CINXE.COM

<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"> <html> <head> <link rel="icon" type="image/x-icon" href="/images/favicon.ico"> <title>Measuring Worth - Measures of worth, S&P Index accumulated value</title> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"> <link href="/includes/styles.css" rel="stylesheet" type="text/css"> <meta name="keywords" content="measuring worth, inflation rates, saving calculator, relative value, worth of a dollar, worth of a pound, purchasing power, gold prices, GDP, history of wages, average wage, real wage, growth calculator, stock prices, historic stock prices, exchange calculator, stock growth rates, how much is that worth, CPI, RPI, exchange rates, relative worth, consumer bundle, interest rates, S&P accumulation, history of gold prices"> <script type="text/JavaScript">  </script> </head> <body> <div id="container"> <link rel="icon" type="image/x-icon" href="/images/favicon.ico">  <div id="header"> <div style="height:70px;padding-top:20px;"><a href="/index.php" title="MeasuringWorth.com"><img src="/images/logo.png" alt="Measuring Worth, inflation rates, saving calculator, relative value, worth of a dollar, worth of a pound, purchasing power, gold prices, GDP, history of wages, average wage, real wage, growth calculator" width="400" height="43" vspace="10" border="0" align="left" ></a></div> <ul class="menudd"> <li><a href="/index.php">HOME</a></li> <li><a href="/aboutus.php">ABOUT US</a> <ul> <li><a href="/2020x-citations-with-links.html" class="documents">CITATIONS</a></li> </ul> </li> <li><a href="/guide.php">USER GUIDES</a> <ul> <li><a href="/guide.php" class="documents">GUIDE</a></li> <li><a href="/tutorials.php" class="messages">TUTORIALS</a></li> </ul> </li> <li><a href="/glossary/index.php">GLOSSARY & FAQ</a> <ul> <li><a href="/glossary/index.php" class="documents">GLOSSARY</a></li> <li><a href="/glossary/index.php#faq" class="messages">FAQ</a></li> </ul> </li> <li><a href="/essays.php">ESSAYS</a> <ul> <li><a style="width:400px;" href="/explaining_measures_of_worth.php" class="documents">MEASURES OF WORTH</a></li> <li><a style="width:400px;" href="/slavery.php" class="messages">MEASURING SLAVERY</a></li> <li><a style="width:400px;" href="/Presidents.php" class="documents">THE RELATIVE PERFORMANCE OF PRESIDENTS</a></li> <li><a style="width:400px;" href="/parable-two-workers.php" class="messages">PARABLE OF SAVING</a></li> <li><a style="width:400px;" href="/uk-gdp-volatility.php" class="messages">THE VOLATILITY OF THE UK GDP</a></li> </ul></li> <li><a href="/contribute_donate.php">SUPPORT US</a></li> <li><a href="/sendcomment.php">CONTACT US</a></li> </ul> <p class="blog-announcement"> </p> </div>  <style type="text/css"> /* HOW TO CREATE A CSS3 DROPDOWN MENU [TUTORIAL] "How to create a CSS3 Dropdown Menu [Tutorial]" was specially made for DesignModo by our friend Valeriu Timbuc. Links: http://vtimbuc.net/ https://twitter.com/vtimbuc http://designmodo.com http://vladimirkudinov.com */ /* Reset */ .menudd, .menudd ul, .menudd li, .menudd a { margin: 0; padding: 0; border: none; outline: none; } /* Menu */ .menudd { height: 40px; clear:both; } .menudd li { position: relative; list-style: none; float: left; display: block; height: 40px; } /* Links */ .menudd li a { display: block; padding: 0 14px; margin: 6px 0; line-height: 28px; text-decoration: none; font-family: Helvetica, Arial, sans-serif; font-weight: bold; font-size: 13px; color: #333300; -webkit-transition: color .2s ease-in-out; -moz-transition: color .2s ease-in-out; -o-transition: color .2s ease-in-out; -ms-transition: color .2s ease-in-out; transition: color .2s ease-in-out; } .menudd li:first-child a { border-left: none; } .menudd li:last-child a{ border-right: none; } .menudd li:hover > a { color: #8fde62; } /* Sub Menu */ .menudd ul { position: absolute; top: 40px; left: 0; opacity: 0; border:1px solid black; background: #F3F2ED; -webkit-border-radius: 0 0 5px 5px; -moz-border-radius: 0 0 5px 5px; border-radius: 0 0 5px 5px; -webkit-transition: opacity .25s ease .1s; -moz-transition: opacity .25s ease .1s; -o-transition: opacity .25s ease .1s; -ms-transition: opacity .25s ease .1s; transition: opacity .25s ease .1s; } #header .menudd li:hover > ul { opacity: 1; } .menudd ul li { height: 0; overflow: hidden; padding: 0; -webkit-transition: height .25s ease .1s; -moz-transition: height .25s ease .1s; -o-transition: height .25s ease .1s; -ms-transition: height .25s ease .1s; transition: height .25s ease .1s; } .menudd li:hover > ul li { height: 36px; overflow: visible; padding: 0; } .menudd ul