Indices · S&P 500 · monthly since January 1871
S&P 500 history since 1871
A century and a half of US stocks in one place: the index, what dividends added, every fall of 20% or more, returns by year and by month, and valuation by Shiller's P/E. Every figure can also be shown after US inflation.
$1 in the S&P 500 from Jan 1871, dividends reinvested
×1.19M+9.4% a year
Monthly averages of daily closes, from Robert Shiller's data. No fees or taxes.
S&P 500 · Oct 2026
7,723
at a record
Monthly average of daily closes; the latest month is preliminary. Record: 7,723 (Oct 2026).
The index alone, from Jan 1871
×1,739+4.9% a year
Deepest fall
−84.8%
Sep 1929 → Jun 1932; the record came back in Sep 1954, after 25 years
Shiller P/E (CAPE) · Oct 2026
40.7
average 17.8
The average since 1881. The price against ten years of earnings, both after inflation.
Time Machine
What would $1,000 put into the S&P 500 at its peak in September 1929 be worth today, with dividends and after inflation? The Time Machine answers for any date.
Open the Time MachineDividends did most of the workSince January 1871 the index rose ×1,739 (4.9% a year). With dividends reinvested $1 became $1.19M (9.4% a year); after inflation, $44.2K (7.1% a year).
13 falls of 20% or moreThe deepest: 84.8% from September 1929 to June 1932; the index got back to its record only in September 1954. The latest: 2021–2022 (20.3%).
After inflation: 23.1 years to get backFrom December 1968 the index fell 62.6% in real terms by July 1982 and got back to that peak only in January 1992; in dollars as quoted it was above it again by March 1972.
Shiller P/E at 40.7In October 2026 the cyclically adjusted P/E (CAPE) was 40.7, against an average of 17.8 since 1881. It was higher only in 1999–2000 and 2026, peaking at 44.2 in December 1999.
Price chart
The index month by month. “With dividends” shows what $1 became with dividends reinvested (the total return index), next to the index alone. With “After inflation” on, everything is in October 2026 dollars.
S&P 500 index
Falls of 20% or more
Since 1871 the monthly average fell 20% or more below its record 13 times (12 times after inflation). Monthly averages smooth out short crashes: in them March 2020 is 19.1% below the record, just short of this table.
From the record
| Peak | Peak level | Bottom | Bottom level | Fall | Fell for | Record regained |
|---|---|---|---|---|---|---|
| Apr 1872 | 5.18 | Jun 1877 | 2.73 | −47.3% | 5.2 years | Feb 1880after 7.8 years |
| Jun 1881 | 6.58 | Aug 1896 | 3.81 | −42.1% | 15.2 years | Dec 1900after 19.5 years |
| Sep 1902 | 8.85 | Oct 1903 | 6.26 | −29.3% | 13 months | Mar 1905after 2.5 years |
| Sep 1906 | 10.03 | Nov 1907 | 6.25 | −37.7% | 14 months | Aug 1909after 2.9 years |
| Dec 1909 | 10.30 | Aug 1921 | 6.45 | −37.4% | 11.7 years | Jan 1925after 15.1 years |
| Sep 1929 | 31.30 | Jun 1932 | 4.77 | −84.8% | 2.8 years | Sep 1954after 25 years |
| Dec 1961 | 71.74 | Jun 1962 | 55.63 | −22.5% | 6 months | Sep 1963after 21 months |
| Dec 1968 | 106 | Jun 1970 | 75.59 | −29.0% | 18 months | Mar 1972after 3.2 years |
| Jan 1973 | 118 | Dec 1974 | 67.07 | −43.4% | 23 months | Jul 1980after 7.5 years |
| Aug 1987 | 329 | Dec 1987 | 241 | −26.8% | 4 months | Jul 1989after 23 months |
| Aug 2000 | 1,485 | Feb 2003 | 837 | −43.7% | 2.5 years | May 2007after 6.8 years |
| Oct 2007 | 1,540 | Mar 2009 | 757 | −50.8% | 17 months | Mar 2013after 5.4 years |
| Dec 2021 | 4,675 | Oct 2022 | 3,726 | −20.3% | 10 months | Dec 2023after 2 years |
Peaks and bottoms are monthly averages of daily closes, so single days went higher and lower. The record counts as regained in the first month whose average is above it. With “After inflation” on, the table is recalculated in today's dollars. Data: Robert J. Shiller, Yale University · inflation: US CPI, Shiller's data.
Returns by calendar year
With dividends reinvested, from one December's average to the next, so the numbers differ a little from the year-end figures usually quoted. Red bars are losses.
