TSP share price history is a daily net asset value record, and only the percentage change between two dates carries meaning.
TSP share price history is the daily record of each fund’s net asset value per share, published by tsp.gov back to May 31, 2003, when the G, F, C, S and I Funds all started at $10.0000. On October 9, 2026, prices ranged from $20.2831 (G Fund) to $126.0804 (C Fund). Price changes equal total returns, net of expenses.
Key Takeaways
- The tsp.gov daily price file starts on May 31, 2003, with all five individual funds at $10.0000; by October 9, 2026 the C Fund was $126.0804 and the G Fund $20.2831 (TSP share price history).
- Each price is the fund’s total holdings, net of accrued administrative expenses, divided by shares outstanding, set once per business day after markets close (TSP share price calculation).
- As of September 30, 2026, 10-year annualized returns were 15.30% (C), 11.19% (S), 10.06% (I), 2.97% (G) and 1.23% (F) (TSP rates of return).
- The G Fund had no negative calendar year in the 38 years from 1988 through 2025; its lowest was 0.97% in 2020 (tsp.gov rates of return).
- In 2008 the C Fund lost 36.99%, the S Fund 38.32% and the I Fund 42.43%, while the G Fund earned 3.75% (tsp.gov rates of return).
- In 2025 the I Fund returned 32.45% and the C Fund 17.85%, versus 17.88% for the S&P 500 (tsp.gov rates of return).
- TSP Roth in-plan conversions have a $500 minimum and a limit of 26 per calendar year, and they cannot be reversed (TSP Roth in-plan conversions).
TSP share price history in four numbers
Share prices are daily net asset values per share, net of administrative expenses. Annual returns are from the tsp.gov Rates of return data file as of September 30, 2026; share prices are from the tsp.gov daily price file through October 9, 2026.
This page is the data companion to our guide to the TSP funds explained, which covers what each fund holds and the index it tracks. Here the focus is the numbers: every calendar-year return tsp.gov publishes for the G, F, C, S and I Funds back to 1988, the trailing 1, 3, 5 and 10-year figures, selected Lifecycle fund history, and how to pull and use the daily share price file yourself. For the plan itself, see what a Thrift Savings Plan is.
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What is a TSP share price?
A TSP share price is the fund’s net asset value per share for one business day, not a market price set by buyers and sellers. According to tsp.gov, after the stock and bond markets close, the total value of each fund’s holdings, net of accrued administrative expenses, is divided by the total number of shares outstanding.
Because TSP funds do not pay out dividends or capital gains, all investment income (interest, dividends, capital gains or losses, and securities lending income) is reflected in the daily price change. That makes the share price a clean total-return series: the percentage change between two dates is the fund’s return for that period, after expenses.
Contributions buy shares at the applicable share price, and the number of shares is rounded to four decimal places. Using tsp.gov’s own illustration of a $100 contribution, the same math with a hypothetical $500 contribution to the C Fund at the October 9, 2026 price of $126.0804 buys 3.9657 shares. Loans and withdrawals sell shares the same way.
The I Fund has one wrinkle. On some days tsp.gov applies fair value pricing, so the I Fund’s reported daily change can differ noticeably from its index when U.S. market or currency moves happen after foreign markets close. Over a full year those timing differences largely wash out, which is why the annual tables below are the better guide.
TSP fund returns by year: G, F, C, S and I Funds, 1988 to 2026
The table below lists every calendar-year return tsp.gov publishes for the five individual funds, from 1988 through 2025, plus 2026 year to date through September 30. The G Fund began April 1, 1987, the F and C Funds January 29, 1988, and the S and I Funds May 1, 2001, so the S and I columns start with 2002, their first full year.
