{
  "title": "S&P 500 annual total returns and US inflation, 1928-2025",
  "pageUrl": "https://www.wealthsim.app/data/sp500-returns",
  "source": "Aswath Damodaran, NYU Stern, \"Historical Returns on Stocks, Bonds and Bills\"",
  "sourceUrl": "https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histret.html",
  "retrieved": "2026-09-27",
  "note": "Returns are decimals (0.177237 = 17.7237%). The data is Damodaran's and is not relicensed; WealthSim metadata and documentation are CC BY 4.0.",
  "columns": [
    {
      "name": "year",
      "description": "Calendar year, January to December."
    },
    {
      "name": "sp500_total_return",
      "description": "S&P 500 return including dividends, as a decimal (0.177237 = 17.7237%). Source column \"S&P 500 (includes dividends)\"."
    },
    {
      "name": "sp500_price_return",
      "description": "S&P 500 return from price change only, as a decimal. No dividends. Calculated by WealthSim from year-end index levels in the source file."
    },
    {
      "name": "inflation",
      "description": "US annual inflation as a decimal, the CPI change as included in the source file (FRED CPIAUCNS), converted from percent."
    }
  ],
  "rows": [
    {
      "year": 1928,
      "sp500_total_return": 0.438112,
      "sp500_price_return": 0.378822,
      "inflation": -0.011561
    },
    {
      "year": 1929,
      "sp500_total_return": -0.082979,
      "sp500_price_return": -0.119097,
      "inflation": 0.005848
    },
    {
      "year": 1930,
      "sp500_total_return": -0.251236,
      "sp500_price_return": -0.284848,
      "inflation": -0.063953
    },
    {
      "year": 1931,
      "sp500_total_return": -0.438375,
      "sp500_price_return": -0.470665,
      "inflation": -0.093168
    },
    {
      "year": 1932,
      "sp500_total_return": -0.086424,
      "sp500_price_return": -0.147783,
      "inflation": -0.10274
    },
    {
      "year": 1933,
      "sp500_total_return": 0.499822,
      "sp500_price_return": 0.440751,
      "inflation": 0.007634
    },
    {
      "year": 1934,
      "sp500_total_return": -0.011886,
      "sp500_price_return": -0.047141,
      "inflation": 0.015152
    },
    {
      "year": 1935,
      "sp500_total_return": 0.467404,
      "sp500_price_return": 0.413684,
      "inflation": 0.029851
    },
    {
      "year": 1936,
      "sp500_total_return": 0.319434,
      "sp500_price_return": 0.279226,
      "inflation": 0.014493
    },
    {
      "year": 1937,
      "sp500_total_return": -0.353367,
      "sp500_price_return": -0.385914,
      "inflation": 0.028571
    },
    {
      "year": 1938,
      "sp500_total_return": 0.292827,
      "sp500_price_return": 0.245498,
      "inflation": -0.027778
    },
    {
      "year": 1939,
      "sp500_total_return": -0.010976,
      "sp500_price_return": -0.05175,
      "inflation": 0
    },
    {
      "year": 1940,
      "sp500_total_return": -0.106729,
      "sp500_price_return": -0.150883,
      "inflation": 0.007143
    },
    {
      "year": 1941,
      "sp500_total_return": -0.127715,
      "sp500_price_return": -0.178639,
      "inflation": 0.099291
    },
    {
      "year": 1942,
      "sp500_total_return": 0.191738,
      "sp500_price_return": 0.124281,
      "inflation": 0.090323
    },
    {
      "year": 1943,
      "sp500_total_return": 0.250613,
      "sp500_price_return": 0.194473,
      "inflation": 0.029586
    },
    {
      "year": 1944,
      "sp500_total_return": 0.190307,
      "sp500_price_return": 0.137961,
      "inflation": 0.022988
    },
    {
      "year": 1945,
      "sp500_total_return": 0.358211,
      "sp500_price_return": 0.307229,