With dividends
| Year | December average | Index alone | With dividends | Consumer prices |
|---|---|---|---|---|
| 2026* | 7,723 | +12.7% | +13.7% | +3.6% |
| 2025 | 6,853 | +14.0% | +15.4% | +2.7% |
| 2024 | 6,011 | +28.3% | +30.0% | +2.9% |
| 2023 | 4,685 | +19.7% | +21.7% | +3.4% |
| 2022 | 3,912 | −16.3% | −15.0% | +6.5% |
| 2021 | 4,675 | +26.5% | +28.3% | +7.0% |
| 2020 | 3,695 | +16.3% | +18.5% | +1.4% |
| 2019 | 3,177 | +23.7% | +26.2% | +2.3% |
| 2018 | 2,567 | −3.6% | −1.8% | +1.9% |
| 2017 | 2,664 | +18.6% | +20.9% | +2.1% |
| 2016 | 2,247 | +9.4% | +11.7% | +2.1% |
| 2015 | 2,054 | −0.0% | +2.0% | +0.7% |
| 2014 | 2,054 | +13.6% | +15.9% | +0.8% |
| 2013 | 1,808 | +27.1% | +29.7% | +1.5% |
| 2012 | 1,422 | +14.4% | +16.8% | +1.7% |
| 2011 | 1,243 | +0.1% | +2.1% | +3.0% |
| 2010 | 1,242 | +11.8% | +14.0% | +1.5% |
| 2009 | 1,110 | +26.5% | +30.0% | +2.7% |
| 2008 | 878 | −40.7% | −39.2% | +0.1% |
| 2007 | 1,479 | +4.4% | +6.3% | +4.1% |
| 2006 | 1,416 | +12.2% | +14.3% | +2.5% |
| 2005 | 1,262 | +5.2% | +7.1% | +3.4% |
| 2004 | 1,199 | +11.0% | +12.8% | +3.3% |
| 2003 | 1,081 | +20.2% | +22.3% | +1.9% |
| 2002 | 899 | −21.5% | −20.2% | +2.4% |
| 2001 | 1,145 | −14.0% | −12.8% | +1.6% |
| 2000 | 1,331 | −6.8% | −5.8% | +3.4% |
| 1999 | 1,429 | +20.1% | +21.6% | +2.7% |
| 1998 | 1,190 | +23.7% | +25.5% | +1.6% |
| 1997 | 962 | +29.5% | +31.8% | +1.7% |
Earlier years, 1871–1996
| Year | December average | Index alone | With dividends | Consumer prices |
|---|---|---|---|---|
| 1996 | 743 | +20.9% | +23.6% | +3.3% |
| 1995 | 615 | +35.0% | +38.4% | +2.5% |
| 1994 | 455 | −2.3% | +0.5% | +2.7% |
| 1993 | 466 | +7.0% | +10.0% | +2.7% |
| 1992 | 436 | +12.1% | +15.5% | +2.9% |
| 1991 | 389 | +18.2% | +22.1% | +3.1% |
| 1990 | 329 | −5.7% | −2.4% | +6.1% |
| 1989 | 349 | +26.1% | +30.2% | +4.6% |
| 1988 | 276 | +14.7% | +18.8% | +4.4% |
| 1987 | 241 | −3.1% | −0.1% | +4.4% |
| 1986 | 249 | +19.9% | +24.1% | +1.1% |
| 1985 | 207 | +26.0% | +31.4% | +3.8% |
| 1984 | 164 | +0.1% | +4.7% | +3.9% |
| 1983 | 164 | +17.9% | +23.2% | +3.8% |
| 1982 | 139 | +12.6% | +19.2% | +3.8% |
| 1981 | 124 | −7.3% | −2.5% | +8.9% |
| 1980 | 134 | +23.8% | +30.2% | +12.5% |
| 1979 | 108 | +12.2% | +18.2% | +13.3% |
| 1978 | 96.11 | +2.4% | +7.8% | +9.0% |
| 1977 | 93.82 | −10.4% | −6.3% | +6.7% |
| 1976 | 105 | +18.0% | +22.5% | +4.9% |
| 1975 | 88.70 | +32.2% | +38.0% | +6.9% |
| 1974 | 67.07 | −29.2% | −26.1% | +12.3% |
| 1973 | 94.78 | −19.3% | −16.9% | +8.7% |
| 1972 | 118 | +18.5% | +21.9% | +3.4% |
| 1971 | 99.17 | +10.1% | +13.7% | +3.3% |
| 1970 | 90.05 | −1.2% | +2.7% | +5.6% |
| 1969 | 91.11 | −14.5% | −11.7% | +6.2% |
| 1968 | 106 | +11.8% | +15.2% | +4.7% |
| 1967 | 95.30 | +17.2% | +20.9% | +3.0% |
| 1966 | 81.33 | −11.3% | −8.3% | +3.5% |
| 1965 | 91.73 | +9.3% | +12.5% | +1.9% |
| 1964 | 83.96 | +13.2% | +16.6% | +1.0% |
| 1963 | 74.17 | +18.4% | +22.2% | +1.6% |
| 1962 | 62.64 | −12.7% | −9.7% | +1.3% |
| 1961 | 71.74 | +26.3% | +30.1% | +0.7% |
| 1960 | 56.80 | −3.8% | −0.4% | +1.4% |
| 1959 | 59.06 | +10.4% | +13.9% | +1.7% |
| 1958 | 53.49 | +32.6% | +37.8% | +1.8% |
| 1957 | 40.33 | −13.2% | −9.7% | +2.9% |
| 1956 | 46.44 | +2.4% | +6.3% | +3.0% |
| 1955 | 45.37 | +29.7% | +35.0% | +0.4% |
| 1954 | 34.97 | +40.8% | +48.1% | −0.7% |
| 1953 | 24.83 | −4.6% | +1.0% | +0.7% |
| 1952 | 26.04 | +11.2% | +17.9% | +0.8% |
| 1951 | 23.41 | +18.5% | +26.8% | +6.0% |
| 1950 | 19.75 | +19.4% | +27.9% | +5.9% |
| 1949 | 16.54 | +8.9% | +16.5% | −2.1% |
| 1948 | 15.19 | +1.1% | +6.9% | +3.0% |
| 1947 | 15.03 | −0.7% | +4.5% | +8.8% |
| 1946 | 15.13 | −12.7% | −9.1% | +18.1% |
| 1945 | 17.33 | +32.3% | +38.1% | +2.2% |
| 1944 | 13.10 | +14.1% | +20.0% | +2.3% |
| 1943 | 11.48 | +20.6% | +27.0% | +3.0% |
| 1942 | 9.52 | +8.7% | +17.2% | +9.0% |
| 1941 | 8.76 | −16.8% | −10.7% | +9.9% |
| 1940 | 10.53 | −14.9% | −9.7% | +0.7% |
| 1939 | 12.37 | −2.5% | +2.0% | 0.0% |
| 1938 | 12.69 | +15.2% | +22.5% | −2.8% |
