smalHistorical Returns on Stocks, Bonds and Bills: 1928-2022

Data Used: Multiple data services

Data: Historical Returns for the US

Date: January 2023

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

Update: I have replaced the end-of-the-period T.Bill rates that I used to report in this table, with the average T.Bill rate during the year, since it better measures what you would have earned on that investment during the year.

Annual Returns on Investments in     Value of $100 invested at start of 1928 in
Year S&P 500 (includes dividends) 3-month T.Bill US T. Bond  Baa Corporate Bond Real Estate Gold* S&P 500 (includes dividends)3 3-month T.Bill4 US T. Bond5  Baa Corporate Bond2 Real Estate2 Gold2
1928 43.81% 3.08% 0.84% 3.22% 1.49% 0.10%  $           143.81  $             103.08  $            100.84  $            103.22  $            101.49  $            100.10
1929 -8.30% 3.16% 4.20% 3.02% -2.06% -0.15%  $           131.88  $             106.34  $            105.07  $            106.33  $              99.40  $              99.95
1930 -25.12% 4.55% 4.54% 0.54% -4.30% 0.10%  $             98.75  $             111.18  $            109.85  $            106.91  $              95.13  $            100.05
1931 -43.84% 2.31% -2.56% -15.68% -8.15% -17.38%  $             55.46  $             113.74  $            107.03  $              90.14  $              87.38  $              82.66
1932 -8.64% 1.07% 8.79% 23.59% -10.47% 21.28%  $             50.66  $             114.96  $            116.44  $            111.41  $              78.23  $            100.24
1933 49.98% 0.96% 1.86% 12.97% -3.81% 27.26%  $             75.99  $             116.06  $            118.60  $            125.86  $              75.25  $            127.57
1934 -1.19% 0.28% 7.96% 18.82% 2.91% 31.75%  $             75.09  $             116.39  $            128.05  $            149.54  $              77.44  $            168.07
1935 46.74% 0.17% 4.47% 13.31% 9.77% 0.43%  $           110.18  $             116.58  $            133.78  $            169.44  $              85.00  $            168.80
1936 31.94% 0.17% 5.02% 11.38% 3.22% 0.09%  $           145.38  $             116.78  $            140.49  $            188.73  $              87.73  $            168.94
1937 -35.34% 0.28% 1.38% -4.42% 2.56% -0.23%  $             94.00  $             117.11  $            142.43  $            180.39  $              89.98  $            168.56
1938 29.28% 0.07% 4.21% 9.24% -0.87% 0.17%  $           121.53  $             117.18  $            148.43  $            197.05  $              89.20  $            168.85
1939 -1.10% 0.05% 4.41% 7.98% -1.30% -1.23%  $           120.20  $             117.24  $            154.98  $            212.78  $              88.04  $            166.76
1940 -10.67% 0.04% 5.40% 8.65% 3.31% -1.66%  $           107.37  $             117.28  $            163.35  $            231.18  $              90.95  $            164.00
1941 -12.77% 0.13% -2.02% 5.01% -8.38% 0.00%  $             93.66  $             117.43  $            160.04  $            242.76  $              83.32  $            164.00
1942 19.17% 0.34% 2.29% 5.18% 3.33% 0.00%  $           111.61  $             117.83  $            163.72  $            255.33  $              86.10  $            164.00
1943 25.06% 0.38% 2.49% 8.04% 11.45% 0.00%  $           139.59  $             118.28  $            167.79  $            275.88  $              95.95  $            164.00
1944 19.03% 0.38% 2.58% 6.57% 16.58% 0.00%  $           166.15  $             118.73  $            172.12  $            293.99  $            111.87  $            164.00
1945 35.82% 0.38% 3.80% 6.80% 11.78% 2.54%  $           225.67  $             119.18  $            178.67  $            313.98  $            125.04  $            168.17
1946 -8.43% 0.38% 3.13% 2.51% 24.10% 0.00%  $           206.65  $             119.63  $            184.26  $            321.85  $            155.18  $            168.17
1947 5.20% 0.60% 0.92% 0.26% 21.26% 0.00%  $           217.39  $             120.35  $            185.95  $            322.70  $            188.17  $            168.17
