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. 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/
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
- S&P Dow Jones Indices: U.S. Equities Market Attributes, December 2025: the 2025 price return (16.39%) and total return (17.88%).