| 1937 | 11.02 | −35.4% | −31.9% | +2.9% |
| 1936 | 17.06 | +30.8% | +35.8% | +1.4% |
| 1935 | 13.04 | +40.8% | +47.0% | +3.0% |
| 1934 | 9.26 | −7.1% | −2.8% | +1.5% |
| 1933 | 9.97 | +46.2% | +54.4% | +0.8% |
| 1932 | 6.82 | −19.2% | −11.0% | −10.3% |
| 1931 | 8.44 | −45.6% | −41.8% | −9.3% |
| 1930 | 15.51 | −27.5% | −24.0% | −6.4% |
| 1929 | 21.40 | −7.6% | −4.2% | +0.6% |
| 1928 | 23.15 | +32.6% | +38.1% | −1.2% |
| 1927 | 17.46 | +29.4% | +35.8% | −2.3% |
| 1926 | 13.49 | +8.3% | +14.0% | −1.1% |
| 1925 | 12.46 | +22.6% | +29.2% | +3.5% |
| 1924 | 10.16 | +18.8% | +26.1% | 0.0% |
| 1923 | 8.55 | −2.6% | +3.5% | +2.4% |
| 1922 | 8.78 | +20.1% | +27.3% | −2.3% |
| 1921 | 7.31 | +7.3% | +15.2% | −10.8% |
| 1920 | 6.81 | −23.7% | −18.5% | +2.6% |
| 1919 | 8.92 | +12.9% | +20.2% | +14.5% |
| 1918 | 7.90 | +16.2% | +26.2% | +20.4% |
| 1917 | 6.80 | −30.6% | −25.2% | +18.1% |
| 1916 | 9.80 | +3.4% | +9.0% | +12.6% |
| 1915 | 9.48 | +29.0% | +35.8% | +2.0% |
| 1914 | 7.35 | −8.6% | −3.3% | +1.0% |
| 1913 | 8.04 | −14.3% | −9.3% | +3.0% |
| 1912 | 9.38 | +3.0% | +8.2% | +7.4% |
| 1911 | 9.11 | +0.7% | +5.9% | −2.1% |
| 1910 | 9.05 | −12.1% | −7.7% | −7.6% |
| 1909 | 10.30 | +14.1% | +19.1% | +10.5% |
| 1908 | 9.03 | +37.4% | +45.1% | +3.3% |
| 1907 | 6.57 | −33.2% | −29.5% | −2.1% |
| 1906 | 9.84 | +3.1% | +7.2% | +5.6% |
| 1905 | 9.54 | +15.6% | +19.8% | 0.0% |
| 1904 | 8.25 | +25.6% | +31.6% | +4.7% |
| 1903 | 6.57 | −18.4% | −14.4% | −5.6% |
| 1902 | 8.05 | +1.3% | +5.2% | +7.1% |
| 1901 | 7.95 | +15.7% | +20.4% | +5.0% |
| 1900 | 6.87 | +14.1% | +19.0% | −3.6% |
| 1899 | 6.02 | +6.5% | +10.1% | +16.9% |
| 1898 | 5.65 | +18.9% | +23.5% | +1.4% |
| 1897 | 4.75 | +12.6% | +17.2% | 0.0% |
| 1896 | 4.22 | −2.3% | +2.0% | −1.4% |
| 1895 | 4.32 | +0.5% | +5.0% | +2.9% |
| 1894 | 4.30 | −2.5% | +2.7% | −6.8% |
| 1893 | 4.41 | −20.0% | −15.7% | −7.5% |
| 1892 | 5.51 | +1.8% | +6.2% | +1.3% |
| 1891 | 5.41 | +17.6% | +22.9% | −4.8% |
| 1890 | 4.60 | −13.5% | −9.8% | +1.2% |
| 1889 | 5.32 | +3.5% | +8.0% | −5.7% |
| 1888 | 5.14 | −2.5% | +2.1% | 0.0% |
| 1887 | 5.27 | −6.6% | −2.5% | +6.1% |
| 1886 | 5.64 | +8.5% | +13.2% | −4.7% |
| 1885 | 5.20 | +19.8% | +27.2% | −1.1% |
| 1884 | 4.34 | −18.7% | −13.1% | −10.3% |
| 1883 | 5.34 | −8.6% | −3.1% | −7.6% |
| 1882 | 5.84 | −2.8% | +2.6% | −1.9% |
| 1881 | 6.01 | +2.9% | +7.8% | +7.0% |
| 1880 | 5.84 | +18.7% | +24.1% | −2.0% |
| 1879 | 4.92 | +42.6% | +49.4% | +18.6% |
| 1878 | 3.45 | +6.2% | +12.1% | −14.0% |
| 1877 | 3.25 | −9.2% | −2.0% | −11.5% |
| 1876 | 3.58 | −18.1% | −11.8% | −1.7% |
| 1875 | 4.37 | −3.7% | +3.3% | −5.0% |
| 1874 | 4.54 | +2.7% | +10.4% | −5.5% |
| 1873 | 4.42 | −12.8% | −6.9% | −5.9% |
| 1872 | 5.07 | +7.0% | +13.1% | +2.3% |
| 1871* | 4.74 | +6.8% | +12.3% | +1.5% |
* 1871 runs from Jan 1871, 2026 to Oct 2026. Consumer prices: US CPI from December to December, the inflation each year's return had to beat.
Returns by month
With dividends reinvested, the S&P 500 rose in 1179 of 1869 months (63%). The best month was August 1932 (+51.3%), the worst November 1929 (−26.2%).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +1.2% | −0.4% | −3.4% | +4.6% | +6.6% | +0.6% | +0.5% | +3.2% | −0.5% | +0.8% | +13.7%* | ||
| 2025 | −0.4% | +1.1% | −5.8% | −5.4% | +8.3% | +3.9% | +4.5% | +1.9% | +2.8% | +2.4% | +0.2% | +1.8% | +15.4% |
| 2024 | +2.9% | +4.2% | +3.3% | −1.0% | +2.5% | +3.6% | +2.4% | −1.0% | +2.7% | +3.2% | +2.5% | +1.5% | +30.0% |
| 2023 | +1.4% | +3.1% | −2.6% | +4.0% | +0.7% | +4.9% | +3.9% | −1.0% | −1.0% | −3.0% | +4.6% | +5.2% | +21.7% |
| 2022 | −2.1% | −2.9% | −0.9% | +0.1% | −7.9% | −3.4% | +0.5% | +6.4% | −7.3% | −3.1% | +5.3% | 0.0% | −15.0% |
| 2021 | +2.8% | +2.5% | +0.8% | +6.0% | +0.8% | +1.8% | +3.1% | +2.2% | −0.1% | +0.5% | +4.7% | +0.3% | +28.3% |
| 2020 | +3.3% | +0.1% | −18.9% | +4.3% | +5.9% | +6.5% | +3.5% | +5.9% | −0.6% | +1.7% | +4.0% | +4.3% | +18.5% |
| 2019 | +1.7% | +5.8% | +1.9% | +3.7% | −1.5% | +1.4% | +3.8% | −3.1% | +3.1% | 0.0% | +4.4% | +2.5% | +26.2% |
