S&P 500 vs M2
Backtest S&P 500Jan 1959 – Nov 12, 2026, Price only, Monthly averages
- S&P 500 to M2 ratio
- 324Nov 12, 2026
- M2, last 10 years
- +6.0%A year
- S&P 500, last 10 years
- +13.4%A year, price only
- Median since 1959
- 164The ratio
S&P 500 to M2 ratio · S&P 500 over M2 in trillions of dollars
S&P 500 and M2
S&P 500 vs M2 by year
| Year | M2 | M2 growth | S&P 500 growth | Ratio |
|---|---|---|---|---|
| 2026 through Nov 12 | $23.4T | +4.9% | +10.8% | 324 |
| 2025 | $22.3T | +4.0% | +14.0% | 307 |
| 2024 | $21.5T | +3.4% | +28.3% | 280 |
| 2023 | $20.8T | −2.4% | +19.7% | 226 |
| 2022 | $21.3T | −1.0% | −16.3% | 184 |
| 2021 | $21.5T | +12.4% | +26.5% | 218 |
| 2020 | $19.1T | +24.5% | +16.3% | 193 |
| 2019 | $15.4T | +6.7% | +23.7% | 207 |
| 2018 | $14.4T | +3.6% | −3.6% | 178 |
| 2017 | $13.9T | +4.9% | +18.6% | 192 |
M2 in December, in trillions of dollars, and the S&P 500's price change from December's average to December's. 2026 runs to M2 in Sep 2026 and the S&P 500 on Nov 12, 2026.
About S&P 500 vs M2
On November 12, 2026 the S&P 500 to M2 ratio was 324, above its median of 164 since 1959. Its high was 331 in August 2026 and its low 59 in August 1982.
Over the last 10 years M2 grew 6.0% a year and the S&P 500's price 13.4%. Since 1959 M2 grew 6.7% a year, to $23.4T in September 2026, and the S&P 500's price 7.5%. 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 S&P 500'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.