Historical Investment Returns Calculator

Introduction to Historical Investment Calculator

You can use this Historical Investment Calculator to compare investment returns across multiple asset classes. The calculator includes historical price data for 14 widely followed indices, with some series extending back more than 100 years. The calculator compares nominal returns or inflation-adjusted returns. Inflation adjustments use U.S. Consumer Price Index data.

Why review historical investment returns?

Calculate and compare return-on-investment using 15 stock, bond, real estate & commodity indices.

• Invest single amount or series
• Adjust for inflation
• Compare: stocks, bonds, commodities, housing
• A great research and learning tool

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The answer is not always obvious.

A category of traders known as chartists use historical price patterns to help predict future movements.

Although you could use this calculator to explore such ideas, there are specialized tools that are better suited for trading analysis.

Instead, this calculator is intended for long-term investors. It provides a high-level overview of how different asset classes have performed over time. I designed it especially for:

• Millennials and Gen Z, and
• bloggers, parents, and anyone who wants to teach or learn about the benefits of long-term investing.

According to an Ally Financial survey cited by Andrea Coombes in Forbes, 66% of people ages 18–29 (and 65% of those 30–39) say that investing in the stock market is scary or intimidating.

Many younger investors lack long-term experience. They were coming of age during the Great Recession and saw firsthand the impact on household finances. Some saw college funds decline. Others saw parents or neighbors lose their homes. Some experienced both.

Recessions can be stressful to live through.

However, this calculator shows that recessions are typically short interruptions in a long investing timeline. History suggests that the greater risk is not investing.

Long-term investing is usually uneventful. Before coding this calculator, I spent time considering its design and the lessons it might reveal.

I expected the analysis to show that one investment might outperform others when interest rates are rising.

I also expected that a different investment might be preferable when interest rates are falling.

While that may occur over shorter periods, the Historical Investment Calculator demonstrates that the consistent act of investing is critical for long-term financial security. In most cases, investing regularly—more than choosing any single asset—shapes financial outcomes. More below…

January 2026: All indices have been updated through December 2025, with the exception of the Case-Shiller Index, which is current through October 2025.

This calculator lets you compare investment returns for similar or different asset classes.

Select any three indices from a total of 13, or select the 3-Month U.S. T-Bill as a proxy for cash. There are nine equity indices, two commodity indices (gold and wheat), one real estate index (Case-Shiller), and one fixed-income index (ICE Bank of America U.S. Corporate AAA Index).

Year-end closing values are included for all indices, going back as far as reliable data exists. Each index began at a different time; therefore, the earliest year available for analysis varies. For some indices, such as the DAX 30 or the Shanghai Composite, data is not available before 1991. At the other extreme, the Dow Jones Industrial Average data begins in 1915. The initial year for each index is listed below:

As noted above, you can compare returns for up to three assets at a time. The calculator imposes very few limits. However, it is not meaningful to start an analysis earlier than the first available data year for the index with the shortest history.

For example, the calculator can compare Dow returns with gold from 1915 through 2023. But that comparison gives the Dow an advantage, because the calculator does not have gold prices before year-end 1968 when calculating absolute returns.

Adjust for inflation

Investors distinguish between nominal returns and real returns.

By default, the calculator shows nominal returns, meaning results are not adjusted for inflation. Nominal returns show gross profit. If you buy something for $1,000 and sell it three years later for $1,350, the nominal gain is $350.

However, nominal returns do not reflect real-world purchasing power. They ignore the impact of inflation. For evaluation, it is often better to review real (inflation-adjusted) results. The Historical Investment Returns Calculator includes an inflation-adjusted option.

The calculator adjusts for inflation using the U.S. Consumer Price Index (CPI) year-over-year change from December to December. If an index increases 5.5% while the CPI rises 2%, the calculator displays a real gain of 3.5%.

The final year in the selected range always serves as the base year. If you choose 2012–2022, the base year is 2022. In the base year, $1 equals $1, with no further adjustment.

This approach is practical. People generally understand the value of the dollar more clearly in recent years. Due to inflation, the dollar buys less in earlier years than in the base year.

Consider the following example.

Without adjusting for inflation, a one-time $10,000 investment in the S&P 500 at the end of 2012 would be worth nearly $27,000 by the end of 2022. The gain would be about $17,000, and the annualized return would be 10.4%.

Twenty-seven thousand dollars is the nominal value. But a dollar in 2022 does not buy what a dollar in 2012 bought.

After adjusting for inflation, the value drops from just under $27,000 to about $21,000.

What does this show?

It shows that the real gain would purchase about $13,500 of goods and services, not $17,700. The difference of approximately $4,200 represents the amount required to offset inflation. In other words, $14,200 ($10,000 + $4,200) in 2022 buys what $10,000 bought in 2012.

Stated another way, the real investment gain (real purchasing power) is about $13,500, not $17,700, which corresponds to a real rate of return of 8.9%.

The Historical Chart and the Logarithmic Scale

A chart drawn on a logarithmic scale provides a clearer visual comparison of relative performance. Two examples follow.

In Figure 3, note the green Nasdaq line. The increase from $10,000 to $100,000 represents a tenfold gain, yet the change appears small on the chart.

Further to the right, from about 2016 forward, the value rises from roughly $1,000,000 to about $1,500,000. That change is only 50%, but the chart shows it as a major move.

Now review the same Nasdaq investment in Figure 4. This chart uses a logarithmic scale and gives a more accurate impression of performance.

The chart clearly shows the initial 10× gain to $100,000, while the later 1.5× increase beginning around 2016 is far less visually prominent.

For a deeper explanation of logarithmic scales, see Naomi Robbins’s column on Forbes.com, When Should I Use Logarithmic Scales in My Charts and Graphs?

Do you own a home?

Would you like to know whether your home’s value has kept pace with U.S. real estate values?

The Historical Investment Returns Calculator includes year-end values for the S&P CoreLogic Case-Shiller Home Price Index. You can compare your home’s change in value with this widely used benchmark.

To do this, enter your home’s purchase price as the amount invested and select the one-time investment option.

If your home’s current value matches the ending value shown, your home has tracked the Case-Shiller national average.

However, the annualized rate of return (ROR) shown will not reflect your actual ROR if you have a mortgage. Mortgage payments include interest, which this calculator does not consider.

If you want a more complete analysis of your real estate investment, including ROR with mortgage effects, see the Mortgage Calculator on this site.

What is the annual return on investment (ROI) for the Dow Jones Industrial Average?

Using year-end closing prices, from 1915 through 2023 the Dow Jones Industrials averaged a 6.4% annual return. Investing $1,000 each year would now be worth more than $13 million.

What is the annual return on investment (ROI) for gold?

Using year-end closing prices, from 1968 through 2023 gold averaged a 6.5% annual return. A one-time $1,000 investment would now be worth more than $49,000.

What is the annual return on investment (ROI) for residential housing?

Based on the Case-Shiller Home Price Index, from 1990 through 2023 housing produced a 4.4% rate of return. A $150,000 investment made in 1990 would be worth just over $613,000 at year-end 2023.

What is the annual return on investment (ROI) for corporate AAA bonds?

Using year-end closing prices from the ICE Bank of America U.S. Corporate AAA Index, AAA corporate bonds produced a 5.3% rate of return between 1990 and 2023, excluding coupon interest. A $10,000 investment made each year would now exceed $706,000.

What is the annual return on investment (ROI) for wheat?

Using year-end closing prices, the average annual rate of return (ROR) for wheat between 2000 and 2023 is 2.6%. A $5,000 investment made each year would now be worth $159,493.