Tools
Gold vs S&P 500 Chart
Compare the long-term performance of gold against the US stock market. Indexed returns across multiple timeframes.
How to Read This Chart
Both the gold and S&P 500 lines are normalized to 100 at the start of the selected period. Every subsequent value shows cumulative percentage growth from that starting point, letting you compare the two assets on a level basis regardless of absolute price. A value of 300 means the asset has tripled; 150 means it has grown 50 percent.
Gold data is sourced from the LBMA PM Fix and updates daily. The S&P 500 series uses year-end index levels with linear interpolation between benchmarks, which is appropriate for secular trend comparison rather than short-term trading analysis. The chart excludes reinvested dividends on the S&P 500, so the true total-return gap favors equities by roughly 2 percent annually beyond what is shown.
For a deeper breakdown of how these two asset classes have traded places across different decades, read our analysis of precious metals vs the S&P 500 or explore the broader case for gold in our guide to whether gold is a good investment.
Frequently Asked Questions
Has gold or the S&P 500 performed better over the long term?
Over the full period since 1971, gold and the S&P 500 have delivered roughly comparable total returns, both averaging approximately 8 to 10 percent annually in nominal terms. The S&P 500 has a slight edge when dividends are included. However, the paths have been radically different. Stocks dominated the 1980s, 1990s, and 2010s, while gold outperformed in the 1970s and 2000s. Neither asset has been consistently superior across every regime.
Does the S&P 500 figure include dividends?
The index level used in this chart is the price return of the S&P 500, not the total return. This excludes reinvested dividends. Adding dividends would boost the S&P 500 return by roughly 2 percent per year on average. For the fairest long-term comparison, consider that gold pays no income either, so a price-only comparison avoids one layer of complexity. The actual dividend-inclusive S&P 500 CAGR since 1971 is closer to 11 percent.
What does the indexed return mean?
Both gold and the S&P 500 are normalized to a starting value of 100 at the beginning of the selected timeframe. Every subsequent value shows cumulative percentage growth from that starting point. A reading of 250 means the asset has grown 150 percent since the start. This removes the absolute price differences between an ounce of gold and an S&P index point, letting you compare relative performance directly.
Why use year-end S&P 500 levels rather than daily data?
Daily S&P 500 historical data going back to 1968 is not freely available from a single open source. Year-end closing levels, which are widely published and verifiable, provide sufficient resolution for long-term comparison. Values between year-end benchmarks are linearly interpolated for display purposes. The chart is designed for secular trend analysis rather than short-term trading signals.