Data study · real prices
How 50 Popular ETFs Did in the 5 Worst Market Crashes
We replayed 50 of the most widely held ETFs through the dot-com bust, the 2008 financial crisis, the 2018 selloff, the COVID crash and the 2022 bear market using real daily prices, and measured how far each one fell and how long it took to get back.
Educational use only, not investment advice. Results are hypothetical.Read full disclaimer
This tool is for educational and informational purposes only and does not provide financial, investment, tax, legal, or accounting advice. Results are hypothetical and based on historical data and assumptions that may be inaccurate. Past performance does not guarantee future results. Consult a licensed professional before making investment decisions.
Key findings
- 01
In 2008 the S&P 500 (SPY) fell 56%. XLF fell 83%.
Across the 40 funds old enough to live through it, the typical fall was 56%. SPY took 4 years from the bottom to get back to its old price; financials (XLF) took 9 years.
- 02
The Nasdaq-100 (QQQ) fell 83% in the dot-com bust.
It took 14 years after the October 2002 bottom for QQQ's price to get back to its March 2000 high.
- 03
In 2022 bonds were no shelter: long Treasuries (TLT) fell 31%, more than the S&P 500's 25%.
9 of the 9 bond funds in the study were still priced below their 2022 high as of 2026-09-15 (price only; the interest they paid along the way is not counted).
- 04
Short-term Treasuries (SHY) never fell more than 5.3% in any of these crashes.
Its worst was the 2022 bear market. Short, high-quality bonds were the one place prices barely moved.
- 05
COVID was the fastest: SPY fell 34% in 33 days and was back at its high 5 months later.
A deep fall is not always a long one. Speed of recovery depended on the cause, not on the size of the drop.
- 06
Gold (GLD) fell 29% during 2008 too.
It got back to its high in 10 months, far faster than the S&P 500, but even the classic safe haven dropped hard in the middle of the panic.
Jan 2022 to Oct 2022
2022 bear market
Inflation and fast rate hikes hit stocks and bonds together.
- S&P 500 (SPY)
- -25%
- Typical fund
- -25%
- Worst: XBI
- -46%
- Held up best: SHY
- -5%
| ETF | Deepest fall | Fall size | Peak to bottom | Back to peak |
|---|---|---|---|---|
| XBIBiotechnology (equal weight) | -45.6% | Jan 2022 to May 2022 | 3.5 years | |
| SOXXSemiconductors | -45.2% | Jan 2022 to Oct 2022 | 14 months | |
| SMHSemiconductors | -44.4% | Jan 2022 to Oct 2022 | 9 months | |
| XLYConsumer discretionary | -36.0% | Jan 2022 to Jun 2022 | 2.4 years | |
| VGTInformation technology | -34.8% | Jan 2022 to Oct 2022 | 13 months | |
| VUGUS large-cap growth | -34.8% | Jan 2022 to Oct 2022 | 15 months | |
| QQQNasdaq-100 | -34.6% | Jan 2022 to Oct 2022 | 14 months | |
| XLKTechnology sector | -33.6% | Jan 2022 to Oct 2022 | 9 months | |
| VNQUS real estate (REITs) | -33.4% | Jan 2022 to Oct 2022 | Not yet | |
| SLVSilver | -33.0% | Mar 2022 to Sep 2022 | 19 months | |
| TLT20+ year Treasuries | -31.1% | Jan 2022 to Oct 2022 | Not yet | |
