smalHistorical Returns on Stocks, Bonds and Bills: 1928-2020

Data Used: Multiple data services

Data: Historical Returns for the US

Date: January 2021

Download as an excel file instead: http://www.stern.nyu.edu/~adamodar/pc/datasets/histretSP.xls

Annual Returns on Investments in Value of $100 invested at start of 1928 in Annual Risk Premium   Annual Real Returns on
Year S&P 500 (includes dividends) 3-month T.Bill US T. Bond  Baa Corporate Bond S&P 500 (includes dividends)3 3-month T.Bill4 US T. Bond5  Baa Corporate Bond6 Stocks - Bills Stocks - Bonds Stocks - Baa Corp Bond Historical risk premium Inflation Rate S&P 500 (includes dividends)2 3-month T. Bill (Real) !0-year T.Bonds Baa Corp Bonds
1928 43.81% 3.08% 0.84% 3.22%  $           143.81  $             103.08  $         100.84  $            103.22 40.73% 42.98% 40.59%   -1.15% 45.49% 4.28% 2.01% 4.42%
1929 -8.30% 3.16% 4.20% 3.02%  $           131.88  $             106.34  $         105.07  $            106.33 -11.46% -12.50% -11.32%   0.00% -8.30% 3.16% 4.20% 3.02%
1930 -25.12% 4.55% 4.54% 0.54%  $             98.75  $             111.18  $         109.85  $            106.91 -29.67% -29.66% -25.66%   -2.67% -23.07% 7.42% 7.41% 3.30%
1931 -43.84% 2.31% -2.56% -15.68%  $             55.46  $             113.74  $         107.03  $              90.14 -46.15% -41.28% -28.16%   -8.93% -38.33% 12.34% 7.00% -7.41%
1932 -8.64% 1.07% 8.79% 23.59%  $             50.66  $             114.96  $         116.44  $            111.41 -9.71% -17.43% -32.23%   -10.30% 1.85% 12.68% 21.28% 37.78%
1933 49.98% 0.96% 1.86% 12.97%  $             75.99  $             116.06  $         118.60  $            125.86 49.02% 48.13% 37.02%   -5.19% 58.20% 6.49% 7.43% 19.15%
1934 -1.19% 0.28% 7.96% 18.82%  $             75.09  $             116.39  $         128.05  $            149.54 -1.47% -9.15% -20.00%   3.48% -4.51% -3.09% 4.33% 14.82%
1935 46.74% 0.17% 4.47% 13.31%  $           110.18  $             116.58  $         133.78  $            169.44 46.57% 42.27% 33.43%   2.55% 43.09% -2.33% 1.87% 10.49%
1936 31.94% 0.17% 5.02% 11.38%  $           145.38  $             116.78  $         140.49  $            188.73 31.77% 26.93% 20.56%   1.03% 30.60% -0.85% 3.94% 10.25%
1937 -35.34% 0.28% 1.38% -4.42%  $             94.00  $             117.11  $         142.43  $            180.39 -35.61% -36.72% -30.92%   3.73% -37.66% -3.33% -2.26% -7.85%
1938 29.28% 0.07% 4.21% 9.24%  $           121.53  $             117.18  $         148.43  $            197.05 29.22% 25.07% 20.05%   -2.03% 31.96% 2.14% 6.37% 11.50%
1939 -1.10% 0.05% 4.41% 7.98%  $           120.20  $             117.24  $         154.98  $            212.78 -1.14% -5.51% -9.08%   -1.30% 0.21% 1.36% 5.79% 9.41%
1940 -10.67% 0.04% 5.40% 8.65%  $           107.37  $             117.28  $         163.35  $            231.18 -10.71% -16.08% -19.32%   0.72% -11.31% -0.68% 4.65% 7.87%
1941 -12.77% 0.13% -2.02% 5.01%  $             93.66  $             117.43  $         160.04  $            242.76 -12.90% -10.75% -17.78%   5.12% -17.02% -4.74% -6.79% -0.10%
1942 19.17% 0.34% 2.29% 5.18%  $           111.61  $             117.83  $         163.72  $            255.33 18.83% 16.88% 13.99%   10.92% 7.44% -9.54% -7.78% -5.18%
