VNQ drawdown: 15.5% below the all-time high
Vanguard Real Estate ETF (VNQ) is 15.5% below its all-time high, set Dec 31, 2021 (as of market close, Aug 6, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (2004).
- Below all-time high
- −15.5%
- 84.5% of ATH
- All-time high
- $116.0
- Dec 31, 2021
- Time below the high
- 4.6 yrs
- since Dec 31, 2021
- Worst-ever drawdown
- −75.8%
- Mar 6, 2009
- Longest underwater
- 7.9 yrs
- between all-time highs
- Today's level first reached
- Feb 13, 2020
- 6.5 yrs ago
- Last time this deep
- Jan 14, 2021
- in a previous episode
% of all-time high since 2004#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of VNQ, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Feb 7, 2007 | Mar 6, 2009 | −75.8% | 2.1 yrs | Jan 16, 2015 | 7.9 yrs |
| Feb 21, 2020 | Mar 23, 2020 | −42.8% | 31 days | May 28, 2021 | 15 mo |
| Dec 31, 2021 | Oct 25, 2023 | −38.8% | 1.8 yrs | not yet | 4.6 yrs+ |
| Aug 1, 2016 | Dec 24, 2018 | −22.6% | 2.4 yrs | Sep 3, 2019 | 3.1 yrs |
| Jan 27, 2015 | Feb 11, 2016 | −19.4% | 12 mo | Jun 30, 2016 | 17 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 2004: how far VNQ stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: VNQ is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is VNQ from its all-time high?
- VNQ is currently 15.5% below its all-time high, set Dec 31, 2021 (as of market close, Aug 6, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest VNQ drawdown ever?
- The deepest decline on record in our data (since 2004) took the stock 75.8% below its prior high, bottoming Mar 6, 2009. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily closing prices since 2004 (split-adjusted). "All-time" means since our price data begins — VNQ may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.