Historical Returns on Stocks, Bonds and Bills: 1928-2024

12 min read Original article ↗

Update: I have replaced the end-of-the-period T.Bill rates that I used to report in this table, with the average T.Bill rate during the year, since it better measures what you would have earned on that investment during the year.

Annual Returns on Investments in Value of $100 invested at start of 1928 in
Year S&P 500 (includes dividends) US Small cap (bottom decile) 3-month T.Bill US T. Bond (10-year)  Baa Corporate Bond Real Estate Gold* S&P 500 (includes dividends)3 US Small cap (bottom decile) Cum Value 3-month T.Bill4 US T. Bond5  Baa Corporate Bond2 Real Estate2 Gold2
1928 43.81% 62.15% 3.08% 0.84% 3.22% 1.49% 0.10%  $                143.81  $                    159.91  $             103.08  $                   100.84  $            103.22  $            101.49  $            100.10
1929 -8.30% -46.08% 3.16% 4.20% 3.02% -2.06% -0.15%  $                131.88  $                      86.22  $             106.34  $                   105.07  $            106.33  $              99.40  $              99.95
1930 -25.12% -48.35% 4.55% 4.54% 0.54% -4.30% 0.10%  $                  98.75  $                      44.53  $             111.18  $                   109.85  $            106.91  $              95.13  $            100.05
1931 -43.84% -43.62% 2.31% -2.56% -15.68% -8.15% -17.38%  $                  55.46  $                      25.11  $             113.74  $                   107.03  $              90.14  $              87.38  $              82.66
1932 -8.64% 28.65% 1.07% 8.79% 23.59% -10.47% 21.28%  $                  50.66  $                      32.30  $             114.96  $                   116.44  $            111.41  $              78.23  $            100.24
1933 49.98% 146.60% 0.96% 1.86% 12.97% -3.81% 27.26%  $                  75.99  $                      79.66  $             116.06  $                   118.60  $            125.86  $              75.25  $            127.57
1934 -1.19% 23.07% 0.28% 7.96% 18.82% 2.91% 31.75%  $                  75.09  $                      98.03  $             116.39  $                   128.05  $            149.54  $              77.44  $            168.07
1935 46.74% 54.90% 0.17% 4.47% 13.31% 9.77% 0.43%  $                110.18  $                    151.85  $             116.58  $                   133.78  $            169.44  $              85.00  $            168.80
1936 31.94% 96.41% 0.17% 5.02% 11.38% 3.22% 0.09%  $                145.38  $                    298.26  $             116.78  $                   140.49  $            188.73  $              87.73  $            168.94
1937 -35.34% -53.94% 0.28% 1.38% -4.42% 2.56% -0.23%  $                  94.00  $                    137.38  $             117.11  $                   142.43  $            180.39  $              89.98  $            168.56
1938 29.28% 5.16% 0.07% 4.21% 9.24% -0.87% 0.17%  $                121.53  $                    144.47  $             117.18  $                   148.43  $            197.05  $              89.20  $            168.85
1939 -1.10% -4.86% 0.05% 4.41% 7.98% -1.30% -1.23%  $                120.20  $                    137.44  $             117.24  $                   154.98  $            212.78  $              88.04  $            166.76
1940 -10.67% -32.88% 0.04% 5.40% 8.65% 3.31% -1.66%  $                107.37  $                      92.25  $             117.28  $                   163.35  $            231.18  $              90.95  $            164.00
1941 -12.77% -6.75% 0.13% -2.02% 5.01% -8.38% 0.00%  $                  93.66  $                      86.03  $             117.43  $                   160.04  $            242.76  $              83.32  $            164.00
1942 19.17% 63.01% 0.34% 2.29% 5.18% 3.33% 0.00%  $                111.61  $                    140.23  $             117.83  $                   163.72  $            255.33  $              86.10  $            164.00
1943 25.06% 143.02% 0.38% 2.49% 8.04% 11.45% 0.00%  $                139.59  $                    340.79  $             118.28  $                   167.79  $            275.88  $              95.95  $            164.00
