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 August 2026 as the baseline (latest available CPI).

The current value of the SPDR S&P 500 ETF Trust is 764.29 (as of the close of Sep 11, 2026), 1.75% lower than the all-time high of 777.88 (Aug 13, 2026).

Since January 29, 1993, the inflation-adjusted total return for the ETF has been 1,159%, which is equivalent to an annual growth rate of 7.82%.

In nominal values, the total return since this date has been 2,857%, or an annualized rate of 10.6%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. The inflation-adjusted column shows what each past level would represent in roughly today's dollars based on the latest CPI reading, following the same present-value method that underlies the US Inflation Calculator. The newest row will show matching nominal and adjusted values until another CPI update becomes available.

Date Inflation-Adjusted Nominal value
Sep 2026 764.29 764.29
Aug 2026 767.05 767.05
Jul 2026 749.41 747.03
Jun 2026 749.07 746.77
May 2026 754.22 754.54
Apr 2026 721.04 716.82
Mar 2026 658.04 648.67
Feb 2026 699.49 682.37
Jan 2026 708.91 688.32
Dec 2025 701.2 678.32
Nov 2025 700.5 677.79
Oct 2025 676.47 676.47
Sep 2025 681.43 660.72
Aug 2025 659.67 638
Jul 2025 648.26 625.17
Jun 2025 634.63 611.1
May 2025 605.67 581.24
Apr 2025 571.05 546.87
Mar 2025 577.84 551.65
Feb 2025 613.32 584.21
Jan 2025 623.96 591.72
Dec 2024 611.62 576.24
Nov 2024 626.93 590.46
Oct 2024 591.33 557.23
Sep 2024 597.34 562.24
Aug 2024 585.99 550.68
Jul 2024 573.08 538.11
Jun 2024 566.88 531.67
May 2024 547.75 513.56
Apr 2024 522.25 488.83
Mar 2024 546.31 509.37
Feb 2024 532.43 493.25
Jan 2024 509.16 468.78
Dec 2023 503.91 461.43
Nov 2023 481.43 441.29
Oct 2023 440.25 404.36
Sep 2023 449.85 413.33
Aug 2023 473.43 433.92
Jul 2023 483.35 441.09
Jun 2023 468.92 427.11
May 2023 441.81 401.12
Apr 2023 440.89 399.28
Mar 2023 436.15 393
Feb 2023 421.96 378.95
Jan 2023 435.26 388.73
Dec 2022 412.78 365.73
Nov 2022 436.68 388.1
Oct 2022 413.27 367.66
Sep 2022 383.76 340.03
Aug 2022 423.76 374.67
Jul 2022 441.63 390.6
Jun 2022 404.34 357.67
May 2022 446.74 389.82
Apr 2022 450.65 388.94
Mar 2022 496.77 426.36
Feb 2022 485.17 410.92
Jan 2022 504.49 423.42
Dec 2021 537.06 446.99
Nov 2021 514.9 427.24
Oct 2021 521.62 430.7
Sep 2021 491.47 402.46
Aug 2021 516.9 422.14
Jul 2021 503 409.94
Jun 2021 493.38 400.17
May 2021 487.04 391.39
Apr 2021 487.74 388.84
Mar 2021 467.04 369.3
Feb 2021 449.93 353.27
Jan 2021 440.15 343.71
Dec 2020 446.58 347.25
Nov 2020 431.04 334.85
Oct 2020 388.51 302
Sep 2020 398.61 309.72
Aug 2020 414.7 321.77
