S&P 500 Inflation-Adjusted, in Today's Dollars
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- Observations
- 1,187
- Sample
- 1927-12-30 – 2026-10-19
Month-end closes since 1928 deflated by the U.S. consumer price index (CPI-U) and stated in dollars of the latest CPI month, over the nominal index. Shaded spans run from a real high to the month the real level got back above it, after a fall of more than 40%.
What this page answers
Over the 98 complete calendar years 1928–2025, the S&P 500 returned 10.06% a year with dividends reinvested. Consumer prices rose 3.04% a year over the same years, which leaves a real total return of 6.81% a year, or 3.14% a year on price alone. In today's dollars the index has spent 3 long spells below an earlier high after falling more than 40%: August 1929 to December 1958 (29.3 years; down as much as 82.2%); November 1968 to December 1992 (24.1 years; down as much as 64.1%); August 2000 to February 2015 (14.5 years; down as much as 60.6%).
Month-end closes since 1928 deflated by the U.S. consumer price index (CPI-U) and stated in dollars of the latest CPI month, over the nominal index. Shaded spans run from a real high to the month the real level got back above it, after a fall of more than 40%. The data is refreshed by the History of Market pipeline and published as a stable JSON endpoint for research, citation, and AI-agent use.
S&P 500 after inflation — annual return over the past 5 to 50 years (complete years through 2025)
| Window | Real price | Real total return |
|---|---|---|
| 5 years | 7.9% | 9.5% |
| 10 years | 9.4% | 11.3% |
| 15 years | 9.1% | 11.1% |
| 20 years | 6.2% | 8.3% |
| 25 years | 4.2% | 6.1% |
| 30 years | 5.7% | 7.6% |
| 40 years | 6.2% | 8.5% |
| 50 years | 5.3% | 8.1% |
S&P 500 after inflation — calendar-year inflation and real total return, 1928–2025
| Year | Inflation | Real total return |
|---|---|---|
| 2025 | +2.7% | +14.8% |
| 2024 | +2.9% | +21.5% |
| 2023 | +3.4% | +22.2% |
| 2022 | +6.5% | -23.1% |
| 2021 | +7.0% | +20.3% |
| 2020 | +1.4% | +16.8% |
| 2019 | +2.3% | +28.6% |
| 2018 | +1.9% | -6.2% |
| 2017 | +2.1% | +19.3% |
| 2016 | +2.1% | +9.7% |
| 2015 | +0.7% | +0.7% |
| 2014 | +0.8% | +12.8% |
| 2013 | +1.5% | +30.4% |
| 2012 | +1.7% | +14.0% |
| 2011 | +3.0% | -0.8% |
| 2010 | +1.5% | +13.4% |
| 2009 | +2.7% | +23.1% |
| 2008 | +0.1% | -37.1% |
| 2007 | +4.1% | +1.4% |
| 2006 | +2.5% | +12.9% |
| 2005 | +3.4% | +1.4% |
| 2004 | +3.3% | +7.4% |
| 2003 | +1.9% | +26.3% |
| 2002 | +2.4% | -23.9% |
| 2001 | +1.6% | -13.2% |
| 2000 | +3.4% | -12.1% |
| 1999 | +2.7% | +17.9% |
| 1998 | +1.6% | +26.5% |
| 1997 | +1.7% | +31.1% |
| 1996 | +3.3% | +19.0% |
| 1995 | +2.5% | +34.2% |
| 1994 | +2.7% | -1.3% |
| 1993 | +2.8% | +7.1% |
| 1992 | +2.9% | +4.6% |
| 1991 | +3.1% | +26.6% |
| 1990 | +6.1% | -8.7% |
| 1989 | +4.7% | +25.8% |
| 1988 | +4.4% | +11.6% |
| 1987 | +4.4% | +1.3% |
| 1986 | +1.1% | +17.2% |
| 1985 | +3.8% | +26.4% |
| 1984 | +4.0% | +2.1% |
| 1983 | +3.8% | +17.9% |
| 1982 | +3.8% | +16.0% |
| 1981 | +8.9% | -12.5% |
| 1980 | +12.5% | +17.1% |
| 1979 | +13.3% | +4.6% |
| 1978 | +9.0% | -2.3% |
| 1977 | +6.7% | -12.8% |