| Year | G Fund | F Fund | C Fund | S Fund | I Fund |
|---|---|---|---|---|---|
| 2026 YTD (Jan to Sep) | 3.41% | -2.75% | 12.73% | 11.62% | 16.45% |
| 2025 | 4.44% | 7.21% | 17.85% | 11.38% | 32.45% |
| 2024 | 4.40% | 1.33% | 24.96% | 16.93% | 4.27% |
| 2023 | 4.22% | 5.58% | 26.25% | 25.30% | 18.38% |
| 2022 | 2.98% | -12.83% | -18.13% | -26.26% | -13.94% |
| 2021 | 1.38% | -1.46% | 28.68% | 12.45% | 11.45% |
| 2020 | 0.97% | 7.50% | 18.31% | 31.85% | 8.17% |
| 2019 | 2.24% | 8.68% | 31.45% | 27.97% | 22.47% |
| 2018 | 2.91% | 0.15% | -4.41% | -9.26% | -13.43% |
| 2017 | 2.33% | 3.82% | 21.82% | 18.22% | 25.42% |
| 2016 | 1.82% | 2.91% | 12.01% | 16.35% | 2.10% |
| 2015 | 2.04% | 0.91% | 1.46% | -2.92% | -0.51% |
| 2014 | 2.31% | 6.73% | 13.78% | 7.80% | -5.27% |
| 2013 | 1.89% | -1.68% | 32.45% | 38.35% | 22.13% |
| 2012 | 1.47% | 4.29% | 16.07% | 18.57% | 18.62% |
| 2011 | 2.45% | 7.89% | 2.11% | -3.38% | -11.81% |
| 2010 | 2.81% | 6.71% | 15.06% | 29.06% | 7.94% |
| 2009 | 2.97% | 5.99% | 26.68% | 34.85% | 30.04% |
| 2008 | 3.75% | 5.45% | -36.99% | -38.32% | -42.43% |
| 2007 | 4.87% | 7.09% | 5.54% | 5.49% | 11.43% |
| 2006 | 4.93% | 4.40% | 15.79% | 15.30% | 26.32% |
| 2005 | 4.49% | 2.40% | 4.96% | 10.45% | 13.63% |
| 2004 | 4.30% | 4.30% | 10.82% | 18.03% | 20.00% |
| 2003 | 4.11% | 4.11% | 28.54% | 42.92% | 37.94% |
| 2002 | 5.00% | 10.27% | -22.05% | -18.14% | -15.98% |
| 2001 | 5.39% | 8.61% | -11.94% | n/a | n/a |
| 2000 | 6.42% | 11.67% | -9.14% | n/a | n/a |
| 1999 | 5.99% | -0.85% | 20.95% | n/a | n/a |
| 1998 | 5.74% | 8.70% | 28.44% | n/a | n/a |
| 1997 | 6.77% | 9.60% | 33.17% | n/a | n/a |
| 1996 | 6.76% | 3.66% | 22.85% | n/a | n/a |
| 1995 | 7.03% | 18.31% | 37.41% | n/a | n/a |
| 1994 | 7.22% | -2.96% | 1.33% | n/a | n/a |
| 1993 | 6.14% | 9.52% | 10.13% | n/a | n/a |
| 1992 | 7.23% | 7.20% | 7.70% | n/a | n/a |
| 1991 | 8.15% | 15.75% | 30.77% | n/a | n/a |
| 1990 | 8.90% | 8.00% | -3.15% | n/a | n/a |
| 1989 | 8.81% | 13.89% | 31.03% | n/a | n/a |
| 1988 | 8.81% | 3.63% | 11.84% | n/a | n/a |
A few patterns stand out in the raw history. The C Fund had 7 negative years out of 38 (1990, 2000, 2001, 2002, 2008, 2018 and 2022), the F Fund had 5 (1994, 1999, 2013, 2021 and 2022), the S Fund had 6 of 24 and the I Fund 7 of 24. The best single year belongs to the S Fund at 42.92% in 2003; the C Fund’s best was 37.41% in 1995.
The I Fund now seeks to match the MSCI ACWI IMI ex USA ex China ex Hong Kong Index (tsp.gov I Fund page), which spans more than 40 developed and emerging market countries. Earlier I Fund years were earned under its prior benchmark, the MSCI EAFE Index of developed markets; the Federal Retirement Thrift Investment Board announced the switch in a November 2023 press release, so long-run I Fund history blends more than one index.
