{
  "metadata": {
    "source": "Aswath Damodaran, NYU Stern: Historical Returns on Stocks, Bonds and Bills",
    "url": "https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html",
    "workbook_url": "https://www.stern.nyu.edu/~adamodar/pc/datasets/histretSP.xls",
    "sheet": "Nominal vs Real Data",
    "retrieved": "2026-09-27",
    "source_sha256": "28b8110916a15a4dcc11c87c6422510704608ddedcdfa67a1298abdc22e49c69",
    "start_year": 1928,
    "end_year": 2025,
    "method": "US large-cap stock returns including dividends, deflated by the workbook US inflation series: (1 + nominal) / (1 + inflation) - 1. Pre-1957 values are the source author's predecessor-index series. Additional nominal series: US 10-year Treasury bond total returns and 3-month Treasury bills. No investor fees, taxes or foreign-exchange returns."
  },
  "rows": [
    {
      "year": 1928,
      "nominal": 0.43811155152887893,
      "inflation": -0.0115607,
      "value": 0.45493157903462444,
      "bonds": 0.008354708589799302,
      "cash": 0.0308
    },
    {
      "year": 1929,
      "nominal": -0.0829794661190966,
      "inflation": 0.005848,
      "value": -0.08831102325510076,
      "bonds": 0.04203804156320426,
      "cash": 0.0316
    },
    {
      "year": 1930,
      "nominal": -0.25123636363636365,
      "inflation": -0.0639535,
      "value": -0.20007858972429649,
      "bonds": 0.045409314348970366,
      "cash": 0.0455
    },
    {
      "year": 1931,
      "nominal": -0.4383754889178619,
      "inflation": -0.0931677,
      "value": -0.3806743417915991,
      "bonds": -0.02558855961942253,
      "cash": 0.0231
    },
    {
      "year": 1932,
      "nominal": -0.08642364532019696,
      "inflation": -0.1027397,
      "value": 0.01818430468817467,
      "bonds": 0.08790306990477326,
      "cash": 0.0107
    },
    {
      "year": 1933,
      "nominal": 0.49982225433526023,
      "inflation": 0.007633600000000001,
      "value": 0.4884599464877515,
      "bonds": 0.01855272089185736,
      "cash": 0.0096
    },
    {
      "year": 1934,
      "nominal": -0.011885656970912803,
      "inflation": 0.0151515,
      "value": -0.02663361771214723,
      "bonds": 0.0796344261796561,
      "cash": 0.0027833333333333334
    },
    {
      "year": 1935,
      "nominal": 0.4674042105263158,
      "inflation": 0.029850699999999997,
      "value": 0.42487081916467706,
      "bonds": 0.04472047729656613,
      "cash": 0.001675
    },
    {
      "year": 1936,
      "nominal": 0.3194341027550261,
      "inflation": 0.014492799999999998,
      "value": 0.30058498468892636,
      "bonds": 0.0501787540454506,
      "cash": 0.001725
    },
    {
      "year": 1937,
      "nominal": -0.3533672875436554,
      "inflation": 0.028571399999999997,
      "value": -0.371329289871034,
      "bonds": 0.01379146059646038,
      "cash": 0.002758333333333333
    },
    {
      "year": 1938,
      "nominal": 0.29282654028436017,
      "inflation": -0.0277778,
      "value": 0.3297644718299584,
      "bonds": 0.04213248532204607,
      "cash": 0.00065
    },
    {
      "year": 1939,
      "nominal": -0.010975646879756443,
      "inflation": 0.0,
      "value": -0.010975646879756495,
      "bonds": 0.04412261394206067,
      "cash": 0.0004583333333333333
    },
    {
      "year": 1940,
      "nominal": -0.10672873194221515,
      "inflation": 0.0071429,
      "value": -0.1130640269044394,
      "bonds": 0.05402481596284551,
      "cash": 0.00035833333333333333
    },
    {
