{
  "@context": "https://schema.org",
  "@type": "Dataset",
  "name": "S&P 500 Annual Total Returns by Year (1928-2025)",
  "description": "Calendar-year S&P 500 total returns with dividends reinvested, annual CPI-U inflation and derived CPI-adjusted returns from 1928 through 2025. Values use decimal rates to four decimal places. Pre-launch observations are hypothetical/back-tested; 1957 includes dates before the index launched on March 4. Historical data are not a forecast.",
  "version": "2025.1",
  "datePublished": "2026-10-12",
  "dateModified": "2026-10-12",
  "publisher": {
    "@type": "Organization",
    "name": "Snowballr",
    "url": "https://snowballr.io"
  },
  "creator": {
    "@type": "Organization",
    "name": "Snowballr Research Team",
    "url": "https://snowballr.io/editorial-standards"
  },
  "primarySource": [
    {
      "title": "Damodaran, NYU Stern - Historical Returns on Stocks, Bonds and Bills (1928-2024)",
      "url": "https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html",
      "author": "Aswath Damodaran"
    },
    {
      "title": "Damodaran, NYU Stern - Data Update 2 for 2026 (2025 S&P 500 return)",
      "url": "https://pages.stern.nyu.edu/~adamodar/pdfiles/blog/DataUpdate2for2026.pdf",
      "author": "Aswath Damodaran"
    },
    {
      "title": "Consumer Price Index for All Urban Consumers (CPI-U)",
      "url": "https://www.bls.gov/cpi/",
      "publisher": "U.S. Bureau of Labor Statistics"
    },
    {
      "title": "S&P 500 launch date and pre-launch back-test disclosure",
      "url": "https://www.spglobal.com/spdji/en/indices/equity/sp-500/",
      "publisher": "S&P Dow Jones Indices"
    }
  ],
  "license": "CC-BY-4.0",
  "temporalCoverage": "1928-01-01/2025-12-31",
  "spatialCoverage": "United States",
  "citation": "Snowballr Research Team (2026). S&P 500 Annual Total Returns by Year (1928-2025) [Dataset]. Snowballr Open Data. https://snowballr.io/data/sp500-annual-returns.json",
  "methodology": "Nominal returns are calendar-year total returns with dividends reinvested, recorded as decimal rates. Annual CPI-U inflation is also a decimal rate. Real total return is calculated as (1 + nominal total return) / (1 + annual CPI-U inflation) - 1. Source values are rounded to 0.01% precision; derived real returns are rounded to 0.01%. The index launched March 4, 1957; 1928-1956 are pre-launch hypothetical history and the 1957 calendar-year observation includes pre-launch dates. Fees, taxes, contributions and withdrawals are excluded. Historical returns are descriptive and not forecasts. Snowballr's compilation and derived calculations are licensed CC BY 4.0; underlying sources retain their own terms.",
  "data": [
    {
      "year": 1928,
      "nominalTotalReturn": 0.4381,
      "annualCpiInflation": -0.0117,
      "realTotalReturn": 0.4551,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1929,
      "nominalTotalReturn": -0.083,
      "annualCpiInflation": 0,
      "realTotalReturn": -0.083,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1930,
      "nominalTotalReturn": -0.2512,
      "annualCpiInflation": -0.0234,
      "realTotalReturn": -0.2333,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1931,
      "nominalTotalReturn": -0.4384,
      "annualCpiInflation": -0.0898,
      "realTotalReturn": -0.383,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1932,
      "nominalTotalReturn": -0.0864,
      "annualCpiInflation": -0.0987,
      "realTotalReturn": 0.0136,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1933,
      "nominalTotalReturn": 0.4998,
      "annualCpiInflation": -0.0511,
      "realTotalReturn": 0.5806,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1934,
      "nominalTotalReturn": -0.0119,
      "annualCpiInflation": 0.0308,
      "realTotalReturn": -0.0414,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1935,
      "nominalTotalReturn": 0.4674,
      "annualCpiInflation": 0.0224,
      "realTotalReturn": 0.4353,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1936,
      "nominalTotalReturn": 0.3194,
      "annualCpiInflation": 0.0146,
      "realTotalReturn": 0.3004,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1937,
      "nominalTotalReturn": -0.3534,
      "annualCpiInflation": 0.036,
      "realTotalReturn": -0.3759,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1938,
      "nominalTotalReturn": 0.2928,
      "annualCpiInflation": -0.0208,
      "realTotalReturn": 0.3203,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1939,
      "nominalTotalReturn": -0.011,
      "annualCpiInflation": -0.0142,
      "realTotalReturn": 0.0032,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1940,
      "nominalTotalReturn": -0.1067,
      "annualCpiInflation": 0.0072,
      "realTotalReturn": -0.1131,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1941,
