S&P 500

The Standard and Poor's 500, or simply the S&P 500,[5] is a

S&P 500
stock market index tracking the stock performance of 500 large
companies listed on exchanges in the United States. It is one of the
most commonly followed equity indices. As of December 31,
2020, more than $5.4 trillion was invested in assets tied to the
performance of the index.[2]

The S&P 500 index is a free-float weighted/capitalization-

weighted index. As of August 31, 2022, the nine largest
companies on the list of S&P 500 companies accounted for 27.8%
of the market capitalization of the index and were, in order of S&P 500 Index from 1950 to 2016
highest to lowest weighting: Apple, Microsoft, Alphabet
Foundation March 4, 1957[1]
(including both class A & C shares), Amazon.com, Tesla,
Berkshire Hathaway, UnitedHealth Group, Johnson & Johnson Operator S&P Dow Jones
and ExxonMobil.[3] The components that have increased their Indices[2]
dividends in 25 consecutive years are known as the S&P 500 Exchanges NYSE
Dividend Aristocrats.[6]: 2 5 
NASDAQ
In 2017, companies in the index derived on average 71% of their Cboe BZX
revenue in the United States.[7] Exchange

The index is one of the factors in computation of the Conference Trading ^GSPC
Board Leading Economic Index, used to forecast the direction of symbol $SPX
the economy.[8] SPX

The index is associated with many ticker symbols, including .SPX

^GSPC,[9] .INX,[10] and $SPX, depending on market or .INX
website.[11]
Constituents 503[2]
The S&P 500 is maintained by S&P Dow Jones Indices, a joint Type Large-cap[2]
venture majority-owned by S&P Global, and its components are Market cap US$35.1 trillion
selected by a committee.[12][13]
(as of August 31,
2022)[3]
Weighting Free-float
Contents method capitalization-
Investing in the S&P 500 weighted[4]
Mutual and exchange-traded funds Related S&P 1500
Derivatives indices S&P Global 1200
History S&P 100
Selection criteria Website www.spglobal.com
Index value calculation /spdji/en/indices
Performance /equity/sp-500/ (http
Price history & milestones s://www.spglobal.co
 Returns by year m/spdji/en/indices/e
quity/sp-500/)
See also
References
External links

Investing in the S&P 500

Mutual and exchange-traded funds

A linear chart of the S&P 500 daily
closing values from January 3, 1950,
Index funds, including mutual funds and exchange-traded funds
to February 19, 2016
(ETFs), can replicate, before fees and expenses, the performance of
the index by holding the same stocks as the index in the same
proportions. ETFs that replicate the performance of the index are
issued by The Vanguard Group (NYSE Arca: VOO (https://www.n
yse.com/quote/ARCX:VOO)), iShares (NYSE Arca:  IVV (https://
www.nyse.com/quote/ARCX:IVV)), and State Street Corporation
(NYSE  Arca:  SPY (https://www.nyse.com/quote/ARCX:SPY)),
and the most liquid based on average daily volume is currently
(NYSE  Arca:  SPY (https://www.nyse.com/quote/ARCX:SPY)),
although SPY has a slightly higher expense ratio of 0.09%
compared to just 0.03% for VOO and IVV. Mutual funds that track A logarithmic chart of the S&P 500
the index are offered by Fidelity Investments, T. Rowe Price, and index daily closing values from
Charles Schwab Corporation.[14][15][16] January 3, 1950, to February 19,
2016
Direxion offers leveraged ETFs that attempt to produce three times
the daily result of either investing in (NYSE Arca: SPXL (https://w
ww.nyse.com/quote/ARCX:SPXL)) or shorting
(NYSE Arca:  SPXS (https://www.nyse.com/quote/ARCX:SPXS))
the S&P 500 index.[17]

Derivatives

In the derivatives market, the Chicago Mercantile Exchange (CME)

offers futures contracts that track the index and trade on the
A daily volume chart of the S&P 500
exchange floor in an open outcry auction, or on CME's Globex index from January 3, 1950, to
platform, and are the exchange's most popular product. Ticker February 19, 2016
symbols are:

/SP for the full-sized contract

/ES for the E-mini S&P contract that is one fifth the size of /SP
/MES for the Micro E-mini futures contract that is one tenth the size of the S&P E-mini
contract, i.e. 1/50 the size of the full-sized (SP) contract

The Chicago Board Options Exchange (CBOE) offers options on the S&P 500 index as well as on S&P
500 index ETFs, inverse ETFs, and leveraged ETFs.

