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S&P 500 Dividend Yield

Written by:
PK

On this page you'll find the current S&P 500 dividend yield, summary statistics on its maximum, minimum, average, and median since 1871, as well as the history of the S&P 500's dividend yield. Also, find our dividend yield visualization for the S&P 500 and a table with historical dividend yield by month data.

S&P 500 Dividend Yield History Tool

Historical S&P 500 Dividend Yield

Below is the monthly history of the S&P 500 Dividend Yield. The S&P 500 Return Calculator shows details on the most recently updated data.

For recent months without dividend data, it reuses the last known dividends paid out in a month to compute a yield – expect the most recent months to change when you come back and visit us again.

Historical S&P 500 Dividend Yield by Month

The dividends are the trailing 12 month (TTM) dividend payout.

MonthIndex AverageDividend/ShDividend Yield
01-18714.44$0.265.86%
02-18714.50$0.265.78%
03-18714.61$0.265.64%
04-18714.74$0.265.49%
05-18714.86$0.265.35%
06-18714.82$0.265.39%
07-18714.73$0.265.50%
08-18714.79$0.265.43%
09-18714.84$0.265.37%
10-18714.59$0.265.66%
11-18714.64$0.265.60%
12-18714.74$0.265.49%
01-18724.86$0.265.42%
02-18724.88$0.275.47%
03-18725.04$0.275.36%
04-18725.18$0.275.28%
05-18725.18$0.285.34%
06-18725.13$0.285.46%
07-18725.10$0.285.55%
08-18725.04$0.295.69%
09-18724.95$0.295.86%
10-18724.97$0.295.90%
11-18724.95$0.305.99%
12-18725.07$0.305.92%
01-18735.11$0.305.92%
02-18735.15$0.315.92%
03-18735.11$0.316.02%
04-18735.04$0.316.15%
05-18735.05$0.316.19%
06-18734.98$0.326.33%
07-18734.97$0.326.39%
08-18734.97$0.326.44%
09-18734.59$0.327.03%
10-18734.19$0.337.76%
11-18734.04$0.338.11%
12-18734.42$0.337.47%
01-18744.66$0.337.08%
02-18744.80$0.336.88%
03-18744.73$0.336.98%
04-18744.60$0.337.17%
05-18744.48$0.337.37%
06-18744.46$0.337.40%
07-18744.46$0.337.40%
08-18744.47$0.337.38%
09-18744.54$0.337.27%
10-18744.53$0.337.28%
11-18744.57$0.337.22%
12-18744.54$0.337.27%
01-18754.54$0.337.21%
02-18754.53$0.337.17%
03-18754.59$0.327.03%
04-18754.65$0.326.88%
05-18754.47$0.327.10%
06-18754.38$0.327.19%
07-18754.39$0.317.12%
08-18754.41$0.317.03%
09-18754.37$0.317.04%
10-18754.30$0.317.09%
11-18754.37$0.306.92%
12-18754.37$0.306.86%
01-18764.46$0.306.73%
02-18764.52$0.306.64%
03-18764.51$0.306.65%
04-18764.34$0.306.91%
05-18764.18$0.307.18%
06-18764.15$0.307.23%
07-18764.10$0.307.32%
08-18763.93$0.307.63%
09-18763.69$0.308.13%
10-18763.67$0.308.17%
11-18763.60$0.308.33%
12-18763.58$0.308.38%
01-18773.55$0.298.19%
02-18773.34$0.288.43%
03-18773.17$0.278.60%
