S&P 500 in January
Since 1994, January has returned +0.8% on average (median +1.6%), and the S&P 500 has risen in 61% of Januaries — 8th of the 12 months by average. Total return, dividends reinvested, from SPY's month-end closes.
January 2026: +1.5% — 19th of 33 Januaries since 1994.
Every January since 1994 (total return)#
How January returns are spread#
33 Januaries since 1994, counted in 2% bins; the blue line is January 2026.
S&P 500 January returns by year#
| Year | Total return | Price return |
|---|---|---|
| 2026 | +1.5% | +1.5% |
| 2025 | +2.7% | +2.7% |
| 2024 | +1.6% | +1.6% |
| 2023 | +6.3% | +6.3% |
| 2022 | -5.3% | -5.3% |
| 2021 | -1.0% | -1.0% |
| 2020 | -0.0% | -0.0% |
| 2019 | +8.0% | +8.0% |
| 2018 | +5.6% | +5.6% |
| 2017 | +1.8% | +1.8% |
| 2016 | -5.0% | -5.0% |
| 2015 | -3.0% | -3.0% |
| 2014 | -3.5% | -3.5% |
| 2013 | +5.1% | +5.1% |
| 2012 | +4.6% | +4.6% |
| 2011 | +2.3% | +2.3% |
| 2010 | -3.6% | -3.6% |
| 2009 | -8.2% | -8.2% |
| 2008 | -6.0% | -6.0% |
| 2007 | +1.5% | +1.5% |
| 2006 | +2.4% | +2.4% |
| 2005 | -2.2% | -2.2% |
| 2004 | +2.0% | +2.0% |
| 2003 | -2.5% | -2.5% |
| 2002 | -1.0% | -1.0% |
| 2001 | +4.4% | +4.4% |
| 2000 | -5.0% | -5.0% |
| 1999 | +3.5% | +3.5% |
| 1998 | +1.3% | +1.3% |
| 1997 | +6.2% | +6.2% |
| 1996 | +3.6% | +3.6% |
| 1995 | +3.4% | +3.4% |
| 1994 | +3.5% | +3.5% |
Methodology#
Each January is the return from the last close of the month before to the last close of January, from SPY's closes since 1994: total return over its dividend-adjusted closes, price return over its split-adjusted closes. The month in progress is as of the last close and moves with the tape during the session; it is shown beside the record and never averaged into it. Past performance does not predict future returns; not investment advice.
ChartRow is not affiliated with, sponsored by, or endorsed by S&P Dow Jones Indices LLC, S&P Global, Nasdaq, Inc., Robert Shiller, RSBB-I, LLC, or Yale University. "S&P 500®" and "Dow Jones®" are registered trademarks of S&P Dow Jones Indices LLC; "Nasdaq-100®" is a registered trademark of Nasdaq, Inc.; "CAPE®" is a registered trademark of RSBB-I, LLC. They are used here only to identify the indexes and series discussed. All index-related figures on this page are independently derived from public sources — SEC filings, the public Shiller S&P 500 monthly series, and our own computations — not from any index provider's data feed.
FAQ#
- Is January a good month for the S&P 500?
- Since 1994, January has returned +0.8% on average (total return, dividends reinvested) with a median of +1.6%, and the S&P 500 rose in 20 of 33 Januaries (61%). By average return it ranks 8th of the 12 months.
- What was the S&P 500's best and worst January?
- The best January since 1994 was 2019 (+8.0%), the worst 2009 (-8.2%).
More on S&P 500
- Returns by year+12.8%
- Return drivers+17.7%
- Yearly charts+17.7%
- Trailing returns+16.8%
- YTD return+12.8%
- Sector performance+55.7%
- Return calculator$1,830
- Average return10%?