On this page is a Dow Jones Annual Return Rankings tool. It shows calendar year returns1 back to 1897, ranked from best to worst, with toggles for dividend reinvestment and inflation adjustment.
1 - See methodology for how annual returns work.
The Dow Jones Annual Return Rankings Calculator
Using the Dow Jones Annual Return Rankings Calculator
The default view shows nominal total returns (dividends reinvested). Everything updates in real time as you toggle a setting.
- Reinvest Dividends – default is on. Off gives you price-only annual returns.
- Adjust for Inflation – switches to real (CPI-adjusted) annual returns.
- Highlights cards – eight summary stats covering the full Dow history: best and worst calendar year on record, the average and median return, the win rate (share of years that finished positive), the longest winning and losing streaks, and the most recent year.
- Chart and table – bar chart with green bars for positive years and red for negative, plus a brush below for zooming. The table beneath sorts on any column.
Historical Dow Jones annual returns table
Below is the static reference table of every Dow Jones calendar-year return on record, going back to 1897. Both price return and total return (dividends reinvested) versions are shown. Click to expand.
Full Dow Jones annual returns table (1897–2025)
| Year | Price Return | Total Return | Real Price | Real Total |
|---|---|---|---|---|
| 2025 | +10.22% | +11.94% | +7.35% | +9.02% |
| 2024 | +18.15% | +20.52% | +14.84% | +17.14% |
| 2023 | +10.35% | +12.57% | +6.77% | +8.92% |
| 2022 | -6.06% | -4.23% | -11.75% | -10.03% |
| 2021 | +18.22% | +20.22% | +10.45% | +12.32% |
| 2020 | +7.04% | +9.34% | +5.60% | +7.86% |
| 2019 | +18.32% | +21.01% | +15.68% | +18.31% |
| 2018 | -3.01% | -0.97% | -4.83% | -2.82% |
| 2017 | +24.52% | +27.33% | +21.95% | +24.70% |
| 2016 | +12.37% | +15.20% | +10.08% | +12.85% |
| 2015 | -1.19% | +1.29% | -1.91% | +0.55% |
| 2014 | +10.30% | +12.88% | +9.48% | +12.03% |
| 2013 | +22.46% | +25.42% | +20.64% | +23.57% |
| 2012 | +8.85% | +11.82% | +6.99% | +9.91% |
| 2011 | +5.32% | +8.17% | +2.29% | +5.05% |
| 2010 | +9.89% | +12.88% | +8.27% | +11.22% |
| 2009 | +21.38% | +25.24% | +18.17% | +21.92% |
| 2008 | -35.89% | -33.99% | -35.95% | -34.05% |
| 2007 | +8.32% | +10.80% | +4.07% | +6.46% |
| 2006 | +14.31% | +17.01% | +11.48% | +14.11% |
| 2005 | +1.45% | +3.84% | -1.90% | +0.41% |
| 2004 | +5.42% | +7.89% | +2.10% | +4.49% |
| 2003 | +18.74% | +21.52% | +16.55% | +19.28% |
| 2002 | -14.56% | -12.76% | -16.55% | -14.78% |
| 2001 | -6.31% | -4.62% | -7.74% | -6.08% |
| 2000 | -5.34% | -3.81% | -8.44% | -6.96% |
| 1999 | +24.78% | +26.80% | +21.52% | +23.49% |
| 1998 | +14.02% | +16.04% | +12.21% | +14.20% |
| 1997 | +22.83% | +25.09% | +20.77% | +23.00% |
| 1996 | +25.43% | +28.32% | +21.39% | +24.19% |
| 1995 | +36.18% | +39.76% | +32.81% | +36.30% |
| 1994 | +0.70% | +3.54% | -1.92% | +0.84% |
| 1993 | +13.35% | +16.59% | +10.32% | +13.47% |
| 1992 | +11.64% | +15.11% | +8.50% | +11.87% |
| 1991 | +13.32% | +17.05% | +9.95% | +13.57% |
| 1990 | -4.31% | -0.52% | -9.82% | -6.25% |
| 1989 | +26.99% | +32.30% | +21.35% | +26.43% |
| 1988 | +12.49% | +16.91% | +7.73% | +11.96% |
| 1987 | -0.73% | +2.44% | -4.94% | -1.91% |
| 1986 | +26.83% | +31.65% | +25.46% | +30.22% |
| 1985 | +27.59% | +33.67% | +22.92% | +28.78% |
| 1984 | -5.46% | -0.48% | -9.05% | -4.26% |
| 1983 | +21.74% | +27.63% | +17.29% | +22.97% |
