What investing from 1980 was like
1980 was close to ideal timing. After a decade of inflation, stocks were cheap, at about seven times the previous year’s earnings in Robert Shiller’s data, and interest rates were about to begin a 40-year decline. Only 10 of the 110 periods of this length in our data did better.
It still had its shocks. On October 19, 1987, the market fell more than 20% in a single day, yet 1987 ended up 5.7%. The real tests came later: the dot-com bust took 38% off by the end of 2002, and 2008 lost 37% in one year.
All at once, or a little each month?
$10,000 invested on the first day of 1980 grew to $2,052,177 by the end of 2025. The same $10,000 spread evenly over all 552 months, $18.12 a month, grew to $307,658. Across every 46-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 1980–2025 ranks
There are 110 periods of 46 calendar years in the data, which starts in 1871. This one ranks 11 of 110, with 12.27% a year. The best was 1954–1999 at 13.31%, the median 9.95%, and the worst 1887–1932 at 5.78%.
Every year since 1980: returns, inflation and the value of $100
| Year | Total return | Inflation | Real return | $100 from 1980 |
|---|---|---|---|---|
| 1980 | +32.8% | +12.5% | +18.0% | $132.76 |
| 1981 | −5.3% | +8.9% | −13.1% | $125.68 |
| 1982 | +21.2% | +3.8% | +16.7% | $152.35 |
| 1983 | +23.1% | +3.8% | +18.6% | $187.59 |
| 1984 | +6.0% | +3.9% | +1.9% | $198.77 |
| 1985 | +32.2% | +3.8% | +27.4% | $262.86 |
| 1986 | +19.1% | +1.1% | +17.8% | $312.96 |
| 1987 | +5.7% | +4.4% | +1.2% | $330.77 |
| 1988 | +16.6% | +4.4% | +11.7% | $385.81 |
| 1989 | +32.0% | +4.6% | +26.1% | $509.26 |
| 1990 | −3.4% | +6.1% | −9.0% | $491.85 |
| 1991 | +31.0% | +3.1% | +27.1% | $644.08 |
| 1992 | +7.6% | +2.9% | +4.6% | $693.02 |
| 1993 | +10.2% | +2.7% | +7.2% | $763.51 |
| 1994 | +1.2% | +2.7% | −1.4% | $772.59 |
| 1995 | +38.0% | +2.5% | +34.6% | $1,066 |
| 1996 | +23.1% | +3.3% | +19.1% | $1,312 |
| 1997 | +33.7% | +1.7% | +31.4% | $1,754 |
| 1998 | +28.7% | +1.6% | +26.7% | $2,258 |
| 1999 | +21.1% | +2.7% | +17.9% | $2,735 |
| 2000 | −9.1% | +3.4% | −12.1% | $2,486 |
| 2001 | −12.0% | +1.6% | −13.3% | $2,188 |
| 2002 | −22.3% | +2.4% | −24.1% | $1,701 |
| 2003 | +28.7% | +1.9% | +26.3% | $2,189 |
| 2004 | +10.8% | +3.3% | +7.3% | $2,426 |
| 2005 | +4.8% | +3.4% | +1.3% | $2,542 |
| 2006 | +15.7% | +2.5% | +12.9% | $2,942 |
| 2007 | +5.5% | +4.1% | +1.3% | $3,103 |
| 2008 | −37.2% | +0.1% | −37.3% | $1,948 |
| 2009 | +27.1% | +2.7% | +23.8% | $2,476 |
| 2010 | +14.9% | +1.5% | +13.1% | $2,844 |
| 2011 | +2.1% | +3.0% | −0.9% | $2,903 |
| 2012 | +15.9% | +1.7% | +13.9% | $3,364 |
| 2013 | +32.4% | +1.5% | +30.5% | $4,455 |
| 2014 | +13.8% | +0.8% | +12.9% | $5,070 |
| 2015 | +1.3% | +0.7% | +0.6% | $5,137 |
| 2016 | +11.9% | +2.1% | +9.7% | $5,749 |
| 2017 | +21.9% | +2.1% | +19.4% | $7,011 |
| 2018 | −4.4% | +1.9% | −6.2% | $6,702 |
| 2019 | +31.7% | +2.3% | +28.8% | $8,829 |
| 2020 | +18.4% | +1.4% | +16.8% | $10,451 |
| 2021 | +28.8% | +7.0% | +20.4% | $13,465 |
| 2022 | −18.1% | +6.5% | −23.1% | $11,026 |
| 2023 | +26.3% | +3.3% | +22.2% | $13,925 |
| 2024 | +25.0% | +2.9% | +21.5% | $17,409 |
| 2025 | +17.9% | +2.7% | +14.8% | $20,522 |
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 1980 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.