U.S. Stock/Bond Historical Return Calculator

The U.S. Stock/Bond historical return calculator below provides the nominal and inflation-adjusted total growth (assuming dividend reinvestment) of portfolio of U.S. stocks and U.S. bonds over any time period from January 1871 to the present (see the default “End Month” below for the latest date available). Note that the portfolio rebalances once every 12 months following the “Start Month” chosen below.

The data comes from Robert Shiller’s website and does not account for taxes, fees, or transaction costs.

Nominal Total Return (with dividends reinvested): %

Annualized: %

Investment Grew To:

Inflation-Adjusted Total Return (with dividends reinvested): %

Annualized: %

Investment Grew To:

Best Practices

  • To remove one of the lines from the chart above, click on the label at the top of the chart. This will remove it from the plot.
    • For example, if you just want to see the Nominal Value only, you would click on the “Inflation-Adjusted Value” label at the top of the chart to remove that line in particular. Click on it again to re-add it.
    • The calculator assumes that the initial investment is made at the BEGINNING of the month.
      • For example, if you had an initial investment of $100 with a “Start Month” of January 2022, that $100 would be invested at the beginning of January and the first return your money would experience would be in January 2022 as well.
    • To calculate a 1-month return, use the same “Start Month” and “End Month”.
      • Unlike my “S&P 500 Historical Returns Calculator” which uses monthly snapshots and requires a different “Start Month” and “End Month”, this calculator uses actual 1-month returns, so you should use the same “Start Month” and “End Month” for a 1-month return.
    • For full year returns, use an 11-month difference between the “Start Month” and “End Month”.
      • For example, if you wanted to calculate the total growth of a $100 investment throughout 2022, you would set the “Initial Investment” to $100, the “Start Month” to January 2022 and the “End Month” to December 2022.
      • Note that is is different than for the “S&P 500 Historical Returns Calculator” which requires that you use the same “Start Month” and “End Month” for full year returns. This is due to the nature of this calculator which uses BEGINNING of month investments and monthly returns instead of price snapshots.

    If you found this calculator helpful, check out my other calculators along with my book, Just Keep Buying, for proven ways to save money and build your wealth.


    Historical return assumptions for U.S. stock market returns are based on monthly stock price, dividends, and earnings data and the consumer price index (to allow conversion to real values), all starting January 1871. The price, dividend, and earnings series are from the same sources as described in Chapter 26 of Robert Shiller’s book (Market Volatility [Cambridge, MA: MIT Press, 1989]), although he now uses monthly data, rather than annual data.

    Monthly dividend and earnings data are computed from the S&P four-quarter totals for the quarter since 1926, with linear interpolation to monthly figures. Dividend and earnings data before 1926 are from Cowles and associates (Common Stock Indexes, 2nd ed. [Bloomington, Ind.: Principia Press, 1939]), interpolated from annual data. Stock price data are monthly averages of daily closing prices through January 2000, the last month available as this book goes to press.

    The CPI-U (Consumer Price Index-All Urban Consumers) published by the U.S. Bureau of Labor Statistics begins in 1913; for years before 1913 1 spliced to the CPI Warren and Pearson’s price index, by multiplying it by the ratio of the indexes in January 1913. December 1999 and January 2000 values for the CPI-Uare extrapolated.

    An index is a hypothetical portfolio of securities representing a particular market or a segment of it used as indicator of the change in the securities market. Hypothetical performance is performance that was not actually achieved by any accounts. Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.

    All investments involve some degree of risk, including loss of principal. There can be no assurances that any investment will be profitable or that you will achieve your investment goals. Your actual results will vary based upon your individual situation, when you invest, future market performance and other factors. Past performance does not guarantee future results. Analyses in this report indicating investment performance are based on past performance. Your portfolio’s performance may vary significantly from, and potentially be lower than, the performance presented.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media)  reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

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