      "year": 1941,
      "nominal": -0.1277145557655955,
      "inflation": 0.09929080000000001,
      "value": -0.2065016424822217,
      "bonds": -0.020221975848580105,
      "cash": 0.0012916666666666669
    },
    {
      "year": 1942,
      "nominal": 0.19173762945914843,
      "inflation": 0.0903226,
      "value": 0.09301378276406314,
      "bonds": 0.022948682374484164,
      "cash": 0.003425
    },
    {
      "year": 1943,
      "nominal": 0.25061310133060394,
      "inflation": 0.0295858,
      "value": 0.214675941850212,
      "bonds": 0.0249,
      "cash": 0.0038
    },
    {
      "year": 1944,
      "nominal": 0.1903067694944301,
      "inflation": 0.0229885,
      "value": 0.1635583093010624,
      "bonds": 0.025776111579070303,
      "cash": 0.0038
    },
    {
      "year": 1945,
      "nominal": 0.358210843373494,
      "inflation": 0.0224719,
      "value": 0.3283600687446706,
      "bonds": 0.03804417341923723,
      "cash": 0.0038
    },
    {
      "year": 1946,
      "nominal": -0.08429147465437781,
      "inflation": 0.1813187,
      "value": -0.22484209777969133,
      "bonds": 0.031283745375695685,
      "cash": 0.0038
    },
    {
      "year": 1947,
      "nominal": 0.052,
      "inflation": 0.08837210000000001,
      "value": -0.033418809614836564,
      "bonds": 0.009196968062832236,
      "cash": 0.006008333333333333
    },
    {
      "year": 1948,
      "nominal": 0.057045751633986834,
      "inflation": 0.0273387,
      "value": 0.028916511793030564,
      "bonds": 0.019510369413175046,
      "cash": 0.01045
    },
    {
      "year": 1949,
      "nominal": 0.18303223684210526,
      "inflation": -0.0182952,
      "value": 0.20507940558312976,
      "bonds": 0.04663485182797314,
      "cash": 0.01115
    },
    {
      "year": 1950,
      "nominal": 0.30805539011316263,
      "inflation": 0.058026299999999996,
      "value": 0.2363165170026138,
      "bonds": 0.00429595741710961,
      "cash": 0.012033333333333333
    },
    {
      "year": 1951,
      "nominal": 0.2367846304454234,
      "inflation": 0.0596477,
      "value": 0.16716587073743794,
      "bonds": -0.0029531392208319886,
      "cash": 0.015175000000000001
    },
    {
      "year": 1952,
      "nominal": 0.18150988641144306,
      "inflation": 0.0090669,
      "value": 0.17089351202724323,
      "bonds": 0.022679961918305656,
      "cash": 0.017225
    },
    {
      "year": 1953,
      "nominal": -0.012082047421904465,
      "inflation": 0.0059903,
      "value": -0.01796473328013637,
      "bonds": 0.04143840258908851,
      "cash": 0.018908333333333333
    },
    {
      "year": 1954,
      "nominal": 0.525633212414349,
      "inflation": -0.0037216,
      "value": 0.5313322183983402,
      "bonds": 0.032898034558095555,
      "cash": 0.0093752
    },
    {
      "year": 1955,
      "nominal": 0.3259733185102835,
      "inflation": 0.0037355,
      "value": 0.32103857889880727,
      "bonds": -0.013364391288618781,
      "cash": 0.017243426294820716
    },
    {
      "year": 1956,
      "nominal": 0.07439511873350935,
      "inflation": 0.0282843,
      "value": 0.04484248056058937,
      "bonds": -0.022557738173154165,
      "cash": 0.026213888888888887
    },
    {
      "year": 1957,
      "nominal": -0.1045736018855796,
      "inflation": 0.030401699999999997,
      "value": -0.13099289518406243,
      "bonds": 0.0679701284662499,
      "cash": 0.03224566929133858
    },
    {
      "year": 1958,
      "nominal": 0.43719954988747184,
