KRW 100 million → about KRW 1.594 billion (1,593,782,424 KRW). The 1,493.78% cumulative return uses the September 22, 2026 close.
- Purchase → valuation
- →
- Initial amount
- 100,000,000 KRW
- AAPL purchase close
- $114.62 actual / $28.655 split adjusted
- KRW 100 million after ten years
- 1,593,782,424 KRW
- Cumulative return
- 1,493.78%
- CAGR
- 31.90%
All Apple, SPY and QQQ results use distribution-reinvested adjusted closes and KRW conversion. Personal taxes and trading or FX costs are excluded. The valuation date is September 22, 2026.
What would different investment amounts be worth?
The same adjusted-close return factor applies to each amount, with no additional contributions or withdrawals. The model assumes fractional exposure with reinvested dividends. Values round to the nearest KRW. Scroll tables sideways on small screens.
| Investment | Final value | Cumulative return | CAGR |
|---|---|---|---|
| 1,000,000 KRW | 15,937,824 KRW | 1,493.78% | 31.90% |
| 10,000,000 KRW | 159,378,242 KRW | 1,493.78% | 31.90% |
| 50,000,000 KRW | 796,891,212 KRW | 1,493.78% | 31.90% |
| 100,000,000 KRW | 1,593,782,424 KRW | 1,493.78% | 31.90% |
How the KRW 100 million investment changed over ten years
Last monthly observations trace the KRW value of the initial investment. Look for periods of growth and large reversals alongside the ending value above.
Read annual chart values as a table
| Date | KRW value |
|---|---|
| 2016-09-22 | 100,000,000 KRW |
| 2016-12-29 | 112,056,130 KRW |
| 2017-12-28 | 147,924,662 KRW |
| 2018-12-28 | 142,900,284 KRW |
| 2019-12-30 | 280,539,794 KRW |
| 2020-12-30 | 487,713,313 KRW |
| 2021-12-30 | 715,653,895 KRW |
| 2022-12-29 | 556,874,483 KRW |
| 2023-12-28 | 851,893,950 KRW |
| 2024-12-30 | 1,274,887,423 KRW |
| 2025-12-30 | 1,355,687,753 KRW |
| 2026-09-22 | 1,593,782,424 KRW |
Why holding on for ten years was difficult
An iPhone or Mac can make Apple feel familiar before we ever buy its shares. Yet an investor also has to consider how many customers will buy the next device and how the business will earn more. Before knowing the ten-year result, could we have maintained our reason for holding when sales expectations weakened and the share price fell?
Could iPhone growth be coming to an end?
In Tim Cook’s January 2, 2019 letter to investors, Apple lowered its revenue outlook for the first quarter of fiscal 2019. It cited weaker-than-expected conditions in Greater China and iPhone replacement demand among the reasons. A company making familiar, appealing products was falling short of its sales expectations.
Imagine being satisfied with your own iPhone while hearing that replacement demand was weaker than expected. You might wonder whether people were keeping their phones longer, whether another product could drive growth and how much Apple still depended on the iPhone. Answering those questions would require studying the business alongside your experience as a customer.
Familiar products, repeated declines in the holding
The largest observed drawdown in the daily dividend-adjusted USD closes was 38.52%, from the peak to the trough. The series first exceeded that peak again on . The table measures USD total-return declines within each window; the chart above follows the KRW holding value including exchange-rate changes.
| Window | Peak | Trough | Decline |
|---|---|---|---|
| 2018-2019 | 2018-10-03 | 2019-01-03 | 38.52% |
| 2020-2020 | 2020-02-12 | 2020-03-23 | 31.43% |
| 2022-2023 | 2022-01-03 | 2023-01-05 | 30.91% |
The 2018–2019 decline was followed by further falls around 30% in 2020 and 2022–2023. Recovering once did not settle the next holding decision. When the price fell again, an investor still had to judge whether weaker demand was temporary, whether the business outlook had changed and how long they could leave the money invested.
Finding reasons to keep owning the business
In the same 2019 investor letter, Apple described record active devices and Services revenue. Disappointment in iPhone sales existed alongside opportunities to earn more from the installed customer base.
A holder could revisit Services, the customer base and cash generation when deciding how Apple might keep growing. Did the company still earn well from customers who kept their devices longer? Could it fund product development and returns to shareholders? Studying those questions gives substance to a reason for owning the shares. Could you have explained that reason even while the price was falling?
Why did investors buy Apple ten years ago?
The following investment case uses material published before the September 2016 purchase.
- An established ecosystem. The April 2016 release reported over one billion active devices. A large installed base gave investors a reason to examine customers’ continued use of apps, content and devices.
- Services and profitability. The July release reported 19% services growth and a 38% company gross margin. Services offered a revenue source alongside device sales.
- Cash generation. April’s release reported $11.6 billion of quarterly operating cash flow, supporting investment and capital returns.
- Buybacks and dividends. April’s buyback authorization rose to $175 billion. Fewer shares could support per-share earnings, but authorization was not execution and repurchases at excessive prices could destroy value.
The counterargument was substantial. The Q3 2016 summary showed iPhone revenue down 23% and Greater China revenue down 33% year over year. Product and regional concentration mattered. July’s release identified the need for timely innovations that stimulated demand: investors could question replacement demand without another compelling product cycle.