04-18772.94$0.268.96%
05-18772.94$0.258.65%
06-18772.73$0.258.97%
07-18772.85$0.248.27%
08-18773.05$0.237.43%
09-18773.24$0.226.71%
10-18773.31$0.216.29%
11-18773.26$0.206.11%
12-18773.25$0.195.85%
01-18783.25$0.195.82%
02-18783.18$0.195.92%
03-18783.24$0.195.79%
04-18783.33$0.195.61%
05-18783.34$0.195.56%
06-18783.41$0.195.43%
07-18783.48$0.185.29%
08-18783.45$0.185.31%
09-18783.52$0.185.18%
10-18783.48$0.185.22%
11-18783.47$0.185.21%
12-18783.45$0.185.22%
01-18793.58$0.185.08%
02-18793.71$0.184.94%
03-18793.65$0.195.07%
04-18793.77$0.194.95%
05-18793.94$0.194.78%
06-18793.96$0.194.80%
07-18794.04$0.194.75%
08-18794.07$0.194.75%
09-18794.22$0.204.62%
10-18794.68$0.204.20%
11-18794.93$0.204.02%
12-18794.92$0.204.07%
01-18805.11$0.214.01%
02-18805.20$0.214.04%
03-18805.30$0.224.06%
04-18805.18$0.224.25%
05-18804.77$0.234.72%
06-18804.79$0.234.80%
07-18805.01$0.244.69%
08-18805.19$0.244.62%
09-18805.18$0.254.73%
10-18805.33$0.254.69%
11-18805.61$0.264.55%
12-18805.84$0.264.45%
01-18816.19$0.274.28%
02-18816.17$0.274.38%
03-18816.24$0.284.41%
04-18816.22$0.284.50%
05-18816.50$0.294.38%
06-18816.58$0.294.41%
07-18816.35$0.304.65%
08-18816.20$0.304.84%
09-18816.25$0.314.88%
10-18816.15$0.315.04%
11-18816.19$0.325.09%
12-18816.01$0.325.32%
01-18825.92$0.325.41%
02-18825.79$0.325.53%
03-18825.78$0.325.54%
04-18825.78$0.325.54%
05-18825.71$0.325.60%
06-18825.68$0.325.63%
07-18826.00$0.325.33%
08-18826.18$0.325.18%
09-18826.24$0.325.13%
10-18826.07$0.325.27%
11-18825.81$0.325.51%
12-18825.84$0.325.48%
01-18835.81$0.325.52%
02-18835.68$0.325.66%
03-18835.75$0.325.61%
04-18835.87$0.325.51%
05-18835.77$0.325.62%
06-18835.82$0.335.58%
07-18835.73$0.335.69%
08-18835.47$0.335.97%
09-18835.53$0.335.92%
10-18835.38$0.336.10%
11-18835.46$0.336.03%
12-18835.34$0.336.18%
01-18845.18$0.336.34%
02-18845.32$0.336.14%
03-18845.30$0.336.13%
04-18845.06$0.326.39%
05-18844.65$0.326.92%
06-18844.46$0.327.17%
07-18844.46$0.327.14%
08-18844.74$0.326.68%
09-18844.59$0.326.86%
10-18844.44$0.317.06%
11-18844.35$0.317.17%
12-18844.34$0.317.14%
01-18854.24$0.307.17%
02-18854.37$0.306.83%
03-18854.38$0.296.68%
04-18854.37$0.296.56%
05-18854.32$0.286.50%
06-18854.30$0.286.40%
07-18854.46$0.276.04%
08-18854.71$0.265.59%
09-18854.65$0.265.54%
10-18854.92$0.255.12%
11-18855.24$0.254.69%
12-18855.20$0.244.62%
01-18865.20$0.244.58%
02-18865.30$0.244.47%
03-18865.19$0.244.53%
04-18865.12$0.234.56%
05-18865.02$0.234.62%
06-18865.25$0.234.38%
07-18865.33$0.234.28%
08-18865.37$0.234.22%
09-18865.51$0.234.08%
10-18865.65$0.223.95%
11-18865.79$0.223.83%
12-18865.64$0.223.90%
01-18875.58$0.223.99%
