DCA into the S&P 500 from Malaysia: RM500 a month for 10 years became RM121,424

Put RM500 into US stocks every month and leave it alone: how did that actually work out for someone in Malaysia? We converted every monthly purchase into US dollars at that day’s exchange rate and valued the result in ringgit. The short answer: RM60,000 in the S&P 500 became RM121,424 over ten years. The ringgit’s strength in 2025 took a slice off that result, but over twenty years the currency worked in the Malaysian investor’s favour.

How much is RM500 a month in the S&P 500 worth after 10 years?

About RM121,424. Investing RM500 on the first US trading day of every month from October 2016 to September 2026, 120 purchases and RM60,000 in total, would have been worth RM121,424 on 25 September 2026, or 2.02 times the money put in (FRED SP500; FRED DEXMAUS; CapsWindow calculation). The annualised return, which accounts for when each RM500 went in (XIRR), was 13.6%.

S&P 500, RM500 on the first US trading day of each month, October 2016 to September 2026, valued at the 25 September 2026 close and RM4.0707 per US dollar (price index, no dividends)

Visual guide

How much is RM500 a month in the S&P 500 worth after 10 years?

Multiple

• S&P 5002.02x
• Nasdaq-1002.80x

02.8

Index (10 years, RM60,000 invested)	Value on 25 Sep 2026	Multiple	Annualised (XIRR)
S&P 500	RM121,424	2.02x	13.6%
Nasdaq-100	RM168,070	2.80x	19.6%

What if you started 20 years ago?

The ringgit result was 9.38 times the money for the Nasdaq-100. RM500 a month from October 2006 to September 2026, 240 purchases and RM120,000 in total, became RM1,125,796 on 25 September 2026, an annualised 19.3% (XIRR) (FRED NASDAQ100; CapsWindow calculation). The S&P 500 is shown for 10 years only, because the FRED daily series used here starts in October 2016.

Nasdaq-100 DCA in ringgit, RM500 a month, October 2006 to September 2026: RM120,000 → RM1,125,796 (8.66x in US dollars; price index, no dividends)

Nasdaq-100, RM500 a month	Invested	Value on 25 Sep 2026	Multiple	XIRR
10 years (Oct 2016 – Sep 2026)	RM60,000	RM168,070	2.80x	19.6%
20 years (Oct 2006 – Sep 2026)	RM120,000	RM1,125,796	9.38x	19.3%

The 20-year window includes the 2008 financial crisis and still ended above RM1.1 million, but the Nasdaq-100 was one of the strongest major indices of this period. It is a record of what happened, not a guide to the next 20 years.

Does the answer depend on when you check?

Yes. Keeping the same October 2016 start and valuing only what had been paid in by each date gives quite different multiples:

Valuation date (RM per US$)	Invested so far	S&P 500	Nasdaq-100
31 Dec 2024 (4.4695)	RM49,500	RM91,200 (1.84x)	RM116,890 (2.36x)
31 Dec 2025 (4.0560)	RM55,500	RM102,618 (1.85x)	RM133,908 (2.41x)
25 Sep 2026 (4.0707)	RM60,000	RM121,424 (2.02x)	RM168,070 (2.80x)

The 2025 row is the one to look at. The S&P 500 rose about 16.4% in US dollars during 2025, from 5,881.63 to 6,845.50, yet the ringgit plan’s multiple barely moved, from 1.84x to 1.85x. Over the same year the ringgit strengthened from RM4.4695 to RM4.0560 per US dollar, about 9.3%, which absorbed most of the index gain for someone measuring in ringgit (FRED SP500; FRED DEXMAUS; calculated). The move to 2.02x came in 2026, when the index rose a further 13.1% to 25 September while the rate was little changed between the two dates (RM4.0560 to RM4.0707).

Did the ringgit help or hurt?

Over 10 years it hurt; over 20 years it helped. What decides it is the average rate at which the dollars were bought compared with the rate on the day the holding is valued.

