SPY vs VWO — 20-Year Performance Comparison
S&P 500 vs Emerging Markets — backtested 2005–2024
SPY wins$70,709 vs $29,877 on $10,000 over 20 years
SPYS&P 500
Final value$70,709
CAGR+10.3%
Max drawdown-37.0%
Best year+32% (2013)
Years won11 of 20
VWOEmerging Markets
Final value$29,877
CAGR+5.6%
Max drawdown-52.5%
Best year+76% (2009)
Years won9 of 20
Growth of $10,000
2005–2024SPYVWO
SPY$70,709
VWO$29,877
50/50 mix$49,722
50/50 blend: $49,722 (+8.3%/yr CAGR)
Splitting equally between SPY and VWO would have landed between the two — slightly lower CAGR than SPY but less volatility. Try a custom split →
Year-by-year: SPY vs VWO
| Year | SPY | VWO | Winner |
|---|---|---|---|
| 2024 | +23.3% | +10.6% | SPY |
| 2023 | +26.3% | +9.3% | SPY |
| 2022 | -18.2% | -18.0% | VWO |
| 2021 | +28.7% | +1.3% | SPY |
| 2020 | +18.4% | +15.2% | SPY |
| 2019 | +31.5% | +20.8% | SPY |
| 2018 | -4.4% | -14.8% | SPY |
| 2017 | +21.8% | +31.5% | VWO |
| 2016 | +12.0% | +12.2% | VWO |
| 2015 | +1.4% | -15.8% | SPY |
| 2014 | +13.7% | -0.0% | SPY |
| 2013 | +32.4% | -4.9% | SPY |
| 2012 | +16.0% | +19.2% | VWO |
| 2011 | +2.1% | -18.7% | SPY |
| 2010 | +15.1% | +19.5% | VWO |
| 2009 | +26.5% | +76.3% | VWO |
| 2008 | -37.0% | -52.5% | SPY |
| 2007 | +5.5% | +37.3% | VWO |
| 2006 | +15.8% | +29.4% | VWO |
| 2005 | +4.9% | +23.5% | VWO |
More comparisons
Build your portfolio
Mix SPY + VWO with custom allocations
Try a 70/30 or 40/60 split — or add up to 3 more ETFs. See exactly how your custom portfolio would have performed.
Open Portfolio Builder →Past performance does not guarantee future results.