The raw data for treasury bond and bill returns is obtained from the Federal
Reserve database in St. Louis (FRED). The return on stocks includes both price appreciation and dividends. The treasury bill rate is a 3-month rate
and the trreasury bond is the constant maturity 10-year bond, but the treasury
bond return includes coupon and price appreciation. It will not match the
treasury bond rate each period. For more details, download the excel spreadsheet
that contains the same data.
You can get the excel spreadsheet that contains all of this data and more here: http://www.stern.nyu.edu/~adamodar/pc/datasets/histretSP.xls
| Annual Returns on Investments in | Compounded Value of $ 100 | |||||||
| Year | S&P 500 (includes dividends) | 3-month T.Bill | Return on 10-year T. Bond | Stocks | T.Bills | T.Bonds | Stocks - Bills | Stocks - Bonds |
| 1928 | 43.81% | 3.08% | 0.84% | $ 143.81 | $ 103.08 | $ 100.84 | 40.73% | 42.98% |
| 1929 | -8.30% | 3.16% | 4.20% | $ 131.88 | $ 106.34 | $ 105.07 | -11.46% | -12.50% |
| 1930 | -25.12% | 4.55% | 4.54% | $ 98.75 | $ 111.18 | $ 109.85 | -29.67% | -29.66% |
| 1931 | -43.84% | 2.31% | -2.56% | $ 55.46 | $ 113.74 | $ 107.03 | -46.15% | -41.28% |
| 1932 | -8.64% | 1.07% | 8.79% | $ 50.66 | $ 114.96 | $ 116.44 | -9.71% | -17.43% |
| 1933 | 49.98% | 0.96% | 1.86% | $ 75.99 | $ 116.06 | $ 118.60 | 49.02% | 48.13% |
| 1934 | -1.19% | 0.32% | 7.96% | $ 75.09 | $ 116.44 | $ 128.05 | -1.51% | -9.15% |
| 1935 | 46.74% | 0.18% | 4.47% | $ 110.18 | $ 116.64 | $ 133.78 | 46.57% | 42.27% |
| 1936 | 31.94% | 0.17% | 5.02% | $ 145.38 | $ 116.84 | $ 140.49 | 31.77% | 26.93% |
| 1937 | -35.34% | 0.30% | 1.38% | $ 94.00 | $ 117.19 | $ 142.43 | -35.64% | -36.72% |
| 1938 | 29.28% | 0.08% | 4.21% | $ 121.53 | $ 117.29 | $ 148.43 | 29.21% | 25.07% |
| 1939 | -1.10% | 0.04% | 4.41% | $ 120.20 | $ 117.33 | $ 154.98 | -1.14% | -5.51% |
| 1940 | -10.67% | 0.03% | 5.40% | $ 107.37 | $ 117.36 | $ 163.35 | -10.70% | -16.08% |
| 1941 | -12.77% | 0.08% | -2.02% | $ 93.66 | $ 117.46 | $ 160.04 | -12.85% | -10.75% |
| 1942 | 19.17% | 0.34% | 2.29% | $ 111.61 | $ 117.85 | $ 163.72 | 18.84% | 16.88% |
| 1943 | 25.06% | 0.38% | 2.49% | $ 139.59 | $ 118.30 | $ 167.79 | 24.68% | 22.57% |
