Vanguard FTSE Emerging Markets ETF (VWO) Performance
VWO total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +6.1% since Dec 31, 2025
- 1 year
- +5.9% total return
- 5 years
- +5.0% a year
- 10 years
- +7.0% a year
- Since first price
- +6.6% a year since 2005
VWO trailing returns vs SPY, QQQ, AGG
| Period | VWO total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.5% | −5.5% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.0% | −2.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −1.6% | −1.9% | +7.8% | +8.4% | −1.5% |
| YTD | +6.1% | +5.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +5.9% | +3.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +63.6%+17.8%/yr | +50.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +27.4%+5.0%/yr | +9.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +96.8%+7.0%/yr | +49.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +120.2%+5.4%/yr | +43.5% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +181.2%+5.3%/yr | +63.0% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionMar 10, 2005 | +298.0%+6.6%/yr | +126.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: VWO vs SPY
From Mar 10, 2005: VWO grew to $39,795, SPY to $93,129.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
VWO returns by calendar year
13 of 20 full years positive. Best 2009 (+76.3%), worst 2008 (−52.5%). 2026 is year to date.
VWO annual returns table
| Year | VWO | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +6.1% | −11.2% | +12.3% | +15.1% | −1.0% |
| 2025 | +25.6% | −14.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.6% | −9.0% | +24.9% | +25.6% | +1.3% |
| 2023 | +9.3% | −11.7% | +26.2% | +54.9% | +5.7% |
| 2022 | −18.0% | −29.4% | −18.2% | −32.6% | −13.0% |
| 2021 | +1.3% | −13.2% | +28.7% | +27.4% | −1.8% |
| 2020 | +15.2% | −33.5% | +18.3% | +48.6% | +7.5% |
| 2019 | +20.8% | −10.8% | +31.2% | +39.0% | +8.5% |
| 2018 | −14.8% | −26.6% | −4.6% | −0.1% | +0.1% |
| 2017 | +31.5% | −4.8% | +21.7% | +32.7% | +3.6% |
| 2016 | +12.2% | −10.4% | +12.0% | +7.1% | +2.4% |
| 2015 | −15.8% | −28.2% | +1.2% | +9.4% | +0.5% |
| 2014 | −0.0% | −18.0% | +13.5% | +19.2% | +6.0% |
| 2013 | −4.9% | −18.5% | +32.3% | +36.6% | −2.0% |
| 2012 | +19.2% | −17.8% | +16.0% | +18.1% | +3.8% |
| 2011 | −18.7% | −30.6% | +1.9% | +3.4% | +7.7% |
| 2010 | +19.5% | −17.2% | +15.1% | +19.9% | +6.4% |
| 2009 | +76.3% | −24.4% | +26.4% | +54.7% | +3.0% |
| 2008 | −52.5% | −65.3% | −36.8% | −41.7% | +7.9% |
| 2007 | +37.3% | −18.1% | +5.1% | +19.0% | +6.6% |
| 2006 | +29.4% | −26.0% | +15.8% | +7.1% | +3.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
VWO largest drawdowns
Now 7.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 31, 2007 | −67.7% | Nov 20, 2008 | Sep 11, 2017 | 1.1 years | 9.9 years |
| Jan 26, 2018 | −36.4% | Mar 23, 2020 | Nov 16, 2020 | 2.2 years | 2.8 years |
| Feb 17, 2021 | −34.3% | Oct 24, 2022 | Jun 26, 2025 | 1.7 years | 4.4 years |
| May 9, 2006 | −26.0% | Jun 13, 2006 | Dec 4, 2006 | 35 days | 7 months |
| Jul 23, 2007 | −18.1% | Aug 16, 2007 | Sep 21, 2007 | 24 days | 2 months |
| Feb 22, 2007 | −11.6% | Mar 5, 2007 | Apr 3, 2007 | 11 days | 40 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
VWO risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2005 |
|---|---|---|---|---|
| Annualized return | +18.1% | +6.6% | +7.6% | +7.1% |
| Volatility (annualized) | 11.5% | 14.7% | 15.5% | 20.1% |
| Sharpe ratio | 1.14 | 0.26 | 0.40 | — |
| Sortino ratio | 2.14 | 0.42 | 0.61 | — |
| Best month | +9.0% | +14.3% | +14.3% | +17.9% |
| Worst month | −7.0% | −10.1% | −17.0% | −27.3% |
| Best 12 months | +33.9% | +33.9% | +58.5% | +88.4% |
| Worst 12 months | +10.6% | −27.6% | −27.6% | −56.3% |
| Positive months | 69% | 57% | 58% | 56% |
| Beta vs S&P 500 | 0.60 | 0.60 | 0.69 | — |
| Correlation with S&P 500 | 0.65 | 0.63 | 0.68 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
VWO rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 248 | −56.3% | +10.2% | +88.4% | 67% |
| 3-year (a year) | 224 | −11.7% | +3.9% | +32.6% | 73% |
| 5-year (a year) | 200 | −5.5% | +4.2% | +15.9% | 84% |
| 10-year (a year) | 140 | +0.0% | +3.4% | +9.8% | 100% |
Every holding period starting at a month-end since 2005. Returns for 3 years and longer are annualized.
VWO performance overview
Vanguard FTSE Emerging Markets ETF (VWO) returned +5.9% over the past year and +7.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2005 it has returned +6.6% a year, turning $10,000 into about $39,795. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −67.7%, from Oct 31, 2007 to Nov 20, 2008, and it took 8.8 years to get back to the old high. VWO finished 13 of its 20 full calendar years with a gain; the best year was 2009 (+76.3%) and the worst 2008 (−52.5%). Volatility has been 20.1% a year.
Related: VWO chart, VWO holdings, VWO dividends. See the VWO overview for the latest quote and fund facts.
VWO performance FAQ
What is the VWO return over the past year?
VWO returned +5.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 3.5%.
What is the average annual return of VWO?
VWO has returned +5.0% a year over 5 years, +7.0% a year over 10 years, +6.6% a year since March 10, 2005 (total return, distributions reinvested).
How much would $10,000 invested in VWO be worth?
$10,000 invested in VWO at its first recorded close on March 10, 2005 would be worth about $39,795 on October 23, 2026 with distributions reinvested.
What was the worst year for VWO?
The worst calendar year was 2008, with a total return of −52.5%. The best was 2009 at +76.3%.
What is the biggest drawdown of VWO?
The largest peak-to-trough decline was −67.7% between October 31, 2007 and November 20, 2008. It recovered to the old high on September 11, 2017, 8.8 years after the bottom.
How volatile is VWO?
Over the past 3 years VWO had an annualized volatility of 11.5% and a Sharpe ratio of 1.14 (excess return over 1–3 month T-bills per unit of risk).