History
In 1860, Henry Varnum Poor formed Poor's Publishing, which
published an investor's guide to the railroad industry.[18]

In 1923, Standard Statistics Company (founded in 1906 as the

Standard Statistics Bureau) began rating mortgage bonds[18] and
developed its first stock market index consisting of the stocks of
233 U.S. companies, computed weekly.[1]

In 1926, it developed a 90-stock index, computed daily.[1]

In 1941, Poor's Publishing merged with Standard Statistics Logarithmic graphs of S&P 500 index
Company to form Standard & Poor's.[18][19] with and without inflation and with
best fit lines
On Monday, March 4, 1957, the index was expanded to its current
500 companies and was renamed the S&P 500 Stock Composite
Index.[1]

In 1962, Ultronic Systems became the compiler of the S&P indices including the S&P 500 Stock
Composite Index, the 425 Stock Industrial Index, the 50 Stock Utility Index, and the 25 Stock Rail
Index.[20]

On August 31, 1976, The Vanguard Group offered the first mutual fund to retail investors that tracked the
index.[1]

On April 21, 1982, the Chicago Mercantile Exchange began trading futures based on the index.[1]

On July 1, 1983, Chicago Board Options Exchange began trading options based on the index.[1]

Beginning in 1986, the index value was updated every 15 seconds, or 1,559 times per trading day, with
price updates disseminated by Reuters.[21]

On January 22, 1993, the Standard & Poor's Depositary Receipts exchange-traded fund issued by State
Street Corporation began trading.[1]

On September 9, 1997, CME Group introduced the S&P E-mini futures contract.[1]

In 2005, the index transitioned to a public float-adjusted capitalization-weighting.[22]

Friday, September 17, 2021, final trading date for the original SP big contract which began trading in
1982.[23]

Selection criteria
Like other indices managed by S&P Dow Jones Indices, but unlike indices such as the Russell 1000 Index
which are strictly rule-based, the components of the S&P 500 index are selected by a committee. When
considering the eligibility of a new addition, the committee assesses the company's merit using eight
primary criteria: market capitalization, liquidity, domicile, public float, Global Industry Classification
Standard and representation of the industries in the economy of the United States, financial viability, length
of time publicly traded, and stock exchange. Over the past few years, there has been a decline in the
number of S&P 500 companies with classified boards.[24]: 1 59  Requirements to be added to the index
include:[4]
 1. Market capitalization must be greater than or equal to US$14.6 billion[25]
2. Annual dollar value traded to float-adjusted market capitalization is greater than 1.0
3. Minimum monthly trading volume of 250,000 shares in each of the six months leading up to
the evaluation date
4. Must be publicly listed on either the New York Stock Exchange (including NYSE Arca or
NYSE American) or NASDAQ (NASDAQ Global Select Market, NASDAQ Select Market or
the NASDAQ Capital Market).
5. The company should be from the U.S.[26]
6. Securities that are ineligible for inclusion in the index are limited partnerships, master limited
partnerships and their investment trust units, OTC Bulletin Board issues, closed-end funds,
exchange-traded funds, Exchange-traded notes, royalty trusts, tracking stocks, preferred
stock, unit trusts, equity warrants, convertible bonds, investment trusts, American depositary
receipts, and American depositary shares.[4]
7. Since 2017, companies with dual share classes are not added to the index.

The market cap eligibility criteria are for addition to an index, not for continued membership. As a result, an
index constituent that appears to violate criteria for addition to that index is not removed unless ongoing
conditions warrant an index change.[25]

A stock may rise in value when it is added to the index since index funds must purchase that stock to
continue tracking the index.[27][28]

In October 2021, Bloomberg News reported that a study alleged that some companies purchase ratings
from S&P Global to increase their chances of entering the S&P 500 Index—even without meeting the full
criteria for inclusion.[29]

Index value calculation

The index is a free-float capitalization-weighted index;[30]: 1 50  that is, companies are weighted in the index
in proportion to their market capitalizations. For purposes of determining the market capitalization of a
company for weighting in the index, only the number of shares available for public trading ("public float")
is used; shares held by insiders or controlling shareholders that are not publicly traded are excluded from
the calculation.

