VSMAX’s worst drop since 2000 was 60%
Vanguard Small-Cap Index Admiral (VSMAX) fell 60% from Jul 2007 to Mar 2009. It took 3.4 years from that peak to close at a new high, in Dec 2010. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 13th deepest among the 109 mutual funds PortfolioAutopsy tracks.
Drawdown from the last high, 2000 to now
How VSMAX held up in each crash
| Crash | Years | VSMAX | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −59.7% | −55.2% |
| COVID crash | 2020 | −41.8% | −33.7% |
| 2022 rate shock | 2022 | −25.0% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
See how VSMAX 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 VSMAX in PortfolioAutopsyCheck my whole portfolioQuestions
What was VSMAX’s maximum drawdown?
VSMAX’s deepest fall since 2000 was 59.7%, from its high on July 13, 2007 to its low on March 9, 2009. The figure uses daily prices with dividends reinvested.
How long did VSMAX take to recover?
3.4 years. VSMAX first closed above its Jul 2007 high again on December 21, 2010.
Was VSMAX riskier than the S&P 500?
Over the same years, VSMAX’s worst drop was 59.7% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −50.0% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, November 14, 2000 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.