S&P 500 return calculator

See what money in the S&P 500 grew to, or shrank to, in the past. Pick an amount, how often you put it in, and any start year from 1928 to 2025.

S&P 500 total return with dividends reinvested, 1928–2025 · Free, no sign-up · How it works
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How often

$100 every month in the S&P 500, from January 1996 through December 2025, grew to

$229,712

You put in $36,000. Raised for price increases, that is $55,331 in 2025 dollars, so your money grew 4.2× after inflation.

$36,000You put in
6.4×Times your money
−37% in 2008Worst year you sat through
Jan 19962010Dec 2025
Your balanceWhat you put in
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Past performance of the S&P 500's yearly returns (dividends reinvested; fees and taxes not included). Not a forecast.

How it works: your deposits grow with the S&P 500's real yearly total return (dividends reinvested, NYU Stern, 1928–2025), spread evenly across each year's months. Inflation is US CPI.

Results change each time you change an input, and as new market data is added.

Real investing is different. Fees, taxes and trading costs are not included. Past market returns do not predict future returns, and you can lose money.

The same plan, other start years

The same plan for the same 30 years, started in different years. Good and bad starts side by side.

YearsYou put inWorth at the endTimes your moneyWorst year you sat through
1929–1958$36,000$353,2289.8×−44% (1931)
1940–1969$36,000$352,2119.8×−13% (1941)
1950–1979$36,000$163,2414.5×−26% (1974)
1960–1989$36,000$266,5307.4×−26% (1974)
1966–1995$36,000$346,1149.6×−26% (1974)
1970–1999$36,000$648,55118×−26% (1974)
1980–2009$36,000$193,3015.4×−37% (2008)
1990–2019$36,000$188,5885.2×−37% (2008)
1996–2025$36,000$229,7126.4×−37% (2008)

What is the S&P 500?

The S&P 500 is a stock market index. It tracks about 500 large US companies. A company that is worth more counts for more, so the biggest companies move it the most.

You cannot buy the index itself. This calculator uses the index's own yearly returns from 1928 to 2025, from NYU Stern. So it shows the index, not any one fund.

S&P 500 average return: two ways to count it

From 1928 to 2025, with dividends reinvested, the S&P 500 had two different "average" returns. Both are true. They measure different things.

Way to count1928–2025What it means
Simple average11.9% a yearAdd up each year's return, then divide by 98 years
Growth rate (CAGR)10.0% a yearThe steady yearly rate that gives the same end result

The growth rate is lower because losses hurt more than gains help. If $100 goes up 50% and then down 50%, it ends at $75. The simple average of those two years is 0%, but $25 is gone.

rˉ=r1+r2+⋯+rnn\bar{r} = \dfrac{r_1 + r_2 + \cdots + r_n}{n}

In words: Add up each year's return. Then divide by the number of years.

rˉ\bar{r}
the simple average return
r1,r2,…,rnr_1, r_2, \ldots, r_n
the return in each year, as a decimal
nn
the number of years
g=[(1+r1)(1+r2)⋯(1+rn)]1/n−1g = \big[(1 + r_1)(1 + r_2)\cdots(1 + r_n)\big]^{1/n} - 1

In words: Multiply 1 plus each year's return together. Then find the steady yearly rate that gives the same total over the same years.

gg
the growth rate, also called CAGR
nn
the number of years

For the up 50%, down 50% example, 1.5 times 0.5 is 0.75. The square root of 0.75 is about 0.866. Take away 1, and the growth rate is −13.4% a year.

Neither number is what happens in a given year. From 2000 to 2009, the growth rate was −1.0% a year. This calculator follows the real year-by-year path, so your result matches the growth rate for your years. Past returns do not predict future returns.

Find the growth rate between any two amounts with the CAGR calculator →

Turn a yearly rate into a doubling time with the rule of 72 calculator →

S&P 500 returns by decade

Here is how each decade went, from 1930 to 2025. These are past total returns with dividends reinvested, from NYU Stern. Each rate is the steady yearly growth rate for those years.