Jul 2020 388.87 300.78
Jun 2020 369.1 284.05
May 2020 364.66 279.11
Apr 2020 348.08 266.41
Mar 2020 306.79 236.4
Feb 2020 349.82 270.14
Jan 2020 380.94 293.36
Dec 2019 382.57 293.48
Nov 2019 371.44 285.2
Oct 2019 358.27 275.24
Sep 2019 351.32 269.28
Aug 2019 344.89 264.15
Jul 2019 350.75 268.65
Jun 2019 346.1 264.65
May 2019 323.66 247.44
Apr 2019 346.44 264.29
Mar 2019 334.6 253.92
Feb 2019 330.52 249.41
Jan 2019 321.49 241.58
Dec 2018 298.23 223.67
Nov 2018 325.99 245.27
Oct 2018 318.98 240.8
Sep 2018 343.26 258.68
Aug 2018 341.64 257.16
Jul 2018 331.25 249.2
Jun 2018 319.44 240.3
May 2018 318.13 238.93
Apr 2018 311.87 233.26
Mar 2018 311.5 232.06
Feb 2018 321.01 238.61
Jan 2018 334.63 247.61
Dec 2017 318.5 234.4
Nov 2017 314.51 231.6
Oct 2017 305.19 224.73
Sep 2017 297.97 219.55
Aug 2017 293.64 215.22
Jul 2017 293.67 214.6
Jun 2017 287.55 210.27
May 2017 286 208.95
Apr 2017 282.26 206.04
Mar 2017 280.31 204.01
Feb 2017 280.2 203.76
Jan 2017 270.45 196.06
Dec 2016 267.24 192.61
Nov 2016 262.03 188.79
Oct 2016 252.33 182.08
Sep 2016 257.1 185.3
Aug 2016 257.71 185.29
Jul 2016 257.64 185.07
Jun 2016 248.17 178.56
May 2016 248.13 177.94
Apr 2016 244.96 174.97
Mar 2016 245.16 174.28
Feb 2016 230.7 163.3
Jan 2016 231.08 163.44
Dec 2015 243.59 172
Nov 2015 247.04 175.03
Oct 2015 245.62 174.39
Sep 2015 226.26 160.72
Aug 2015 231.83 164.93
Jul 2015 246.53 175.64
Jun 2015 241.1 171.76
May 2015 246.97 175.32
Apr 2015 245.08 173.1
Mar 2015 243.18 171.41
Feb 2015 248.54 174.15
Jan 2015 236.33 164.88
Dec 2014 242.4 169.92
Nov 2014 241.65 170.36
Oct 2014 233.92 165.8
Sep 2014 227.96 161.99
Aug 2014 231.33 164.26
Jul 2014 222.18 158.02
Jun 2014 225.11 160.17
May 2014 220.98 156.94
Apr 2014 216.72 153.38
Mar 2014 215.93 152.32
Feb 2014 215.54 151.07
Jan 2014 206.92 144.49
Dec 2013 215.28 149.77
Nov 2013 209.83 145.99
Oct 2013 203.37 141.79
Sep 2013 193.87 135.51
Aug 2013 188.14 131.36
Jul 2013 194.19 135.42
Jun 2013 184.73 128.77
May 2013 187.68 130.51
Apr 2013 183.68 127.5
Mar 2013 180.03 125.1
Feb 2013 173.9 120.52
Jan 2013 173.11 119.01
Dec 2012 165.17 113.21
Nov 2012 163.27 112.21
Oct 2012 161.59 111.58
Sep 2012 164.52 113.65
Aug 2012 162.03 111.43
Jul 2012 158.95 108.71
Jun 2012 156.83 107.44
May 2012 150.5 103.25
Apr 2012 159.93 109.85
Mar 2012 161.49 110.59
Feb 2012 157.65 107.14
Jan 2012 151.75 102.68
Dec 2011 145.67 98.13
Nov 2011 143.81 97.12
Oct 2011 144.27 97.52
Sep 2011 129.81 87.92
Aug 2011 139.71 94.48
Jul 2011 148.24 99.98
Jun 2011 151.4 102.02
May 2011 153.84 103.77
Apr 2011 156.32 104.95
Mar 2011 152.9 102
Feb 2011 154.37 101.99
Jan 2011 149.92 98.56
