S&
P Earnings: 1960-CurrentCalculated based upon earnings yield and S&P 500 levels each year. The raw data for this table was obtained from Bloomberg (and from S&P). The most recent year's numbers include estimates for the last quarter of the year.
You can download the excel spreadsheet here: https://www.stern.nyu.edu/~adamodar/pc/datasets/spearn.xls
| Year | Earnings Yield | Dividend Yield | S&P 500 | Earnings | Dividends | Payout Ratio |
| 1960 | 5.34% | 3.41% | 58.11 | 3.10 | 1.98 | 63.86% |
| 1961 | 4.71% | 2.85% | 71.55 | 3.37 | 2.04 | 60.51% |
| 1962 | 5.81% | 3.40% | 63.1 | 3.67 | 2.15 | 58.52% |
| 1963 | 5.51% | 3.13% | 75.02 | 4.13 | 2.35 | 56.81% |
| 1964 | 5.62% | 3.05% | 84.75 | 4.76 | 2.58 | 54.27% |
| 1965 | 5.73% | 3.06% | 92.43 | 5.30 | 2.83 | 53.40% |
| 1966 | 6.74% | 3.59% | 80.33 | 5.41 | 2.88 | 53.26% |
| 1967 | 5.66% | 3.09% | 96.47 | 5.46 | 2.98 | 54.59% |
| 1968 | 5.51% | 2.93% | 103.86 | 5.72 | 3.04 | 53.18% |
| 1969 | 6.63% | 3.52% | 92.06 | 6.10 | 3.24 | 53.09% |
| 1970 | 5.98% | 3.46% | 92.15 | 5.51 | 3.19 | 57.86% |
| 1971 | 5.46% | 3.10% | 102.09 | 5.57 | 3.16 | 56.78% |
| 1972 | 5.23% | 2.70% | 118.05 | 6.17 | 3.19 | 51.63% |
| 1973 | 8.16% | 3.70% | 97.55 | 7.96 | 3.61 | 45.34% |
| 1974 | 13.64% | 5.43% | 68.56 | 9.35 | 3.72 | 39.81% |
| 1975 | 8.55% | 4.14% | 90.19 | 7.71 | 3.73 | 48.42% |
| 1976 | 9.07% | 3.93% | 107.46 | 9.75 | 4.22 | 43.33% |
| 1977 | 11.43% | 5.11% | 95.1 | 10.87 | 4.86 | 44.71% |
| 1978 | 12.11% | 5.39% | 96.11 | 11.64 | 5.18 | 44.51% |
| 1979 | 13.48% | 5.53% | 107.94 | 14.55 | 5.97 | 41.02% |
| 1980 | 11.04% | 4.74% | 135.76 | 14.99 | 6.44 | 42.93% |
| 1981 | 12.39% | 5.57% | 122.55 | 15.18 | 6.83 | 44.96% |
| 1982 | 9.83% | 4.93% | 140.64 | 13.82 | 6.93 | 50.15% |
| 1983 | 8.06% | 4.32% | 164.93 | 13.29 | 7.12 | 53.60% |
| 1984 | 10.07% | 4.68% | 167.24 | 16.84 | 7.83 | 46.47% |
| 1985 | 7.42% | 3.88% | 211.28 | 15.68 | 8.20 | 52.29% |
| 1986 | 5.96% | 3.38% | 242.17 | 14.43 | 8.19 | 56.71% |
| 1987 | 6.49% | 3.71% | 247.08 | 16.04 | 9.17 | 57.16% |
| 1988 | 8.69% | 3.68% | 277.72 | 24.12 | 9.75 | 40.42% |
| 1989 | 6.88% | 3.32% | 353.4 | 24.32 | 11.06 | 45.48% |
| 1990 | 6.86% | 3.74% | 330.22 | 22.65 | 12.09 | 53.38% |
| 1991 | 4.63% | 3.11% | 417.09 | 19.30 | 12.20 | 63.21% |
| 1992 | 4.79% | 2.90% | 435.71 | 20.87 | 12.39 | 59.37% |
| 1993 | 5.77% | 2.72% | 466.45 | 26.90 | 12.58 | 46.77% |
| 1994 | 6.91% | 2.91% | 459.27 | 31.75 | 13.17 | 41.48% |
| 1995 | 6.12% | 2.30% | 615.93 | 37.70 | 13.79 | 36.58% |
| 1996 | 5.49% | 2.01% | 740.74 | 40.63 | 14.90 | 36.67% |
| 1997 | 4.54% | 1.60% | 970.43 | 44.09 | 15.50 | 35.16% |
| 1998 | 3.60% | 1.32% | 1229.23 | 44.27 | 16.20 | 36.59% |
| 1999 | 3.52% | 1.14% | 1469.25 | 51.68 | 16.69 | 32.29% |
| 2000 | 4.25% | 1.23% | 1320.28 | 56.13 | 16.07 | 28.63% |
| 2001 | 3.38% | 1.37% | 1148.09 | 38.85 | 15.74 | 40.51% |
| 2002 | 5.23% | 1.81% | 879.82 | 46.04 | 15.96 | 34.67% |
| 2003 | 4.92% | 1.61% | 1111.91 | 54.69 | 17.88 | 32.69% |
| 2004 | 5.58% | 1.57% | 1211.92 | 67.68 | 19.01 | 28.09% |
| 2005 | 6.12% | 1.79% | 1248.29 | 76.45 | 22.34 | 29.23% |
| 2006 | 6.18% | 1.77% | 1418.3 | 87.72 | 25.04 | 28.55% |
| 2007 | 5.62% | 1.92% | 1468.36 | 82.54 | 28.14 | 34.09% |
| 2008 | 5.48% | 3.15% | 903.25 | 49.51 | 28.45 | 57.46% |
| 2009 | 5.10% | 1.97% | 1115.1 | 56.86 | 21.97 | 38.64% |
| 2010 | 6.66% | 1.80% | 1257.64 | 83.77 | 22.65 | 27.04% |
| 2011 | 7.67% | 2.11% | 1257.60 | 96.44 | 26.53 | 27.51% |
| 2012 | 6.79% | 2.19% | 1426.19 | 96.82 | 31.25 | 32.28% |
| 2013 | 5.68% | 1.89% | 1848.36 | 104.92 | 34.90 | 33.26% |
| 2014 | 5.64% | 1.92% | 2058.90 | 116.16 | 39.55 | 34.04% |
| 2015 | 4.92% | 2.12% | 2043.94 | 100.48 | 43.41 | 43.20% |
| 2016 | 4.75% | 2.04% | 2238.83 | 106.26 | 45.70 | 43.01% |
| 2017 | 4.66% | 1.83% | 2673.61 | 124.51 | 48.93 | 39.30% |
| 2018 | 5.92% | 2.14% | 2506.85 | 148.34 | 53.61 | 36.14% |
| 2019 | 5.03% | 1.82% | 3230.78 | 162.35 | 58.80 | 36.22% |
| 2020 | 3.68% | 1.51% | 3756.07 | 138.12 | 56.70 | 41.05% |
| 2021 | 4.33% | 1.24% | 4766.18 | 206.38 | 59.20 | 28.68% |
| 2022 | 5.72% | 1.78% | 3839.50 | 219.49 | 68.34 | 31.14% |
| 2023 | 4.61% | 1.47% | 4769.83 | 219.70 | 70.30 | 32.00% |