{"slug":"dollar-cost-averaging","qid":"trace","label":"$500 a month into SPY vs one lump sum, 2016 to 2026 (portfolio value, $ thousands)","post_title":"Does Dollar-Cost Averaging Work?","post_url":"/blog/dollar-cost-averaging#q-trace","columns":["month","dca_value","lumpsum_value","invested"],"rows":[{"month":"2016-01-01","dca_value":0.5,"lumpsum_value":63,"invested":0.5},{"month":"2016-02-01","dca_value":1,"lumpsum_value":60.7,"invested":1},{"month":"2016-03-01","dca_value":1.5,"lumpsum_value":62.1,"invested":1.5},{"month":"2016-04-01","dca_value":2.1,"lumpsum_value":64.8,"invested":2},{"month":"2016-05-01","dca_value":2.6,"lumpsum_value":65.2,"invested":2.5},{"month":"2016-06-01","dca_value":3.1,"lumpsum_value":65.9,"invested":3},{"month":"2016-07-01","dca_value":3.6,"lumpsum_value":65.8,"invested":3.5},{"month":"2016-08-01","dca_value":4.2,"lumpsum_value":68,"invested":4},{"month":"2016-09-01","dca_value":4.7,"lumpsum_value":68.1,"invested":4.5},{"month":"2016-10-01","dca_value":5.2,"lumpsum_value":67.6,"invested":5},{"month":"2016-11-01","dca_value":5.6,"lumpsum_value":66.1,"invested":5.5},{"month":"2016-12-01","dca_value":6.3,"lumpsum_value":68.8,"invested":6},{"month":"2017-01-01","dca_value":7,"lumpsum_value":70.6,"invested":6.5},{"month":"2017-02-01","dca_value":7.5,"lumpsum_value":71.4,"invested":7},{"month":"2017-03-01","dca_value":8.5,"lumpsum_value":75.1,"invested":7.5},{"month":"2017-04-01","dca_value":8.8,"lumpsum_value":73.8,"invested":8},{"month":"2017-05-01","dca_value":9.4,"lumpsum_value":74.8,"invested":8.5},{"month":"2017-06-01","dca_value":10.1,"lumpsum_value":76.3,"invested":9},{"month":"2017-07-01","dca_value":10.6,"lumpsum_value":76,"invested":9.5},{"month":"2017-08-01","dca_value":11.3,"lumpsum_value":77.5,"invested":10},{"month":"2017-09-01","dca_value":11.8,"lumpsum_value":77.7,"invested":10.5},{"month":"2017-10-01","dca_value":12.5,"lumpsum_value":79.1,"invested":11},{"month":"2017-11-01","dca_value":13.3,"lumpsum_value":80.7,"invested":11.5},{"month":"2017-12-01","dca_value":14.1,"lumpsum_value":82.9,"invested":12},{"month":"2018-01-01","dca_value":14.9,"lumpsum_value":84.3,"invested":12.5},{"month":"2018-02-01","dca_value":16.1,"lumpsum_value":88.3,"invested":13},{"month":"2018-03-01","dca_value":15.8,"lumpsum_value":83.9,"invested":13.5},{"month":"2018-04-01","dca_value":15.7,"lumpsum_value":80.7,"invested":14},{"month":"2018-05-01","dca_value":16.6,"lumpsum_value":83.1,"invested":14.5},{"month":"2018-06-01","dca_value":17.7,"lumpsum_value":85.8,"invested":15},{"month":"2018-07-01","dca_value":18.1,"lumpsum_value":85.2,"invested":15.5},{"month":"2018-08-01","dca_value":19.2,"lumpsum_value":88.1,"invested":16},{"month":"2018-09-01","dca_value":20.3,"lumpsum_value":90.9,"invested":16.5},{"month":"2018-10-01","dca_value":20.9,"lumpsum_value":91.4,"invested":17},{"month":"2018-11-01","dca_value":20.1,"lumpsum_value":85.7,"invested":17.5},{"month":"2018-12-01","dca_value":21,"lumpsum_value":87.5,"invested":18},{"month":"2019-01-01","dca_value":19.3,"lumpsum_value":78.4,"invested":18.5},{"month":"2019-02-01","dca_value":21.4,"lumpsum_value":84.7,"invested":19},{"month":"2019-03-01","dca_value":22.7,"lumpsum_value":87.9,"invested":19.5},{"month":"2019-04-01","dca_value":23.6,"lumpsum_value":89.6,"invested":20},{"month":"2019-05-01","dca_value":24.6,"lumpsum_value":91.5,"invested":20.5},{"month":"2019-06-01","dca_value":23.7,"lumpsum_value":86.1,"invested":21},{"month":"2019-07-01","dca_value":26,"lumpsum_value":92.7,"invested":21.5},{"month":"2019-08-01","dca_value":26.4,"lumpsum_value":92.4,"invested":22},{"month":"2019-09-01","dca_value":26.5,"lumpsum_value":91