02-18875.54$0.234.06%
03-18875.67$0.234.01%
04-18875.80$0.233.97%
05-18875.90$0.233.94%
06-18875.73$0.244.10%
07-18875.59$0.244.25%
08-18875.45$0.244.40%
09-18875.38$0.244.51%
10-18875.20$0.254.71%
11-18875.30$0.254.67%
12-18875.27$0.254.74%
01-18885.31$0.254.68%
02-18885.28$0.254.67%
03-18885.08$0.254.82%
04-18885.10$0.244.77%
05-18885.17$0.244.68%
06-18885.01$0.244.79%
07-18885.14$0.244.64%
08-18885.25$0.244.51%
09-18885.38$0.244.37%
10-18885.35$0.234.36%
11-18885.24$0.234.42%
12-18885.14$0.234.47%
01-18895.24$0.234.37%
02-18895.30$0.234.31%
03-18895.19$0.234.38%
04-18895.18$0.234.38%
05-18895.32$0.234.24%
06-18895.41$0.234.16%
07-18895.30$0.224.23%
08-18895.37$0.224.16%
09-18895.50$0.224.05%
10-18895.40$0.224.11%
11-18895.35$0.224.13%
12-18895.32$0.224.14%
01-18905.38$0.224.09%
02-18905.32$0.224.14%
03-18905.28$0.224.17%
04-18905.39$0.224.08%
05-18905.62$0.223.91%
06-18905.58$0.223.94%
07-18905.54$0.223.97%
08-18905.41$0.224.07%
09-18905.32$0.224.14%
10-18905.08$0.224.33%
11-18904.71$0.224.67%
12-18904.60$0.224.78%
01-18914.84$0.224.55%
02-18914.90$0.224.49%
03-18914.81$0.224.57%
04-18914.97$0.224.43%
05-18914.95$0.224.44%
06-18914.85$0.224.54%
07-18914.77$0.224.61%
08-18914.93$0.224.46%
09-18915.33$0.224.13%
10-18915.33$0.224.13%
11-18915.25$0.224.19%
12-18915.41$0.224.07%
01-18925.51$0.224.02%
02-18925.52$0.224.05%
03-18925.58$0.234.03%
04-18925.57$0.234.07%
05-18925.57$0.234.10%
06-18925.54$0.234.15%
07-18925.54$0.234.18%
08-18925.62$0.234.15%
09-18925.48$0.244.29%
10-18925.59$0.244.23%
11-18925.57$0.244.28%
12-18925.51$0.244.36%
01-18935.61$0.244.29%
02-18935.51$0.244.39%
03-18935.31$0.244.57%
04-18935.31$0.244.58%
05-18934.84$0.245.05%
06-18934.61$0.255.31%
07-18934.18$0.255.88%
08-18934.08$0.256.05%
09-18934.37$0.255.66%
10-18934.50$0.255.52%
11-18934.57$0.255.45%
12-18934.41$0.255.67%
01-18944.32$0.255.71%
02-18944.38$0.245.55%
03-18944.51$0.245.32%
04-18944.57$0.245.18%
05-18944.40$0.235.30%
06-18944.34$0.235.30%
07-18944.25$0.235.33%
08-18944.41$0.225.06%
09-18944.48$0.224.91%
10-18944.34$0.224.99%
11-18944.34$0.214.91%
12-18944.30$0.214.88%
01-18954.25$0.214.90%
02-18954.19$0.214.93%
03-18954.19$0.214.89%
04-18954.37$0.204.65%
05-18954.61$0.204.38%
06-18954.70$0.204.26%
07-18954.72$0.204.20%
08-18954.79$0.204.11%
09-18954.82$0.204.05%
10-18954.75$0.194.07%
11-18954.59$0.194.18%
12-18954.32$0.194.40%
01-18964.27$0.194.43%
02-18964.45$0.194.23%
03-18964.38$0.194.28%
04-18964.42$0.194.22%
05-18964.40$0.194.22%
06-18964.32$0.194.28%
07-18964.04$0.184.56%
08-18963.81$0.184.81%
09-18964.01$0.184.55%
10-18964.10$0.184.43%
11-18964.38$0.184.13%
12-18964.22$0.184.27%