| 1944 | 19.03% | 0.38% | 2.58% | $ 166.15 | $ 118.75 | $ 172.12 | 18.65% | 16.45% |
| 1945 | 35.82% | 0.38% | 3.80% | $ 225.67 | $ 119.20 | $ 178.67 | 35.44% | 32.02% |
| 1946 | -8.43% | 0.38% | 3.13% | $ 206.65 | $ 119.65 | $ 184.26 | -8.81% | -11.56% |
| 1947 | 5.20% | 0.57% | 0.92% | $ 217.39 | $ 120.33 | $ 185.95 | 4.63% | 4.28% |
| 1948 | 5.70% | 1.02% | 1.95% | $ 229.79 | $ 121.56 | $ 189.58 | 4.68% | 3.75% |
| 1949 | 18.30% | 1.10% | 4.66% | $ 271.85 | $ 122.90 | $ 198.42 | 17.20% | 13.64% |
| 1950 | 30.81% | 1.17% | 0.43% | $ 355.60 | $ 124.34 | $ 199.27 | 29.63% | 30.38% |
| 1951 | 23.68% | 1.48% | -0.30% | $ 439.80 | $ 126.18 | $ 198.68 | 22.20% | 23.97% |
| 1952 | 18.15% | 1.67% | 2.27% | $ 519.62 | $ 128.29 | $ 203.19 | 16.48% | 15.88% |
| 1953 | -1.21% | 1.89% | 4.14% | $ 513.35 | $ 130.72 | $ 211.61 | -3.10% | -5.35% |
| 1954 | 52.56% | 0.96% | 3.29% | $ 783.18 | $ 131.98 | $ 218.57 | 51.60% | 49.27% |
| 1955 | 32.60% | 1.66% | -1.34% | $ 1,038.47 | $ 134.17 | $ 215.65 | 30.94% | 33.93% |
| 1956 | 7.44% | 2.56% | -2.26% | $ 1,115.73 | $ 137.60 | $ 210.79 | 4.88% | 9.70% |
| 1957 | -10.46% | 3.23% | 6.80% | $ 999.05 | $ 142.04 | $ 225.11 | -13.69% | -17.25% |
| 1958 | 43.72% | 1.78% | -2.10% | $ 1,435.84 | $ 144.57 | $ 220.39 | 41.94% | 45.82% |
| 1959 | 12.06% | 3.26% | -2.65% | $ 1,608.95 | $ 149.27 | $ 214.56 | 8.80% | 14.70% |
| 1960 | 0.34% | 3.05% | 11.64% | $ 1,614.37 | $ 153.82 | $ 239.53 | -2.71% | -11.30% |
| 1961 | 26.64% | 2.27% | 2.06% | $ 2,044.40 | $ 157.30 | $ 244.46 | 24.37% | 24.58% |
| 1962 | -8.81% | 2.78% | 5.69% | $ 1,864.26 | $ 161.67 | $ 258.38 | -11.59% | -14.51% |
| 1963 | 22.61% | 3.11% | 1.68% | $ 2,285.80 | $ 166.70 | $ 262.74 | 19.50% | 20.93% |
| 1964 | 16.42% | 3.51% | 3.73% | $ 2,661.02 | $ 172.54 | $ 272.53 | 12.91% | 12.69% |
| 1965 | 12.40% | 3.90% | 0.72% | $ 2,990.97 | $ 179.28 | $ 274.49 | 8.50% | 11.68% |
| 1966 | -9.97% | 4.84% | 2.91% | $ 2,692.74 | $ 187.95 | $ 282.47 | -14.81% | -12.88% |
| 1967 | 23.80% | 4.33% | -1.58% | $ 3,333.69 | $ 196.10 | $ 278.01 | 19.47% | 25.38% |
| 1968 | 10.81% | 5.26% | 3.27% | $ 3,694.23 | $ 206.41 | $ 287.11 | 5.55% | 7.54% |
| 1969 | -8.24% | 6.56% | -5.01% | $ 3,389.77 | $ 219.96 | $ 272.71 | -14.80% | -3.23% |
