S&P 500 returns by year: earnings growth, P/E change and dividends
Every total return is three things multiplied together — what the companies earned, what the market paid for those earnings, and the dividends. Pick a period; the years the filings cover are explained one by one below.
S&P 500 total return: Sep 30, 2016 → Sep 30, 2026#
Over the last 10 years (Sep 30, 2016 to Sep 30, 2026) the S&P 500 returned +312.9% (+15.2% a year) with dividends reinvested. Earnings growth accounts for +240.3 points of that (EPS $89.09 → $295.39, +231.6%), the change in the P/E for +12.3 (24.3 → 25.9) and dividends for +60.3.
Returns, earnings and P/E run from 1872 to today (Sep 30, 2026). Who moved the P/E — causes, sectors, companies — runs from Sep 30, 2019 to Sep 29, 2026, the span of the index fund's detailed holdings filings.
| Year | Total return | Earnings growth | P/E change | Dividends | EPS | P/E |
|---|---|---|---|---|---|---|
| 2026 to date | +12.7% | +22.8% | −8.9% | +0.8% | $240.63 → $295.39 | 28.4 → 25.9 |
| 2025 | +17.7% | +14.5% | +1.6% | +1.2% | $210.17 → $240.63 | 28.0 → 28.4 |
| 2024 | +24.9% | +9.2% | +12.9% | +1.3% | $192.43 → $210.17 | 24.8 → 28.0 |
| 2023 | +26.2% | +11.4% | +11.6% | +1.5% | $172.75 → $192.43 | 22.2 → 24.8 |
| 2022 | −18.2% | −12.7% | −7.8% | +1.6% | $197.87 → $172.75 | 24.1 → 22.2 |
| 2021 | +28.7% | +110.2% | −39.6% | +1.3% | $94.13 → $197.87 | 39.8 → 24.1 |
| 2020 | +18.3% | −32.5% | +72.1% | +1.9% | $139.47 → $94.13 | 23.1 → 39.8 |
| 2019 | +31.2% | +5.3% | +22.2% | +1.9% | $132.39 → $139.47 | 18.9 → 23.1 |
| 2018 | −4.6% | +20.5% | −22.3% | +1.9% | $109.88 → $132.39 | 24.4 → 18.9 |
| 2017 | +21.7% | +16.2% | +2.7% | +1.9% | $94.55 → $109.88 | 23.7 → 24.4 |
| 2016 from Sep 30, 2016 | +4.0% | +6.1% | −2.6% | +0.6% | $89.09 → $94.55 | 24.3 → 23.7 |
Each row multiplies out: (1 + earnings growth) × (1 + P/E change) × (1 + dividends) − 1 is the total return. In the charts dividends are the total return less the price return, and earnings and the P/E share the price return between them — they compound, so a P/E that fell 10% takes more off earnings that grew than off earnings that did not. EPS is trailing twelve-month as-reported earnings per index point; the P/E is the index over it at each year's last close. As of Sep 30, 2026.
What drove each year's return#
One bar per calendar year, split into the three sources of return; the dark tick is the total. Segments are sized so they add up to it exactly. Hover or tap a segment for what moved, by how much and who it came from; pick a bar to open up its P/E change below.
* not a whole year.
Why the P/E moved: 2026 to date#
The P/E changes for two unrelated reasons: the index comes to own different things, and the things it keeps are valued differently. Between the index fund's filings of Dec 31, 2025 and Sep 29, 2026 its P/E went 28.6 → 26.3 (−2.29 points, −8.0%). That is the P/E rebuilt company by company from the filings, the one the causes can be measured on; the published figure on the same dates was 28.4 → 25.9. Each step below is one cause; hover or tap it.
By sector: share of all the movement
Raised the P/E +0.53
- Healthcare+0.4012%
- Unclassified+0.124%
Lowered it −2.81
- Cons Disc−0.9127%
- Comm Svcs−0.7723%
- Financials−0.7422%
- Energy−0.103%
- Utilities−0.082%
- Staples−0.062%
- Industrials−0.052%
- Technology−0.041%
- Materials−0.041%
- Real Estate−0.021%
By company: who moved it, and which way
A tile's area is how much that company moved the P/E; green lowered it (cheaper) and red raised it (dearer). The 8 largest single moves are only 36% of the movement — five hundred companies move an index mostly through small changes that offset, which is why the map matters more than any list. The map is companies only: sectors changing weight (the sector-mix step above, +0.56) is no one company's doing.
Cause, sector and company are three cuts of the same points, never added together, and they sum to the −2.29 exactly. Everything in this section is on the P/E rebuilt from the fund's filings — our own method, one number per date — which must agree with the published one within 10% on a date for that date to be used at all (28.4 → 25.9 published, against 28.6 → 26.3 here).
What drove the S&P 500 in 2026 so far: +12.7%#
From Dec 31, 2025 to Sep 30, 2026 the index returned +12.7% with dividends. The largest driver was earnings growth: earnings per share went $240.63 → $295.39 (+22.8%), the P/E 28.4 → 25.9 (−8.9%), and dividends added +0.8%.
From the starting level to the ending one, in index points
Inside the valuation step: the P/E, by cause
The valuation step is the P/E over the section's own dates, 28.4 → 25.9. The bridge beside it opens the P/E up between the index fund's filings of Dec 31, 2025 and Sep 29, 2026 (28.6 → 26.3), the only dates that say who was in the index and at what weight — for a year still running they stop short of today. That bridge runs on the P/E rebuilt from those filings, our own method, which has to agree with the published one (28.4 → 25.9 on the same dates) for the dates to be used at all. Earnings and valuation compound, which is why a P/E that changed −8.9% moves the index by −9.9% of its starting level.
Where the P/E change came from
These 4 sectors explain 85% of the movement and net to −2.02 of the −2.29 P/E points between the filings of Dec 31, 2025 and Sep 29, 2026.
| Sector | Weight | P/E | Mix | Re-rating | In / out | Total | Led by |
|---|---|---|---|---|---|---|---|
| Consumer Discretionary | 10.5% → 8.8% | 37.7 → 26.1 | −0.10 | −0.84 | +0.02 | −0.91 | AMZN −0.59, TSLA −0.08 |
| Communication Services | 10.5% → 10.0% | 24.2 → 19.3 | +0.12 | −1.02 | +0.13 | −0.77 | GOOGL −1.00, LITE +0.13 |
| Financials | 13.3% → 11.6% | 18.5 → 15.3 | +0.27 | −1.01 | 0.00 | −0.74 | BRK-B −0.21, COF −0.12 |
| Healthcare | 9.6% → 9.4% | 29.9 → 36.2 | +0.18 | +0.21 | +0.01 | +0.40 | MRK +0.22, GILD +0.15 |
| Everything else (8 sectors) | +0.76 | −1.32 | +0.29 | −0.27 |
Largest single moves: GOOGL −1.00 · AMZN −0.59 · NVDA −0.51 · INTC +0.23 · MRK +0.22 · AVGO −0.21 · BRK-B −0.21 · AMD +0.15. Together 36% of the companies' movement; the other 504 are small and largely offset.
Who the return came from
Between the filings of Dec 31, 2025 and Sep 29, 2026 the index's price rose +12.1%. Each figure is the points of that a company or sector accounts for: the index value it held at the end, less what it held at the start.