	S&P 500, 10 years	Nasdaq-100, 10 years	Nasdaq-100, 20 years
Invested in US$	US$14,086	US$14,086	US$31,939
Value in US$ on 25 Sep 2026	US$29,829	US$41,288	US$276,561
Multiple in US$	2.12x	2.93x	8.66x
Multiple in RM	2.02x	2.80x	9.38x
Average buying rate → valuation rate	4.2594 → 4.0707	4.2594 → 4.0707	3.7572 → 4.0707

Over 10 years, the valuation rate of RM4.0707 was about 4.4% stronger than the average rate paid, RM4.2594, so every US dollar of value converted back into fewer ringgit. Converted at the average buying rate instead, the S&P 500 holding would have been about RM127,000, roughly RM5,600 more (US$29,829 × 4.2594; calculated).

Over 20 years the dollars cost RM3.7572 on average, about 8.3% less than the valuation rate, so the ringgit result (9.38x) beat the dollar result (8.66x).

Monthly investing also averages the exchange rate. The same RM500 was converted whether the rate was near RM3.69 (October 2006) or RM4.47 (end of 2024), so no single month’s rate decided the outcome. A large one-off conversion depends much more on the rate of that one day. For more on reading US benchmarks in ringgit, see how exchange rates change US benchmarks.

Would a lump sum have done better?

In a market that mostly rose, yes. Putting the whole RM60,000 into the index on the first trading day of October 2016, at RM4.1320 per US dollar, would have been worth this on 25 September 2026:

RM60,000	Lump sum on 3 Oct 2016	Monthly DCA, Oct 2016 – Sep 2026
S&P 500	RM211,786 (3.53x)	RM121,424 (2.02x)
Nasdaq-100	RM371,765 (6.20x)	RM168,070 (2.80x)

This is not a like-for-like comparison. The lump sum needs RM60,000 on day one, while in the monthly plan the average ringgit goes in about five years later and spends less time in the market. Most people invest from their salary, so the realistic choice is usually monthly. The practical value of DCA is not a higher return but avoiding putting everything in at one bad moment, and continuing to buy when prices fall.

Tax and rules for Malaysian investors (checked October 2026)

For a Malaysian resident individual buying US-listed shares or ETFs directly, the main recurring tax is 30% US withholding on dividends; on the Malaysian side, foreign income received by resident individuals is currently exempt until 31 December 2036, subject to conditions. The points below were checked against official sources in October 2026. Rules change, so check again before acting.

• US dividend withholding: 30%. The IRS says most US-source income received by a foreign person is subject to 30% US tax, unless a treaty or the tax code lowers it (IRS). Malaysia is not on the IRS list of US income tax treaty partners (IRS treaty list), and LHDN lists its agreement with the United States under limited double taxation agreements only (LHDN).
• Foreign income received in Malaysia: exempt for individuals until 2036. The Ministry of Finance’s Budget 2026 tax measures list the exemption for income received by individual taxpayers, excluding partnership businesses, as running from 1 January 2022 to 31 December 2036 (MOF). LHDN’s guideline, published when the end date was still 31 December 2026, makes the exemption conditional on the income having been subjected to tax in the country of origin, and counts withholding tax as such tax (LHDN guideline, June 2024). Older articles that mention 2026 as the end date predate the extension.
• Gains from selling foreign shares. LHDN’s guideline on gains from disposing of foreign capital assets, effective 1 January 2024, applies to residents that are companies, LLPs, trust bodies and co-operative societies; individuals are not on that list (LHDN). This note does not cover cases where frequent share dealing might be treated differently; ask LHDN or a tax adviser about your own situation.
• Bank Negara’s foreign exchange rules. A resident individual without domestic ringgit borrowing may invest in foreign currency assets up to any amount; one with such borrowing may convert ringgit for this up to RM1 million equivalent per calendar year (BNM Notice 3). A loan for one residential property and one vehicle, and a credit card used only for retail purchases, are excluded from the definition of borrowing (BNM, Preamble and Interpretation). RM500 a month is RM6,000 a year, far below that limit.
• Platforms. Which brokers or apps offer US shares to Malaysian residents, and what they charge for trading and currency conversion, varies and changes. Before opening an account, check the provider on the Securities Commission’s Investment Checker, which shows whether an entity is authorised by the SC to offer capital market products and services in Malaysia, and whether it is on the SC Investor Alert List. This note does not name or compare providers.

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