Comparison
S&P 500 vs FTSE 100: real returns in dollars and pounds
America’s large-company index against Britain’s, from the same month, in dollars and pounds before and after each country’s inflation. Both are price indices, so dividends are left out.
- S&P 500 since 1985, real £ +1,006% 5.9% a year
- FTSE 100 since 1985, real £ +147% 2.2% a year
- S&P 500, 10 yrs real £ +139% 9.1% a year
- FTSE 100, 10 yrs real £ +7.7% 0.7% a year
Key takeaways
- In pounds after UK inflation since Jan 1985: S&P 500 +1,006%, FTSE 100 +147%.
- Since 2000 the FTSE 100’s price is down 22.5% after UK inflation; the S&P 500 is up 228%.
- Both fell after UK inflation in the 2000s.
- The 2010s opened the gap: S&P 500 +186%, FTSE 100 +13.0% in real pounds.
- Against US money printing since Jan 1985: S&P 500 +334%, FTSE 100 −3.0%.
Side by side, Jan 1985 to Oct 2026
Every lens over the months all of them have. The highlighted column follows the lens you choose below.
| Asset | $ nominal | £ nominal | Real $ (US CPI) | Real £ (UK CPI) | vs US M2 |
|---|---|---|---|---|---|
| S&P 500 SPX | +4,249% 9.5% a year | +3,615% 9.0% a year | +1,270% 6.5% a year | +1,006% 5.9% a year | +334% 3.6% a year |
| FTSE 100 UKX | +871% 5.6% a year | +729% 5.2% a year | +206% 2.7% a year | +147% 2.2% a year | −3.0% −0.1% a year |
Growth of 100 in the lens you choose
Each line starts at 100. Switch the lens to see the same holdings in pounds, after inflation or against money printing.
- S&P 5001,370
- FTSE 100305.8
- Oct 2026
Loading the chart. Every figure is also in the tables below.
Every period
Shorter windows first. All five lenses are in the page; the one you choose is shown.
Every period in US dollars, not adjusted
| Period | S&P 500 | FTSE 100 |
|---|---|---|
| Past year from Oct 2025 | +14.2% 14.2% a year | +10.1% 10.1% a year |
| 5 years from Oct 2021 | +69.6% 11.1% a year | +41.9% 7.3% a year |
| Since 2020 from Dec 2019 | +142% 13.8% a year | +40.5% 5.1% a year |
| 10 years from Oct 2016 | +267% 13.9% a year | +65.6% 5.2% a year |
| Since 2010 from Dec 2009 | +601% 12.3% a year | +60.7% 2.9% a year |
| 20 years from Oct 2006 | +467% 9.1% a year | +20.2% 0.9% a year |
| Since 2000 from Dec 1999 | +432% 6.4% a year | +25.6% 0.9% a year |
| Since Jan 1985 from Jan 1985 | +4,249% 9.5% a year | +871% 5.6% a year |
Every period in pounds sterling, not adjusted
| Period | S&P 500 | FTSE 100 |
|---|---|---|
| Past year from Oct 2025 | +13.4% 13.4% a year | +9.3% 9.3% a year |
| 5 years from Oct 2021 | +75.4% 11.9% a year | +46.8% 8.0% a year |
| Since 2020 from Dec 2019 | +142% 13.8% a year | +40.9% 5.1% a year |
| 10 years from Oct 2016 | +239% 13.0% a year | +52.8% 4.3% a year |
| Since 2010 from Dec 2009 | +756% 13.6% a year | +96.3% 4.1% a year |
| 20 years from Oct 2006 | +717% 11.1% a year | +73.3% 2.8% a year |
| Since 2000 from Dec 1999 | +549% 7.2% a year | +53.3% 1.6% a year |
| Since Jan 1985 from Jan 1985 | +3,615% 9.0% a year | +729% 5.2% a year |
Every period in US dollars after US inflation (CPI)
| Period | S&P 500 | FTSE 100 |
|---|---|---|
| Past year from Oct 2025 | –a (see note a) | –a (see note a) |
| 5 years from Oct 2021 | +40.1% 7.0% a year | +17.2% 3.2% a year |
| Since 2020 from Dec 2019 | +85.5% 9.5% a year | +7.8% 1.1% a year |
| 10 years from Oct 2016 | +165% 10.2% a year | +19.5% 1.8% a year |
| Since 2010 from Dec 2009 | +352% 9.4% a year | +3.6% 0.2% a year |
| 20 years from Oct 2006 | +242% 6.3% a year | −27.6% −1.6% a year |
| Since 2000 from Dec 1999 | +167% 3.7% a year | −36.9% −1.7% a year |
| Since Jan 1985 from Jan 1985 | +1,270% 6.5% a year | +206% 2.7% a year |
- a US CPI was not published for Oct 2025.
