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 March 2026 as the baseline (latest available CPI).

The current value of the SPDR S&P 500 ETF Trust is 711.58 (as of the close of Apr 29, 2026), 0.5% lower than the all-time high of 715.17 (Apr 27, 2026).

Since January 29, 1993, the inflation-adjusted total return for the ETF has been 1,086%, which is equivalent to an annual growth rate of 7.72%.

In nominal values, the total return since this date has been 2,646%, or an annualized rate of 10.48%.

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
Apr 2026 711.58 711.58
Mar 2026 650.34 650.34
Feb 2026 691.3 684.13
Jan 2026 700.62 690.09
Dec 2025 692.99 680.07
Nov 2025 692.3 679.53
Oct 2025 678.21 678.21
Sep 2025 673.46 662.42
Aug 2025 651.95 639.64
Jul 2025 640.68 626.78
Jun 2025 627.2 612.67
May 2025 598.59 582.73
Apr 2025 564.37 548.27
Mar 2025 571.08 553.07
Feb 2025 606.14 585.71
Jan 2025 616.66 593.24
Dec 2024 604.46 577.72
Nov 2024 619.59 591.97
Oct 2024 584.41 558.66
Sep 2024 590.35 563.69
Aug 2024 579.14 552.1
Jul 2024 566.38 539.49
Jun 2024 560.25 533.04
May 2024 541.35 514.88
Apr 2024 516.14 490.09
Mar 2024 539.92 510.68
Feb 2024 526.2 494.51
Jan 2024 503.2 469.99
Dec 2023 498.01 462.62
Nov 2023 475.8 442.43
Oct 2023 435.1 405.4
Sep 2023 444.58 414.39
Aug 2023 467.89 435.03
Jul 2023 477.69 442.22
Jun 2023 463.44 428.2
May 2023 436.64 402.15
Apr 2023 435.73 400.3
Mar 2023 431.05 394.01
Feb 2023 417.02 379.93
Jan 2023 430.16 389.73
Dec 2022 407.95 366.67
Nov 2022 431.58 389.1
Oct 2022 408.43 368.61
Sep 2022 379.27 340.9
Aug 2022 418.8 375.63
Jul 2022 436.46 391.61
Jun 2022 399.61 358.59
May 2022 441.52 390.82
Apr 2022 445.38 389.94
Mar 2022 490.96 427.46
Feb 2022 479.49 411.98
Jan 2022 498.59 424.51
Dec 2021 530.78 448.14
Nov 2021 508.88 428.33
Oct 2021 515.52 431.8
Sep 2021 485.72 403.49
Aug 2021 510.86 423.22
Jul 2021 497.12 410.99
Jun 2021 487.6 401.2
May 2021 481.35 392.4
Apr 2021 482.04 389.84
Mar 2021 461.58 370.25
Feb 2021 444.67 354.18
Jan 2021 435 344.59
Dec 2020 441.35 348.14
Nov 2020 425.99 335.71
Oct 2020 383.97 302.78
Sep 2020 393.95 310.52
Aug 2020 409.85 322.6
Jul 2020 384.32 301.55
Jun 2020 364.78 284.78
May 2020 360.39 279.83
Apr 2020 344.01 267.1
Mar 2020 303.2 237
Feb 2020 345.73 270.83
Jan 2020 376.48 294.12
Dec 2019 378.09 294.23
Nov 2019 367.09 285.93
Oct 2019 354.08 275.94
Sep 2019 347.21 269.98
Aug 2019 340.86 264.83
Jul 2019 346.65 269.34
Jun 2019 342.05 265.33
May 2019 319.87 248.07
Apr 2019 342.39 264.97