01-18974.22$0.184.27%
02-18974.18$0.184.31%
03-18974.19$0.184.30%
04-18974.06$0.184.43%
05-18974.08$0.184.41%
06-18974.27$0.184.22%
07-18974.46$0.184.04%
08-18974.75$0.183.79%
09-18974.98$0.183.61%
10-18974.82$0.183.73%
11-18974.65$0.183.87%
12-18974.75$0.183.79%
01-18984.88$0.183.72%
02-18984.87$0.183.76%
03-18984.65$0.193.98%
04-18984.57$0.194.09%
05-18984.87$0.193.87%
06-18985.06$0.193.75%
07-18985.08$0.193.77%
08-18985.27$0.193.67%
09-18985.26$0.203.71%
10-18985.15$0.203.82%
11-18985.32$0.203.73%
12-18985.65$0.203.54%
01-18996.08$0.203.30%
02-18996.31$0.203.20%
03-18996.40$0.203.16%
04-18996.48$0.203.14%
05-18996.21$0.203.29%
06-18996.07$0.213.38%
07-18996.28$0.213.28%
08-18996.44$0.213.21%
09-18996.37$0.213.26%
10-18996.34$0.213.29%
11-18996.46$0.213.24%
12-18996.02$0.213.49%
01-19006.10$0.223.57%
02-19006.21$0.233.62%
03-19006.26$0.233.71%
04-19006.34$0.243.79%
05-19006.04$0.254.10%
06-19005.86$0.264.35%
07-19005.86$0.264.48%
08-19005.94$0.274.55%
09-19005.80$0.284.78%
10-19006.01$0.294.74%
11-19006.48$0.294.51%
12-19006.87$0.304.37%
01-19017.07$0.304.27%
02-19017.25$0.304.18%
03-19017.51$0.314.06%
04-19018.14$0.313.77%
05-19017.73$0.313.99%
06-19018.50$0.313.65%
07-19017.93$0.313.93%
08-19018.04$0.313.90%
09-19018.00$0.323.94%
10-19017.91$0.324.00%
11-19018.08$0.323.94%
12-19017.95$0.324.03%
01-19028.12$0.323.95%
02-19028.19$0.323.93%
03-19028.20$0.323.93%
04-19028.48$0.323.81%
05-19028.46$0.323.83%
06-19028.41$0.333.86%
07-19028.60$0.333.79%
08-19028.83$0.333.70%
09-19028.85$0.333.70%
10-19028.57$0.333.83%
11-19028.24$0.334.00%
12-19028.05$0.334.10%
01-19038.46$0.333.92%
02-19038.41$0.333.96%
03-19038.08$0.344.15%
04-19037.75$0.344.34%
05-19037.60$0.344.45%
06-19037.18$0.344.74%
07-19036.85$0.344.99%
08-19036.63$0.345.18%
09-19036.47$0.355.33%
10-19036.26$0.355.54%
11-19036.28$0.355.55%
12-19036.57$0.355.33%
01-19046.68$0.355.19%
02-19046.50$0.345.28%
03-19046.48$0.345.25%
04-19046.64$0.345.07%
05-19046.50$0.335.13%
06-19046.51$0.335.07%
07-19046.78$0.334.82%
08-19047.01$0.324.61%
09-19047.32$0.324.37%
10-19047.75$0.324.09%
11-19048.17$0.313.83%
12-19048.25$0.313.76%
01-19058.43$0.313.70%
02-19058.80$0.313.56%
03-19059.05$0.323.48%
04-19058.94$0.323.54%
05-19058.50$0.323.74%
06-19058.60$0.323.72%
07-19058.87$0.323.63%
08-19059.20$0.323.51%
09-19059.23$0.333.52%
10-19059.36$0.333.49%
11-19059.31$0.333.53%
12-19059.54$0.333.46%
01-19069.87$0.343.40%
02-19069.80$0.343.49%
03-19069.56$0.353.63%
04-19069.43$0.353.75%
05-19069.18$0.363.91%
06-19069.30$0.373.92%
07-19069.06$0.374.09%
08-19069.73$0.383.87%
09-190610.03$0.383.81%
10-19069.73$0.393.99%