| IBBBiotechnology | -30.6% | Jan 2022 to Jun 2022 | 3.3 years | |
| EFAEAFE developed markets | -30.3% | Jan 2022 to Sep 2022 | 18 months | |
| VEADeveloped markets ex-US | -30.0% | Jan 2022 to Sep 2022 | 23 months | |
| VXUSTotal international stock | -29.8% | Jan 2022 to Oct 2022 | 23 months | |
| VWOEmerging markets | -29.6% | Jan 2022 to Oct 2022 | 2.8 years | |
| IWMRussell 2000 small caps | -27.3% | Jan 2022 to Jun 2022 | 2.3 years | |
| VTTotal world stock | -27.2% | Jan 2022 to Oct 2022 | 17 months | |
| XLFFinancials | -26.9% | Jan 2022 to Oct 2022 | 17 months | |
| XLEEnergy | -26.9% | Jun 2022 to Jul 2022 | 4 months | |
| VTITotal US stock market | -26.2% | Jan 2022 to Oct 2022 | 16 months | |
| VOUS mid caps | -25.8% | Jan 2022 to Sep 2022 | 22 months | |
| XLBMaterials | -25.7% | Apr 2022 to Sep 2022 | 18 months | |
| VOOS&P 500 | -25.4% | Jan 2022 to Oct 2022 | 15 months | |
| IJRS&P small-cap 600 | -25.4% | Jan 2022 to Sep 2022 | 22 months | |
| IVVS&P 500 | -25.4% | Jan 2022 to Oct 2022 | 15 months | |
| SPYS&P 500 | -25.4% | Jan 2022 to Oct 2022 | 15 months | |
| VBUS small caps | -25.2% | Jan 2022 to Sep 2022 | 18 months | |
| IJHS&P mid-cap 400 | -23.2% | Jan 2022 to Jun 2022 | 20 months | |
| DBCBroad commodities | -23.2% | Jun 2022 to Sep 2022 | 3.6 years | |
| XLIIndustrials | -22.6% | Jan 2022 to Sep 2022 | 9 months | |
| RSPS&P 500 equal weight | -22.5% | Jan 2022 to Sep 2022 | 17 months | |
| DIADow Jones Industrial Average | -21.9% | Jan 2022 to Sep 2022 | 14 months | |
| VIGDividend appreciation | -21.5% | Jan 2022 to Sep 2022 | 16 months | |
| XLUUtilities | -21.2% | Sep 2022 to Oct 2022 | 23 months | |
| GLDGold | -21.0% | Mar 2022 to Sep 2022 | 14 months | |
| JEPIEquity premium income | -19.3% | Jan 2022 to Oct 2022 | Not yet | |
| SCHDUS dividend equity | -18.9% | Jan 2022 to Sep 2022 | 22 months | |
| VCITIntermediate corporate bonds | -18.9% | Jan 2022 to Oct 2022 | Not yet | |
| TIPInflation-protected Treasuries | -18.8% | Mar 2022 to Sep 2022 | Not yet | |
| VTVUS large-cap value | -18.1% | Apr 2022 to Sep 2022 | 16 months | |
| VYMHigh dividend yield | -17.5% | Jan 2022 to Sep 2022 | 17 months | |
| XLPConsumer staples | -17.5% | Apr 2022 to Oct 2022 | 22 months | |
| IEF7 to 10 year Treasuries | -17.0% | Jan 2022 to Sep 2022 | Not yet | |
| BNDTotal US bond market | -16.1% | Jan 2022 to Oct 2022 | Not yet | |
| XLVHealth care | -16.1% | Apr 2022 to Jun 2022 | 20 months | |
| AGGUS aggregate bonds | -15.9% | Jan 2022 to Oct 2022 | Not yet | |
| BNDXInternational bonds (hedged) | -14.4% | Jan 2022 to Oct 2022 | Not yet | |
| MUBMunicipal bonds | -11.7% | Jan 2022 to Sep 2022 | Not yet | |
| SHY1 to 3 year Treasuries | -5.3% | Jan 2022 to Oct 2022 | Not yet |
50 of 50 funds traded through the whole crash; younger funds are left out rather than shown a partial fall. Not yet back to their pre-crash price as of 2026-09-15: JEPI, VNQ, BND, AGG, TLT, IEF, SHY, TIP, VCIT, BNDX, MUB.
Feb 2020 to Mar 2020
2020 COVID crash
The fastest bear market on record, in 33 days.