Lifecycle (L) Fund returns by year
The L Funds are blends of the five individual funds, so their history sits between the G Fund and the stock funds. The table shows the four L Funds with a full 10-year record; L 2035, L 2045, L 2055, L 2060 and L 2065 launched July 1, 2020, L 2070 on July 26, 2024, and L 2075 on June 30, 2025.
| Year | L Income | L 2030 | L 2040 | L 2050 |
|---|---|---|---|---|
| 2026 YTD (Jan to Sep) | 6.04% | 8.92% | 10.59% | 11.62% |
| 2025 | 9.36% | 15.17% | 17.31% | 19.07% |
| 2024 | 7.37% | 11.52% | 12.85% | 14.02% |
| 2023 | 8.99% | 15.76% | 18.04% | 20.00% |
| 2022 | -2.70% | -10.32% | -12.90% | -15.05% |
| 2021 | 5.42% | 12.37% | 14.51% | 16.34% |
| 2020 | 5.15% | 11.26% | 13.16% | 14.79% |
| 2019 | 7.60% | 17.60% | 20.69% | 23.33% |
| 2018 | 0.71% | -3.58% | -4.89% | -6.02% |
| 2017 | 6.19% | 14.54% | 16.77% | 18.81% |
| 2016 | 3.58% | 7.07% | 7.90% | 8.65% |
| 10-year annualized | 5.43% | 9.15% | 10.31% | 11.26% |
In 2022, the one recent year when stocks and bonds fell together, L Income lost 2.70% while L 2050 lost 15.05%. That spread is the glide path at work: income-stage funds hold far more G Fund. How the glide path itself is built is covered in our TSP funds guide.
What are the 10-year and since-inception TSP returns?
As of September 30, 2026, tsp.gov reports a 10-year annualized return of 15.30% for the C Fund and 1.23% for the F Fund, with the other funds in between. Since-inception figures run 11.45% a year for the C Fund since 1988 and 4.64% for the G Fund since 1987.
| Fund | 1 year | 3 years | 5 years | 10 years | Since inception |
|---|---|---|---|---|---|
| G Fund | 4.51% | 4.50% | 3.97% | 2.97% | 4.64% (since 4/1/1987) |
| F Fund | -1.77% | 4.07% | -0.57% | 1.23% | 5.12% (since 1/29/1988) |
| C Fund | 15.72% | 22.85% | 13.76% | 15.30% | 11.45% (since 1/29/1988) |
| S Fund | 11.82% | 18.73% | 6.23% | 11.19% | 9.60% (since 5/1/2001) |
| I Fund | 23.06% | 21.20% | 10.96% | 10.06% | 6.46% (since 5/1/2001) |
| L Income | 7.88% | 9.05% | 6.10% | 5.43% | 4.75% (since 8/1/2005) |
| L 2050 | 14.96% | 18.67% | 10.23% | 11.26% | 10.29% (since 1/31/2011) |
Two cautions apply when reading this table. First, funds launched on different dates, so since-inception figures cover very different markets: the S and I Funds’ records start in 2001, just before the 2002 and 2008 bear markets. Second, a 5-year figure that ends after a strong year can look very different from one that ends after a weak year, which is why tsp.gov encourages focusing on 5 to 10-year windows.
How closely do TSP funds track their indexes?
Very closely: in recent calendar years, the C, F and S Funds landed within a few tenths of a percentage point of their benchmark indexes in tsp.gov’s own comparison data. The gap reflects expenses, securities lending income, and sampling, not active stock picking.
| Year | C Fund vs S&P 500 | F Fund vs U.S. Aggregate | S Fund vs Dow Jones U.S. Completion TSM |
|---|---|---|---|
| 2021 | 28.68% vs 28.71% | -1.46% vs -1.54% | 12.45% vs 12.35% |
| 2022 | -18.13% vs -18.11% | -12.83% vs -13.01% | -26.26% vs -26.54% |
| 2023 | 26.25% vs 26.29% | 5.58% vs 5.53% | 25.30% vs 24.97% |
| 2024 | 24.96% vs 25.02% | 1.33% vs 1.25% | 16.93% vs 16.88% |
| 2025 | 17.85% vs 17.88% | 7.21% vs 7.30% | 11.38% vs 11.32% |
The I Fund is left out of this comparison because its benchmark changed, which makes a like-for-like multi-year comparison misleading.
Why are TSP share prices so different from fund to fund?