11-19069.93$0.393.97%
12-19069.84$0.404.07%
01-19079.56$0.404.22%
02-19079.26$0.414.39%
03-19078.35$0.414.91%
04-19078.39$0.414.93%
05-19078.10$0.425.14%
06-19077.84$0.425.36%
07-19078.14$0.425.20%
08-19077.53$0.435.67%
09-19077.45$0.435.77%
10-19076.64$0.436.53%
11-19076.25$0.446.99%
12-19076.57$0.446.70%
01-19086.85$0.446.38%
02-19086.60$0.436.57%
03-19086.87$0.436.26%
04-19087.24$0.435.89%
05-19087.63$0.425.55%
06-19087.64$0.425.50%
07-19087.92$0.425.26%
08-19088.26$0.415.00%
09-19088.17$0.415.02%
10-19088.27$0.414.92%
11-19088.83$0.404.57%
12-19089.03$0.404.43%
01-19099.06$0.404.45%
02-19098.80$0.414.62%
03-19098.92$0.414.60%
04-19099.32$0.414.43%
05-19099.63$0.424.33%
06-19099.80$0.424.29%
07-19099.94$0.424.26%
08-190910.18$0.434.19%
09-190910.19$0.434.22%
10-190910.23$0.434.24%
11-190910.18$0.444.29%
12-190910.30$0.444.27%
01-191010.08$0.444.39%
02-19109.72$0.454.58%
03-19109.96$0.454.49%
04-19109.72$0.454.63%
05-19109.56$0.454.73%
06-19109.10$0.465.00%
07-19108.64$0.465.30%
08-19108.85$0.465.20%
09-19108.91$0.465.19%
10-19109.32$0.474.99%
11-19109.31$0.475.02%
12-19109.05$0.475.19%
01-19119.27$0.475.07%
02-19119.43$0.474.98%
03-19119.32$0.475.04%
04-19119.28$0.475.06%
05-19119.48$0.474.96%
06-19119.67$0.474.86%
07-19119.63$0.474.88%
08-19119.17$0.475.13%
09-19118.67$0.475.42%
10-19118.72$0.475.39%
11-19119.07$0.475.18%
12-19119.11$0.475.16%
01-19129.12$0.475.16%
02-19129.04$0.475.22%
03-19129.30$0.475.08%
04-19129.59$0.474.94%
05-19129.58$0.474.95%
06-19129.58$0.484.96%
07-19129.59$0.484.96%
08-19129.81$0.484.86%
09-19129.86$0.484.84%
10-19129.84$0.484.86%
11-19129.73$0.484.92%
12-19129.38$0.485.12%
01-19139.30$0.485.16%
02-19138.97$0.485.35%
03-19138.80$0.485.45%
04-19138.79$0.485.46%
05-19138.55$0.485.61%
06-19138.12$0.485.91%
07-19138.23$0.485.83%
08-19138.45$0.485.68%
09-19138.53$0.485.63%
10-19138.26$0.485.81%
11-19138.05$0.485.96%
12-19138.04$0.485.97%
01-19148.37$0.485.68%
02-19148.48$0.475.54%
03-19148.32$0.475.59%
04-19148.12$0.465.67%
05-19148.17$0.465.57%
06-19148.13$0.455.54%
07-19147.68$0.455.79%
08-19147.68$0.445.73%
09-19147.68$0.445.66%
10-19147.68$0.435.60%
11-19147.68$0.435.53%
12-19147.35$0.425.71%
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05-2003935.96$16.191.73%
06-2003988.00$16.171.64%
07-2003992.54$16.311.64%
08-2003989.53$16.451.66%
09-20031019.44$16.591.63%
10-20031038.73$16.861.62%
11-20031049.90$17.121.63%
12-20031080.64$17.391.61%
01-20041132.52$17.601.55%
02-20041143.36$17.811.56%
03-20041123.98$18.021.60%
04-20041133.36$18.211.61%
05-20041102.78$18.411.67%
06-20041132.76$18.601.64%
07-20041105.85$18.791.70%