li a { width: 200px; padding: 4px 0 4px 10px; margin: 0; border: none; border-bottom: 1px solid #353539; } .menudd ul li:last-child a { border: none; } .blog-announcement a { display: block; padding: 0 2px; line-height: 28px; text-decoration: none; font-family: Helvetica, Arial, sans-serif; font-weight: bold; font-size: 13px; color: #333300; } </style> <div id="wrapper"> <div id="content"> <center><h3>The Annual Standard and Poor's Composite Stock Index, the Yield, and the Accumulated Index of "Portfolio" with Dividends Reinvested -- 1871 to Present</h3></center> <br> <form action="/datasets/sap/result.php" method="post" > <table style="float: right; border: thin outset silver; margin: 30pt; width: 220pt; background-color: #D2D2D2; font-weight: bold; color: darkolivegreen;"> <tr> <td align="left" valign="top" colspan=3 style='font-weight: normal; padding: 2px 2px 10px 1px;'>       <b>What Was<br> <input type="checkbox" name="use[]" value="SAP-index" checked="CHECKED"> Average S&P Index for January?<br> <input type="checkbox" name="use[]" value="SAP-yield" checked="CHECKED"> S&P Annual Yield?<br> <input type="checkbox" name="use[]" value="SAP-reinvested" checked="CHECKED"> The Accumulated S&P Index Average for January? <br> </td></tr> <tr><td aligh="left" width=120>Initial Year *:  </td><td align="left"><input type="text" name="year_source" size="5"></td></tr> <tr><td align="left">Ending Year *:</td> <td align="left" class="cash"><input type="text" name="year_result" size="5"></td> <td rowspan=2 align="center"> <input type="submit" value="Retrieve"></td> </tr> <tr><td colspan=3 height=1px></td></tr> <tr><td colspan=3 style='font-weight: normal; padding: 8px 2px 2px 2px;'>* Select initial and ending years within 1871-present period.</td></tr> </table> </form> <p> There are three series presented here:<br> 1. The January average of a "common-stock" index.<br> 2. The annual yield on that index for that entire year.<br> 3. The January average of the "accumulated" value of the index.<br> The accumulated index assumes that upon receipt of each cash dividend, the investor holding the portfolio of the stocks in the index would reinvest them in the portfolio. It does not take into account fees or taxes.</p> <p> From 1871 to 1926 the data for these indexes were constructed by the Cowles Commission and are found in Common-Stock Indexes 2nd edition, Principia Press, Inc., Bloomington, Indiana 1939. The series used from this report are P-1 (pp. 66-67), Ya-1 (pp. 372-373), and C-1 (pp. 168-169). </p> <p> From 1926 to the present, the data are from various reports of Standard & Poors. The index is a consistent measure over the period as stated on page 120 of the 1972 Annual Edition of Standard & Poor's Security Price Index Record: "From January 1918 to date, these indexes are a monthly average of the Standard & Poor's Price Indexes. The Indexes for earlier years (from 1871 to 1918) have been converted to a 1941-43 base from the Cowles Commission Stock Price Indexes. The Cowles Commission Indexes are an extension of the Standard & Poor's Indexes, the same method of construction being used, as far as possible, the same companies."</p> <p> To construct an accumulated index it is assumed that a portfolio of the stocks that make up the composite index was bought in January of an initial year for the average price of them during that month. It is then assumed that each year thereafter, the dividends on the stocks in the portfolio are received at the end of the year and are used to buy more of the stocks (in that portfolio) at their new prices in January of the following year. No money is taken out of the portfolio and there is no allowance for any taxes or commissions that might be need to paid. </p> <p>Portfolio(year2) = Portfolio(year1) times (index(year2))/(index(year1)) + Portfolio(year1) times yield(year1). </p> <p>The portfolio is assumed to be held indefinitely. The accumulated index presented here assumes one dollar was invested in the January of 1871.</p> <br><br> <p> Please read our <a href="#" class="content" onClick="MM_openBrWindow('/includes/datarevisionsnote.php','','scrollbars=no,resizable=yes,width=450,height=300')"> Note on Data Revisions</a>.</p> <center><h4>Citation</h4></center> <p align="center">Samuel H. Williamson, "S&P Index, Yield and Accumulated Index, 1871 to Present," MeasuringWorth, <script>document.write(new Date().getFullYear())</script><br> URL: http://www.measuringworth.com/datasets/sap/</p> <hr /><p> Please <a href="/sendcomment.php" class="content" title="Let us know how we can be more helpful">let us know</a> if and how this discussion has assisted you in using our calculators.