S&P 500 Returns since 2003

Stock market returns since 2003

If you invested $100 in the S&P 500 at the beginning of 2003, you would have about $921.09 at the end of 2024, assuming you reinvested all dividends. This is a return on investment of 821.09%, or 10.92% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 437.19% cumulatively, or 8.17% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $782.84.

Contents

Overview
Adjusting for inflation
Full monthly data
Dollar cost average
Data source & citation

The graph below shows the performance of $100 over time if invested in an S&P 500 index fund. The returns assume that all dividends are automatically reinvested.

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This chart shows the rate of gains and loss by month, including dividends:

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Adjusting stock market return for inflation

The nominal return on investment of $100 is $821.09, or 821.09%. This means by 2024 you would have $921.09 in your pocket.

However, it's important to take into account the effect of inflation when considering an investment and especially a long-term investment. You can convert S&P returns to their real (inflation-adjusted) value using an inflation calculation based on the U.S. Bureau of Labor Statistics Consumer Price Index (CPI).

In the case of the returns described above, the CPI in 2003 was 184.000 and the CPI in 2024 was 315.493.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 21 years.

Adjusted for inflation, the $921.09 nominal end value of the original $100 investment would have a real return of roughly $437.19 in 2003 dollars. This means the inflation-adjusted return is 437.19% as opposed to the original 821.09%.

For more information on inflation, see our U.S. inflation calculator for 2003.

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Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 257-month period between 2003 and 2024.

Note that data shown is the monthly average closing price. Returns include dividends.

