DCA into the S&P 500 from Singapore: S$500 a month for 10 years became S$119,219
S$500 a month into the S&P 500 from October 2016 to September 2026 turned S$60,000 into S$119,219 (1.99x). The Nasdaq-100 reached S$164,400, and 20 years reached S$898,439. How the stronger Singapore dollar cut 2.10x to 1.99x, lump sum vs DCA, and Singapore tax, CPFIS and SRS facts.
How much is S$500 a month in the S&P 500 worth after 10 years?
S$500 invested in the S&P 500 at the close of the first US trading day of every month from October 2016 to September 2026, 120 purchases and S$60,000 in total, was worth S$119,219 on 25 September 2026. That is 1.99 times the money put in, and an annualised 13.2% when each purchase date is taken into account (XIRR). Index closes are from FRED SP500 and FRED NASDAQ100; each S$500 was converted at that day’s Federal Reserve H.10 rate (FRED DEXSIUS).
S&P 500, S$500 on the first US trading day of each month, October 2016 to September 2026, valued at the 25 September 2026 close and S$1.2771 per US dollar (price index, no dividends)
How much is S$500 a month in the S&P 500 worth after 10 years?
Multiple
Shared linear scale from zero. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Index (10 years, S$60,000 in) | Value on 25 Sep 2026 | Multiple | Annualised (XIRR) |
|---|---|---|---|
| S&P 500 | S$119,219 | 1.99x | 13.2% |
| Nasdaq-100 | S$164,400 | 2.74x | 19.2% |
The S&P 500 plan’s gain was S$59,219, almost exactly the amount invested. The Nasdaq-100, weighted towards large technology companies, gained S$104,400 on the same S$60,000.
How this was calculated. Each month, S$500 was converted into US dollars at the H.10 noon rate for the purchase day (or the previous business day) and used to buy the index at that day's close, in fractional units. The holding was valued at the 25 September 2026 close and converted back at S$1.2771 per US dollar. XIRR is an annualised return that accounts for when each S$500 went in. A real ETF would differ because of dividends, fund fees, FX spreads and tracking.
What about 20 years in the Nasdaq-100?
S$500 a month in the Nasdaq-100 for 20 years, from October 2006 to September 2026 (240 purchases, S$120,000), was worth S$898,439 on 25 September 2026, 7.49 times the money put in and an annualised 17.5% (XIRR). The S&P 500 is shown for 10 years only, because the FRED daily series used here starts on 3 October 2016.
| Nasdaq-100, S$500 a month | Invested | Value on 25 Sep 2026 | Multiple | XIRR |
|---|---|---|---|---|
| 10 years (from Oct 2016) | S$60,000 | S$164,400 | 2.74x | 19.2% |
| 20 years (from Oct 2006) | S$120,000 | S$898,439 | 7.49x | 17.5% |
The extra, earlier decade made most of the difference: doubling the contribution period multiplied the end value about 5.5 times. That is the effect of compounding on the earliest purchases, and it also reflects an unusually strong period for US technology shares. It is a record of what happened, not a guide to the next 20 years.
Does the answer depend on when you check?
Yes. Keeping the same October 2016 start and valuing the plan on different dates, the S&P 500 multiple ranged from 1.76x to 1.99x across the last three valuation points.
| Valuation date (S$ per US$) | Invested so far | S&P 500 | Nasdaq-100 |
|---|---|---|---|
| 31 Dec 2024 (1.3662) | S$49,500 | S$86,968 (1.76x) | S$111,092 (2.24x) |
| 31 Dec 2025 (1.2859) | S$55,500 | S$101,811 (1.83x) | S$132,345 (2.38x) |
| 25 Sep 2026 (1.2771) | S$60,000 | S$119,219 (1.99x) | S$164,400 (2.74x) |
2025 shows how currency and market can pull in opposite directions. The S&P 500 rose 16.4% in US dollars between the 2024 and 2025 year-end closes, but the rate moved from S$1.3662 to S$1.2859 per US dollar (−5.9%), so a holding kept through the year rose about 9.5% in Singapore dollars (calculated from the index and FX values above). The plan’s multiple only edged up from 1.76x to 1.83x.