Did the original investment thesis work out?
Later performance supports parts of the thesis. The October 2025 release reported record active devices and services revenue. That supports the ecosystem’s commercial durability, but does not isolate how much customer loyalty contributed to the stock return.
- Services: The FY2025 financial statements show $109.158 billion of annual services revenue. This became a substantial business; dividing it by a 2016 quarterly figure would compare mismatched periods.
- Cash and returns: Annual operating cash flow was $111.482 billion and cash spent on repurchases was $90.711 billion. Cash generation and capital returns persisted, without proving every repurchase price was attractive.
- Risks: Annual iPhone revenue remained substantial at $209.586 billion, while Greater China revenue declined year over year. Diversification did not eliminate concentration risk.
Apple’s result combines earnings growth, dividends, market valuations and currency movements.
Apple against SPY and QQQ over the same dates
All three rows: KRW 100 million, identical dates and FX, pre-tax distribution-reinvested adjusted closes. SPY represents an investable S&P 500 ETF, not the index itself.
| Asset | Final value | Return | CAGR |
|---|---|---|---|
| Apple (AAPL) | 1,593,782,424 KRW | 1,493.78% | 31.90% |
| S&P 500 ETF (SPY) | 511,753,907 KRW | 411.75% | 17.74% |
| QQQ | 826,080,173 KRW | 726.08% | 23.51% |
Apple led these ETFs in this fixed interval, but a single company and a diversified fund carry different risks. SPY and QQQ also hold Apple, so these are overlapping exposures.
Comparison basis
The KRW results cover September 22, 2016 to September 22, 2026 without further contributions: dividends reinvested. Personal taxes, trading and FX costs, and inflation are excluded. Prices and same-record-date USD/KRW observations are combined.
Calculation details and source records
Dividends, splits, currency and data limits
The hub’s price-only Apple result is 1,457,757,326 KRW. Dates and FX match this dividend-reinvested model; the return definition differs. See KRW 100 million across assets for other price-only results.
- Dividends: adjusted closes incorporate splits and dividends. We use the ratio from 26.20937183 to 339.75 without adding either again. Adjusted closes are index inputs, not trade prices or payment-date, after-tax account simulations.
- Splits: Apple IR lists the 2020 four-for-one split. Dividing the actual 2016 close of $114.62 by four gives $28.655. More shares at a proportionately lower price create no gain by themselves.
- Currency: Stored USD/KRW rates are 1,103.3 at purchase and 1,356.5 at valuation. A weaker won increased the KRW outcome. Both languages retain KRW; monthly points use paired FX observations, not executable quotes.
- Date and gaps: Prices end on September 22, 2026; data were checked on September 28. The daily series jumps from 2026-09-08 to 2026-09-16. Missing values are not estimated, and full trading-calendar reconciliation is incomplete. Drawdowns describe stored observations.
Formula and rounding
Final KRW value = principal ÷ start FX × (end adjusted close ÷ start adjusted close) × end FX. Return = (final value ÷ principal − 1) × 100. CAGR = ((final value ÷ principal)^(365.2425 ÷ elapsed days) − 1) × 100. Intermediate arithmetic uses the existing 24-significant-digit HALF_UP policy. Stored money rounds to two decimals; displayed KRW to whole won and returns to two decimals. No tax, trading cost, FX spread, inflation adjustment or additional deposits.
Frequently asked questions
What did KRW 100 million invested in Apple become?
From 2016-09-22 to 2026-09-22, the model value is 1,593,782,424 KRW, a cumulative return of 1,493.78% and CAGR of 31.90%. This fixed pre-tax snapshot includes reinvested-dividend adjustments and FX; it is not a live valuation.
Why is the Apple value different from the hub?
The hub shows 1,457,757,326 KRW on a price-only basis. This article uses dividend-reinvested adjusted closes with the same purchase date, valuation date and FX endpoints.
Was the 2016 Apple price $114.62 or $28.655?
The actual close was $114.62. The 2020 four-for-one split makes that $28.655 on a comparable share basis. A dividend-adjusted index value is not an executable purchase price; splitting shares creates no gain by itself.
Would taking cash dividends or paying taxes give the same result?
No. The provider-adjusted-close model incorporates reinvested distributions. It does not reproduce payment-date trades, dividend withholding, capital-gains tax, trading fees or FX spreads.
How can I compare Apple with an ETF?
Backtest AAPL and SPY with matching dates and dividend settings. Study services and cash flow alongside returns, declines and recovery to consider owning one business versus a group of businesses.
From a familiar product to a business worth studying
I believe we should invest as well as save. Familiar businesses such as Apple offer opportunities to build assets. Connect your experience of a product with study of revenue and cash flow, then revisit that evidence while holding. Examine the final return and repeated declines in a backtest to consider an investment you could maintain.
Try a different period or amount
Compare Apple and SPY over your intended investment period. Match dividend settings and examine returns, declines and recovery to consider a single company alongside a broad ETF.
Open Apple backtestThis article presents the author’s investment opinion and historical observations. Returns and losses depend on the asset and investment period.