Year	Month	Return (%)	Amount ($)	CPI
2003	1	-6.41%	93.59	181.70
2003	2	1.31%	94.81	183.10
2003	3	5.29%	99.82	184.20
2003	4	5.31%	105.12	183.80
2003	5	5.70%	111.12	183.50
2003	6	0.60%	111.78	183.70
2003	7	-0.17%	111.60	183.90
2003	8	3.16%	115.12	184.60
2003	9	2.03%	117.46	185.20
2003	10	1.21%	118.88	185.00
2003	11	3.06%	122.52	184.50
2003	12	4.93%	128.57	184.30
2004	1	1.09%	129.97	185.20
2004	2	-1.57%	127.93	186.20
2004	3	0.97%	129.17	187.40
2004	4	-2.56%	125.86	188.00
2004	5	2.86%	129.45	189.10
2004	6	-2.24%	126.56	189.70
2004	7	-1.39%	124.80	189.40
2004	8	2.78%	128.27	189.50
2004	9	0.10%	128.40	189.90
2004	10	4.77%	134.53	190.90
2004	11	2.73%	138.20	191.00
2004	12	-1.35%	136.34	190.30
2005	1	1.68%	138.63	190.70
2005	2	-0.26%	138.28	191.80
2005	3	-2.41%	134.95	193.30
2005	4	1.34%	136.75	194.60
2005	5	2.18%	139.73	194.40
2005	6	1.81%	142.26	194.50
2005	7	0.31%	142.70	195.40
2005	8	0.28%	143.10	196.40
2005	9	-2.62%	139.34	198.80
2005	10	3.96%	144.86	199.20
2005	11	2.14%	147.97	197.60
2005	12	1.47%	150.14	196.80
2006	1	-0.02%	150.11	198.30
2006	2	1.49%	152.34	198.70
2006	3	0.80%	153.56	199.80
2006	4	-0.79%	152.35	201.50
2006	5	-2.71%	148.23	202.50
2006	6	0.72%	149.30	202.90
2006	7	2.29%	152.72	203.50
2006	8	2.53%	156.58	203.90
2006	9	3.62%	162.25	202.90
2006	10	2.00%	165.49	201.80
2006	11	2.15%	169.05	201.50
2006	12	0.69%	170.22	201.80
2007	1	1.60%	172.94	202.42
2007	2	-2.47%	168.66	203.50
2007	3	4.18%	175.71	205.35
2007	4	3.39%	181.67	206.69
2007	5	0.34%	182.30	207.95
2007	6	0.57%	183.34	208.35
2007	7	-4.20%	175.64	208.30
2007	8	3.07%	181.04	207.92
2007	9	2.99%	186.46	208.49
2007	10	-4.81%	177.50	208.94
2007	11	1.24%	179.69	210.18
2007	12	-6.64%	167.77	210.04
2008	1	-1.56%	165.15	211.08
2008	2	-2.63%	160.81	211.69
2008	3	4.24%	167.63	213.53
2008	4	2.56%	171.93	214.82
2008	5	-4.25%	164.63	216.63
2008	6	-6.08%	154.62	218.82
2008	7	2.11%	157.88	219.96
2008	8	-4.85%	150.23	219.09
2008	9	-20.19%	119.89	218.78
2008	10	-8.61%	109.58	216.57
2008	11	-0.35%	109.19	212.43
2008	12	-1.10%	108.00	210.23
2009	1	-6.70%	100.76	211.14
2009	2	-5.69%	95.03	212.19
2009	3	12.32%	106.74	212.71
2009	4	6.66%	113.84	213.24
2009	5	2.87%	117.11	213.86
2009	6	1.28%	118.61	215.69
2009	7	8.12%	128.24	215.35
2009	8	3.65%	132.92	215.83
2009	9	2.40%	136.11	215.97
2009	10	2.09%	138.96	216.18
2009	11	2.23%	142.06	216.33
2009	12	1.36%	143.98	215.95
2010	1	-2.90%	139.81	216.69
2010	2	5.94%	148.12	216.74
2010	3	4.09%	154.18	217.63
2010	4	-5.88%	145.11	218.01
2010	5	-3.54%	139.96	218.18
2010	6	-0.16%	139.74	217.97
2010	7	0.86%	140.95	218.01
2010	8	3.37%	145.70	218.31
2010	9	4.58%	152.37	218.44
2010	10	2.49%	156.16	218.71
2010	11	3.71%	161.96	218.80
2010	12	3.46%	167.57	219.18
2011	1	3.15%	172.85	220.22
2011	2	-1.11%	170.93	221.31
2011	3	2.22%	174.73	223.47
2011	4	0.66%	175.88	224.91
2011	5	-3.66%	169.44	225.96
2011	6	3.10%	174.69	225.72
2011	7	-10.40%	156.52	225.92
2011	8	-0.79%	155.29	226.55
2011	9	3.02%	159.97	226.89
2011	10	1.77%	162.80	226.42
2011	11	1.55%	165.33	226.23
2011	12	4.78%	173.24	225.67
2012	1	4.16%	180.45	226.67
2012	2	2.88%	185.65	227.66
2012	3	-0.04%	185.58	229.39
2012	4	-3.09%	179.85	230.09
2012	5	-1.15%	177.78	229.82
2012	6	2.92%	182.97	229.48
2012	7	3.39%	189.17	229.10
2012	8	3.02%	194.88	230.38
2012	9	-0.22%	194.46	231.41
2012	10	-2.84%	188.94	231.32
2012	11	2.18%	193.05	230.22
2012	12	4.27%	201.29	229.60
2013	1	2.33%	205.99	230.28
2013	2	2.72%	211.60	232.17
2013	3	1.45%	214.67	232.77
2013	4	4.57%	224.49	232.53
2013	5	-1.12%	221.98	232.95
2013	6	3.25%	229.21	233.50
2013	7	0.25%	229.79	233.60
2013	8	1.19%	232.53	233.88
