What investing from 1970 was like
A 1970 start meant waiting. The “Nifty Fifty” growth stocks that led the market in the early 1970s collapsed in 1973–74, and the S&P 500 lost 38% over those two years. With inflation near 10% at the time, the real loss was worse, 49%, and a 1970 investment didn’t get its buying power back until 1985.
Those who held on were paid well for it. The long fall in interest rates from the early 1980s lifted stocks for two decades, and the return since 1970 works out to 11.09% a year, 6.90% after inflation.
All at once, or a little each month?
$10,000 invested on the first day of 1970 grew to $3,607,274 by the end of 2025. The same $10,000 spread evenly over all 672 months, $14.88 a month, grew to $774,892. Across every 56-year period in the data, investing it all at once came out ahead every time, because money invested sooner spends longer in a market that rises more often than it falls.
How 1970–2025 ranks
There are 100 periods of 56 calendar years in the data, which starts in 1871. This one ranks 21 of 100, with 11.09% a year. The best was 1943–1998 at 13.48%, the median 9.73%, and the worst 1886–1941 at 6.26%.
Every year since 1970: returns, inflation and the value of $100
| Year | Total return | Inflation | Real return | $100 from 1970 |
|---|---|---|---|---|
| 1970 | +3.6% | +5.6% | −1.9% | $103.60 |
| 1971 | +14.5% | +3.3% | +10.9% | $118.66 |
| 1972 | +19.2% | +3.4% | +15.2% | $141.39 |
| 1973 | −15.0% | +8.7% | −21.8% | $120.14 |
| 1974 | −27.0% | +12.3% | −35.0% | $87.76 |
| 1975 | +38.5% | +6.9% | +29.5% | $121.51 |
| 1976 | +24.2% | +4.9% | +18.4% | $150.92 |
| 1977 | −7.8% | +6.7% | −13.6% | $139.18 |
| 1978 | +6.4% | +9.0% | −2.4% | $148.10 |
| 1979 | +18.7% | +13.3% | +4.8% | $175.78 |
| 1980 | +32.8% | +12.5% | +18.0% | $233.36 |
| 1981 | −5.3% | +8.9% | −13.1% | $220.92 |
| 1982 | +21.2% | +3.8% | +16.7% | $267.80 |
| 1983 | +23.1% | +3.8% | +18.6% | $329.75 |
| 1984 | +6.0% | +3.9% | +1.9% | $349.40 |
| 1985 | +32.2% | +3.8% | +27.4% | $462.05 |
| 1986 | +19.1% | +1.1% | +17.8% | $550.11 |
| 1987 | +5.7% | +4.4% | +1.2% | $581.42 |
| 1988 | +16.6% | +4.4% | +11.7% | $678.16 |
| 1989 | +32.0% | +4.6% | +26.1% | $895.18 |
| 1990 | −3.4% | +6.1% | −9.0% | $864.56 |
| 1991 | +31.0% | +3.1% | +27.1% | $1,132 |
| 1992 | +7.6% | +2.9% | +4.6% | $1,218 |
| 1993 | +10.2% | +2.7% | +7.2% | $1,342 |
| 1994 | +1.2% | +2.7% | −1.4% | $1,358 |
| 1995 | +38.0% | +2.5% | +34.6% | $1,874 |
| 1996 | +23.1% | +3.3% | +19.1% | $2,307 |
| 1997 | +33.7% | +1.7% | +31.4% | $3,083 |
| 1998 | +28.7% | +1.6% | +26.7% | $3,969 |
| 1999 | +21.1% | +2.7% | +17.9% | $4,807 |
| 2000 | −9.1% | +3.4% | −12.1% | $4,369 |
| 2001 | −12.0% | +1.6% | −13.3% | $3,846 |
| 2002 | −22.3% | +2.4% | −24.1% | $2,989 |
| 2003 | +28.7% | +1.9% | +26.3% | $3,848 |
| 2004 | +10.8% | +3.3% | +7.3% | $4,264 |
| 2005 | +4.8% | +3.4% | +1.3% | $4,468 |
| 2006 | +15.7% | +2.5% | +12.9% | $5,172 |
| 2007 | +5.5% | +4.1% | +1.3% | $5,454 |
| 2008 | −37.2% | +0.1% | −37.3% | $3,424 |
| 2009 | +27.1% | +2.7% | +23.8% | $4,352 |
| 2010 | +14.9% | +1.5% | +13.1% | $4,999 |
| 2011 | +2.1% | +3.0% | −0.9% | $5,103 |
| 2012 | +15.9% | +1.7% | +13.9% | $5,913 |
| 2013 | +32.4% | +1.5% | +30.5% | $7,831 |
| 2014 | +13.8% | +0.8% | +12.9% | $8,912 |
| 2015 | +1.3% | +0.7% | +0.6% | $9,029 |
| 2016 | +11.9% | +2.1% | +9.7% | $10,106 |
| 2017 | +21.9% | +2.1% | +19.4% | $12,324 |
| 2018 | −4.4% | +1.9% | −6.2% | $11,780 |
| 2019 | +31.7% | +2.3% | +28.8% | $15,519 |
| 2020 | +18.4% | +1.4% | +16.8% | $18,371 |
| 2021 | +28.8% | +7.0% | +20.4% | $23,668 |
| 2022 | −18.1% | +6.5% | −23.1% | $19,382 |
| 2023 | +26.3% | +3.3% | +22.2% | $24,477 |
| 2024 | +25.0% | +2.9% | +21.5% | $30,601 |
| 2025 | +17.9% | +2.7% | +14.8% | $36,073 |
How this is calculated
Returns are calendar-year total returns: the change in the S&P 500 plus dividends, reinvested. Before 1957 the figures are Robert Shiller’s reconstruction of the broad U.S. market, as the index itself didn’t yet have 500 stocks. Real returns subtract December-to-December inflation. The data is yearly, so falls within a year, like the spring of 2020, don’t show; the biggest fall here is measured between year-end values. Fees and taxes are left out.
For what prices did over the same years, see what $100 in 1970 is worth today. Every figure here comes from the same data as the S&P 500 return calculator. The method is on the methodology page.
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.