VPU’s worst drop since 2004 was 46%
Vanguard Utilities ETF (VPU) fell 46% from Dec 2007 to Mar 2009. It took 4.5 years from that peak to close at a new high, in Jun 2012. Over the same years the S&P 500 fell as much as 55%.
That drop is milder than most. It ranks 113th of the 203 ETFs PortfolioAutopsy tracks, counted from the deepest.
Drawdown from the last high, 2004 to now
How VPU held up in each crash
| Crash | Years | VPU | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −46.3% | −55.2% |
| COVID crash | 2020 | −36.4% | −33.7% |
| 2022 rate shock | 2022 | −20.1% | −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 VPU’s maximum drawdown?
VPU’s deepest fall since 2004 was 46.3%, from its high on December 10, 2007 to its low on March 9, 2009. The figure uses daily prices with dividends reinvested.
How long did VPU take to recover?
4.5 years. VPU first closed above its Dec 2007 high again on June 6, 2012.
Was VPU riskier than the S&P 500?
Over the same years, VPU’s worst drop was 46.3% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −38.2% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, February 2, 2004 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.