Years with a closer look
- Since 1929 9.93% a year
- Since 1950 11.73% a year
- Since 1970 11.09% a year
- Since 1980 12.27% a year
- Since 1990 10.81% a year
- Since 2000 8.06% a year
- Since 2008 11.07% a year
- Since 2010 14.13% a year
- Since 2015 13.55% a year
- Since 2020 15.09% a year
Every start year, 2024 back to 1871
Shorter periods swing widely: a start in a crash year looks brilliant, one at a peak looks poor. Even over 30 years the spread is wide: after inflation, the worst 30-year period, 1892–1921, returned 3.2% a year and the best, 1932–1961, 10.6%. Before 1957 the figures are Robert Shiller’s reconstruction of the broad U.S. market. Shiller works from monthly average prices, so single years before 1957 can differ by a few points from other published tables: 1954 is 56.0% here and about 52.6% in the widely used NYU Stern (Damodaran) series. For any start and end year, use the S&P 500 return calculator.
| Start of | Return a year, dividends reinvested | After inflation | $100 grew to |
|---|---|---|---|
| 2024 | 21.40% | 18.09% | $147 |
| 2023 | 23.01% | 19.45% | $186 |
| 2022 | 11.11% | 7.01% | $152 |
| 2021 | 14.45% | 9.56% | $196 |
| 2020 | 15.09% | 10.73% | $232 |
| 2019 | 17.34% | 13.14% | $306 |
| 2018 | 14.37% | 10.52% | $293 |
| 2017 | 15.19% | 11.48% | $357 |
| 2016 | 14.86% | 11.29% | $400 |
| 2015 | 13.55% | 10.27% | $405 |
| 2014 | 13.57% | 10.49% | $461 |
| 2013 | 14.92% | 11.92% | $610 |
| 2012 | 14.99% | 12.06% | $707 |
| 2011 | 14.08% | 11.15% | $722 |
| 2010 | 14.13% | 11.27% | $829 |
| 2009 | 14.86% | 11.97% | $1,054 |
| 2008 | 11.07% | 8.42% | $661 |
| 2007 | 10.76% | 8.04% | $698 |
| 2006 | 11.01% | 8.27% | $807 |
| 2005 | 10.70% | 7.93% | $846 |
| 2004 | 10.71% | 7.90% | $938 |
| 2003 | 11.44% | 8.65% | $1,207 |
| 2002 | 9.78% | 7.04% | $938 |
| 2001 | 8.81% | 6.14% | $826 |
| 2000 | 8.06% | 5.37% | $750 |
| 1999 | 8.52% | 5.81% | $909 |
| 1998 | 9.18% | 6.49% | $1,170 |
| 1997 | 9.95% | 7.27% | $1,564 |
| 1996 | 10.36% | 7.64% | $1,925 |
| 1995 | 11.16% | 8.42% | $2,656 |
| 1994 | 10.83% | 8.10% | $2,688 |
| 1993 | 10.81% | 8.07% | $2,961 |
| 1992 | 10.72% | 7.97% | $3,186 |
| 1991 | 11.25% | 8.47% | $4,172 |
| 1990 | 10.81% | 7.95% | $4,030 |
| 1989 | 11.34% | 8.40% | $5,319 |
| 1988 | 11.47% | 8.49% | $6,204 |
| 1987 | 11.32% | 8.29% | $6,557 |
| 1986 | 11.51% | 8.52% | $7,807 |
| 1985 | 11.97% | 8.95% | $10,324 |
| 1984 | 11.83% | 8.77% | $10,939 |
| 1983 | 12.08% | 8.99% | $13,470 |
| 1982 | 12.28% | 9.16% | $16,328 |
| 1981 | 11.85% | 8.61% | $15,458 |
| 1980 | 12.27% | 8.81% | $20,522 |
| 1979 | 12.40% | 8.72% | $24,357 |
| 1978 | 12.28% | 8.48% | $25,919 |
| 1977 | 11.83% | 7.97% | $23,902 |
| 1976 | 12.06% | 8.17% | $29,686 |
| 1975 | 12.53% | 8.56% | $41,104 |
| 1974 | 11.59% | 7.49% | $30,026 |
| 1973 | 11.02% | 6.85% | $25,513 |
| 1972 | 11.17% | 7.00% | $30,399 |
| 1971 | 11.23% | 7.07% | $34,819 |
| 1970 | 11.09% | 6.90% | $36,073 |
| 1969 | 10.71% | 6.49% | $32,960 |
| 1968 | 10.71% | 6.49% | $36,595 |
| 1967 | 10.93% | 6.71% | $45,543 |
| 1966 | 10.54% | 6.34% | $40,824 |
| 1965 | 10.57% | 6.41% | $45,907 |
| 1964 | 10.66% | 6.55% | $53,523 |
| 1963 | 10.85% | 6.76% | $65,855 |
| 1962 | 10.51% | 6.47% | $59,796 |
| 1961 | 10.76% | 6.77% | $76,844 |
| 1960 | 10.58% | 6.63% | $76,275 |
| 1959 | 10.59% | 6.68% | $85,116 |
| 1958 | 11.02% | 7.11% | $122,056 |
| 1957 | 10.69% | 6.81% | $110,705 |
| 1956 | 10.63% | 6.76% | $117,768 |
| 1955 | 10.86% | 7.03% | $151,002 |