| 1970 | 3.56% | 6.69% | 16.75% | $ 3,510.49 | $ 234.66 | $ 318.41 | -3.12% | -13.19% |
| 1971 | 14.22% | 4.54% | 9.79% | $ 4,009.72 | $ 245.32 | $ 349.57 | 9.68% | 4.43% |
| 1972 | 18.76% | 3.95% | 2.82% | $ 4,761.76 | $ 255.01 | $ 359.42 | 14.80% | 15.94% |
| 1973 | -14.31% | 6.73% | 3.66% | $ 4,080.44 | $ 272.16 | $ 372.57 | -21.03% | -17.97% |
| 1974 | -25.90% | 7.78% | 1.99% | $ 3,023.54 | $ 293.33 | $ 379.98 | -33.68% | -27.89% |
| 1975 | 37.00% | 5.99% | 3.61% | $ 4,142.10 | $ 310.90 | $ 393.68 | 31.01% | 33.39% |
| 1976 | 23.83% | 4.97% | 15.98% | $ 5,129.20 | $ 326.35 | $ 456.61 | 18.86% | 7.85% |
| 1977 | -6.98% | 5.13% | 1.29% | $ 4,771.20 | $ 343.09 | $ 462.50 | -12.11% | -8.27% |
| 1978 | 6.51% | 6.93% | -0.78% | $ 5,081.77 | $ 366.87 | $ 458.90 | -0.42% | 7.29% |
| 1979 | 18.52% | 9.94% | 0.67% | $ 6,022.89 | $ 403.33 | $ 461.98 | 8.58% | 17.85% |
| 1980 | 31.74% | 11.22% | -2.99% | $ 7,934.26 | $ 448.58 | $ 448.17 | 20.52% | 34.72% |
| 1981 | -4.70% | 14.30% | 8.20% | $ 7,561.16 | $ 512.73 | $ 484.91 | -19.00% | -12.90% |
| 1982 | 20.42% | 11.01% | 32.81% | $ 9,105.08 | $ 569.18 | $ 644.04 | 9.41% | -12.40% |
| 1983 | 22.34% | 8.45% | 3.20% | $ 11,138.90 | $ 617.26 | $ 664.65 | 13.89% | 19.14% |
| 1984 | 6.15% | 9.61% | 13.73% | $ 11,823.51 | $ 676.60 | $ 755.92 | -3.47% | -7.59% |
| 1985 | 31.24% | 7.49% | 25.71% | $ 15,516.60 | $ 727.26 | $ 950.29 | 23.75% | 5.52% |
| 1986 | 18.49% | 6.04% | 24.28% | $ 18,386.33 | $ 771.15 | $ 1,181.06 | 12.46% | -5.79% |
| 1987 | 5.81% | 5.72% | -4.96% | $ 19,455.08 | $ 815.27 | $ 1,122.47 | 0.09% | 10.77% |
| 1988 | 16.54% | 6.45% | 8.22% | $ 22,672.40 | $ 867.86 | $ 1,214.78 | 10.09% | 8.31% |
| 1989 | 31.48% | 8.11% | 17.69% | $ 29,808.58 | $ 938.24 | $ 1,429.72 | 23.37% | 13.78% |
| 1990 | -3.06% | 7.55% | 6.24% | $ 28,895.11 | $ 1,009.08 | $ 1,518.87 | -10.61% | -9.30% |
| 1991 | 30.23% | 5.61% | 15.00% | $ 37,631.51 | $ 1,065.69 | $ 1,746.77 | 24.62% | 15.23% |
| 1992 | 7.49% | 3.41% | 9.36% | $ 40,451.51 | $ 1,101.98 | $ 1,910.30 | 4.09% | -1.87% |
| 1993 | 9.97% | 2.98% | 14.21% | $ 44,483.33 | $ 1,134.84 | $ 2,181.77 | 6.98% | -4.24% |
| 1994 | 1.33% | 3.99% | -8.04% | $ 45,073.14 | $ 1,180.07 | $ 2,006.43 | -2.66% | 9.36% |