TSP share prices differ mainly because of start dates and past returns, not because one fund is “expensive.” A C Fund share at $126.0804 and a G Fund share at $20.2831 on October 9, 2026 both started at $10.0000 on May 31, 2003; the C Fund simply compounded faster over that period.
The Lifecycle funds make the point even more clearly. On October 9, 2026, L 2030 was $63.7088 while L 2035 was $19.6078. L 2035 is not cheaper or riskier in any useful sense; it launched at $10.0000 on July 1, 2020, while L 2030 has existed since 2005. The same is true of L 2070 ($14.6179) and L 2075 ($12.7688), which began in 2024 and 2025.
The practical takeaway: never compare share price levels across funds. A $1,000 contribution buys fewer C Fund shares than G Fund shares, but the dollar value and the percentage return are what matter.
How do you download TSP share price history from tsp.gov?
You can view and download daily TSP share prices on the tsp.gov share price history page with no login required. The full dataset behind that page is published as a single CSV file at tsp.gov/data/fund-price-history.csv, with one row per business day from May 31, 2003 forward and a column for each individual and Lifecycle fund.
- Open the Share price history page on tsp.gov and choose the Individual funds, Lifecycle funds or All share prices tab.
- Use the Funds dropdown to pick the funds you want and the Time frame filter for a preset range (1 day to 10 years, or All time), a specific day, or a custom date range.
- Open the Actions menu on the chart and choose Download CSV or Download XLS, or use the page’s download button to save the filtered table.
- For annual and monthly returns rather than prices, use the Rates of return page, which toggles between annual and monthly detail and can show the benchmark index beside each fund.
Two practical notes: the CSV lists the newest date first, and prices before July 1, 2008 are stated to two decimals (padded with zeros), while prices from that date forward carry four.
How do you calculate a TSP return from share prices?
Divide the ending share price by the starting share price and subtract 1; that is the total return for the period. To annualize it, raise the ratio to the power of 1 divided by the number of years before subtracting 1.
Worked example (hypothetical, using real tsp.gov prices): the C Fund closed at $29.7319 on September 30, 2016 and $123.4567 on September 30, 2026. The ratio is 4.1523, a cumulative gain of 315.2%. Raised to the 1/10 power, that is 1.1530, or 15.30% a year, which matches tsp.gov’s published 10-year C Fund return to the hundredth of a percent.
| Fund | Share price 9/30/2016 | Share price 9/30/2026 | Cumulative change | Annualized (calculated) | tsp.gov 10-year figure | Hypothetical value |
|---|---|---|---|---|---|---|
| G Fund | $15.1123 | $20.2563 | 34.0% | 2.97% | 2.97% | $13,404 |
| F Fund | $17.9737 | $20.3075 | 13.0% | 1.23% | 1.23% | $11,298 |
| C Fund | $29.7319 | $123.4567 | 315.2% | 15.30% | 15.30% | $41,523 |
| S Fund | $38.7974 | $112.0762 | 188.9% | 11.19% | 11.19% | $28,888 |
| I Fund | $24.7693 | $64.6183 | 160.9% | 10.06% | 10.06% | $26,088 |
The table applies the same arithmetic to all five funds, including a hypothetical $10,000 lump sum that buys shares at the September 30, 2016 price, rounded to four decimals as tsp.gov does. It ignores later contributions, taxes and withdrawals, so it is a check on the published data, not a prediction of any account’s outcome. A real account with steady payroll contributions will show a different personal rate of return than any single fund’s figure.
What does share price history show about down markets?
Share price history shows that stock fund declines have been deep and recoveries slow at times, while the G Fund price has only moved up. On October 9, 2007 the C Fund closed at $17.57; by March 9, 2009 it had fallen to $7.8673, below its 2003 starting price, and it did not close above $17.57 again until March 26, 2012.
On that same March 9, 2009, the G Fund share price was $12.7996. tsp.gov notes that the value of G Fund securities does not fluctuate and only the interest rate changes, and payment of principal and interest is guaranteed by the U.S. government (tsp.gov G Fund page). The tradeoff is the G Fund’s 2.97% 10-year return, which can lag inflation.
For someone already withdrawing, the order of returns matters as much as the average, because selling shares at depressed prices locks in losses. That concept is covered in depth in our guide to sequence of returns risk, and the distribution rules themselves are in TSP withdrawal rules. Past share price paths illustrate risk; they do not predict when the next decline or recovery will occur.