      "nominalTotalReturn": -0.1277,
      "annualCpiInflation": 0.05,
      "realTotalReturn": -0.1692,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1942,
      "nominalTotalReturn": 0.1917,
      "annualCpiInflation": 0.1088,
      "realTotalReturn": 0.0748,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1943,
      "nominalTotalReturn": 0.2506,
      "annualCpiInflation": 0.0613,
      "realTotalReturn": 0.1784,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1944,
      "nominalTotalReturn": 0.1903,
      "annualCpiInflation": 0.0173,
      "realTotalReturn": 0.1701,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1945,
      "nominalTotalReturn": 0.3582,
      "annualCpiInflation": 0.0227,
      "realTotalReturn": 0.3281,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1946,
      "nominalTotalReturn": -0.0843,
      "annualCpiInflation": 0.0833,
      "realTotalReturn": -0.1547,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1947,
      "nominalTotalReturn": 0.052,
      "annualCpiInflation": 0.1436,
      "realTotalReturn": -0.0801,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1948,
      "nominalTotalReturn": 0.057,
      "annualCpiInflation": 0.0807,
      "realTotalReturn": -0.0219,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1949,
      "nominalTotalReturn": 0.183,
      "annualCpiInflation": -0.0124,
      "realTotalReturn": 0.1979,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1950,
      "nominalTotalReturn": 0.3081,
      "annualCpiInflation": 0.0126,
      "realTotalReturn": 0.2918,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1951,
      "nominalTotalReturn": 0.2368,
      "annualCpiInflation": 0.0788,
      "realTotalReturn": 0.1465,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1952,
      "nominalTotalReturn": 0.1815,
      "annualCpiInflation": 0.0192,
      "realTotalReturn": 0.1592,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1953,
      "nominalTotalReturn": -0.0121,
      "annualCpiInflation": 0.0075,
      "realTotalReturn": -0.0195,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1954,
      "nominalTotalReturn": 0.5256,
      "annualCpiInflation": 0.0075,
      "realTotalReturn": 0.5142,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1955,
      "nominalTotalReturn": 0.326,
      "annualCpiInflation": -0.0037,
      "realTotalReturn": 0.3309,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1956,
      "nominalTotalReturn": 0.0744,
      "annualCpiInflation": 0.0149,
      "realTotalReturn": 0.0586,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1957,
      "nominalTotalReturn": -0.1046,
      "annualCpiInflation": 0.0331,
      "realTotalReturn": -0.1333,
      "preLaunchPeriodIncluded": true
    },
    {
      "year": 1958,
      "nominalTotalReturn": 0.4372,
      "annualCpiInflation": 0.0285,
      "realTotalReturn": 0.3974,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1959,
      "nominalTotalReturn": 0.1206,
      "annualCpiInflation": 0.0069,
      "realTotalReturn": 0.1129,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1960,
      "nominalTotalReturn": 0.0034,
      "annualCpiInflation": 0.0172,
      "realTotalReturn": -0.0136,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1961,
      "nominalTotalReturn": 0.2664,
      "annualCpiInflation": 0.0101,
      "realTotalReturn": 0.2537,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1962,
      "nominalTotalReturn": -0.0881,
      "annualCpiInflation": 0.01,
      "realTotalReturn": -0.0971,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1963,
      "nominalTotalReturn": 0.2261,
      "annualCpiInflation": 0.0132,
      "realTotalReturn": 0.2101,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1964,
      "nominalTotalReturn": 0.1642,
      "annualCpiInflation": 0.0131,
      "realTotalReturn": 0.1491,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1965,
      "nominalTotalReturn": 0.124,
      "annualCpiInflation": 0.0161,
      "realTotalReturn": 0.1062,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1966,
      "nominalTotalReturn": -0.0997,
      "annualCpiInflation": 0.0286,
      "realTotalReturn": -0.1247,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1967,
      "nominalTotalReturn": 0.238,
      "annualCpiInflation": 0.0309,
      "realTotalReturn": 0.2009,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1968,
      "nominalTotalReturn": 0.1081,
      "annualCpiInflation": 0.0419,
      "realTotalReturn": 0.0635,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1969,
      "nominalTotalReturn": -0.0824,
      "annualCpiInflation": 0.0546,
      "realTotalReturn": -0.1299,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1970,
      "nominalTotalReturn": 0.0356,