Added the most
| Company | Weight | Points |
|---|---|---|
| NVIDIA Corporation (NVDA) | 7.8% → 8.3% | +1.57 |
| Micron Technology Inc. (MU) | 0.5% → 1.8% | +1.49 |
| Apple Inc. (AAPL) | 6.9% → 7.3% | +1.28 |
| Advanced Micro Devices Inc. (AMD) | 0.6% → 1.5% | +1.09 |
| Intel Corporation (INTC) | 0.3% → 0.9% | +0.69 |
Took the most away
| Company | Weight | Points |
|---|---|---|
| Tesla Inc. (TSLA) | 2.2% → 1.5% | −0.47 |
| Intuit Inc. (INTU) | 0.3% → 0.1% | −0.19 |
| Netflix Inc. (NFLX) | 0.7% → 0.4% | −0.18 |
| Applovin Corporation (APP) | 0.3% → 0.1% | −0.17 |
| Oracle Corporation (ORCL) | 0.6% → 0.4% | −0.16 |
By sector
| Sector | Weight | Points of return | Share |
|---|---|---|---|
| Technology | 34.4% → 38.8% | +9.02 | 75% |
| Healthcare | 9.6% → 9.2% | +0.81 | 7% |
| Energy | 1.9% → 2.4% | +0.76 | 6% |
| Communication Services | 10.5% → 9.8% | +0.48 | 4% |
| Industrials | 8.3% → 7.8% | +0.45 | 4% |
| Consumer Staples | 4.7% → 4.4% | +0.26 | 2% |
| Materials | 1.7% → 1.6% | +0.16 | 1% |
| Real Estate | 1.8% → 1.7% | +0.13 | 1% |
| Utilities | 2.3% → 1.9% | −0.13 | -1% |
| Financials | 13.3% → 11.5% | −0.47 | -4% |
| Consumer Discretionary | 10.5% → 8.6% | −0.81 | -7% |
| Companies that joined or left, net | +1.40 | 12% | |
| Index price return | +12.07 | 100% |
Price return, before dividends. A company's buybacks or new shares count as part of its figure, which for an index weighted by shares available to the public is what they are. Companies present at both filings only; the ones that joined or left are the single row above.
Joined the index: Exxon Mobil Corporation, Bloom Energy Corporation, Everpure Inc., Illumina Inc., Reddit Inc., Marvell Technology Inc. and 10 more. Left: Exxon Mobil Corporation, Electronic Arts Inc., AvalonBay Communities Inc., Builders FirstSource, Trade Desk (The), Molson Coors Beverage Company and 11 more. All additions and deletions, year by year
Context, not cause: the 10-year Treasury yield went 4.18% → 5.26%.
What drove the S&P 500 in 2025: +17.7%#
From Dec 31, 2024 to Dec 31, 2025 the index returned +17.7% with dividends. The largest driver was earnings growth: earnings per share went $210.17 → $240.63 (+14.5%), the P/E 28.0 → 28.4 (+1.6%), and dividends added +1.2%.
From the starting level to the ending one, in index points
Inside the valuation step: the P/E, by cause
The valuation step is the P/E over the section's own dates, 28.0 → 28.4. The bridge beside it opens the P/E up between the index fund's filings of Dec 31, 2024 and Dec 31, 2025 (28.1 → 28.6), the only dates that say who was in the index and at what weight — for a year still running they stop short of today. That bridge runs on the P/E rebuilt from those filings, our own method, which has to agree with the published one (28.0 → 28.4 on the same dates) for the dates to be used at all. Earnings and valuation compound, which is why a P/E that changed +1.6% moves the index by +1.7% of its starting level.
Where the P/E change came from
These 7 sectors explain 83% of the movement and net to +0.42 of the +0.46 P/E points between the filings of Dec 31, 2024 and Dec 31, 2025.
| Sector | Weight | P/E | Mix | Re-rating | In / out | Total | Led by |
|---|---|---|---|---|---|---|---|
| Technology | 32.5% → 34.5% | 42.5 → 37.4 | +0.38 | −1.17 | +0.09 | −0.71 | INTC −0.29, NVDA −0.24 |
| Financials | 13.4% → 13.3% | 16.7 → 18.5 | −0.03 | +0.56 | +0.09 | +0.62 | BRK-B +0.39, JPM +0.21 |
| Healthcare | 10.1% → 9.6% | 33.3 → 29.9 | −0.04 | −0.24 | 0.00 | −0.28 | BMY −0.25, CNC +0.13 |
| Consumer Discretionary | 11.6% → 10.5% | 33.2 → 37.7 | +0.03 | +0.19 | +0.04 | +0.26 | F +0.21, AMZN −0.19 |
| Materials | 1.8% → 1.7% | 24.4 → 38.4 | −0.05 | +0.27 | −0.02 | +0.21 | IP +0.06, APD +0.06 |
| Energy | 2.2% → 1.9% | 15.3 → 17.2 | +0.06 | +0.11 | +0.01 | +0.17 | CVX +0.10, PSX −0.03 |
| Unclassified | 0.9% → 0.9% | 13.7 → 18.0 | +0.02 | +0.13 | 0.00 | +0.14 | Exxon Mobil Corporation +0.13 |
| Everything else (5 sectors) | +0.33 | −0.17 | −0.12 | +0.04 |
Largest single moves: BRK-B +0.39 · GOOGL +0.32 · INTC −0.29 · BMY −0.25 · NVDA −0.24 · BA −0.24 · AAPL −0.21 · JPM +0.21. Together 22% of the companies' movement; the other 509 are small and largely offset.
Who the return came from
Between the filings of Dec 31, 2024 and Dec 31, 2025 the index's price rose +16.4%. Each figure is the points of that a company or sector accounts for: the index value it held at the end, less what it held at the start.
Added the most
| Company | Weight | Points |
|---|---|---|
| Alphabet Inc. Class A (GOOGL) | 4.0% → 5.6% | +2.49 |
| NVIDIA Corporation (NVDA) | 6.6% → 7.8% | +2.41 |
| Broadcom Inc. (AVGO) | 2.2% → 2.8% | +1.08 |
| Microsoft Corporation (MSFT) | 6.3% → 6.2% | +0.86 |
| Palantir Technologies Inc. (PLTR) | 0.3% → 0.7% | +0.50 |
Took the most away
| Company | Weight | Points |
|---|---|---|
| UnitedHealth Group Incorporated Common Stock (DE) (UNH) | 0.9% → 0.5% | −0.34 |
| Fiserv Inc. (FISV) | 0.2% → 0.1% | −0.16 |
| Salesforce Inc. (CRM) | 0.6% → 0.4% | −0.14 |
| Procter & Gamble Company (PG) | 0.8% → 0.6% | −0.13 |
| ServiceNow Inc. (NOW) | 0.4% → 0.3% | −0.12 |
By sector
| Sector | Weight | Points of return | Share |
|---|---|---|---|
| Technology | 32.4% → 34.0% | +7.11 | 43% |
| Communication Services | 9.3% → 10.4% | +2.87 | 18% |
| Financials | 13.3% → 12.9% | +1.77 | 11% |
| Industrials | 8.2% → 8.1% | +1.19 | 7% |
| Healthcare | 10.1% → 9.6% | +1.09 | 7% |
| Consumer Discretionary | 11.5% → 10.3% | +0.46 | 3% |
| Utilities | 2.3% → 2.3% | +0.29 | 2% |
| Materials | 1.8% → 1.7% | +0.15 | 1% |
| Energy | 2.1% → 1.9% | +0.07 | 0% |
| Unclassified | 0.9% → 0.9% | +0.06 | 0% |
| Real Estate | 2.1% → 1.8% | +0.03 | 0% |
| Consumer Staples | 5.5% → 4.7% | +0.01 | 0% |
| Companies that joined or left, net | +1.25 | 8% | |
| Index price return | +16.35 | 100% |
Price return, before dividends. A company's buybacks or new shares count as part of its figure, which for an index weighted by shares available to the public is what they are. Companies present at both filings only; the ones that joined or left are the single row above.
Joined the index: CRH PLC, Carvana Co., Ares Management Corporation, Sandisk Corporation, Comfort Systems USA Inc., Qnity Electronics Inc. and 13 more. Left: Kellanova, Interpublic Group of Companies (The), LKQ Corporation, Eastman Chemical Company, CarMax, Mohawk Industries and 13 more. All additions and deletions, year by year
Context, not cause: the 10-year Treasury yield went 4.58% → 4.18%; consumer prices rose 2.6%.
