Evergreen Data Reference
S&P 500 Historical Returnsby Year (1928–2025)
98 years of data. Every annual return. The definitive reference for understanding long-term stock market performance.
Average Annual Return
12.0%
Median Return
14.7%
Best Year
+54%
(1933)
Worst Year
-43.8%
(1931)
Positive Years
73%
(72/98)
Key Takeaways
The S&P 500 has averaged 12.0% per year since 1928 — but "average" is misleading. The market rarely returns close to its average in any single year.
The market is positive roughly 73% of the time. The odds overwhelmingly favor being invested.
$10,000 invested in 1928 would be worth $124,082,246 today — demonstrating the staggering power of long-term compounding.
Every 20-year rolling period in history has been positive. Time in the market is the single best risk management tool.
Missing just the 10 best trading days over 20 years can cut your returns by more than half. Market timing is a fool's errand.
S&P 500 Annual Returns: Complete Table
Every year from 1928 to 2025. Growth column shows what $10,000 invested at the start of 1928 would be worth at the end of each year.
| Year | Annual Return | $10K Growth |
|---|---|---|
| 1928 | +43.8% | $14,380 |
| 1929 | -8.3% | $13,186 |
| 1930 | -25.0% | $9,890 |
| 1931 | -43.8% | $5,558 |
| 1932 | -8.6% | $5,080 |
| 1933 | +54.0% | $7,823 |
| 1934 | -1.2% | $7,729 |
| 1935 | +47.7% | $11,416 |
| 1936 | +33.9% | $15,287 |
| 1937 | -35.0% | $9,936 |
| 1938 | +31.1% | $13,026 |
| 1939 | -0.4% | $12,974 |
| 1940 | -9.8% | $11,703 |
| 1941 | -11.6% | $10,345 |
| 1942 | +20.3% | $12,445 |
| 1943 | +25.9% | $15,669 |
| 1944 | +19.7% | $18,756 |
| 1945 | +36.4% | $25,583 |
| 1946 | -8.1% | $23,510 |
| 1947 | +5.7% | $24,851 |
| 1948 | +5.5% | $26,217 |
| 1949 | +18.8% | $31,146 |
| 1950 | +31.7% | $41,019 |
| 1951 | +24.0% | $50,864 |
| 1952 | +18.4% | $60,223 |
| 1953 | -1.0% | $59,621 |
| 1954 | +52.6% | $90,981 |
| 1955 | +31.6% | $119,732 |
| 1956 | +6.6% | $127,634 |
| 1957 | -10.8% | $113,849 |
| 1958 | +43.4% | $163,260 |
| 1959 | +12.0% | $182,851 |
| 1960 | +0.5% | $183,766 |
| 1961 | +26.9% | $233,199 |
| 1962 | -8.7% | $212,910 |
| 1963 | +22.8% | $261,454 |
| 1964 | +16.5% | $304,594 |
| 1965 | +12.5% | $342,668 |
| 1966 | -10.1% | $308,058 |
| 1967 | +24.0% | $381,993 |
| 1968 | +11.1% | $424,394 |
| 1969 | -8.5% | $388,320 |
| 1970 | +4.0% | $403,853 |
| 1971 | +14.3% | $461,604 |
| 1972 | +18.9% | $548,847 |
| 1973 | -14.7% | $468,167 |
| 1974 | -26.5% | $344,102 |
| 1975 | +37.2% | $472,109 |
| 1976 | +23.8% | $584,470 |
| 1977 | -7.2% | $542,389 |
| 1978 | +6.6% | $578,186 |
| 1979 | +18.4% | $684,573 |
| 1980 | +32.4% | $906,374 |
| 1981 | -4.9% | $861,962 |
| 1982 | +21.5% | $1,047,283 |
| 1983 | +22.6% | $1,283,969 |
| 1984 | +6.3% | $1,364,860 |
| 1985 | +31.7% | $1,797,520 |
| 1986 | +18.7% | $2,133,656 |
| 1987 | +5.8% | $2,257,408 |
| 1988 | +16.6% | $2,632,138 |
| 1989 | +31.7% | $3,466,526 |
| 1990 | -3.1% | $3,359,064 |
| 1991 | +30.5% | $4,383,578 |
| 1992 | +7.6% | $4,716,730 |
| 1993 | +10.1% | $5,193,120 |
| 1994 | +1.3% | $5,260,630 |
| 1995 | +37.6% | $7,238,627 |
| 1996 | +23.0% | $8,903,512 |
| 1997 | +33.4% | $11,877,284 |
| 1998 | +28.6% | $15,274,188 |
| 1999 | +21.0% | $18,481,767 |
| 2000 | -9.1% | $16,799,926 |
| 2001 | -11.9% | $14,800,735 |
| 2002 | -22.1% | $11,529,773 |
| 2003 | +28.7% | $14,838,817 |
| 2004 | +10.9% | $16,456,248 |
| 2005 | +4.9% | $17,262,605 |
| 2006 | +15.8% | $19,990,096 |
| 2007 | +5.5% | $21,089,551 |
| 2008 | -37.0% | $13,286,417 |
| 2009 | +26.5% | $16,807,318 |
| 2010 | +15.1% | $19,345,223 |
| 2011 | +2.1% | $19,751,473 |
| 2012 | +16.0% | $22,911,708 |
| 2013 | +32.4% | $30,335,102 |
| 2014 | +13.7% | $34,491,011 |
| 2015 | +1.4% | $34,973,885 |
| 2016 | +12.0% | $39,170,751 |
| 2017 | +21.8% | $47,709,975 |
| 2018 | -4.4% | $45,610,736 |
| 2019 | +31.5% | $59,978,118 |
| 2020 | +18.4% | $71,014,092 |
| 2021 | +28.7% | $91,395,136 |
| 2022 | -18.1% | $74,852,616 |
| 2023 | +26.3% | $94,538,854 |
| 2024 | +25.0% | $118,173,568 |
| 2025est. | +5.0% | $124,082,246 |
The Market Goes Up
Despite two world wars, the Great Depression, the dot-com crash, 9/11, the 2008 financial crisis, a global pandemic, and every other calamity imaginable — the S&P 500 has relentlessly moved higher over the long term. An investment of $10,000 in 1928 would be worth $124,082,246 today.