1948 5.70% 1.05% 1.95% 3.44% 2.06% 0.00%  $           229.79  $             121.61  $            189.58  $            333.79  $            192.05  $            168.17
1949 18.30% 1.12% 4.66% 5.38% 0.09% -8.70%  $           271.85  $             122.96  $            198.42  $            351.74  $            192.22  $            153.54
1950 30.81% 1.20% 0.43% 4.24% 3.64% 9.56%  $           355.60  $             124.44  $            199.27  $            366.65  $            199.22  $            168.22
1951 23.68% 1.52% -0.30% -0.19% 6.05% 0.00%  $           439.80  $             126.33  $            198.68  $            365.95  $            211.26  $            168.22
1952 18.15% 1.72% 2.27% 4.44% 4.41% -0.35%  $           519.62  $             128.51  $            203.19  $            382.20  $            220.57  $            167.64
1953 -1.21% 1.89% 4.14% 1.62% 11.52% 0.69%  $           513.35  $             130.94  $            211.61  $            388.39  $            245.98  $            168.80
1954 52.56% 0.94% 3.29% 6.16% 0.92% 0.57%  $           783.18  $             132.17  $            218.57  $            412.31  $            248.25  $            169.77
1955 32.60% 1.72% -1.34% 2.04% 0.00% -0.03%  $        1,038.47  $             134.45  $            215.65  $            420.74  $            248.25  $            169.72
1956 7.44% 2.62% -2.26% -2.35% 0.91% -0.11%  $        1,115.73  $             137.97  $            210.79  $            410.84  $            250.52  $            169.53
1957 -10.46% 3.22% 6.80% -0.72% 2.72% -0.11%  $           999.05  $             142.42  $            225.11  $            407.89  $            257.33  $            169.33
1958 43.72% 1.77% -2.10% 6.43% 0.66% 0.43%  $        1,435.84  $             144.93  $            220.39  $            434.11  $            259.03  $            170.06
1959 12.06% 3.39% -2.65% 1.57% 0.11% 0.00%  $        1,608.95  $             149.84  $            214.56  $            440.95  $            259.31  $            170.06
1960 0.34% 2.87% 11.64% 6.66% 0.77% 0.48%  $        1,614.37  $             154.15  $            239.53  $            470.33  $            261.30  $            170.88
1961 26.64% 2.35% 2.06% 5.10% 0.98% -0.06%  $        2,044.40  $             157.77  $            244.46  $            494.32  $            263.85  $            170.78
1962 -8.81% 2.77% 5.69% 6.50% 0.32% -0.06%  $        1,864.26  $             162.15  $            258.38  $            526.43  $            264.70  $            170.69
1963 22.61% 3.16% 1.68% 5.46% 2.14% -0.40%  $        2,285.80  $             167.27  $            262.74  $            555.19  $            270.38  $            170.01
1964 16.42% 3.55% 3.73% 5.16% 1.26% 0.03%  $        2,661.02  $             173.20  $            272.53  $            583.85  $            273.78  $            170.06
1965 12.40% 3.95% 0.72% 3.19% 1.66% 0.06%  $        2,990.97  $             180.04  $            274.49  $            602.47  $            278.32  $            170.16
1966 -9.97% 4.86% 2.91% -3.45% 1.22% 0.03%  $        2,692.74  $             188.78  $            282.47  $            581.72  $            281.72  $            170.20
1967 23.80% 4.29% -1.58% 0.90% 2.32% -0.51%  $        3,333.69  $             196.88  $            278.01  $            586.92  $            288.25  $            169.33
1968 10.81% 5.34% 3.27% 4.85% 4.13% 12.47%  $        3,694.23  $             207.39  $            287.11  $            615.36  $            300.17  $            190.46
1969 -8.24% 6.67% -5.01% -2.03% 6.99% 5.01%  $        3,389.77  $             221.22  $            272.71  $            602.90  $            321.16  $            200.00
1970 3.56% 6.39% 16.75% 5.65% 8.22% -9.45%  $        3,510.49  $             235.36  $            318.41  $            636.96  $            347.55  $            181.10
1971 14.22% 4.33% 9.79% 14.00% 4.24% 16.69%  $        4,009.72  $             245.56  $            349.57  $            726.14  $            362.30  $            211.34
1972 18.76% 4.06% 2.82% 11.41% 2.98% 48.78%  $        4,761.76  $             255.53  $            359.42  $            808.99  $            373.08  $            314.44
