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S&P 500 Annual Returns by Year

Comprehensive historical performance data including total returns, price returns, and inflation adjustments since 1928.

Avg Annual Return

Historical nominal total return

Positive Years

Percentage of years with gains

Best Year

Worst Year

📈 Growth of $10,000 Calculator

See how a $10,000 investment in the S&P 500 would have grown over any historical period.

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Total Return

CAGR

Years

Real Value (Inflation-Adj.)

Growth of $10,000 Since 1928

Rolling 10-Year Annualized Returns

Shows the annualized return for every 10-year period ending in the given year. Even across the worst stretches, long-term investing has historically delivered positive returns.

Complete Year-by-Year History

Year ↕	Total Return ↕	Price Return ↕	Inflation ↕	Real Return ↕

Decade-by-Decade Performance

How each decade stacked up — from the Great Depression to the post-COVID era.

Key Insights from 98 Years of Data

Methodology & Data Sources

This historical dataset compiles S&P 500 performance metrics from multiple authoritative sources to provide a complete picture of market returns since 1928. The data represents calendar year performance (January 1 to December 31).

Data Sources

S&P 500 Total Returns: Sourced from Aswath Damodaran's NYU Stern historical dataset, which includes reinvested dividends.
Price Returns & Inflation: Compiled using data from the Robert Shiller / Cowles Commission dataset (via public GitHub datasets) and recent data from Yahoo Finance.
Inflation Rate: Calculated based on Consumer Price Index (CPI) changes from December of the prior year to December of the current year.

Calculations

The Real Return is calculated using the exact formula: ((1 + Total Return) / (1 + Inflation)) - 1, rather than simply subtracting inflation from the total return, to ensure mathematical accuracy over time.

Frequently Asked Questions

What is the average S&P 500 return per year?

The historical average annual return of the S&P 500 is approximately 10% before inflation, and around 7% when adjusted for inflation, assuming dividends are reinvested.

What was the worst year for the S&P 500?

The worst year for the S&P 500 was 1931, when the market fell 43.34% during the Great Depression. In recent history, 2008 was the worst year with a decline of 38.49%.

How often does the S&P 500 have a negative year?

Historically, the S&P 500 has a negative annual return roughly once every four years, meaning it is positive about 73% of the time.

Does the S&P 500 return include dividends?

The standard quoted S&P 500 price return does not include dividends. However, the S&P 500 Total Return index, which is often cited for long-term performance, includes the reinvestment of all dividends.

What is the inflation-adjusted return of the S&P 500?

The inflation-adjusted (or real) return of the S&P 500 is the total return minus the inflation rate. Over the long term, the real return of the S&P 500 has averaged around 6.5% to 7% annualized.

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Cite This Page

Westmount Fundamentals. "S&P 500 Annual Returns by Year (1928-2026)." westmountfundamentals.com/sp500-historical-returns-by-year, 2026.

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