      "inflation": 0.0175623,
      "value": 0.4123946513028951,
      "bonds": -0.020990181755274694,
      "cash": 0.017665461847389558
    },
    {
      "year": 1959,
      "nominal": 0.12056457163557326,
      "inflation": 0.0151881,
      "value": 0.10379994765066014,
      "bonds": -0.026466312591385065,
      "cash": 0.0338601593625498
    },
    {
      "year": 1960,
      "nominal": 0.00336535314743695,
      "inflation": 0.0136008,
      "value": -0.010098104552169973,
      "bonds": 0.11639503690963365,
      "cash": 0.028729718875502006
    },
    {
      "year": 1961,
      "nominal": 0.2663771295818275,
      "inflation": 0.006709199999999999,
      "value": 0.2579373761378436,
      "bonds": 0.020609208076323167,
      "cash": 0.023524899598393576
    },
    {
      "year": 1962,
      "nominal": -0.08811460517120888,
      "inflation": 0.0123292,
      "value": -0.09922049583397252,
      "bonds": 0.05693544054008462,
      "cash": 0.027723694779116466
    },
    {
      "year": 1963,
      "nominal": 0.22611927099841514,
      "inflation": 0.0164582,
      "value": 0.2062662989962747,
      "bonds": 0.016841620739546127,
      "cash": 0.03156024096385542
    },
    {
      "year": 1964,
      "nominal": 0.16415455878432425,
      "inflation": 0.0119819,
      "value": 0.1503709293459934,
      "bonds": 0.037280648911540815,
      "cash": 0.035457370517928286
    },
    {
      "year": 1965,
      "nominal": 0.12399242477876114,
      "inflation": 0.0192,
      "value": 0.10281831316597434,
      "bonds": 0.007188550935926234,
      "cash": 0.03949076305220883
    },
    {
      "year": 1966,
      "nominal": -0.0997095423563779,
      "inflation": 0.033595,
      "value": -0.12897173685667784,
      "bonds": 0.029079409324299622,
      "cash": 0.048557199999999995
    },
    {
      "year": 1967,
      "nominal": 0.23802966513133328,
      "inflation": 0.0328068,
      "value": 0.1987040220216727,
      "bonds": -0.015806209932824666,
      "cash": 0.04293453815261044
    },
    {
      "year": 1968,
      "nominal": 0.10814862651601535,
      "inflation": 0.0470588,
      "value": 0.05834421764662623,
      "bonds": 0.032746196950768365,
      "cash": 0.053376
    },
    {
      "year": 1969,
      "nominal": -0.08241371076449064,
      "inflation": 0.0589888,
      "value": -0.13352597380113063,
      "bonds": -0.050140493209926106,
      "cash": 0.06668467741935484
    },
    {
      "year": 1970,
      "nominal": 0.03561144905496419,
      "inflation": 0.0557029,
      "value": -0.019031349582383283,
      "bonds": 0.16754737183412338,
      "cash": 0.06391
    },
    {
      "year": 1971,
      "nominal": 0.14221150298426474,
      "inflation": 0.0326633,
      "value": 0.10608317636955311,
      "bonds": 0.09786896619712297,
      "cash": 0.0433425702811245
    },
    {
      "year": 1972,
      "nominal": 0.18755362915074925,
      "inflation": 0.0340633,
      "value": 0.14843417143877868,
      "bonds": 0.02818449050444969,
      "cash": 0.0406184
    },
    {
      "year": 1973,
      "nominal": -0.14308047437526472,
      "inflation": 0.08941179999999999,
      "value": -0.21341082809573453,
      "bonds": 0.036586646024150085,
      "cash": 0.07035443548387096
    },
    {
      "year": 1974,
      "nominal": -0.2590178575089697,
      "inflation": 0.1209503,
      "value": -0.3389696737749833,
      "bonds": 0.019886086932378574,
      "cash": 0.07845783132530121
    },
    {
      "year": 1975,