| 1995 | 37.20% | 5.52% | 23.48% | $ 61,838.19 | $ 1,245.15 | $ 2,477.55 | 31.68% | 13.71% |
| 1996 | 22.68% | 5.02% | 1.43% | $ 75,863.69 | $ 1,307.68 | $ 2,512.94 | 17.66% | 21.25% |
| 1997 | 33.10% | 5.05% | 9.94% | $ 100,977.34 | $ 1,373.76 | $ 2,762.71 | 28.05% | 23.16% |
| 1998 | 28.34% | 4.73% | 14.92% | $ 129,592.25 | $ 1,438.70 | $ 3,174.95 | 23.61% | 13.42% |
| 1999 | 20.89% | 4.51% | -8.25% | $ 156,658.05 | $ 1,503.58 | $ 2,912.88 | 16.38% | 29.14% |
| 2000 | -9.03% | 5.76% | 16.66% | $ 142,508.98 | $ 1,590.23 | $ 3,398.03 | -14.79% | -25.69% |
| 2001 | -11.85% | 3.67% | 5.57% | $ 125,622.01 | $ 1,648.63 | $ 3,587.37 | -15.52% | -17.42% |
| 2002 | -21.97% | 1.66% | 15.12% | $ 98,027.82 | $ 1,675.96 | $ 4,129.65 | -23.62% | -37.08% |
| 2003 | 28.36% | 1.03% | 0.38% | $ 125,824.39 | $ 1,693.22 | $ 4,145.15 | 27.33% | 27.98% |
| 2004 | 10.74% | 1.23% | 4.49% | $ 139,341.42 | $ 1,714.00 | $ 4,331.30 | 9.52% | 6.25% |
| 2005 | 4.83% | 3.01% | 2.87% | $ 146,077.85 | $ 1,765.59 | $ 4,455.50 | 1.82% | 1.97% |
| 2006 | 15.61% | 4.68% | 1.96% | $ 168,884.34 | $ 1,848.18 | $ 4,542.87 | 10.94% | 13.65% |
| 2007 | 5.48% | 4.64% | 10.21% | $ 178,147.20 | $ 1,933.98 | $ 5,006.69 | 0.84% | -4.73% |
| 2008 | -36.55% | 1.59% | 20.10% | $ 113,030.22 | $ 1,964.64 | $ 6,013.10 | -38.14% | -56.65% |
| 2009 | 25.94% | 0.14% | -11.12% | $ 142,344.87 | $ 1,967.29 | $ 5,344.65 | 25.80% | 37.05% |
| 2010 | 14.82% | 0.13% | 8.46% | $ 163,441.94 | $ 1,969.84 | $ 5,796.96 | 14.69% | 6.36% |
| 2011 | 2.10% | 0.03% | 16.04% | $ 166,871.56 | $ 1,970.44 | $ 6,726.52 | 2.07% | -13.94% |
| 2012 | 15.89% | 0.05% | 2.97% | $ 193,388.43 | $ 1,971.42 | $ 6,926.40 | 15.84% | 12.92% |
| 2013 | 32.15% | 0.07% | -9.10% | $ 255,553.31 | $ 1,972.72 | $ 6,295.79 | 32.08% | 41.25% |
| 2014 | 13.52% | 0.05% | 10.75% | $ 290,115.42 | $ 1,973.77 | $ 6,972.34 | 13.47% | 2.78% |
| 2015 | 1.38% | 0.21% | 1.28% | $ 294,115.79 | $ 1,977.91 | $ 7,061.89 | 1.17% | 0.09% |
| 2016 | 11.77% | 0.51% | 0.69% | $ 328,742.28 | $ 1,988.00 | $ 7,110.65 | 11.26% | 11.08% |
| 2017 | 21.61% | 1.39% | 2.80% | $ 399,768.64 | $ 2,015.63 | $ 7,309.87 | 20.22% | 18.80% |
| 2018 | -4.23% | 2.37% | -0.02% | $ 382,850.00 | $ 2,063.40 | $ 7,308.65 | -6.60% | -4.22% |
Last updated: January 5, 2019
By Aswath Damodaran