What is the average stock market return?
10.0% a year for the S&P 500 with dividends reinvested from 1928 through 2025, compounded. The plain average of the yearly returns is higher, 11.9%, because losses weigh more than gains of the same size.
S&P 500 returns by year: 17.7% in 2025
With dividends reinvested · 10.0% a year since 1928, 6.8% after inflation
2025 return17.7%S&P 500 with dividends
Average since 192810.0%6.8% after inflation
Last 10 years14.7%a year, 2016 to 2025
Last 30 years10.3%a year, 1996 to 2025
What your money would have grown to
In the S&P 500, 2016 to 2025, dividends reinvested
$39,339- Return
- 14.7% a year
- After inflation
- $28,697, 11.1% a year
- 10-year Treasury bonds
- $10,928
- Corporate bonds
- $15,222
- Treasury bills
- $12,472
- Home prices
- $18,757
- Gold
- $40,940
- Prices rose
- 37%
S&P 500 return each year since 1928
| Year | S&P 500 | 10-year Treasury | Inflation |
|---|---|---|---|
| 2025 | 17.7% | 7.8% | 2.7% |
| 2024 | 24.9% | −1.6% | 2.9% |
| 2023 | 26.1% | 3.9% | 3.4% |
| 2022 | −18.0% | −17.8% | 6.5% |
| 2021 | 28.5% | −4.4% | 7.0% |
| 2020 | 18.0% | 11.3% | 1.4% |
| 2019 | 31.2% | 9.6% | 2.3% |
| 2018 | −4.2% | −0.0% | 1.9% |
| 2017 | 21.6% | 2.8% | 2.1% |
| 2016 | 11.8% | 0.7% | 2.1% |
| 2015 | 1.4% | 1.3% | 0.7% |
| 2014 | 13.5% | 10.7% | 0.8% |
| 2013 | 32.1% | −9.1% | 1.5% |
| 2012 | 15.9% | 3.0% | 1.7% |
| 2011 | 2.1% | 16.0% | 3.0% |
| 2010 | 14.8% | 8.5% | 1.5% |
| 2009 | 25.9% | −11.1% | 2.7% |
| 2008 | −36.6% | 20.1% | 0.1% |
| 2007 | 5.5% | 10.2% | 4.1% |
| 2006 | 15.6% | 2.0% | 2.5% |
| 2005 | 4.8% | 2.9% | 3.4% |
| 2004 | 10.7% | 4.5% | 3.3% |
| 2003 | 28.4% | 0.4% | 1.9% |
| 2002 | −22.0% | 15.1% | 2.4% |
| 2001 | −11.8% | 5.6% | 1.6% |
| 2000 | −9.0% | 16.7% | 3.4% |
| 1999 | 20.9% | −8.3% | 2.7% |
| 1998 | 28.3% | 14.9% | 1.6% |
| 1997 | 33.1% | 9.9% | 1.7% |
| 1996 | 22.7% | 1.4% | 3.3% |
| 1995 | 37.2% | 23.5% | 2.5% |
| 1994 | 1.3% | −8.0% | 2.7% |
| 1993 | 10.0% | 14.2% | 2.7% |
| 1992 | 7.5% | 9.4% | 2.9% |
| 1991 | 30.2% | 15.0% | 3.1% |
| 1990 | −3.1% | 6.2% | 6.1% |
| 1989 | 31.5% | 17.7% | 4.6% |
| 1988 | 16.5% | 8.2% | 4.4% |
| 1987 | 5.8% | −5.0% | 4.4% |
| 1986 | 18.5% | 24.3% | 1.1% |
| 1985 | 31.2% | 25.7% | 3.8% |
| 1984 | 6.1% | 13.7% | 3.9% |
| 1983 | 22.3% | 3.2% | 3.8% |
| 1982 | 20.4% | 32.8% | 3.8% |
| 1981 | −4.7% | 8.2% | 8.9% |
| 1980 | 31.7% | −3.0% | 12.5% |
| 1979 | 18.5% | 0.7% | 13.3% |
| 1978 | 6.5% | −0.8% | 9.0% |
| 1977 | −7.0% | 1.3% | 6.7% |
| 1976 | 23.8% | 16.0% | 4.9% |
| 1975 | 37.0% | 3.6% | 6.9% |
| 1974 | −25.9% | 2.0% | 12.3% |
| 1973 | −14.3% | 3.7% | 8.7% |
| 1972 | 18.8% | 2.8% | 3.4% |
| 1971 | 14.2% | 9.8% | 3.3% |
| 1970 | 3.6% | 16.8% | 5.6% |
| 1969 | −8.2% | −5.0% | 6.2% |
| 1968 | 10.8% | 3.3% | 4.7% |
| 1967 | 23.8% | −1.6% | 3.0% |
| 1966 | −10.0% | 2.9% | 3.5% |
| 1965 | 12.4% | 0.7% | 1.9% |
| 1964 | 16.4% | 3.7% | 1.0% |
| 1963 | 22.6% | 1.7% | 1.6% |
| 1962 | −8.8% | 5.7% | 1.3% |
| 1961 | 26.6% | 2.1% | 0.7% |
| 1960 | 0.3% | 11.6% | 1.4% |
| 1959 | 12.1% | −2.6% | 1.7% |
| 1958 | 43.7% | −2.1% | 1.8% |