YearsGrowth a yearAfter inflationYears that fell
1930–1939−0.9%1.1%6 of 10
1940–19498.5%3.0%3 of 10
1950–195919.5%16.9%2 of 10
1960–19697.7%5.1%3 of 10
1970–19795.9%−1.3%3 of 10
1980–198917.3%11.7%1 of 10
1990–199918.0%14.7%1 of 10
2000–2009−1.0%−3.4%4 of 10
2010–201913.4%11.5%1 of 10
2020–202514.9%10.6%1 of 6

Decades differed a lot. Two of them, the 1930s and the 2000s, ended lower than they started, even with dividends. In the 1970s the index grew, but rising prices left it lower after inflation. The last row covers only 2020–2025. Past decades do not predict the next one.

S&P 500 returns by year: the best and worst

From 1928 to 2025, 26 of the 98 years ended lower than they started, even with dividends. Here are the five worst and five best calendar years:

Worst yearReturnBest yearReturn
1931−43.8%195452.6%
2008−36.5%193350.0%
1937−35.3%193546.7%
1974−25.9%192843.8%
1930−25.1%195843.7%

These are year-end numbers. Inside a year, prices can fall much further and then come back.

Big drops and how long it took to get back

Each row starts with money put in at the start of the first year shown, with dividends reinvested. "Back" is the first year end when it was worth as much again. The last column also takes out inflation.

Years of the dropFallBack by the end ofBack after inflation by
1929–1932−64.8%19361936
1973–1974−36.5%19761984
2000–2002−37.4%20062013
2008−36.5%20122013
2022−18.0%20232024

Getting back did not end the risk. After it got back in 1936, the index lost 35.3% in 1937. Past recoveries do not mean the next one will happen, or how fast. To see a drop with your own amount, set the years above to 2000 through 2009.

How much the length of time mattered

This table checks every stretch of each length from 1928 to 2025: 1928–1937, then 1929–1938, and so on. It shows the worst and best yearly growth rate, with dividends reinvested.

LengthWorstBestWorst after inflation
1 year−43.8% (1931)52.6% (1954)−38.1% (1931)
10 years−1.7% a year (1929–1938)20.1% a year (1949–1958)−3.8% a year (1999–2008)
20 years2.4% a year (1929–1948)17.7% a year (1980–1999)0.6% a year (1929–1948)
30 years8.0% a year (1929–1958)13.6% a year (1970–1999)4.3% a year (1965–1994)

The stretches overlap, so there are only three separate 30-year periods since 1928. The next 30 years could be worse than any of them. "The same plan, other start years" under the calculator does this for your own plan.

When you take money out each year, the order of the ups and downs counts too.

Check how long your money could last with the retirement calculator →

Dividend reinvestment: price return vs total return

Many S&P 500 companies pay dividends, a part of their profit paid to owners. A price return counts only the change in the index level. A total return also counts dividends, as if each one bought more shares.

This calculator uses total return. So it will not match a chart of the index level, which leaves dividends out.

You can reinvest a dividend or take it as cash. Reinvesting means it buys more shares. Taking cash means the money comes to you, and your shares stay the same. Here is a made-up example. You own $10,000 of shares that pay 2% a year in dividends, and the price never moves.

After 10 yearsTaken as cashReinvested
Shares are worth$10,000$12,190
Cash paid to you$2,000$0
Total$12,000$12,190

Reinvesting came out $190 ahead, because each new share paid dividends of its own. The longer the time, the bigger that gap. In the calculator above, each dividend is put back in. You cannot pick the cash choice.

See how growth on growth adds up with the compound interest calculator →

S&P 500 returns after inflation

Prices rise over time, so a dollar buys less later. From 1928 to 2025, US prices rose 3.0% a year (CPI). After inflation, the S&P 500's growth rate drops from 10.0% a year to 6.8% a year.

rreal=1+r1+i−1r_{\text{real}} = \dfrac{1 + r}{1 + i} - 1

In words: Add 1 to the return. Divide by 1 plus the inflation rate. Then take away 1.

rr
the return before inflation, as a decimal
ii
the inflation rate for the same years
rrealr_{\text{real}}
the return after inflation

With the numbers above, 1.100 divided by 1.030 is about 1.068. Take away 1 and you get 6.8% a year. Taking 3.0 away from 10.0 gives 7.0%, which is a bit too high.

This calculator shows both. It raises what you put in by each year's price rise. For example, $10,000 put in once in January 2000 grew to about $73,882 by December 2025. Prices rose too: that $10,000 was like $19,257 in 2025 dollars. So after inflation, the money grew 3.8 times, not 7.4 times. Other start years did better or worse.

