1951 282.37 22.43
Mar 1951 270.41 21.48
Feb 1951 275.51 21.8
Jan 1951 276.98 21.66
Dec 1950 265.43 20.43
Nov 1950 256.55 19.51
Oct 1950 257.86 19.53
Sep 1950 258.91 19.45
Aug 1950 246.21 18.42
Jul 1950 240.43 17.84
Jun 1950 241.42 17.69
May 1950 257.37 18.78
Apr 1950 247.18 17.96
Mar 1950 237.96 17.29
Feb 1950 238 17.22
Jan 1950 235.65 17.05
Dec 1949 231.08 16.79
Nov 1949 219.17 16.06
Oct 1949 219.82 16.04
Sep 1949 211.73 15.58
Aug 1949 207.71 15.22
Jul 1949 206.12 15.04
Jun 1949 192.43 14.16
May 1949 193.65 14.19
Apr 1949 199.91 14.71
Mar 1949 205.52 15.06
Feb 1949 199.52 14.62
Jan 1949 205.98 15.22
Dec 1948 204.85 15.2
Nov 1948 197.97 14.75
Oct 1948 219.64 16.5
Sep 1948 205.35 15.49
Aug 1948 211.72 15.97
Jul 1948 210.99 15.85
Jun 1948 225.61 16.74
May 1948 226.82 16.69
Apr 1948 211.26 15.48
Mar 1948 209.32 15.08
Feb 1948 192.53 13.93
Jan 1948 201.18 14.68
Dec 1947 212.37 15.3
Nov 1947 210.63 14.98
Oct 1947 217.9 15.43
Sep 1947 213.38 15.11
Aug 1947 221.15 15.32
Jul 1947 230.58 15.76
Jun 1947 224.55 15.21
May 1947 214.31 14.45
Apr 1947 216.24 14.58
Mar 1947 224.99 15.17
Feb 1947 233.1 15.43
Jan 1947 236.58 15.66
Dec 1946 231.14 15.3
Nov 1946 223.85 14.68
Oct 1946 231.73 14.84
Sep 1946 238.19 14.96
Aug 1946 267.72 16.65
Jul 1946 294.62 17.96
Jun 1946 320.11 18.43
May 1946 336.74 19.18
Apr 1946 331.15 18.76
Mar 1946 320.19 18.04
Feb 1946 310.09 17.28
Jan 1946 331.4 18.57
Dec 1945 309.81 17.36
Nov 1945 308.47 17.19
Oct 1945 298.78 16.65
Sep 1945 288.01 16.05
Aug 1945 278.32 15.51
Jul 1945 263.07 14.66
Jun 1945 266.84 14.87
May 1945 272.36 15.01
Apr 1945 270.79 14.84
Mar 1945 248.34 13.61
Feb 1945 260.93 14.3
Jan 1945 245.79 13.47
Dec 1944 242.32 13.28
Nov 1944 235.43 12.83
Oct 1944 234.52 12.78
Sep 1944 233.78 12.74
Aug 1944 235.25 12.82
Jul 1944 233.23 12.71
Jun 1944 239.54 12.98
May 1944 229.22 12.35
Apr 1944 220.31 11.87
Mar 1944 224.37 12.02
Feb 1944 220.64 11.82
Jan 1944 221.2 11.85
Dec 1943 217.84 11.67
Nov 1943 205.71 11.02
Oct 1943 222.32 11.91
Sep 1943 225.49 12.08
Aug 1943 221.54 11.8
Jul 1943 221.2 11.85
Jun 1943 229.22 12.35
May 1943 223.65 12.05
Apr 1943 216.35 11.59
Mar 1943 218.67 11.58
Feb 1943 210.83 10.97
Jan 1943 200.65 10.44
Dec 1942 187.77 9.77
Nov 1942 179.61 9.29
Oct 1942 182.04 9.36
Sep 1942 174.21 8.85
Aug 1942 169.68 8.62
Jul 1942 169.53 8.56
Jun 1942 165.39 8.3
May 1942 162.4 8.15
Apr 1942 154.53 7.66
Mar 1942 162.6 8.01
Feb 1942 176.58 8.59
Jan 1942 183.09 8.85
Dec 1941 182.1 8.69
Nov 1941 192.35 9.12
Oct 1941 201.67 9.5
Sep 1941 219.4 10.2
Aug 1941 224.09 10.28
Jul 1941 229.57 10.39
Jun 1941 217.64 9.85
May 1941 211.57 9.38
Apr 1941 211.46 9.31
Mar 1941 227.82 9.96
Feb 1941 228.51 9.92
Jan 1941 231.97 10.07
Dec 1940 243.72 10.58
Nov 1940 245.22 10.57
Oct 1940 257.06 11.08
Sep 1940 247.31 10.66
Aug 1940 243.6 10.5
Jul 1940 238.73 10.29
Jun 1940 229.89 9.98
May 1940 215.06 9.27
Apr 1940 282.81 12.19
Mar 1940 282.58 12.18
Feb 1940 281.42 12.13
Jan 1940 281.57 12.05
Dec 1939 289.07 12.46
Nov 1939 283.04 12.2
Oct 1939 297.66 12.83
Sep 1939 294.62 12.79
Aug 1939 263.14 11.18
Jul 1939 283.38 12.04
Jun 1939 255.6 10.86
May 1939 273.02 11.6
Apr 1939 257.25 10.93
Mar 1939 256.57 10.98
Feb 1939 296.76 12.7
Jan 1939 285.36 12.3
Dec 1938 304.85 13.14
Nov 1938 295.34 12.73
Oct 1938 305.54 13.17
Sep 1938 281.95 12.24
Aug 1938 277.81 12.06
Jul 1938 284.03 12.33
Jun 1938 266.29 11.56
May 1938 213.54 9.27
Apr 1938 223.7 9.78
Mar 1938 195.8 8.5
Feb 1938 261.22 11.34
Jan 1938 244.51 10.69
Dec 1937 237.96 10.55
Nov 1937 248.86 11.11
Oct 1937 274.75 12.35