What drove the S&P 500 in 2024: +24.9%#
From Dec 29, 2023 to Dec 31, 2024 the index returned +24.9% with dividends. The largest driver was the change in the P/E: earnings per share went $192.43 → $210.17 (+9.2%), the P/E 24.8 → 28.0 (+12.9%), and dividends added +1.3%.
From the starting level to the ending one, in index points
Inside the valuation step: the P/E, by cause
The valuation step is the P/E over the section's own dates, 24.8 → 28.0. The bridge beside it opens the P/E up between the index fund's filings of Dec 31, 2023 and Dec 31, 2024 (24.4 → 28.1), the only dates that say who was in the index and at what weight — for a year still running they stop short of today. That bridge runs on the P/E rebuilt from those filings, our own method, which has to agree with the published one (24.8 → 28.0 on the same dates) for the dates to be used at all. Earnings and valuation compound, which is why a P/E that changed +12.9% moves the index by +13.5% of its starting level.
Where the P/E change came from
These 6 sectors explain 84% of the movement and net to +3.32 of the +3.70 P/E points between the filings of Dec 31, 2023 and Dec 31, 2024.
| Sector | Weight | P/E | Mix | Re-rating | In / out | Total | Led by |
|---|---|---|---|---|---|---|---|
| Technology | 28.9% → 32.5% | 34.5 → 42.5 | +0.09 | +1.25 | +0.12 | +1.46 | AAPL +0.42, AVGO +0.33 |
| Energy | 2.9% → 2.2% | 11.2 → 15.3 | +0.20 | +0.34 | +0.07 | +0.61 | VLO +0.08, MPC +0.07 |
| Financials | 12.8% → 13.4% | 15.3 → 16.7 | −0.11 | +0.48 | +0.03 | +0.40 | BRK-B +0.38, FIS −0.14 |
| Consumer Discretionary | 11.2% → 11.6% | 28.8 → 33.2 | +0.26 | +0.10 | 0.00 | +0.37 | TSLA +0.23, AMZN −0.12 |
| Consumer Staples | 6.2% → 5.5% | 23.3 → 27.3 | −0.07 | +0.33 | 0.00 | +0.26 | Walgreens Boots Alliance, Inc. +0.11, WMT +0.06 |
| Healthcare | 12.6% → 10.1% | 29.1 → 33.3 | +0.01 | +0.28 | −0.07 | +0.23 | JNJ +0.28, MRK −0.27 |
| Everything else (6 sectors) | −0.02 | +0.42 | −0.02 | +0.38 |
Largest single moves: AAPL +0.42 · BRK-B +0.38 · AVGO +0.33 · JNJ +0.28 · MRK −0.27 · BMY +0.26 · TSLA +0.23 · INTC +0.21. Together 23% of the companies' movement; the other 508 are small and largely offset.
Who the return came from
Between the filings of Dec 31, 2023 and Dec 31, 2024 the index's price rose +23.3%. Each figure is the points of that a company or sector accounts for: the index value it held at the end, less what it held at the start.
Added the most
| Company | Weight | Points |
|---|---|---|
| NVIDIA Corporation (NVDA) | 3.1% → 6.6% | +5.10 |
| Apple Inc. (AAPL) | 7.0% → 7.6% | +2.34 |
| Amazon.com Inc. (AMZN) | 3.5% → 4.1% | +1.63 |
| Broadcom Inc. (AVGO) | 1.2% → 2.2% | +1.46 |
| Meta Platforms Inc. (META) | 2.0% → 2.6% | +1.20 |
Took the most away
| Company | Weight | Points |
|---|---|---|
| Intel Corporation (INTC) | 0.5% → 0.2% | −0.32 |
| Adobe Inc. (ADBE) | 0.7% → 0.4% | −0.19 |
| CVS Health Corporation (CVS) | 0.3% → 0.1% | −0.11 |
| Advanced Micro Devices Inc. (AMD) | 0.6% → 0.4% | −0.11 |
| Nike Inc. (NKE) | 0.3% → 0.2% | −0.11 |
By sector
| Sector | Weight | Points of return | Share |
|---|---|---|---|
| Technology | 28.9% → 31.8% | +10.32 | 44% |
| Financials | 12.7% → 13.0% | +3.30 | 14% |
| Consumer Discretionary | 11.1% → 11.5% | +3.13 | 13% |
| Communication Services | 8.5% → 9.3% | +2.98 | 13% |
| Industrials | 8.8% → 8.0% | +1.02 | 4% |
| Consumer Staples | 6.2% → 5.5% | +0.67 | 3% |
| Utilities | 2.3% → 2.2% | +0.41 | 2% |
| Unclassified | 1.0% → 0.9% | +0.17 | 1% |
| Real Estate | 2.5% → 2.1% | +0.07 | 0% |
| Energy | 2.7% → 2.2% | −0.04 | -0% |
| Healthcare | 12.5% → 10.1% | −0.09 | -0% |
| Materials | 2.3% → 1.8% | −0.11 | -0% |
| Companies that joined or left, net | +1.48 | 6% | |
| Index price return | +23.30 | 100% |
Price return, before dividends. A company's buybacks or new shares count as part of its figure, which for an index weighted by shares available to the public is what they are. Companies present at both filings only; the ones that joined or left are the single row above.
Joined the index: Apollo Global Management Inc. (New), Workday Inc., Texas Pacific Land Corporation, Lennox International Inc., Palantir Technologies Inc., Dell Technologies Inc. and 11 more. Left: Marathon Oil Corporation, Catalent, Inc., Qorvo Inc., Bath & Body Works, Inc., Amentum Holdings, Inc., WestRock Company and 11 more. All additions and deletions, year by year
Context, not cause: the 10-year Treasury yield went 3.88% → 4.58%; consumer prices rose 2.9%.
What drove the S&P 500 in 2023: +26.2%#
From Dec 30, 2022 to Dec 29, 2023 the index returned +26.2% with dividends. The largest driver was the change in the P/E: earnings per share went $172.75 → $192.43 (+11.4%), the P/E 22.2 → 24.8 (+11.6%), and dividends added +1.5%.
From the starting level to the ending one, in index points
Inside the valuation step: the P/E, by cause
The valuation step is the P/E over the section's own dates, 22.2 → 24.8. The bridge beside it opens the P/E up between the index fund's filings of Dec 31, 2022 and Dec 31, 2023 (22.1 → 24.4), the only dates that say who was in the index and at what weight — for a year still running they stop short of today. That bridge runs on the P/E rebuilt from those filings, our own method, which has to agree with the published one (22.2 → 24.8 on the same dates) for the dates to be used at all. Earnings and valuation compound, which is why a P/E that changed +11.6% moves the index by +12.2% of its starting level.
Where the P/E change came from
These 6 sectors explain 82% of the movement and net to +2.79 of the +2.27 P/E points between the filings of Dec 31, 2022 and Dec 31, 2023.
| Sector | Weight | P/E | Mix | Re-rating | In / out | Total | Led by |
|---|---|---|---|---|---|---|---|
| Technology | 22.6% → 28.9% | 24.3 → 34.5 | +0.53 | +1.39 | +0.03 | +1.95 | AAPL +0.44, MSFT +0.27 |
| Financials | 14.1% → 12.8% | 20.5 → 15.3 | +0.11 | −1.28 | +0.07 | −1.11 | BRK-B −1.43, FIS −0.17 |
| Energy | 3.8% → 2.9% | 8.4 → 11.2 | +0.32 | +0.53 | 0.00 | +0.85 | CVX +0.10, COP +0.10 |
| Materials | 2.6% → 2.3% | 16.5 → 31.0 | +0.02 | +0.36 | 0.00 | +0.38 | DOW +0.06, NUE +0.06 |
| Healthcare | 15.8% → 12.6% | 24.7 → 29.1 | +0.05 | +0.31 | +0.02 | +0.38 | PFE +0.36, JNJ −0.28 |
| Unclassified | 1.4% → 1.0% | 8.3 → 11.2 | +0.14 | +0.20 | 0.00 | +0.34 | Exxon Mobil Corporation +0.20 |
| Everything else (6 sectors) | +0.30 | −0.82 | 0.00 | −0.52 |
Largest single moves: BRK-B −1.43 · AAPL +0.44 · T −0.37 · PFE +0.36 · JNJ −0.28 · MSFT +0.27 · AMZN −0.25 · MRK +0.21. Together 28% of the companies' movement; the other 505 are small and largely offset.