| 1976 | +4.9% | +18.1% |
| 1975 | +6.9% | +28.1% |
| 1974 | +12.3% | -34.0% |
| 1973 | +8.7% | -21.2% |
| 1972 | +3.4% | +14.9% |
| 1971 | +3.3% | +10.6% |
| 1970 | +5.6% | -1.9% |
| 1969 | +6.2% | -13.6% |
| 1968 | +4.7% | +5.8% |
| 1967 | +3.0% | +20.2% |
| 1966 | +3.5% | -13.0% |
| 1965 | +1.9% | +10.3% |
| 1964 | +1.0% | +15.3% |
| 1963 | +1.6% | +20.6% |
| 1962 | +1.3% | -10.0% |
| 1961 | +0.7% | +25.8% |
| 1960 | +1.4% | -1.0% |
| 1959 | +1.7% | +10.2% |
| 1958 | +1.8% | +41.2% |
| 1957 | +2.9% | -13.0% |
| 1956 | +3.0% | +4.3% |
| 1955 | +0.4% | +32.1% |
| 1954 | -0.7% | +53.7% |
| 1953 | +0.8% | -1.9% |
| 1952 | +0.8% | +17.3% |
| 1951 | +6.0% | +16.7% |
| 1950 | +5.9% | +23.5% |
| 1949 | -2.1% | +20.8% |
| 1948 | +3.0% | +2.6% |
| 1947 | +8.8% | -3.3% |
| 1946 | +18.1% | -22.5% |
| 1945 | +2.3% | +32.8% |
| 1944 | +2.3% | +16.4% |
| 1943 | +3.0% | +21.5% |
| 1942 | +9.0% | +9.3% |
| 1941 | +9.9% | -20.7% |
| 1940 | +0.7% | -11.3% |
| 1939 | 0.0% | -1.1% |
| 1938 | -2.8% | +33.0% |
| 1937 | +2.9% | -37.1% |
| 1936 | +1.5% | +30.1% |
| 1935 | +3.0% | +42.5% |
| 1934 | +1.5% | -2.7% |
| 1933 | +0.8% | +48.8% |
| 1932 | -10.3% | +1.8% |
| 1931 | -9.3% | -38.1% |
| 1930 | -6.4% | -20.0% |
| 1929 | +0.6% | -8.8% |
| 1928 | -1.2% | +45.5% |
Complete record (98 rows). Raw dataset: https://historyofmarket.com/api/sp500/real.json
Data & Source
GET /api/sp500/real.json — Canonical dataset endpoint.
Exchange closing prices · Company filings · Robert Shiller · FRED · NBER.
FAQ
What is the S&P 500's inflation-adjusted return?
Over the 98 complete calendar years 1928–2025, the S&P 500 returned 10.06% a year with dividends reinvested. Consumer prices rose 3.04% a year over the same years, which leaves a real total return of 6.81% a year, or 3.14% a year on price alone.
What has the S&P 500 returned per year after inflation over the past 10, 20 and 30 years?
Compound annual rates after inflation, over complete calendar years through 2025: past 10 years (2016–2025) 11.3% with dividends reinvested, 9.4% on price alone; past 20 years (2006–2025) 8.3% with dividends reinvested, 6.2% on price alone; past 30 years (1996–2025) 7.6% with dividends reinvested, 5.7% on price alone.
How long has the S&P 500 taken to recover in real terms?
In today's dollars the index has spent 3 long spells below an earlier high after falling more than 40%: August 1929 to December 1958 (29.3 years; down as much as 82.2%); November 1968 to December 1992 (24.1 years; down as much as 64.1%); August 2000 to February 2015 (14.5 years; down as much as 60.6%).
Where does this data come from?
History of Market combines public market and macro datasets — exchange closing prices, company filings, Robert Shiller, FRED, NBER, and the UBS Global Investment Returns Yearbook (Dimson–Marsh–Staunton). The exact endpoint for this panel is linked below.
How often is it updated?
Daily-tier datasets refresh after the U.S. market close, with a broader weekly refresh each weekend. The timestamp shown on this page comes from the JSON payload.
Can I use the data?
Yes, for research and education with attribution to History of Market. Upstream data sources retain their own terms.