| 2018 | +4.9% | −2.9% | +0.1% | −1.7% | +2.0% | +2.1% | +1.6% | +2.5% | +1.7% | −3.8% | −2.1% | −5.6% | −1.8% |
| 2017 | +1.4% | +2.6% | +1.8% | −0.2% | +1.7% | +1.8% | +1.0% | +0.2% | +1.7% | +2.7% | +1.6% | +2.9% | +20.9% |
| 2016 | −6.4% | −0.5% | +6.4% | +2.8% | −0.3% | +1.1% | +3.3% | +1.2% | −0.4% | −0.5% | +1.2% | +3.9% | +11.7% |
| 2015 | −1.1% | +2.8% | +0.1% | +0.9% | +1.0% | −0.4% | −0.1% | −2.4% | −4.5% | +4.3% | +2.9% | −1.1% | +2.0% |
| 2014 | +1.0% | −0.1% | +2.7% | +0.2% | +1.5% | +3.2% | +1.5% | −0.4% | +1.8% | −2.6% | +5.7% | +0.6% | +15.9% |
| 2013 | +4.3% | +2.3% | +2.7% | +1.5% | +4.6% | −1.1% | +3.3% | +0.3% | +1.2% | +2.1% | +3.9% | +1.5% | +29.7% |
| 2012 | +4.8% | +4.2% | +2.9% | 0.0% | −3.1% | −1.2% | +2.9% | +3.4% | +3.0% | −0.2% | −2.8% | +2.2% | +16.8% |
| 2011 | +3.5% | +3.2% | −1.1% | +2.2% | +0.7% | −3.7% | +3.1% | −10.4% | −0.8% | +3.0% | +1.8% | +1.6% | +2.1% |
| 2010 | +1.4% | −2.9% | +5.9% | +4.1% | −5.9% | −3.5% | −0.2% | +0.9% | +3.4% | +4.6% | +2.5% | +3.7% | +14.0% |
| 2009 | −1.1% | −6.7% | −5.7% | +12.3% | +6.7% | +2.9% | +1.3% | +8.1% | +3.6% | +2.4% | +2.1% | +2.2% | +30.0% |
| 2008 | −6.6% | −1.6% | −2.6% | +4.2% | +2.6% | −4.2% | −6.1% | +2.1% | −4.8% | −20.2% | −8.6% | −0.4% | −39.2% |
| 2007 | +0.7% | +1.6% | −2.5% | +4.2% | +3.4% | +0.3% | +0.6% | −4.2% | +3.1% | +3.0% | −4.8% | +1.2% | +6.3% |
| 2006 | +1.5% | 0.0% | +1.5% | +0.8% | −0.8% | −2.7% | +0.7% | +2.3% | +2.5% | +3.6% | +2.0% | +2.1% | +14.3% |
| 2005 | −1.3% | +1.7% | −0.3% | −2.4% | +1.3% | +2.2% | +1.8% | +0.3% | +0.3% | −2.6% | +4.0% | +2.1% | +7.1% |
| 2004 | +4.9% | +1.1% | −1.6% | +1.0% | −2.6% | +2.9% | −2.2% | −1.4% | +2.8% | +0.1% | +4.8% | +2.7% | +12.8% |
| 2003 | −0.2% | −6.4% | +1.3% | +5.3% | +5.3% | +5.7% | +0.6% | −0.2% | +3.2% | +2.0% | +1.2% | +3.1% | +22.3% |
| 2002 | −0.3% | −3.4% | +4.9% | −3.5% | −2.8% | −5.9% | −10.8% | +1.1% | −4.8% | −1.4% | +6.6% | −1.0% | −20.2% |
| 2001 | +0.5% | −2.1% | −9.1% | +0.4% | +6.9% | −2.4% | −2.7% | −2.0% | −11.2% | +3.2% | +5.1% | +1.5% | −12.8% |
| 2000 | −0.1% | −2.5% | +3.9% | +1.4% | −2.8% | +3.2% | +0.8% | +0.9% | −1.1% | −5.2% | −0.8% | −3.3% | −5.8% |
| 1999 | +5.0% | −0.1% | +2.9% | +4.3% | −0.1% | −0.6% | +4.5% | −3.8% | −0.6% | −1.3% | +7.1% | +2.8% | +21.6% |
| 1998 | +0.2% | +6.4% | +5.3% | +3.4% | −0.2% | +0.1% | +4.5% | −7.0% | −4.9% | +1.3% | +11.0% | +4.1% | +25.5% |
| 1997 | +3.3% | +4.4% | −0.6% | −3.4% | +9.2% | +5.3% | +5.7% | +0.3% | +1.2% | +1.6% | −1.2% | +2.6% | +31.8% |
Earlier years, 1871–1996
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1996 | +0.2% | +5.9% | −0.2% | +0.2% | +2.4% | +1.3% | −3.5% | +3.1% | +2.0% | +4.1% | +5.1% | +1.2% | +23.6% |
| 1995 | +2.5% | +3.8% | +2.6% | +3.2% | +3.3% | +3.2% | +3.5% | +0.5% | +3.7% | +0.9% | +2.4% | +3.4% | +38.4% |
| 1994 | +1.7% | −0.1% | −1.4% | −3.3% | +1.1% | +1.1% | −0.5% | +3.1% | +0.8% | −0.4% | −0.4% | −1.0% | +0.5% |
| 1993 | +0.1% | +1.7% | +2.2% | −1.3% | +0.7% | +0.9% | +0.1% | +1.8% | +1.4% | +1.2% | 0.0% | +0.9% | +10.0% |
| 1992 | +7.4% | −0.6% | −1.0% | +0.3% | +2.1% | −1.3% | +1.9% | +0.9% | +0.4% | −1.2% | +2.8% | +3.3% | +15.5% |
| 1991 | −0.7% | +11.6% | +3.0% | +2.3% | −0.2% | +0.3% | +0.8% | +2.7% | −0.3% | +0.2% | 0.0% | +0.9% | +22.1% |
| 1990 | −2.2% | −2.5% | +2.7% | +0.2% | +3.9% | +3.2% | +0.2% | −7.9% | −4.3% | −2.3% | +3.0% | +4.6% | −2.4% |
| 1989 | +3.5% | +3.3% | −0.2% | +3.6% | +4.1% | +3.4% | +2.8% | +4.7% | +0.5% | +0.3% | −1.8% | +2.7% | +30.2% |
| 1988 | +4.2% | +3.3% | +3.2% | −0.9% | −2.2% | +6.0% | −0.3% | −1.7% | +1.9% | +3.8% | −2.0% | +2.3% | +18.8% |
| 1987 | +6.7% | +6.5% | +4.4% | −0.9% | +0.2% | +4.5% | +3.1% | +6.5% | −3.0% | −11.9% | −12.3% | −1.3% | −0.1% |
| 1986 | +0.8% | +5.7% | +6.2% | +2.7% | +0.5% | +3.1% | −1.8% | +2.3% | −2.5% | −0.1% | +3.5% | +1.7% | +24.1% |
| 1985 | +4.7% | +5.8% | −0.5% | +1.0% | +2.7% | +2.5% | +2.2% | −1.8% | −1.9% | +1.5% | +6.4% | +5.3% | +31.4% |
