Data and method
Where the numbers come from.
Every calculator result and every number in our videos is computed from one public dataset, with the method written out below. If you find an error, tell us and we will correct it.
Source
Aswath Damodaran, Professor of Finance at the Stern School of Business, New York University: Historical Returns on Stocks, Bonds, Bills, Real Estate and Gold. Annual returns for every calendar year from 1928 to 2025, in US dollars, published January 2026. We use the annual returns exactly as published and store them as a JSON file that the calculators read.
We are grateful to Professor Damodaran for publishing this data openly. He is not affiliated with this site and has not reviewed it.
Series definitions
- S&P 500
- US large-company stocks: the S&P 500 from 1957, earlier years back-filled with indices of large US companies. Total return: price change plus dividends, reinvested.
sp500 - US small caps
- The value-weighted bottom tenth of US stocks by market value, from Kenneth French's data library. Total return.
smallcap - Cash (T-bills)
- 3-month US Treasury bills: the average T-bill rate over each year.
tbill - 10-year Treasuries
- A constant-maturity 10-year US Treasury bond. The return is computed from the yields (Federal Reserve data): coupon plus the price change when yields move.
tbond - Corporate bonds
- Moody's Baa-rated US corporate bonds, return computed from yields the same way.
baa - US home prices
- Robert Shiller's home price series, now the Case-Shiller index. Price change only: it leaves out rent, and also upkeep, property taxes and buying costs.
realestate - Gold
- Change in the year-end gold price per ounce in US dollars. Before 1971 the price was fixed by the gold standard, so early gold returns mostly reflect official revaluations, not a free market.
gold - Inflation
- US Consumer Price Index for all urban consumers (CPI-U), not seasonally adjusted, December to December.
inflation
Method
- Periods run from the start of the first year to the end of the last year. "2000 to 2025" uses the 26 annual returns 2000, 2001 … 2025.
- Compounding: value at the end = amount × (1 + r1) × (1 + r2) × … for each year's return r.
- After inflation: the value divided by the cumulative change in US consumer prices over the same years, so it is expressed in dollars of the start year. Example: $1,000 in the S&P 500 from the start of 2000 became $7,386 by the end of 2025, or $3,825 in 2000 dollars. In gold: $14,951, or $7,744.
- Per year is the compounded annual growth rate: the constant yearly return that gives the same end value.
- Largest fall is measured from a year-end high to a later year-end low. Falls inside a year are not visible in annual data and were often deeper.
- Yearly additions in the what-if calculator go in at the start of each year after the first.
- Compound interest uses a fixed rate you choose, compounded monthly at the annual rate divided by 12, with contributions at the end of each month. It uses no historical data.
- The calculations run in your browser; the code is tested against known values before every release.
Limitations
- Hypothetical. No real account earned these results. Indices cannot be bought directly, and real funds charge fees and track their index imperfectly.
- No fees, taxes, trading costs or currency effects. All figures are in US dollars, before tax.
- Annual data. One number per year hides what happened inside the year, such as the fall of early 2020 or the low of October 1987.
- US only, and the US did well. Looking back at the market that became the world's largest is a form of survivorship bias; other countries' histories include long losses.
- Early data is rougher. Before 1957 large-company returns come from predecessor indices, gold was not freely priced before 1971, and home prices before 1987 come from Shiller's reconstructed series.
- Revisions. Sources update and revise their data. We update ours when the source publishes a new year.
- The past does not predict the future. Past performance does not guarantee, and is not a reliable indicator of, future results.
Corrections: hello@investinghistorian.com. Last reviewed 2026-10-06.
All annual returns, 1928–2025
Nominal total returns in US dollars, as published by Damodaran. Negative years in lavender.