The formula to calculate the S&P 500 index value is

where is the price of the i-th stock in the index, is the corresponding number of shares publicly
available ("float") for that stock, and is a normalization factor.

The , currently below 8.3 billion,[31] is a number that is adjusted to keep the value of the index
consistent despite corporate actions that affect market capitalization and would otherwise affect the
calculation formula, such as additional share issuance, share buybacks, special dividends, constituent
changes, rights offerings, and corporate spin-offs. Stock splits do not affect the divisor since they do not
affect market capitalization.[4] When a company is dropped and replaced by another with a different market
capitalization, the divisor needs to be adjusted in such a way that the value of the S&P 500 index remains
constant. All divisor adjustments are made after the close of trading and after the calculation of the closing
value of the S&P 500 index.[32]: 2 90 
Performance
The average annual total return and compound annual
growth rate of the index, including dividends, since
inception in 1926 has been approximately 9.8% (6%
after inflation), and the annual standard deviation of the
return over the same time period is 20.81%;[33]
S&P 500 Buybacks and Dividends (quarterly)
however, there were several years where the index
  Stock buyback

declined over 30%.[34] The index has posted annual

  Dividends
increases 70% of the time.[35] However, the index has
made new highs on only 5% of trading days, meaning
that on 95% of trading days, the index has closed below
its all-time high.[36]

Price history & milestones

On August 12, 1982, the index closed at 102.42.[37]

On Black Monday (1987), the index realized its worst daily percentage loss, falling 20.47% in a single
day.[1]

In October 1996, the index closed above 700.[38]

On February 12, 1997, the index closed above 800 for the first time.[39]

On February 2, 1998, the index closed above 1,000 for the first time.[40]

On March 24, 2000, at the peak of the dot-com bubble, the index reached an intraday high of 1,552.87; this
high was not exceeded until May 30, 2007. On October 10, 2002, during the stock market downturn of
2002, the index fell to 768.83, a decline of approximately 50% from its high in March 2000.[41]

On May 30, 2007, the index closed at 1,530.23, setting its first all-time closing high in more than 7 years.
The index achieved a new all-time intraday high on October 11, 2007, at 1,576.09.[42]

Between the bankruptcy of Lehman Brothers on September 15, 2008, and the end of 2008, the index
closed either up or down 3% in one day 29 times.[43] On October 13, 2008, the index closed up 11.6%, its
best single-day percentage gain since being founded in 1957.[44]

On November 20, 2008, the index closed at 752.44, its lowest since early 1997.[45]

The index ended 2008 at 903.25, a yearly loss of 38.5%.[46] The index continued to decline in early 2009,
closing at 676.53 on March 9, 2009, its lowest close in 13 years. The drawdown from the high in October
2007 to the low in March 2009 was 56.8%, the largest since World War II.[47]

At the trough of the United States bear market of 2007–2009, on March 6, 2009, the index was at 666.[48]
By March 23, 2009, the index had risen 20% from its low, closing at 822.92.[49]

The index closed 2009 at 1,115.10, the second-best year of the decade.[50]

On April 14, 2010, the index closed at 1,210.65, its first close above 1,200 since the financial crisis of
2007–2008.[51] By July 2, 2010, it had fallen to 1,022.58, its lowest point of the year.[52][53]
On April 29, 2011, the index closed at a post-crisis high of 1,363.61. However, after the August 2011 stock
markets fall, on October 4, 2011, the index briefly broke below 1,100.[54]

The index rose 13% in 2012 despite significant volatility amid electoral and fiscal uncertainty and round 3
of quantitative easing. On December 31, 2012, the index closed at 1,426.19, an annual gain of 13% and its
biggest gain in 3 years.[55]

On March 28, 2013, the index surpassed its closing high of 1,565.15, recovering all its losses from the
Great Recession.[56][57] On April 10, 2013, it closed above the intraday high from 2007.[58][42]