| 1984 | +1.6% | −5.1% | +0.4% | +0.5% | −0.3% | −1.8% | −0.9% | +9.2% | +1.4% | −0.4% | +1.3% | −0.7% | +4.7% |
| 1983 | +3.9% | +2.1% | +3.9% | +4.2% | +4.4% | +1.8% | +0.7% | −2.4% | +3.3% | +0.6% | −1.1% | −0.1% | +23.2% |
| 1982 | −4.8% | −1.9% | −2.7% | +5.5% | +0.6% | −5.3% | +0.2% | +0.8% | +12.1% | +8.9% | +4.5% | +1.4% | +19.2% |
| 1981 | 0.0% | −3.1% | +4.1% | +1.3% | −1.6% | +0.9% | −2.0% | +0.8% | −8.3% | +1.7% | +3.0% | +1.2% | −2.5% |
| 1980 | +3.3% | +4.4% | −8.8% | −1.2% | +5.0% | +6.9% | +5.0% | +3.5% | +2.8% | +3.3% | +4.6% | −1.2% | +30.2% |
| 1979 | +4.2% | −1.1% | +2.3% | +2.4% | −1.9% | +2.4% | +1.4% | +5.0% | +1.5% | −3.3% | −0.3% | +4.4% | +18.2% |
| 1978 | −3.4% | −1.0% | +0.3% | +4.8% | +5.5% | +0.7% | −0.1% | +7.3% | +0.4% | −2.8% | −5.4% | +1.9% | +7.8% |
| 1977 | −0.5% | −2.4% | −0.1% | −1.2% | +0.1% | +0.9% | +1.3% | −2.1% | −1.2% | −2.2% | +1.0% | −0.1% | −6.3% |
| 1976 | +9.5% | +4.2% | +0.8% | +1.1% | −0.4% | +0.9% | +2.7% | −0.6% | +2.4% | −3.1% | −0.4% | +3.8% | +22.5% |
| 1975 | +8.6% | +10.8% | +5.0% | +1.5% | +6.7% | +2.9% | +0.4% | −7.0% | −0.9% | +5.0% | +2.0% | −1.2% | +38.0% |
| 1974 | +1.7% | −2.5% | +4.6% | −4.8% | −2.7% | +0.5% | −11.3% | −3.8% | −10.0% | +2.4% | +3.7% | −6.1% | −26.1% |
| 1973 | +1.0% | −3.3% | −1.3% | −1.6% | −2.6% | −2.0% | +1.2% | −1.6% | +2.0% | +4.2% | −6.9% | −6.8% | −16.9% |
| 1972 | +4.4% | +2.1% | +2.6% | +1.3% | −0.8% | +0.5% | −0.5% | +3.8% | −1.2% | +0.4% | +5.3% | +2.3% | +21.9% |
| 1971 | +4.1% | +4.2% | +2.8% | +3.7% | −1.1% | −1.6% | −0.5% | −1.5% | +2.5% | −1.9% | −4.4% | +7.2% | +13.7% |
| 1970 | −0.6% | −3.2% | +2.0% | −2.7% | −11.2% | −0.3% | +0.5% | +3.3% | +6.3% | +2.5% | +0.2% | +7.2% | +2.7% |
| 1969 | −4.0% | −0.2% | −1.9% | +2.3% | +3.5% | −5.0% | −4.2% | −0.3% | +0.6% | +1.3% | +1.0% | −5.0% | −11.7% |
| 1968 | 0.0% | −4.3% | −1.6% | +7.7% | +2.6% | +2.9% | 0.0% | −1.9% | +3.5% | +2.7% | +1.8% | +1.3% | +15.2% |
| 1967 | +4.1% | +3.7% | +2.6% | +2.0% | +2.1% | −1.0% | +2.0% | +1.9% | +1.7% | +0.1% | −2.9% | +3.1% | +20.9% |
| 1966 | +2.0% | −0.4% | −3.9% | +3.3% | −5.0% | −0.6% | 0.0% | −5.8% | −3.2% | −0.6% | +5.3% | +0.7% | −8.3% |
| 1965 | +2.8% | +1.0% | +0.3% | +1.6% | +1.7% | −4.5% | +0.1% | +2.1% | +3.6% | +2.5% | +1.1% | −0.2% | +12.5% |
| 1964 | +3.3% | +1.5% | +2.1% | +1.7% | +1.2% | −0.3% | +4.0% | −1.2% | +2.0% | +2.0% | +0.9% | −1.5% | +16.6% |
| 1963 | +4.1% | +1.6% | −0.1% | +5.0% | +2.3% | +0.2% | −1.2% | +3.0% | +2.9% | +0.5% | −0.3% | +2.4% | +22.2% |
| 1962 | −3.5% | +1.9% | +0.3% | −2.9% | −7.2% | −11.4% | +2.7% | +3.0% | −0.6% | −2.9% | +7.2% | +4.6% | −9.7% |
| 1961 | +5.4% | +4.4% | +3.4% | +2.9% | +1.3% | −1.1% | 0.0% | +3.8% | −0.5% | +1.3% | +4.8% | +1.2% | +30.1% |
| 1960 | −1.5% | −3.6% | −1.1% | +1.6% | −0.6% | +4.0% | −2.2% | +1.5% | −2.7% | −1.7% | +3.5% | +2.7% | −0.4% |
| 1959 | +4.3% | −1.3% | +2.8% | +1.9% | +1.8% | −0.6% | +4.2% | −0.3% | −3.7% | +0.2% | +0.7% | +3.5% | +13.9% |
| 1958 | +2.3% | +0.7% | +2.4% | +0.9% | +3.6% | +2.7% | +3.1% | +4.1% | +2.9% | +4.4% | +3.3% | +2.2% | +37.8% |
| 1957 | −1.9% | −4.0% | +1.6% | +2.6% | +4.2% | +2.0% | +2.3% | −5.2% | −3.7% | −5.9% | −1.8% | +0.3% | −9.7% |
| 1956 | −2.4% | +1.0% | +7.2% | +1.5% | −2.8% | −0.3% | +5.8% | −0.3% | −3.1% | −1.0% | −0.7% | +1.8% | +6.3% |
| 1955 | +2.2% | +3.7% | −0.4% | +3.8% | −0.1% | +6.1% | +7.6% | −0.3% | +4.8% | −4.7% | +7.1% | +1.2% | +35.0% |
| 1954 | +3.0% | +2.7% | +2.6% | +4.4% | +4.4% | +1.2% | +4.5% | +2.4% | +2.7% | +2.7% | +4.3% | +5.0% | +48.1% |
| 1953 | +1.0% | −0.8% | +1.0% | −4.5% | +1.0% | −3.1% | +1.9% | +0.9% | −4.1% | +3.5% | +2.7% | +1.8% | +1.0% |
| 1952 | +3.8% | −1.3% | +0.8% | +0.2% | +0.5% | +3.2% | +3.4% | +0.9% | −1.1% | −1.6% | +3.7% | +4.5% | +17.9% |
| 1951 | +8.0% | +4.3% | −1.1% | +1.9% | +0.6% | −1.1% | +2.4% | +5.0% | +3.1% | 0.0% | −2.3% | +3.6% | +26.8% |
| 1950 | +2.6% | +2.5% | +1.4% | +3.4% | +3.9% | +2.2% | −6.7% | +6.7% | +4.1% | +4.7% | +0.4% | +0.2% | +27.9% |
