100 Years of S&P 500 Earnings, Dividends and Prices

Earnings, dividends and index prices are each indexed to their 1912 Q1 values.

Note that the dividends accumulate after-tax and compound, whereas the price of the index is what it is.  These charts do not show the effect of the summation and compounding of dividends received.

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100 Years of S&P 500 Earnings, Dividends and Prices

source: QVM Group LLC (“Rational Risk“)

based on index data from Robert Shiller
note that the S&P 500 began in 1957
data prior to 1957 is based on best proxies (such as Dow Jones Industrials)

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