1943 25.06% 0.38% 2.49% 8.04%  $           139.59  $             118.28  $         167.79  $            275.88 24.68% 22.57% 17.02%   5.97% 18.02% -5.27% -3.28% 1.96%
1944 19.03% 0.38% 2.58% 6.57%  $           166.15  $             118.73  $         172.12  $            293.99 18.65% 16.45% 12.46%   1.64% 17.11% -1.24% 0.93% 4.85%
1945 35.82% 0.38% 3.80% 6.80%  $           225.67  $             119.18  $         178.67  $            313.98 35.44% 32.02% 29.02%   2.27% 32.80% -1.85% 1.50% 4.43%
1946 -8.43% 0.38% 3.13% 2.51%  $           206.65  $             119.63  $         184.26  $            321.85 -8.81% -11.56% -10.94%   8.48% -15.58% -7.46% -4.93% -5.50%
1947 5.20% 0.60% 0.92% 0.26%  $           217.39  $             120.35  $         185.95  $            322.70 4.60% 4.28% 4.94%   14.39% -8.03% -12.05% -11.78% -12.35%
1948 5.70% 1.05% 1.95% 3.44%  $           229.79  $             121.61  $         189.58  $            333.79 4.66% 3.75% 2.27%   7.69% -1.84% -6.17% -5.33% -3.95%
1949 18.30% 1.12% 4.66% 5.38%  $           271.85  $             122.96  $         198.42  $            351.74 17.19% 13.64% 12.93%   -0.97% 19.46% 2.11% 5.69% 6.41%
1950 30.81% 1.20% 0.43% 4.24%  $           355.60  $             124.44  $         199.27  $            366.65 29.60% 30.38% 26.57%   1.09% 29.40% 0.12% -0.65% 3.12%
1951 23.68% 1.52% -0.30% -0.19%  $           439.80  $             126.33  $         198.68  $            365.95 22.16% 23.97% 23.87%   7.86% 14.67% -5.88% -7.56% -7.46%
1952 18.15% 1.72% 2.27% 4.44%  $           519.62  $             128.51  $         203.19  $            382.20 16.43% 15.88% 13.71%   2.28% 15.52% -0.54% -0.01% 2.11%
1953 -1.21% 1.89% 4.14% 1.62%  $           513.35  $             130.94  $         211.61  $            388.39 -3.10% -5.35% -2.83%   0.82% -2.01% 1.07% 3.30% 0.80%
1954 52.56% 0.94% 3.29% 6.16%  $           783.18  $             132.17  $         218.57  $            412.31 51.62% 49.27% 46.41%   0.31% 52.09% 0.63% 2.97% 5.83%
1955 32.60% 1.73% -1.34% 2.04%  $        1,038.47  $             134.45  $         215.65  $            420.74 30.87% 33.93% 30.55%   -0.28% 32.97% 2.01% -1.06% 2.33%
1956 7.44% 2.63% -2.26% -2.35%  $        1,115.73  $             137.98  $         210.79  $            410.84 4.81% 9.70% 9.79%   1.53% 5.83% 1.09% -3.72% -3.82%
1957 -10.46% 3.23% 6.80% -0.72%  $           999.05  $             142.43  $         225.11  $            407.89 -13.68% -17.25% -9.74%   3.34% -13.35% -0.11% 3.34% -3.93%
1958 43.72% 1.77% -2.10% 6.43%  $        1,435.84  $             144.95  $         220.39  $            434.11 41.95% 45.82% 37.29%   2.73% 39.90% -0.93% -4.70% 3.60%
1959 12.06% 3.39% -2.65% 1.57%  $        1,608.95  $             149.86  $         214.56  $            440.95 8.67% 14.70% 10.48%   1.01% 10.94% 2.35% -3.62% 0.56%
1960 0.34% 2.88% 11.64% 6.66%  $        1,614.37  $             154.18  $         239.53  $            470.33 -2.55% -11.30% -6.33% 6.11% 1.46% -1.11% 1.40% 10.04% 5.13%
1961 26.64% 2.35% 2.06% 5.10%  $        2,044.40  $             157.81  $         244.46  $            494.32 24.28% 24.58% 21.54% 6.62% 1.07% 25.30% 1.27% 0.98% 3.99%
1962 -8.81% 2.77% 5.69% 6.50%  $        1,864.26  $             162.19  $         258.38  $            526.43 -11.58% -14.51% -15.31% 5.97% 1.20% -9.89% 1.56% 4.44% 5.23%
