Nasdaq vs M2

Feb 1971 – Nov 12, 2026, Price only, Monthly averages

Nasdaq to M2 ratio: 1,083Nov 12, 2026
M2, last 10 years: +6.0%A year
Nasdaq, last 10 years: +17.1%A year, price only
Median since 1971: 278The ratio

Nasdaq to M2 ratio

Nasdaq and M2

Nasdaq vs M2 by year

Year	M2	M2 growth	Nasdaq growth	Ratio
2026 through Nov 12	$23.4T	+4.9%	+8.5%	1,083
2025	$22.3T	+4.0%	+18.5%	1,047
2024	$21.5T	+3.4%	+34.3%	920
2023	$20.8T	−2.4%	+35.5%	708
2022	$21.3T	−1.0%	−30.0%	510
2021	$21.5T	+12.4%	+22.6%	720
2020	$19.1T	+24.5%	+43.7%	660
2019	$15.4T	+6.7%	+28.8%	572
2018	$14.4T	+3.6%	−1.1%	473
2017	$13.9T	+4.9%	+27.3%	496
2016	$13.2T	+6.8%	+7.4%	409
2015	$12.4T	+5.7%	+6.5%	407
2014	$11.7T	+6.0%	+16.1%	404
2013	$11.1T	+5.5%	+35.7%	368
2012	$10.5T	+8.3%	+15.5%	286
2011	$9.68T	+9.8%	−1.1%	269
2010	$8.82T	+3.7%	+18.5%	298
2009	$8.51T	+3.7%	+45.5%	261
2008	$8.20T	+9.6%	−42.7%	186
2007	$7.48T	+5.7%	+9.4%	356
2006	$7.08T	+5.9%	+8.3%	344
2005	$6.69T	+4.1%	+4.5%	336
2004	$6.42T	+5.8%	+9.8%	335
2003	$6.07T	+5.1%	+41.1%	322
2002	$5.78T	+6.2%	−29.9%	240
2001	$5.44T	+10.4%	−25.6%	364
2000	$4.93T	+6.2%	−28.9%	539
1999	$4.64T	+6.0%	+80.6%	806
1998	$4.38T	+8.5%	+32.2%	473
1997	$4.03T	+5.6%	+21.3%	389
1996	$3.82T	+5.2%	+23.4%	338
1995	$3.63T	+4.1%	+42.5%	288
1994	$3.49T	+0.3%	−3.7%	211
1993	$3.48T	+1.5%	+15.4%	220
1992	$3.43T	+1.6%	+21.5%	193
1991	$3.37T	+3.1%	+47.0%	161
1990	$3.27T	+3.8%	−17.6%	113
1989	$3.15T	+5.5%	+19.5%	142
1988	$2.99T	+5.7%	+19.5%	126
1987	$2.83T	+3.6%	−11.4%	111
1986	$2.73T	+9.5%	+10.8%	130
1985	$2.49T	+8.1%	+32.0%	129
1984	$2.31T	+8.6%	−13.0%	105
1983	$2.12T	+11.4%	+19.6%	131
1982	$1.91T	+8.6%	+18.2%	122
1981	$1.76T	+9.7%	−0.6%	112
1980	$1.60T	+8.5%	+33.4%	124
1979	$1.47T	+7.9%	+26.9%	101
1978	$1.37T	+7.5%	+13.1%	86
1977	$1.27T	+10.3%	+9.7%	82
1976	$1.15T	+13.4%	+24.6%	82
1975	$1.02T	+12.7%	+28.3%	75
1974	$0.90T	+5.4%	−34.8%	66
1973	$0.86T	+6.6%	−31.9%	106
1972	$0.80T	+13.0%	+21.4%	166
1971	$0.71T	–	–	155

M2 in December, in trillions of dollars, and the Nasdaq Composite's price change from December's average to December's. 2026 runs to M2 in Sep 2026 and the Nasdaq on Nov 12, 2026.

About Nasdaq vs M2

On November 12, 2026 the Nasdaq to M2 ratio was 1,083, above its median of 278 since 1971. Its high was 1,141 in October 2026 and its low 66 in December 1974.

Over the last 10 years M2 grew 6.0% a year and the Nasdaq Composite's price 17.1%. Since 1971 M2 grew 6.7% a year, to $23.4T in September 2026, and the Nasdaq Composite's price 10.4%. M2's fastest year was 2020, up 24.5%, and it shrank in 2022 and 2023.

M2 is the US money supply: cash, checking and savings deposits, small CDs and retail money market funds, seasonally adjusted. The ratio is the Nasdaq Composite's price divided by M2 in trillions of dollars, so a higher ratio means stocks are priced higher next to the money in the economy. Dividends aren't included. M2 comes out monthly, and after its latest month, September 2026, the ratio uses that month's M2.

Nasdaq to M2 ratio · Nasdaq over M2 in trillions of dollars

Nasdaq and M2

Nasdaq vs M2 by year

About Nasdaq vs M2

Nasdaq to M2 ratio