| Year | S&P 500 | Small caps | T-bills | 10y Treasury | Baa corp. | Home prices | Gold | Inflation (CPI) |
|---|---|---|---|---|---|---|---|---|
| 2025 | 17.72% | 16.53% | 4.21% | 7.80% | 6.96% | 1.58% | 66.22% | 2.74% |
| 2024 | 24.88% | 8.70% | 5.18% | -1.64% | 1.74% | 3.96% | 25.96% | 2.89% |
| 2023 | 26.06% | 5.19% | 5.28% | 3.88% | 8.74% | 5.68% | 13.26% | 3.12% |
| 2022 | -18.04% | -22.90% | 2.09% | -17.83% | -15.23% | 5.65% | 0.55% | 6.44% |
| 2021 | 28.47% | 22.41% | 0.04% | -4.42% | 1.02% | 18.86% | -3.75% | 7.19% |
| 2020 | 18.02% | 34.16% | 0.36% | 11.33% | 10.60% | 10.43% | 24.17% | 1.32% |
| 2019 | 31.21% | 11.92% | 2.11% | 9.64% | 15.25% | 3.69% | 19.08% | 2.31% |
| 2018 | -4.23% | -16.21% | 1.97% | -0.02% | -3.18% | 4.52% | -0.93% | 2.00% |
| 2017 | 21.61% | 15.13% | 0.95% | 2.80% | 9.15% | 6.21% | 12.66% | 2.13% |
| 2016 | 11.77% | 17.02% | 0.32% | 0.69% | 11.52% | 5.31% | 8.10% | 2.05% |
| 2015 | 1.38% | -9.12% | 0.05% | 1.28% | -1.50% | 5.19% | -12.11% | 0.64% |
| 2014 | 13.52% | 1.53% | 0.03% | 10.75% | 10.75% | 4.50% | 0.12% | 0.65% |
| 2013 | 32.15% | 50.30% | 0.06% | -9.10% | -1.13% | 10.72% | -27.61% | 1.51% |
| 2012 | 15.89% | 18.96% | 0.09% | 2.97% | 9.40% | 6.44% | 5.68% | 1.76% |
| 2011 | 2.10% | -14.04% | 0.05% | 16.04% | 12.26% | -3.89% | 12.02% | 3.06% |
| 2010 | 14.82% | 27.73% | 0.14% | 8.46% | 9.40% | -4.12% | 29.24% | 1.44% |
| 2009 | 25.94% | 46.94% | 0.15% | -11.12% | 19.96% | -3.85% | 25.04% | 2.81% |
| 2008 | -36.55% | -44.68% | 1.40% | 20.10% | -3.44% | -12.00% | 4.32% | -0.02% |
| 2007 | 5.48% | -9.11% | 4.48% | 10.21% | 4.90% | -5.40% | 31.92% | 4.11% |
| 2006 | 15.61% | 18.40% | 4.85% | 1.96% | 5.27% | 1.73% | 23.20% | 2.52% |
| 2005 | 4.83% | 3.78% | 3.22% | 2.87% | 5.13% | 13.51% | 17.77% | 3.34% |
| 2004 | 10.74% | 17.30% | 1.40% | 4.49% | 10.33% | 13.64% | 4.65% | 3.34% |
| 2003 | 28.36% | 91.23% | 1.03% | 0.38% | 12.38% | 9.81% | 19.89% | 2.04% |
| 2002 | -21.97% | -3.61% | 1.64% | 15.12% | 12.06% | 9.56% | 25.57% | 2.48% |
| 2001 | -11.85% | 32.14% | 3.48% | 5.57% | 8.60% | 6.68% | 0.75% | 1.60% |
| 2000 | -9.03% | -9.13% | 6.00% | 16.66% | 9.38% | 9.29% | -5.44% | 3.44% |
| 1999 | 20.89% | 37.71% | 4.78% | -8.25% | 0.97% | 7.68% | 0.85% | 2.68% |
| 1998 | 28.34% | -13.47% | 4.91% | 14.92% | 8.10% | 6.44% | -0.83% | 1.61% |
| 1997 | 33.10% | 22.06% | 5.20% | 9.94% | 11.30% | 4.02% | -21.41% | 1.70% |
| 1996 | 22.68% | 14.79% | 5.15% | 1.43% | 5.28% | 2.43% | -4.59% | 3.38% |
| 1995 | 37.20% | 32.12% | 5.66% | 23.48% | 20.09% | 1.79% | 0.98% | 2.53% |
| 1994 | 1.33% | -4.76% | 4.37% | -8.04% | -1.23% | 2.52% | -2.17% | 2.60% |