- S&P 500 (SPY)
- -34%
- Typical fund
- -34%
- Worst: XLE
- -57%
- Held up best: SHY
- -1%
| ETF | Deepest fall | Fall size | Peak to bottom | Back to peak |
|---|---|---|---|---|
| XLEEnergy | -57.0% | Feb 2020 to Mar 2020 | 14 months | |
| XLFFinancials | -43.3% | Feb 2020 to Mar 2020 | 10 months | |
| VNQUS real estate (REITs) | -42.8% | Feb 2020 to Mar 2020 | 14 months | |
| VBUS small caps | -42.3% | Feb 2020 to Mar 2020 | 8 months | |
| IJHS&P mid-cap 400 | -42.2% | Feb 2020 to Mar 2020 | 8 months | |
| XLIIndustrials | -42.0% | Feb 2020 to Mar 2020 | 8 months | |
| IJRS&P small-cap 600 | -41.5% | Feb 2020 to Mar 2020 | 8 months | |
| IWMRussell 2000 small caps | -40.8% | Feb 2020 to Mar 2020 | 8 months | |
| VOUS mid caps | -39.7% | Feb 2020 to Mar 2020 | 7 months | |
| RSPS&P 500 equal weight | -39.6% | Feb 2020 to Mar 2020 | 8 months | |
| XLBMaterials | -36.7% | Feb 2020 to Mar 2020 | 4 months | |
| DIADow Jones Industrial Average | -36.7% | Feb 2020 to Mar 2020 | 8 months | |
| VTVUS large-cap value | -36.4% | Feb 2020 to Mar 2020 | 9 months | |
| XLUUtilities | -36.2% | Feb 2020 to Mar 2020 | 21 months | |
| SLVSilver | -35.6% | Feb 2020 to Mar 2020 | 4 months | |
| VYMHigh dividend yield | -35.1% | Feb 2020 to Mar 2020 | 10 months | |
| VTITotal US stock market | -35.0% | Feb 2020 to Mar 2020 | 5 months | |
| VTTotal world stock | -34.4% | Feb 2020 to Mar 2020 | 5 months | |
| VEADeveloped markets ex-US | -34.3% | Feb 2020 to Mar 2020 | 8 months | |
| VOOS&P 500 | -34.3% | Feb 2020 to Mar 2020 | 5 months | |
| SOXXSemiconductors | -34.3% | Feb 2020 to Mar 2020 | 3 months | |
| SPYS&P 500 | -34.1% | Feb 2020 to Mar 2020 | 5 months | |
| XLYConsumer discretionary | -33.9% | Feb 2020 to Mar 2020 | 3 months | |
| IVVS&P 500 | -33.9% | Feb 2020 to Mar 2020 | 5 months | |
| SMHSemiconductors | -33.6% | Feb 2020 to Mar 2020 | 3 months | |
| VXUSTotal international stock | -33.5% | Feb 2020 to Mar 2020 | 8 months | |
| XBIBiotechnology (equal weight) | -32.9% | Feb 2020 to Mar 2020 | 2 months | |
| SCHDUS dividend equity | -32.8% | Feb 2020 to Mar 2020 | 7 months | |
| EFAEAFE developed markets | -32.6% | Feb 2020 to Mar 2020 | 8 months | |
| VGTInformation technology | -32.1% | Feb 2020 to Mar 2020 | 3 months | |
| VUGUS large-cap growth | -31.8% | Feb 2020 to Mar 2020 | 3 months | |
| VIGDividend appreciation | -31.6% | Feb 2020 to Mar 2020 | 5 months | |
| XLKTechnology sector | -31.5% | Feb 2020 to Mar 2020 | 3 months | |
| VWOEmerging markets | -30.7% | Feb 2020 to Mar 2020 | 4 months | |
| QQQNasdaq-100 | -28.6% | Feb 2020 to Mar 2020 | 3 months | |
| XLVHealth care | -28.3% | Feb 2020 to Mar 2020 | 4 months | |
| DBCBroad commodities | -27.3% | Feb 2020 to Mar 2020 | 10 months | |
| XLPConsumer staples | -24.8% | Feb 2020 to Mar 2020 | 5 months | |
| IBBBiotechnology | -23.6% | Feb 2020 to Mar 2020 | 1 months | |
| VCITIntermediate corporate bonds | -16.9% | Mar 2020 to Mar 2020 | 3 months | |
| TLT20+ year Treasuries | -15.7% | Mar 2020 to Mar 2020 | 1 months | |
| MUBMunicipal bonds | -13.7% | Mar 2020 to Mar 2020 | 10 months | |
| GLDGold | -12.5% | Mar 2020 to Mar 2020 | 1 months | |
| TIPInflation-protected Treasuries | -11.2% | Mar 2020 to Mar 2020 | 3 months | |
| AGGUS aggregate bonds | -9.6% | Mar 2020 to Mar 2020 | 3 months | |
| BNDTotal US bond market | -8.7% | Mar 2020 to Mar 2020 | 3 months | |
| BNDXInternational bonds (hedged) | -5.9% | Mar 2020 to Mar 2020 | 7 months | |
| IEF7 to 10 year Treasuries | -4.7% | Mar 2020 to Mar 2020 | Under a month | |
| SHY1 to 3 year Treasuries | -0.6% | Mar 2020 to Mar 2020 | Under a month |
49 of 50 funds traded through the whole crash; younger funds are left out rather than shown a partial fall.