Every period in pounds after UK inflation (CPI)
| Period | S&P 500 | FTSE 100 |
|---|---|---|
| Past year from Oct 2025 | +10.4% 10.4% a year | +6.4% 6.4% a year |
| 5 years from Oct 2021 | +38.8% 6.8% a year | +16.1% 3.0% a year |
| Since 2020 from Dec 2019 | +83.2% 9.3% a year | +6.4% 0.9% a year |
| 10 years from Oct 2016 | +139% 9.1% a year | +7.7% 0.7% a year |
| Since 2010 from Dec 2009 | +424% 10.3% a year | +20.3% 1.1% a year |
| 20 years from Oct 2006 | +359% 7.9% a year | −2.7% −0.1% a year |
| Since 2000 from Dec 1999 | +228% 4.5% a year | −22.5% −0.9% a year |
| Since Jan 1985 from Jan 1985 | +1,006% 5.9% a year | +147% 2.2% a year |
Every period in US dollars measured against the growth of the US M2 money supply
| Period | S&P 500 | FTSE 100 |
|---|---|---|
| Past year from Oct 2025 | +8.9% 8.9% a year | +5.0% 5.0% a year |
| 5 years from Oct 2021 | +53.8% 9.0% a year | +28.7% 5.2% a year |
| Since 2020 from Dec 2019 | +59.0% 7.0% a year | −7.6% −1.2% a year |
| 10 years from Oct 2016 | +107% 7.5% a year | −6.9% −0.7% a year |
| Since 2010 from Dec 2009 | +155% 5.7% a year | −41.4% −3.1% a year |
| 20 years from Oct 2006 | +70.1% 2.7% a year | −63.9% −5.0% a year |
| Since 2000 from Dec 1999 | +5.7% 0.2% a year | −75.0% −5.0% a year |
| Since Jan 1985 from Jan 1985 | +334% 3.6% a year | −3.0% −0.1% a year |
Decade by decade
Each decade from the December close to the next, after inflation.
Over the whole stretch from January 1985 to October 2026, a UK investor counting in pounds after UK inflation saw the S&P 500 up 1,006% (5.9% a year) and the FTSE 100 up 147% (2.2% a year). Both are price indices, so neither figure includes dividends.
The decades tell different stories. In the 1990s both more than doubled in real pounds (S&P 500 +206%, FTSE 100 +110%). The 2000s took both below where they started after inflation. Most of today’s gap opened in the 2010s, when the S&P 500 returned +186% after UK inflation and the FTSE 100 +13.0%.
Dividends matter more for the FTSE 100 than for the S&P 500, because its companies have usually paid out a larger share of their value each year. A total-return comparison would narrow the gap, though the price figures here are the ones that can be checked month by month against published index levels.
| Decade | S&P 500, real £ | FTSE 100, real £ | S&P 500, real $ | FTSE 100, real $ |
|---|---|---|---|---|
| 1985–1989 Jan 1985 to Dec 1989 | +10.2% | +51.4% | +64.6% | +126% |
| 1990s Dec 1989 to Dec 1999 | +206% | +110% | +212% | +114% |
| 2000s Dec 1999 to Dec 2009 | −37.5% | −35.6% | −40.9% | −39.1% |
| 2010s Dec 2009 to Dec 2019 | +186% | +13.0% | +143% | −3.9% |
| 2020 to Oct 2026 Dec 2019 to Oct 2026 | +83.2% | +6.4% | +85.5% | +7.8% |
What the pound did to the result
The same indices before inflation, in each currency.