On August 26, 2014, the index closed above 2,000 for the first time.[40]

On March 2, 2015, the index reached an all-time closing high, while the Nasdaq Composite closed above
5,000 for the first time since 2000.[59]

After the 2015–2016 Chinese stock market turbulence, a period of over a year with no new record highs
ended on July 11, 2016, with the index closing at 2,137.16.[60]

In June 2017, the index posted the largest weekly rise since the 2016 United States presidential election.[61]

For the full year 2017, the index was up 19.4%, its best year since 2013.[62] On September 25, 2017, the
index closed above 2,500 for the first time.[63]

The index rose sharply in January 2018, extending one of its longest monthly winning streaks, only to fall
4% in February 2018 during a month of extremely high volatility, including a day in which the VIX
doubled.[64][65] It was the first monthly decline in 11 months.[66] In the third quarter of 2018, the index
posted its best quarter since 2013.[67] However, the index fell 11% in the month of December 2018, its
worst December performance since the Great Depression.[68] The index fell 6% in 2018, its worst year in a
decade.[69]

However, in 2019, the index posted its best first half in 22 years including the best June since 1938.[70][71]
On July 10, 2019, the index reached 3,000 for the first time.[72] The index rose 31.5% in 2019, one of its
best years.[73]

On February 19, 2020, the index hit a new closing peak of 3,386.15; however, it fell 10% in the next six
trading days, its fastest drop from a new peak as a result of the onset of the COVID-19 pandemic and
COVID-19 recession.[74][75] On March 23, 2020, at the trough of the 2020 stock market crash, the index
had fallen 34% from its peak.[76][77] Overall, the index fell 20% during the first quarter of 2020, its worst
quarter since 2008.[78] However, this was followed by a 20% gain in the second quarter, its biggest
quarterly gain since 1998.[79][80] The index reached a new record high on August 18, 2020.[81][82] In the
following months the index reached several all-time highs. On April 1, 2021, the index closed above 4,000
for the first time.[83]

In 2021, the index closed 70 days of the year at a new record closing price, the second highest number ever
recorded, behind the 77 closing highs recorded in 1995.[84] 2021 also marked the first year since 2005
when the S&P 500 beat the other two closely watched U.S. stock indices: the Dow Jones Industrial
Average and the Nasdaq Composite.[85]

The current record closing price of 4796.56, as of July 2022, was recorded on January 3rd, 2022.