How does share price history connect to a TSP Roth conversion?
A TSP Roth in-plan conversion is taxed on the dollar amount converted, so the share price on the conversion date determines how many shares move into the Roth balance for a given tax cost. tsp.gov sets a $500 minimum per conversion, allows up to 26 per calendar year, requires the tax to be paid from other funds, and does not allow reversals (TSP Roth in-plan conversions).
Illustration (hypothetical, real tsp.gov prices): a $30,000 conversion of C Fund money on December 31, 2021, at $71.9470, would have moved 416.9736 shares. The same $30,000 on October 12, 2022, at $54.6742, would have moved 548.7049 shares, about 32% more shares for the same taxable amount. In both cases $30,000 is added to ordinary income for the year, which for a single filer with other income can reach the 24% bracket that tops out at $201,775 in 2026.
No one can identify a low in advance, and converting after a decline is not a strategy that guarantees a better result. Retirees and federal employees who are weighing the timing often review Roth conversions during a down market, what federal employees need to know about TSP Roth conversions, and how much tax a Roth conversion can cost against the 2026 federal income tax brackets. A financial professional can model whether a conversion fits alongside a FERS annuity; more resources are on our page for federal employees.
Frequently asked questions
What was the TSP C Fund return in 2025?
The C Fund returned 17.85% in 2025, according to tsp.gov rates of return data, compared with 17.88% for the S&P 500 Index it tracks. The same year the I Fund returned 32.45%, the S Fund 11.38%, the F Fund 7.21% and the G Fund 4.44%.
Has the TSP G Fund ever had a negative year?
No. In tsp.gov rates of return data for the 38 calendar years from 1988 through 2025, the G Fund never posted a negative annual return. Its lowest year was 2020 at 0.97% and its highest was 1990 at 8.90%. A positive nominal return can still trail inflation.
What was the worst year for TSP funds?
2008 was the worst calendar year for the TSP stock funds in tsp.gov data: the C Fund returned -36.99%, the S Fund -38.32% and the I Fund -42.43%. In the same year the G Fund earned 3.75% and the F Fund 5.45%.
Why did TSP share prices start at $10?
The tsp.gov daily share price file begins on May 31, 2003, with the G, F, C, S and I Funds each at $10.0000. Newer Lifecycle funds also began at $10.0000: L 2035 through L 2065 on July 1, 2020, L 2070 on July 26, 2024, and L 2075 on June 30, 2025.
How often are TSP share prices updated?
TSP share prices are set once each business day. After the stock and bond markets close, the total value of each fund’s holdings, net of accrued administrative expenses, is divided by the number of shares outstanding to produce that day’s price, according to tsp.gov.
Do TSP funds pay dividends?
TSP funds do not pay out dividends separately. Interest, dividends, capital gains and securities lending income are credited inside the funds and reflected in the daily share price, according to tsp.gov. That is why the percentage change in share price equals the fund’s total return.
What is the 10-year average return of the TSP funds?
As of September 30, 2026, tsp.gov reports 10-year annualized returns of 15.30% for the C Fund, 11.19% for the S Fund, 10.06% for the I Fund, 2.97% for the G Fund and 1.23% for the F Fund. L Income returned 5.43% and L 2050 11.26% over the same period.
Do past TSP returns predict future returns?
No. Historical TSP returns describe what each fund earned in past market conditions; they do not forecast future results. tsp.gov itself notes that past performance does not guarantee future results, and the same fund has ranged from steep losses to large gains in different years.
Methodology. Annual, monthly, trailing and since-inception returns come from the tsp.gov Rates of return data file (as of September 30, 2026). Daily share prices come from the tsp.gov share price file (through October 9, 2026); the worked examples, negative-year counts and recovery dates are Q3 Advisors calculations from those two primary files, and the share-price-implied 10-year returns were checked against tsp.gov’s published 10-year figures. Returns are historical, net of TSP expenses, and are not predictions. Because this is a financial-wellbeing topic, anonymous forum anecdotes and third-party return tables were excluded.
This article is for educational purposes only and is not individualized investment, tax, or legal advice. Consult a qualified professional about your specific situation.
