MakeYourChart

Stocks vs Bonds vs Gold, 1927 to 2025

$100 in the S&P 500 with dividends at the start of 1928 grew to $1,157,009 by 2025, versus $21,025 in gold and $7,718 in Treasury bonds.

Make this videoDownload data (CSV)

Free to edit and export · No signup to start

What the data shows

  • S&P 500 (stocks): $100 in 1927, $1,157,009 in 2025. Its low point was $51 in 1932.
  • 10-year T-bonds: $100 in 1927, $7,718 in 2025 (77× higher). It peaked at $8,921 in 2020.
  • 3-month T-bills: $100 in 1927, $2,578 in 2025 (26× higher).
  • Gold: $100 in 1927, $21,025 in 2025. Its low point was $83 in 1931.

About this chart

A hypothetical $100 placed in the S&P 500 at the start of 1928, with dividends reinvested, was worth $1,157,009 at the end of 2025. The same $100 grew to $21,025 in gold, $7,718 in 10-year Treasury bonds and $2,578 in 3-month T-bills. Figures are nominal, not inflation-adjusted, and come from Aswath Damodaran's historical returns dataset. Gold prices were fixed under the gold standard until 1971, so the gold line stays close to flat before then.

The path was uneven. Stocks fell to $51 by the end of 1932 from $144 at the end of 1928. Geometric average annual returns over 1928 to 2025 were 10.02% for stocks, 5.61% for gold, 4.53% for 10-year bonds and 3.37% for bills. Gold gained 66.2% in 2025 and 26.0% in 2024 in this dataset. The comparison describes past results, not a forecast.

The data

Source: Aswath Damodaran (NYU Stern), Historical Returns on Stocks, Bonds and Bills: 1928-2025 (histretSP.xls, sheet 'Returns by year', columns 'Value of $100 invested at start of 1928'). Retrieved November 4, 2026. Nominal (not inflation-adjusted) value of $100 invested at the start of 1928 with all income reinvested; the 1927 point is the starting $100. Stocks = S&P 500 incl. dividends; bonds = 10-year US Treasury; gold prices were fixed by the gold standard until 1971, so gold is flat-ish before then. Ends 2025.

Stocks vs Bonds vs Gold, Value of $100 invested at start of 1928, to 2025, 1927–2025
DateS&P 500 (stocks)10-year T-bonds3-month T-billsGold
1927$100$100$100$100
1928$144$101$103$100
1929$132$105$106$100
1930$99$110$111$100
1931$55$107$114$83
1932$51$116$115$100
1933$76$119$116$128
1934$75$128$116$168
1935$110$134$117$169
1936$145$140$117$169
1937$94$142$117$169
1938$122$148$117$169
1939$120$155$117$167
1940$107$163$117$164
1941$94$160$117$164
1942$112$164$118$164
1943$140$168$118$164
1944$166$172$119$164
1945$226$179$119$168
1946$207$184$120$168
1947$217$186$120$168
1948$230$190$122$168
1949$272$198$123$154
1950$356$199$124$168
1951$440$199$126$168
1952$520$203$129$168
1953$513$212$131$169
1954$783$219$132$170
1955$1,038$216$134$170
1956$1,116$211$138$170
1957$999$225$142$169
1958$1,436$220$145$170
1959$1,609$215$150$170
1960$1,614$240$154$171
1961$2,044$244$158$171
1962$1,864$258$162$171
1963$2,286$263$167$170
1964$2,661$273$173$170
1965$2,991$274$180$170
1966$2,693$282$189$170
1967$3,334$278$197$169
1968$3,694$287$207$190
1969$3,390$273$221$200
1970$3,510$318$235$181
1971$4,010$350$246$211
1972$4,762$359$256$314
1973$4,080$373$274$544
1974$3,024$380$295$904
1975$4,142$394$312$680
1976$5,129$457$328$652
1977$4,771$463$345$799
1978$5,082$459$370$1,095
1979$6,023$462$407$2,481
1980$7,934$448$453$2,857
1981$7,561$485$517$1,926
1982$9,105$644$574$2,227
1983$11,139$665$625$1,853
1984$11,824$756$687$1,494
1985$15,517$950$740$1,583
1986$18,386$1,181$786$1,883
1987$19,455$1,122$833$2,345
1988$22,672$1,215$890$1,988
1989$29,809$1,430$965$1,931
1990$28,895$1,519$1,040$1,871
1991$37,632$1,747$1,097$1,711
1992$40,452$1,910$1,136$1,613
1993$44,483$2,182$1,171$1,898
1994$45,073$2,006$1,222$1,857
1995$61,838$2,478$1,291$1,875
1996$75,864$2,513$1,357$1,789
1997$100,977$2,763$1,428$1,406
1998$129,592$3,175$1,498$1,394
1999$156,658$2,913$1,570$1,406
2000$142,509$3,398$1,664$1,330
2001$125,622$3,587$1,722$1,340
2002$98,028$4,130$1,750$1,682
2003$125,824$4,145$1,768$2,017
2004$139,341$4,331$1,793$2,110
2005$146,078$4,456$1,850$2,485
2006$168,884$4,543$1,940$3,062
2007$178,147$5,007$2,027$4,039
2008$113,030$6,013$2,056$4,214
2009$142,345$5,345$2,059$5,269
2010$163,442$5,797$2,061$6,810
2011$166,872$6,727$2,063$7,628
2012$193,388$6,926$2,064$8,062
2013$255,553$6,296$2,066$5,836
2014$290,115$6,972$2,066$5,843
2015$294,116$7,062$2,067$5,136
2016$328,742$7,111$2,074$5,552
2017$399,769$7,310$2,094$6,255
2018$382,871$7,309$2,135$6,197
2019$502,371$8,013$2,180$7,379
2020$592,915$8,921$2,188$9,162
2021$761,711$8,527$2,189$8,818
2022$624,317$7,007$2,234$8,867
2023$787,019$7,279$2,352$10,043
2024$982,818$7,159$2,474$12,649
2025$1,157,009$7,718$2,578$21,025