Who the return came from
Between the filings of Dec 31, 2022 and Dec 31, 2023 the index's price rose +24.3%. Each figure is the points of that a company or sector accounts for: the index value it held at the end, less what it held at the start.
Added the most
| Company | Weight | Points |
|---|---|---|
| Microsoft Corporation (MSFT) | 5.6% → 7.0% | +3.11 |
| Apple Inc. (AAPL) | 6.0% → 7.0% | +2.69 |
| NVIDIA Corporation (NVDA) | 1.1% → 3.1% | +2.66 |
| Amazon.com Inc. (AMZN) | 2.3% → 3.5% | +1.97 |
| Alphabet Inc. Class A (GOOGL) | 3.1% → 3.8% | +1.64 |
Took the most away
| Company | Weight | Points |
|---|---|---|
| Pfizer Inc. (PFE) | 0.9% → 0.4% | −0.39 |
| Johnson & Johnson (JNJ) | 1.4% → 0.9% | −0.27 |
| Chevron Corporation (CVX) | 1.0% → 0.7% | −0.18 |
| Exxon Mobil Corporation | 1.4% → 1.0% | −0.17 |
| Bristol-Myers Squibb Company (BMY) | 0.5% → 0.3% | −0.15 |
By sector
| Sector | Weight | Points of return | Share |
|---|---|---|---|
| Technology | 22.5% → 28.6% | +13.01 | 54% |
| Consumer Discretionary | 9.6% → 10.9% | +3.89 | 16% |
| Communication Services | 7.0% → 8.5% | +3.58 | 15% |
| Financials | 14.1% → 12.6% | +1.54 | 6% |
| Industrials | 9.2% → 8.4% | +1.24 | 5% |
| Real Estate | 2.8% → 2.5% | +0.34 | 1% |
| Materials | 2.6% → 2.3% | +0.28 | 1% |
| Unclassified | 1.4% → 1.0% | −0.17 | -1% |
| Consumer Staples | 7.7% → 6.0% | −0.19 | -1% |
| Energy | 3.8% → 2.9% | −0.23 | -1% |
| Healthcare | 15.8% → 12.5% | −0.25 | -1% |
| Utilities | 3.2% → 2.3% | −0.27 | -1% |
| Companies that joined or left, net | +1.50 | 6% | |
| Index price return | +24.29 | 100% |
Price return, before dividends. A company's buybacks or new shares count as part of its figure, which for an index weighted by shares available to the public is what they are. Companies present at both filings only; the ones that joined or left are the single row above.
Joined the index: Uber Technologies Inc., Lululemon Athletica Inc., Builders FirstSource, Veralto Corp Common Stock, Hubbell Inc, Jabil Inc. and 9 more. Left: Activision Blizzard, Inc., Solaredge Technologies, Inc., Sealed Air Corp, Alaska Air Group, Inc., Organon & Co., Dxc Technology Company and 9 more. All additions and deletions, year by year
Context, not cause: the 10-year Treasury yield went 3.88% → 3.88%; consumer prices rose 3.3%.
What drove the S&P 500 in 2022: −18.2%#
From Dec 31, 2021 to Dec 30, 2022 the index returned −18.2% with dividends. The largest driver was earnings growth: earnings per share went $197.87 → $172.75 (−12.7%), the P/E 24.1 → 22.2 (−7.8%), and dividends added +1.6%.
From the starting level to the ending one, in index points
Inside the valuation step: the P/E, by cause
The valuation step is the P/E over the section's own dates, 24.1 → 22.2. The bridge beside it opens the P/E up between the index fund's filings of Dec 31, 2021 and Dec 31, 2022 (23.7 → 22.1), the only dates that say who was in the index and at what weight — for a year still running they stop short of today. That bridge runs on the P/E rebuilt from those filings, our own method, which has to agree with the published one (24.1 → 22.2 on the same dates) for the dates to be used at all. Earnings and valuation compound, which is why a P/E that changed −7.8% moves the index by −7.3% of its starting level.
Where the P/E change came from
These 4 sectors explain 83% of the movement and net to −1.03 of the −1.58 P/E points between the filings of Dec 31, 2021 and Dec 31, 2022.
| Sector | Weight | P/E | Mix | Re-rating | In / out | Total | Led by |
|---|---|---|---|---|---|---|---|
| Financials | 13.2% → 14.1% | 12.7 → 20.5 | −0.09 | +2.12 | 0.00 | +2.03 | BRK-B +1.39, FIS +0.25 |
| Technology | 26.3% → 22.6% | 32.4 → 24.3 | −0.17 | −1.27 | −0.02 | −1.47 | AAPL −0.39, MSFT −0.29 |
| Energy | 2.0% → 3.8% | 13.8 → 8.5 | −0.45 | −0.70 | −0.02 | −1.17 | CVX −0.14, VLO −0.12 |
| Unclassified | 0.6% → 1.4% | 11.4 → 8.3 | −0.25 | −0.17 | 0.00 | −0.42 | Exxon Mobil Corporation −0.17 |
| Everything else (8 sectors) | −0.41 | −0.12 | −0.03 | −0.56 |
Largest single moves: BRK-B +1.39 · T +0.40 · AAPL −0.39 · MSFT −0.29 · AMZN +0.29 · FIS +0.25 · GOOGL −0.25 · TSLA −0.24. Together 29% of the companies' movement; the other 503 are small and largely offset.
Who the return came from
Between the filings of Dec 31, 2021 and Dec 31, 2022 the index's price rose −19.5%. Each figure is the points of that a company or sector accounts for: the index value it held at the end, less what it held at the start.
Added the most
| Company | Weight | Points |
|---|---|---|
| Exxon Mobil Corporation | 0.6% → 1.4% | +0.50 |
| Chevron Corporation (CVX) | 0.6% → 1.0% | +0.24 |
| Merck & Co. Inc. (MRK) | 0.5% → 0.9% | +0.22 |
| Eli Lilly and Company (LLY) | 0.5% → 0.9% | +0.18 |
| ConocoPhillips (COP) | 0.2% → 0.5% | +0.13 |
Took the most away
| Company | Weight | Points |
|---|---|---|
| Apple Inc. (AAPL) | 6.9% → 6.0% | −1.99 |
| Microsoft Corporation (MSFT) | 6.3% → 5.6% | −1.78 |
| Amazon.com Inc. (AMZN) | 3.6% → 2.3% | −1.74 |
| Alphabet Inc. Class A (GOOGL) | 4.2% → 3.1% | −1.67 |
| Tesla Inc. (TSLA) | 2.1% → 1.0% | −1.30 |
By sector
| Sector | Weight | Points of return | Share |
|---|---|---|---|
| Energy | 2.0% → 3.7% | +0.97 | -5% |
| Unclassified | 0.6% → 1.4% | +0.50 | -3% |
| Utilities | 2.5% → 3.0% | −0.07 | 0% |
| Consumer Staples | 6.4% → 7.6% | −0.27 | 1% |
| Materials | 2.5% → 2.6% | −0.38 | 2% |
| Healthcare | 13.1% → 15.7% | −0.47 | 2% |
| Real Estate | 2.7% → 2.5% | −0.68 | 3% |
| Industrials | 8.0% → 9.1% | −0.69 | 4% |
| Financials | 13.2% → 14.1% | −1.85 | 9% |
| Communication Services | 9.9% → 7.1% | −4.14 | 21% |
| Consumer Discretionary | 12.3% → 9.7% | −4.49 | 23% |
| Technology | 26.1% → 22.4% | −8.00 | 41% |
| Companies that joined or left, net | +0.10 | -0% | |
| Index price return | −19.48 | 100% |
Price return, before dividends. A company's buybacks or new shares count as part of its figure, which for an index weighted by shares available to the public is what they are. Companies present at both filings only; the ones that joined or left are the single row above.