Mar 2019 330.69 254.57
Feb 2019 326.65 250.05
Jan 2019 317.73 242.2
Dec 2018 294.74 224.24
Nov 2018 322.17 245.9
Oct 2018 315.25 241.42
Sep 2018 339.25 259.35
Aug 2018 337.64 257.82
Jul 2018 327.38 249.84
Jun 2018 315.71 240.92
May 2018 314.41 239.55
Apr 2018 308.22 233.86
Mar 2018 307.86 232.66
Feb 2018 317.25 239.22
Jan 2018 330.72 248.25
Dec 2017 314.78 235
Nov 2017 310.83 232.19
Oct 2017 301.62 225.3
Sep 2017 294.49 220.12
Aug 2017 290.21 215.78
Jul 2017 290.23 215.15
Jun 2017 284.19 210.81
May 2017 282.65 209.48
Apr 2017 278.96 206.57
Mar 2017 277.03 204.54
Feb 2017 276.92 204.29
Jan 2017 267.29 196.56
Dec 2016 264.12 193.11
Nov 2016 258.96 189.28
Oct 2016 249.38 182.55
Sep 2016 254.09 185.77
Aug 2016 254.69 185.77
Jul 2016 254.62 185.54
Jun 2016 245.27 179.02
May 2016 245.22 178.4
Apr 2016 242.1 175.42
Mar 2016 242.29 174.73
Feb 2016 228 163.72
Jan 2016 228.38 163.86
Dec 2015 240.74 172.44
Nov 2015 244.15 175.48
Oct 2015 242.75 174.84
Sep 2015 223.62 161.13
Aug 2015 229.12 165.36
Jul 2015 243.65 176.09
Jun 2015 238.28 172.2
May 2015 244.08 175.77
Apr 2015 242.21 173.54
Mar 2015 240.34 171.85
Feb 2015 245.63 174.6
Jan 2015 233.57 165.31
Dec 2014 239.57 170.36
Nov 2014 238.82 170.79
Oct 2014 231.18 166.23
Sep 2014 225.3 162.4
Aug 2014 228.62 164.68
Jul 2014 219.58 158.43
Jun 2014 222.48 160.58
May 2014 218.39 157.34
Apr 2014 214.18 153.77
Mar 2014 213.41 152.71
Feb 2014 213.02 151.46
Jan 2014 204.5 144.86
Dec 2013 212.76 150.16
Nov 2013 207.37 146.37
Oct 2013 200.99 142.15
Sep 2013 191.6 135.86
Aug 2013 185.94 131.7
Jul 2013 191.92 135.77
Jun 2013 182.56 129.1
May 2013 185.48 130.85
Apr 2013 181.53 127.83
Mar 2013 177.92 125.42
Feb 2013 171.86 120.83
Jan 2013 171.09 119.31
Dec 2012 163.24 113.5
Nov 2012 161.36 112.5
Oct 2012 159.7 111.87
Sep 2012 162.59 113.94
Aug 2012 160.13 111.72
Jul 2012 157.09 108.99
Jun 2012 155 107.71
May 2012 148.74 103.52
Apr 2012 158.06 110.13
Mar 2012 159.6 110.87
Feb 2012 155.8 107.42
Jan 2012 149.98 102.95
Dec 2011 143.96 98.39
Nov 2011 142.13 97.37
Oct 2011 142.59 97.77
Sep 2011 128.29 88.15
Aug 2011 138.07 94.73
Jul 2011 146.51 100.24
Jun 2011 149.63 102.28
May 2011 152.04 104.04
Apr 2011 154.49 105.22
Mar 2011 151.11 102.26
Feb 2011 152.56 102.25
Jan 2011 148.17 98.82
Dec 2010 145.49 96.57
Nov 2010 136.61 90.52
Oct 2010 136.67 90.52
Sep 2010 131.8 87.19
Aug 2010 121.04 80.02
Jul 2010 126.92 83.79
Jun 2010 118.83 78.43
May 2010 125.19 82.72
Apr 2010 136.1 89.86
Mar 2010 134.26 88.49
Feb 2010 127.08 83.41