.1,"invested":22.5},{"month":"2019-10-01","dca_value":27.3,"lumpsum_value":91.9,"invested":23},{"month":"2019-11-01","dca_value":29,"lumpsum_value":96,"invested":23.5},{"month":"2019-12-01","dca_value":30,"lumpsum_value":97.7,"invested":24},{"month":"2020-01-01","dca_value":31.8,"lumpsum_value":101.8,"invested":24.5},{"month":"2020-02-01","dca_value":32.2,"lumpsum_value":101.6,"invested":25},{"month":"2020-03-01","dca_value":31.2,"lumpsum_value":96.9,"invested":25.5},{"month":"2020-04-01","dca_value":25.3,"lumpsum_value":77.1,"invested":26},{"month":"2020-05-01","dca_value":29.6,"lumpsum_value":88.6,"invested":26.5},{"month":"2020-06-01","dca_value":32.5,"lumpsum_value":95.8,"invested":27},{"month":"2020-07-01","dca_value":33.5,"lumpsum_value":97.3,"invested":27.5},{"month":"2020-08-01","dca_value":36,"lumpsum_value":103,"invested":28},{"month":"2020-09-01","dca_value":39.1,"lumpsum_value":110.5,"invested":28.5},{"month":"2020-10-01","dca_value":37.9,"lumpsum_value":105.6,"invested":29},{"month":"2020-11-01","dca_value":37.6,"lumpsum_value":103.5,"invested":29.5},{"month":"2020-12-01","dca_value":42.2,"lumpsum_value":114.7,"invested":30},{"month":"2021-01-01","dca_value":43,"lumpsum_value":115.6,"invested":30.5},{"month":"2021-02-01","dca_value":44.4,"lumpsum_value":117.9,"invested":31},{"month":"2021-03-01","dca_value":46.5,"lumpsum_value":122.1,"invested":31.5},{"month":"2021-04-01","dca_value":48.3,"lumpsum_value":125.5,"invested":32},{"month":"2021-05-01","dca_value":50.9,"lumpsum_value":131.1,"invested":32.5},{"month":"2021-06-01","dca_value":51.6,"lumpsum_value":131.5,"invested":33},{"month":"2021-07-01","dca_value":53.4,"lumpsum_value":134.9,"invested":33.5},{"month":"2021-08-01","dca_value":54.8,"lumpsum_value":137.2,"invested":34},{"month":"2021-09-01","dca_value":57.1,"lumpsum_value":141.6,"invested":34.5},{"month":"2021-10-01","dca_value":55.3,"lumpsum_value":136.1,"invested":35},{"month":"2021-11-01","dca_value":59.1,"lumpsum_value":144.2,"invested":35.5},{"month":"2021-12-01","dca_value":58.4,"lumpsum_value":141.2,"invested":36},{"month":"2022-01-01","dca_value":62.4,"lumpsum_value":149.8,"invested":36.5},{"month":"2022-02-01","dca_value":59.7,"lumpsum_value":142,"invested":37},{"month":"2022-03-01","dca_value":57.2,"lumpsum_value":134.8,"invested":37.5},{"month":"2022-04-01","dca_value":60.7,"lumpsum_value":142,"invested":38},{"month":"2022-05-01","dca_value":56.1,"lumpsum_value":129.9,"invested":38.5},{"month":"2022-06-01","dca_value":55.9,"lumpsum_value":128.4,"invested":39},{"month":"2022-07-01","dca_value":52.5,"lumpsum_value":119.5,"invested":39.5},{"month":"2022-08-01","dca_value":57.1,"lumpsum_value":128.7,"invested":40},{"month":"2022-09-01","dca_value":55.6,"lumpsum_value":124.3,"invested":40.5},{"month":"2022-10-01","dca_value":51.9,"lumpsum_value":114.9,"invested":41},{"month":"2022-11-01","dca_value":55,"lumpsum_value":120.5,"invested":41.5},{"month":"2022-12-01","dca_value":58.7,"lumpsum_value":127.7,"invested":42},{"month":"2023-01-01","dca_value":55.4,"lumpsum_value":119.4,"invested":42.5},{"month":"2023-02-01","dca_value":60.3,"lumpsum_value":128.8,"invested":43},{"month":"2023-03-01","dca_value":58.4,"lumpsum_value":123.7,"invested":43.5},{"month":"2023-04-01","dca_value":61.3,"lumpsum_value":128.8,"invested":44},{"month":"2023-05-01","dca_value":62.5,"lumpsum_value":130.2,"invested":44.5},{"month":"2023-06-01","dca_value":63.9,"lumpsum_value":132.2,"invested":45},{"month":"2023-07-01","dca_value":67.8,"lumpsum_value":139.1,"invested":45.5},{"month":"2023-08-01","dca_value":70.2,"lumpsum_value":143.1,"invested":46},{"month":"2023-09-01","dca_value":69.9,"lumpsum_value":141.4,"invested":46.5},{"month":"2023-10-01","dca_value":66.7,"lumpsum_value":134,"invested":47},{"month":"2023-11-01","dca_value":66.5,"lumpsum_value":132.5,"invested":47.5},{"month":"2023-12-01","dca_value":72.7,"lumpsum_value":143.9,"invested":48},{"month":"2024-01-01","dca_value":75.3,"lumpsum_value":148.1,"invested":48.5},{"month":"2024-02-01","dca_value":78.5,"lumpsum_value":153.3,"invested":49},{"month":"2024-03-01","dca_value":82.8,"lumpsum_value":160.7,"invested":49.5},{"month":"2024-04-01","dca_value":84.8,"lumpsum_value":163.7,"invested":50},{"month":"2024-05-01","dca_value":81.7,"lumpsum_value":156.8,"invested":50.5},{"month":"2024-06-01","dca_value":86.7,"lumpsum_value":165.4,"invested":51},{"month":"2024-07-01","dca_value":90.1,"lumpsum_value":170.9,"invested":51.5},{"month":"2024-08-01","dca_value":90.2,"lumpsum_value":170.2,"invested":52},{"month":"2024-09-01","dca_value":92.2,"lumpsum_value":173.1,"invested":52.5},{"month":"2024-10-01","dca_value":95.5,"lumpsum_value":178.3,"invested":53},{"month":"2024-11-01","dca_value":96.4,"lumpsum_value":179,"invested":53.5},{"month":"2024-12-01","dca_value":102.4,"lumpsum_value":189.2,"invested":54},{"month":"2025-01-01","dca_value":99.7,"lumpsum_value":183.2,"invested":54.5},{"month":"2025-02-01","dca_value":102.4,"lumpsum_value":187.3,"invested":55},{"month":"2025-03-01","dca_value":100.5,"lumpsum_value":183,"invested":55.5},{"month":"2025-04-01","dca_value":97.1,"lumpsum_value":175.9,"invested":56},{"month":"2025-05-01","dca_value":97.2,"lumpsum_value":175,"invested":56.5},{"month":"2025-06-01","dca_value":103.6,"lumpsum_value":185.8,"invested":57},{"month":"2025-07-01","dca_value":108.5,"lumpsum_value":193.6,"invested":57.5},{"month":"2025-08-01","dca_value":109.7,"lumpsum_value":194.9,"invested":58},{"month":"2025-09-01","dca_value":113.5,"lumpsum_value":200.7,"invested":58.5},{"month":"2025-10-01","dca_value":119,"lumpsum_value":209.5,"invested":59},{"month":"2025-11-01","dca_value":122.1,"lumpsum_value":214.2,"invested":59.5},{"month":"2025-12-01","dca_value":122.1,"lumpsum_value":213.2,"invested":60},{"month":"2026-01-01","dca_value":123.1,"lumpsum_value":214.1,"invested":60.5},{"month":"2026-02-01","dca_value":125.8,"lumpsum_value":218,"invested":61},{"month":"2026-03-01","dca_value":124.6,"lumpsum_value":215.1,"invested":61.5},{"month":"2026-04-01","dca_value":119.5,"lumpsum_value":205.4,"invested":62},{"month":"2026-05-01","dca_value":131.9,"lumpsum_value":225.9,"invested":62.5},{"month":"2026-06-01","dca_value":139.3,"lumpsum_value":237.7,"invested":63}],"shape":"series","sql":"WITH\nmonthly AS (\n    SELECT toStartOfMonth(dt) AS mo, argMin(c, dt) AS px\n    FROM (\n        SELECT toDate(toTimeZone(window_start, 'America/New_York')) AS dt,\n               argMax(toFloat64(close), window_start) AS c\n        FROM global_markets.delayed_stocks_minute_aggs\n        WHERE ticker = 'SPY'\n          AND window_start >= '2016-01-01 00:00:00' AND window_start < '2026-07-01 00:00:00'\n          AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60\n               + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959\n        GROUP BY dt\n    )\n    GROUP BY mo\n),\nagg AS (\n    SELECT argMin(px, mo) AS first_px, sum(500.0) AS total_invested FROM monthly\n)\nSELECT mo AS month,\n       round(sum(500.0 / px) OVER (ORDER BY mo) * px / 1000, 1) AS dca_value,\n       round((total_invested / first_px) * px / 1000, 1) AS lumpsum_value,\n       round(sum(500.0) OVER (ORDER BY mo) / 1000, 1) AS invested\nFROM monthly CROSS JOIN agg\nORDER BY mo","computed_at":"2026-07-16T11:19:36.094700+00:00","elapsed":0.003273729}