The S&P 500 in 2025
The S&P 500 rose 16.4% in 2025, from 5,881.63 to 6,845.50; with dividends reinvested, the total return was +17.9%. That ranks 2025 35th-best of the 98 complete calendar years since 1928.
- Price return
- +16.4%
- Total return
- +17.9%
- Deepest decline in the year
- −18.9%April 8, 2025
- Year-end close
- 6,845.50December 31, 2025
- Highest close
- 6,932.05December 24, 2025
- Lowest close
- 4,982.77April 8, 2025
- Record closes
- 39
- Trading days
- 250
- Best day
- +9.5%April 9, 2025
- Worst day
- −6.0%April 4, 2025
- Shiller CAPE in January
- 37.1
How 2025 unfolded
The highest close of the year was 6,932.05 on December 24, 2025; the lowest was 4,982.77 on April 8, 2025.
The deepest fall from a peak within the year was −18.9%, bottoming on April 8, 2025.
39 closes set new all-time highs, the last on December 24, 2025.
The best session was April 9, 2025 (+9.5%); the worst was April 4, 2025 (−6.0%).
No month of 2025 falls inside an NBER-dated recession.
The Shiller CAPE stood at 37.1 in January 2025.
The VIX averaged 18.9 over the year and closed as high as 52.3 on April 8, 2025.
Drawdowns that touched 2025
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| Tariffs & trade war | February 19, 2025 → April 8, 2025 | −18.9% | June 27, 2025 |
| AI-bubble jitters | October 28, 2025 → November 20, 2025 | −5.1% | December 11, 2025 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 2025.
2025 month by month
| Month | Return |
|---|---|
| January | +2.7% |
| February | −1.4% |
| March | −5.8% |
| April | −0.8% |
| May | +6.2% |
| June | +5.0% |
| July | +2.2% |
| August | +1.9% |
| September | +3.5% |
| October | +2.3% |
| November | +0.1% |
| December | −0.1% |
S&P 500 index changes in 2025
| Effective | Added | Removed |
|---|---|---|
| March 24, 2025 | DASH · DoorDash | BWA · BorgWarner |
| March 24, 2025 | TKO · TKO Group Holdings | TFX · Teleflex |
| March 24, 2025 | WSM · Williams-Sonoma, Inc. | CE · Celanese |
| March 24, 2025 | EXE · Expand Energy | FMC · FMC Corporation |
| May 19, 2025 | COIN · Coinbase | DFS · Discover Financial |
| July 9, 2025 | DDOG · Datadog | JNPR · Juniper Networks |
| July 18, 2025 | TTD · The Trade Desk | ANSS · ANSYS |
| July 23, 2025 | XYZ · Block | HES · Hess |
| August 28, 2025 | IBKR · Interactive Brokers Group | WBA · Walgreens Boots Alliance |
| September 22, 2025 | EME · Emcor | ENPH · Enphase Energy |
| September 22, 2025 | HOOD · Robinhood Markets | CZR · Caesars Entertainment |
| September 22, 2025 | APP · AppLovin | MKTX · MarketAxess |
| October 30, 2025 | SOLS · Solstice Advanced Materials | — |
| October 31, 2025 | — | KMX · CarMax |
| November 3, 2025 | Q · Qnity Electronics | — |
| November 4, 2025 | — | EMN · Eastman Chemical Co. |
| November 28, 2025 | SNDK · Sandisk | IPG · Interpublic Group |
| December 11, 2025 | ARES · Ares Management | K · Kellanova |
| December 22, 2025 | CRH · CRH | LKQ · LKQ Corporation |
| December 22, 2025 | CVNA · Carvana | SOLS · Solstice Advanced Materials |
| December 22, 2025 | FIX · Comfort Systems USA | MHK · Mohawk Industries |
21 changes took effect in 2025.
What $10,000 at the start of 2025 became
$10,000 invested in the S&P 500 at the start of 2025, with dividends reinvested, grew to $11,788 by the end of 2025: 17.9% a year. On price alone, without dividends, it came to $11,639.
FAQ
What was the S&P 500 return in 2025?
The S&P 500 rose 16.4% in 2025, from 5,881.63 to 6,845.50; with dividends reinvested, the total return was +17.9%.
How far did the S&P 500 fall in 2025?
Its deepest peak-to-trough decline within 2025 was −18.9%, reaching bottom on April 8, 2025.
Was 2025 part of a bear market?
No. No decline of 20% or more from a record close was under way in 2025.
Did the S&P 500 hit a record high in 2025?
Yes: 39 closes set new all-time highs in 2025, the last on December 24, 2025.
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) · Monthly returns · Index changes · VIX daily closes
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.