1963 22.61% 3.16% 1.68% 5.46%  $        2,285.80  $             167.31  $         262.74  $            555.19 19.45% 20.93% 17.15% 6.36% 1.24% 21.11% 1.90% 0.44% 4.17%
1964 16.42% 3.55% 3.73% 5.16%  $        2,661.02  $             173.25  $         272.53  $            583.85 12.87% 12.69% 11.25% 6.53% 1.28% 14.95% 2.24% 2.42% 3.83%
1965 12.40% 3.95% 0.72% 3.19%  $        2,990.97  $             180.09  $         274.49  $            602.47 8.45% 11.68% 9.21% 6.66% 1.59% 10.65% 2.33% -0.85% 1.58%
1966 -9.97% 4.86% 2.91% -3.45%  $        2,692.74  $             188.84  $         282.47  $            581.72 -14.83% -12.88% -6.53% 6.11% 3.02% -12.61% 1.79% -0.10% -6.27%
1967 23.80% 4.31% -1.58% 0.90%  $        3,333.69  $             196.98  $         278.01  $            586.92 19.50% 25.38% 22.91% 6.57% 2.77% 20.46% 1.49% -4.24% -1.83%
1968 10.81% 5.34% 3.27% 4.85%  $        3,694.23  $             207.49  $         287.11  $            615.36 5.48% 7.54% 5.97% 6.60% 4.27% 6.28% 1.02% -0.96% 0.55%
1969 -8.24% 6.67% -5.01% -2.03%  $        3,389.77  $             221.32  $         272.71  $            602.90 -14.91% -3.23% -6.22% 6.33% 5.46% -12.99% 1.14% -9.93% -7.10%
1970 3.56% 6.39% 16.75% 5.65%  $        3,510.49  $             235.47  $         318.41  $            636.96 -2.83% -13.19% -2.09% 5.90% 5.84% -2.15% 0.52% 10.31% -0.18%
1971 14.22% 4.33% 9.79% 14.00%  $        4,009.72  $             245.67  $         349.57  $            726.14 9.89% 4.43% 0.22% 5.87% 4.29% 9.52% 0.04% 5.27% 9.31%
1972 18.76% 4.07% 2.82% 11.41%  $        4,761.76  $             255.68  $         359.42  $            808.99 14.68% 15.94% 7.35% 6.08% 3.27% 14.99% 0.77% -0.44% 7.88%
1973 -14.31% 7.03% 3.66% 4.32%  $        4,080.44  $             273.66  $         372.57  $            843.92 -21.34% -17.97% -18.63% 5.50% 6.18% -19.29% 0.80% -2.37% -1.75%
1974 -25.90% 7.83% 1.99% -4.38%  $        3,023.54  $             295.08  $         379.98  $            806.95 -33.73% -27.89% -21.52% 4.64% 11.05% -33.28% -2.90% -8.16% -13.90%
1975 37.00% 5.78% 3.61% 11.05%  $        4,142.10  $             312.12  $         393.68  $            896.12 31.22% 33.39% 25.95% 5.17% 9.14% 25.52% -3.09% -5.07% 1.75%
1976 23.83% 4.97% 15.98% 19.75%  $        5,129.20  $             327.65  $         456.61  $         1,073.13 18.86% 7.85% 4.08% 5.22% 5.74% 17.10% -0.73% 9.68% 13.25%
1977 -6.98% 5.27% 1.29% 9.95%  $        4,771.20  $             344.91  $         462.50  $         1,179.96 -12.25% -8.27% -16.93% 4.93% 6.50% -12.66% -1.16% -4.89% 3.24%
1978 6.51% 7.19% -0.78% 3.14%  $        5,081.77  $             369.71  $         458.90  $         1,216.98 -0.68% 7.29% 3.37% 4.97% 7.63% -1.04% -0.41% -7.81% -4.17%
1979 18.52% 10.07% 0.67% -2.01%  $        6,022.89  $             406.93  $         461.98  $         1,192.53 8.45% 17.85% 20.53% 5.21% 11.25% 6.53% -1.07% -9.51% -11.92%
1980 31.74% 11.43% -2.99% -3.32%  $        7,934.26  $             453.46  $         448.17  $         1,152.99 20.30% 34.72% 35.05% 5.73% 13.55% 16.02% -1.86% -14.57% -14.85%
1981 -4.70% 14.03% 8.20% 8.46%  $        7,561.16  $             517.06  $         484.91  $         1,250.56 -18.73% -12.90% -13.16% 5.37% 10.33% -13.63% 3.34% -1.94% -1.70%