08-20041088.94$18.971.74%
09-20041117.66$19.161.71%
10-20041117.21$19.251.72%
11-20041168.94$19.351.66%
12-20041199.21$19.441.62%
01-20051181.41$19.701.67%
02-20051199.63$19.971.66%
03-20051194.90$20.231.69%
04-20051164.43$20.461.76%
05-20051178.28$20.701.76%
06-20051202.25$20.931.74%
07-20051222.24$21.111.73%
08-20051224.27$21.301.74%
09-20051225.92$21.481.75%
10-20051191.96$21.731.82%
11-20051237.37$21.971.78%
12-20051262.07$22.221.76%
01-20061278.73$22.411.75%
02-20061276.65$22.601.77%
03-20061293.74$22.791.76%
04-20061302.17$23.011.77%
05-20061290.01$23.221.80%
06-20061253.17$23.441.87%
07-20061260.24$23.661.88%
08-20061287.15$23.881.86%
09-20061317.74$24.101.83%
10-20061363.38$24.361.79%
11-20061388.64$24.621.77%
12-20061416.42$24.881.76%
01-20071424.16$25.081.76%
02-20071444.80$25.291.75%
03-20071406.95$25.491.81%
04-20071463.64$25.721.76%
05-20071511.14$25.941.72%
06-20071514.19$26.171.73%
07-20071520.71$26.441.74%
08-20071454.62$26.701.84%
09-20071497.12$26.971.80%
10-20071539.66$27.221.77%
11-20071463.39$27.481.88%
12-20071479.22$27.731.87%
01-20081378.76$27.922.03%
02-20081354.87$28.112.07%
03-20081316.94$28.302.15%
04-20081370.47$28.442.07%
05-20081403.22$28.572.04%
06-20081341.25$28.712.14%
07-20081257.33$28.762.29%
08-20081281.47$28.802.25%
09-20081216.95$28.852.37%
10-2008968.80$28.702.96%
11-2008883.04$28.543.23%
12-2008877.56$28.393.24%
01-2009865.58$28.013.24%
02-2009805.23$27.633.43%
03-2009757.13$27.253.60%
04-2009848.15$26.703.15%
05-2009902.41$26.142.90%
06-2009926.12$25.592.76%
07-2009935.82$25.032.67%
08-20091009.73$24.462.42%
09-20091044.55$23.902.29%
10-20091067.66$23.402.19%
11-20091088.07$22.912.11%
12-20091110.38$22.412.02%
01-20101123.58$22.241.98%
02-20101089.16$22.082.03%
03-20101152.05$21.911.90%
04-20101197.32$21.951.83%
05-20101125.06$22.001.96%
06-20101083.36$22.042.03%
07-20101079.80$22.152.05%
08-20101087.28$22.252.05%
09-20101122.08$22.361.99%
10-20101171.58$22.481.92%
11-20101198.89$22.611.89%
12-20101241.53$22.731.83%
01-20111282.62$22.961.79%
02-20111321.12$23.201.76%
03-20111304.49$23.431.80%
04-20111331.51$23.731.78%
05-20111338.31$24.041.80%
06-20111287.29$24.341.89%
07-20111325.19$24.621.86%
08-20111185.31$24.902.10%
09-20111173.88$25.182.15%
10-20111207.22$25.602.12%
11-20111226.42$26.012.12%
12-20111243.32$26.432.13%
01-20121300.58$26.742.06%
02-20121352.49$27.042.00%
03-20121389.24$27.351.97%
04-20121386.43$27.672.00%
05-20121341.27$28.002.09%
06-20121323.48$28.322.14%
07-20121359.78$28.742.11%
08-20121403.45$29.172.08%
09-20121443.42$29.592.05%
10-20121437.82$30.142.10%
11-20121394.51$30.702.20%
12-20121422.29$31.252.20%