      "annualCpiInflation": 0.0584,
      "realTotalReturn": -0.0215,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1971,
      "nominalTotalReturn": 0.1422,
      "annualCpiInflation": 0.043,
      "realTotalReturn": 0.0951,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1972,
      "nominalTotalReturn": 0.1876,
      "annualCpiInflation": 0.0327,
      "realTotalReturn": 0.15,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1973,
      "nominalTotalReturn": -0.1431,
      "annualCpiInflation": 0.0616,
      "realTotalReturn": -0.1928,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1974,
      "nominalTotalReturn": -0.259,
      "annualCpiInflation": 0.1103,
      "realTotalReturn": -0.3326,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1975,
      "nominalTotalReturn": 0.37,
      "annualCpiInflation": 0.092,
      "realTotalReturn": 0.2546,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1976,
      "nominalTotalReturn": 0.2383,
      "annualCpiInflation": 0.0575,
      "realTotalReturn": 0.171,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1977,
      "nominalTotalReturn": -0.0698,
      "annualCpiInflation": 0.065,
      "realTotalReturn": -0.1266,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1978,
      "nominalTotalReturn": 0.0651,
      "annualCpiInflation": 0.0762,
      "realTotalReturn": -0.0103,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1979,
      "nominalTotalReturn": 0.1852,
      "annualCpiInflation": 0.1122,
      "realTotalReturn": 0.0656,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1980,
      "nominalTotalReturn": 0.3174,
      "annualCpiInflation": 0.1358,
      "realTotalReturn": 0.1599,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1981,
      "nominalTotalReturn": -0.047,
      "annualCpiInflation": 0.1035,
      "realTotalReturn": -0.1364,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1982,
      "nominalTotalReturn": 0.2042,
      "annualCpiInflation": 0.0616,
      "realTotalReturn": 0.1343,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1983,
      "nominalTotalReturn": 0.2234,
      "annualCpiInflation": 0.0321,
      "realTotalReturn": 0.1854,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1984,
      "nominalTotalReturn": 0.0615,
      "annualCpiInflation": 0.0432,
      "realTotalReturn": 0.0175,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1985,
      "nominalTotalReturn": 0.3124,
      "annualCpiInflation": 0.0356,
      "realTotalReturn": 0.2673,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1986,
      "nominalTotalReturn": 0.1849,
      "annualCpiInflation": 0.0186,
      "realTotalReturn": 0.1633,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1987,
      "nominalTotalReturn": 0.0581,
      "annualCpiInflation": 0.0365,
      "realTotalReturn": 0.0208,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1988,
      "nominalTotalReturn": 0.1654,
      "annualCpiInflation": 0.0414,
      "realTotalReturn": 0.1191,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1989,
      "nominalTotalReturn": 0.3148,
      "annualCpiInflation": 0.0482,
      "realTotalReturn": 0.2543,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1990,
      "nominalTotalReturn": -0.0306,
      "annualCpiInflation": 0.054,
      "realTotalReturn": -0.0803,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1991,
      "nominalTotalReturn": 0.3023,
      "annualCpiInflation": 0.0421,
      "realTotalReturn": 0.2497,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1992,
      "nominalTotalReturn": 0.0749,
      "annualCpiInflation": 0.0301,
      "realTotalReturn": 0.0435,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1993,
      "nominalTotalReturn": 0.0997,
      "annualCpiInflation": 0.0299,
      "realTotalReturn": 0.0678,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1994,
      "nominalTotalReturn": 0.0133,
      "annualCpiInflation": 0.0256,
      "realTotalReturn": -0.012,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1995,
      "nominalTotalReturn": 0.372,
      "annualCpiInflation": 0.0283,
      "realTotalReturn": 0.3342,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1996,
      "nominalTotalReturn": 0.2268,
      "annualCpiInflation": 0.0295,
      "realTotalReturn": 0.1916,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1997,
      "nominalTotalReturn": 0.331,
      "annualCpiInflation": 0.0229,
      "realTotalReturn": 0.3012,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1998,
      "nominalTotalReturn": 0.2834,
      "annualCpiInflation": 0.0156,
      "realTotalReturn": 0.2637,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 1999,
      "nominalTotalReturn": 0.2089,
      "annualCpiInflation": 0.0221,
      "realTotalReturn": 0.1828,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2000,
