Inflation-Adjusted SPDR S&P 500 (SPY) ETF

The SPDR S&P 500 ETF Trust (SPY) is an exchange-traded fund that tracks the S&P 500 Index, which represents 500 of the largest U.S. companies.

While SPY's price reflects the nominal value of these stocks, it doesn't account for the changing purchasing power of the dollar over time. This page adjusts the historical price of SPY for inflation using the US Consumer Price Index, providing a clearer view of its real performance.

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

The current value of the SPDR S&P 500 ETF Trust is 695.42 (as of the close of Jan 28, 2026), 0.01% lower than the all-time high of 695.49 (Jan 27, 2026).

Since January 29, 1993, the inflation-adjusted total return for the ETF has been 1,078%, which is equivalent to an annual growth rate of 7.76%.

In nominal values, the total return since this date has been 2,576%, or an annualized rate of 10.47%.

Inflation-Adjusted Values by Month

This data presents the ETF'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
Jan 2026 695.42 695.42
Dec 2025 681.92 681.92
Nov 2025 681.24 681.38
Oct 2025 680.06 680.06
Sep 2025 662.7 664.22
Aug 2025 641.54 641.38
Jul 2025 630.44 628.49
Jun 2025 617.18 614.34
May 2025 589.02 584.32
Apr 2025 555.35 549.77
Mar 2025 561.95 554.57
Feb 2025 596.46 587.3
Jan 2025 606.81 594.86
Dec 2024 594.81 579.3
Nov 2024 609.69 593.59
Oct 2024 575.07 560.18
Sep 2024 580.92 565.22
Aug 2024 569.88 553.6
Jul 2024 557.32 540.96
Jun 2024 551.3 534.49
May 2024 532.69 516.28
Apr 2024 507.89 491.43
Mar 2024 531.29 512.07
Feb 2024 517.8 495.86
Jan 2024 495.16 471.27
Dec 2023 490.05 463.88
Nov 2023 468.2 443.63
Oct 2023 428.15 406.5
Sep 2023 437.48 415.52
Aug 2023 460.41 436.22
Jul 2023 470.06 443.42
Jun 2023 456.03 429.37
May 2023 429.67 403.25
Apr 2023 428.77 401.39
Mar 2023 424.16 395.08
Feb 2023 410.36 380.96
Jan 2023 423.29 390.79
Dec 2022 401.43 367.67
Nov 2022 424.68 390.16
Oct 2022 401.91 369.61
Sep 2022 373.21 341.83
Aug 2022 412.11 376.65
Jul 2022 429.49 392.67
Jun 2022 393.23 359.56
May 2022 434.46 391.89
Apr 2022 438.26 391
Mar 2022 483.11 428.62
Feb 2022 471.83 413.1
Jan 2022 490.62 425.66
Dec 2021 522.3 449.36
Nov 2021 500.75 429.5
Oct 2021 507.28 432.98
Sep 2021 477.96 404.59
Aug 2021 502.69 424.37
Jul 2021 489.17 412.11
Jun 2021 479.81 402.29
May 2021 473.65 393.47
Apr 2021 474.34 390.9
Mar 2021 454.2 371.26
Feb 2021 437.56 355.14
Jan 2021 428.05 345.53
Dec 2020 434.3 349.09
Nov 2020 419.19 336.62
Oct 2020 377.83 303.6
Sep 2020 387.65 311.36
Aug 2020 403.3 323.48
Jul 2020 378.18 302.38
Jun 2020 358.95 285.56
May 2020 354.63 280.59
Apr 2020 338.51 267.83
Mar 2020 298.36 237.65
Feb 2020 340.2 271.57
Jan 2020 370.46 294.92
Dec 2019 372.05 295.04
Nov 2019 361.23 286.71
Oct 2019 348.42 276.7
Sep 2019 341.66 270.71
Aug 2019 335.41 265.55
Jul 2019 341.11 270.07
Jun 2019 336.59 266.05
May 2019 314.76 248.75
Apr 2019 336.92 265.69
Mar 2019 325.41 255.26
Feb 2019 321.43 250.73
Jan 2019 312.65 242.86
Dec 2018 290.03 224.85
Nov 2018 317.03 246.57
Oct 2018 310.21 242.08
Sep 2018 333.83 260.05
Aug 2018 332.25 258.52
Jul 2018 322.15 250.52
Jun 2018 310.66 241.57
May 2018 309.38 240.2
Apr 2018 303.3 234.5
Mar 2018 302.94 233.29
Feb 2018 312.18 239.87
Jan 2018 325.43 248.92
Dec 2017 309.75 235.64