2013	9	2.12%	237.45	234.15
2013	10	3.86%	246.62	233.55
2013	11	1.52%	250.37	233.07
2013	12	0.97%	252.79	233.05
2014	1	-0.13%	252.46	233.92
2014	2	2.72%	259.34	234.78
2014	3	0.20%	259.86	236.29
2014	4	1.53%	263.84	237.07
2014	5	3.20%	272.27	237.90
2014	6	1.50%	276.35	238.34
2014	7	-0.43%	275.17	238.25
2014	8	1.78%	280.06	237.85
2014	9	-2.65%	272.65	238.03
2014	10	5.71%	288.20	237.43
2014	11	0.63%	290.03	236.15
2014	12	-1.11%	286.81	234.81
2015	1	2.83%	294.92	233.71
2015	2	0.06%	295.08	234.72
2015	3	0.88%	297.67	236.12
2015	4	0.98%	300.59	236.60
2015	5	-0.44%	299.28	237.81
2015	6	-0.08%	299.04	238.64
2015	7	-2.42%	291.79	238.65
2015	8	-4.51%	278.64	238.32
2015	9	4.32%	290.67	237.95
2015	10	2.93%	299.19	237.84
2015	11	-1.10%	295.89	237.34
2015	12	-6.42%	276.90	236.53
2016	1	-0.55%	275.37	236.92
2016	2	6.36%	292.90	237.11
2016	3	2.83%	301.19	238.13
2016	4	-0.30%	300.27	239.26
2016	5	1.07%	303.47	240.23
2016	6	3.30%	313.48	241.02
2016	7	1.20%	317.24	240.63
2016	8	-0.44%	315.85	240.85
2016	9	-0.51%	314.25	241.43
2016	10	1.20%	318.03	241.73
2016	11	3.95%	330.57	241.35
2016	12	1.44%	335.33	241.43
2017	1	2.58%	343.97	242.84
2017	2	1.75%	349.98	243.60
2017	3	-0.15%	349.44	243.80
2017	4	1.69%	355.36	244.52
2017	5	1.78%	361.67	244.73
2017	6	0.99%	365.24	244.96
2017	7	0.25%	366.15	244.79
2017	8	1.65%	372.20	245.52
2017	9	2.73%	382.38	246.82
2017	10	1.59%	388.46	246.66
2017	11	2.88%	399.66	246.67
2017	12	4.86%	419.09	246.52
2018	1	-2.89%	406.99	247.87
2018	2	0.06%	407.26	248.99
2018	3	-1.66%	400.48	249.55
2018	4	1.96%	408.34	250.55
2018	5	2.11%	416.96	251.59
2018	6	1.58%	423.56	251.99
2018	7	2.45%	433.94	252.01
2018	8	1.68%	441.22	252.15
2018	9	-3.85%	424.24	252.44
2018	10	-2.08%	415.43	252.89
2018	11	-5.56%	392.33	252.04
2018	12	1.74%	399.14	251.23
2019	1	5.83%	422.40	251.71
2019	2	1.95%	430.63	252.78
2019	3	3.72%	446.66	254.20
2019	4	-1.53%	439.82	255.55
2019	5	1.40%	446.00	256.09
2019	6	3.83%	463.07	256.14
2019	7	-3.13%	448.55	256.57
2019	8	3.09%	462.39	256.56
2019	9	0.01%	462.44	256.76
2019	10	4.43%	482.94	257.35
2019	11	2.47%	494.87	257.21
2019	12	3.35%	511.43	256.97
2020	1	0.12%	512.05	257.97
2020	2	-18.92%	415.18	258.68
2020	3	4.32%	433.11	258.12
2020	4	5.89%	458.61	256.39
2020	5	6.51%	488.46	256.39
2020	6	3.48%	505.44	257.80
2020	7	5.89%	535.23	259.10
2020	8	-0.63%	531.87	259.92
2020	9	1.73%	541.05	260.28
2020	10	3.95%	562.45	260.39
2020	11	4.26%	586.41	260.23
2020	12	2.80%	602.80	260.47
2021	1	2.49%	617.82	261.58
2021	2	0.82%	622.89	263.01
2021	3	6.02%	660.40	264.88
2021	4	0.76%	665.42	267.05
2021	5	1.81%	677.47	269.20
2021	6	3.07%	698.25	271.70
2021	7	2.19%	713.51	273.00
2021	8	-0.08%	712.91	273.57
2021	9	0.45%	716.13	274.31
2021	10	4.74%	750.11	276.59
2021	11	0.27%	752.10	277.95
2021	12	-2.05%	736.67	278.80
2022	1	-2.90%	715.29	281.15
2022	2	-0.89%	708.90	283.72
2022	3	0.12%	709.74	287.50
2022	4	-7.87%	653.86	289.11
2022	5	-3.37%	631.83	292.30
2022	6	0.46%	634.77	296.31
2022	7	6.45%	675.70	296.28
2022	8	-7.28%	626.52	296.17
2022	9	-3.09%	607.16	296.81
2022	10	5.29%	639.24	298.01
2022	11	0.01%	639.31	297.71
2022	12	1.38%	648.11	296.80
2023	1	3.15%	668.51	299.17
2023	2	-2.59%	651.23	300.84
2023	3	4.00%	677.25	301.84
2023	4	0.74%	682.25	303.36
2023	5	4.94%	715.96	304.13
2023	6	3.88%	743.72	305.11
2023	7	-1.00%	736.30	305.69
2023	8	-0.95%	729.27	307.03
2023	9	-3.04%	707.12	307.79
2023	10	4.60%	739.66	307.67
2023	11	5.18%	777.94	307.05
2023	12	2.91%	800.60	306.75
2024	1	4.20%	834.21	308.42
2024	2	3.28%	861.59	310.33
2024	3	-1.01%	852.90	312.33
2024	4	2.52%	874.37	313.55
2024	5	5.34%	921.09	314.07