      "nominalTotalReturn": -0.0903,
      "annualCpiInflation": 0.0336,
      "realTotalReturn": -0.1199,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2001,
      "nominalTotalReturn": -0.1185,
      "annualCpiInflation": 0.0285,
      "realTotalReturn": -0.1429,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2002,
      "nominalTotalReturn": -0.2197,
      "annualCpiInflation": 0.0158,
      "realTotalReturn": -0.2318,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2003,
      "nominalTotalReturn": 0.2836,
      "annualCpiInflation": 0.0228,
      "realTotalReturn": 0.255,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2004,
      "nominalTotalReturn": 0.1074,
      "annualCpiInflation": 0.0266,
      "realTotalReturn": 0.0787,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2005,
      "nominalTotalReturn": 0.0483,
      "annualCpiInflation": 0.0339,
      "realTotalReturn": 0.0139,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2006,
      "nominalTotalReturn": 0.1561,
      "annualCpiInflation": 0.0324,
      "realTotalReturn": 0.1198,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2007,
      "nominalTotalReturn": 0.0548,
      "annualCpiInflation": 0.0285,
      "realTotalReturn": 0.0256,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2008,
      "nominalTotalReturn": -0.3655,
      "annualCpiInflation": 0.0384,
      "realTotalReturn": -0.389,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2009,
      "nominalTotalReturn": 0.2594,
      "annualCpiInflation": -0.0036,
      "realTotalReturn": 0.264,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2010,
      "nominalTotalReturn": 0.1482,
      "annualCpiInflation": 0.0164,
      "realTotalReturn": 0.1297,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2011,
      "nominalTotalReturn": 0.021,
      "annualCpiInflation": 0.0316,
      "realTotalReturn": -0.0103,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2012,
      "nominalTotalReturn": 0.1589,
      "annualCpiInflation": 0.0207,
      "realTotalReturn": 0.1354,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2013,
      "nominalTotalReturn": 0.3215,
      "annualCpiInflation": 0.0147,
      "realTotalReturn": 0.3024,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2014,
      "nominalTotalReturn": 0.1352,
      "annualCpiInflation": 0.0162,
      "realTotalReturn": 0.1171,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2015,
      "nominalTotalReturn": 0.0138,
      "annualCpiInflation": 0.0012,
      "realTotalReturn": 0.0126,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2016,
      "nominalTotalReturn": 0.1177,
      "annualCpiInflation": 0.0126,
      "realTotalReturn": 0.1038,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2017,
      "nominalTotalReturn": 0.2161,
      "annualCpiInflation": 0.0213,
      "realTotalReturn": 0.1907,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2018,
      "nominalTotalReturn": -0.0423,
      "annualCpiInflation": 0.0244,
      "realTotalReturn": -0.0651,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2019,
      "nominalTotalReturn": 0.3121,
      "annualCpiInflation": 0.0181,
      "realTotalReturn": 0.2888,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2020,
      "nominalTotalReturn": 0.1802,
      "annualCpiInflation": 0.0123,
      "realTotalReturn": 0.1659,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2021,
      "nominalTotalReturn": 0.2847,
      "annualCpiInflation": 0.047,
      "realTotalReturn": 0.227,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2022,
      "nominalTotalReturn": -0.1804,
      "annualCpiInflation": 0.08,
      "realTotalReturn": -0.2411,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2023,
      "nominalTotalReturn": 0.2606,
      "annualCpiInflation": 0.0412,
      "realTotalReturn": 0.2107,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2024,
      "nominalTotalReturn": 0.2451,
      "annualCpiInflation": 0.0295,
      "realTotalReturn": 0.2094,
      "preLaunchPeriodIncluded": false
    },
    {
      "year": 2025,
      "nominalTotalReturn": 0.1772,
      "annualCpiInflation": 0.027,
      "realTotalReturn": 0.1463,
      "preLaunchPeriodIncluded": false
    }
  ],
  "distribution": [
    {
      "@type": "DataDownload",
      "name": "JSON",
      "encodingFormat": "application/json",
      "contentUrl": "https://snowballr.io/data/sp500-annual-returns.json"
    },
    {
      "@type": "DataDownload",
      "name": "CSV",
      "encodingFormat": "text/csv",
      "contentUrl": "https://snowballr.io/data/sp500-annual-returns.csv"
    },
    {
      "@type": "DataDownload",
      "name": "Methodology and calculator",
      "encodingFormat": "text/html",
      "contentUrl": "https://snowballr.io/sp500-returns-by-decade"
    }
  ]
}