| 1949 | +1.6% | −3.3% | +1.5% | +0.4% | −0.2% | −4.9% | +6.3% | +4.2% | +1.9% | +3.2% | +2.0% | +3.3% | +16.5% |
| 1948 | −0.9% | −4.4% | +1.9% | +8.2% | +5.3% | +4.6% | −2.0% | −2.5% | −0.7% | +3.2% | −5.1% | −0.1% | +6.9% |
| 1947 | +0.9% | +4.3% | −3.7% | −3.3% | −1.4% | +3.9% | +6.7% | −1.6% | −2.2% | +3.0% | −0.7% | −1.1% | +4.5% |
| 1946 | +4.3% | +0.6% | −2.7% | +6.8% | +0.5% | −0.3% | −2.5% | −1.6% | −14.4% | −1.9% | 0.0% | +3.4% | −9.1% |
| 1945 | +3.4% | +3.7% | +0.3% | +2.9% | +4.2% | +2.2% | −1.7% | +0.7% | +7.2% | +4.5% | +3.6% | +2.0% | +38.1% |
| 1944 | +3.7% | −0.2% | +3.2% | −1.3% | +2.2% | +5.1% | +3.0% | −1.1% | −1.2% | +2.9% | −0.3% | +2.6% | +20.0% |
| 1943 | +6.5% | +6.4% | +4.0% | +3.8% | +4.4% | +2.2% | +2.5% | −4.5% | +2.6% | −0.5% | −4.2% | +1.8% | +27.0% |
| 1942 | +2.6% | −2.5% | −4.8% | −3.5% | +1.9% | +5.7% | +4.4% | 0.0% | +1.6% | +8.0% | +2.1% | +1.0% | +17.2% |
| 1941 | +0.7% | −5.7% | +1.2% | −2.5% | −1.6% | +4.1% | +5.7% | +0.1% | +0.9% | −3.4% | −4.1% | −5.9% | −10.7% |
| 1940 | −0.1% | −0.2% | −0.1% | +1.4% | −13.3% | −8.1% | +3.9% | +2.7% | +4.8% | +1.5% | +2.9% | −3.6% | −9.7% |
| 1939 | −1.2% | −0.5% | +0.3% | −12.2% | +4.1% | +2.2% | +2.8% | −1.1% | +11.1% | +1.4% | −1.4% | −2.0% | +2.0% |
| 1938 | +3.2% | −1.8% | −6.0% | −3.5% | +1.5% | +2.9% | +20.5% | +1.0% | −4.1% | +11.6% | +0.4% | −2.6% | +22.5% |
| 1937 | +3.5% | +3.3% | +0.2% | −5.6% | −4.1% | −3.3% | +6.4% | +1.4% | −13.8% | −14.1% | −8.3% | −1.0% | −31.9% |
| 1936 | +5.8% | +6.0% | +2.4% | +0.4% | −5.0% | +4.6% | +6.2% | +2.3% | +1.5% | +5.6% | +3.1% | −1.4% | +35.8% |
| 1935 | +0.4% | −2.6% | −5.9% | +7.9% | +8.3% | +4.2% | +5.6% | +7.1% | +2.4% | +3.0% | +9.7% | +0.3% | +47.0% |
| 1934 | +6.1% | +7.7% | −4.8% | +2.0% | −9.8% | +1.7% | −4.4% | −3.5% | −2.0% | +1.2% | +3.2% | +1.1% | −2.8% |
| 1933 | +4.6% | −11.3% | +0.3% | +11.2% | +29.3% | +17.6% | +8.5% | −4.6% | −0.5% | −9.4% | +2.8% | +2.3% | +54.4% |
| 1932 | −0.9% | −0.1% | +1.1% | −23.3% | −11.3% | −12.4% | +6.1% | +51.3% | +10.3% | −13.2% | −0.4% | −2.7% | −11.0% |
| 1931 | +3.5% | +8.1% | +2.4% | −9.1% | −9.2% | −2.7% | +3.8% | −2.5% | −14.4% | −12.8% | +2.0% | −18.1% | −41.8% |
| 1930 | +1.8% | +6.6% | +4.1% | +6.7% | −5.7% | −9.8% | −1.8% | −0.9% | +0.3% | −13.4% | −6.8% | −6.2% | −24.0% |
| 1929 | +7.7% | +0.8% | +2.1% | −0.3% | +1.8% | +2.2% | +9.2% | +6.0% | +4.2% | −10.3% | −26.2% | +4.4% | −4.2% |
| 1928 | +0.8% | −0.8% | +5.7% | +6.7% | +3.4% | −4.6% | +1.1% | +3.6% | +7.4% | +2.4% | +7.1% | +0.7% | +38.1% |
| 1927 | −0.2% | +2.4% | +2.0% | +2.9% | +3.9% | +1.7% | +2.6% | +5.7% | +6.1% | −1.2% | +2.7% | +2.7% | +35.8% |
| 1926 | +1.9% | +0.6% | −6.4% | −2.3% | +1.2% | +5.2% | +4.7% | +4.4% | +1.9% | −1.8% | +1.7% | +2.7% | +14.0% |
| 1925 | +4.6% | +1.3% | −2.2% | −0.6% | +3.7% | +2.2% | +3.2% | +1.8% | +2.7% | +3.7% | +3.5% | +2.0% | +29.2% |
| 1924 | +3.8% | +1.0% | −1.4% | −1.8% | +0.2% | +2.4% | +5.2% | +3.9% | −0.5% | −0.8% | +6.1% | +5.9% | +26.1% |
| 1923 | +1.9% | +4.8% | +2.1% | −3.0% | −4.3% | −3.3% | −2.8% | +1.0% | +1.2% | −0.9% | +3.5% | +3.9% | +3.5% |
| 1922 | +0.4% | +2.7% | +4.3% | +6.6% | +4.4% | −0.5% | +1.2% | +4.2% | +3.1% | +2.7% | −4.5% | +0.3% | +27.3% |
| 1921 | +5.0% | −0.1% | −2.0% | +1.0% | +3.6% | −7.4% | +0.3% | −0.6% | +3.1% | +2.0% | +6.0% | +4.1% | +15.2% |
| 1920 | −0.5% | −7.8% | +7.6% | −0.3% | −5.8% | −1.2% | +0.4% | −3.4% | +4.1% | +0.7% | −4.5% | −8.4% | −18.5% |
| 1919 | 0.0% | +1.0% | +3.6% | +3.9% | +7.5% | +3.2% | +3.8% | −6.3% | +2.1% | +5.6% | −2.5% | −2.5% | +20.2% |
| 1918 | +6.9% | +3.8% | −1.3% | −0.2% | +3.9% | +0.8% | +1.5% | +1.6% | +0.1% | +4.9% | +3.2% | −1.4% | +26.2% |
| 1917 | −1.9% | −5.1% | +3.6% | −1.0% | −2.8% | +2.6% | −2.2% | −2.3% | −4.2% | −4.7% | −7.6% | −2.6% | −25.2% |
| 1916 | −1.2% | −1.0% | +0.1% | −0.7% | +2.6% | +1.4% | −0.9% | +1.2% | +4.6% | +3.6% | +2.8% | −3.6% | +9.0% |
| 1915 | +2.2% | −0.9% | +3.1% | +8.0% | −1.9% | +1.6% | +0.1% | +4.7% | +4.1% | +6.0% | +3.9% | +0.6% | +35.8% |