The average annual return of approximately 12.0% includes some truly horrific years. In 1931, the market lost 43.8% of its value. In 2008, it dropped 37%. But the recoveries that followed were often spectacular — 1933 saw a 54% gain, and 1954 surged 52.6%.
The fundamental lesson of nearly a century of data is simple: the market rewards patience. Short-term volatility is the price you pay for long-term compounding. Investors who panicked and sold during the worst years missed some of the best years that followed immediately after.
Best and Worst Decades
Average annual returns by decade. Some decades were extraordinary; others tested every investor's patience.
| Decade | Avg Return | Best Year | Worst Year | Positive Yrs |
|---|---|---|---|---|
| 1920s | +17.8% | +43.8% | -8.3% | 1/2 |
| 1930s | +5.3% | +54.0% | -43.8% | 4/10 |
| 1940s | +10.3% | +36.4% | -11.6% | 7/10 |
| 1950s | +20.8% | +52.6% | -10.8% | 8/10 |
| 1960s | +8.7% | +26.9% | -10.1% | 7/10 |
| 1970s | +7.5% | +37.2% | -26.5% | 7/10 |
| 1980s | +18.2% | +32.4% | -4.9% | 9/10 |
| 1990s | +19.0% | +37.6% | -3.1% | 9/10 |
| 2000s | +1.2% | +28.7% | -37.0% | 6/10 |
| 2010s | +14.2% | +32.4% | -4.4% | 9/10 |
| 2020s | +14.2% | +28.7% | -18.1% | 5/6 |
What $10,000 Invested in 1928 Would Be Worth Today
$10,000 invested in the S&P 500 at the start of 1928
$124,082,246
End of 2025 (price return only, excluding dividends)
This is the power of compounding at work. Even at a modest average return, the exponential growth curve becomes astonishing over long time horizons. Note that this figure represents price return only — with dividends reinvested, the total would be many times higher.
Key milestones along the way: $10,000 first crossed $100,000 in the late 1950s, hit $1 million in the early 1990s, and has continued accelerating since. The vast majority of the gains come in the later years — that is compounding in action.
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Time in Market: The Longer You Stay, the Better Your Odds
Rolling period analysis shows that extending your holding period dramatically reduces the probability of losing money.
| Holding Period | % Positive | Best Annualized | Worst Annualized | Avg Annualized |
|---|---|---|---|---|
| 1 Year | 73% | +54.0% | -43.8% | 12.0% |
| 3 Years | 84% | +31.2% | -27.2% | 10.5% |
| 5 Years | 88% | +28.6% | -12.7% | 10.6% |
| 10 Years | 94% | +20.1% | -1.4% | 10.7% |
| 15 Years | 100% | +19.0% | 0.6% | 10.8% |
| 20 Years | 100% | +17.9% | 3.0% | 10.9% |
The takeaway is clear:
Over any 1-year period, the market is positive about 73% of the time. Extend that to 10 years and it jumps to 94%. Over 20 years? 100% — there has never been a 20-year period in the S&P 500's history where investors lost money.
Why Timing the Market Fails
What happens to a $10,000 S&P 500 investment (2003–2022) if you miss the best trading days? The results are devastating.
| Scenario | Final Value | Annualized Return |
|---|---|---|
| Fully invested (2003–2022) | $64,844 | 9.8% |
| Missed 10 best days | $29,708 | 5.6% |
| Missed 20 best days | $17,826 | 2.9% |
| Missed 30 best days | $11,397 | 0.7% |
| Missed 40 best days | $7,594 | -1.4% |
| Missed 50 best days | $5,765 | -2.7% |
Missing just the 10 best days out of roughly 5,000 trading days cuts your ending wealth by more than half. Missing the best 30 days turns a near-10% annual return into practically nothing.
The cruelest irony? Many of the best days occur immediately after the worst days — precisely when fearful investors are most likely to have already sold. The 2008–2009 period is the perfect example: some of the biggest single-day gains in history happened during the depths of the financial crisis.
This is why the legendary Peter Lynch said: "Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves."
Frequently Asked Questions
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