Dec 2010 147.21 96.32
Nov 2010 138.22 90.29
Oct 2010 138.28 90.29
Sep 2010 133.36 86.96
Aug 2010 122.47 79.82
Jul 2010 128.42 83.58
Jun 2010 120.23 78.23
May 2010 126.67 82.5
Apr 2010 137.71 89.63
Mar 2010 135.85 88.26
Feb 2010 128.58 83.2
Jan 2010 124.72 80.68
Dec 2009 129.87 83.72
Nov 2009 127.21 82.16
Oct 2009 119.92 77.39
Sep 2009 122.39 78.9
Aug 2009 118.27 76.2
Jul 2009 114.31 73.49
Jun 2009 106.21 68.39
May 2009 107.19 68.43
Apr 2009 101.57 64.65
Mar 2009 92.62 58.81
Feb 2009 85.71 54.29
Jan 2009 96.5 60.83
Dec 2008 105.59 66.27
Nov 2008 103.49 65.63
Oct 2008 109.11 70.54
Sep 2008 129.38 84.5
Aug 2008 142.63 93.29
Jul 2008 139.9 91.87
Jun 2008 141.91 92.7
May 2008 156.42 101.16
Apr 2008 155.39 99.65
Mar 2008 149.22 95.12
Feb 2008 151.87 95.98
Jan 2008 156.35 98.52
Dec 2007 167.24 104.86
Nov 2007 169.04 106.06
Oct 2007 176.89 110.33
Sep 2007 174.9 108.86
Aug 2007 168.85 104.8
Jul 2007 166.4 103.47
Jun 2007 171.74 106.82
May 2007 174.63 108.41
Apr 2007 169.93 104.85
Mar 2007 163.78 100.4
Feb 2007 163.38 99.25
Jan 2007 167.54 101.24
Dec 2006 165.56 99.74
Nov 2006 163.63 98.43
Oct 2006 160.2 96.51
Sep 2006 154.46 93.56
Aug 2006 149.67 91.1
Jul 2006 146.76 89.15
Jun 2006 146.53 88.76
May 2006 146.44 88.53
Apr 2006 151.74 91.28
Mar 2006 151.12 90.14
Feb 2006 149.5 88.68
Jan 2006 148.94 88.17
Dec 2005 146.56 86.1
Nov 2005 147.02 86.73
Oct 2005 139.7 83.07
Sep 2005 143.37 85.09
Aug 2005 143.97 84.41
Jul 2005 146.08 85.21
Jun 2005 141.35 82.07
May 2005 141.21 81.95
Apr 2005 136.66 79.39
Mar 2005 140.2 80.9
Feb 2005 143.94 82.41
Jan 2005 141.8 80.73
Dec 2004 145.36 82.58
Nov 2004 140.59 80.16
Oct 2004 134.67 76.75
Sep 2004 133.66 75.77
Aug 2004 132.61 75.02
Jul 2004 132.36 74.84
Jun 2004 136.55 77.33
May 2004 134.5 75.93
Apr 2004 133.01 74.65
Mar 2004 136.01 76.09
Feb 2004 138.72 77.11
Jan 2004 137.61 76.08
Dec 2003 135.6 74.6
Nov 2003 128.97 71.03
Oct 2003 127.23 70.26
Sep 2003 120.63 66.69
Aug 2003 122.36 67.43
Jul 2003 120.34 66.07
Jun 2003 118.34 64.9
May 2003 117.22 64.21
Apr 2003 110.95 60.88
Mar 2003 102.07 56.13
Feb 2003 102.47 56.01
Jan 2003 104.67 56.77
Dec 2002 107.78 58.2
Nov 2002 113.99 61.7
Oct 2002 107.37 58.11
Sep 2002 99.37 53.69
Aug 2002 111.2 59.98
Jul 2002 110.82 59.58
Jun 2002 120.43 64.68
May 2002 130.1 69.83
Apr 2002 130.88 70.25
Mar 2002 139.74 74.59
Feb 2002 136 72.19
Jan 2002 139.03 73.5
Dec 2001 140.72 74.23
Nov 2001 139.38 73.82
Oct 2001 129.08 68.48
Sep 2001 127 67.6
Aug 2001 138.91 73.61
Jul 2001 147.67 78.25
Jun 2001 148.77 79.05
May 2001 152.66 80.98
Apr 2001 154.22 81.44
Mar 2001 142.64 75.03
Feb 2001 151.46 79.48
Jan 2001 168.09 87.87