| 1982 | +17.63% | +25.07% | +13.29% | +20.46% |
| 1981 | -7.15% | -1.36% | -14.76% | -9.44% |
| 1980 | +13.13% | +20.19% | +0.55% | +6.82% |
| 1979 | +3.49% | +9.93% | -8.65% | -2.97% |
| 1978 | -1.33% | +4.65% | -9.49% | -4.00% |
| 1977 | -16.18% | -11.75% | -21.44% | -17.29% |
| 1976 | +16.18% | +21.22% | +10.79% | +15.60% |
| 1975 | +40.96% | +47.69% | +31.81% | +38.11% |
| 1974 | -27.62% | -23.86% | -35.57% | -32.22% |
| 1973 | -19.23% | -16.07% | -25.70% | -22.79% |
| 1972 | +17.29% | +21.32% | +13.43% | +17.33% |
| 1971 | +5.89% | +9.66% | +2.54% | +6.19% |
| 1970 | +4.09% | +8.59% | -1.40% | +2.86% |
| 1969 | -18.50% | -15.30% | -23.26% | -20.25% |
| 1968 | +9.15% | +12.99% | +4.23% | +7.90% |
| 1967 | +10.78% | +14.65% | +7.51% | +11.26% |
| 1966 | -16.16% | -13.01% | -18.96% | -15.92% |
| 1965 | +10.21% | +13.70% | +8.13% | +11.55% |
| 1964 | +14.05% | +18.39% | +12.96% | +17.25% |
| 1963 | +17.21% | +21.09% | +15.31% | +19.13% |
| 1962 | -10.99% | -7.69% | -12.16% | -8.90% |
| 1961 | +19.51% | +23.46% | +18.71% | +22.64% |
| 1960 | -9.21% | -6.01% | -10.43% | -7.27% |
| 1959 | +18.52% | +22.46% | +16.51% | +20.38% |
| 1958 | +29.64% | +35.01% | +27.39% | +32.67% |
| 1957 | -11.19% | -7.04% | -13.69% | -9.66% |
| 1956 | +1.53% | +6.39% | -1.41% | +3.30% |
| 1955 | +23.04% | +29.10% | +22.58% | +28.62% |
| 1954 | +40.08% | +47.52% | +41.13% | +48.62% |
| 1953 | -1.68% | +4.18% | -2.41% | +3.41% |
| 1952 | +7.46% | +13.74% | +6.66% | +12.89% |
| 1951 | +16.06% | +23.61% | +9.50% | +16.61% |
| 1950 | +16.51% | +25.34% | +9.98% | +18.32% |
| 1949 | +11.61% | +19.72% | +13.97% | +22.26% |
| 1948 | -1.60% | +4.91% | -4.46% | +1.86% |
| 1947 | +2.75% | +8.21% | -5.59% | -0.58% |
| 1946 | -9.53% | -5.88% | -23.41% | -20.32% |
| 1945 | +28.19% | +33.29% | +25.38% | +30.36% |
| 1944 | +11.73% | +16.95% | +9.22% | +14.32% |
| 1943 | +14.86% | +20.35% | +11.56% | +16.89% |
| 1942 | +5.86% | +12.34% | -2.91% | +3.03% |
| 1941 | -15.16% | -9.64% | -22.83% | -17.80% |
| 1940 | -12.18% | -7.41% | -12.80% | -8.06% |
| 1939 | -1.05% | +3.25% | -1.05% | +3.25% |
| 1938 | +19.58% | +24.16% | +23.00% | +27.70% |
| 1937 | -30.26% | -26.21% | -32.20% | -28.26% |
| 1936 | +27.03% | +32.51% | +25.21% | +30.62% |
| 1935 | +39.46% | +44.78% | +35.42% | +40.59% |
| 1934 | +2.31% | +6.18% | +0.78% | +4.60% |
| 1933 | +67.91% | +75.03% | +66.64% | +73.71% |
| 1932 | -27.13% | -21.71% | -18.78% | -12.74% |
| 1931 | -52.22% | -49.07% | -47.31% | -43.84% |
| 1930 | -31.19% | -27.77% | -26.48% | -22.83% |
| 1929 | -12.07% | -8.32% | -12.58% | -8.85% |
| 1928 | +41.48% | +47.68% | +43.13% | +49.41% |
| 1927 | +24.61% | +28.92% | +27.49% | +31.90% |
| 1926 | +3.26% | +7.03% | +4.43% | +8.24% |
| 1925 | +35.05% | +40.61% | +30.52% | +35.90% |
| 1924 | +21.35% | +27.82% | +21.35% | +27.82% |
| 1923 | -3.57% | +1.12% | -5.80% | -1.22% |
| 1922 | +22.09% | +27.40% | +24.98% | +30.42% |
| 1921 | +11.18% | +17.23% | +24.68% | +31.46% |
| 1920 | -31.92% | -27.39% | -33.67% | -29.26% |
| 1919 | +28.21% | +35.41% | +11.93% | +18.21% |
| 1918 | +18.33% | +29.40% | -1.75% | +7.44% |
| 1917 | -30.55% | -23.64% | -41.20% | -35.35% |
| 1916 | +2.81% | +9.12% | -8.71% | -3.11% |
| 1915 | +78.36% | +87.37% | +74.89% | +83.73% |
| 1914 | -28.95% | -25.32% | -29.65% | -26.05% |
| 1913 | -11.82% | -5.49% | -14.46% | -8.32% |
| 1912 | +7.53% | +18.04% | +0.21% | +10.01% |
| 1911 | +0.00% | +5.35% | +2.10% | +7.56% |