Nov 2017 305.86 232.82
Oct 2017 296.8 225.92
Sep 2017 289.78 220.72
Aug 2017 285.57 216.36
Jul 2017 285.59 215.73
Jun 2017 279.65 211.39
May 2017 278.14 210.05
Apr 2017 274.5 207.13
Mar 2017 272.61 205.1
Feb 2017 272.49 204.84
Jan 2017 263.02 197.1
Dec 2016 259.9 193.63
Nov 2016 254.83 189.79
Oct 2016 245.39 183.05
Sep 2016 250.03 186.28
Aug 2016 250.62 186.27
Jul 2016 250.55 186.05
Jun 2016 241.35 179.5
May 2016 241.31 178.89
Apr 2016 238.23 175.89
Mar 2016 238.42 175.2
Feb 2016 224.36 164.17
Jan 2016 224.73 164.3
Dec 2015 236.9 172.91
Nov 2015 240.25 175.96
Oct 2015 238.87 175.32
Sep 2015 220.04 161.57
Aug 2015 225.46 165.81
Jul 2015 239.75 176.57
Jun 2015 234.47 172.67
May 2015 240.18 176.25
Apr 2015 238.34 174.02
Mar 2015 236.5 172.32
Feb 2015 241.71 175.07
Jan 2015 229.84 165.76
Dec 2014 235.74 170.82
Nov 2014 235.01 171.26
Oct 2014 227.49 166.68
Sep 2014 221.7 162.85
Aug 2014 224.97 165.13
Jul 2014 216.07 158.86
Jun 2014 218.93 161.02
May 2014 214.9 157.77
Apr 2014 210.76 154.19
Mar 2014 210 153.13
Feb 2014 209.62 151.87
Jan 2014 201.23 145.26
Dec 2013 209.36 150.56
Nov 2013 204.06 146.76
Oct 2013 197.78 142.54
Sep 2013 188.54 136.23
Aug 2013 182.97 132.05
Jul 2013 188.86 136.14
Jun 2013 179.65 129.45
May 2013 182.52 131.2
Apr 2013 178.63 128.18
Mar 2013 175.08 125.76
Feb 2013 169.12 121.16
Jan 2013 168.35 119.64
Dec 2012 160.63 113.81
Nov 2012 158.79 112.81
Oct 2012 157.14 112.17
Sep 2012 159.99 114.25
Aug 2012 157.57 112.02
Jul 2012 154.58 109.28
Jun 2012 152.52 108.01
May 2012 146.36 103.8
Apr 2012 155.53 110.43
Mar 2012 157.05 111.17
Feb 2012 153.31 107.71
Jan 2012 147.58 103.23
Dec 2011 141.66 98.65
Nov 2011 139.86 97.64
Oct 2011 140.31 98.04
Sep 2011 126.24 88.39
Aug 2011 135.87 94.98
Jul 2011 144.17 100.51
Jun 2011 147.24 102.56
May 2011 149.61 104.32
Apr 2011 152.02 105.51
Mar 2011 148.69 102.54
Feb 2011 150.13 102.53
Jan 2011 145.8 99.09
Dec 2010 143.16 96.83
Nov 2010 134.42 90.76
Oct 2010 134.48 90.76
Sep 2010 129.69 87.42
Aug 2010 119.11 80.24
Jul 2010 124.89 84.02
Jun 2010 116.93 78.65
May 2010 123.19 82.94
Apr 2010 133.93 90.1
Mar 2010 132.12 88.73
Feb 2010 125.05 83.64
Jan 2010 121.3 81.11
Dec 2009 126.3 84.17
Nov 2009 123.72 82.59
Oct 2009 116.62 77.8
Sep 2009 119.02 79.32
Aug 2009 115.02 76.61
Jul 2009 111.17 73.88
Jun 2009 103.29 68.75
May 2009 104.25 68.8
Apr 2009 98.77 65
Mar 2009 90.07 59.12
Feb 2009 83.35 54.58
Jan 2009 93.85 61.15
Dec 2008 102.69 66.62
Nov 2008 100.65 65.98
Oct 2008 106.11 70.91
Sep 2008 125.82 84.95
Aug 2008 138.71 93.78
Jul 2008 136.06 92.35
Jun 2008 138.01 93.19
May 2008 152.12 101.69
Apr 2008 151.12 100.18
Mar 2008 145.12 95.62
Feb 2008 147.7 96.49
Jan 2008 152.06 99.05
Dec 2007 162.65 105.42
Nov 2007 164.39 106.62
Oct 2007 172.03 110.92
Sep 2007 170.09 109.43
Aug 2007 164.21 105.36
Jul 2007 161.83 104.02
Jun 2007 167.02 107.38
May 2007 169.83 108.98
Apr 2007 165.26 105.41
Mar 2007 159.28 100.93
Feb 2007 158.89 99.78
Jan 2007 162.94 101.78
Dec 2006 161.01 100.27
Nov 2006 159.13 98.95
Oct 2006 155.79 97.02
Sep 2006 150.22 94.05
Aug 2006 145.55 91.58
Jul 2006 142.72 89.63
Jun 2006 142.51 89.23
May 2006 142.42 89
Apr 2006 147.57 91.76
Mar 2006 146.97 90.62
Feb 2006 145.39 89.15
Jan 2006 144.85 88.64
Dec 2005 142.53 86.56
Nov 2005 142.98 87.19
Oct 2005 135.86 83.51