Sep 1937 306.11 13.76
Aug 1937 359.3 16.04
Jul 1937 375.65 16.77
Jun 1937 347.36 15.4
May 1937 366.75 16.26
Apr 1937 373.18 16.43
Mar 1937 409.89 17.92
Feb 1937 416.02 18.06
Jan 1937 409.34 17.77
Dec 1936 398.58 17.18
Nov 1936 400.9 17.28
Oct 1936 399.74 17.23
Sep 1936 371.43 16.01
Aug 1936 370.97 15.99
Jul 1936 370.37 15.85
Jun 1936 349.28 14.84
May 1936 341.4 14.4
Apr 1936 326.46 13.77
Mar 1936 353.72 14.92
Feb 1936 343.63 14.6
Jan 1936 336.8 14.31
Dec 1935 316.09 13.43
Nov 1935 304.56 12.94
Oct 1935 295.4 12.46
Sep 1935 274.78 11.59
Aug 1935 266.48 11.24
Jul 1935 262.68 11.08
Jun 1935 242.77 10.24
May 1935 225.48 9.58
Apr 1935 218.42 9.28
Mar 1935 200.33 8.45
Feb 1935 207.21 8.74
Jan 1935 217.33 9.1
Dec 1934 230.27 9.5
Nov 1934 229.53 9.54
Oct 1934 211.96 8.81
Sep 1934 216.85 9.08
Aug 1934 221.79 9.15
Jul 1934 210.39 8.68
Jun 1934 237.78 9.81
May 1934 234.69 9.61
Apr 1934 255.44 10.46
Mar 1934 259.35 10.62
Feb 1934 262.77 10.76
Jan 1934 274.85 11.17
Dec 1933 245.32 9.97
Nov 1933 243.11 9.88
Oct 1933 220.47 8.96
Sep 1933 239.17 9.72
Aug 1933 272.88 11.09
Jul 1933 246.7 9.95
Jun 1933 279.02 10.91
May 1933 248.5 9.64
Apr 1933 201.84 7.83
Mar 1933 150.8 5.85
Feb 1933 144.75 5.66
Jan 1933 174.74 6.94
Dec 1932 171.57 6.92
Nov 1932 161.17 6.55
Oct 1932 169.97 6.96
Sep 1932 195.85 8.08
Aug 1932 201.86 8.39
Jul 1932 144.01 6.03
Jun 1932 105.8 4.43
May 1932 105.97 4.47
Apr 1932 136.23 5.83
Mar 1932 169.59 7.31
Feb 1932 190.96 8.29
Jan 1932 180.34 7.94
Dec 1931 180.64 8.12
Nov 1931 209.9 9.5
Oct 1931 227.36 10.43
Sep 1931 210.25 9.71
Aug 1931 298.13 13.86
Jul 1931 295.33 13.73
Jun 1931 318.99 14.83
May 1931 276.4 13.02
Apr 1931 316.21 15.09
Mar 1931 347.49 16.69
Feb 1931 373 18.03
Jan 1931 330.72 16.19
Dec 1930 309.47 15.34
Nov 1930 324.4 16.38
Oct 1930 333.46 16.94
Sep 1930 363.74 18.59
Aug 1930 420.67 21.37
Jul 1930 415 21.21
Jun 1930 395.56 20.46
May 1930 470.67 24.49
Apr 1930 475.74 24.9
Mar 1930 464.14 24.15
Feb 1930 444.78 23.28
Jan 1930 432.88 22.79
Dec 1929 405.06 21.45
Nov 1929 392.76 20.92
Oct 1929 453.41 24.15
Sep 1929 566.24 30.16
Aug 1929 595.34 31.71
Jul 1929 542.21 28.88
Jun 1929 520.63 27.41
May 1929 474.4 24.83
Apr 1929 498.54 25.94
Mar 1929 487.77 25.53
Feb 1929 486.06 25.59
Jan 1929 488.91 25.74
Dec 1928 462.51 24.35
Nov 1928 458.5 24.28
Oct 1928 409.4 21.68
Sep 1928 396.89 21.14
Aug 1928 396.41 20.87
Jul 1928 369.06 19.43
Jun 1928 363.55 19.14
May 1928 377.67 20
Apr 1928 375.13 19.75
Mar 1928 366.21 19.28
Feb 1928 327.84 17.26
Jan 1928 329.87 17.57
Dec 1927 331.56 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 September 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 12.67% 16.07%
Last 3 years 19.46% 23.1%
Last 5 years 9.77% 14.74%
Last 10 years 9.82% 13.29%
Last 20 years 6.2% 8.84%
Last 30 years 5.78% 8.46%
Last 40 years 6.46% 9.43%
Last 50 years 5.33% 9.15%
Last 75 years 4.43% 8.1%

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 126.4% nominal gain, but the real return (the actual increase in buying power) was 80.31%.

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 - Sep 2025 $226.4 126.4% 80.31%
Last 10 years Feb 2015 - Sep 2025 $317.82 217.82% 129.68%
Last 25 years Feb 2000 - Sep 2025 $489.49 389.49% 155.9%
Last 50 years Feb 1975 - Sep 2025 $8,197.65 8,098% 1,225%

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
Dec 4, 2025
6,857.12
Highest
Oct 28, 2025
6,890.89
Highest, Inflation-Adjusted
Oct 28, 2025
6,890.89
Annualized return
Since Dec 30, 1927
6.28%
Annualized return, Inflation-Adjusted
Since Dec 30, 1927
3.14%