| 1914 | +4.6% | +1.8% | −1.4% | −1.9% | +1.1% | 0.0% | −5.1% | +0.5% | +0.5% | +0.5% | +0.5% | −3.8% | −3.3% |
| 1913 | −0.4% | −3.1% | −1.4% | +0.3% | −2.3% | −4.6% | +1.8% | +3.2% | +1.4% | −2.7% | −2.1% | +0.4% | −9.3% |
| 1912 | +0.5% | −0.4% | +3.3% | +3.5% | +0.3% | +0.4% | +0.5% | +2.7% | +0.9% | +0.2% | −0.7% | −3.2% | +8.2% |
| 1911 | +2.9% | +2.1% | −0.8% | 0.0% | +2.6% | +2.4% | 0.0% | −4.4% | −5.0% | +1.0% | +4.5% | +0.9% | +5.9% |
| 1910 | −1.8% | −3.2% | +2.9% | −2.0% | −1.3% | −4.4% | −4.6% | +2.9% | +1.1% | +5.0% | +0.3% | −2.4% | −7.7% |
| 1909 | +0.7% | −2.5% | +1.8% | +4.9% | +3.7% | +2.1% | +1.8% | +2.8% | +0.5% | +0.7% | −0.1% | +1.5% | +19.1% |
| 1908 | +4.8% | −3.1% | +4.6% | +5.9% | +5.9% | +0.6% | +4.1% | +4.7% | −0.7% | +1.6% | +7.2% | +2.6% | +45.1% |
| 1907 | −2.5% | −2.8% | −9.5% | +0.9% | −3.0% | −2.8% | +4.3% | −7.1% | −0.6% | −10.4% | −5.3% | +5.7% | −29.5% |
| 1906 | +3.8% | −0.4% | −2.2% | −1.1% | −2.3% | +1.6% | −2.2% | +7.7% | +3.4% | −2.7% | +2.4% | −0.6% | +7.2% |
| 1905 | +2.5% | +4.7% | +3.1% | −0.9% | −4.6% | +1.5% | +3.5% | +4.0% | +0.6% | +1.7% | −0.2% | +2.8% | +19.8% |
| 1904 | +2.1% | −2.3% | +0.1% | +2.9% | −1.7% | +0.6% | +4.6% | +3.8% | +4.8% | +6.2% | +5.8% | +1.3% | +31.6% |
| 1903 | +5.4% | −0.3% | −3.6% | −3.7% | −1.6% | −5.2% | −4.2% | −2.8% | −2.0% | −2.8% | +0.8% | +5.1% | −14.4% |
| 1902 | +2.5% | +1.2% | +0.5% | +3.7% | +0.1% | −0.3% | +2.6% | +3.0% | +0.5% | −2.9% | −3.5% | −2.0% | +5.2% |
| 1901 | +3.3% | +2.9% | +3.9% | +8.7% | −4.7% | +10.3% | −6.4% | +1.7% | −0.2% | −0.8% | +2.5% | −1.3% | +20.4% |
| 1900 | +1.6% | +2.1% | +1.1% | +1.6% | −4.4% | −2.6% | +0.4% | +1.7% | −2.0% | +4.0% | +8.2% | +6.4% | +19.0% |
| 1899 | +7.9% | +4.1% | +1.7% | +1.5% | −3.9% | −2.0% | +3.7% | +2.8% | −0.8% | −0.2% | +2.2% | −6.5% | +10.1% |
| 1898 | +3.1% | +0.1% | −4.2% | −1.4% | +6.9% | +4.2% | +0.7% | +4.1% | +0.1% | −1.8% | +3.6% | +6.5% | +23.5% |
| 1897 | +0.4% | −0.6% | +0.6% | −2.7% | +0.9% | +5.0% | +4.8% | +6.8% | +5.2% | −2.9% | −3.2% | +2.5% | +17.2% |
| 1896 | −0.8% | +4.6% | −1.2% | +1.3% | −0.1% | −1.5% | −6.1% | −5.3% | +5.6% | +2.6% | +7.2% | −3.3% | +2.0% |
| 1895 | −0.8% | −1.0% | +0.4% | +4.7% | +5.9% | +2.3% | +0.8% | +1.8% | +1.0% | −1.1% | −3.0% | −5.5% | +5.0% |
| 1894 | −1.6% | +1.9% | +3.4% | +1.8% | −3.3% | −0.9% | −1.6% | +4.2% | +2.0% | −2.7% | +0.4% | −0.5% | +2.7% |
| 1893 | +2.2% | −1.4% | −3.3% | +0.4% | −8.5% | −4.3% | −8.9% | −1.9% | +7.6% | +3.4% | +2.0% | −3.0% | −15.7% |
| 1892 | +2.2% | +0.5% | +1.4% | +0.2% | +0.3% | −0.2% | +0.3% | +1.8% | −2.1% | +2.4% | 0.0% | −0.7% | +6.2% |
| 1891 | +5.6% | +1.6% | −1.5% | +3.7% | 0.0% | −1.6% | −1.3% | +3.7% | +8.5% | +0.3% | −1.2% | +3.4% | +22.9% |
| 1890 | +1.5% | −0.8% | −0.4% | +2.4% | +4.6% | −0.4% | −0.4% | −2.0% | −1.3% | −4.2% | −6.9% | −1.9% | −9.8% |
| 1889 | +2.3% | +1.5% | −1.7% | +0.2% | +3.1% | +2.0% | −1.7% | +1.7% | +2.8% | −1.5% | −0.6% | −0.2% | +8.0% |
| 1888 | +1.2% | −0.2% | −3.4% | +0.8% | +1.8% | −2.7% | +3.0% | +2.5% | +2.8% | −0.2% | −1.7% | −1.5% | +2.1% |
| 1887 | −0.7% | −0.4% | +2.7% | +2.6% | +2.1% | −2.5% | −2.1% | −2.1% | −0.9% | −3.0% | +2.3% | −0.2% | −2.5% |
| 1886 | +0.4% | +2.3% | −1.7% | −1.0% | −1.6% | +5.0% | +1.9% | +1.1% | +3.0% | +2.9% | +2.8% | −2.3% | +13.2% |
| 1885 | −1.7% | +3.7% | +0.8% | +0.3% | −0.6% | +0.1% | +4.2% | +6.1% | −0.8% | +6.3% | +6.9% | −0.4% | +27.2% |
| 1884 | −2.5% | +3.2% | +0.1% | −4.0% | −7.6% | −3.5% | +0.6% | +6.9% | −2.6% | −2.7% | −1.4% | +0.4% | −13.1% |
| 1883 | −0.1% | −1.8% | +1.7% | +2.6% | −1.2% | +1.3% | −1.1% | −4.1% | +1.6% | −2.2% | +2.0% | −1.7% | −3.1% |
| 1882 | −1.1% | −1.7% | +0.3% | +0.5% | −0.7% | −0.1% | +6.1% | +3.4% | +1.4% | −2.3% | −3.8% | +1.0% | +2.6% |
| 1881 | +6.4% | 0.0% | +1.5% | +0.1% | +4.9% | +1.6% | −3.1% | −2.0% | +1.2% | −1.2% | +1.1% | −2.5% | +7.8% |
| 1880 | +4.2% | +2.1% | +2.3% | −1.9% | −7.6% | +0.8% | +5.0% | +4.0% | +0.2% | +3.3% | +5.7% | +4.5% | +24.1% |