1944 19.03% 71.15% 0.38% 2.58% 6.57% 16.58% 0.00%  $                166.15  $                    583.26  $             118.73  $                   172.12  $            293.99  $            111.87  $            164.00
1945 35.82% 94.41% 0.38% 3.80% 6.80% 11.78% 2.54%  $                225.67  $                 1,133.92  $             119.18  $                   178.67  $            313.98  $            125.04  $            168.17
1946 -8.43% -13.73% 0.38% 3.13% 2.51% 24.10% 0.00%  $                206.65  $                    978.23  $             119.63  $                   184.26  $            321.85  $            155.18  $            168.17
1947 5.20% -1.74% 0.60% 0.92% 0.26% 21.26% 0.00%  $                217.39  $                    961.21  $             120.35  $                   185.95  $            322.70  $            188.17  $            168.17
1948 5.70% -0.01% 1.05% 1.95% 3.44% 2.06% 0.00%  $                229.79  $                    961.11  $             121.61  $                   189.58  $            333.79  $            192.05  $            168.17
1949 18.30% 27.60% 1.12% 4.66% 5.38% 0.09% -8.70%  $                271.85  $                 1,226.38  $             122.96  $                   198.42  $            351.74  $            192.22  $            153.54
1950 30.81% 52.81% 1.20% 0.43% 4.24% 3.64% 9.56%  $                355.60  $                 1,874.03  $             124.44  $                   199.27  $            366.65  $            199.22  $            168.22
1951 23.68% 3.87% 1.52% -0.30% -0.19% 6.05% 0.00%  $                439.80  $                 1,946.56  $             126.33  $                   198.68  $            365.95  $            211.26  $            168.22
1952 18.15% 1.02% 1.72% 2.27% 4.44% 4.41% -0.35%  $                519.62  $                 1,966.41  $             128.51  $                   203.19  $            382.20  $            220.57  $            167.64
1953 -1.21% -5.97% 1.89% 4.14% 1.62% 11.52% 0.69%  $                513.35  $                 1,849.02  $             130.94  $                   211.61  $            388.39  $            245.98  $            168.80
1954 52.56% 64.97% 0.94% 3.29% 6.16% 0.92% 0.57%  $                783.18  $                 3,050.32  $             132.17  $                   218.57  $            412.31  $            248.25  $            169.77
1955 32.60% 26.72% 1.72% -1.34% 2.04% 0.00% -0.03%  $             1,038.47  $                 3,865.37  $             134.45  $                   215.65  $            420.74  $            248.25  $            169.72
1956 7.44% -0.89% 2.62% -2.26% -2.35% 0.91% -0.11%  $             1,115.73  $                 3,830.97  $             137.97  $                   210.79  $            410.84  $            250.52  $            169.53
1957 -10.46% -15.19% 3.22% 6.80% -0.72% 2.72% -0.11%  $                999.05  $                 3,249.04  $             142.42  $                   225.11  $            407.89  $            257.33  $            169.33
1958 43.72% 68.80% 1.77% -2.10% 6.43% 0.66% 0.43%  $             1,435.84  $                 5,484.38  $             144.93  $                   220.39  $            434.11  $            259.03  $            170.06
1959 12.06% 12.70% 3.39% -2.65% 1.57% 0.11% 0.00%  $             1,608.95  $                 6,180.90  $             149.84  $                   214.56  $            440.95  $            259.31  $            170.06
1960 0.34% -3.57% 2.87% 11.64% 6.66% 0.77% 0.48%  $             1,614.37  $                 5,960.24  $             154.15  $                   239.53  $            470.33  $            261.30  $            170.88
1961 26.64% 29.45% 2.35% 2.06% 5.10% 0.98% -0.06%  $             2,044.40  $                 7,715.53  $             157.77  $                   244.46  $            494.32  $            263.85  $            170.78
1962 -8.81% -9.78% 2.77% 5.69% 6.50% 0.32% -0.06%  $             1,864.26  $                 6,960.95  $             162.15  $                   258.38  $            526.43  $            264.70  $            170.69
1963 22.61% 19.65% 3.16% 1.68% 5.46% 2.14% -0.40%  $             2,285.80  $                 8,328.78  $             167.27  $                   262.74  $            555.19  $            270.38  $            170.01