Dec 2000 161.96 84.13
Nov 2000 162.72 84.57
Oct 2000 175.94 91.39
Sep 2000 177.08 91.82
Aug 2000 188.33 97.15
Jul 2000 176.78 91.19
Jun 2000 180.02 92.65
May 2000 177.47 90.86
Apr 2000 180.51 92.31
Mar 2000 187.19 95.67
Feb 2000 172.06 87.22
Jan 2000 175.76 88.57
Dec 1999 185.52 93.21
Nov 1999 175.5 88.17
Oct 1999 172.73 86.73
Sep 1999 162.61 81.51
Aug 1999 167.13 83.37
Jul 1999 168.4 83.8
Jun 1999 174.31 86.49
May 1999 165.17 81.95
Apr 1999 169.03 83.87
Mar 1999 164.03 80.8
Feb 1999 157.98 77.58
Jan 1999 163.42 80.15
Dec 1998 158.24 77.42
Nov 1998 148.43 72.67
Oct 1998 140.61 68.84
Sep 1998 130.38 63.68
Aug 1998 122.73 59.87
Jul 1998 143.08 69.71
Jun 1998 145.22 70.66
May 1998 139.46 67.78
Apr 1998 142.68 69.22
Mar 1998 141.14 68.34
Feb 1998 134.82 65.16
Jan 1998 126.32 60.94
Dec 1997 124.95 60.16
Nov 1997 122.46 59.04
Oct 1997 117.82 56.84
Sep 1997 121.08 58.27
Aug 1997 115.82 55.6
Jul 1997 122.37 58.63
Jun 1997 113.53 54.33
May 1997 109.18 52.18
Apr 1997 102.63 49.08
Mar 1997 96.7 46.19
Feb 1997 101.42 48.32
Jan 1997 100.78 47.86
Dec 1996 95.21 45.08
Nov 1996 97.53 46.18
Oct 1996 91.07 43.04
Sep 1996 88.5 41.69
Aug 1996 84.08 39.48
Jul 1996 82.65 38.74
Jun 1996 86.71 40.56
May 1996 86.01 40.21
Apr 1996 84.26 39.31
Mar 1996 83.67 38.89
Feb 1996 82.68 38.23
Jan 1996 82.69 38.11
Dec 1995 80.31 36.8
Nov 1995 79.02 36.23
Oct 1995 75.61 34.69
Sep 1995 76.08 34.79
Aug 1995 73.13 33.38
Jul 1995 73 33.23
Jun 1995 70.72 32.2
May 1995 69.46 31.56
Apr 1995 66.94 30.35
Mar 1995 65.23 29.48
Feb 1995 64.02 28.84
Jan 1995 61.75 27.71
Dec 1994 59.98 26.81
Nov 1994 60.02 26.82
Oct 1994 62.6 27.94
Sep 1994 60.91 27.16
Aug 1994 63.03 28.04
Jul 1994 60.97 27.01
Jun 1994 59.22 26.16
May 1994 61.21 26.95
Apr 1994 60.29 26.53
Mar 1994 59.7 26.24
Feb 1994 62.89 27.54
Jan 1994 65 28.37
Dec 1993 62.98 27.41
Nov 1993 62.64 27.27
Oct 1993 63.36 27.56
Sep 1993 62.39 27.03
Aug 1993 63.37 27.39
Jul 1993 61.2 26.38
Jun 1993 61.5 26.51
May 1993 61.8 26.6
Apr 1993 60.26 25.91
Mar 1993 62.02 26.59
Feb 1993 61.16 26.13
Jan 1993 60.72 25.85

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 August 31, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 16.28% 20.23%
Last 3 years 17.45% 20.91%
Last 5 years 8.21% 12.69%
Last 10 years 11.52% 15.26%
Last 20 years 8.51% 11.24%
Last 30 years 7.65% 10.39%

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
Sep 11, 2026
764.29
Highest
Aug 13, 2026
777.88
Highest, Inflation-Adjusted
Aug 13, 2026
777.88
Annualized return
Since Jan 29, 1993
10.6%
Annualized return, Inflation-Adjusted
Since Jan 29, 1993
7.82%

More in ETFs

Other Inflation-Adjusted Data