Sep 2018 to Dec 2018
2018 fourth-quarter selloff
Rate-hike and trade-war fears hit stocks into Christmas Eve.
- S&P 500 (SPY)
- -20%
- Typical fund
- -19%
- Worst: XBI
- -33%
- Held up best: SHY
- -0%
| ETF | Deepest fall | Fall size | Peak to bottom | Back to peak |
|---|---|---|---|---|
| XBIBiotechnology (equal weight) | -32.7% | Sep 2018 to Dec 2018 | 12 months | |
| XLEEnergy | -30.8% | Oct 2018 to Dec 2018 | 3.3 years | |
| IJRS&P small-cap 600 | -26.8% | Sep 2018 to Dec 2018 | 23 months | |
| IBBBiotechnology | -26.5% | Sep 2018 to Dec 2018 | 12 months | |
| IWMRussell 2000 small caps | -26.5% | Sep 2018 to Dec 2018 | 23 months | |
| SMHSemiconductors | -24.9% | Sep 2018 to Dec 2018 | 3 months | |
| VBUS small caps | -24.8% | Sep 2018 to Dec 2018 | 12 months | |
| XLIIndustrials | -24.6% | Sep 2018 to Dec 2018 | 10 months | |
| XLKTechnology sector | -24.1% | Oct 2018 to Dec 2018 | 3 months | |
| VGTInformation technology | -23.9% | Oct 2018 to Dec 2018 | 3 months | |
| IJHS&P mid-cap 400 | -23.5% | Sep 2018 to Dec 2018 | 12 months | |
| SOXXSemiconductors | -23.3% | Sep 2018 to Dec 2018 | 3 months | |
| XLFFinancials | -23.0% | Sep 2018 to Dec 2018 | 10 months | |
| QQQNasdaq-100 | -22.9% | Oct 2018 to Dec 2018 | 4 months | |
| VUGUS large-cap growth | -22.7% | Sep 2018 to Dec 2018 | 4 months | |
| DBCBroad commodities | -22.4% | Oct 2018 to Dec 2018 | 2.3 years | |
| XLBMaterials | -22.4% | Sep 2018 to Dec 2018 | 12 months | |
| VOUS mid caps | -21.9% | Sep 2018 to Dec 2018 | 4 months | |
| XLYConsumer discretionary | -21.9% | Sep 2018 to Dec 2018 | 3 months | |
| VTITotal US stock market | -20.9% | Sep 2018 to Dec 2018 | 6 months | |
| RSPS&P 500 equal weight | -20.6% | Sep 2018 to Dec 2018 | 6 months | |
| VOOS&P 500 | -20.3% | Sep 2018 to Dec 2018 | 4 months | |
| SPYS&P 500 | -20.2% | Sep 2018 to Dec 2018 | 4 months | |
| IVVS&P 500 | -20.2% | Sep 2018 to Dec 2018 | 4 months | |
| VTTotal world stock | -18.8% | Sep 2018 to Dec 2018 | 10 months | |
| DIADow Jones Industrial Average | -18.6% | Oct 2018 to Dec 2018 | 6 months | |
| VTVUS large-cap value | -18.5% | Sep 2018 to Dec 2018 | 10 months | |
| SCHDUS dividend equity | -18.3% | Sep 2018 to Dec 2018 | 4 months | |
| VEADeveloped markets ex-US | -18.2% | Sep 2018 to Dec 2018 | 12 months | |
| VIGDividend appreciation | -18.1% | Sep 2018 to Dec 2018 | 4 months | |