Returns by year
Returns are generally quoted as price returns (excluding returns from dividends). However, they can also be
quoted as total return, which include returns from dividends and the reinvestment thereof, and "net total
return", which reflects the effects of dividend reinvestment after the deduction of withholding tax.[2]
 Show / Hide table
Value of
Total
$1.00
Annual 5 Year 10 Year 15 Year 20 Year 25
Change Invested
Year Return Annualized Annualized Annualized Annualized Annu
in Index on
Including Return Return Return Return Re
January 1,
Dividends
1970
1970 0.10% 4.01% $1.04 - - - -
1971 10.79% 14.31% $1.19 - - - -
1972 15.63% 18.98% $1.41 - - - -
1973 −17.37% −14.66% $1.21 - - - -
1974 −29.72% −26.47% $0.89 −2.35% - - -
1975 31.55% 37.20% $1.22 3.21% - - -
1976 19.15% 23.84% $1.51 4.87% - - -
1977 −11.50% −7.18% $1.40 −0.21% - - -
1978 1.06% 6.56% $1.49 4.32% - - -
1979 12.31% 18.44% $1.77 14.76% 5.86% - -
1980 25.77% 32.50% $2.34 13.96% 8.45% - -
1981 −9.73% −4.92% $2.23 8.10% 6.47% - -
1982 14.76% 21.55% $2.71 14.09% 6.70% - -
1983 17.27% 22.56% $3.32 17.32% 10.63% - -
1984 1.40% 6.27% $3.52 14.81% 14.78% 8.76% -
1985 26.33% 31.73% $4.64 14.67% 14.32% 10.49% -
1986 14.62% 18.67% $5.51 19.87% 13.83% 10.76% -
1987 2.03% 5.25% $5.80 16.47% 15.27% 9.86% -
1988 12.40% 16.61% $6.76 15.31% 16.31% 12.17% -
1989 27.25% 31.69% $8.90 20.37% 17.55% 16.61% 11.55%
1990 −6.56% −3.10% $8.63 13.20% 13.93% 13.94% 11.16%
1991 26.31% 30.47% $11.26 15.36% 17.59% 14.34% 11.90%
1992 4.46% 7.62% $12.11 15.88% 16.17% 15.47% 11.34%
1993 7.06% 10.08% $13.33 14.55% 14.93% 15.72% 12.76%
1994 −1.54% 1.32% $13.51 8.70% 14.38% 14.52% 14.58%
1995 34.11% 37.58% $18.59 16.59% 14.88% 14.81% 14.60%
1996 20.26% 22.96% $22.86 15.22% 15.29% 16.80% 14.56%
1997 31.01% 33.36% $30.48 20.27% 18.05% 17.52% 16.65%
1998 26.67% 28.58% $39.19 24.06% 19.21% 17.90% 17.75%
1999 19.53% 21.04% $47.44 28.56% 18.21% 18.93% 17.88%
2000 −10.14% −9.10% $43.12 18.33% 17.46% 16.02% 15.68%
2001 −13.04% −11.89% $37.99 10.70% 12.94% 13.74% 15.24%
2002 −23.37% −22.10% $29.60 −0.59% 9.34% 11.48% 12.71%
 2003 26.38% 28.68% $38.09 −0.57% 11.07% 12.22% 12.98%
2004 8.99% 10.88% $42.23 −2.30% 12.07% 10.94% 13.22%
2005 3.00% 4.91% $44.30 0.54% 9.07% 11.52% 11.94%
2006 13.62% 15.79% $51.30 6.19% 8.42% 10.64% 11.80%
2007 3.53% 5.49% $54.12 12.83% 5.91% 10.49% 11.82%
2008 −38.49% −37.00% $34.09 −2.19% −1.38% 6.46% 8.43%
2009 23.45% 26.46% $43.11 0.41% −0.95% 8.04% 8.21%
2010 12.78% 15.06% $49.61 2.29% 1.41% 6.76% 9.14%
2011 -0.00% 2.11% $50.65 −0.25% 2.92% 5.45% 7.81%
2012 13.41% 16.00% $58.76 1.66% 7.10% 4.47% 8.22%
2013 29.60% 32.39% $77.79 17.94% 7.40% 4.68% 9.22%
2014 11.39% 13.69% $88.44 15.45% 7.67% 4.24% 9.85%
2015 −0.73% 1.38% $89.66 12.57% 7.30% 5.00% 8.19%
2016 9.54% 11.96% $100.38 14.66% 6.94% 6.69% 7.68%
2017 19.42% 21.83% $122.30 15.79% 8.49% 9.92% 7.19%
2018 −6.24% −4.38% $116.94 8.49% 13.12% 7.77% 5.62%
2019 28.88% 31.49% $153.76 11.70% 13.56% 9.00% 6.06%
2020 16.26% 18.40% $182.06 15.22% 13.89% 9.88% 7.47%
2021 26.89% 28.71% $234.33 18.48% 16.55% 10.66% 9.52%
High 34.11% 37.58% --- 28.56% 19.21% 18.93% 17.88% 17
Low −38.49% −37.00% --- −2.35% −1.38% 4.24% 5.62% 9.
Median 12.36% 15.43% --- 14.02% 12.94% 10.71% 11.55% 10
Total Value of
Annual $1.00 5 Year 10 Year 15 Year 20 Year 25
Change
Year Return Invested Annualized Annualized Annualized Annualized Annu
in Index
Including on Return Return Return Return Re
Dividends 1970‑01‑01

See also
List of S&P 500 companies
SPDR S&P 500 Trust ETF (symbol SPY)

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External links
Official website (https://www.spglobal.com/spdji/en/indices/equity/sp-500)
Business data for S&P 500 Index: Google (https://www.google.com/finance?q=.INX:INDEXS
P) · Yahoo! (https://finance.yahoo.com/quote/^GSPC)

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