Try stocks, bonds or cash in today's dollars with the investment calculator →

Using this as a VOO or SPY calculator

VOO and SPY are exchange-traded funds, or ETFs. An ETF is a fund whose shares trade like a stock. Both try to track the S&P 500. So this calculator gives a close idea of what they did in the past, but not an exact match.

Here is why a fund's result differs from the index:

  • The fee. Each fund takes a small yearly fee, called the expense ratio. It comes out of the fund, so the fund trails the index by about that much.
  • Tracking error. A fund may not hold each stock in exactly the right amount. So its return can drift a little from the index.
  • Timing. A fund has a new price every trading day. This calculator uses yearly returns, spread evenly over the months.
  • Start date. The index data here goes back to 1928. These funds are much younger, so early years show the index alone.

To see a fund's real past returns, read its prospectus or its yearly report. This page does not recommend any fund.

Dollar-cost averaging (DCA) vs a lump sum

Dollar-cost averaging means you put in the same amount at set times, like once a month. You keep doing it whether prices are up or down. You buy more shares when prices are low and fewer when they are high.

Neither way always won. Here is $12,000 put in each way, over two 10-year stretches:

Years$12,000 in January of the first year$100 a month for 10 years
2000–2009$10,903$12,627
2010–2019$42,350$24,616

In the falling decade, adding a little each month did better. In the rising decade, putting it all in at the start did better. Pick "once" or "every month" above to compare your own years. This calculator spreads each year's return evenly over its months, so it shows the general pattern, not the exact path.

How people invest in the S&P 500

  1. Use an account that can hold funds, like a brokerage account, an IRA, or a workplace plan such as a 401(k) if it offers one.
  2. Look for an index fund that tracks the S&P 500. It can be a mutual fund or an ETF.
  3. Compare the expense ratio. That is the yearly fee, shown as a share of your money. A 0.5% fee on $10,000 is $50 a year.
  4. Read the fund's prospectus. It lists the fees and the risks.

An index fund owns the stocks in the index, or a sample of them. So its return is close to the index, minus fees. It can still lose a lot in a bad year. This page is education, not advice about any fund.

How this calculator works

The data. Yearly S&P 500 total return, dividends reinvested, from NYU Stern's Historical Returns on Stocks, Bonds and Bills. Inflation is US CPI from FRED.

The math. Each year's return is spread evenly across its 12 months. Deposits land at the start of each month. "Every day" means 365 deposits a year.

After inflation. We raise what you put in by each year's price rise, so you can compare it fairly with what it grew to.

What it leaves out. Fund fees, taxes and trading costs. An index is not a fund; real funds trail it slightly.

Questions people ask

What would $100 a month in the S&P 500 for 30 years be worth?

From January 1996 through December 2025, $100 a month grew to about $229,712. You would have put in $36,000. On the way you sat through a −37% year in 2008. Other 30-year stretches ended higher or lower.

What was the S&P 500's worst year?

1931, when it lost 43.8% with dividends. 2008 was the worst year since then, at −36.5%.

Is the S&P 500 the same as SPY or VOO?

No. The S&P 500 is an index, a list of about 500 large US companies. SPY and VOO are funds that try to match it, minus a small fee.

Does this include dividends?

Yes. Dividends are reinvested. Without them, the numbers would be much lower.

Can this calculator tell me what I will earn?

No. It shows only what the S&P 500 did from 1928 to 2025. Past results do not predict future ones. The next 10 or 30 years could be better or worse than any stretch in the data.

Why might my result differ from a fund's own numbers?

This calculator spreads each year's return evenly over its 12 months, and it leaves out fees and taxes. A real fund moves day by day and charges a fee, so its numbers will not match exactly.

What is the S&P 500 average return?

From 1928 to 2025, with dividends reinvested, the simple average was 11.9% a year. The steady growth rate was 10.0% a year, or 6.8% after inflation. These are past numbers. Future returns could be higher or lower.

Can I use this as a VOO or SPY calculator?

Yes, as a close guide to the past. Both funds try to track the S&P 500, which this calculator uses. Real fund results trail the index a little, because of fees and small tracking gaps. The funds are also much younger than the data, so early years show the index alone. This page does not recommend any fund.

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Reviewed by Tavish Sharma, CFA · Last reviewed

Published by Amaltash Advisors LLC, an SEC-registered investment adviser

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