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 June 2025 as the baseline (latest available CPI).

The current value of the SPDR S&P 500 ETF Trust is 622.14 (as of the close of Jul 15, 2025), 0.59% lower than the all-time high of 625.82 (Jul 10, 2025).

Since January 29, 1993, the inflation-adjusted total return for the ETF has been 945.59%, which is equivalent to an annual growth rate of 7.5%.

In nominal values, the total return since this date has been 2,265%, or an annualized rate of 10.24%.

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
Jul 2025 622.14 622.14
Jun 2025 617.85 617.85
May 2025 591.4 589.39
Apr 2025 557.59 554.54
Mar 2025 564.22 559.39
Feb 2025 598.86 592.4
Jan 2025 609.26 600.02
Dec 2024 597.21 584.33
Nov 2024 612.15 598.74
Oct 2024 577.39 565.05
Sep 2024 583.26 570.13
Aug 2024 572.18 558.41
Jul 2024 559.57 545.66
Jun 2024 553.52 539.13
May 2024 534.85 520.76
Apr 2024 509.94 495.69
Mar 2024 533.43 516.52
Feb 2024 519.89 500.17
Jan 2024 497.16 475.36
Dec 2023 492.03 467.91
Nov 2023 470.09 447.48
Oct 2023 429.87 410.03
Sep 2023 439.25 419.13
Aug 2023 463.89 441.55
Jul 2023 473.62 448.85
Jun 2023 459.48 434.62
May 2023 432.92 408.18
Apr 2023 432.01 406.3
Mar 2023 427.37 399.91
Feb 2023 413.46 385.62
Jan 2023 426.49 395.57
Dec 2022 404.47 372.16
Nov 2022 427.89 394.93
Oct 2022 404.95 374.13
Sep 2022 376.03 346.01
Aug 2022 415.23 381.26
Jul 2022 432.74 397.48
Jun 2022 396.2 363.96
May 2022 437.75 396.68
Apr 2022 441.58 395.78
Mar 2022 486.77 433.86
Feb 2022 475.4 418.15
Jan 2022 494.33 430.87
Dec 2021 526.25 454.86
Nov 2021 504.53 434.75
Oct 2021 511.12 438.27
Sep 2021 481.58 409.54
Aug 2021 506.5 429.56
Jul 2021 492.87 417.15
Jun 2021 483.44 407.21
May 2021 477.24 398.28
Apr 2021 477.93 395.68
Mar 2021 457.64 375.8
Feb 2021 440.87 359.48
Jan 2021 431.29 349.76
Dec 2020 437.59 353.36
Nov 2020 422.36 340.74
Oct 2020 380.69 307.31
Sep 2020 390.59 315.17
Aug 2020 406.35 327.44
Jul 2020 381.04 306.07
Jun 2020 361.67 289.05
May 2020 357.31 284.02
Apr 2020 341.07 271.1
Mar 2020 300.62 240.56
Feb 2020 342.78 274.89
Jan 2020 373.27 298.52
Dec 2019 374.87 298.64
Nov 2019 363.96 290.22
Oct 2019 351.06 280.08
Sep 2019 344.25 274.02
Aug 2019 337.95 268.8
Jul 2019 343.69 273.38
Jun 2019 339.13 269.3
May 2019 317.14 251.79
Apr 2019 339.46 268.94
Mar 2019 327.87 258.38
Feb 2019 323.86 253.8
Jan 2019 315.02 245.83
Dec 2018 292.22 227.6
Nov 2018 319.42 249.59
Oct 2018 312.56 245.04
Sep 2018 336.35 263.23
Aug 2018 334.76 261.68
Jul 2018 324.58 253.59
Jun 2018 313.01 244.53
May 2018 311.72 243.14
Apr 2018 305.59 237.37
