---
title: "S&P 500 Annual Returns History"
description: "Complete S&P 500 annual returns history 1990-2025, showing price return and total return with dividends reinvested. Average annual return since 1928."
canonical: https://www.getswoopr.com/tables/returns/sp500-annual-returns/
source: "Swoopr Investment: https://www.getswoopr.com"
---

## Direct Answer



> The S&P 500 has delivered an average annual total return of approximately 9.8% (including dividends) since 1928. The worst single year was 1931 (−43.8%); the best was 1954 (+52.6%) in the post-war boom. Since 2000, the index has delivered positive total returns in 20 of 26 years.








# S&P 500 Annual Returns History (1928-2025)



## S&P 500 Annual Returns, 1990-2025



| Year | Price Return | Total Return (Dividends Reinvested) |
| --- | --- | --- |
| 1990 | -3.1% | -3.1% |
| 1991 | +26.3% | +30.5% |
| 1992 | +4.5% | +7.6% |
| 1993 | +7.1% | +10.1% |
| 1994 | -1.5% | +1.3% |
| 1995 | +34.1% | +37.6% |
| 1996 | +20.3% | +23.0% |
| 1997 | +31.0% | +33.4% |
| 1998 | +26.7% | +28.6% |
| 1999 | +19.5% | +21.0% |
| 2000 | -10.1% | -9.1% |
| 2001 | -13.0% | -11.9% |
| 2002 | -23.4% | -22.1% |
| 2003 | +26.4% | +28.7% |
| 2004 | +9.0% | +10.9% |
| 2005 | +3.0% | +4.9% |
| 2006 | +13.6% | +15.8% |
| 2007 | +3.5% | +5.5% |
| 2008 | -38.5% | -37.0% |
| 2009 | +23.5% | +26.5% |
| 2010 | +12.8% | +15.1% |
| 2011 | +0.0% | +2.1% |
| 2012 | +13.4% | +16.0% |
| 2013 | +29.6% | +32.4% |
| 2014 | +11.4% | +13.7% |
| 2015 | -0.7% | +1.4% |
| 2016 | +9.5% | +12.0% |
| 2017 | +19.4% | +21.8% |
| 2018 | -6.2% | -4.4% |
| 2019 | +28.9% | +31.5% |
| 2020 | +16.3% | +18.4% |
| 2021 | +26.9% | +28.7% |
| 2022 | -19.4% | -18.1% |
| 2023 | +24.2% | +26.3% |
| 2024 | +23.3% | +25.0% |
| 2025 | +16.4% | +17.9% |



Source: [NYU Stern: Historical Returns on Stocks, Bonds and Bills](https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html). Last verified: October 2026.



## Frequently asked questions



What is the S&P 500 long-run average annual return?

The S&P 500 total return (including dividend reinvestment) has averaged approximately 9.8% per year since 1928. In nominal dollar terms, $10,000 invested in 1928 would have grown to approximately $70 million by 2024 (compound growth over 96 years). Inflation-adjusted (real) returns have averaged approximately 6.5-7.0% per year. The arithmetic average (simple average of each year) is higher than the geometric average (compound annual growth rate) because of volatility drag. For long-term planning, use the geometric average (CAGR) of approximately 9.8% for nominal returns.



How often does the S&P 500 have a losing year?

Since 1928, the S&P 500 has posted negative total returns in approximately 27% of calendar years (roughly 1 in 4 years). The positive years are clustered and often follow bad years: 2009 (+26.5%) followed 2008 (−37.0%); 2013 (+32.4%) followed 2011 (+2.1%) and 2012 (+16.0%); 2021 (+28.7%) followed 2020 (+18.4%). The worst losing streaks: 2000-2002 (three consecutive losing years, −9.1%, −11.9%, −22.1% total return) and 1929-1932 (four consecutive losing years). Consecutive losing years are uncommon in the post-WWII era.



Does dividend reinvestment really matter that much?

Yes, dramatically. The difference between price return and total return (with dividends reinvested) compounds significantly over decades. In 2024, the S&P 500 dividend yield was approximately 1.3% -- relatively low by historical standards. Historically (1928-2025), dividends contributed approximately 40% of total return. An investor who spent dividends rather than reinvesting them from 1928 to 2024 would have approximately 3-5x less wealth at retirement than one who reinvested. This is why total return (not just price) is the correct measure of investment performance.







## 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). *S&P 500 Annual Returns History (1928-2025)*. Swoopr Investment. [https://www.getswoopr.com/tables/returns/sp500-annual-returns/](https://www.getswoopr.com/tables/returns/sp500-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

- [NYU Stern: Historical Returns on Stocks, Bonds and Bills](https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html)
- [S&P Dow Jones Indices: U.S. Equities Market Attributes, December 2025](https://www.spglobal.com/spdji/en/documents/commentary/market-attributes-us-equities-202512.pdf): the 2025 price return (16.39%) and total return (17.88%).



[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/).