EEM’s worst drop since 2003 was 66%
iShares MSCI Emerging Markets ETF (EEM) fell 66% from Oct 2007 to Nov 2008. It took 9.9 years from that peak to close at a new high, in Sep 2017. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 41st deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2003 to now
How EEM held up in each crash
| Crash | Years | EEM | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −66.4% | −55.2% |
| COVID crash | 2020 | −33.9% | −33.7% |
| 2022 rate shock | 2022 | −32.7% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
See how EEM behaves inside your whole mix, with the worst 12 months, loss odds and crash replays. Free, no signup, and the math runs in your browser.
Open EEM in PortfolioAutopsyCheck my whole portfolioQuestions
What was EEM’s maximum drawdown?
EEM’s deepest fall since 2003 was 66.4%, from its high on October 31, 2007 to its low on November 20, 2008. The figure uses daily prices with dividends reinvested.
How long did EEM take to recover?
9.9 years. EEM first closed above its Oct 2007 high again on September 18, 2017.
Was EEM riskier than the S&P 500?
Over the same years, EEM’s worst drop was 66.4% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −63.6% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, April 15, 2003 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.