How much did the stronger Singapore dollar take off?
About a tenth of a multiple. Measured in US dollars, the S&P 500 plan turned US$44,485 into US$93,351, or 2.10x. Measured in Singapore dollars it was 1.99x, because the 120 purchases bought US dollars at an average of S$1.3488 each, and by 25 September 2026 a US dollar was worth S$1.2771, 5.3% fewer Singapore dollars.
S&P 500 monthly plan, multiple in US dollars versus Singapore dollars, October 2016 to September 2026 (average buying rate S$1.3488 → S$1.2771 per US dollar)
| S&P 500, 10-year plan | In US dollars | In Singapore dollars |
|---|---|---|
| Money put in | US$44,485 | S$60,000 |
| Value on 25 Sep 2026 | US$93,351 | S$119,219 |
| Multiple | 2.10x | 1.99x |
| Nasdaq-100 multiple | 2.89x | 2.74x |
| Nasdaq-100, 20 years | 7.91x | 7.49x |
Converted at the average buying rate instead of S$1.2771, the same US$93,351 would have been about S$125,912, roughly S$6,700 more. Over 20 years the Nasdaq-100 plan shows the same pattern: the average buying rate was S$1.3486, against S$1.5841 when it started in October 2006.
Monthly buying averages the exchange rate as well as the index price. Each S$500 was converted at whatever the rate was that month, so no single day decided the outcome. For how the Singapore dollar has moved against the US dollar over time, see exchange rates and US benchmarks.
Would a lump sum have done better?
In this rising decade, yes. The same S$60,000 invested in one go on 3 October 2016, converted at S$1.3658 per US dollar, would have been worth S$201,014 in the S&P 500 and S$352,856 in the Nasdaq-100 on 25 September 2026.
| S$60,000, valued 25 Sep 2026 | Lump sum, Oct 2016 | S$500 a month, 10 years |
|---|---|---|
| S&P 500 | S$201,014 (3.35x) | S$119,219 (1.99x) |
| Nasdaq-100 | S$352,856 (5.88x) | S$164,400 (2.74x) |
The comparison is not like for like. The lump sum needs S$60,000 on day one, while the monthly plan’s money was invested for about five years on average. Per year, the two were close: about 12.9% annualised for the S&P 500 lump sum against 13.2% XIRR for the monthly plan, and 19.4% against 19.2% for the Nasdaq-100 (calculated from the values above). For most people the realistic choice is investing from salary each month; the benefit of a regular plan is that no single entry date, or exchange rate, decides the result.
Tax, CPF and SRS: what applies to Singapore investors?
As of October 2026, the main tax layer for a Singapore resident holding US shares directly is US withholding on dividends, not Singapore tax.
- Gains: IRAS says profits or losses from buying and selling shares or other financial instruments “are generally viewed as personal investments”, and lists such gains as generally not taxable (IRAS). Frequent trading that looks like a business can be treated differently.
- Dividends in Singapore: IRAS lists foreign dividends received in Singapore by resident individuals, except through a partnership, as not taxable (IRAS).
- Dividends in the US: most US-source income paid to foreign persons, including dividends, is subject to 30% US tax unless a treaty or Code provision lowers it (IRS), and Singapore is not on the IRS list of US income tax treaty partners (IRS).
- Ireland-domiciled funds: some investors use Ireland-domiciled UCITS ETFs instead. The IRS treaty table lists a general 15% rate on dividends from US corporations paid to residents of Ireland (IRS Table 1); whether a given fund qualifies, and what it charges, depends on the fund.
- US estate tax filing: for a non-US citizen who is not a US resident, the executor must file a US estate tax return if US-situated assets are worth more than US$60,000 at death (IRS). The 10-year Nasdaq-100 plan above was worth US$128,729.
CPFIS. CPF savings cannot buy US-listed shares directly. To be included under CPFIS, shares must be issued by a Singapore-incorporated company, primary-listed on the SGX Mainboard and traded in Singapore dollars (CPF Board). CPFIS also covers unit trusts and ETFs, excluding higher-risk ones; Ordinary Account savings can be invested only after setting aside S$20,000, and at most 35% of investible savings can go into stocks (CPF Board).