1982 20.42% 10.61% 32.81% 29.05%  $        9,105.08  $             571.94  $         644.04  $         1,613.88 9.80% -12.40% -8.63% 5.10% 6.13% 13.46% 4.22% 25.14% 21.60%
1983 22.34% 8.61% 3.20% 16.19%  $      11,138.90  $             621.19  $         664.65  $         1,875.23 13.73% 19.14% 6.14% 5.34% 3.21% 18.53% 5.23% -0.01% 12.58%
1984 6.15% 9.52% 13.73% 15.62%  $      11,823.51  $             680.35  $         755.92  $         2,168.13 -3.38% -7.59% -9.47% 5.12% 4.30% 1.77% 5.01% 9.04% 10.85%
1985 31.24% 7.48% 25.71% 23.86%  $      15,516.60  $             731.23  $         950.29  $         2,685.50 23.76% 5.52% 7.37% 5.13% 3.55% 26.74% 3.80% 21.41% 19.62%
1986 18.49% 5.98% 24.28% 21.49%  $      18,386.33  $             774.95  $      1,181.06  $         3,262.50 12.52% -5.79% -2.99% 4.97% 1.90% 16.29% 4.00% 21.97% 19.22%
1987 5.81% 5.78% -4.96% 2.29%  $      19,455.08  $             819.70  $      1,122.47  $         3,337.20 0.04% 10.77% 3.52% 5.07% 3.66% 2.07% 2.04% -8.32% -1.33%
1988 16.54% 6.67% 8.22% 15.12%  $      22,672.40  $             874.35  $      1,214.78  $         3,841.62 9.87% 8.31% 1.42% 5.12% 4.08% 11.97% 2.49% 3.98% 10.60%
1989 31.48% 8.11% 17.69% 15.79%  $      29,808.58  $             945.28  $      1,429.72  $         4,448.20 23.36% 13.78% 15.69% 5.24% 4.83% 25.42% 3.13% 12.27% 10.46%
1990 -3.06% 7.49% 6.24% 6.14%  $      28,895.11  $          1,016.11  $      1,518.87  $         4,721.33 -10.56% -9.30% -9.20% 5.00% 5.40% -8.03% 1.99% 0.79% 0.70%
1991 30.23% 5.38% 15.00% 17.85%  $      37,631.51  $          1,070.73  $      1,746.77  $         5,564.25 24.86% 15.23% 12.38% 5.14% 4.23% 24.94% 1.09% 10.33% 13.07%
1992 7.49% 3.43% 9.36% 12.17%  $      40,451.51  $          1,107.47  $      1,910.30  $         6,241.54 4.06% -1.87% -4.68% 5.03% 3.03% 4.33% 0.39% 6.15% 8.87%
1993 9.97% 3.00% 14.21% 16.43%  $      44,483.33  $          1,140.67  $      2,181.77  $         7,267.12 6.97% -4.24% -6.46% 4.90% 2.95% 6.81% 0.04% 10.94% 13.09%
1994 1.33% 4.25% -8.04% -1.32%  $      45,073.14  $          1,189.11  $      2,006.43  $         7,171.25 -2.92% 9.36% 2.65% 4.97% 2.61% -1.25% 1.60% -10.37% -3.83%
1995 37.20% 5.49% 23.48% 20.16%  $      61,838.19  $          1,254.39  $      2,477.55  $         8,616.71 31.71% 13.71% 17.04% 5.08% 2.81% 33.45% 2.61% 20.11% 16.88%
1996 22.68% 5.01% 1.43% 4.79%  $      75,863.69  $          1,317.18  $      2,512.94  $         9,029.67 17.68% 21.25% 17.89% 5.30% 2.93% 19.19% 2.02% -1.46% 1.81%
1997 33.10% 5.06% 9.94% 11.83%  $    100,977.34  $          1,383.84  $      2,762.71  $       10,098.32 28.04% 23.16% 21.27% 5.53% 2.34% 30.06% 2.66% 7.43% 9.28%
1998 28.34% 4.78% 14.92% 7.95%  $    129,592.25  $          1,449.94  $      3,174.95  $       10,900.68 23.56% 13.42% 20.39% 5.63% 1.55% 26.38% 3.18% 13.16% 6.30%
1999 20.89% 4.64% -8.25% 0.84%  $    156,658.05  $          1,517.20  $      2,912.88  $       10,992.59 16.25% 29.14% 20.04% 5.96% 2.19% 18.30% 2.40% -10.22% -1.32%
2000 -9.03% 5.82% 16.66% 9.33%  $    142,508.98  $          1,605.45  $      3,398.03  $       12,018.16 -14.85% -25.69% -18.36% 5.51% 3.38% -12.00% 2.36% 12.84% 5.76%
