The S&P 500 in 1940
The S&P 500 fell 15.1% in 1940, from 12.46 to 10.58; with dividends reinvested, the total return was −10.7%. That ranks 1940 10th-worst of the 98 complete calendar years since 1928.
- Price return
- −15.1%
- Total return
- −10.7%
- Deepest decline in the year
- −29.6%June 10, 1940
- Year-end close
- 10.58December 31, 1940
- Highest close
- 12.77January 3, 1940
- Lowest close
- 8.99June 10, 1940
- Record closes
- 0
- Trading days
- 251
- Best day
- +5.6%November 7, 1940
- Worst day
- −7.5%May 14, 1940
- Shiller CAPE in January
- 16.4
How 1940 unfolded
The highest close of the year was 12.77 on January 3, 1940; the lowest was 8.99 on June 10, 1940.
The deepest fall from a peak within the year was −29.6%, bottoming on June 10, 1940.
No close set a new all-time high.
The best session was November 7, 1940 (+5.6%); the worst was May 14, 1940 (−7.5%).
No month of 1940 falls inside an NBER-dated recession.
The Shiller CAPE stood at 16.4 in January 1940.
Drawdowns that touched 1940
| 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 1940.
What $10,000 at the start of 1940 became
$10,000 invested in the S&P 500 at the start of 1940, with dividends reinvested, grew to $99,650,826 by the end of 2025: 11.3% a year. On price alone, without dividends, it came to $5,494,316.
FAQ
What was the S&P 500 return in 1940?
The S&P 500 fell 15.1% in 1940, from 12.46 to 10.58; with dividends reinvested, the total return was −10.7%.
How far did the S&P 500 fall in 1940?
Its deepest peak-to-trough decline within 1940 was −29.6%, reaching bottom on June 10, 1940.
Was 1940 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1940.
Did the S&P 500 hit a record high in 1940?
No. The index never closed above its previous record in 1940.
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.