VNQ’s worst drop since 2004 was 73%
Vanguard Real Estate ETF (VNQ) fell 73% from Feb 2007 to Mar 2009. It took 5.6 years from that peak to close at a new high, in Sep 2012. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 32nd deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2004 to now
How VNQ held up in each crash
| Crash | Years | VNQ | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −70.2% | −55.2% |
| COVID crash | 2020 | −42.4% | −33.7% |
| 2022 rate shock | 2022 | −32.3% | −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 VNQ’s maximum drawdown?
VNQ’s deepest fall since 2004 was 73.1%, from its high on February 7, 2007 to its low on March 6, 2009. The figure uses daily prices with dividends reinvested.
How long did VNQ take to recover?
5.6 years. VNQ first closed above its Feb 2007 high again on September 13, 2012.
Was VNQ riskier than the S&P 500?
Over the same years, VNQ’s worst drop was 73.1% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −61.8% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, September 30, 2004 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.