Inflation & Dividend-Adjusted Stock Charts

Asset Classes: Stocks vs. Savings vs. Cash

Dividends Reinvested:

Fri 1926-12-31^💬 to Thu 2025-01-30^💬
USSTOCKS ^×
⭐ U.S. Total Stock Market ^💬 Reference Data
US1MTBILL ^×
⭐ U.S. 1-Month Treasury Bill ^💬 Reference Data
USDOLLAR ^×
⭐ U.S. Dollar ^💬 Currency

Returns

Fri 1926-12-31^💬 to Thu 2025-01-30^💬	Overall Return	Exponential Trendline
USSTOCKS ^×	+74,875.75% +6.98%/yr	+6.84%/yr (R²=0.972)
⭐ U.S. Total Stock Market ^💬 Reference Data
US1MTBILL ^×	+31.56% +0.28%/yr	+0.33%/yr (R²=0.186)
⭐ U.S. 1-Month Treasury Bill ^💬 Reference Data
USDOLLAR ^×	−94.43% −2.90%/yr	−3.58%/yr (R²=0.971)
⭐ U.S. Dollar ^💬 Currency

Understanding the Total Real Returns chart

This chart answers a simple question:

If you saved or invested money on Dec. 31, 1926, how much purchasing power would you have today, on Jan. 30, 2025?

Most investment charts show nominal prices. This site shows real total returns instead. That means it includes two things most charts leave out:

Inflation, which reduces the purchasing power of money over time.
Reinvested income, such as dividends or interest.

The y-axis is labeled “Purchasing Power (2026 USD)”: how much your investment could buy today, after accounting for inflation.

The three homepage symbols represent three different ways to invest or store wealth:

USSTOCKS
- The broad U.S. stock market, with dividends reinvested.
US1MTBILL
- 1-month U.S. Treasury bills, with interest reinvested.
- Roughly similar to a savings account: risk-free short-term savings.
USDOLLAR
- Paper dollars stored under the mattress, or money held in a zero-interest account.

If you started with the same amount of purchasing power in each on Dec. 31, 1926, the chart shows how much purchasing power each asset would have on Jan. 30, 2025.

USSTOCKS were risky and volatile like a roller coaster, but over the long term, grew dramatically because corporate earnings and reinvested dividends compounded faster than inflation. US1MTBILL preserved purchasing power much better than idle cash because interest was continuously reinvested. USDOLLAR declined because the number of dollars stayed the same while prices rose.

This is why USDOLLAR can go down on inflation-adjusted charts, even though it is “cash.” The chart is saying those same dollar bills buy less than they used to.

Here's what happened if you had put $10,000 in today's dollars into each asset on Dec. 31, 1926:

Growth of $10,000

Fri 1926-12-31^💬 to Thu 2025-01-30^💬	Start Value	End Value
USSTOCKS ^×	$10,000.00 1926-12-31	$7,497,575.09 2025-01-30
⭐ U.S. Total Stock Market ^💬 Reference Data
US1MTBILL ^×	$10,000.00 1926-12-31	$13,156.17 2025-01-30
⭐ U.S. 1-Month Treasury Bill ^💬 Reference Data
USDOLLAR ^×	$10,000.00 1926-12-31	$557.30 2025-01-30
⭐ U.S. Dollar ^💬 Currency