      "nominal": 0.36995137106184356,
      "inflation": 0.07129089999999999,
      "value": 0.2787855950814515,
      "bonds": 0.03605253602603384,
      "cash": 0.05786385542168675
    },
    {
      "year": 1976,
      "nominal": 0.23830999002106662,
      "inflation": 0.0503597,
      "value": 0.1789389768296199,
      "bonds": 0.1598456074290921,
      "cash": 0.049766000000000005
    },
    {
      "year": 1977,
      "nominal": -0.06979704075935232,
      "inflation": 0.0667808,
      "value": -0.1280280267130346,
      "bonds": 0.012899606071070449,
      "cash": 0.05260963855421687
    },
    {
      "year": 1978,
      "nominal": 0.0650928391167193,
      "inflation": 0.0898876,
      "value": -0.022749832994962582,
      "bonds": -0.007775806907508648,
      "cash": 0.07178306451612904
    },
    {
      "year": 1979,
      "nominal": 0.18519490167516386,
      "inflation": 0.1325479,
      "value": 0.04648545255804537,
      "bonds": 0.006707203124723546,
      "cash": 0.10054274193548388
    },
    {
      "year": 1980,
      "nominal": 0.3173524550676301,
      "inflation": 0.1235371,
      "value": 0.17250463297351737,
      "bonds": -0.02989744251999403,
      "cash": 0.1139188
    },
    {
      "year": 1981,
      "nominal": -0.04702390247495576,
      "inflation": 0.08912039999999999,
      "value": -0.1250039045039978,
      "bonds": 0.08199215335892354,
      "cash": 0.14036184738955823
    },
    {
      "year": 1982,
      "nominal": 0.20419055079559353,
      "inflation": 0.0382572,
      "value": 0.1598191188036966,
      "bonds": 0.32814549486295586,
      "cash": 0.10603413654618475
    },
    {
      "year": 1983,
      "nominal": 0.22337155858930619,
      "inflation": 0.037871,
      "value": 0.17873180635098795,
      "bonds": 0.032002094451429264,
      "cash": 0.0861764
    },
    {
      "year": 1984,
      "nominal": 0.0614614199963621,
      "inflation": 0.040433899999999995,
      "value": 0.020210337241377996,
      "bonds": 0.13733364344102345,
      "cash": 0.09540281124497993
    },
    {
      "year": 1985,
      "nominal": 0.3123514948576895,
      "inflation": 0.037914699999999996,
      "value": 0.2644117044085508,
      "bonds": 0.2571248821260641,
      "cash": 0.07471129032258064
    },
    {
      "year": 1986,
      "nominal": 0.18494578758046187,
      "inflation": 0.011872100000000002,
      "value": 0.17104304741721998,
      "bonds": 0.24284215141767618,
      "cash": 0.059692800000000004
    },
    {
      "year": 1987,
      "nominal": 0.05812721641821871,
      "inflation": 0.0433213,
      "value": 0.01419113787691173,
      "bonds": -0.04960508937926228,
      "cash": 0.0577736
    },
    {
      "year": 1988,
      "nominal": 0.16537192812044688,
      "inflation": 0.0441176,
      "value": 0.11613091103956763,
      "bonds": 0.08223595843484167,
      "cash": 0.0666844
    },
    {
      "year": 1989,
      "nominal": 0.31475183638196724,
      "inflation": 0.046396,
      "value": 0.25645724599670405,
      "bonds": 0.17693647159446219,
      "cash": 0.08111560000000001
    },
    {
      "year": 1990,
      "nominal": -0.03064451612903212,
      "inflation": 0.0625495,
      "value": -0.08770792902263103,
      "bonds": 0.06235375333553336,
      "cash": 0.0749648
    },
    {
      "year": 1991,
      "nominal": 0.3023484313487976,
      "inflation": 0.0298063,
      "value": 0.26465378134586826,
      "bonds": 0.15004510019517303,
      "cash": 0.053756000000000005
    },
    {
      "year": 1992,