Post it

Suggested caption: “$100 in 1928 became $1.16M in stocks but $21K in gold.” Credit the source in your caption; it heads off the 'source?' comments.

Make it yours

  • Switch between bar, line, column and donut races with one click.
  • Pick 9:16 for Reels and TikTok, 4:5 for the feed or 16:9 for YouTube.
  • Change the theme, font, colors and race length, and add your own captions.
  • Paste your own numbers from Excel or Google Sheets. See the animated line chart maker for tips.

Frequently asked questions

How much would $100 invested in 1928 be worth now?

In the S&P 500 with dividends reinvested, $100 at the start of 1928 grew to $1,157,009 by the end of 2025, in nominal dollars. Gold reached $21,025 and 10-year Treasury bonds $7,718 over the same period.

Have stocks beaten bonds and gold since 1928?

In this dataset, yes: stocks averaged 10.02% a year, against 5.61% for gold, 4.53% for 10-year Treasury bonds and 3.37% for T-bills. The averages hide big swings, including the fall from $144 to $51 between 1928 and 1932.

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', columns 'Value of $100 invested at start of 1928'). Retrieved November 4, 2026. Nominal (not inflation-adjusted) value of $100 invested at the start of 1928 with all income reinvested; the 1927 point is the starting $100. Stocks = S&P 500 incl. dividends; bonds = 10-year US Treasury; gold prices were fixed by the gold standard until 1971, so gold is flat-ish before then. Ends 2025. You can download the full table as a CSV from this page.

Can I turn this chart into a video?

Yes. Open it in the editor, change the title, theme, colors or format (9:16 for Reels and TikTok, 16:9 for YouTube), and export an MP4. Free exports are 720p with a small watermark; Pro ($11.99/month) removes it and adds 1080p, 4K and 60 fps.

Related data

All money charts
MoneyReal data

US Union Membership Rate

US union membership fell from 20.1% of wage and salary workers in 1983 to 10.0% in 2025, with 9.9% in 2024 the lowest in the series.

MoneyReal data

US Goods Exports by Country

Mexico passed Canada in 2025 as the top buyer of US goods at $337.3 billion, with Canada at $333.6 billion and China at $106.0 billion.

MoneyReal data

US Foreign Aid by Country

Ukraine received $9.5 billion in US net development aid in 2024 after $11.8 billion in 2023, the largest single-country amounts in this OECD series.