Joined the index: Pacific Gas & Electric Co., Arch Capital Group Ltd., Targa Resources Inc., Steel Dynamics Inc., First Solar Inc., EQT Corporation and 10 more. Left: Twitter, Inc., Duke Realty Corporation, Citrix Systems Inc, Abiomed Inc, Nielsen Holdings plc, Fortune Brands Innovations, Inc. and 10 more. All additions and deletions, year by year
Context, not cause: the 10-year Treasury yield went 1.52% → 3.88%; consumer prices rose 6.4%.
Earlier years: 2021, 2020
What drove the S&P 500 in 2021: +28.7%#
From Dec 31, 2020 to Dec 31, 2021 the index returned +28.7% with dividends. The largest driver was earnings growth: earnings per share went $94.13 → $197.87 (+110.2%), the P/E 39.8 → 24.1 (−39.6%), and dividends added +1.3%.
From the starting level to the ending one, in index points
Inside the valuation step: the P/E, by cause
The valuation step is the P/E over the section's own dates, 39.8 → 24.1. The bridge beside it opens the P/E up between the index fund's filings of Dec 31, 2020 and Dec 31, 2021 (40.2 → 23.7), the only dates that say who was in the index and at what weight — for a year still running they stop short of today. That bridge runs on the P/E rebuilt from those filings, our own method, which has to agree with the published one (39.8 → 24.1 on the same dates) for the dates to be used at all. Earnings and valuation compound, which is why a P/E that changed −39.6% moves the index by −56.9% of its starting level.
Where the P/E change came from
These 5 sectors explain 81% of the movement and net to −13.32 of the −16.50 P/E points between the filings of Dec 31, 2020 and Dec 31, 2021.
| Sector | Weight | P/E | Mix | Re-rating | In / out | Total | Led by |
|---|---|---|---|---|---|---|---|
| Energy | 1.7% → 2.0% | — → 13.8 | +0.36 | −3.96 | −0.43 | −4.02 | MPC −0.53, OXY −0.51 |
| Financials | 14.1% → 13.2% | 20.1 → 12.7 | −0.06 | −3.46 | +0.04 | −3.48 | BRK-B −0.76, AIG −0.40 |
| Consumer Discretionary | 12.6% → 12.4% | 116.0 → 34.9 | −0.33 | −2.01 | −0.07 | −2.42 | F −0.44, AAL −0.29 |
| Communication Services | 10.7% → 10.0% | 38.2 → 22.4 | +0.03 | −1.84 | 0.00 | −1.81 | T −0.69, DIS −0.32 |
| Industrials | 8.8% → 8.3% | 55.6 → 26.9 | −0.12 | −1.48 | +0.02 | −1.59 | DAL −0.37, GE +0.30 |
| Everything else (7 sectors) | +0.41 | −3.48 | −0.12 | −3.18 |
Largest single moves: Exxon Mobil Corporation −1.23 · BRK-B −0.76 · T −0.69 · MPC −0.53 · OXY −0.51 · CVX −0.51 · BMY −0.47 · F −0.44. Together 21% of the companies' movement; the other 505 are small and largely offset.
Who the return came from
Between the filings of Dec 31, 2020 and Dec 31, 2021 the index's price rose +27.0%. Each figure is the points of that a company or sector accounts for: the index value it held at the end, less what it held at the start.
Added the most
| Company | Weight | Points |
|---|---|---|
| Microsoft Corporation (MSFT) | 5.3% → 6.3% | +2.64 |
| Alphabet Inc. Class A (GOOGL) | 3.3% → 4.2% | +2.02 |
| Apple Inc. (AAPL) | 6.7% → 6.9% | +2.02 |
| NVIDIA Corporation (NVDA) | 1.0% → 1.8% | +1.29 |
| Tesla Inc. (TSLA) | 1.7% → 2.1% | +1.02 |
Took the most away
| Company | Weight | Points |
|---|---|---|
| PayPal Holdings Inc. (PYPL) | 0.9% → 0.5% | −0.17 |
| The Walt Disney Company (DIS) | 1.0% → 0.7% | −0.15 |
| AT&T Inc. (T) | 0.7% → 0.4% | −0.10 |
| Verizon Communications Inc. (VZ) | 0.8% → 0.5% | −0.09 |
| Global Payments Inc. (GPN) | 0.2% → 0.1% | −0.08 |
By sector
| Sector | Weight | Points of return | Share |
|---|---|---|---|
| Technology | 23.4% → 25.7% | +9.20 | 34% |
| Healthcare | 13.3% → 12.9% | +3.16 | 12% |
| Consumer Discretionary | 12.5% → 12.3% | +3.09 | 11% |
| Financials | 14.1% → 13.1% | +2.63 | 10% |
| Communication Services | 10.6% → 10.0% | +2.03 | 8% |
| Industrials | 8.7% → 8.1% | +1.60 | 6% |
| Real Estate | 2.4% → 2.8% | +1.11 | 4% |
| Consumer Staples | 7.0% → 6.4% | +1.06 | 4% |
| Energy | 1.7% → 2.0% | +0.93 | 3% |
| Materials | 2.5% → 2.5% | +0.66 | 2% |
| Utilities | 2.8% → 2.5% | +0.41 | 2% |
| Unclassified | 0.5% → 0.6% | +0.27 | 1% |
| Companies that joined or left, net | +0.90 | 3% | |
| Index price return | +27.03 | 100% |
Price return, before dividends. A company's buybacks or new shares count as part of its figure, which for an index weighted by shares available to the public is what they are. Companies present at both filings only; the ones that joined or left are the single row above.
Joined the index: EPAM Systems, FactSet, Solaredge Technologies, Inc., Moderna Inc., Match Group Inc., Bio-Techne and 12 more. Left: Kansas City Southern, The Western Union Company, Hanesbrands Inc., Leggett & Platt Inc, Alexion Pharmaceuticals, Inc., Maxim Integrated Products, Inc. and 12 more. All additions and deletions, year by year
Context, not cause: the 10-year Treasury yield went 0.93% → 1.52%; consumer prices rose 7.2%.
What drove the S&P 500 in 2020: +18.3%#
From Dec 31, 2019 to Dec 31, 2020 the index returned +18.3% with dividends. The largest driver was the change in the P/E: earnings per share went $139.47 → $94.13 (−32.5%), the P/E 23.1 → 39.8 (+72.1%), and dividends added +1.9%.
From the starting level to the ending one, in index points
Inside the valuation step: the P/E, by cause
The valuation step is the P/E over the section's own dates, 23.1 → 39.8. The bridge beside it opens the P/E up between the index fund's filings of Dec 31, 2019 and Dec 31, 2020 (23.2 → 40.2), the only dates that say who was in the index and at what weight — for a year still running they stop short of today. That bridge runs on the P/E rebuilt from those filings, our own method, which has to agree with the published one (23.1 → 39.8 on the same dates) for the dates to be used at all. Earnings and valuation compound, which is why a P/E that changed +72.1% moves the index by +58.6% of its starting level.