| 1957 | −10.5% | 6.8% | 2.9% |
| 1956 | 7.4% | −2.3% | 3.0% |
| 1955 | 32.6% | −1.3% | 0.4% |
| 1954 | 52.6% | 3.3% | −0.7% |
| 1953 | −1.2% | 4.1% | 0.7% |
| 1952 | 18.2% | 2.3% | 0.8% |
| 1951 | 23.7% | −0.3% | 6.0% |
| 1950 | 30.8% | 0.4% | 5.9% |
| 1949 | 18.3% | 4.7% | −2.1% |
| 1948 | 5.7% | 2.0% | 3.0% |
| 1947 | 5.2% | 0.9% | 8.8% |
| 1946 | −8.4% | 3.1% | 18.1% |
| 1945 | 35.8% | 3.8% | 2.2% |
| 1944 | 19.0% | 2.6% | 2.3% |
| 1943 | 25.1% | 2.5% | 3.0% |
| 1942 | 19.2% | 2.3% | 9.0% |
| 1941 | −12.8% | −2.0% | 9.9% |
| 1940 | −10.7% | 5.4% | 0.7% |
| 1939 | −1.1% | 4.4% | 0.0% |
| 1938 | 29.3% | 4.2% | −2.8% |
| 1937 | −35.3% | 1.4% | 2.9% |
| 1936 | 31.9% | 5.0% | 1.4% |
| 1935 | 46.7% | 4.5% | 3.0% |
| 1934 | −1.2% | 8.0% | 1.5% |
| 1933 | 50.0% | 1.9% | 0.8% |
| 1932 | −8.6% | 8.8% | −10.3% |
| 1931 | −43.8% | −2.6% | −9.3% |
| 1930 | −25.1% | 4.5% | −6.4% |
| 1929 | −8.3% | 4.2% | 0.6% |
| 1928 | 43.8% | 0.8% | −1.2% |
Total return for the calendar year. Gold was fixed in price before 1971.
Average return by decade
| Decade | Per year | After inflation |
|---|---|---|
| 2020s 6 years | 14.9% | 10.5% |
| 2010s | 13.4% | 11.5% |
| 2000s | −1.0% | −3.4% |
| 1990s | 18.0% | 14.7% |
| 1980s | 17.3% | 11.7% |
| 1970s | 5.9% | −1.3% |
| 1960s | 7.7% | 5.1% |
| 1950s | 19.5% | 16.9% |
| 1940s | 8.5% | 3.0% |
| 1930s | −0.9% | 1.1% |
| 1920s 2 years | 14.8% | 15.2% |
Compound yearly return of the S&P 500 with dividends. Over the last ten years: 2 losing years. Since 1928, bonds returned 4.5% a year, Treasury bills 3.4% and gold 5.6%.
Source: Aswath Damodaran, NYU Stern, Historical Returns on Stocks, Bonds and Bills, data through 2025.
Cite or link to this page
Citation
insytesBI. (2025). S&P 500 returns by year: 17.7% in 2025. Data: Aswath Damodaran, NYU Stern, Historical Returns on Stocks, Bonds and Bills, 2025. https://www.insytesbi.com/economy/stock-market-returns/Link
<a href="https://www.insytesbi.com/economy/stock-market-returns/">S&P 500 returns by year: 17.7% in 2025</a>Frequently asked questions
What is the average return after inflation?
6.8% a year from 1928 through 2025. Over the last ten years it was 11.1% a year after inflation and 14.7% before.
What did the S&P 500 return in 2025?
17.7% including dividends. Ten-year Treasury bonds returned 7.8%, Treasury bills 4.2% and gold 66.2%, while prices rose 2.7%.
What were the best and worst years?
The best was 1954 at 52.6% and the worst 1931 at −43.8%. The index lost money in 26 of the 98 years.
How much would $10,000 have grown?
Invested at the start of 2016 and left alone with dividends reinvested, $10,000 grew to $39,339 by the end of 2025. Over 30 years from 1996 it grew to $187,103, before taxes and fees.
Do these returns include dividends?
Yes. Each year is the price change plus the dividends paid, as a share of the index at the start of the year. Figures can differ by a few tenths from S&P’s own total return index, which reinvests dividends daily.
How often is this updated?
Once a year, in January, when the year’s returns are final.