Mar 2018 305.23 236.14
Feb 2018 314.55 242.8
Jan 2018 327.89 251.97
Dec 2017 312.09 238.52
Nov 2017 308.18 235.67
Oct 2017 299.05 228.68
Sep 2017 291.98 223.42
Aug 2017 287.73 219.01
Jul 2017 287.75 218.37
Jun 2017 281.76 213.97
May 2017 280.24 212.62
Apr 2017 276.58 209.66
Mar 2017 274.67 207.6
Feb 2017 274.55 207.35
Jan 2017 265.01 199.51
Dec 2016 261.86 196
Nov 2016 256.75 192.11
Oct 2016 247.25 185.29
Sep 2016 251.92 188.56
Aug 2016 252.52 188.55
Jul 2016 252.45 188.33
Jun 2016 243.17 181.7
May 2016 243.13 181.07
Apr 2016 240.03 178.04
Mar 2016 240.22 177.35
Feb 2016 226.06 166.17
Jan 2016 226.43 166.31
Dec 2015 238.69 175.02
Nov 2015 242.07 178.11
Oct 2015 240.68 177.46
Sep 2015 221.71 163.55
Aug 2015 227.17 167.84
Jul 2015 241.57 178.73
Jun 2015 236.25 174.78
May 2015 242 178.41
Apr 2015 240.14 176.14
Mar 2015 238.29 174.43
Feb 2015 243.53 177.22
Jan 2015 231.58 167.79
Dec 2014 237.52 172.91
Nov 2014 236.79 173.35
Oct 2014 229.21 168.72
Sep 2014 223.37 164.84
Aug 2014 226.67 167.15
Jul 2014 217.7 160.8
Jun 2014 220.58 162.99
May 2014 216.53 159.7
Apr 2014 212.36 156.08
Mar 2014 211.59 155
Feb 2014 211.2 153.73
Jan 2014 202.75 147.03
Dec 2013 210.94 152.41
Nov 2013 205.6 148.56
Oct 2013 199.27 144.28
Sep 2013 189.97 137.9
Aug 2013 184.36 133.67
Jul 2013 190.29 137.8
Jun 2013 181.01 131.03
May 2013 183.9 132.81
Apr 2013 179.98 129.74
Mar 2013 176.4 127.3
Feb 2013 170.4 122.64
Jan 2013 169.63 121.1
Dec 2012 161.84 115.2
Nov 2012 159.99 114.19
Oct 2012 158.33 113.54
Sep 2012 161.21 115.65
Aug 2012 158.76 113.39
Jul 2012 155.75 110.62
Jun 2012 153.67 109.33
May 2012 147.47 105.07
Apr 2012 156.71 111.78
Mar 2012 158.24 112.53
Feb 2012 154.47 109.03
Jan 2012 148.7 104.49
Dec 2011 142.73 99.86
Nov 2011 140.91 98.83
Oct 2011 141.37 99.23
Sep 2011 127.2 89.47
Aug 2011 136.9 96.15
Jul 2011 145.26 101.74
Jun 2011 148.36 103.82
May 2011 150.74 105.6
Apr 2011 153.17 106.8
Mar 2011 149.82 103.79
Feb 2011 151.26 103.78
Jan 2011 146.91 100.3
Dec 2010 144.24 98.01
Nov 2010 135.44 91.87
Oct 2010 135.5 91.87
Sep 2010 130.68 88.49
Aug 2010 120.01 81.22
Jul 2010 125.83 85.05
Jun 2010 117.81 79.61
May 2010 124.12 83.96
Apr 2010 134.94 91.2
Mar 2010 133.12 89.81
Feb 2010 125.99 84.66
Jan 2010 122.21 82.1
Dec 2009 127.26 85.2
Nov 2009 124.65 83.6
Oct 2009 117.5 78.75
Sep 2009 119.92 80.29
Aug 2009 115.89 77.54
Jul 2009 112.01 74.78
Jun 2009 104.07 69.59
May 2009 105.04 69.64
Apr 2009 99.52 65.79
Mar 2009 90.75 59.85
Feb 2009 83.98 55.25
Jan 2009 94.56 61.9
Dec 2008 103.47 67.44
Nov 2008 101.41 66.79
Oct 2008 106.91 71.78
