S&P 500 / M2 Money Supply Ratio — Daily CSV Download (Liquidity-Adjusted Equity Valuation)
The S&P 500 divided by M2 money supply answers a provocative question: are stocks really going up, or is money going down? When this ratio rises, equities are outperforming money creation — genuine real returns. When it falls, apparent equity gains are illusory — driven by monetary inflation rather than earnings growth. The ratio plunged during the 2020 M2 surge and has only partially recovered.
Dataset: S&P 500 / M2 Money Supply Ratio (1959–2026) · Updated —
Loading FRED data…
Source: FRED series SP500 · S&P Dow Jones Indices (SP500) & Federal Reserve (M2SL) via FRED
Macro Takeaway
This indicator is a key component of the macro-financial monitoring framework. Its current level relative to its historical distribution — captured in the percentile and z-score above — provides immediate context for whether conditions are historically normal, stretched, or compressed.
Cross-referencing with the S&P 500 price and the M2 money supply helps situate this indicator within the broader macro regime.
Dataset Overview
| Indicator | S&P 500 / M2 Money Supply Ratio (1959–2026) |
|---|---|
| Geography | United States |
| Frequency | Monthly |
| Period | 1959–2026 |
| Variables | date, sp500_level, m2_billions, sp500_m2_ratio |
| Format | CSV, Excel (XLSX) |
| Sources | S&P Dow Jones Indices (SP500) & Federal Reserve (M2SL) via FRED |
| Last updated | — |
Dataset Variables
The CSV and Excel files contain the following columns.
| Column | Type | Description |
|---|---|---|
date | Date (YYYY-MM-DD) | Observation date |
sp500_level | Float | S&P 500 index level |
m2_billions | Float | M2 money supply (billions USD) |
sp500_m2_ratio | Float | S&P 500 / M2 ratio |
Column names match the CSV headers exactly.
Download the Complete Dataset
The full dataset is available in CSV and Excel formats.
FRED Direct CSV Access
The underlying data is available from FRED under series code SP500:
https://fred.stlouisfed.org/graph/fredgraph.csv?id=SP500
Direct CSV Access — Eco3min Structured Dataset
https://eco3min.fr/dataset/sp500-m2-ratio.csv
This URL returns the complete dataset in CSV format. It can be used directly in pandas, R, curl, or any data tool.
Using the Dataset in Python
import pandas as pd url = "https://eco3min.fr/dataset/sp500-m2-ratio.csv" df = pd.read_csv(url, parse_dates=["date"]) print(df.head()) print(df["sp500_level"].describe())
Using the Dataset in R
library(readr) url <- "https://eco3min.fr/dataset/sp500-m2-ratio.csv" df <- read_csv(url) head(df) summary(df$sp500_level)
Both examples load the dataset directly from the URL — no download or API key required.
Methodology
S&P 500 price index (FRED: SP500) divided by M2 money supply in billions (FRED: M2SL). Both monthly. The ratio strips out monetary inflation from equity price appreciation.
This dataset is updated monthly via automated pull from the FRED API.
Historical Regimes
Historical regime analysis for this dataset will be added in a future update. The key stats block above provides immediate context for the current reading relative to the full historical distribution.
Related Macroeconomic Datasets
The S&P 500 / M2 ratio is a liquidity-adjusted equity measure. When M2 grows faster than equities, the ratio falls — suggesting that equity “gains” are at least partly monetary illusion. The 2020–2021 M2 surge made this dynamic visible to a wide audience.
- S&P 500 Price Index — The numerator — nominal equity price
- M2 Money Supply — The denominator — broad money
- S&P 500 vs Fed Balance Sheet — Alternative liquidity-adjusted equity measure
- M2 Growth Rate — Rate of change of the denominator
- S&P 500 Historical Returns — Total returns including dividends
Related Research
This ratio provides an alternative lens to the Net Liquidity Index for understanding the relationship between money creation and asset prices.
Macroeconomic Dataset Hub
This dataset is part of the Eco3min macro-financial data repository.
Explore the Eco3min Dataset Hub
Sources
- S&P Dow Jones Indices (SP500) & Federal Reserve (M2SL) via FRED