Sep 2005 139.43 85.54
Aug 2005 140.01 84.86
Jul 2005 142.06 85.66
Jun 2005 137.46 82.5
May 2005 137.33 82.38
Apr 2005 132.9 79.81
Mar 2005 136.35 81.33
Feb 2005 139.98 82.85
Jan 2005 137.9 81.15
Dec 2004 141.36 83.02
Nov 2004 136.73 80.59
Oct 2004 130.97 77.16
Sep 2004 129.99 76.17
Aug 2004 128.97 75.42
Jul 2004 128.72 75.24
Jun 2004 132.8 77.74
May 2004 130.8 76.33
Apr 2004 129.35 75.04
Mar 2004 132.27 76.49
Feb 2004 134.91 77.52
Jan 2004 133.82 76.48
Dec 2003 131.87 75
Nov 2003 125.42 71.41
Oct 2003 123.73 70.64
Sep 2003 117.32 67.05
Aug 2003 119 67.79
Jul 2003 117.04 66.42
Jun 2003 115.09 65.24
May 2003 114 64.55
Apr 2003 107.9 61.2
Mar 2003 99.27 56.42
Feb 2003 99.65 56.3
Jan 2003 101.79 57.07
Dec 2002 104.82 58.51
Nov 2002 110.86 62.02
Oct 2002 104.42 58.42
Sep 2002 96.64 53.98
Aug 2002 108.14 60.3
Jul 2002 107.77 59.89
Jun 2002 117.12 65.02
May 2002 126.52 70.2
Apr 2002 127.28 70.62
Mar 2002 135.9 74.98
Feb 2002 132.26 72.57
Jan 2002 135.21 73.89
Dec 2001 136.86 74.62
Nov 2001 135.55 74.21
Oct 2001 125.53 68.84
Sep 2001 123.5 67.95
Aug 2001 135.09 74
Jul 2001 143.61 78.66
Jun 2001 144.68 79.47
May 2001 148.47 81.41
Apr 2001 149.98 81.87
Mar 2001 138.72 75.43
Feb 2001 147.29 79.91
Jan 2001 163.47 88.33
Dec 2000 157.5 84.57
Nov 2000 158.24 85.02
Oct 2000 171.11 91.88
Sep 2000 172.21 92.31
Aug 2000 183.15 97.67
Jul 2000 171.92 91.68
Jun 2000 175.07 93.14
May 2000 172.59 91.34
Apr 2000 175.55 92.8
Mar 2000 182.05 96.18
Feb 2000 167.33 87.68
Jan 2000 170.93 89.04
Dec 1999 180.42 93.7
Nov 1999 170.67 88.64
Oct 1999 167.98 87.19
Sep 1999 158.14 81.94
Aug 1999 162.53 83.81
Jul 1999 163.77 84.25
Jun 1999 169.52 86.94
May 1999 160.63 82.38
Apr 1999 164.39 84.31
Mar 1999 159.53 81.23
Feb 1999 153.64 77.99
Jan 1999 158.92 80.58
Dec 1998 153.89 77.83
Nov 1998 144.35 73.06
Oct 1998 136.74 69.2
Sep 1998 126.79 64.01
Aug 1998 119.36 60.18
Jul 1998 139.15 70.08
Jun 1998 141.23 71.04
May 1998 135.63 68.14
Apr 1998 138.76 69.58
Mar 1998 137.26 68.7
Feb 1998 131.12 65.51
Jan 1998 122.85 61.26
Dec 1997 121.51 60.48
Nov 1997 119.09 59.35
Oct 1997 114.59 57.14
Sep 1997 117.76 58.58
Aug 1997 112.63 55.89
Jul 1997 119.01 58.94
Jun 1997 110.41 54.61
May 1997 106.18 52.46
Apr 1997 99.81 49.34
Mar 1997 94.04 46.43
Feb 1997 98.63 48.58
Jan 1997 98 48.12
Dec 1996 92.59 45.32
Nov 1996 94.85 46.42
Oct 1996 88.57 43.26
Sep 1996 86.06 41.91
Aug 1996 81.77 39.69
Jul 1996 80.38 38.94
Jun 1996 84.32 40.78
May 1996 83.64 40.42
Apr 1996 81.94 39.52
Mar 1996 81.37 39.1
Feb 1996 80.41 38.44
Jan 1996 80.41 38.31
Dec 1995 78.11 37
Nov 1995 76.85 36.43
Oct 1995 73.53 34.88
Sep 1995 73.99 34.98
Aug 1995 71.12 33.56
Jul 1995 70.99 33.41
Jun 1995 68.78 32.37
May 1995 67.55 31.73
Apr 1995 65.1 30.52
Mar 1995 63.44 29.64
Feb 1995 62.26 28.99
Jan 1995 60.05 27.85
Dec 1994 58.33 26.95
Nov 1994 58.37 26.97
Oct 1994 60.88 28.08
Sep 1994 59.23 27.31
Aug 1994 61.3 28.19
Jul 1994 59.29 27.15
Jun 1994 57.59 26.3
May 1994 59.53 27.1
Apr 1994 58.64 26.67
Mar 1994 58.06 26.38
Feb 1994 61.16 27.69
Jan 1994 63.21 28.52
Dec 1993 61.25 27.56
Nov 1993 60.92 27.41
Oct 1993 61.62 27.71
Sep 1993 60.68 27.17
Aug 1993 61.63 27.54
Jul 1993 59.52 26.52
Jun 1993 59.81 26.65
May 1993 60.1 26.74
Apr 1993 58.61 26.04
Mar 1993 60.31 26.73
Feb 1993 59.48 26.26
Jan 1993 59.05 25.99