      "nominal": 0.07493727972380064,
      "inflation": 0.0296671,
      "value": 0.043965840730271655,
      "bonds": 0.09361637316207942,
      "cash": 0.03431314741035857
    },
    {
      "year": 1993,
      "nominal": 0.0996705147919488,
      "inflation": 0.028109600000000002,
      "value": 0.06960436396270264,
      "bonds": 0.14210957589263107,
      "cash": 0.029971199999999996
    },
    {
      "year": 1994,
      "nominal": 0.013259206774573897,
      "inflation": 0.025974,
      "value": -0.012392900039792543,
      "bonds": -0.08036655550998592,
      "cash": 0.04252248995983936
    },
    {
      "year": 1995,
      "nominal": 0.3719519890260631,
      "inflation": 0.0253165,
      "value": 0.3380765734542095,
      "bonds": 0.23480780112538907,
      "cash": 0.054896
    },
    {
      "year": 1996,
      "nominal": 0.2268096601886579,
      "inflation": 0.033788200000000004,
      "value": 0.18671277171538403,
      "bonds": 0.01428607793401844,
      "cash": 0.05005396825396826
    },
    {
      "year": 1997,
      "nominal": 0.33103653103653097,
      "inflation": 0.0169705,
      "value": 0.3088251144320615,
      "bonds": 0.09939130272977531,
      "cash": 0.0506208
    },
    {
      "year": 1998,
      "nominal": 0.28337953278443584,
      "inflation": 0.0160692,
      "value": 0.2630828026126919,
      "bonds": 0.14921431922606215,
      "cash": 0.047759600000000006
    },
    {
      "year": 1999,
      "nominal": 0.20885350992084475,
      "inflation": 0.026764,
      "value": 0.17734309921349478,
      "bonds": -0.08254214796268576,
      "cash": 0.04638406374501992
    },
    {
      "year": 2000,
      "nominal": -0.09031818955249278,
      "inflation": 0.0343602,
      "value": -0.12053672362151302,
      "bonds": 0.16655267125397488,
      "cash": 0.05819800796812749
    },
    {
      "year": 2001,
      "nominal": -0.11849759142000185,
      "inflation": 0.0160367,
      "value": -0.1324108582101431,
      "bonds": 0.055721811892492555,
      "cash": 0.03399354838709678
    },
    {
      "year": 2002,
      "nominal": -0.219660479579127,
      "inflation": 0.0248027,
      "value": -0.23854658031163167,
      "bonds": 0.15116400378109285,
      "cash": 0.0160532
    },
    {
      "year": 2003,
      "nominal": 0.2835580005001023,
      "inflation": 0.020352000000000002,
      "value": 0.2579560783926551,
      "bonds": 0.003753185881775853,
      "cash": 0.0100836
    },
    {
      "year": 2004,
      "nominal": 0.10742775944096193,
      "inflation": 0.0334232,
      "value": 0.07161108773342972,
      "bonds": 0.04490683702274547,
      "cash": 0.0137464
    },
    {
      "year": 2005,
      "nominal": 0.048344775232688535,
      "inflation": 0.0333855,
      "value": 0.014475987163249604,
      "bonds": 0.028675329597779506,
      "cash": 0.0314916
    },
    {
      "year": 2006,
      "nominal": 0.15612557979315703,
      "inflation": 0.0252398,
      "value": 0.1276635766511962,
      "bonds": 0.019610012417568386,
      "cash": 0.0473
    },
    {
      "year": 2007,
      "nominal": 0.054847352464217694,
      "inflation": 0.0410881,
      "value": 0.013216222973077452,
      "bonds": 0.10209921930012807,
      "cash": 0.04361952191235059
    },
    {
      "year": 2008,
      "nominal": -0.3655234411179819,
      "inflation": -0.0002223,
      "value": -0.36538236561785886,
      "bonds": 0.20101279926977011,
      "cash": 0.013713147410358567
    },
    {
      "year": 2009,