| VYMHigh dividend yield | -17.5% | Sep 2018 to Dec 2018 | 9 months | |
| EFAEAFE developed markets | -17.2% | Sep 2018 to Dec 2018 | 11 months | |
| VXUSTotal international stock | -16.4% | Sep 2018 to Dec 2018 | 12 months | |
| XLVHealth care | -15.8% | Nov 2018 to Dec 2018 | 11 months | |
| XLPConsumer staples | -14.2% | Nov 2018 to Dec 2018 | 4 months | |
| VNQUS real estate (REITs) | -13.8% | Dec 2018 to Dec 2018 | 1 months | |
| VWOEmerging markets | -12.2% | Sep 2018 to Oct 2018 | 3 months | |
| XLUUtilities | -9.4% | Dec 2018 to Dec 2018 | 2 months | |
| SLVSilver | -5.1% | Nov 2018 to Nov 2018 | 1 months | |
| TLT20+ year Treasuries | -4.7% | Sep 2018 to Nov 2018 | 1 months | |
| GLDGold | -2.7% | Oct 2018 to Nov 2018 | 1 months | |
| TIPInflation-protected Treasuries | -2.2% | Sep 2018 to Nov 2018 | 3 months | |
| BNDXInternational bonds (hedged) | -2.1% | Dec 2018 to Dec 2018 | 3 months | |
| VCITIntermediate corporate bonds | -1.9% | Sep 2018 to Dec 2018 | 1 months | |
| MUBMunicipal bonds | -1.6% | Oct 2018 to Nov 2018 | 1 months | |
| BNDTotal US bond market | -1.5% | Sep 2018 to Nov 2018 | 1 months | |
| AGGUS aggregate bonds | -1.5% | Sep 2018 to Nov 2018 | 1 months | |
| IEF7 to 10 year Treasuries | -1.4% | Sep 2018 to Oct 2018 | 1 months | |
| SHY1 to 3 year Treasuries | -0.4% | Oct 2018 to Nov 2018 | Under a month |
49 of 50 funds traded through the whole crash; younger funds are left out rather than shown a partial fall.
Oct 2007 to Mar 2009
2008 financial crisis
The housing and banking collapse, the deepest decline since the 1930s.
- S&P 500 (SPY)
- -56%
- Typical fund
- -56%
- Worst: XLF
- -83%
- Held up best: SHY
- -3%
| ETF | Deepest fall | Fall size | Peak to bottom | Back to peak |
|---|---|---|---|---|
| XLFFinancials | -82.7% | Oct 2007 to Mar 2009 | 8.8 years | |
| VNQUS real estate (REITs) | -72.2% | Oct 2007 to Mar 2009 | 4.2 years | |
| VWOEmerging markets | -68.3% | Oct 2007 to Nov 2008 | 17.3 years | |
| SOXXSemiconductors | -65.9% | Oct 2007 to Nov 2008 | 4.9 years | |
| XLIIndustrials | -63.3% | Oct 2007 to Mar 2009 | 4.0 years | |
| EFAEAFE developed markets | -63.2% | Oct 2007 to Mar 2009 | 16.2 years | |
| VEADeveloped markets ex-US | -62.9% | Oct 2007 to Mar 2009 | 12.3 years | |
| SMHSemiconductors | -61.7% | Oct 2007 to Nov 2008 | 4.5 years | |
| VTVUS large-cap value | -60.9% | Oct 2007 to Mar 2009 | 4.7 years | |
