T2Finance · Markets
Real value of stock markets
After currency and inflation
What a stock market really gave over 1 to 20 years: the nominal return, the return in your currency, and the return after currency and inflation, for the G20 and large emerging markets. General information, not financial advice.
Images generated by AI.
1Choose your market and your country
1.3What is inside the index
| Item | What it contains |
|---|
2Choose the period
3Returns
The real result is the one marked REAL: what you actually gain in purchasing power, in your own currency, after currency and inflation. The two others are only steps towards it. Click a card to open its calculation sheet.
3.1Cumulated
3.2Annualised
4Country table
| 1 January | Share price index | Change | Inflation, year before | Currency change |
|---|
Share price index: 2015 = 100, local currency. Inflation: annual average of the year before. Currency change: how much the local currency gained (+) or lost (−) against your currency over the year before 1 January, on annual average rates. Most recent first.
5Index return of every country if you live in: your country
| Country | Currency | Nominal | In your currency | After inflation, cumulated | After inflation, annualised |
|---|
Click a country to see its table. “n/a” when the index or a rate is missing from the open sources.
6Sources and method
- Share prices: OECD, Main Economic Indicators, “Share prices” (total share price index of each country, monthly, 2015 = 100, local currency), retrieved through FRED (Federal Reserve Bank of St. Louis). The value shown for 1 January is the average of the month of January.
- Inflation: World Bank, series FP.CPI.TOTL.ZG “Inflation, consumer prices (annual %)”, derived from the IMF International Financial Statistics, licence CC BY 4.0. United States 2025: computed from the U.S. Bureau of Labor Statistics CPI-U (public domain), October 2025 not being published. The figure shown next to 1 January of a year is the annual average inflation of the previous year.
- Exchange rates: World Bank, series PA.NUS.FCRF “Official exchange rate (LCU per US$, period average)”, licence CC BY 4.0. Rates between two currencies are computed through the US dollar, on annual averages.
- The three returns: (1) nominal = change of the index in the country's own currency; (2) in your currency = the index converted at the rate of each 1 January, then compared; (3) after inflation = (2) divided by the rise of consumer prices in your country over the period. Per-year figures are the compound annual rate. Dividends are not included.
- Not an investment product: the index is a national broad measure published by the OECD and is not a forecast. Past returns say nothing about the future. The data start on 1 January 2007, so the longest period is 19 years.
- Countries without a reusable series: the page shows the inflation and links to the official stock exchange; no index figure is copied from a commercial data provider.
- The site is independent and not affiliated with the OECD, the World Bank, the IMF or any stock exchange. Last update: .
7Frequently asked questions
7.1Where do the share prices come from?
From the OECD share price index of each country, published for reuse with citation and following each national market. The official explanations are linked in the table of section 1.3.
7.2Why is the 1 January value an average?
Markets are closed on 1 January, and the open data series are monthly averages. The page uses the average of January and says so.
7.3Which inflation is used after currency?
The one of your own country, because it is the loss of purchasing power you actually bear once the money is converted into your currency.