SPY’s worst drop since 1999 was 55%
SPDR S&P 500 ETF (SPY) fell 55% from Oct 2007 to Mar 2009. It took 4.9 years from that peak to close at a new high, in Aug 2012.
That drop ranks 90th deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 1999 to now
How SPY held up in each crash
| Crash | Years | SPY |
|---|---|---|
| Dot-com bust | 2000–02 | −47.5% |
| Financial crisis | 2007–09 | −55.2% |
| COVID crash | 2020 | −33.7% |
| 2022 rate shock | 2022 | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was SPY’s maximum drawdown?
SPY’s deepest fall since 1999 was 55.2%, from its high on October 9, 2007 to its low on March 9, 2009. The figure uses daily prices with dividends reinvested.
How long did SPY take to recover?
4.9 years. SPY first closed above its Oct 2007 high again on August 16, 2012.
Compare with
Daily adjusted closes from Yahoo Finance, January 5, 1999 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.