Gold Beats U.S. Stock Market Over 25 Years, Even With Dividends Included

In a surprising long-term performance shift, gold has officially outpaced the U.S. stock market over the past 25 years—dividends included.

According to data shared by Barchart, SPDR Gold Shares (GLD) has delivered a cumulative return of approximately 596.58%, surpassing the 556.83% gain posted by the S&P 500 ETF (SPY) over the same period.

The chart tracks data from 2000 to July 2025 and accounts for total returns, making gold’s outperformance particularly notable given the common belief that equities, with reinvested dividends, consistently outperform commodities over long periods.

Several factors have contributed to gold’s impressive multi-decade run. These include the 2008 financial crisis, a decade of low interest rates and quantitative easing, pandemic-era stimulus measures, and persistent inflationary pressures.

Gold has historically been seen as a hedge against currency debasement and systemic risk—conditions that have repeatedly surfaced since the early 2000s.

Meanwhile, the S&P 500 has delivered strong gains driven by technological innovation and corporate earnings, but also experienced sharp corrections during the Dot-com bust, Global Financial Crisis, and COVID crash.

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Its recovery from these drawdowns, however, has not been enough to consistently outperform gold over this particular time horizon.

With rising global debt, inflation volatility, and renewed geopolitical risks, gold’s role as a strategic long-term asset appears to be regaining prominence among both institutional and retail investors.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.