The S&P 500 in 1938
The S&P 500 rose 24.6% in 1938, from 10.55 to 13.14; with dividends reinvested, the total return was +29.3%. That ranks 1938 21st-best of the 98 complete calendar years since 1928.
- Price return
- +24.6%
- Total return
- +29.3%
- Deepest decline in the year
- −28.9%March 31, 1938
- Year-end close
- 13.14December 30, 1938
- Highest close
- 13.91October 10, 1938
- Lowest close
- 8.50March 31, 1938
- Record closes
- 0
- Trading days
- 250
- Best day
- +7.5%January 6, 1938
- Worst day
- −7.7%October 11, 1938
- Shiller CAPE in January
- 13.5
How 1938 unfolded
The highest close of the year was 13.91 on October 10, 1938; the lowest was 8.50 on March 31, 1938.
The deepest fall from a peak within the year was −28.9%, bottoming on March 31, 1938.
No close set a new all-time high.
The best session was January 6, 1938 (+7.5%); the worst was October 11, 1938 (−7.7%).
The U.S. economy was in an NBER-dated recession in 6 months of 1938: January 1938 to June 1938.
The Shiller CAPE stood at 13.5 in January 1938.
Drawdowns that touched 1938
| 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 1938.
What $10,000 at the start of 1938 became
$10,000 invested in the S&P 500 at the start of 1938, with dividends reinvested, grew to $127,411,474 by the end of 2025: 11.3% a year. On price alone, without dividends, it came to $6,488,694.
FAQ
What was the S&P 500 return in 1938?
The S&P 500 rose 24.6% in 1938, from 10.55 to 13.14; with dividends reinvested, the total return was +29.3%.
How far did the S&P 500 fall in 1938?
Its deepest peak-to-trough decline within 1938 was −28.9%, reaching bottom on March 31, 1938.
Was 1938 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1938.
Did the S&P 500 hit a record high in 1938?
No. The index never closed above its previous record in 1938.
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.