1973 -14.31% 7.04% 3.66% 4.32% 3.42% 72.96%  $        4,080.44  $             273.51  $            372.57  $            843.92  $            385.85  $            543.85
1974 -25.90% 7.85% 1.99% -4.38% 10.07% 66.15%  $        3,023.54  $             294.97  $            379.98  $            806.95  $            424.72  $            903.59
1975 37.00% 5.79% 3.61% 11.05% 6.77% -24.80%  $        4,142.10  $             312.04  $            393.68  $            896.12  $            453.48  $            679.51
1976 23.83% 4.98% 15.98% 19.75% 8.18% -4.10%  $        5,129.20  $             327.57  $            456.61  $         1,073.13  $            490.57  $            651.65
1977 -6.98% 5.26% 1.29% 9.95% 14.65% 22.64%  $        4,771.20  $             344.80  $            462.50  $         1,179.96  $            562.46  $            799.18
1978 6.51% 7.18% -0.78% 3.14% 15.72% 37.01%  $        5,081.77  $             369.55  $            458.90  $         1,216.98  $            650.90  $         1,094.96
1979 18.52% 10.05% 0.67% -2.01% 13.74% 126.55%  $        6,022.89  $             406.71  $            461.98  $         1,192.53  $            740.35  $         2,480.62
1980 31.74% 11.39% -2.99% -3.32% 7.40% 15.19%  $        7,934.26  $             453.04  $            448.17  $         1,152.99  $            795.11  $         2,857.32
1981 -4.70% 14.04% 8.20% 8.46% 5.10% -32.60%  $        7,561.16  $             516.63  $            484.91  $         1,250.56  $            835.62  $         1,925.87
1982 20.42% 10.60% 32.81% 29.05% 0.56% 15.62%  $        9,105.08  $             571.41  $            644.04  $         1,613.88  $            840.33  $         2,226.74
1983 22.34% 8.62% 3.20% 16.19% 4.75% -16.80%  $      11,138.90  $             620.65  $            664.65  $         1,875.23  $            880.25  $         1,852.71
1984 6.15% 9.54% 13.73% 15.62% 4.68% -19.38%  $      11,823.51  $             679.87  $            755.92  $         2,168.13  $            921.43  $         1,493.70
1985 31.24% 7.47% 25.71% 23.86% 7.47% 6.00%  $      15,516.60  $             730.66  $            950.29  $         2,685.50  $            990.27  $         1,583.33
1986 18.49% 5.97% 24.28% 21.49% 9.61% 18.96%  $      18,386.33  $             774.27  $         1,181.06  $         3,262.50  $         1,085.46  $         1,883.48
1987 5.81% 5.78% -4.96% 2.29% 7.88% 24.53%  $      19,455.08  $             819.01  $         1,122.47  $         3,337.20  $         1,170.95  $         2,345.45
1988 16.54% 6.67% 8.22% 15.12% 7.21% -15.26%  $      22,672.40  $             873.62  $         1,214.78  $         3,841.62  $         1,255.38  $         1,987.65
1989 31.48% 8.11% 17.69% 15.79% 4.38% -2.84%  $      29,808.58  $             944.49  $         1,429.72  $         4,448.20  $         1,310.38  $         1,931.20
1990 -3.06% 7.50% 6.24% 6.14% -0.69% -3.11%  $      28,895.11  $          1,015.29  $         1,518.87  $         4,721.33  $         1,301.32  $         1,871.12
1991 30.23% 5.38% 15.00% 17.85% -0.16% -8.56%  $      37,631.51  $          1,069.87  $         1,746.77  $         5,564.25  $         1,299.27  $         1,711.00
1992 7.49% 3.43% 9.36% 12.17% 0.82% -5.73%  $      40,451.51  $          1,106.58  $         1,910.30  $         6,241.54  $         1,309.89  $         1,612.89
1993 9.97% 3.00% 14.21% 16.43% 2.16% 17.68%  $      44,483.33  $          1,139.74  $         2,181.77  $         7,267.12  $         1,338.15  $         1,898.01
1994 1.33% 4.25% -8.04% -1.32% 2.51% -2.17%  $      45,073.14  $          1,188.21  $         2,006.43  $         7,171.25  $         1,371.72  $         1,856.83
1995 37.20% 5.49% 23.48% 20.16% 1.80% 0.98%  $      61,838.19  $          1,253.44  $         2,477.55  $         8,616.71  $         1,396.39  $         1,875.00
1996 22.68% 5.01% 1.43% 4.79% 2.42% -4.59%  $      75,863.69  $          1,316.18  $         2,512.94  $         9,029.67  $         1,430.13  $         1,789.00