Click to show 246 more rows

Remember, returns are based on the average closing price across the entire month. Some losses are offset by dividend returns.

Dollar-cost averaging

Dollar-cost averaging is an alternative to investing the full lump-sum of $100.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $100.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 2003. This would result in a final amount of $782.84, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $921.09).

Year	Month	Contribution ($)	Amount ($)
2003	1	4.16	3.89
2003	2	4.16	8.15
2003	3	4.16	12.95
2003	4	4.16	18.01
2003	5	4.16	23.43
2003	6	4.16	27.75
2003	7	4.16	31.85
2003	8	4.16	37.14
2003	9	4.16	42.14
2003	10	4.16	46.85
2003	11	4.16	52.57
2003	12	4.16	59.52
2004	1	4.16	64.37
2004	2	4.16	67.45
2004	3	4.16	72.30
2004	4	4.16	74.49
2004	5	4.16	80.89
2004	6	4.16	83.14
2004	7	4.16	86.09
2004	8	4.16	92.75
2004	9	4.16	97.00
2004	10	4.16	105.99
2004	11	4.16	113.15
2004	12	4.32	115.88
2005	1	-	117.82
2005	2	-	117.52
2005	3	-	114.69
2005	4	-	116.22
2005	5	-	118.76
2005	6	-	120.91
2005	7	-	121.28
2005	8	-	121.62
2005	9	-	118.43
2005	10	-	123.12
2005	11	-	125.76
2005	12	-	127.60
2006	1	-	127.58
2006	2	-	129.48
2006	3	-	130.51
2006	4	-	129.49
2006	5	-	125.98
2006	6	-	126.89
2006	7	-	129.80
2006	8	-	133.08
2006	9	-	137.89
2006	10	-	140.65
2006	11	-	143.68
2006	12	-	144.67
2007	1	-	146.98
2007	2	-	143.34
2007	3	-	149.34
2007	4	-	154.40
2007	5	-	154.93
2007	6	-	155.82
2007	7	-	149.28
2007	8	-	153.87
2007	9	-	158.47
2007	10	-	150.85
2007	11	-	152.72
2007	12	-	142.59
2008	1	-	140.36
2008	2	-	136.67
2008	3	-	142.47
2008	4	-	146.12
2008	5	-	139.92
2008	6	-	131.41
2008	7	-	134.19
2008	8	-	127.68
2008	9	-	101.90
2008	10	-	93.13
2008	11	-	92.80
2008	12	-	91.79
2009	1	-	85.63
2009	2	-	80.76
2009	3	-	90.72
2009	4	-	96.76
2009	5	-	99.53
2009	6	-	100.80
2009	7	-	108.99
2009	8	-	112.97
2009	9	-	115.68
2009	10	-	118.11
2009	11	-	120.74
2009	12	-	122.37
2010	1	-	118.83
2010	2	-	125.89
2010	3	-	131.03
2010	4	-	123.33
2010	5	-	118.96
2010	6	-	118.77
2010	7	-	119.79
2010	8	-	123.83
2010	9	-	129.50
2010	10	-	132.73
2010	11	-	137.65
2010	12	-	142.42
2011	1	-	146.91
2011	2	-	145.27
2011	3	-	148.50
2011	4	-	149.48
2011	5	-	144.00
2011	6	-	148.47
2011	7	-	133.03
2011	8	-	131.98
2011	9	-	135.96
2011	10	-	138.37
2011	11	-	140.52
2011	12	-	147.24
2012	1	-	153.37
2012	2	-	157.79
2012	3	-	157.73
2012	4	-	152.85
2012	5	-	151.09
2012	6	-	155.51
2012	7	-	160.77
2012	8	-	165.63
2012	9	-	165.27
2012	10	-	160.58
2012	11	-	164.08
2012	12	-	171.08
2013	1	-	175.07
2013	2	-	179.84
2013	3	-	182.45
2013	4	-	190.80
2013	5	-	188.66
2013	6	-	194.80
2013	7	-	195.30
2013	8	-	197.63
2013	9	-	201.81
2013	10	-	209.60
2013	11	-	212.79
2013	12	-	214.85
2014	1	-	214.57
2014	2	-	220.41
2014	3	-	220.86
2014	4	-	224.24
2014	5	-	231.41
2014	6	-	234.87
2014	7	-	233.86
2014	8	-	238.02
2014	9	-	231.72
2014	10	-	244.94
2014	11	-	246.50
2014	12	-	243.76
2015	1	-	250.65
2015	2	-	250.79
2015	3	-	253.00