Annual Returns

Year	USSTOCKS	US1MTBILL	USDOLLAR
2026 (YTD)	+6.75%	−1.19%	−3.12%
2025	+14.08%	+1.55%	−2.60%
2024	+20.34%	+2.35%	−2.80%
2023	+22.05%	+1.72%	−3.24%
2022	−24.36%	−4.52%	−6.07%
2021	+17.51%	−6.54%	−6.57%
2020	+19.28%	−0.99%	−1.34%
2019	+27.95%	−0.17%	−2.23%
2018	−6.97%	−0.06%	−1.87%
2017	+18.72%	−1.25%	−2.07%
2016	+10.41%	−1.78%	−2.03%
2015	−0.23%	−0.69%	−0.73%
2014	+11.87%	−0.72%	−0.75%
2013	+31.52%	−1.44%	−1.48%
2012	+14.46%	−1.64%	−1.70%
2011	−1.64%	−2.85%	−2.88%
2010	+15.47%	−1.36%	−1.47%
2009	+25.14%	−2.56%	−2.65%
2008	−36.85%	+1.18%	−0.09%
2007	+1.32%	+0.30%	−3.93%
2006	+12.84%	+2.15%	−2.46%
2005	+2.60%	−0.43%	−3.32%
2004	+9.41%	−1.93%	−3.15%
2003	+29.08%	−0.85%	−1.84%
2002	−22.55%	−0.74%	−2.32%
2001	−12.20%	+2.16%	−1.52%
2000	−13.40%	+2.38%	−3.28%
1999	+20.70%	+1.95%	−2.61%
1998	+21.55%	+3.19%	−1.59%
1997	+28.32%	+3.49%	−1.67%
1996	+17.06%	+1.85%	−3.21%
1995	+31.85%	+2.96%	−2.48%
1994	−2.86%	+1.19%	−2.61%
1993	+8.50%	+0.15%	−2.67%
1992	+5.89%	+0.59%	−2.82%
1991	+30.81%	+2.46%	−2.97%
1990	−11.44%	+1.66%	−5.76%
1989	+23.14%	+3.55%	−4.44%
1988	+13.00%	+1.84%	−4.23%
1987	−2.67%	+0.99%	−4.25%
1986	+15.15%	+5.00%	−1.09%
1985	+27.77%	+3.78%	−3.66%
1984	−0.10%	+5.69%	−3.80%
1983	+18.08%	+4.80%	−3.65%
1982	+16.98%	+6.46%	−3.69%
1981	−11.18%	+5.32%	−8.19%
1980	+18.43%	−1.12%	−11.12%
1979	+8.95%	−2.55%	−11.76%
1978	−0.69%	−1.69%	−8.26%
1977	−9.19%	−1.48%	−6.27%
1976	+21.09%	+0.21%	−4.64%
1975	+29.36%	−1.06%	−6.49%
1974	−35.73%	−3.85%	−10.98%
1973	−25.79%	−1.62%	−8.02%
1972	+13.08%	+0.41%	−3.28%
1971	+12.49%	+1.08%	−3.16%
1970	−5.19%	+0.90%	−5.28%
1969	−16.15%	+0.35%	−5.84%
1968	+8.97%	+0.48%	−4.53%
1967	+24.92%	+1.15%	−2.93%
1966	−11.86%	+1.24%	−3.34%
1965	+12.28%	+1.96%	−1.89%
1964	+14.96%	+2.53%	−0.96%
1963	+19.00%	+1.45%	−1.62%
1962	−11.37%	+1.39%	−1.32%
1961	+26.09%	+1.43%	−0.67%
1960	−0.16%	+1.29%	−1.34%
1959	+10.84%	+1.22%	−1.70%
1958	+42.47%	−0.23%	−1.73%
1957	−12.54%	+0.25%	−2.82%
1956	+5.21%	−0.48%	−2.89%
1955	+24.87%	+1.17%	−0.39%
1954	+51.43%	+1.62%	+0.75%
1953	−0.03%	+1.07%	−0.74%
1952	+12.62%	+0.89%	−0.75%
1951	+13.82%	−4.32%	−5.73%
1950	+22.83%	−4.35%	−5.50%
1949	+22.75%	+3.23%	+2.09%
1948	−1.10%	−2.12%	−2.90%
1947	−4.96%	−7.66%	−8.12%
1946	−20.76%	−15.04%	−15.35%
1945	+35.66%	−1.92%	−2.23%
1944	+18.64%	−1.89%	−2.21%
1943	+24.63%	−2.53%	−2.87%
1942	+6.84%	−8.03%	−8.28%
1941	−18.63%	−9.00%	−9.03%
1940	−7.86%	−0.73%	−0.71%
1939	+2.51%	+0.01%	+0.00%
1938	+31.83%	+2.82%	+2.86%
1937	−36.54%	−2.50%	−2.78%
1936	+30.27%	−1.25%	−1.43%
1935	+40.80%	−2.76%	−2.90%
1934	+1.72%	−1.31%	−1.49%
1933	+55.61%	−0.44%	−0.73%
1932	+1.80%	+12.47%	+11.42%
1931	−37.99%	+11.47%	+10.27%
1930	−23.86%	+9.42%	+6.83%
1929	−15.35%	+4.13%	−0.58%
1928	+40.71%	+4.75%	+1.17%
1927	+35.65%	+5.51%	+2.31%
1926	—	—	+1.13%
1925	—	—	−3.35%
1924	—	—	+0.00%
1923	—	—	−2.35%
1922	—	—	+2.43%
1921	—	—	+12.12%
1920	—	—	−2.58%
1919	—	—	−12.70%
1918	—	—	−16.97%
1917	—	—	−15.38%
1916	—	—	−11.16%
1915	—	—	−1.94%
1914	—	—	−0.99%
1913	—	—	−2.00%

Drawdowns

Fri 1926-12-31^💬 to Thu 2025-01-30^💬	Final Drawdown	Worst Drawdown
USSTOCKS ^×	−1.10% from 2024-12-06 peak	−79.52% 1932-06-01 from 1929-09-03 peak
⭐ U.S. Total Stock Market ^💬 Reference Data
US1MTBILL ^×	−21.04% from 2001-12-31 peak	−48.66% 1951-12-31 from 1933-05-31 peak
⭐ U.S. 1-Month Treasury Bill ^💬 Reference Data
USDOLLAR ^×	−96.03% from 1933-03-31 peak	−96.03% 2025-01-30 from 1933-03-31 peak
⭐ U.S. Dollar ^💬 Currency

Rolling Returns

Period ending Thu 2025-01-30	1 Year	2 Years	3 Years	5 Years	10 Years
USSTOCKS ^×	+21.15%	+44.78% +20.32%/yr	+25.27% +7.80%/yr	+58.26% +9.62%/yr	+155.52% +9.84%/yr
⭐ U.S. Total Stock Market ^💬 Reference Data
US1MTBILL ^×	+2.12%	+4.23% +2.09%/yr	−0.12% −0.04%/yr	−8.03% −1.66%/yr	−12.23% −1.30%/yr
⭐ U.S. 1-Month Treasury Bill ^💬 Reference Data
USDOLLAR ^×	−2.91%	−5.83% −2.96%/yr	−11.55% −4.01%/yr	−18.79% −4.08%/yr	−26.40% −3.02%/yr
⭐ U.S. Dollar ^💬 Currency

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