This tool allows you to specify a pair of dates and calculate the average annual equity risk premium earned by the market portfolio over a risk-free asset based on those dates. Both arithmetic and geometric average annual risk premiums are calculated.

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The S&P 500 is used as proxy for the market portfolio, on a total return basis.  Both 10-year and 20-year U.S. Treasury bonds are used as alternative risk-free assets, on an income return basis.