      "nominal": 0.2593523387766398,
      "inflation": 0.028141199999999998,
      "value": 0.2248826705676612,
      "bonds": -0.11116695313259162,
      "cash": 0.0015052
    },
    {
      "year": 2010,
      "nominal": 0.14821092278719414,
      "inflation": 0.014377899999999999,
      "value": 0.1319360593198986,
      "bonds": 0.08462933880355772,
      "cash": 0.001384462151394422
    },
    {
      "year": 2011,
      "nominal": 0.0209837473362805,
      "inflation": 0.030620699999999997,
      "value": -0.00935062983279833,
      "bonds": 0.16035334999461354,
      "cash": 0.0005283999999999999
    },
    {
      "year": 2012,
      "nominal": 0.15890585241730293,
      "inflation": 0.017595,
      "value": 0.13886747912214847,
      "bonds": 0.02971571978018946,
      "cash": 0.0008759999999999999
    },
    {
      "year": 2013,
      "nominal": 0.32145085858125483,
      "inflation": 0.0151284,
      "value": 0.30175735264746284,
      "bonds": -0.09104568794347262,
      "cash": 0.0005708
    },
    {
      "year": 2014,
      "nominal": 0.13524421649462237,
      "inflation": 0.0065312,
      "value": 0.12787782087095012,
      "bonds": 0.10746180452004755,
      "cash": 0.0003272
    },
    {
      "year": 2015,
      "nominal": 0.013788916411676138,
      "inflation": 0.006387199999999999,
      "value": 0.007354740214975175,
      "bonds": 0.012842996709792224,
      "cash": 0.0005203187250996015
    },
    {
      "year": 2016,
      "nominal": 0.11773080874798171,
      "inflation": 0.020508000000000002,
      "value": 0.09526903145098498,
      "bonds": 0.006905504698747792,
      "cash": 0.0031612000000000003
    },
    {
      "year": 2017,
      "nominal": 0.2160548143449928,
      "inflation": 0.0212993,
      "value": 0.19069386843307612,
      "bonds": 0.028017162707789457,
      "cash": 0.0093412
    },
    {
      "year": 2018,
      "nominal": -0.04226869289088544,
      "inflation": 0.0200238,
      "value": -0.061069646503233876,
      "bonds": -0.00016692385713402633,
      "cash": 0.01936305220883534
    },
    {
      "year": 2019,
      "nominal": 0.31211679996808755,
      "inflation": 0.0231399,
      "value": 0.2824412379656853,
      "bonds": 0.09635630741548393,
      "cash": 0.0206248
    },
    {
      "year": 2020,
      "nominal": 0.18023201827422478,
      "inflation": 0.0132204,
      "value": 0.16483246712583433,
      "bonds": 0.1133189764661412,
      "cash": 0.003547410358565737
    },
    {
      "year": 2021,
      "nominal": 0.2846885175196416,
      "inflation": 0.0719446,
      "value": 0.19846540345428454,
      "bonds": -0.04416034448604475,
      "cash": 0.000450199203187251
    },
    {
      "year": 2022,
      "nominal": -0.18037505927178585,
      "inflation": 0.0644494,
      "value": -0.23000103083508328,
      "bonds": -0.1782817153825067,
      "cash": 0.02024779116465863
    },
    {
      "year": 2023,
      "nominal": 0.26060684985024096,
      "inflation": 0.031200000000000002,
      "value": 0.22246591335360844,
      "bonds": 0.0388,
      "cash": 0.05070361445783132
    },
    {
      "year": 2024,
      "nominal": 0.24878611262526726,
      "inflation": 0.0288806,
      "value": 0.2137327816515029,
      "bonds": -0.016371801436629807,
      "cash": 0.0518
    },
    {
      "year": 2025,
      "nominal": 0.17723658237597398,
      "inflation": 0.027350799999999998,
      "value": 0.14589542576496184,
      "bonds": 0.07795480870767396,
      "cash": 0.0421
    }
  ]
}