| 1910 | -17.58% | -13.37% | -10.80% | -6.24% |
| 1909 | +14.49% | +21.13% | +3.60% | +9.61% |
| 1908 | +46.17% | +54.64% | +41.49% | +49.68% |
| 1907 | -37.78% | -33.93% | -36.43% | -32.50% |
| 1906 | +0.63% | +4.89% | -4.66% | -0.62% |
| 1905 | +35.44% | +41.32% | +35.44% | +41.32% |
| 1904 | +47.48% | +55.52% | +40.86% | +48.54% |
| 1903 | -23.90% | -19.34% | -19.48% | -14.66% |
| 1902 | -2.08% | +2.85% | -8.60% | -4.00% |
| 1901 | -5.78% | -0.91% | -10.26% | -5.62% |
| 1900 | +0.77% | +5.88% | +4.61% | +9.91% |
| 1899 | +12.25% | +19.81% | -3.95% | +2.52% |
| 1898 | +20.92% | +27.54% | +19.13% | +25.65% |
| 1897 | +20.15% | +26.88% | +20.15% | +26.88% |
The 1915 anomaly...
Across 129 years of Dow annual data, roughly 74% of calendar years finish positive on a total-return basis.
The single best year on record is the outlier: 1915 at +87% total return. The Dow had spent the previous two years in the only pre-WWI back-to-back bear (1913 −5%, 1914 −25%, mostly the European war scare and the four-and-a-half-month NYSE shutdown that ran from July 31 to December 12, 1914). When the exchange reopened, US industrial stocks turned out to be on the right side of an unprecedented munitions and capital-goods boom. The Dow's industrial concentration was in exactly the right place. No other calendar year in the dataset comes close.
The down years cluster. 1929–1932 (Great Depression) is the only four-year-in-a-row negative total return streak. 1937 stands alone. 1973–1974 was a back-to-back. 2000–2002 was a three-peat. 2008 was alone at −34%. The longest positive streak is 10 years: 1947 through 1956.
And the worst and best years cluster tightly. The single worst calendar year, 1931 (−49%), is just two years before 1933 (+75%). 1907 (−34%) was followed immediately by 1908 (+55%). 1914 (−25%) by the 1915 +87% snapback above. 1937 (−26%) by 1938 (+24%). 1974 (−24%) by 1975 (+48%). 2008 (−34%) by 2009 (+25%).
Methodology and sources
Recent Dow Jones Industrial Average daily prices come from the Federal Reserve's DJIA series on FRED, with each monthly value being the average of that month's daily closes. Per-share monthly dividends are derived from the gap between the Dow price index and the S&P DJI total-return DJIA index, allocated across the months of each quarter. For detail on how the historical Dow level and dividend series are populated and estimated back to 1896, see DQYDJ's Dow Jones Return Calculator.
Why these numbers may differ from what you've seen elsewhere: the financial press and index publishers usually quote annual returns as the Jan 2 open to the Dec 31 close (or thereabouts, depending on market days). This tool's annual return uses the December monthly-average price over the prior December monthly-average – the same convention used in long-horizon academic datasets.
Calm years agree within fractions of a percent; volatile ones (2008, 2020, 2022 are recent examples) can differ by a couple of percentage points. For the press-style numbers, see our year-specific Dow Jones return posts.
- Annual price return for year Y = (December Y monthly-average price) ÷ (December Y−1 monthly-average price) − 1.
- Total return reinvests each month's dividend into more index shares at that month's price (the shares-purchased method), then takes the Dec-over-Dec ratio of shares × price.
- Real (inflation-adjusted) returns divide by the CPI ratio between the two December months.
