S&P 500 Annual Total Return, 1928 to 2025
The S&P 500's best calendar year since 1928 was 1954 at +52.56% and its worst was 1931 at -43.84%; 2025 returned 17.72% with dividends.
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What the data shows
- S&P 500 total return: 43.8% in 1928, 17.7% in 2025. It peaked at 52.6% in 1954.
About this chart
These are calendar-year total returns for the S&P 500, including dividends, from 1928 to 2025, as compiled by Aswath Damodaran of NYU Stern. The best year was 1954 (+52.56%) and the worst was 1931 (-43.84%). The index rose in 72 of 98 years, or 73%, and the geometric average return was 10.02% a year, against an arithmetic average of 11.85%.
Recent years show the range: 2008 returned -36.55% and 2022 returned -18.04%, while the two years after 2022 gained 26.06% in 2023 and 24.88% in 2024. The 2025 return was 17.72%. Damodaran builds total return from index change plus dividend yield, so his figures can differ from S&P's official series by up to about a percentage point (for 1995, 37.20% versus 37.58%). Returns are nominal and describe past results only.
The data
Source: Aswath Damodaran (NYU Stern), Historical Returns on Stocks, Bonds and Bills: 1928-2025 (histretSP.xls, sheet 'Returns by year'); values converted from fractions to percent, rounded to 2 dp. Retrieved November 4, 2026. Total return including dividends, calendar years. 1928-1956 use the S&P 90 / 500 composite as compiled by Damodaran. Series ends at 2025 (2026 not complete). Damodaran's figures can differ from S&P's official total-return index by up to about 1 percentage point in some years (e.g. 1995: 37.20 vs 37.58).
| Date | S&P 500 total return |
|---|---|
| 1928 | 43.8% |
| 1929 | -8.3% |
| 1930 | -25.1% |
| 1931 | -43.8% |
| 1932 | -8.6% |
| 1933 | 50.0% |
| 1934 | -1.2% |
| 1935 | 46.7% |
| 1936 | 31.9% |
| 1937 | -35.3% |
| 1938 | 29.3% |
| 1939 | -1.1% |
| 1940 | -10.7% |
| 1941 | -12.8% |
| 1942 | 19.2% |
| 1943 | 25.1% |
| 1944 | 19.0% |
| 1945 | 35.8% |
| 1946 | -8.4% |
| 1947 | 5.2% |
| 1948 | 5.7% |
| 1949 | 18.3% |
| 1950 | 30.8% |
| 1951 | 23.7% |
| 1952 | 18.2% |
| 1953 | -1.2% |
| 1954 | 52.6% |
| 1955 | 32.6% |
| 1956 | 7.4% |
| 1957 | -10.5% |
| 1958 | 43.7% |
| 1959 | 12.1% |
| 1960 | 0.3% |
| 1961 | 26.6% |
| 1962 | -8.8% |
| 1963 | 22.6% |
| 1964 | 16.4% |
| 1965 | 12.4% |
| 1966 | -10.0% |
| 1967 | 23.8% |
| 1968 | 10.8% |
| 1969 | -8.2% |
| 1970 | 3.6% |
| 1971 | 14.2% |
| 1972 | 18.8% |
| 1973 | -14.3% |
| 1974 | -25.9% |
| 1975 | 37.0% |
| 1976 | 23.8% |
| 1977 | -7.0% |
| 1978 | 6.5% |
| 1979 | 18.5% |
| 1980 | 31.7% |
| 1981 | -4.7% |
| 1982 | 20.4% |
| 1983 | 22.3% |
| 1984 | 6.2% |
| 1985 | 31.2% |
| 1986 | 18.5% |
| 1987 | 5.8% |
| 1988 | 16.5% |
| 1989 | 31.5% |
| 1990 | -3.1% |
| 1991 | 30.2% |
| 1992 | 7.5% |
| 1993 | 10.0% |
| 1994 | 1.3% |
| 1995 | 37.2% |
| 1996 | 22.7% |
| 1997 | 33.1% |
| 1998 | 28.3% |
| 1999 | 20.9% |
| 2000 | -9.0% |
| 2001 | -11.9% |
| 2002 | -22.0% |
| 2003 | 28.4% |
| 2004 | 10.7% |
| 2005 | 4.8% |
| 2006 | 15.6% |
| 2007 | 5.5% |
| 2008 | -36.6% |
| 2009 | 25.9% |
| 2010 | 14.8% |
| 2011 | 2.1% |
| 2012 | 15.9% |
| 2013 | 32.2% |
| 2014 | 13.5% |
| 2015 | 1.4% |
| 2016 | 11.8% |
| 2017 | 21.6% |
| 2018 | -4.2% |
| 2019 | 31.2% |
| 2020 | 18.0% |
| 2021 | 28.5% |
| 2022 | -18.0% |
| 2023 | 26.1% |
| 2024 | 24.9% |
| 2025 | 17.7% |
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Suggested caption: “The S&P 500 rose in 72 of 98 years. The other 26 fell.” Credit the source in your caption; it heads off the 'source?' comments.
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Frequently asked questions
What is the average return of the S&P 500?
From 1928 to 2025 the S&P 500 returned a geometric average of 10.02% a year including dividends, and an arithmetic average of 11.85%, per Damodaran's data. Individual years ranged from -43.84% to +52.56%, and the returns are not adjusted for inflation.
What was the S&P 500's return in 2025?
17.72% including dividends, after 24.88% in 2024 and 26.06% in 2023. Because it is a total return, it includes dividends and is not the same as the change in the index level alone.
Where does this data come from?
Aswath Damodaran (NYU Stern), Historical Returns on Stocks, Bonds and Bills: 1928-2025 (histretSP.xls, sheet 'Returns by year'); values converted from fractions to percent, rounded to 2 dp. Retrieved November 4, 2026. Total return including dividends, calendar years. 1928-1956 use the S&P 90 / 500 composite as compiled by Damodaran. Series ends at 2025 (2026 not complete). Damodaran's figures can differ from S&P's official total-return index by up to about 1 percentage point in some years (e.g. 1995: 37.20 vs 37.58). You can download the full table as a CSV from this page.
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