If you invested $10000 in the S&P 500 at the beginning of 1980, you would have about $978,858.45 at the beginning of 2020, assuming you reinvested all dividends. This is a return on investment of 9,688.58%, or **11.83% per year**.

This investment result beats inflation during this period for an inflation-adjusted return of about 3,016.47% cumulatively, or **8.75% per year**.

The graph below shows the performance of $10000 over time if invested in an S&P 500 index fund. The returns assume that all dividends are automatically reinvested.

This chart shows the rate of gains and loss by month, including dividends:

The *nominal* return on investment of $10000 is $968,858.45, or 9,688.58%. This means by 2020 you would have $978,858.45 in your pocket.

However, it's important to take into account the effect of inflation when considering an investment and especially a long-term investment. You can convert S&P returns to their *real* (inflation-adjusted) value using an inflation calculation based on the U.S. Bureau of Labor Statistics Consumer Price Index (CPI).

In the case of the returns described above, the CPI in 1980 was 82.400 and the CPI in 2020 was 258.812.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 40 years.

Adjusted for inflation, the $978,858.45 *nominal* end value of the original $10000 investment would have a *real* value of roughly **$301,647.22** in 1980 dollars. This means the inflation-adjusted return is **3,016.47%** as opposed to the original 9,688.58%.

For more information on inflation, see our U.S. inflation calculator for 1980.

The table below shows the full dataset pertaining to a $10000 investment, including gains and losses over the 492-month period between 1980 and 2020.

Note that data shown is the *monthly average closing price*. Returns include dividends.

The information on this page is derived from Robert Shiller's book, Irrational Exuberance and the accompanying dataset, as well as the U.S. Bureau of Labor Statistics' monthly CPI logs.

Note that S&P index value for the current quarter is based on a moving average of closing prices, per Robert Shiller's methodology. The inflation data used is based on annual CPI averages.

Start Value
Average monthly close |
$110.90 |

End Value
Average monthly close |
$3,278.20 |

Change in price |
+2,856.00%
+8.83% / yr |

Change incl. dividends |
+9,688.58%
+11.83% / yr |

Change, inflation-adjusted |
+3,016.47%
+8.75% |

Final amount, nominal ($10000 base) |
$978,858.45 |

Final amount, inflation-adjusted ($10000 base) |
$311,647.22 |