Where the P/E change came from
These 6 sectors explain 83% of the movement and net to +14.56 of the +17.02 P/E points between the filings of Dec 31, 2019 and Dec 31, 2020.
| Sector | Weight | P/E | Mix | Re-rating | In / out | Total | Led by |
|---|---|---|---|---|---|---|---|
| Financials | 16.3% → 14.1% | 13.9 → 20.1 | +0.95 | +2.72 | +0.02 | +3.69 | BRK-B +0.98, WFC +0.29 |
| Consumer Discretionary | 9.7% → 12.6% | 27.3 → 116.0 | −0.18 | +2.80 | +0.60 | +3.22 | TSLA +0.52, AAL +0.37 |
| Energy | 3.2% → 1.7% | 326.8 → — | −1.77 | +4.15 | −0.08 | +2.30 | OXY +0.60, MPC +0.48 |
| Technology | 19.3% → 23.6% | 24.9 → 33.3 | +0.39 | +1.57 | +0.03 | +1.99 | AAPL +0.80, MSFT +0.28 |
| Industrials | 9.6% → 8.8% | 24.6 → 55.6 | −0.40 | +2.35 | −0.04 | +1.91 | DAL +0.52, GE −0.35 |
| Communication Services | 10.2% → 10.6% | 24.5 → 38.5 | +0.04 | +1.41 | 0.00 | +1.44 | DIS +0.55, T +0.51 |
| Everything else (6 sectors) | −0.15 | +2.88 | −0.28 | +2.46 |
Largest single moves: Exxon Mobil Corporation +1.36 · BRK-B +0.98 · AAPL +0.80 · OXY +0.60 · DIS +0.55 · TSLA +0.52 · DAL +0.52 · T +0.51. Together 22% of the companies' movement; the other 505 are small and largely offset.
Who the return came from
Between the filings of Dec 31, 2019 and Dec 31, 2020 the index's price rose +16.2%. Each figure is the points of that a company or sector accounts for: the index value it held at the end, less what it held at the start.
Added the most
| Company | Weight | Points |
|---|---|---|
| Apple Inc. (AAPL) | 4.6% → 6.7% | +3.20 |
| Amazon.com Inc. (AMZN) | 2.9% → 4.4% | +2.22 |
| Microsoft Corporation (MSFT) | 4.5% → 5.3% | +1.67 |
| Alphabet Inc. Class A (GOOGL) | 3.0% → 3.3% | +0.80 |
| NVIDIA Corporation (NVDA) | 0.5% → 1.0% | +0.65 |
Took the most away
| Company | Weight | Points |
|---|---|---|
| Exxon Mobil Corporation | 1.1% → 0.5% | −0.46 |
| Wells Fargo & Company (WFC) | 0.8% → 0.4% | −0.32 |
| AT&T Inc. (T) | 1.1% → 0.7% | −0.32 |
| Chevron Corporation (CVX) | 0.9% → 0.5% | −0.26 |
| Boeing Company (BA) | 0.7% → 0.4% | −0.23 |
By sector
| Sector | Weight | Points of return | Share |
|---|---|---|---|
| Technology | 19.2% → 23.3% | +7.79 | 48% |
| Consumer Discretionary | 9.6% → 10.7% | +2.85 | 18% |
| Communication Services | 10.3% → 10.6% | +2.09 | 13% |
| Healthcare | 13.9% → 13.1% | +1.37 | 8% |
| Industrials | 9.3% → 8.5% | +0.56 | 3% |
| Consumer Staples | 7.7% → 7.0% | +0.51 | 3% |
| Materials | 2.5% → 2.5% | +0.38 | 2% |
| Financials | 16.3% → 14.1% | +0.08 | 0% |
| Real Estate | 2.9% → 2.4% | −0.08 | -0% |
| Utilities | 3.3% → 2.8% | −0.11 | -1% |
| Unclassified | 1.1% → 0.5% | −0.46 | -3% |
| Energy | 3.1% → 1.7% | −1.14 | -7% |
| Companies that joined or left, net | +2.31 | 14% | |
| Index price return | +16.16 | 100% |
Price return, before dividends. A company's buybacks or new shares count as part of its figure, which for an index weighted by shares available to the public is what they are. Companies present at both filings only; the ones that joined or left are the single row above.
Joined the index: Tesla Inc., Viatris Inc., Pool Corporation, Vontier Corporation, Etsy, Inc, Catalent, Inc. and 11 more. Left: E Trade Financial Corp, Mylan Ii B.V., Apartment Investment and Management Company, Noble Energy Inc, Kohl’s Corp, Block Inc. and 11 more. All additions and deletions, year by year
Context, not cause: the 10-year Treasury yield went 1.92% → 0.93%; consumer prices rose 1.3%.
What drove the S&P 500 in 2025–2026 so far: +32.7%#
From Dec 31, 2024 to Sep 30, 2026 the index returned +32.7% with dividends (+17.6% a year). The largest driver was earnings growth: earnings per share went $210.17 → $295.39 (+40.5%), the P/E 28.0 → 25.9 (−7.4%), and dividends added +2.0%.
From the starting level to the ending one, in index points
Inside the valuation step: the P/E, by cause
The valuation step is the P/E over the section's own dates, 28.0 → 25.9. The bridge beside it opens the P/E up between the index fund's filings of Dec 31, 2024 and Sep 29, 2026 (28.1 → 26.3), the only dates that say who was in the index and at what weight — for a year still running they stop short of today. That bridge runs on the P/E rebuilt from those filings, our own method, which has to agree with the published one (28.0 → 25.9 on the same dates) for the dates to be used at all. Earnings and valuation compound, which is why a P/E that changed −7.4% moves the index by −8.8% of its starting level.
Where the P/E change came from
These 5 sectors explain 81% of the movement and net to −2.06 of the −1.81 P/E points between the filings of Dec 31, 2024 and Sep 29, 2026.
| Sector | Weight | P/E | Mix | Re-rating | In / out | Total | Led by |
|---|---|---|---|---|---|---|---|
| Communication Services | 9.3% → 10.0% | 24.5 → 19.3 | +0.21 | −1.18 | +0.14 | −0.83 | GOOGL −0.59, NFLX −0.14 |
| Consumer Discretionary | 11.6% → 8.8% | 33.2 → 26.1 | +0.01 | −0.73 | +0.05 | −0.67 | AMZN −0.76, F +0.17 |
| Technology | 32.5% → 39.9% | 42.5 → 35.5 | +1.44 | −2.22 | +0.12 | −0.66 | NVDA −0.72, AVGO −0.29 |
| Unclassified | 0.9% → 0.0% | 13.7 → — | 0.00 | 0.00 | +0.25 | +0.25 | Exxon Mobil Corporation +0.25 |
| Financials | 13.4% → 11.6% | 16.7 → 15.3 | +0.24 | −0.51 | +0.11 | −0.15 | BRK-B +0.13, ALL −0.09 |
| Everything else (7 sectors) | +0.19 | +0.11 | −0.05 | +0.25 |
Largest single moves: AMZN −0.76 · NVDA −0.72 · GOOGL −0.59 · AVGO −0.29 · Exxon Mobil Corporation +0.25 · BMY −0.24 · BA −0.23 · MRK +0.23. Together 28% of the companies' movement; the other 522 are small and largely offset.
Who the return came from
Between the filings of Dec 31, 2024 and Sep 29, 2026 the index's price rose +30.4%. Each figure is the points of that a company or sector accounts for: the index value it held at the end, less what it held at the start.