| XLBMaterials | -60.7% | May 2008 to Mar 2009 | 4.8 years | |
| VBUS small caps | -60.6% | Oct 2007 to Mar 2009 | 23 months | |
| RSPS&P 500 equal weight | -60.0% | Oct 2007 to Mar 2009 | 2.2 years | |
| IWMRussell 2000 small caps | -59.1% | Oct 2007 to Mar 2009 | 2.1 years | |
| VYMHigh dividend yield | -58.8% | Oct 2007 to Mar 2009 | 4.1 years | |
| IJRS&P small-cap 600 | -58.7% | Oct 2007 to Mar 2009 | 2.1 years | |
| XLEEnergy | -57.8% | May 2008 to Mar 2009 | 5.1 years | |
| XLYConsumer discretionary | -57.6% | Oct 2007 to Mar 2009 | 22 months | |
| SLVSilver | -57.1% | Mar 2008 to Oct 2008 | 23 months | |
| VTITotal US stock market | -56.7% | Oct 2007 to Mar 2009 | 3.9 years | |
| IVVS&P 500 | -56.5% | Oct 2007 to Mar 2009 | 4.0 years | |
| SPYS&P 500 | -56.5% | Oct 2007 to Mar 2009 | 4.0 years | |
| IJHS&P mid-cap 400 | -55.7% | Oct 2007 to Mar 2009 | 21 months | |
| VGTInformation technology | -54.8% | Oct 2007 to Nov 2008 | 2.2 years | |
| DIADow Jones Industrial Average | -53.8% | Oct 2007 to Mar 2009 | 4.0 years | |
| XLKTechnology sector | -53.6% | Oct 2007 to Nov 2008 | 3.3 years | |
| QQQNasdaq-100 | -53.6% | Oct 2007 to Nov 2008 | 2.1 years | |
| VUGUS large-cap growth | -51.4% | Oct 2007 to Mar 2009 | 2.3 years | |
| XLUUtilities | -48.8% | Dec 2007 to Mar 2009 | 5.7 years | |
| VIGDividend appreciation | -48.2% | Oct 2007 to Mar 2009 | 3.4 years | |
| XLVHealth care | -40.6% | Dec 2007 to Mar 2009 | 3.0 years | |
| XBIBiotechnology (equal weight) | -37.6% | Aug 2008 to Mar 2009 | 2.1 years | |
| IBBBiotechnology | -34.6% | Aug 2008 to Mar 2009 | 12 months | |
| XLPConsumer staples | -34.2% | Dec 2007 to Mar 2009 | 21 months | |
| GLDGold | -29.4% | Mar 2008 to Nov 2008 | 10 months | |
| TIPInflation-protected Treasuries | -18.6% | Mar 2008 to Nov 2008 | 22 months | |
| TLT20+ year Treasuries | -16.7% | Dec 2008 to Feb 2009 | 2.6 years | |
| AGGUS aggregate bonds | -14.6% | Jan 2008 to Oct 2008 | 2 months | |
| BNDTotal US bond market | -11.2% | Jan 2008 to Oct 2008 | 3 months | |
| IEF7 to 10 year Treasuries | -7.1% | Mar 2008 to Jun 2008 | 5 months | |
| SHY1 to 3 year Treasuries | -2.9% | Mar 2008 to Jun 2008 | 5 months |
40 of 50 funds traded through the whole crash; younger funds are left out rather than shown a partial fall.
Mar 2000 to Oct 2002
Dot-com bust
The technology bubble deflated over two and a half years.
