S&P 500 Historical Return Calculator (1928–2025)
See what an investment in the S&P 500 (with dividends reinvested) grew to between any two years from 1928 to 2025 — total and annualized return, compared with Treasury bills, 10-year bonds and gold.
For information and education only — not financial advice. Results are estimates based on the numbers you enter; check important decisions with a qualified professional.
How to use
- 1Choose a start year and end year.
- 2Enter the amount invested at the start.
- 3See the ending value and annual return, and how bonds, T-bills and gold compared.
How it's calculated
Ending value = amount × Π(1 + annual return) for each calendar year from the start year to the end year. Annualized return = (ending ÷ starting)^(1/years) − 1. Returns are nominal (not adjusted for inflation) and before fees and taxes.
Frequently asked questions
What is the long-run average return of the S&P 500?
About 10% a year annualized (compound) since 1928 with dividends reinvested — roughly 6–7% after inflation.
What was the worst year?
1931, at −43.8%. More recently 2008 lost 36.6% and 2022 lost 18.0%.
Why include dividends?
Dividends have provided a large share of the total return — about a third to 40% over the long run — so price-only returns understate what investors earned.