Added the most
| Company | Weight | Points |
|---|---|---|
| NVIDIA Corporation (NVDA) | 6.6% → 8.3% | +4.24 |
| Alphabet Inc. Class A (GOOGL) | 4.0% → 5.5% | +3.07 |
| Micron Technology Inc. (MU) | 0.2% → 1.8% | +2.19 |
| Apple Inc. (AAPL) | 7.6% → 7.3% | +1.89 |
| Advanced Micro Devices Inc. (AMD) | 0.4% → 1.5% | +1.56 |
Took the most away
| Company | Weight | Points |
|---|---|---|
| Tesla Inc. (TSLA) | 2.3% → 1.5% | −0.30 |
| Salesforce Inc. (CRM) | 0.6% → 0.3% | −0.28 |
| UnitedHealth Group Incorporated Common Stock (DE) (UNH) | 0.9% → 0.5% | −0.27 |
| Accenture plc (ACN) | 0.4% → 0.2% | −0.23 |
| Adobe Inc. (ADBE) | 0.4% → 0.1% | −0.21 |
By sector
| Sector | Weight | Points of return | Share |
|---|---|---|---|
| Technology | 32.4% → 38.1% | +17.28 | 57% |
| Communication Services | 9.3% → 9.7% | +3.44 | 11% |
| Healthcare | 10.0% → 9.2% | +2.05 | 7% |
| Industrials | 8.2% → 7.6% | +1.72 | 6% |
| Financials | 13.3% → 11.1% | +1.22 | 4% |
| Energy | 2.1% → 2.4% | +0.97 | 3% |
| Consumer Staples | 5.4% → 4.4% | +0.34 | 1% |
| Materials | 1.8% → 1.6% | +0.34 | 1% |
| Real Estate | 2.0% → 1.7% | +0.20 | 1% |
| Utilities | 2.3% → 1.9% | +0.14 | 0% |
| Consumer Discretionary | 11.4% → 8.4% | −0.44 | -1% |
| Companies that joined or left, net | +3.15 | 10% | |
| Index price return | +30.39 | 100% |
Price return, before dividends. A company's buybacks or new shares count as part of its figure, which for an index weighted by shares available to the public is what they are. Companies present at both filings only; the ones that joined or left are the single row above.
Joined the index: CRH PLC, Carvana Co., Ares Management Corporation, Sandisk Corporation, Comfort Systems USA Inc., Qnity Electronics Inc. and 29 more. Left: Kellanova, Interpublic Group of Companies (The), LKQ Corporation, Eastman Chemical Company, CarMax, Mohawk Industries and 30 more. All additions and deletions, year by year
Context, not cause: the 10-year Treasury yield went 4.58% → 5.26%.
What drove the S&P 500 in 2020–2024: +96.4%#
From Dec 31, 2019 to Dec 31, 2024 the index returned +96.4% with dividends (+14.4% a year). The largest driver was earnings growth: earnings per share went $139.47 → $210.17 (+50.7%), the P/E 23.1 → 28.0 (+20.8%), and dividends added +7.9%.
From the starting level to the ending one, in index points
Inside the valuation step: the P/E, by cause
The valuation step is the P/E over the section's own dates, 23.1 → 28.0. The bridge beside it opens the P/E up between the index fund's filings of Dec 31, 2019 and Dec 31, 2024 (23.2 → 27.9), the only dates that say who was in the index and at what weight — for a year still running they stop short of today. That bridge runs on the P/E rebuilt from those filings, our own method, which has to agree with the published one (23.1 → 28.0 on the same dates) for the dates to be used at all. Earnings and valuation compound, which is why a P/E that changed +20.8% moves the index by +25.9% of its starting level.
Where the P/E change came from
These 4 sectors explain 84% of the movement and net to +4.60 of the +4.70 P/E points between the filings of Dec 31, 2019 and Dec 31, 2024.
| Sector | Weight | P/E | Mix | Re-rating | In / out | Total | Led by |
|---|---|---|---|---|---|---|---|
| Technology | 19.3% → 32.6% | 24.9 → 42.5 | +0.54 | +2.78 | +0.13 | +3.45 | AAPL +0.71, INTC +0.62 |
| Financials | 16.3% → 13.4% | 13.9 → 16.7 | +0.53 | +0.99 | +0.12 | +1.64 | BRK-B +0.48, PYPL −0.11 |
| Energy | 3.2% → 2.2% | 326.8 → 15.3 | −0.06 | −0.84 | −0.23 | −1.13 | SLB −0.29, CVX −0.23 |
| Healthcare | 14.2% → 10.1% | 25.2 → 33.3 | +0.05 | +0.72 | −0.13 | +0.63 | LLY +0.27, Allergan Plc −0.19 |
| Everything else (8 sectors) | −0.04 | −0.25 | +0.40 | +0.10 |
Largest single moves: AAPL +0.71 · INTC +0.62 · TSLA +0.51 · BRK-B +0.48 · SLB −0.29 · NVDA +0.29 · LLY +0.27 · AVGO +0.26. Together 23% of the companies' movement; the other 563 are small and largely offset.
Who the return came from
Between the filings of Dec 31, 2019 and Dec 31, 2024 the index's price rose +82.1%. Each figure is the points of that a company or sector accounts for: the index value it held at the end, less what it held at the start.
Added the most
| Company | Weight | Points |
|---|---|---|
| NVIDIA Corporation (NVDA) | 0.5% → 6.6% | +11.51 |
| Apple Inc. (AAPL) | 4.6% → 7.6% | +9.25 |
| Microsoft Corporation (MSFT) | 4.5% → 6.3% | +6.96 |
| Amazon.com Inc. (AMZN) | 2.9% → 4.1% | +4.63 |
| Alphabet Inc. Class A (GOOGL) | 3.0% → 4.0% | +4.36 |
Took the most away
| Company | Weight | Points |
|---|---|---|
| Intel Corporation (INTC) | 1.0% → 0.2% | −0.66 |
| AT&T Inc. (T) | 1.1% → 0.3% | −0.47 |
| Verizon Communications Inc. (VZ) | 0.9% → 0.3% | −0.33 |
| Pfizer Inc. (PFE) | 0.8% → 0.3% | −0.26 |
| Comcast Corporation (CMCSA) | 0.8% → 0.3% | −0.24 |
By sector
| Sector | Weight | Points of return | Share |
|---|---|---|---|
| Technology | 18.9% → 30.9% | +37.35 | 45% |
| Consumer Discretionary | 9.1% → 9.0% | +7.21 | 9% |
| Financials | 16.0% → 12.6% | +7.00 | 9% |
| Communication Services | 9.9% → 9.3% | +6.98 | 9% |
| Healthcare | 13.4% → 9.7% | +4.34 | 5% |
| Industrials | 9.0% → 7.1% | +3.92 | 5% |
| Consumer Staples | 7.7% → 5.4% | +2.10 | 3% |
| Energy | 2.9% → 2.0% | +0.85 | 1% |
| Materials | 2.4% → 1.7% | +0.76 | 1% |
| Real Estate | 2.8% → 1.9% | +0.71 | 1% |
| Unclassified | 1.1% → 0.9% | +0.63 | 1% |
| Utilities | 3.3% → 2.0% | +0.33 | 0% |
| Companies that joined or left, net | +9.91 | 12% | |
| Index price return | +82.09 | 100% |
Price return, before dividends. A company's buybacks or new shares count as part of its figure, which for an index weighted by shares available to the public is what they are. Companies present at both filings only; the ones that joined or left are the single row above.
Joined the index: Tesla Inc., Viatris Inc., Pool Corporation, Vontier Corporation, Etsy, Inc, Catalent, Inc. and 77 more. Left: E Trade Financial Corp, Mylan Ii B.V., Apartment Investment and Management Company, Noble Energy Inc, Kohl’s Corp, Block Inc. and 77 more. All additions and deletions, year by year
Context, not cause: the 10-year Treasury yield went 1.92% → 4.58%; consumer prices rose 22.8%.
What drove the S&P 500 in 2020–2026 so far: +160.6%#
From Dec 31, 2019 to Sep 30, 2026 the index returned +160.6% with dividends (+15.2% a year). The largest driver was earnings growth: earnings per share went $139.47 → $295.39 (+111.8%), the P/E 23.1 → 25.9 (+11.9%), and dividends added +10.0%.
