Best and worst months — S&P 500
How each calendar month has performed historically. Seasonality is a tendency, not a forecast: any single year can break the pattern.
Average return by month since 1985
Month-by-month statistics
| Month | Avg | Median | Up % | Best | Worst | Yrs |
|---|---|---|---|---|---|---|
| Jan | +0.98% | +1.59% | 63% | +13.2% | -8.6% | 41 |
| Feb | +0.35% | +0.86% | 60% | +7.2% | -11.0% | 42 |
| Mar | +0.87% | +1.45% | 62% | +9.7% | -12.5% | 42 |
| Apr | +1.60% | +1.05% | 69% | +12.7% | -8.8% | 42 |
| May | +1.46% | +1.39% | 79% | +9.2% | -8.2% | 42 |
| Jun | +0.35% | +0.35% | 62% | +6.9% | -8.6% | 42 |
| Jul | +1.41% | +1.47% | 60% | +9.1% | -7.9% | 42 |
| Aug | -0.19% | +0.85% | 57% | +7.1% | -14.6% | 42 |
| Sep | -0.89% | -0.55% | 45% | +8.8% | -11.0% | 42 |
| Oct | +0.95% | +1.87% | 62% | +10.8% | -21.8% | 42 |
| Nov | +1.91% | +2.45% | 73% | +10.8% | -8.5% | 41 |
| Dec | +1.39% | +1.26% | 73% | +11.2% | -9.2% | 41 |
Monthly returns heat map — S&P 500
price return, %| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.4 | -0.9 | -5.1 | 10.4 | 5.2 | -1.1 | -0.1 | 2.6 | -0.5 | -0.9 | -2.7 | +7.8% | |
| 2025 | 2.7 | -1.4 | -5.8 | -0.8 | 6.2 | 5.0 | 2.2 | 1.9 | 3.5 | 2.3 | 0.1 | -0.1 | +16.4% |
| 2024 | 1.6 | 5.2 | 3.1 | -4.2 | 4.8 | 3.5 | 1.1 | 2.3 | 2.0 | -1.0 | 5.7 | -2.5 | +23.3% |
| 2023 | 6.2 | -2.6 | 3.5 | 1.5 | 0.2 | 6.5 | 3.1 | -1.8 | -4.9 | -2.2 | 8.9 | 4.4 | +24.2% |
| 2022 | -5.3 | -3.1 | 3.6 | -8.8 | 0.0 | -8.4 | 9.1 | -4.2 | -9.3 | 8.0 | 5.4 | -5.9 | -19.4% |
| 2021 | -1.1 | 2.6 | 4.2 | 5.2 | 0.6 | 2.2 | 2.3 | 2.9 | -4.8 | 6.9 | -0.8 | 4.4 | +26.9% |
| 2020 | -0.2 | -8.4 | -12.5 | 12.7 | 4.5 | 1.8 | 5.5 | 7.0 | -3.9 | -2.8 | 10.8 | 3.7 | +16.3% |
| 2019 | 7.9 | 3.0 | 1.8 | 3.9 | -6.6 | 6.9 | 1.3 | -1.8 | 1.7 | 2.0 | 3.4 | 2.9 | +28.9% |
| 2018 | 5.6 | -3.9 | -2.7 | 0.3 | 2.2 | 0.5 | 3.6 | 3.0 | 0.4 | -6.9 | 1.8 | -9.2 | -6.2% |
| 2017 | 1.8 | 3.7 | -0.0 | 0.9 | 1.2 | 0.5 | 1.9 | 0.1 | 1.9 | 2.2 | 2.8 | 1.0 | +19.4% |
| 2016 | 1.8 |
Stocks have their own seasonality pages too — open any stock and follow "Seasonality", e.g. Apple, Nvidia.
Frequently asked questions
What is the best month for the stock market?
Since 1950, April, November and December have been among the strongest months for the S&P 500 on average, while September has been the weakest. Check the table above for the exact figures computed from index history.
What is the "Sell in May" effect?
The saying reflects the historical tendency for US stocks to deliver most of their gains between November and April. The effect is real on average but weak and inconsistent from year to year.
How is seasonality calculated here?
For each month we take the index close at the end of the month versus the end of the previous month (price return, excluding dividends), then average those monthly returns across all years in the sample. The current, incomplete month is excluded from the statistics.