| 1954 | 11.39% | 7.60% | $235,547 |
| 1953 | 11.21% | 7.47% | $233,663 |
| 1952 | 11.30% | 7.60% | $276,540 |
| 1951 | 11.45% | 7.71% | $340,421 |
| 1950 | 11.73% | 7.94% | $457,117 |
| 1949 | 11.78% | 8.07% | $530,073 |
| 1948 | 11.75% | 8.05% | $580,483 |
| 1947 | 11.63% | 7.86% | $595,343 |
| 1946 | 11.30% | 7.36% | $523,605 |
| 1945 | 11.61% | 7.68% | $729,643 |
| 1944 | 11.70% | 7.79% | $873,164 |
| 1943 | 11.84% | 7.93% | $1,079,230 |
| 1942 | 11.95% | 7.97% | $1,313,855 |
| 1941 | 11.68% | 7.63% | $1,194,426 |
| 1940 | 11.41% | 7.42% | $1,088,002 |
| 1939 | 11.31% | 7.36% | $1,120,425 |
| 1938 | 11.38% | 7.51% | $1,316,499 |
| 1937 | 10.76% | 6.92% | $893,771 |
| 1936 | 10.98% | 7.16% | $1,184,694 |
| 1935 | 11.39% | 7.56% | $1,835,446 |
| 1934 | 11.16% | 7.36% | $1,688,427 |
| 1933 | 11.57% | 7.79% | $2,647,284 |
| 1932 | 11.37% | 7.76% | $2,493,477 |
| 1931 | 10.56% | 7.12% | $1,391,360 |
| 1930 | 10.15% | 6.83% | $1,075,243 |
| 1929 | 9.93% | 6.65% | $973,525 |
| 1928 | 10.26% | 7.01% | $1,436,631 |
| 1927 | 10.50% | 7.31% | $1,969,621 |
| 1926 | 10.51% | 7.36% | $2,196,325 |
| 1925 | 10.66% | 7.49% | $2,763,635 |
| 1924 | 10.81% | 7.67% | $3,512,581 |
| 1923 | 10.75% | 7.62% | $3,704,016 |
| 1922 | 10.92% | 7.83% | $4,780,774 |
| 1921 | 10.91% | 7.97% | $5,266,022 |
| 1920 | 10.64% | 7.72% | $4,531,412 |
| 1919 | 10.72% | 7.69% | $5,422,741 |
| 1918 | 10.79% | 7.59% | $6,410,222 |
| 1917 | 10.48% | 7.15% | $5,216,639 |
| 1916 | 10.46% | 7.05% | $5,640,230 |
| 1915 | 10.63% | 7.23% | $7,399,981 |
| 1914 | 10.47% | 7.10% | $7,001,122 |
| 1913 | 10.33% | 6.96% | $6,669,969 |
| 1912 | 10.30% | 6.89% | $7,148,873 |
| 1911 | 10.24% | 6.88% | $7,400,514 |
| 1910 | 10.12% | 6.86% | $7,149,636 |
| 1909 | 10.17% | 6.84% | $8,304,302 |
| 1908 | 10.39% | 7.06% | $11,582,010 |
| 1907 | 10.04% | 6.76% | $8,778,006 |
| 1906 | 9.96% | 6.67% | $8,834,185 |
| 1905 | 10.04% | 6.78% | $10,714,983 |
| 1904 | 10.21% | 6.93% | $14,160,921 |
| 1903 | 9.96% | 6.76% | $11,740,820 |
| 1902 | 9.94% | 6.71% | $12,712,960 |
| 1901 | 10.01% | 6.76% | $15,185,631 |
| 1900 | 10.10% | 6.90% | $18,350,316 |
| 1899 | 10.04% | 6.75% | $19,021,938 |
| 1898 | 10.18% | 6.89% | $24,599,170 |
| 1897 | 10.26% | 6.99% | $29,610,020 |
| 1896 | 10.20% | 6.98% | $30,572,346 |
| 1895 | 10.16% | 6.94% | $32,104,021 |
| 1894 | 10.11% | 6.96% | $33,269,397 |
| 1893 | 9.86% | 6.80% | $27,018,077 |
| 1892 | 9.83% | 6.79% | $28,676,987 |
| 1891 | 9.90% | 6.91% | $34,091,202 |
| 1890 | 9.77% | 6.80% | $31,991,184 |
| 1889 | 9.75% | 6.85% | $34,259,359 |
| 1888 | 9.70% | 6.83% | $35,403,622 |
| 1887 | 9.62% | 6.72% | $35,177,038 |
| 1886 | 9.64% | 6.80% | $39,391,248 |
| 1885 | 9.77% | 6.96% | $51,232,257 |
| 1884 | 9.60% | 6.88% | $44,920,443 |
| 1883 | 9.49% | 6.85% | $42,454,310 |
| 1882 | 9.44% | 6.85% | $43,986,911 |
| 1881 | 9.38% | 6.75% | $44,105,676 |
| 1880 | 9.49% | 6.89% | $55,851,017 |
| 1879 | 9.72% | 7.01% | $83,424,664 |
| 1878 | 9.76% | 7.18% | $97,014,542 |
| 1877 | 9.69% | 7.21% | $95,986,188 |
| 1876 | 9.51% | 7.06% | $82,404,142 |
| 1875 | 9.48% | 7.08% | $86,886,927 |
| 1874 | 9.45% | 7.11% | $90,987,990 |
| 1873 | 9.36% | 7.08% | $88,722,389 |
| 1872 | 9.38% | 7.10% | $98,623,808 |
| 1871 | 9.42% | 7.14% | $114,048,572 |
Sources
- Robert J. Shiller, U.S. stock market data (S&P Composite, dividends and CPI), Yale University.
- S&P Dow Jones Indices, S&P 500 total returns for recent years.
- U.S. Bureau of Labor Statistics, Consumer Price Index (CPI-U), December values.