From the starting level to the ending one, in index points
Inside the valuation step: the P/E, by cause
The valuation step is the P/E over the section's own dates, 23.1 → 25.9. The bridge beside it opens the P/E up between the index fund's filings of Dec 31, 2019 and Sep 29, 2026 (23.2 → 26.2), the only dates that say who was in the index and at what weight — for a year still running they stop short of today. That bridge runs on the P/E rebuilt from those filings, our own method, which has to agree with the published one (23.1 → 25.9 on the same dates) for the dates to be used at all. Earnings and valuation compound, which is why a P/E that changed +11.9% moves the index by +17.8% of its starting level.
Where the P/E change came from
These 4 sectors explain 82% of the movement and net to +2.58 of the +3.03 P/E points between the filings of Dec 31, 2019 and Sep 29, 2026.
| Sector | Weight | P/E | Mix | Re-rating | In / out | Total | Led by |
|---|---|---|---|---|---|---|---|
| Technology | 19.3% → 39.9% | 24.9 → 35.5 | +1.40 | +1.08 | +0.49 | +2.97 | AAPL +0.62, INTC +0.60 |
| Financials | 16.4% → 11.6% | 13.9 → 15.3 | +0.82 | +0.37 | +0.16 | +1.35 | BRK-B +0.55, PYPL −0.14 |
| Energy | 3.2% → 2.5% | 326.8 → 17.1 | −0.07 | −0.70 | −0.24 | −1.01 | SLB −0.25, CVX −0.17 |
| Communication Services | 10.3% → 9.9% | 24.5 → 18.9 | +0.80 | −1.54 | +0.01 | −0.73 | GOOGL −0.55, T −0.12 |
| Everything else (8 sectors) | −0.04 | +0.01 | +0.49 | +0.45 |
Largest single moves: AMZN −0.69 · AAPL +0.62 · INTC +0.60 · BRK-B +0.55 · GOOGL −0.55 · TSLA +0.35 · SLB −0.25 · LLY +0.18. Together 24% of the companies' movement; the other 582 are small and largely offset.
Who the return came from
Between the filings of Dec 31, 2019 and Sep 29, 2026 the index's price rose +137.4%. Each figure is the points of that a company or sector accounts for: the index value it held at the end, less what it held at the start.
Added the most
| Company | Weight | Points |
|---|---|---|
| NVIDIA Corporation (NVDA) | 0.5% → 8.3% | +19.23 |
| Apple Inc. (AAPL) | 4.6% → 7.3% | +12.70 |
| Alphabet Inc. Class A (GOOGL) | 3.0% → 5.5% | +9.96 |
| Microsoft Corporation (MSFT) | 4.5% → 5.7% | +9.09 |
| Amazon.com Inc. (AMZN) | 2.9% → 3.7% | +5.83 |
Took the most away
| Company | Weight | Points |
|---|---|---|
| Comcast Corporation (CMCSA) | 0.8% → 0.1% | −0.49 |
| AT&T Inc. (T) | 1.1% → 0.3% | −0.46 |
| The Walt Disney Company (DIS) | 1.0% → 0.3% | −0.32 |
| Nike Inc. (NKE) | 0.5% → 0.1% | −0.32 |
| PayPal Holdings Inc. (PYPL) | 0.5% → 0.1% | −0.31 |
By sector
| Sector | Weight | Points of return | Share |
|---|---|---|---|
| Technology | 18.8% → 35.6% | +65.88 | 48% |
| Communication Services | 9.9% → 9.7% | +13.23 | 10% |
| Financials | 15.8% → 10.8% | +9.74 | 7% |
| Healthcare | 13.4% → 8.9% | +7.83 | 6% |
| Consumer Discretionary | 8.8% → 6.7% | +7.17 | 5% |
| Industrials | 9.0% → 6.5% | +6.49 | 5% |
| Consumer Staples | 7.2% → 4.3% | +2.85 | 2% |
| Energy | 2.8% → 2.2% | +2.44 | 2% |
| Materials | 2.3% → 1.5% | +1.40 | 1% |
| Real Estate | 2.7% → 1.6% | +1.18 | 1% |
| Utilities | 3.3% → 1.7% | +0.60 | 0% |
| Companies that joined or left, net | +18.62 | 14% | |
| Index price return | +137.43 | 100% |
Price return, before dividends. A company's buybacks or new shares count as part of its figure, which for an index weighted by shares available to the public is what they are. Companies present at both filings only; the ones that joined or left are the single row above.
Joined the index: Tesla Inc., Viatris Inc., Pool Corporation, Vontier Corporation, Etsy, Inc, Catalent, Inc. and 112 more. Left: E Trade Financial Corp, Mylan Ii B.V., Apartment Investment and Management Company, Noble Energy Inc, Kohl’s Corp, Block Inc. and 113 more. All additions and deletions, year by year
Context, not cause: the 10-year Treasury yield went 1.92% → 5.26%.
FAQ#
- What drove the S&P 500's return in 2025?
- In 2025 the S&P 500 returned +17.7%: earnings growth contributed +14.6 points (EPS +14.5%), the change in its P/E +1.7 (28.0 to 28.4) and dividends +1.4.
- Is the S&P 500's return mostly earnings growth or multiple expansion?
- Over the last ten full calendar years the index returned +294.7%. Earnings growth accounts for +198.6 points of that, the change in the P/E (23.6 to 28.4) for +35.9, and dividends for +60.2. In any single year the P/E is usually the loudest of the three; over decades earnings and dividends are, because a multiple cannot rise forever.
- How can the three parts add up when returns compound?
- As factors they multiply exactly: (1 + earnings growth) × (1 + P/E change) × (1 + dividends) is 1 + the total return, which is what the table shows. For the charts, dividends are the total return less the price return, and earnings and the P/E share the price return between them in proportion to their logarithms — they compound, so a P/E that fell 10% takes more index points off earnings that grew 25% than off earnings that did not, and neither has a size of its own until that overlap is shared. That is why a P/E down 10.7% can show as −12.0 points: the parts then add up to the return with no leftover term, and a bridge can run from the index's real starting level to its real ending one.
- What is the difference between mix and re-rating?
- Re-rating is the same company, at the same weight, trading at a different multiple of its own earnings. Mix is the index owning different things: a sector that trades at 35× growing from a fifth of the index to a third raises the index P/E even if no company's own multiple moves. Entrants and exits are the companies that joined or left. The five causes add up to the change in the P/E exactly, and the sector and company views are the same total cut another way — never added on top.
- Why does the P/E rebuilt from holdings differ from the published S&P 500 P/E?
- The headline P/E on this page is the published one: the index level over S&P's as-reported earnings per share. To say WHY it moved we rebuild it from the index fund's quarterly holdings reports — each company's filed weight, and its diluted earnings per share as filed with the SEC over its share price on the filing date. Across the 28 quarterly filing dates both exist, ours has been 1.4% away on average and never more than 3.4%. Two differences are deliberate. We count earnings as filed, one-time gains and losses and discontinued operations included, where S&P counts continuing operations only — a large spin-off gain lowers our figure for the four quarters it stays in the trailing year. And a company with no usable earnings on a date is left out of both the market value and the earnings rather than estimated; 98.8% of the index by weight is covered at the latest date. The causes are stated on our rebuilt P/E, start to end, and the published figure is quoted beside them; the two are never added into one number.
- Why is 2020's earnings bar so negative and 2021's so large?
- Earnings here are as-reported, straight from SEC filings, including write-downs and losses. Trailing earnings collapsed in 2020 and rebounded in 2021, so the P/E did the opposite: prices looked through the collapse, which reads as a large multiple expansion in 2020 and a large contraction in 2021. The two years are best read together.
More on S&P 500
- Returns by year+11.8%
- Yearly charts+17.7%
- Trailing returns+14.5%
- YTD return+11.8%
- Sector performance+37.6%
- Return calculator$1,777
- Average return10%?
- Companies & weights500