1964 16.42% 23.25% 3.55% 3.73% 5.16% 1.26% 0.03%  $             2,661.02  $               10,265.22  $             173.20  $                   272.53  $            583.85  $            273.78  $            170.06
1965 12.40% 45.24% 3.95% 0.72% 3.19% 1.66% 0.06%  $             2,990.97  $               14,909.21  $             180.04  $                   274.49  $            602.47  $            278.32  $            170.16
1966 -9.97% -9.47% 4.86% 2.91% -3.45% 1.22% 0.03%  $             2,692.74  $               13,497.31  $             188.78  $                   282.47  $            581.72  $            281.72  $            170.20
1967 23.80% 115.87% 4.29% -1.58% 0.90% 2.32% -0.51%  $             3,333.69  $               29,136.64  $             196.88  $                   278.01  $            586.92  $            288.25  $            169.33
1968 10.81% 60.69% 5.34% 3.27% 4.85% 4.13% 12.47%  $             3,694.23  $               46,819.67  $             207.39  $                   287.11  $            615.36  $            300.17  $            190.46
1969 -8.24% -32.95% 6.67% -5.01% -2.03% 6.99% 5.01%  $             3,389.77  $               31,392.59  $             221.22  $                   272.71  $            602.90  $            321.16  $            200.00
1970 3.56% -18.78% 6.39% 16.75% 5.65% 8.22% -9.45%  $             3,510.49  $               25,497.06  $             235.36  $                   318.41  $            636.96  $            347.55  $            181.10
1971 14.22% 15.96% 4.33% 9.79% 14.00% 4.24% 16.69%  $             4,009.72  $               29,566.39  $             245.56  $                   349.57  $            726.14  $            362.30  $            211.34
1972 18.76% 0.16% 4.06% 2.82% 11.41% 2.98% 48.78%  $             4,761.76  $               29,613.70  $             255.53  $                   359.42  $            808.99  $            373.08  $            314.44
1973 -14.31% -38.80% 7.04% 3.66% 4.32% 3.42% 72.96%  $             4,080.44  $               18,123.58  $             273.51  $                   372.57  $            843.92  $            385.85  $            543.85
1974 -25.90% -26.90% 7.85% 1.99% -4.38% 10.07% 66.15%  $             3,023.54  $               13,248.34  $             294.97  $                   379.98  $            806.95  $            424.72  $            903.59
1975 37.00% 59.68% 5.79% 3.61% 11.05% 6.77% -24.80%  $             4,142.10  $               21,154.95  $             312.04  $                   393.68  $            896.12  $            453.48  $            679.51
1976 23.83% 48.62% 4.98% 15.98% 19.75% 8.18% -4.10%  $             5,129.20  $               31,440.48  $             327.57  $                   456.61  $         1,073.13  $            490.57  $            651.65
1977 -6.98% 30.29% 5.26% 1.29% 9.95% 14.65% 22.64%  $             4,771.20  $               40,963.80  $             344.80  $                   462.50  $         1,179.96  $            562.46  $            799.18
1978 6.51% 28.89% 7.18% -0.78% 3.14% 15.72% 37.01%  $             5,081.77  $               52,798.25  $             369.55  $                   458.90  $         1,216.98  $            650.90  $         1,094.96
1979 18.52% 41.69% 10.05% 0.67% -2.01% 13.74% 126.55%  $             6,022.89  $               74,809.83  $             406.71  $                   461.98  $         1,192.53  $            740.35  $         2,480.62
1980 31.74% 41.92% 11.39% -2.99% -3.32% 7.40% 15.19%  $             7,934.26  $             106,170.12  $             453.04  $                   448.17  $         1,152.99  $            795.11  $         2,857.32
1981 -4.70% -4.29% 14.04% 8.20% 8.46% 5.10% -32.60%  $             7,561.16  $             101,615.42  $             516.63  $                   484.91  $         1,250.56  $            835.62  $         1,925.87
1982 20.42% 26.85% 11.09% 32.81% 29.05% 0.56% 15.62%  $             9,105.08  $             128,899.16  $             573.93  $                   644.04  $         1,613.88  $            840.33  $         2,226.74
1983 22.34% 34.86% 8.95% 3.20% 16.19% 4.75% -16.80%  $           11,138.90  $             173,833.41  $             625.29  $                   664.65  $         1,875.23  $            880.25  $         1,852.71