2015	4	-	255.47
2015	5	-	254.36
2015	6	-	254.16
2015	7	-	247.99
2015	8	-	236.82
2015	9	-	247.04
2015	10	-	254.29
2015	11	-	251.48
2015	12	-	235.34
2016	1	-	234.04
2016	2	-	248.93
2016	3	-	255.98
2016	4	-	255.20
2016	5	-	257.92
2016	6	-	266.43
2016	7	-	269.62
2016	8	-	268.44
2016	9	-	267.08
2016	10	-	270.29
2016	11	-	280.96
2016	12	-	285.00
2017	1	-	292.34
2017	2	-	297.45
2017	3	-	297.00
2017	4	-	302.02
2017	5	-	307.39
2017	6	-	310.42
2017	7	-	311.19
2017	8	-	316.34
2017	9	-	324.99
2017	10	-	330.15
2017	11	-	339.67
2017	12	-	356.19
2018	1	-	345.91
2018	2	-	346.13
2018	3	-	340.37
2018	4	-	347.05
2018	5	-	354.38
2018	6	-	359.98
2018	7	-	368.80
2018	8	-	375.00
2018	9	-	360.57
2018	10	-	353.08
2018	11	-	333.44
2018	12	-	339.23
2019	1	-	359.00
2019	2	-	365.99
2019	3	-	379.62
2019	4	-	373.81
2019	5	-	379.06
2019	6	-	393.56
2019	7	-	381.23
2019	8	-	392.99
2019	9	-	393.03
2019	10	-	410.45
2019	11	-	420.59
2019	12	-	434.67
2020	1	-	435.20
2020	2	-	352.87
2020	3	-	368.11
2020	4	-	389.78
2020	5	-	415.15
2020	6	-	429.58
2020	7	-	454.89
2020	8	-	452.04
2020	9	-	459.84
2020	10	-	478.03
2020	11	-	498.39
2020	12	-	512.32
2021	1	-	525.09
2021	2	-	529.40
2021	3	-	561.28
2021	4	-	565.55
2021	5	-	575.78
2021	6	-	593.45
2021	7	-	606.42
2021	8	-	605.91
2021	9	-	608.65
2021	10	-	637.52
2021	11	-	639.22
2021	12	-	626.10
2022	1	-	607.93
2022	2	-	602.50
2022	3	-	603.21
2022	4	-	555.72
2022	5	-	537.00
2022	6	-	539.49
2022	7	-	574.28
2022	8	-	532.49
2022	9	-	516.03
2022	10	-	543.30
2022	11	-	543.36
2022	12	-	550.84
2023	1	-	568.17
2023	2	-	553.48
2023	3	-	575.60
2023	4	-	579.85
2023	5	-	608.50
2023	6	-	632.09
2023	7	-	625.78
2023	8	-	619.82
2023	9	-	600.99
2023	10	-	628.65
2023	11	-	661.18
2023	12	-	680.43
2024	1	-	709.00
2024	2	-	732.28
2024	3	-	724.89
2024	4	-	743.13
2024	5	-	782.84

Click to show 246 more rows

Data Sources

The information on this page is derived from Robert Shiller's book, Irrational Exuberance and the accompanying dataset, as well as the U.S. Bureau of Labor Statistics' monthly CPI logs.

Note that S&P index value for the current quarter is based on a moving average of closing prices, per Robert Shiller's methodology. The inflation data used is based on annual CPI averages.

in2013dollars.com is a reference website maintained by the Official Data Foundation.

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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Other resources:

S&P 500 from 2003 to 2024
Start Value Average monthly close	$895.84
End Value Average monthly close	$5,509.01
Change in price	+514.95% +9.03% / yr
Change incl. dividends	+821.09% +10.92% / yr
Change incl. dividends, inflation-adjusted	+437.19% +8.17% / yr
Final amount, nominal ($100 base)	$921.09
Final amount, inflation-adjusted ($100 base)	$537.19

S&P 500: $100 in 2003 → $921.09 in 2024

Stock market returns since 2003

Adjusting stock market return for inflation

Full monthly data

Dollar-cost averaging

Data Sources

About the author