- S&P 500 (SPY)
- -49%
- Typical fund
- -43%
- Worst: QQQ
- -83%
- Held up best: XLY
- -32%
| ETF | Deepest fall | Fall size | Peak to bottom | Back to peak |
|---|---|---|---|---|
| QQQNasdaq-100 | -83.0% | Mar 2000 to Oct 2002 | 13.9 years | |
| XLKTechnology sector | -82.0% | Mar 2000 to Oct 2002 | 15.2 years | |
| SPYS&P 500 | -49.1% | Mar 2000 to Oct 2002 | 4.7 years | |
| XLIIndustrials | -44.8% | Dec 2000 to Oct 2002 | 3.3 years | |
| XLEEnergy | -42.9% | May 2001 to Jul 2002 | 2.2 years | |
| XLFFinancials | -38.4% | Jan 2001 to Oct 2002 | 17 months | |
| DIADow Jones Industrial Average | -35.5% | May 2001 to Oct 2002 | 3.5 years | |
| XLPConsumer staples | -34.1% | Dec 2000 to Jul 2002 | 5.3 years | |
| XLYConsumer discretionary | -32.3% | Apr 2000 to Sep 2001 | 2.3 years |
9 of 50 funds traded through the whole crash; younger funds are left out rather than shown a partial fall.
All 50 funds, every crash
Deepest price fall in each crash. A blank cell means the fund did not exist for that whole crash.
| ETF | Dot-com | 2008 | 2018 | 2020 COVID | 2022 | Worst ever |
|---|---|---|---|---|---|---|
| SPYS&P 500 | -49% | -56% | -20% | -34% | -25% | -56%, 2008 financial crisis |
| VOOS&P 500 | Not available | Not available | -20% | -34% | -25% | -34%, 2020 COVID crash |
| IVVS&P 500 | Not available | -57% | -20% | -34% | -25% | -57%, 2008 financial crisis |
| VTITotal US stock market | Not available | -57% | -21% | -35% | -26% | -57%, 2008 financial crisis |
| RSPS&P 500 equal weight | Not available | -60% | -21% | -40% | -22% | -60%, 2008 financial crisis |
| DIADow Jones Industrial Average | -35% | -54% | -19% | -37% | -22% | -54%, 2008 financial crisis |
| QQQNasdaq-100 | -83% | -54% | -23% | -29% | -35% | -83%, Dot-com bust |
| VUGUS large-cap growth | Not available | -51% | -23% | -32% | -35% | -51%, 2008 financial crisis |
| VGTInformation technology | Not available | -55% | -24% | -32% | -35% | -55%, 2008 financial crisis |
| XLKTechnology sector | -82% | -54% | -24% | -32% | -34% | -82%, Dot-com bust |
| SMHSemiconductors | Not available | -62% | -25% | -34% | -44% | -62%, 2008 financial crisis |
| SOXXSemiconductors | Not available | -66% | -23% | -34% | -45% | -66%, 2008 financial crisis |
| VTVUS large-cap value | Not available | -61% | -19% | -36% | -18% | -61%, 2008 financial crisis |
| SCHDUS dividend equity | Not available | Not available | -18% | -33% | -19% | -33%, 2020 COVID crash |
| VYMHigh dividend yield | Not available | -59% | -17% | -35% | -18% | -59%, 2008 financial crisis |
| VIGDividend appreciation | Not available | -48% | -18% | -32% | -22% | -48%, 2008 financial crisis |
| JEPIEquity premium income | Not available | Not available | Not available | Not available | -19% | -19%, 2022 bear market |
| IWMRussell 2000 small caps | Not available | -59% | -26% | -41% | -27% | -59%, 2008 financial crisis |
| IJHS&P mid-cap 400 | Not available | -56% | -24% | -42% | -23% | -56%, 2008 financial crisis |
| IJRS&P small-cap 600 | Not available | -59% | -27% | -42% | -25% | -59%, 2008 financial crisis |
| VBUS small caps | Not available | -61% | -25% | -42% | -25% | -61%, 2008 financial crisis |
| VOUS mid caps | Not available | Not available | -22% | -40% | -26% | -40%, 2020 COVID crash |
| XLFFinancials | -38% | -83% | -23% | -43% | -27% | -83%, 2008 financial crisis |
| XLEEnergy | -43% | -58% | -31% | -57% | -27% | -58%, 2008 financial crisis |
| XLVHealth care | Not available | -41% | -16% | -28% | -16% | -41%, 2008 financial crisis |
| XLUUtilities | Not available | -49% | -9% | -36% | -21% | -49%, 2008 financial crisis |
| XLPConsumer staples | -34% | -34% | -14% | -25% | -17% | -34%, 2008 financial crisis |
| XLYConsumer discretionary | -32% | -58% | -22% | -34% | -36% | -58%, 2008 financial crisis |
