S&P 500 Index — Historical Levels & Returns
Daily closing levels, total returns, and earnings data for the S&P 500, tracking 500 large-cap US companies representing approximately 80% of US market capitalisation.
Index Level
6,845.50
Points (Dec 31, 2025)
+16.39% in 2025
Trailing P/E
22.4×
12-month trailing
vs. 24.1× prior year
Dividend Yield
1.48%
Trailing 12-month
+8bps YoY
10Y Annualised Return
+12.4%
Total return, USD
Data
| Year | Year-End Level | Price Return (%) | Total Return (%) |
|---|---|---|---|
| 2025 | 6845.50 | +16.39% | +17.69% |
| 2024 | 5881.63 | +23.31% | +25.02% |
| 2023 | 4769.83 | +24.23% | +26.29% |
| 2022 | 3839.50 | -19.44% | -18.11% |
| 2021 | 4766.18 | +26.89% | +28.71% |
| 2020 | 3756.07 | +16.26% | +18.40% |
| 2019 | 3230.78 | +28.88% | +31.49% |
| 2018 | 2506.85 | -6.24% | -4.38% |
| 2017 | 2673.61 | +19.42% | +21.83% |
| 2016 | 2238.83 | +9.54% | +11.96% |
| 2015 | 2043.94 | -0.73% | +1.38% |
| 2014 | 2058.90 | +11.39% | +13.69% |
| 2013 | 1848.36 | +29.60% | +32.39% |
| 2012 | 1426.19 | +13.41% | +16.00% |
| 2011 | 1257.60 | -0.00% | +2.11% |
| 2010 | 1257.64 | +12.78% | +15.06% |
| 2009 | 1115.10 | +23.45% | +26.46% |
| 2008 | 903.25 | -38.49% | -37.00% |
| 2007 | 1468.36 | +3.53% | +5.49% |
| 2006 | 1418.30 | +13.62% | +15.79% |
About this Dataset
The S&P 500 is the world’s most widely followed equity index and the primary benchmark for US large-cap equities. Maintained by S&P Dow Jones Indices, it covers 500 companies selected for size, liquidity, and sector representation.
- Constituents: 500 large-cap US-listed companies across 11 GICS sectors
- Weighting: Float-adjusted market capitalisation — larger companies have proportionally greater weight
- History: Continuous daily data from January 1928; monthly data available from 1871 (Shiller CAPE series)
- Rebalancing: Quarterly constituent reviews; annual reconstitution
The index family includes sector sub-indices (S&P 500 Information Technology, Financials, etc.), factor indices (S&P 500 Value, Growth, Quality), and derivative instruments (futures, ETFs, options) with trillions in assets under management tracking or benchmarked against it.
Frequently Asked Questions
The S&P 500 is a float-adjusted market-capitalisation-weighted index of 500 large-cap US companies selected by the S&P Index Committee based on liquidity, market cap (minimum ~$18B), financial viability, and sector representation. It covers approximately 80% of US equity market capitalisation and is the benchmark against which most US equity funds are measured. The index is rebalanced quarterly, with constituent changes announced in advance.
Price return tracks only changes in the index level — it excludes dividends. Total return reinvests dividends back into the index, reflecting the full investor experience. Over long periods, dividends contribute roughly 40% of total equity returns. Most S&P 500 ETFs (SPY, IVV, VOO) track total return. The raw index level quoted in financial news is the price return index.
The S&P 500 is the universal benchmark for US large-cap equity. Active managers are measured against it — any deviation from the index constitutes "active risk" or tracking error. Derivatives (futures, options) on the S&P 500 are among the world's most liquid financial instruments, used for hedging, leverage, and portfolio rebalancing. Factor-based strategies (value, growth, quality, momentum) are typically defined and tested relative to the S&P 500 universe.