Sep 2008 126.77 85.99
Aug 2008 139.76 94.93
Jul 2008 137.09 93.48
Jun 2008 139.06 94.33
May 2008 153.27 102.94
Apr 2008 152.26 101.4
Mar 2008 146.21 96.79
Feb 2008 148.81 97.67
Jan 2008 153.21 100.26
Dec 2007 163.88 106.71
Nov 2007 165.64 107.93
Oct 2007 173.33 112.27
Sep 2007 171.38 110.77
Aug 2007 165.45 106.65
Jul 2007 163.05 105.29
Jun 2007 168.28 108.7
May 2007 171.11 110.31
Apr 2007 166.51 106.69
Mar 2007 160.48 102.17
Feb 2007 160.09 101
Jan 2007 164.17 103.02
Dec 2006 162.23 101.49
Nov 2006 160.33 100.16
Oct 2006 156.97 98.21
Sep 2006 151.35 95.2
Aug 2006 146.65 92.7
Jul 2006 143.8 90.72
Jun 2006 143.58 90.32
May 2006 143.5 90.09
Apr 2006 148.69 92.88
Mar 2006 148.08 91.72
Feb 2006 146.49 90.24
Jan 2006 145.95 89.72
Dec 2005 143.61 87.62
Nov 2005 144.06 88.25
Oct 2005 136.89 84.54
Sep 2005 140.49 86.58
Aug 2005 141.07 85.9
Jul 2005 143.14 86.71
Jun 2005 138.5 83.51
May 2005 138.36 83.39
Apr 2005 133.91 80.79
Mar 2005 137.38 82.33
Feb 2005 141.04 83.86
Jan 2005 138.95 82.15
Dec 2004 142.43 84.03
Nov 2004 137.76 81.58
Oct 2004 131.96 78.1
Sep 2004 130.97 77.11
Aug 2004 129.95 76.34
Jul 2004 129.7 76.16
Jun 2004 133.8 78.69
May 2004 131.79 77.26
Apr 2004 130.33 75.96
Mar 2004 133.27 77.43
Feb 2004 135.93 78.47
Jan 2004 134.84 77.42
Dec 2003 132.87 75.92
Nov 2003 126.37 72.28
Oct 2003 124.67 71.5
Sep 2003 118.2 67.87
Aug 2003 119.9 68.62
Jul 2003 117.92 67.23
Jun 2003 115.96 66.04
May 2003 114.86 65.34
Apr 2003 108.71 61.95
Mar 2003 100.02 57.11
Feb 2003 100.4 56.99
Jan 2003 102.56 57.77
Dec 2002 105.61 59.23
Nov 2002 111.7 62.78
Oct 2002 105.21 59.13
Sep 2002 97.37 54.64
Aug 2002 108.96 61.04
Jul 2002 108.58 60.63
Jun 2002 118.01 65.81
May 2002 127.48 71.06
Apr 2002 128.24 71.48
Mar 2002 136.92 75.9
Feb 2002 133.26 73.46
Jan 2002 136.23 74.8
Dec 2001 137.89 75.54
Nov 2001 136.58 75.11
Oct 2001 126.48 69.68
Sep 2001 124.44 68.79
Aug 2001 136.11 74.9
Jul 2001 144.7 79.62
Jun 2001 145.78 80.44
May 2001 149.59 82.41
Apr 2001 151.11 82.87
Mar 2001 139.77 76.35
Feb 2001 148.41 80.88
Jan 2001 164.71 89.41
Dec 2000 158.7 85.61
Nov 2000 159.44 86.06
Oct 2000 172.4 93
Sep 2000 173.51 93.44
Aug 2000 184.54 98.86
Jul 2000 173.22 92.8
Jun 2000 176.39 94.28
May 2000 173.9 92.46
Apr 2000 176.88 93.93
Mar 2000 183.43 97.35
Feb 2000 168.6 88.75
Jan 2000 172.22 90.13
Dec 1999 181.78 94.85
Nov 1999 171.96 89.72
Oct 1999 169.25 88.25
Sep 1999 159.34 82.94
Aug 1999 163.76 84.84
Jul 1999 165.01 85.28
Jun 1999 170.8 88.01
May 1999 161.84 83.39
Apr 1999 165.63 85.34
Mar 1999 160.73 82.22
Feb 1999 154.8 78.95
Jan 1999 160.13 81.56
Dec 1998 155.05 78.79
