Historical
Returns on Stocks, Bonds and Bills: 1928-2022Data 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 |