| 1993 | 9.97% | 25.56% | 3.07% | 14.21% | 16.44% | 2.16% | 17.68% | 2.81% |
| 1992 | 7.49% | 25.34% | 3.51% | 9.36% | 13.68% | 0.82% | -5.73% | 2.97% |
| 1991 | 30.23% | 46.07% | 5.54% | 15.00% | 16.40% | -0.17% | -8.56% | 2.98% |
| 1990 | -3.06% | -27.77% | 7.75% | 6.24% | 5.65% | -0.69% | -3.11% | 6.25% |
| 1989 | 31.48% | 6.96% | 8.39% | 17.69% | 16.31% | 4.39% | -2.84% | 4.64% |
| 1988 | 16.54% | 17.15% | 6.89% | 8.22% | 15.68% | 7.22% | -15.26% | 4.41% |
| 1987 | 5.81% | -14.00% | 5.96% | -4.96% | 1.12% | 7.85% | 24.53% | 4.33% |
| 1986 | 18.49% | 2.09% | 6.15% | 24.28% | 22.15% | 9.61% | 18.96% | 1.19% |
| 1985 | 31.24% | 24.51% | 7.72% | 25.71% | 23.86% | 7.47% | 6.00% | 3.79% |
| 1984 | 6.15% | -14.50% | 9.92% | 13.73% | 15.62% | 4.68% | -19.38% | 4.04% |
| 1983 | 22.34% | 34.86% | 8.95% | 3.20% | 16.19% | 4.75% | -16.80% | 3.79% |
| 1982 | 20.42% | 26.85% | 11.09% | 32.81% | 29.05% | 0.56% | 15.62% | 3.83% |
| 1981 | -4.70% | -4.29% | 14.04% | 8.20% | 8.46% | 5.10% | -32.60% | 8.91% |
| 1980 | 31.74% | 41.92% | 11.39% | -2.99% | -3.32% | 7.40% | 15.19% | 12.35% |
| 1979 | 18.52% | 41.69% | 10.05% | 0.67% | -2.01% | 13.74% | 126.55% | 13.25% |
| 1978 | 6.51% | 28.89% | 7.18% | -0.78% | 3.14% | 15.72% | 37.01% | 8.99% |
| 1977 | -6.98% | 30.29% | 5.26% | 1.29% | 9.95% | 14.65% | 22.64% | 6.68% |
| 1976 | 23.83% | 48.62% | 4.98% | 15.98% | 19.75% | 8.18% | -4.10% | 5.04% |
| 1975 | 37.00% | 59.68% | 5.79% | 3.61% | 11.05% | 6.77% | -24.80% | 7.13% |
| 1974 | -25.90% | -26.90% | 7.85% | 1.99% | -4.38% | 10.07% | 66.15% | 12.10% |
| 1973 | -14.31% | -38.80% | 7.04% | 3.66% | 4.32% | 3.42% | 72.96% | 8.94% |
| 1972 | 18.76% | 0.16% | 4.06% | 2.82% | 11.41% | 2.98% | 48.78% | 3.41% |
| 1971 | 14.22% | 15.96% | 4.33% | 9.79% | 14.00% | 4.24% | 16.69% | 3.27% |
| 1970 | 3.56% | -18.78% | 6.39% | 16.75% | 5.65% | 8.22% | -9.45% | 5.57% |
| 1969 | -8.24% | -32.95% | 6.67% | -5.01% | -2.03% | 6.99% | 5.01% | 5.90% |
| 1968 | 10.81% | 60.69% | 5.34% | 3.27% | 4.85% | 4.13% | 12.47% | 4.71% |
| 1967 | 23.80% | 115.87% | 4.29% | -1.58% | 0.90% | 2.32% | -0.51% | 3.28% |
| 1966 | -9.97% | -9.47% | 4.86% | 2.91% | -3.45% | 1.22% | 0.03% | 3.36% |
| 1965 | 12.40% | 45.24% | 3.95% | 0.72% | 3.19% | 1.66% | 0.06% | 1.92% |
| 1964 | 16.42% | 23.25% | 3.55% | 3.73% | 5.16% | 1.26% | 0.03% | 1.20% |
| 1963 | 22.61% | 19.65% | 3.16% | 1.68% | 5.46% | 2.14% | -0.40% | 1.65% |
| 1962 | -8.81% | -9.78% | 2.77% | 5.69% | 6.50% | 0.32% | -0.06% | 1.23% |
| 1961 | 26.64% | 29.45% | 2.35% | 2.06% | 5.10% | 0.98% | -0.06% | 0.67% |