Returns from Investing in the SPDR S&P 500 ETF Trust

How much did an investment in the SPY ETF 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 the SPDR S&P 500 ETF Trust 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 ETF nominally increased, as in 2011.

Year Inflation-Adjusted Return Nominal Return
2024 21.38% 24.88%
2023 22.08% 26.17%
2022 -23.14% -18.18%
2021 20.26% 28.72%
2020 16.73% 18.32%
2019 28.28% 31.21%
2018 -6.37% -4.58%
2017 19.18% 21.69%
2016 9.71% 11.99%
2015 0.49% 1.22%
2014 12.6% 13.45%
2013 30.34% 32.29%
2012 13.39% 15.36%
2011 -1.05% 1.88%
2010 13.35% 15.05%
2009 22.99% 26.34%
2008 -36.86% -36.8%
2007 1.01% 5.14%
2006 12.97% 15.84%
2005 0.83% 4.27%
2004 7.2% 10.69%
2003 25.81% 28.17%
2002 -23.41% -21.59%
2001 -13.11% -11.76%
2000 -12.7% -9.74%
1999 17.24% 20.39%
1998 26.65% 28.69%
1997 31.23% 33.47%
1996 18.55% 22.49%
1995 33.89% 37.29%
1994 -4.76% -2.21%

Spdr S&P 500 Etf Trust: 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 SPDR S&P 500 Trust over various trailing periods ending December 31, 2025, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 14.65% 17.71%
Last 3 years 19.32% 22.86%
Last 5 years 9.44% 14.33%
Last 10 years 11.15% 14.71%
Last 20 years 8.14% 10.87%
Last 30 years 7.49% 10.2%

Real Returns of Investing in the SPDR S&P 500 Trust

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 SPDR S&P 500 Trust five years ago yielded an 87.03% nominal gain, but the real return (the actual increase in buying power) was 51.45%.

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 $187.03 87.03% 51.45%
Last 10 years Feb 2016 - Sep 2025 $404.61 304.61% 195.37%
Last 25 years Feb 2001 - Sep 2025 $831.25 731.25% 349.92%

About the SPDR S&P 500 ETF Trust

The SPDR S&P 500 ETF Trust, commonly known by its ticker symbol SPY, is one of the largest and most popular exchange-traded funds (ETFs) in the world. Launched in January 1993 by State Street Global Advisors, SPY was the first ETF listed in the United States and it tracks the S&P 500 Index. This index is a market-capitalization weighted index of 500 leading publicly traded companies in the U.S.

SPY is designed to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index. It offers investors a way to gain diversified exposure to the U.S. large-cap equity market through a single security. Because it trades like a stock on exchanges, SPY offers intraday liquidity and can be bought and sold throughout the trading day at market prices. It is widely used by individual and institutional investors for various purposes, including long-term investment, asset allocation, and trading.

Last Close
Jan 28, 2026
695.42
Highest
Jan 27, 2026
695.49
Highest, Inflation-Adjusted
Jan 27, 2026
695.49
Annualized return
Since Jan 29, 1993
10.47%
Annualized return, Inflation-Adjusted
Since Jan 29, 1993
7.76%

More in ETFs

Other Inflation-Adjusted Data