      "inflation": 0.022472
    },
    {
      "year": 1946,
      "sp500_total_return": -0.084291,
      "sp500_price_return": -0.118664,
      "inflation": 0.181319
    },
    {
      "year": 1947,
      "sp500_total_return": 0.052,
      "sp500_price_return": 0,
      "inflation": 0.088372
    },
    {
      "year": 1948,
      "sp500_total_return": 0.057046,
      "sp500_price_return": -0.006536,
      "inflation": 0.029915
    },
    {
      "year": 1949,
      "sp500_total_return": 0.183032,
      "sp500_price_return": 0.104605,
      "inflation": -0.020747
    },
    {
      "year": 1950,
      "sp500_total_return": 0.308055,
      "sp500_price_return": 0.216796,
      "inflation": 0.059322
    },
    {
      "year": 1951,
      "sp500_total_return": 0.236785,
      "sp500_price_return": 0.163485,
      "inflation": 0.06
    },
    {
      "year": 1952,
      "sp500_total_return": 0.18151,
      "sp500_price_return": 0.117796,
      "inflation": 0.007547
    },
    {
      "year": 1953,
      "sp500_total_return": -0.012082,
      "sp500_price_return": -0.06624,
      "inflation": 0.007491
    },
    {
      "year": 1954,
      "sp500_total_return": 0.525633,
      "sp500_price_return": 0.450222,
      "inflation": -0.007435
    },
    {
      "year": 1955,
      "sp500_total_return": 0.325973,
      "sp500_price_return": 0.264036,
      "inflation": 0.003745
    },
    {
      "year": 1956,
      "sp500_total_return": 0.074395,
      "sp500_price_return": 0.026165,
      "inflation": 0.029851
    },
    {
      "year": 1957,
      "sp500_total_return": -0.104574,
      "sp500_price_return": -0.143133,
      "inflation": 0.028986
    },
    {
      "year": 1958,
      "sp500_total_return": 0.4372,
      "sp500_price_return": 0.380595,
      "inflation": 0.017606
    },
    {
      "year": 1959,
      "sp500_total_return": 0.120565,
      "sp500_price_return": 0.084767,
      "inflation": 0.017301
    },
    {
      "year": 1960,
      "sp500_total_return": 0.003365,
      "sp500_price_return": -0.029721,
      "inflation": 0.013605
    },
    {
      "year": 1961,
      "sp500_total_return": 0.266377,
      "sp500_price_return": 0.231285,
      "inflation": 0.006711
    },
    {
      "year": 1962,
      "sp500_total_return": -0.088115,
      "sp500_price_return": -0.118099,
      "inflation": 0.013333
    },
    {
      "year": 1963,
      "sp500_total_return": 0.226119,
      "sp500_price_return": 0.188906,
      "inflation": 0.016447
    },
    {
      "year": 1964,
      "sp500_total_return": 0.164155,
      "sp500_price_return": 0.129699,
      "inflation": 0.009709
    },
    {
      "year": 1965,
      "sp500_total_return": 0.123992,
      "sp500_price_return": 0.090619,
      "inflation": 0.019231
    },
    {
      "year": 1966,
      "sp500_total_return": -0.09971,
      "sp500_price_return": -0.13091,
      "inflation": 0.034591
    },
    {
      "year": 1967,
      "sp500_total_return": 0.23803,
      "sp500_price_return": 0.200921,
      "inflation": 0.030395
    },
    {
      "year": 1968,
      "sp500_total_return": 0.108149,
      "sp500_price_return": 0.076604,
      "inflation": 0.047198
    },
    {
      "year": 1969,
      "sp500_total_return": -0.082414,
      "sp500_price_return": -0.113614,
      "inflation": 0.061972
    },
    {
      "year": 1970,
      "sp500_total_return": 0.035611,
      "sp500_price_return": 0.000978,
      "inflation": 0.055703
    },
    {
      "year": 1971,
      "sp500_total_return": 0.142212,
      "sp500_price_return": 0.107868,
      "inflation": 0.032663
    },
    {
      "year": 1972,
      "sp500_total_return": 0.187554,
