S&P 500 vs Dow Jones Industrial Average: which is stronger each month?
S&P 500 has been strongest in July (+1.67%) and weakest in September (-1.12%). Dow Jones Industrial Average has been strongest in November (+2.69%) and weakest in September (-0.80%). S&P 500 had the higher average in 5 of 12 months, and the two pointed the same way in 10 of 12.
Month by month
| Month | S&P 500 average | S&P 500 up years | Dow Jones average | Dow Jones up years | Stronger |
|---|---|---|---|---|---|
| January | +1.21% | 63% | +0.28% | 59% | S&P 500 |
| February | -0.11% | 52% | -0.01% | 63% | Dow Jones |
| March | +0.42% | 61% | +0.54% | 63% | Dow Jones |
| April | +1.36% | 66% | +2.17% | 74% | Dow Jones |
| May | +0.13% | 61% | +0.49% | 66% | Dow Jones |
| June | +0.79% | 57% | -0.11% | 49% | S&P 500 |
| July | +1.67% | 61% | +1.61% | 77% | S&P 500 |
| August | +0.70% | 59% | -0.45% | 57% | S&P 500 |
| September | -1.12% | 45% | -0.80% | 49% | Dow Jones |
| October | +0.55% | 59% | +1.75% | 65% | Dow Jones |
| November | +1.01% | 62% | +2.69% | 76% | Dow Jones |
| December | +1.27% | 72% | +0.97% | 68% | S&P 500 |
S&P 500 since 1928, Dow Jones Industrial Average since 1992, monthly close to close, as of October 16, 2026. The highlighted row is the current month. Monthly correlation over the last 16 years: 0.94.
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Questions
What is the best month for S&P 500?
Since 1928, July has averaged +1.67% for S&P 500, higher in 61% of 99 years.
What is the best month for Dow Jones Industrial Average?
Since 1992, November has averaged +2.69% for Dow Jones Industrial Average, higher in 76% of 34 years.
Do S&P 500 and Dow Jones Industrial Average move together?
Over the last 16 years their monthly moves had a correlation of 0.94, where 1 means they always move together and 0 means no link.
History describes the past. Not investment advice.
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Not investment advice. Market Seasonality publishes historical statistics, news summaries and scenario analysis for information and education. Past patterns do not guarantee future results. Nothing here is a recommendation to buy, sell or hold any asset, and scenarios describe possible paths without predicting them. See the disclaimer and methodology.