In percentage:

Gold vs. S&P 500 (Normalized to 100 in Jan 2000, Monthly Averages, Jan 2000 - Sep 2025)

Including dividends (estimated)

Below we show an estimated S&P 500 total-return series (dividends reinvested) alongside gold. The total-return series in this chart is synthesized by applying a constant monthly dividend reinvestment factor (assumed 2% annual dividend yield) to the S&P price series for illustration only. For authoritative total-return data use the S&P Total Return index (from S&P Dow Jones Indices) or datasets from CRSP / Bloomberg / Macrotrends total-return downloads.

Gold vs. S&P 500 (Estimated Total Return, Dividends Reinvested, Jan 2000 - Sep 2025)

;

Now in percentage (including estimated dividends):

Gold vs. S&P 500 (Estimated Total Return, % Change from Jan 2000)