The exchange rate changes the S&P 500’s result for a UK holder. Since 2010 it is up 601% in dollars but up 756% in pounds, because the pound fell against the dollar over those years. Over the full window from Jan 1985 the pound figure is up 3,615% against up 4,249% in dollars, because the pound was cheaper in Jan 1985 than it is now.
Against the growth of the US M2 money supply, the S&P 500 is up 334% since Jan 1985 and the FTSE 100 down 3.0%. On that measure the FTSE 100’s price has not kept pace with the number of dollars in circulation.
| Period | S&P 500, $ | S&P 500, £ | FTSE 100, £ | FTSE 100, $ |
|---|---|---|---|---|
| Since Jan 1985 from Jan 1985 | +4,249% 9.5% a year | +3,615% 9.0% a year | +729% 5.2% a year | +871% 5.6% a year |
| Since 2000 from Dec 1999 | +432% 6.4% a year | +549% 7.2% a year | +53.3% 1.6% a year | +25.6% 0.9% a year |
| Since 2010 from Dec 2009 | +601% 12.3% a year | +756% 13.6% a year | +96.3% 4.1% a year | +60.7% 2.9% a year |
| 10 years from Oct 2016 | +267% 13.9% a year | +239% 13.0% a year | +52.8% 4.3% a year | +65.6% 5.2% a year |
Gaps and assumptions
What the figures leave out, so they can be read for what they are.
- Both indices are price returns. Dividends are left out, and the FTSE 100 has usually paid a higher dividend yield than the S&P 500, so its figures are understated by more.
- Monthly index history here comes from Yahoo Finance and starts in January 1985 for both. The FTSE 100 was launched in January 1984; its first year is not in the data.
- The FTSE 100 is priced in pounds. Its dollar figures convert at each month-end GBP/USD rate, and so do the S&P 500’s pound figures.
- UK CPI starts in 1988. Before that the pound figures use the ONS long-run RPI, which usually ran above CPI, so real pound returns for 1985–87 are a little understated.
- The US did not publish CPI for October 2025, so any real-dollar window that starts or ends in that month has no figure. The past-year real-dollar cells show a dash for that reason.
S&P 500 vs FTSE 100: questions
Worked out from the same monthly data as the tables. Educational information, not financial advice.
Has the FTSE 100 beaten inflation?
Over some periods but not others. Since Jan 1985 its price is up 147% after UK inflation, but from the December 1999 close it is down 22.5%, because the index stood near a peak at the end of 1999. These are price figures; with dividends reinvested a holder did better.
Which has done better for a UK investor?
In pounds after UK inflation since Jan 1985, the S&P 500 is up 1,006% and the FTSE 100 up 147%. The S&P 500’s pound figures include the effect of the exchange rate, which helped when the pound fell and hurt when it rose. Neither figure includes dividends.
When did the S&P 500 pull ahead of the FTSE 100?
Mostly in the 2010s. From the December 2009 close to December 2019, the S&P 500 returned +186% after UK inflation in pounds and the FTSE 100 +13.0%. In the 1990s and 2000s the two moved much more closely; the decade table shows each one.
Do these figures include dividends?
No. They use index prices, which leave out dividends. The FTSE 100 has usually paid out more of its value each year than the S&P 500, so a total-return comparison would narrow the gap between them. We show price returns because they can be checked against published index levels for every month.
Important information
Capital at risk. The value of investments can fall as well as rise and you may get back less than you invest. Past performance is not a reliable indicator of future results. Educational information only, not financial advice. Read our disclaimer.