SRS. The Supplementary Retirement Scheme accepts up to S$15,300 a year from Singapore Citizens and PRs and S$35,700 from foreigners, contributions qualify for tax relief within the S$80,000 overall relief cap, investment returns are not taxed before withdrawal, and only 50% of withdrawals made from the statutory retirement age are taxable (MOF; IRAS). MOF lists shares, unit trusts, bonds, fixed deposits and ETFs among the eligible investments; which markets are available depends on your SRS operator. Withdrawals before the statutory retirement age are fully taxable and carry a 5% penalty.
What these numbers leave out
The S&P 500 and Nasdaq-100 figures are price indices without dividends. Fund fees, brokerage, FX spreads and dividend withholding tax are not included, and buying the index itself in fractional units is an idealised version of what an ETF does.
The results depend on the start date, the valuation date (25 September 2026) and the exchange rate on that day. The past ten years were a strong period for US shares. These are historical records, not forecasts, and nothing here is a recommendation to buy any investment.
To see how your own savings or portfolio compares over time, try the asset growth calculator with your own amounts and dates.
Questions & answers
How much would S$500 a month in the S&P 500 be worth after 10 years?
Investing S$500 on the first US trading day of each month from October 2016 to September 2026, a total of S$60,000, would have been worth S$119,219 on 25 September 2026: 1.99 times the money put in, or an annualised 13.2% (XIRR). This uses the S&P 500 price index converted at Federal Reserve H.10 rates, without dividends, fees or taxes.
Why is the Singapore-dollar result lower than the US-dollar result?
Because the Singapore dollar strengthened. The 120 purchases bought US dollars at an average of S$1.3488 each, and on the valuation date one US dollar was worth S$1.2771, about 5.3% fewer Singapore dollars. The S&P 500 plan grew 2.10x in US dollars and 1.99x in Singapore dollars. Valued at the average buying rate, it would have been worth roughly S$6,700 more.
Would a lump sum have beaten S$500 a month?
Over this rising decade, yes. S$60,000 put into the S&P 500 on 3 October 2016 would have been S$201,014 on 25 September 2026, against S$119,219 for the monthly plan. The annualised returns were similar, about 12.9% for the lump sum and 13.2% XIRR for the monthly plan; the lump sum ended higher because all of the money was invested for the full ten years.
Do Singapore residents pay tax on US stock gains or dividends?
IRAS says profits from buying and selling shares are generally viewed as personal investments and not taxable, and foreign dividends received by resident individuals (other than through a partnership) are not taxable. The US generally withholds 30% on dividends paid to foreign persons, and Singapore is not on the IRS list of US income tax treaty partners. Checked October 2026; individual circumstances, such as trading as a business, can differ.
Can I use CPF savings to buy US stocks directly?
Not US-listed shares. CPF Board's criteria for shares under CPFIS require a Singapore-incorporated company, a primary listing on the SGX Mainboard and trading in Singapore dollars. CPFIS does include unit trusts and ETFs (higher-risk products excluded), and OA savings can be invested only above the first S$20,000.
Source
- CapsWindow · Data & methodology ↗
- FRED · S&P 500 (SP500), daily close ↗
- FRED · Nasdaq-100 Index (NASDAQ100), daily close ↗
- FRED · Singapore dollars to one US dollar, daily noon buying rate (DEXSIUS, Federal Reserve H.10) ↗
- IRAS · Gains from sale of property, shares and financial instruments ↗
- IRAS · Dividends: what is taxable and what is not ↗
- IRS · NRA withholding (30% on US-source income) ↗
- IRS · United States income tax treaties, A to Z ↗
- IRS · Tax treaty Table 1, rates on dividends ↗
- IRS · Some nonresidents with US assets must file estate tax returns ↗
- CPF Board · Investing your CPF savings (CPFIS) ↗
- CPF Board · Criteria for inclusion of shares under CPFIS ↗
- MOF · Supplementary Retirement Scheme ↗
- IRAS · SRS contributions and tax relief ↗