Nov 1998 145.45 73.95
Oct 1998 137.78 70.05
Sep 1998 127.75 64.8
Aug 1998 120.26 60.92
Jul 1998 140.2 70.93
Jun 1998 142.29 71.91
May 1998 136.65 68.97
Apr 1998 139.81 70.43
Mar 1998 138.3 69.54
Feb 1998 132.11 66.31
Jan 1998 123.78 62.01
Dec 1997 122.43 61.22
Nov 1997 119.99 60.08
Oct 1997 115.45 57.84
Sep 1997 118.65 59.29
Aug 1997 113.49 56.57
Jul 1997 119.91 59.66
Jun 1997 111.24 55.28
May 1997 106.98 53.1
Apr 1997 100.56 49.94
Mar 1997 94.76 47
Feb 1997 99.38 49.17
Jan 1997 98.75 48.71
Dec 1996 93.29 45.87
Nov 1996 95.57 46.99
Oct 1996 89.24 43.79
Sep 1996 86.72 42.42
Aug 1996 82.39 40.18
Jul 1996 80.99 39.42
Jun 1996 84.96 41.27
May 1996 84.27 40.91
Apr 1996 82.56 40.01
Mar 1996 81.99 39.58
Feb 1996 81.02 38.91
Jan 1996 81.02 38.78
Dec 1995 78.7 37.45
Nov 1995 77.43 36.87
Oct 1995 74.09 35.3
Sep 1995 74.55 35.41
Aug 1995 71.66 33.97
Jul 1995 71.53 33.82
Jun 1995 69.3 32.76
May 1995 68.06 32.11
Apr 1995 65.59 30.89
Mar 1995 63.92 30
Feb 1995 62.73 29.35
Jan 1995 60.51 28.19
Dec 1994 58.78 27.28
Nov 1994 58.82 27.3
Oct 1994 61.34 28.43
Sep 1994 59.68 27.64
Aug 1994 61.77 28.53
Jul 1994 59.74 27.48
Jun 1994 58.02 26.62
May 1994 59.98 27.43
Apr 1994 59.08 27
Mar 1994 58.5 26.7
Feb 1994 61.62 28.03
Jan 1994 63.69 28.87
Dec 1993 61.71 27.9
Nov 1993 61.38 27.75
Oct 1993 62.09 28.04
Sep 1993 61.14 27.5
Aug 1993 62.1 27.88
Jul 1993 59.97 26.85
Jun 1993 60.26 26.98
May 1993 60.56 27.07
Apr 1993 59.05 26.36
Mar 1993 60.77 27.05
Feb 1993 59.93 26.59
Jan 1993 59.5 26.3

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 21.65% 25.73%
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 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 11.62% 14.6%
Last 3 years 15.96% 19.29%
Last 5 years 11.31% 16.41%
Last 10 years 10.09% 13.46%
Last 20 years 7.76% 10.52%
Last 30 years 7.57% 10.29%

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 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 SPDR S&P 500 Trust five years ago yielded an 124.76% nominal gain, but the real return (the actual increase in buying power) was 80.25%.

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 $224.76 124.76% 80.25%
Last 10 years Feb 2015 - Jun 2025 $348.64 248.64% 153.7%
Last 25 years Feb 2000 - Jun 2025 $696.14 596.14% 266.46%

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
Jul 15, 2025
622.14
Highest
Jul 10, 2025
625.82
Highest, Inflation-Adjusted
Jul 10, 2025
625.82
Annualized return
Since Jan 29, 1993
10.24%
Annualized return, Inflation-Adjusted
Since Jan 29, 1993
7.5%

More in ETFs

Other Inflation-Adjusted Data