1984 6.15% -14.50% 9.92% 13.73% 15.62% 4.68% -19.38%  $           11,823.51  $             148,627.56  $             687.32  $                   755.92  $         2,168.13  $            921.43  $         1,493.70
1985 31.24% 24.51% 7.72% 25.71% 23.86% 7.47% 6.00%  $           15,516.60  $             185,056.18  $             740.38  $                   950.29  $         2,685.50  $            990.27  $         1,583.33
1986 18.49% 2.09% 6.15% 24.28% 22.15% 9.61% 18.96%  $           18,386.33  $             188,923.85  $             785.92  $                1,181.06  $         3,280.24  $         1,085.46  $         1,883.48
1987 5.81% -14.00% 5.96% -4.96% 1.12% 7.85% 24.53%  $           19,455.08  $             162,474.51  $             832.76  $                1,122.47  $         3,316.88  $         1,170.66  $         2,345.45
1988 16.54% 17.15% 6.89% 8.22% 15.68% 7.22% -15.26%  $           22,672.40  $             190,338.89  $             890.13  $                1,214.78  $         3,837.02  $         1,255.19  $         1,987.65
1989 31.48% 6.96% 8.39% 17.69% 16.31% 4.39% -2.84%  $           29,808.58  $             203,586.48  $             964.81  $                1,429.72  $         4,462.92  $         1,310.35  $         1,931.20
1990 -3.06% -27.77% 7.75% 6.24% 5.65% -0.69% -3.11%  $           28,895.11  $             147,050.51  $          1,039.59  $                1,518.87  $         4,714.97  $         1,301.36  $         1,871.12
1991 30.23% 46.07% 5.54% 15.00% 16.40% -0.17% -8.56%  $           37,631.51  $             214,796.69  $          1,097.18  $                1,746.77  $         5,488.23  $         1,299.16  $         1,711.00
1992 7.49% 25.34% 3.51% 9.36% 13.68% 0.82% -5.73%  $           40,451.51  $             269,226.17  $          1,135.69  $                1,910.30  $         6,239.18  $         1,309.78  $         1,612.89
1993 9.97% 25.56% 3.07% 14.21% 16.44% 2.16% 17.68%  $           44,483.33  $             338,040.37  $          1,170.56  $                2,181.77  $         7,265.19  $         1,338.03  $         1,898.01
1994 1.33% -4.76% 4.37% -8.04% -1.23% 2.52% -2.17%  $           45,073.14  $             321,949.65  $          1,221.71  $                2,006.43  $         7,175.72  $         1,371.69  $         1,856.83
1995 37.20% 32.12% 5.66% 23.48% 20.09% 1.79% 0.98%  $           61,838.19  $             425,359.88  $          1,290.86  $                2,477.55  $         8,617.15  $         1,396.27  $         1,875.00
1996 22.68% 14.79% 5.15% 1.43% 5.28% 2.43% -4.59%  $           75,863.69  $             488,270.61  $          1,357.34  $                2,512.94  $         9,072.10  $         1,430.13  $         1,789.00
1997 33.10% 22.06% 5.20% 9.94% 11.30% 4.02% -21.41%  $         100,977.34  $             595,983.10  $          1,427.92  $                2,762.71  $       10,097.00  $         1,487.66  $         1,406.01
1998 28.34% -13.47% 4.91% 14.92% 8.10% 6.44% -0.83%  $         129,592.25  $             515,704.18  $          1,498.03  $                3,174.95  $       10,915.30  $         1,583.49  $         1,394.38
1999 20.89% 37.71% 4.78% -8.25% 0.97% 7.68% 0.85%  $         156,658.05  $             710,176.22  $          1,569.64  $                2,912.88  $       11,021.25  $         1,705.10  $         1,406.25
2000 -9.03% -9.13% 6.00% 16.66% 9.38% 9.29% -5.44%  $         142,508.98  $             645,337.13  $          1,663.82  $                3,398.03  $       12,054.86  $         1,863.54  $         1,329.70
2001 -11.85% 32.14% 3.48% 5.57% 8.60% 6.68% 0.75%  $         125,622.01  $             852,748.49  $          1,721.72  $                3,587.37  $       13,091.17  $         1,987.95  $         1,339.63
2002 -21.97% -3.61% 1.64% 15.12% 12.06% 9.56% 25.57%  $           98,027.82  $             821,964.27  $          1,749.95  $                4,129.65  $       14,669.49  $         2,178.02  $         1,682.17
2003 28.36% 91.23% 1.03% 0.38% 12.38% 9.81% 19.89%  $         125,824.39  $          1,571,842.27  $          1,767.98  $                4,145.15  $       16,485.96  $         2,391.76  $         2,016.72
2004 10.74% 17.30% 1.40% 4.49% 10.33% 13.64% 4.65%  $         139,341.42  $          1,843,770.98  $          1,792.73  $                4,331.30  $       18,188.87  $         2,717.96  $         2,110.47