<br><br></p> </div> </div>  <div id="navigation">      <a href="/blog.php" target="_blank"><img style="width:200px;" src="/images/blog-read.png"></a> <br> <a class='navigation' href="/calculators/index.php" title="Calculate purchasing power, savings growth, stock growth rates and more">THE COMPARATORS</a><br> <div class='submenu'> <a class='submenu' title="Measuring Worth - Annualized Growth Rates" href='/growth/'>Annualized Growth Rates</a><br> <a class='submenu' title="US Purchasing Power" href='/ppowerus/'>Purchasing Power Today - US $</a><br> <a class='submenu' title="US Relative Values" href='/uscompare/'>Relative Values - US $</a><br> <a class='submenu' title="UK Relative Values" href='/ukcompare/'>Relative Values - UK £</a><br> <a class='submenu' title="Australian Relative Values" href='/australiacompare/'>Relative Values - Australia £ and $</a><br> <a class='submenu' title="Australian Relative Values" href='/spaincompare/'>Relative Values - Spain</a><br> <a class='submenu' title="Convert dollars to pounds" href='/exchange/'>Conversion ($ and £)</a><br> <a class='submenu' title="UK Purchasing Power" href='/ppoweruk/'>Purchasing Power - UK £</a><br> <a class='submenu' title="US Savings Growth" href='/ussave/'>Savings Growth - US $</a><br> <a class='submenu' title="US Savings Growth" href='/401k&IRA/'>401k & IRA Growth - US</a><br> <a class='submenu' title="Calculate inflation rates" href='/inflation/'>Inflation Rates</a><br> <a class='submenu' title="Stock Growth Rates - DJIA, SP500 & NASDAQ" href='/DJIA_SP_NASDAQ/'>Stock Growth Rates<br />  (DJIA, SP500 & NASDAQ)</a> </div> <a class='navigation' title="Graph the value of things over time" href="/graphs/">GRAPHS</a><br> <a class='navigation' title="Data sets for measuring worth" href="/datasets/index.php">DATA SETS</a><br> <div class='submenu'> <a class='submenu' title="US GDP over time" href='/usgdp/'>GDP - US </a><br> <a class='submenu' title="US CPI over time" href='/uscpi/'>CPI - US</a><br> <a class='submenu' title="US wage over time" href='/uswage/'>Wage - US</a><br> <a class='submenu' title="US Consumer Bundle over time" href='/consumer/'>Consumer Bundle - US</a><br> <a class='submenu' title="UK GDP over time" href='/ukgdp/'>GDP - UK </a><br> <a class='submenu' title="UK RPI & earnings over time" href='/ukearncpi/'>RPI & Earnings - UK</a><br> <a class='submenu' title="Spain GDP over time" href='/spaingdp/'>GDP, Prices & Wages - Spain </a><br> <a class='submenu' title="Australia GDP, Prices & Stocks over time" href='/datasets/australiadata/'>GDP, Prices & Stocks - Australia</a><br> <a class='submenu' title="Chinese GDP & Prices over time" href='/auswages/'>Wages - Australia </a><br> <a class='submenu' title="US SAP over time" href='/datasets/sap/'>Annual S&P Index</a><br> <a class='submenu' title="Daily DJA over time" href='/datasets/DJA/index.php'>Daily DJA</a><br> <a class='submenu' title="price of gold over time" href='/gold/'>Price of Gold</a><br> <a class='submenu' title="US & UK Interest Rates over time" href='/interestrates/'>Interest Rates - US & UK</a><br> <a class='submenu' title="Dollar Exchange Rates over time" href='/exchangeglobal/'>Dollar Exchange Rates</a><br> <a class='submenu' title="Dollar-Pound Exchange Rate over time" href='/exchangepound/'>Dollar-Pound Exchange Rate</a> </div> <a class='navigation' title="Data sets for measuring worth" href="/newsletter.php">SIGN UP FOR ANNOUNCEMENTS</a><br>  </div>   <div id="footer"> <div class="footer-header">MeasuringWorth is a service for calculating relative worth over time.</div> <p><a class='footer' href="../index.php" title="Measuring Worth home page">Home</a> | <a class='footer' href="/aboutus.php" title="Learn more about the Measuring Worth project">About Us</a> | <a class='footer' href="/sendcomment.php" title="Contact the Measuring Worth staff">Contact Us</a> | <a class='footer' href="/contribute_donate.php" title="Contribute to the Measuring Worth project">Support Our Work</a><br /><br /> Copyright © <script>document.write(new Date().getFullYear())</script> MeasuringWorth. All rights reserved.<br />This work may be used for non-profit educational purposes if proper credit is given. For other permission, please <a class="content" href="/sendcomment.php" title="Click here to contact MeasuringWorth.com">Contact Us</a>.</p> </div>  <script async src="https://www.googletagmanager.com/gtag/js?id=G-LJVGZ16J1R"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-LJVGZ16J1R'); </script>  </div> </body> </html>