Jan 2010 123.26 80.89
Dec 2009 128.35 83.94
Nov 2009 125.73 82.37
Oct 2009 118.51 77.59
Sep 2009 120.95 79.11
Aug 2009 116.89 76.4
Jul 2009 112.98 73.68
Jun 2009 104.97 68.56
May 2009 105.94 68.61
Apr 2009 100.38 64.82
Mar 2009 91.54 58.96
Feb 2009 84.71 54.43
Jan 2009 95.37 60.98
Dec 2008 104.36 66.44
Nov 2008 102.28 65.8
Oct 2008 107.83 70.72
Sep 2008 127.86 84.72
Aug 2008 140.97 93.53
Jul 2008 138.27 92.1
Jun 2008 140.25 92.94
May 2008 154.59 101.42
Apr 2008 153.57 99.91
Mar 2008 147.47 95.36
Feb 2008 150.1 96.22
Jan 2008 154.53 98.78
Dec 2007 165.29 105.13
Nov 2007 167.06 106.33
Oct 2007 174.82 110.62
Sep 2007 172.85 109.14
Aug 2007 166.87 105.07
Jul 2007 164.46 103.74
Jun 2007 169.73 107.09
May 2007 172.59 108.68
Apr 2007 167.94 105.12
Mar 2007 161.86 100.66
Feb 2007 161.47 99.51
Jan 2007 165.58 101.5
Dec 2006 163.63 100
Nov 2006 161.71 98.68
Oct 2006 158.32 96.76
Sep 2006 152.65 93.8
Aug 2006 147.91 91.33
Jul 2006 145.04 89.38
Jun 2006 144.82 88.99
May 2006 144.73 88.76
Apr 2006 149.97 91.51
Mar 2006 149.36 90.37
Feb 2006 147.75 88.9
Jan 2006 147.2 88.4
Dec 2005 144.85 86.32
Nov 2005 145.3 86.95
Oct 2005 138.07 83.29
Sep 2005 141.7 85.31
Aug 2005 142.29 84.63
Jul 2005 144.37 85.43
Jun 2005 139.69 82.28
May 2005 139.56 82.16
Apr 2005 135.06 79.59
Mar 2005 138.56 81.11
Feb 2005 142.25 82.63
Jan 2005 140.14 80.93
Dec 2004 143.66 82.79
Nov 2004 138.95 80.37
Oct 2004 133.1 76.95
Sep 2004 132.1 75.97
Aug 2004 131.06 75.21
Jul 2004 130.81 75.03
Jun 2004 134.96 77.53
May 2004 132.93 76.12
Apr 2004 131.45 74.84
Mar 2004 134.42 76.28
Feb 2004 137.1 77.31
Jan 2004 136 76.27
Dec 2003 134.01 74.79
Nov 2003 127.46 71.21
Oct 2003 125.74 70.44
Sep 2003 119.22 66.87
Aug 2003 120.93 67.6
Jul 2003 118.94 66.24
Jun 2003 116.96 65.06
May 2003 115.85 64.38
Apr 2003 109.65 61.03
Mar 2003 100.88 56.27
Feb 2003 101.27 56.15
Jan 2003 103.44 56.92
Dec 2002 106.52 58.35
Nov 2002 112.66 61.85
Oct 2002 106.12 58.26
Sep 2002 98.21 53.83
Aug 2002 109.9 60.14
Jul 2002 109.52 59.73
Jun 2002 119.02 64.84
May 2002 128.58 70.01
Apr 2002 129.35 70.43
Mar 2002 138.1 74.78
Feb 2002 134.41 72.37
Jan 2002 137.4 73.69
Dec 2001 139.08 74.42
Nov 2001 137.75 74.01
Oct 2001 127.57 68.65
Sep 2001 125.51 67.77
Aug 2001 137.28 73.79
Jul 2001 145.94 78.45
Jun 2001 147.03 79.26
May 2001 150.88 81.19
Apr 2001 152.41 81.65
Mar 2001 140.97 75.22
Feb 2001 149.68 79.69
Jan 2001 166.13 88.09
Dec 2000 160.06 84.34
Nov 2000 160.81 84.79
Oct 2000 173.89 91.63
Sep 2000 175 92.06
Aug 2000 186.13 97.4
