The S&P 500 in 1931
The S&P 500 fell 47.1% in 1931, from 15.34 to 8.12; with dividends reinvested, the total return was −43.8%. That makes 1931 the worst of the 98 complete calendar years since 1928.
- Price return
- −47.1%
- Total return
- −43.8%
- Deepest decline in the year
- −57.5%December 17, 1931
- Year-end close
- 8.12December 31, 1931
- Highest close
- 18.17February 24, 1931
- Lowest close
- 7.72December 17, 1931
- Record closes
- 0
- Trading days
- 252
- Best day
- +12.4%October 6, 1931
- Worst day
- −7.3%September 24, 1931
- Shiller CAPE in January
- 16.7
How 1931 unfolded
The highest close of the year was 18.17 on February 24, 1931; the lowest was 7.72 on December 17, 1931.
The deepest fall from a peak within the year was −57.5%, bottoming on December 17, 1931.
No close set a new all-time high.
The best session was October 6, 1931 (+12.4%); the worst was September 24, 1931 (−7.3%).
The U.S. economy was in an NBER-dated recession in 12 months of 1931: January 1931 to December 1931.
The Shiller CAPE stood at 16.7 in January 1931.
Drawdowns that touched 1931
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| The 1929 Crash and the Great Depression | September 16, 1929 → June 1, 1932 | −86.2% | September 22, 1954 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 1931.
What $10,000 at the start of 1931 became
$10,000 invested in the S&P 500 at the start of 1931, with dividends reinvested, grew to $121,279,297 by the end of 2025: 10.4% a year. On price alone, without dividends, it came to $4,462,586.
FAQ
What was the S&P 500 return in 1931?
The S&P 500 fell 47.1% in 1931, from 15.34 to 8.12; with dividends reinvested, the total return was −43.8%.
How far did the S&P 500 fall in 1931?
Its deepest peak-to-trough decline within 1931 was −57.5%, reaching bottom on December 17, 1931.
Was 1931 part of a bear market?
Yes. 1931 falls inside the 1929–1932 bear market (The 1929 Crash and the Great Depression), when the S&P 500 fell 86.2% from its record close on September 16, 1929 to its low on June 1, 1932.
Did the S&P 500 hit a record high in 1931?
No. The index never closed above its previous record in 1931.
Data and sources
Daily closes · Calendar-year price returns · Calendar-year total returns · Intra-year declines · Drawdowns from record closes · Shiller CAPE · NBER recession months (via FRED)
Index levels are daily closes. Price return leaves dividends out; total return reinvests them. A past year's page changes only when a later year completes and the rankings move.