| 1960 | 0.34% | -3.57% | 2.87% | 11.64% | 6.66% | 0.77% | 0.48% | 1.36% |
| 1959 | 12.06% | 12.70% | 3.39% | -2.65% | 1.57% | 0.11% | 0.00% | 1.52% |
| 1958 | 43.72% | 68.80% | 1.77% | -2.10% | 6.43% | 0.66% | 0.43% | 1.76% |
| 1957 | -10.46% | -15.19% | 3.22% | 6.80% | -0.72% | 2.72% | -0.11% | 3.04% |
| 1956 | 7.44% | -0.89% | 2.62% | -2.26% | -2.35% | 0.91% | -0.11% | 2.83% |
| 1955 | 32.60% | 26.72% | 1.72% | -1.34% | 2.04% | 0.00% | -0.03% | 0.37% |
| 1954 | 52.56% | 64.97% | 0.94% | 3.29% | 6.16% | 0.92% | 0.57% | -0.37% |
| 1953 | -1.21% | -5.97% | 1.89% | 4.14% | 1.62% | 11.52% | 0.69% | 0.60% |
| 1952 | 18.15% | 1.02% | 1.72% | 2.27% | 4.44% | 4.41% | -0.35% | 0.91% |
| 1951 | 23.68% | 3.87% | 1.52% | -0.30% | -0.19% | 6.05% | 0.00% | 5.96% |
| 1950 | 30.81% | 52.81% | 1.20% | 0.43% | 4.24% | 3.64% | 9.56% | 5.80% |
| 1949 | 18.30% | 27.60% | 1.11% | 4.66% | 5.38% | 0.09% | -8.70% | -1.83% |
| 1948 | 5.70% | -0.01% | 1.04% | 1.95% | 3.44% | 2.06% | 0.00% | 2.73% |
| 1947 | 5.20% | -1.74% | 0.60% | 0.92% | 0.26% | 21.26% | 0.00% | 8.84% |
| 1946 | -8.43% | -13.73% | 0.38% | 3.13% | 2.51% | 24.10% | 0.00% | 18.13% |
| 1945 | 35.82% | 94.41% | 0.38% | 3.80% | 6.80% | 11.78% | 2.54% | 2.25% |
| 1944 | 19.03% | 71.15% | 0.38% | 2.58% | 6.57% | 16.58% | 0.00% | 2.30% |
| 1943 | 25.06% | 143.02% | 0.38% | 2.49% | 8.04% | 11.45% | 0.00% | 2.96% |
| 1942 | 19.17% | 63.01% | 0.34% | 2.29% | 5.18% | 3.33% | 0.00% | 9.03% |
| 1941 | -12.77% | -6.75% | 0.13% | -2.02% | 5.01% | -8.38% | 0.00% | 9.93% |
| 1940 | -10.67% | -32.88% | 0.04% | 5.40% | 8.65% | 3.31% | -1.66% | 0.71% |
| 1939 | -1.10% | -4.86% | 0.05% | 4.41% | 7.98% | -1.30% | -1.23% | 0.00% |
| 1938 | 29.28% | 5.16% | 0.07% | 4.21% | 9.24% | -0.87% | 0.17% | -2.78% |
| 1937 | -35.34% | -53.94% | 0.28% | 1.38% | -4.42% | 2.56% | -0.23% | 2.86% |
| 1936 | 31.94% | 96.41% | 0.17% | 5.02% | 11.38% | 3.22% | 0.09% | 1.45% |
| 1935 | 46.74% | 54.90% | 0.17% | 4.47% | 13.31% | 9.77% | 0.43% | 2.99% |
| 1934 | -1.19% | 23.07% | 0.28% | 7.96% | 18.82% | 2.91% | 31.75% | 1.52% |
| 1933 | 49.98% | 146.60% | 0.96% | 1.86% | 12.97% | -3.81% | 27.26% | 0.76% |
| 1932 | -8.64% | 28.65% | 1.07% | 8.79% | 23.59% | -10.47% | 21.28% | -10.27% |
| 1931 | -43.84% | -43.62% | 2.31% | -2.56% | -15.68% | -8.15% | -17.38% | -9.32% |
| 1930 | -25.12% | -48.35% | 4.55% | 4.54% | 0.54% | -4.30% | 0.10% | -6.40% |
| 1929 | -8.30% | -46.08% | 3.16% | 4.20% | 3.02% | -2.06% | -0.15% | 0.58% |
| 1928 | 43.81% | 62.15% | 3.08% | 0.84% | 3.22% | 1.49% | 0.10% | -1.16% |
Data: Aswath Damodaran, NYU Stern, annual returns 1928–2025 (published January 2026)