| 1879 | +4.2% | +4.1% | −1.2% | +3.7% | +4.9% | +0.9% | +2.4% | +1.1% | +4.1% | +11.3% | +5.7% | +0.1% | +49.4% |
| 1878 | +0.5% | −1.7% | +2.4% | +3.3% | +0.8% | +2.6% | +2.5% | −0.4% | +2.5% | −0.7% | +0.1% | −0.1% | +12.1% |
| 1877 | −0.2% | −5.3% | −4.4% | −6.6% | +0.7% | −6.4% | +5.1% | +7.7% | +6.8% | +2.7% | −1.0% | +0.2% | −2.0% |
| 1876 | +2.6% | +1.9% | +0.3% | −3.2% | −3.1% | −0.1% | −0.6% | −3.5% | −5.5% | +0.1% | −1.2% | +0.1% | −11.8% |
| 1875 | +0.6% | +0.4% | +1.9% | +1.9% | −3.3% | −1.4% | +0.8% | +1.0% | −0.3% | −1.0% | +2.2% | +0.6% | +3.3% |
| 1874 | +6.1% | +3.6% | −0.9% | −2.2% | −2.0% | +0.2% | +0.6% | +0.8% | +2.2% | +0.4% | +1.5% | −0.1% | +10.4% |
| 1873 | +1.3% | +1.3% | −0.3% | −0.9% | +0.7% | −0.9% | +0.3% | +0.5% | −7.1% | −8.1% | −2.9% | +10.1% | −6.9% |
| 1872 | +3.0% | +0.9% | +3.7% | +3.2% | +0.4% | −0.5% | −0.1% | −0.7% | −1.3% | +0.9% | +0.1% | +2.9% | +13.1% |
| 1871 | +1.8% | +2.9% | +3.3% | +3.0% | −0.4% | −1.4% | +1.7% | +1.5% | −4.7% | +1.6% | +2.6% | +12.3%* |
Each cell: the month's return with dividends against the month before, from monthly averages; the full year as in the table above. Shades step at 1, 2, 4, 7 and 10%; bigger moves keep the strongest shade. * Not a whole year. Data: Robert J. Shiller, Yale University · inflation: US CPI, Shiller's data.
Valuation: Shiller P/E and dividend yield
Robert Shiller's cyclically adjusted P/E (CAPE) divides the price by the average of the last ten years' earnings, both after inflation, which smooths out the business cycle. Since 1881 its average is 17.8; in October 2026 it was 40.7, and the highest was 44.2 in December 1999. High values have been followed by lower returns over the next ten years on average, but the ratio says little about the next months.
Shiller P/E (CAPE)Long-run average, 17.8
Dividend yield
Dividends paid over the last twelve months, divided by the index: 1.06% in October 2026; the highest was 13.8% in June 1932. The latest months carry the last published dividend forward (estimated from July 2026).
How it is calculated
- Data: Robert J. Shiller, Online Data (Yale University): the S&P Composite index (the S&P 500 and, before 1957, its predecessors), dividends, earnings, the cyclically adjusted P/E and US consumer prices, monthly since January 1871.
- Monthly averages: each month is the average of its daily closes, so the figures differ from month-end or intraday values, and short crashes look shallower. The latest months are preliminary (Shiller's notes: Oct price is Oct 2nd close; Sept/Oct CPI estimated; Oct GS10 is Oct 2nd value); dividends are estimated from July 2026.
- With dividends: dividends reinvested every month: the index grows by the month's price change plus a twelfth of the year's dividends (Shiller's method). No fees or taxes.
- After inflation (the switch at the top of the page): every value is converted into October 2026 dollars with US consumer prices (CPI-U, from Shiller's data): multiplied by the CPI of October 2026 and divided by the CPI of its own month. The latest months are preliminary.
- Falls: the distance of each monthly average from the highest one so far. A fall counts from 20% below a record and ends in the first month above that record. Found separately in prices as quoted and after inflation.
- Calendar years and months: the December average against the December before (1871 from January, the current year to the latest month); a month against the month before.
- Shiller P/E (CAPE): Shiller's own column, the real price over the average real earnings of the previous ten years (from 1881). Dividend yield: twelve months of dividends over the monthly average price. Neither ratio depends on the inflation switch.
- Candles and bars: one per quarter or year, built from the monthly averages: each opens at the last month before it, and its high and low are the highest and lowest monthly average in the period, not daily prices.
- Not investment advice. Past returns, and past crashes, do not tell what will happen next.