2001 -11.85% 3.39% 5.57% 7.82%  $    125,622.01  $          1,659.84  $      3,587.37  $       12,957.88 -15.24% -17.42% -19.67% 5.17% 2.83% -14.27% 0.55% 2.67% 4.86%
2002 -21.97% 1.60% 15.12% 12.18%  $      98,027.82  $          1,686.44  $      4,129.65  $       14,535.88 -23.57% -37.08% -34.14% 4.53% 1.59% -23.18% 0.02% 13.32% 10.43%
2003 28.36% 1.01% 0.38% 13.53%  $    125,824.39  $          1,703.49  $      4,145.15  $       16,502.87 27.34% 27.98% 14.82% 4.82% 2.27% 25.51% -1.23% -1.85% 11.01%
2004 10.74% 1.37% 4.49% 9.89%  $    139,341.42  $          1,726.86  $      4,331.30  $       18,134.78 9.37% 6.25% 0.85% 4.84% 2.68% 7.86% -1.27% 1.77% 7.02%
2005 4.83% 3.15% 2.87% 4.92%  $    146,077.85  $          1,781.19  $      4,455.50  $       19,026.57 1.69% 1.97% -0.08% 4.80% 3.39% 1.39% -0.24% -0.51% 1.47%
2006 15.61% 4.73% 1.96% 7.05%  $    168,884.34  $          1,865.39  $      4,542.87  $       20,367.63 10.89% 13.65% 8.56% 4.91% 3.23% 12.00% 1.45% -1.23% 3.70%
2007 5.48% 4.35% 10.21% 3.15%  $    178,147.20  $          1,946.59  $      5,006.69  $       21,009.29 1.13% -4.73% 2.33% 4.79% 2.85% 2.56% 1.46% 7.15% 0.29%
2008 -36.55% 1.37% 20.10% -5.07%  $    113,030.22  $          1,973.16  $      6,013.10  $       19,945.02 -37.92% -56.65% -31.49% 3.88% 3.84% -38.90% -2.38% 15.66% -8.58%
2009 25.94% 0.15% -11.12% 23.33%  $    142,344.87  $          1,976.12  $      5,344.65  $       24,598.10 25.79% 37.05% 2.61% 4.29% -0.36% 26.38% 0.51% -10.80% 23.77%
2010 14.82% 0.14% 8.46% 8.35%  $    163,441.94  $          1,978.82  $      5,796.96  $       26,651.51 14.68% 6.36% 6.47% 4.31% 1.64% 12.97% -1.48% 6.71% 6.60%
2011 2.10% 0.05% 16.04% 12.58%  $    166,871.56  $          1,979.86  $      6,726.52  $       30,005.47 2.05% -13.94% -10.49% 4.10% 3.16% -1.03% -3.01% 12.48% 9.14%
2012 15.89% 0.09% 2.97% 10.12%  $    193,388.43  $          1,981.56  $      6,926.40  $       33,043.43 15.80% 12.92% 5.77% 4.20% 2.07% 13.54% -1.94% 0.88% 7.89%
2013 32.15% 0.06% -9.10% -1.06%  $    255,553.31  $          1,982.72  $      6,295.79  $       32,694.52 32.09% 41.25% 33.20% 4.62% 1.46% 30.24% -1.39% -10.42% -2.48%
2014 13.52% 0.03% 10.75% 10.38%  $    290,115.42  $          1,983.36  $      6,972.34  $       36,089.82 13.49% 2.78% 3.14% 4.60% 1.62% 11.71% -1.56% 8.98% 8.62%
2015 1.38% 0.05% 1.28% -0.70%  $    294,115.79  $          1,984.40  $      7,061.89  $       35,838.08 1.33% 0.09% 2.08% 4.54% 0.12% 1.26% -0.07% 1.16% -0.82%
2016 11.77% 0.32% 0.69% 10.37%  $    328,742.28  $          1,990.70  $      7,110.65  $       39,552.74 11.46% 11.08% 1.41% 4.62% 1.26% 10.38% -0.93% -0.56% 8.99%
2017 21.61% 0.93% 2.80% 9.72%  $    399,768.64  $          2,009.23  $      7,309.87  $       43,398.81 20.67% 18.80% 11.88% 4.77% 2.13% 19.07% -1.17% 0.66% 7.44%
2018 -4.23% 1.94% -0.02% -2.76%  $    382,870.94  $          2,048.20  $      7,308.65  $       42,199.86 -6.17% -4.21% -1.46% 4.66% 2.44% -6.51% -0.49% -2.40% -5.08%
2019 31.21% 1.55% 9.64% 15.33%  $    502,371.39  $          2,079.94  $      8,012.89  $       48,668.87 29.66% 21.58% 15.88% 4.83% 2.29% 28.27% -0.72% 7.18% 12.75%
2020 18.01% 0.09% 11.33% 10.41%  $    592,868.15  $          2,081.82  $      8,920.90  $       53,736.05 17.92% 6.68% 7.60% 4.84% 1.20% 16.61% -1.10% 10.01% 9.10%