      "sp500_price_return": 0.156333,
      "inflation": 0.034063
    },
    {
      "year": 1973,
      "sp500_total_return": -0.14308,
      "sp500_price_return": -0.173655,
      "inflation": 0.087059
    },
    {
      "year": 1974,
      "sp500_total_return": -0.259018,
      "sp500_price_return": -0.297181,
      "inflation": 0.123377
    },
    {
      "year": 1975,
      "sp500_total_return": 0.369951,
      "sp500_price_return": 0.31549,
      "inflation": 0.069364
    },
    {
      "year": 1976,
      "sp500_total_return": 0.23831,
      "sp500_price_return": 0.191485,
      "inflation": 0.048649
    },
    {
      "year": 1977,
      "sp500_total_return": -0.069797,
      "sp500_price_return": -0.11502,
      "inflation": 0.06701
    },
    {
      "year": 1978,
      "sp500_total_return": 0.065093,
      "sp500_price_return": 0.01062,
      "inflation": 0.090177
    },
    {
      "year": 1979,
      "sp500_total_return": 0.185195,
      "sp500_price_return": 0.123088,
      "inflation": 0.132939
    },
    {
      "year": 1980,
      "sp500_total_return": 0.317352,
      "sp500_price_return": 0.257736,
      "inflation": 0.125163
    },
    {
      "year": 1981,
      "sp500_total_return": -0.047024,
      "sp500_price_return": -0.097304,
      "inflation": 0.089224
    },
    {
      "year": 1982,
      "sp500_total_return": 0.204191,
      "sp500_price_return": 0.147613,
      "inflation": 0.038298
    },
    {
      "year": 1983,
      "sp500_total_return": 0.223372,
      "sp500_price_return": 0.17271,
      "inflation": 0.03791
    },
    {
      "year": 1984,
      "sp500_total_return": 0.061461,
      "sp500_price_return": 0.014006,
      "inflation": 0.039487
    },
    {
      "year": 1985,
      "sp500_total_return": 0.312351,
      "sp500_price_return": 0.263334,
      "inflation": 0.037987
    },
    {
      "year": 1986,
      "sp500_total_return": 0.184946,
      "sp500_price_return": 0.146204,
      "inflation": 0.010979
    },
    {
      "year": 1987,
      "sp500_total_return": 0.058127,
      "sp500_price_return": 0.020275,
      "inflation": 0.044344
    },
    {
      "year": 1988,
      "sp500_total_return": 0.165372,
      "sp500_price_return": 0.124008,
      "inflation": 0.044194
    },
    {
      "year": 1989,
      "sp500_total_return": 0.314752,
      "sp500_price_return": 0.272505,
      "inflation": 0.046473
    },
    {
      "year": 1990,
      "sp500_total_return": -0.030645,
      "sp500_price_return": -0.065591,
      "inflation": 0.061063
    },
    {
      "year": 1991,
      "sp500_total_return": 0.302348,
      "sp500_price_return": 0.263067,
      "inflation": 0.030643
    },
    {
      "year": 1992,
      "sp500_total_return": 0.074937,
      "sp500_price_return": 0.044643,
      "inflation": 0.029007
    },
    {
      "year": 1993,
      "sp500_total_return": 0.099671,
      "sp500_price_return": 0.070552,
      "inflation": 0.027484
    },
    {
      "year": 1994,
      "sp500_total_return": 0.013259,
      "sp500_price_return": -0.015393,
      "inflation": 0.026749
    },
    {
      "year": 1995,
      "sp500_total_return": 0.371952,
      "sp500_price_return": 0.341107,
      "inflation": 0.025384
    },
    {
      "year": 1996,
      "sp500_total_return": 0.22681,
      "sp500_price_return": 0.202637,
      "inflation": 0.033225
    },
    {
      "year": 1997,
      "sp500_total_return": 0.331037,
      "sp500_price_return": 0.310082,
      "inflation": 0.017024
    },
    {
      "year": 1998,
      "sp500_total_return": 0.28338,
      "sp500_price_return": 0.266686,
      "inflation": 0.016119
    },
    {
      "year": 1999,
