See Real Performance
Compare how stocks perform when adjusted for money supply expansion
📈 Understanding this SPY chart
This interactive chart shows SPY performance over all available data, measured against US M2 money supply (all money in circulation). The chart displays three key metrics that help understand how much of the asset's price appreciation is due to monetary expansion versus real value creation.
From February 1, 1993 to October 1, 2025,SPY has shown a nominal return of +1436.0%. When adjusted for M2 growth of +553.0%, the M2-adjusted return is +135.2%.
📊 What each line represents
Green line: SPY Nominal Growth (+1436.0%)
This line tracks the percentage change in SPY's dollar price from the start date. It shows SPY has gained value in dollar terms. This is the return most investors see when looking at standard price charts.
Blue line: M2 Money Supply Growth (+553.0%)
This line shows the percentage change in US M2 money supply over the same period. M2 includes cash, checking deposits, savings deposits, and money market securities.When this line is rising, it indicates monetary expansion by the Federal Reserve, which can affect asset prices across the economy.
Red line: SPY / M2 Ratio Growth (+135.2%)
This line shows the percentage change in the ratio of SPY price divided by M2 money supply. A positive value indicates SPY has outperformed money supply growth, suggesting real value appreciation beyond monetary expansion.
💡 Key insights
SPY has outperformed M2 growth over all available data. The positive M2-adjusted return of +135.2% suggests that SPY has generated real value beyond what can be explained by monetary expansion alone.
Note: This analysis isolates monetary effects on price. It does not account for fundamentals, earnings, market sentiment, or other factors that influence asset valuation. The M2 adjustment helps separate monetary expansion effects from genuine asset appreciation or depreciation.
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