| XLIIndustrials | -45% | -63% | -25% | -42% | -23% | -63%, 2008 financial crisis |
| XLBMaterials | Not available | -61% | -22% | -37% | -26% | -61%, 2008 financial crisis |
| VNQUS real estate (REITs) | Not available | -72% | -14% | -43% | -33% | -72%, 2008 financial crisis |
| IBBBiotechnology | Not available | -35% | -27% | -24% | -31% | -35%, 2008 financial crisis |
| XBIBiotechnology (equal weight) | Not available | -38% | -33% | -33% | -46% | -46%, 2022 bear market |
| VEADeveloped markets ex-US | Not available | -63% | -18% | -34% | -30% | -63%, 2008 financial crisis |
| EFAEAFE developed markets | Not available | -63% | -17% | -33% | -30% | -63%, 2008 financial crisis |
| VWOEmerging markets | Not available | -68% | -12% | -31% | -30% | -68%, 2008 financial crisis |
| VXUSTotal international stock | Not available | Not available | -16% | -34% | -30% | -34%, 2020 COVID crash |
| VTTotal world stock | Not available | Not available | -19% | -34% | -27% | -34%, 2020 COVID crash |
| BNDTotal US bond market | Not available | -11% | -2% | -9% | -16% | -16%, 2022 bear market |
| AGGUS aggregate bonds | Not available | -15% | -2% | -10% | -16% | -16%, 2022 bear market |
| TLT20+ year Treasuries | Not available | -17% | -5% | -16% | -31% | -31%, 2022 bear market |
| IEF7 to 10 year Treasuries | Not available | -7% | -1% | -5% | -17% | -17%, 2022 bear market |
| SHY1 to 3 year Treasuries | Not available | -3% | -0% | -1% | -5% | -5%, 2022 bear market |
| TIPInflation-protected Treasuries | Not available | -19% | -2% | -11% | -19% | -19%, 2022 bear market |
| VCITIntermediate corporate bonds | Not available | Not available | -2% | -17% | -19% | -19%, 2022 bear market |
| BNDXInternational bonds (hedged) | Not available | Not available | -2% | -6% | -14% | -14%, 2022 bear market |
| MUBMunicipal bonds | Not available | Not available | -2% | -14% | -12% | -14%, 2020 COVID crash |
| GLDGold | Not available | -29% | -3% | -13% | -21% | -29%, 2008 financial crisis |
| SLVSilver | Not available | -57% | -5% | -36% | -33% | -57%, 2008 financial crisis |
| DBCBroad commodities | Not available | Not available | -22% | -27% | -23% | -27%, 2020 COVID crash |
How would your own portfolio have done?
Funds rarely fall alone. Replay your actual mix through these same crashes, free and without an account.
Method and FAQ
- How is the fall measured?
- For each crash we take the S&P 500's closing peak and closing bottom as the window. Inside that window we find each fund's deepest drop from a high to a later low in its daily closing price. Recovery is the time from that low until the price first closed back at the high.
- Are dividends included?
- No. Every figure is a price decline, which is how crash declines are usually quoted and keeps every fund on the same basis. Dividends and bond interest would make both falls and recoveries look better, most of all for bond funds, which pay most of their return as income.
- Why are some funds missing from some crashes?
- A fund is only included in a crash if it traded from the start of that crash to its end. VOO, for example, launched in 2010, so it has no 2008 figure. Showing a partial window would understate the fall.
- Where does the data come from?
- Split-adjusted daily closing prices from Twelve Data, the same prices behind every tool on Informed Portfolio. The snapshot on this page was built on 2026-09-16 with prices through 2026-09-15.
- Does this predict the next crash?
- No. It shows what already happened. The next decline will have its own cause, depth and length. Use it to understand how differently funds can behave, then test your own mix.
Full formulas and data conventions are on the methodology page. Past performance does not predict future results.