P
Pulsafi

S&P 500 Historical Return

10.3%
Average annual return, S&P 500 (1928-2025)
Summary

The S&P 500 has returned an average of approximately 10.3% annually (with dividends reinvested) from 1928 through 2025. Adjusted for inflation, the real return is closer to 7%. The market has had positive returns in 73% of calendar years since 1928. The worst year was 1931 (-43%); the best was 1933 (+50%).

Breakdown

Avg annual nominal return (1928-2025)10.3%
Avg real return (inflation-adjusted)7.0%
% of years with positive return73%
Worst year (1931)-43.3%
Best year (1933)+50.0%
Avg recovery time after crash~3 years
Source
S&P Dow Jones Indices / NYU Stern· As of 2026-Q1

More markets & investing stats

Average Investor ReturnUS Inflation RateTotal US Stock Market CapitalizationBest and Worst S&P 500 Years on RecordFederal Funds RateUS Treasury Yields
All Pulsafi stats are sourced from primary government data and major financial institutions. Read the full methodology and data-sources page.