Jul 2000 174.71 91.43
Jun 2000 177.91 92.89
May 2000 175.39 91.09
Apr 2000 178.4 92.55
Mar 2000 185.01 95.92
Feb 2000 170.05 87.44
Jan 2000 173.7 88.79
Dec 1999 183.35 93.45
Nov 1999 173.44 88.4
Oct 1999 170.71 86.95
Sep 1999 160.71 81.72
Aug 1999 165.17 83.58
Jul 1999 166.43 84.02
Jun 1999 172.28 86.71
May 1999 163.24 82.16
Apr 1999 167.06 84.08
Mar 1999 162.12 81.01
Feb 1999 156.13 77.78
Jan 1999 161.5 80.36
Dec 1998 156.39 77.62
Nov 1998 146.7 72.86
Oct 1998 138.96 69.01
Sep 1998 128.85 63.84
Aug 1998 121.29 60.02
Jul 1998 141.41 69.89
Jun 1998 143.52 70.84
May 1998 137.83 67.95
Apr 1998 141.01 69.39
Mar 1998 139.49 68.52
Feb 1998 133.25 65.33
Jan 1998 124.84 61.1
Dec 1997 123.49 60.32
Nov 1997 121.03 59.19
Oct 1997 116.45 56.99
Sep 1997 119.67 58.42
Aug 1997 114.46 55.74
Jul 1997 120.94 58.78
Jun 1997 112.2 54.47
May 1997 107.91 52.32
Apr 1997 101.43 49.21
Mar 1997 95.57 46.31
Feb 1997 100.23 48.45
Jan 1997 99.6 47.99
Dec 1996 94.1 45.19
Nov 1996 96.39 46.3
Oct 1996 90 43.15
Sep 1996 87.46 41.8
Aug 1996 83.1 39.59
Jul 1996 81.69 38.84
Jun 1996 85.69 40.66
May 1996 85 40.31
Apr 1996 83.27 39.42
Mar 1996 82.69 38.99
Feb 1996 81.72 38.33
Jan 1996 81.72 38.21
Dec 1995 79.37 36.9
Nov 1995 78.1 36.33
Oct 1995 74.72 34.78
Sep 1995 75.19 34.88
Aug 1995 72.27 33.47
Jul 1995 72.14 33.32
Jun 1995 69.89 32.28
May 1995 68.65 31.64
Apr 1995 66.16 30.43
Mar 1995 64.47 29.56
Feb 1995 63.27 28.91
Jan 1995 61.03 27.78
Dec 1994 59.28 26.87
Nov 1994 59.32 26.89
Oct 1994 61.86 28.01
Sep 1994 60.2 27.23
Aug 1994 62.3 28.11
Jul 1994 60.25 27.08
Jun 1994 58.52 26.23
May 1994 60.5 27.02
Apr 1994 59.59 26.6
Mar 1994 59.01 26.3
Feb 1994 62.15 27.61
Jan 1994 64.24 28.44
Dec 1993 62.24 27.48
Nov 1993 61.91 27.34
Oct 1993 62.62 27.63
Sep 1993 61.66 27.1
Aug 1993 62.63 27.46
Jul 1993 60.49 26.45
Jun 1993 60.78 26.58
May 1993 61.08 26.67
Apr 1993 59.56 25.97
Mar 1993 61.29 26.65
Feb 1993 60.44 26.19
Jan 1993 60.01 25.92

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 March 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 13.88% 17.59%
Last 3 years 14.69% 18.18%
Last 5 years 7.1% 11.93%
Last 10 years 10.38% 14.05%
Last 20 years 7.63% 10.37%
Last 30 years 7.12% 9.83%

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
Apr 29, 2026
711.58
Highest
Apr 27, 2026
715.17
Highest, Inflation-Adjusted
Apr 27, 2026
715.17
Annualized return
Since Jan 29, 1993
10.48%
Annualized return, Inflation-Adjusted
Since Jan 29, 1993
7.72%

More in ETFs

Other Inflation-Adjusted Data