--- title: "Dow Jones Industrial Average Annual Returns" description: "Dow Jones Industrial Average annual returns history 1990-2024. DJIA tracks 30 large U.S. companies. Compare price-weighted methodology vs. S&P 500 market-cap." canonical: https://www.getswoopr.com/tables/returns/dow-jones-annual-returns/ source: "Swoopr Investment: https://www.getswoopr.com" --- ## Direct Answer > The Dow Jones Industrial Average (DJIA), tracking 30 large U.S. companies, has delivered average annual price returns of approximately 7-8% since 1928. The worst year was 1931 (−52.7%); the best was 1933 (+66.7%) during the New Deal recovery. In modern history, the DJIA closely tracks the S&P 500, though its price-weighting methodology produces slightly different results than the S&P's market-cap weighting. # Dow Jones Industrial Average Annual Returns History ## Dow Jones Industrial Average Annual Returns, 1990-2024 | Year | Annual Return | | --- | --- | | 1990 | -4.3% | | 1991 | +20.3% | | 1992 | +4.2% | | 1993 | +13.7% | | 1994 | +2.1% | | 1995 | +33.5% | | 1996 | +26.0% | | 1997 | +22.6% | | 1998 | +16.1% | | 1999 | +25.2% | | 2000 | -6.2% | | 2001 | -7.1% | | 2002 | -16.8% | | 2003 | +25.3% | | 2004 | +3.1% | | 2005 | -0.6% | | 2006 | +16.3% | | 2007 | +6.4% | | 2008 | -33.8% | | 2009 | +18.8% | | 2010 | +11.0% | | 2011 | +5.5% | | 2012 | +7.3% | | 2013 | +26.5% | | 2014 | +7.5% | | 2015 | -2.2% | | 2016 | +13.4% | | 2017 | +25.1% | | 2018 | -5.6% | | 2019 | +22.3% | | 2020 | +7.2% | | 2021 | +18.7% | | 2022 | -8.8% | | 2023 | +13.7% | | 2024 est. | +13% | Source: [St. Louis Fed FRED: Dow Jones Industrial Average](https://fred.stlouisfed.org/series/DJIA). Data through 2024; last checked September 2026. ## Frequently asked questions Is the Dow a good benchmark for U.S. stocks? The DJIA is widely cited but has significant limitations as a benchmark: (1) it includes only 30 stocks (vs. S&P 500's 500 or Russell 3000's 3,000); (2) it is price-weighted rather than market-cap weighted, meaning a company with a high share price (but perhaps small market cap) has more index influence than a company with a large market cap but low share price; (3) no technology companies like Amazon were included for years because of high share prices. The S&P 500 is widely considered the more representative U.S. large-cap benchmark. The DJIA is tracked primarily for historical continuity (it has data back to 1896) and media/public recognition, not because it is the best index. How does price-weighting affect the Dow's performance? The DJIA weights each component by share price rather than market capitalization. A $300 stock influences the index 3x as much as a $100 stock, regardless of market cap. This creates distortions: UnitedHealth Group (high price) has outsized influence vs. Intel (lower price). When Apple did a 4-for-1 stock split in 2020, its influence in the DJIA fell by 75% even though Apple's market cap was unchanged. Market-cap-weighting (used by S&P 500, NASDAQ) is generally considered more economically sensible because it reflects actual capital allocation. Price-weighting is a historical artifact from the days when market caps were hard to calculate quickly. Why does the DJIA sometimes diverge significantly from the S&P 500? Short-term divergence between DJIA and S&P 500 reflects their different compositions and weightings. Technology-heavy periods (1999, 2020) favor S&P 500 and NASDAQ. Periods when financials, industrials, and traditional companies outperform (2016, early 2022) can favor the DJIA. The DJIA excludes Amazon and Alphabet (too high-priced for price-weighting to be manageable), which were two of the best-performing large-cap stocks 2010-2022. Over 10-20 year periods, total returns between DJIA and S&P 500 have been similar (+/−1-2% per year) but short-term divergences of 5-10% per year are common. ## Cite This Page If you reference this table in your own work, use the following citation format and add the date you accessed it: > Swoopr Editorial Team. (2026). *Dow Jones Industrial Average Annual Returns History*. Swoopr Investment. [https://www.getswoopr.com/tables/returns/dow-jones-annual-returns/](https://www.getswoopr.com/tables/returns/dow-jones-annual-returns/) Check the figures against the primary sources listed under References before you rely on or republish them; the series they come from are revised. ## References - [St. Louis Fed FRED: Dow Jones Industrial Average](https://fred.stlouisfed.org/series/DJIA) [Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) produces independent investment education and research content. Corrections: [corrections policy](https://www.getswoopr.com/legal/corrections-policy/). Standards: [editorial standards](https://www.getswoopr.com/legal/editorial-policy/).