      "sp500_total_return": 0.208854,
      "sp500_price_return": 0.19526,
      "inflation": 0.026846
    },
    {
      "year": 2000,
      "sp500_total_return": -0.090318,
      "sp500_price_return": -0.101392,
      "inflation": 0.033868
    },
    {
      "year": 2001,
      "sp500_total_return": -0.118498,
      "sp500_price_return": -0.130419,
      "inflation": 0.015517
    },
    {
      "year": 2002,
      "sp500_total_return": -0.21966,
      "sp500_price_return": -0.233666,
      "inflation": 0.023769
    },
    {
      "year": 2003,
      "sp500_total_return": 0.283558,
      "sp500_price_return": 0.263793,
      "inflation": 0.018795
    },
    {
      "year": 2004,
      "sp500_total_return": 0.107428,
      "sp500_price_return": 0.089944,
      "inflation": 0.032556
    },
    {
      "year": 2005,
      "sp500_total_return": 0.048345,
      "sp500_price_return": 0.03001,
      "inflation": 0.034157
    },
    {
      "year": 2006,
      "sp500_total_return": 0.156126,
      "sp500_price_return": 0.136194,
      "inflation": 0.025406
    },
    {
      "year": 2007,
      "sp500_total_return": 0.054847,
      "sp500_price_return": 0.035296,
      "inflation": 0.040813
    },
    {
      "year": 2008,
      "sp500_total_return": -0.365523,
      "sp500_price_return": -0.384858,
      "inflation": 0.000914
    },
    {
      "year": 2009,
      "sp500_total_return": 0.259352,
      "sp500_price_return": 0.234542,
      "inflation": 0.027213
    },
    {
      "year": 2010,
      "sp500_total_return": 0.148211,
      "sp500_price_return": 0.127827,
      "inflation": 0.014957
    },
    {
      "year": 2011,
      "sp500_total_return": 0.020984,
      "sp500_price_return": -0.000032,
      "inflation": 0.029624
    },
    {
      "year": 2012,
      "sp500_total_return": 0.158906,
      "sp500_price_return": 0.134057,
      "inflation": 0.01741
    },
    {
      "year": 2013,
      "sp500_total_return": 0.321451,
      "sp500_price_return": 0.296012,
      "inflation": 0.015017
    },
    {
      "year": 2014,
      "sp500_total_return": 0.135244,
      "sp500_price_return": 0.113906,
      "inflation": 0.007565
    },
    {
      "year": 2015,
      "sp500_total_return": 0.013789,
      "sp500_price_return": -0.007285,
      "inflation": 0.007295
    },
    {
      "year": 2016,
      "sp500_total_return": 0.117731,
      "sp500_price_return": 0.095372,
      "inflation": 0.020746
    },
    {
      "year": 2017,
      "sp500_total_return": 0.216055,
      "sp500_price_return": 0.1942,
      "inflation": 0.021091
    },
    {
      "year": 2018,
      "sp500_total_return": -0.042269,
      "sp500_price_return": -0.062373,
      "inflation": 0.019102
    },
    {
      "year": 2019,
      "sp500_total_return": 0.312117,
      "sp500_price_return": 0.288781,
      "inflation": 0.022851
    },
    {
      "year": 2020,
      "sp500_total_return": 0.180232,
      "sp500_price_return": 0.162589,
      "inflation": 0.01362
    },
    {
      "year": 2021,
      "sp500_total_return": 0.284689,
      "sp500_price_return": 0.268927,
      "inflation": 0.070364
    },
    {
      "year": 2022,
      "sp500_total_return": -0.180375,
      "sp500_price_return": -0.194428,
      "inflation": 0.064544
    },
    {
      "year": 2023,
      "sp500_total_return": 0.260607,
      "sp500_price_return": 0.242297,
      "inflation": 0.033521
    },
    {
      "year": 2024,
      "sp500_total_return": 0.248786,
      "sp500_price_return": 0.233098,
      "inflation": 0.028881
    },
    {
      "year": 2025,
      "sp500_total_return": 0.177237,
      "sp500_price_return": 0.163878,
      "inflation": 0.027351
    }
  ]
}