01-20131480.40$31.542.13%
02-20131512.31$31.822.10%
03-20131550.83$32.112.07%
04-20131570.70$32.502.07%
05-20131639.84$32.882.01%
06-20131618.77$33.272.06%
07-20131668.68$33.652.02%
08-20131670.09$34.022.04%
09-20131687.17$34.402.04%
10-20131720.03$34.602.01%
11-20131783.54$34.791.95%
12-20131807.78$34.991.94%
01-20141822.36$35.401.94%
02-20141817.04$35.821.97%
03-20141863.52$36.231.94%
04-20141864.26$36.611.96%
05-20141889.77$37.001.96%
06-20141947.09$37.381.92%
07-20141973.10$37.751.91%
08-20141961.53$38.121.94%
09-20141993.23$38.491.93%
10-20141937.27$38.812.00%
11-20142044.57$39.121.91%
12-20142054.27$39.441.92%
01-20152028.18$39.901.97%
02-20152082.20$40.351.94%
03-20152079.99$40.811.96%
04-20152094.86$41.121.96%
05-20152111.94$41.431.96%
06-20152099.29$41.741.99%
07-20152094.14$42.002.01%
08-20152039.87$42.252.07%
09-20151944.41$42.512.19%
10-20152024.81$42.802.11%
11-20152080.62$43.102.07%
12-20152054.08$43.392.11%
01-20161918.60$43.552.27%
02-20161904.42$43.722.30%
03-20162021.95$43.882.17%
04-20162075.54$44.072.12%
05-20162065.55$44.272.14%
06-20162083.89$44.462.13%
07-20162148.90$44.652.08%
08-20162170.95$44.842.07%
09-20162157.69$45.032.09%
10-20162143.02$45.252.11%
11-20162164.99$45.482.10%
12-20162246.63$45.702.03%
01-20172275.12$45.932.02%
02-20172329.91$46.151.98%
03-20172366.82$46.381.96%
04-20172359.31$46.661.98%
05-20172395.35$46.941.96%
06-20172433.99$47.221.94%
07-20172454.10$47.541.94%
08-20172456.22$47.851.95%
09-20172492.84$48.171.93%
10-20172557.00$48.421.89%
11-20172593.61$48.681.88%
12-20172664.34$48.931.84%
01-20182789.80$49.291.77%
02-20182705.16$49.641.84%
03-20182702.77$50.001.85%
04-20182653.63$50.331.90%
05-20182701.49$50.661.88%
06-20182754.35$50.991.85%
07-20182793.64$51.441.84%
08-20182857.82$51.891.82%
09-20182901.50$52.341.80%
10-20182785.46$52.811.90%
11-20182723.23$53.281.96%
12-20182567.31$53.752.09%
01-20192607.39$54.152.08%
02-20192754.86$54.541.98%
03-20192803.98$54.941.96%
04-20192903.80$55.321.91%
05-20192854.71$55.701.95%
06-20192890.17$56.081.94%
07-20192996.11$56.461.88%
08-20192897.50$56.841.96%
09-20192982.16$57.221.92%
10-20192977.68$57.561.93%
11-20193104.90$57.901.86%
12-20193176.75$58.241.83%
01-20203278.20$58.691.79%
02-20203277.31$59.131.80%
03-20202652.39$59.582.25%
04-20202761.98$59.612.16%
05-20202919.62$59.652.04%
06-20203104.66$59.681.92%
07-20203207.62$59.401.85%
08-20203391.71$59.131.74%
09-20203365.52$58.851.75%
10-20203418.70$58.661.72%
11-20203548.99$58.471.65%
12-20203695.31$58.281.58%
01-20213793.75$58.281.54%
02-20213883.43$58.281.50%
03-20213910.51$58.281.49%
04-20214141.18$58.281.41%