1997 33.10% 5.06% 9.94% 11.83% 4.02% -21.41%  $    100,977.34  $          1,382.80  $         2,762.71  $       10,098.32  $         1,487.69  $         1,406.01
1998 28.34% 4.78% 14.92% 7.95% 6.45% -0.83%  $    129,592.25  $          1,448.84  $         3,174.95  $       10,900.68  $         1,583.61  $         1,394.38
1999 20.89% 4.64% -8.25% 0.84% 7.68% 0.85%  $    156,658.05  $          1,516.05  $         2,912.88  $       10,992.59  $         1,705.23  $         1,406.25
2000 -9.03% 5.82% 16.66% 9.33% 9.28% -5.44%  $    142,508.98  $          1,604.28  $         3,398.03  $       12,018.16  $         1,863.51  $         1,329.70
2001 -11.85% 3.40% 5.57% 7.82% 6.67% 0.75%  $    125,622.01  $          1,658.81  $         3,587.37  $       12,957.88  $         1,987.87  $         1,339.63
2002 -21.97% 1.61% 15.12% 12.18% 9.56% 25.57%  $      98,027.82  $          1,685.44  $         4,129.65  $       14,535.88  $         2,178.00  $         1,682.17
2003 28.36% 1.01% 0.38% 13.53% 9.82% 19.89%  $    125,824.39  $          1,702.44  $         4,145.15  $       16,502.87  $         2,391.78  $         2,016.72
2004 10.74% 1.37% 4.49% 9.89% 13.64% 4.65%  $    139,341.42  $          1,725.84  $         4,331.30  $       18,134.78  $         2,717.92  $         2,110.47
2005 4.83% 3.15% 2.87% 4.92% 13.51% 17.77%  $    146,077.85  $          1,780.19  $         4,455.50  $       19,026.57  $         3,085.18  $         2,485.47
2006 15.61% 4.73% 1.96% 7.05% 1.73% 23.20%  $    168,884.34  $          1,864.39  $         4,542.87  $       20,367.63  $         3,138.62  $         3,062.02
2007 5.48% 4.36% 10.21% 3.15% -5.40% 31.92%  $    178,147.20  $          1,945.72  $         5,006.69  $       21,009.29  $         2,969.21  $         4,039.49
2008 -36.55% 1.37% 20.10% -5.07% -12.00% 4.32%  $    113,030.22  $          1,972.40  $         6,013.10  $       19,945.02  $         2,612.92  $         4,213.91
2009 25.94% 0.15% -11.12% 23.33% -3.85% 25.04%  $    142,344.87  $          1,975.37  $         5,344.65  $       24,598.10  $         2,512.37  $         5,268.90
2010 14.82% 0.14% 8.46% 8.35% -4.12% 29.24%  $    163,441.94  $          1,978.10  $         5,796.96  $       26,651.51  $         2,408.91  $         6,809.59
2011 2.10% 0.05% 16.04% 12.58% -3.88% 12.02%  $    166,871.56  $          1,979.15  $         6,726.52  $       30,005.47  $         2,315.38  $         7,628.39
2012 15.89% 0.09% 2.97% 10.12% 6.44% 5.68%  $    193,388.43  $          1,980.88  $         6,926.40  $       33,043.43  $         2,464.41  $         8,062.02
2013 32.15% 0.06% -9.10% -1.06% 10.72% -27.61%  $    255,553.31  $          1,982.01  $         6,295.79  $       32,694.52  $         2,728.54  $         5,835.76
2014 13.52% 0.03% 10.75% 10.38% 4.51% 0.12%  $    290,115.42  $          1,982.66  $         6,972.34  $       36,089.82  $         2,851.70  $         5,843.02
2015 1.38% 0.05% 1.28% -0.70% 5.21% -12.11%  $    294,115.79  $          1,983.69  $         7,061.89  $       35,838.08  $         3,000.22  $         5,135.66
2016 11.77% 0.32% 0.69% 10.37% 5.31% 8.10%  $    328,742.28  $          1,989.96  $         7,110.65  $       39,552.74  $         3,159.52  $         5,551.84
2017 21.61% 0.93% 2.80% 9.72% 6.21% 12.66%  $    399,768.64  $          2,008.55  $         7,309.87  $       43,398.81  $         3,355.82  $         6,254.84
2018 -4.23% 1.94% -0.02% -2.76% 4.53% -0.93%  $    382,870.94  $          2,047.44  $         7,308.65  $       42,199.86  $         3,507.93  $         6,196.71
2019 31.21% 2.06% 9.64% 15.33% 3.69% 19.08%  $    502,371.39  $          2,089.67  $         8,012.89  $       48,668.87  $         3,637.43  $         7,378.88
2020 18.02% 0.35% 11.33% 10.41% 10.35% 24.17%  $    592,914.80  $          2,097.08  $         8,920.90  $       53,736.05  $         4,013.76  $         9,162.31
2021 28.47% 0.05% -4.42% 0.93% 18.91% -3.75%  $    761,710.83  $          2,098.03  $         8,526.95  $       54,237.64  $         4,772.94  $         8,818.31
2022 -18.01% 2.02% -17.83% -14.49% 7.30% 0.55%  $    624,534.55  $          2,140.51  $         7,006.75  $       46,379.53  $         5,121.52  $         8,866.76