2005 4.83% 3.78% 3.22% 2.87% 5.13% 13.51% 17.77%  $         146,077.85  $          1,913,465.53  $          1,850.46  $                4,455.50  $       19,122.44  $         3,085.14  $         2,485.47
2006 15.61% 18.40% 4.85% 1.96% 5.27% 1.73% 23.20%  $         168,884.34  $          2,265,543.18  $          1,940.20  $                4,542.87  $       20,129.89  $         3,138.60  $         3,062.02
2007 5.48% -9.11% 4.48% 10.21% 4.90% -5.40% 31.92%  $         178,147.20  $          2,059,152.20  $          2,027.12  $                5,006.69  $       21,117.24  $         2,969.14  $         4,039.49
2008 -36.55% -44.68% 1.40% 20.10% -3.44% -12.00% 4.32%  $         113,030.22  $          1,139,123.00  $          2,055.50  $                6,013.10  $       20,389.86  $         2,612.99  $         4,213.91
2009 25.94% 46.94% 0.15% -11.12% 19.96% -3.85% 25.04%  $         142,344.87  $          1,673,827.33  $          2,058.59  $                5,344.65  $       24,459.36  $         2,512.29  $         5,268.90
2010 14.82% 27.73% 0.14% 8.46% 9.40% -4.12% 29.24%  $         163,441.94  $          2,137,979.65  $          2,061.47  $                5,796.96  $       26,759.01  $         2,408.84  $         6,809.59
2011 2.10% -14.04% 0.05% 16.04% 12.26% -3.89% 12.02%  $         166,871.56  $          1,837,807.31  $          2,062.50  $                6,726.52  $       30,038.58  $         2,315.25  $         7,628.39
2012 15.89% 18.96% 0.09% 2.97% 9.40% 6.44% 5.68%  $         193,388.43  $          2,186,255.57  $          2,064.36  $                6,926.40  $       32,862.16  $         2,464.25  $         8,062.02
2013 32.15% 50.30% 0.06% -9.10% -1.13% 10.72% -27.61%  $         255,553.31  $          3,285,942.13  $          2,065.59  $                6,295.79  $       32,492.38  $         2,728.39  $         5,835.76
2014 13.52% 1.53% 0.03% 10.75% 10.75% 4.50% 0.12%  $         290,115.42  $          3,336,217.04  $          2,066.21  $                6,972.34  $       35,984.14  $         2,851.26  $         5,843.02
2015 1.38% -9.12% 0.05% 1.28% -1.50% 5.19% -12.11%  $         294,115.79  $          3,031,954.05  $          2,067.25  $                7,061.89  $       35,444.07  $         2,999.38  $         5,135.66
2016 11.77% 17.02% 0.32% 0.69% 11.52% 5.31% 8.10%  $         328,742.28  $          3,547,992.63  $          2,073.86  $                7,110.65  $       39,528.82  $         3,158.51  $         5,551.84
2017 21.61% 15.13% 0.95% 2.80% 9.15% 6.21% 12.66%  $         399,768.64  $          4,084,803.91  $          2,093.56  $                7,309.87  $       43,146.21  $         3,354.56  $         6,254.84
2018 -4.23% -16.21% 1.97% -0.02% -3.18% 4.52% -0.93%  $         382,870.94  $          3,422,657.20  $          2,134.81  $                7,308.65  $       41,772.99  $         3,506.10  $         6,196.71
2019 31.21% 11.92% 2.11% 9.64% 15.25% 3.69% 19.08%  $         502,371.39  $          3,830,637.94  $          2,179.85  $                8,012.89  $       48,142.43  $         3,635.31  $         7,378.88
2020 18.02% 34.16% 0.36% 11.33% 10.60% 10.43% 24.17%  $         592,914.80  $          5,139,183.85  $          2,187.70  $                8,920.90  $       53,246.10  $         4,014.35  $         9,162.31
2021 28.47% 22.41% 0.04% -4.42% 1.02% 18.86% -3.75%  $         761,710.83  $          6,290,874.96  $          2,188.57  $                8,526.95  $       53,787.14  $         4,771.64  $         8,818.31
2022 -18.04% -22.90% 2.09% -17.83% -15.23% 5.65% 0.55%  $         624,317.20  $          4,850,264.59  $          2,234.31  $                7,006.75  $       45,596.36  $         5,041.32  $         8,866.76
2023 26.06% 5.19% 5.28% 3.88% 8.74% 5.68% 13.26%  $         787,018.53  $          5,101,993.32  $          2,352.29  $                7,278.61  $       49,579.51  $         5,327.59  $       10,042.68
2024 24.88% 8.70% 5.18% -1.64% 1.74% 3.96% 25.96%  $         982,817.82  $          5,545,866.74  $          2,474.14  $                7,159.45  $       50,440.38  $         5,538.74  $       12,649.47
2025 17.78% 16.53% 4.21% 7.80% 6.96% 1.58% 66.22%  $      1,157,598.95  $          6,462,598.52  $          2,578.30  $                7,752.88  $       53,952.41  $         5,626.02  $       21,025.41

Updated: January 5, 2026