Using the S&P 500 Dividend Yield Tool

The S&P 500 dividend yield visualization tool lets you zoom and slice the dividends on the S&P 500 index over time. Hover (click on mobile) on the graph to see the yield's point estimate based on the trailing 12-month (TTM) dividend payout.

In the upper right hand of the interactive graph, there is a hamburger menu with some tools. Click on it to Export the graph to png or svg, or export the graph data in CSV format.

S&P 500 Dividend Summary Statistics

The tool automatically recalculates every time you reload the page. The first thing you'll see are the historical summaries:

  • Current Div Yield – The trailing twelve-month (TTM) dividend yield for the tool's last date/data pair. As mentioned above, when I'm missing dividend data in recent quarters, it pulls data forward – expect recent months to change slightly when new data is available.
  • Average – The average dividend yield on the S&P 500, including pre-index history (see below)
  • Median – The median dividend yield over history
  • Minimum – The minimum dividend yield found
  • Maximum – The maximum dividend yield found
  • Last Data Point – The last 'full month' on the index (again, see below, this is based on closing price not the last dividends found)

What is the dividend yield?

The dividend yield is the realized last twelve months of dividend payouts on a security or basket of securities divided by those securities' price. It's usually expressed as the trailing twelve months yield, although some definitions or sectors tend to use expected forward yield or 30-day yield calculations instead.

Is the dividend yield useful to value markets?

Yes, but less useful than in the past. 

In my posts on the S&P 500 earnings yield and the S&P 500 price to earnings ratio, I mentioned that earnings aren't a great way to value an index. However, dividends do help improve the signal.

Dividends are stickier than earnings. Companies are slower to raise them, but also slower to cut or eliminate them. Unlike the swings in earnings you see during recessions and booms, dividend payout ratios and growth historically act more like a smoothed moving average.

Alas, dear reader, the dividend signal has been lost among the noise as share buybacks have started to dominate. Save certain advantaged pass-through structures (such as BDCs and REITs), dividends are taxed twice – at the corporate earnings level and the individual investor level. 

Dividend Payouts vs. Buybacks over Time on the S&P 500 (S&P Dow Jones courtesy Howard Silverblatt)

If a company buys back shares and you're a holder, you can defer your taxes in the form of capital gains (with fewer shares outstanding, ceteris paribus, share value should increase). Companies also recognize other advantages with buybacks, including eliminating lower-conviction shareholders and improving debt-to-equity ratios.

So, while in a vacuum reinvesting your dividends to buy more stock versus the company doing it for you are the same... tax laws have shifted the advantage toward buybacks. That goes double for foreign investors – a lot of tax treaties tax dividends leaving the United States at 15% or 30% (sure, there's a home country tax credit most of the time – but the complications exist), while capital gains are a freebie.

For more on the topic (and how it skews perceptions of the 10-year earnings yield as well), read anonymous blogger Jesse Livermore's excellent take here.

Can dividend yield be a false signal?

Yes, absolutely. As I mentioned, dividends are sticky – and we investors know it!

A company that finds itself paying out more than it can "afford," however well-defined that is, may keep a dividend payout longer than necessary. That delays the eventual pain when the company announces a dividend cut... possibly compounding their problems with a double dose of negative news!

That "papering over" true signals can take a few forms. If a company overweights the reputational power of its dividend, they may halt reinvestment or even liquidate assets to keep the flow of funds going. In some sectors (utilities being a prime example), companies will finance – or at least, payout – dividends with tons of debt on the books. While advantageous from the company's tax-perspective – and while keeping investors happy with dividend checks – you need to be doubly careful when dividend-paying companies become over-leveraged.

Dividends, yields, coupons, distributions, returns of capital, etc...

Note that the colorful variety of securities available for us to invest in means there are all sorts of distribution types possible.

Some securities distribute cash dividends, others realized gains, earnings, rights, warrants, coupons, shares of the underlying security, or even spinoff securities(!). 

You could complete a Ph.D. on the types, I'm sure. The IEX API I use for the stock return calculator recognizes a whopping 63 dividend types and various forms of capital returns. Beware you are comparing like-to-like with yield; the differences between distribution types can catch you off-guard. (They surprise me all the time!)

S&P 500 Dividend Yield Sources and Methodology

Monthly S&P dividend and index averages come from Robert Shiller's data. As you know, the S&P 500 in its current form only started in 1957 (with pre-history with a smaller index to 1926.) Any data before 1926 comes from the Cowles datasets.

Those nice recession-era grey bars you see come from the National Bureau of Economic Research's "peak-to-trough" recession measure.

Other caveats:

  • Index price is the monthly average closing price.
  • Dividend yield is based on the trailing twelve-month yield.
  • Recent quarters that don't yet have dividend data are pulled forward from past results. Expect revisions.

Measures of Market Valuation

Dividend payout is a decent valuation tool, but it suffers from all of the issues I laid out – and more. Here are some other tools which approach index valuation from a different angle:

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