What did VEA do before 2007?

Before Aug 2007 the series is VTMGX and VGTSX's. Those 11.3 years (May 1996–Jul 2007) show 7.2% a year with 14.7% annualized volatility and a worst drawdown of -48.2% (Dec 1999–Mar 2003). In major S&P 500 declines: 1998 LTCM sell-off, -12.7% versus -15.3% for the S&P 500 (VGTSX); 2000–02 dot-com bear, -42.9% versus -44.7% for the S&P 500 (VTMGX). The full extended history's worst drawdown is -57.1% (Oct 2007–Feb 2009).

How closely does VTMGX track VEA?

Over 230 overlapping months (Aug 2007–Sep 2026), VTMGX had a correlation of 0.999 with VEA, a tracking error of 0.9% a year and a tracking difference of 0.00% a year (grade: close). Over 230 overlapping months (Aug 2007–Sep 2026), VGTSX had a correlation of 0.989 with VEA, a tracking error of 2.7% a year and a tracking difference of -0.49% a year (grade: close).

How far back can you test VEA? To May 1996, with VTMGX and VGTSX

Computed by the MarketHeist portfolio engine · Published 2026-10-10 · Updated 2026-10-10 · Data through Sep 2026

VEA (Intl Developed Markets) has its own monthly data from Aug 2007. Spliced with VTMGX and VGTSX it reaches back to May 1996, which adds 11.3 years (37% of the extended history comes from proxies). Data through Sep 2026.

What you'd have missed

VEA's own data starts in Aug 2007; VTMGX and VGTSX extend it to May 1996, 11.3 more years.
Its own history misses the 1998 LTCM sell-off and the 2000–02 dot-com bear.
Its worst drawdown, -57.1% (Oct 2007–Feb 2009), is already inside the ETF's own history; the extension does not change the worst case.
VEU and VXUS are extended with the same VGTSX.

How the history is built

VEA (ETF) Aug 2007 → now

VTMGX (Vanguard Developed Markets Index Fund, mutual fund) used Sep 1999 → Jul 2007; its own data runs Sep 1999 → now

VGTSX (Vanguard Total International Stock Index Fund, mutual fund) used May 1996 → Aug 1999; its own data runs May 1996 → now

May 1996Sep 2026

Solid bars are the months each fund contributes to the spliced series; the outline shows how far a proxy's own data runs. Each month uses the youngest fund that has data for it; returns are spliced, not prices (dividends reinvested via adjusted close).

How well each proxy tracked VEA

Proxy	Kind	Months contributed	Overlap with VEA	Correlation	Tracking error	Tracking difference	Beta	Vol ratio	Grade
VTMGXVanguard Developed Markets Index Fund	mutual fund	Sep 1999–Jul 200795 months	Aug 2007–Sep 2026230 months	0.999	0.95%	0.00%	1.00	1.00	Close
VGTSXVanguard Total International Stock Index Fund	mutual fund	May 1996–Aug 199940 months	Aug 2007–Sep 2026230 months	0.989	2.66%	-0.49%	0.99	1.00	Close
↳ vs VTMGX (the link it is spliced onto)			Sep 1999–Sep 2026325 months	0.991	2.27%	+0.01%	1.00	1.00

Statistics are over the months a proxy and VEA both have data. Tracking error is annualized; tracking difference is the annualized geometric gap (positive: the proxy earned more). Page grade: close, the worst grade among the proxies that contribute months.

VEA's own history versus the extended history

	The ETF's own history	Proxy years only	Full extended history
Window	Aug 2007 – Sep 202619.2 years	May 1996 – Jul 200711.3 years	May 1996 – Sep 202630.4 years
Growth of $10,000	$26,265	$21,904	$57,531
CAGR	5.2%	7.2%	5.9%
Annualized volatility	17.8%	14.7%	16.7%
Sharpe ratio (risk-free 0%)	0.37	0.55	0.43
Max drawdown	-57.1%Oct 2007 → Feb 2009; recovered May 2014	-48.2%Dec 1999 → Mar 2003; recovered Sep 2005	-57.1%Oct 2007 → Feb 2009; recovered May 2014
Worst complete calendar year	2008 (-40.6%)	2001 (-21.9%)	2008 (-40.6%)
Best complete calendar year	2025 (35.2%)	2003 (38.7%)	2003 (38.7%)
Longest underwater (months)	78	68	78
Major declines covered	3	2	5

The columns cover different years, so a higher or lower CAGR is not a verdict on the fund; the point is which market regimes each window includes. Growth of $10,000 is the same one-asset, buy-and-hold calculation the live portfolio app makes.

Growth of $10,000

Log scale, so the early decades are not flattened. Grey is the proxy period; blue is VEA's own data. Dashed lines mark where each fund's returns begin.

Drawdowns

Decline from the prior peak at month-end, the "underwater" curve.

How VEA did in each major US stock-market decline since 1985

Decline	S&P 500	VEA over the same months	Source of those months
1987 crashSep 1987–Nov 1987	-29.8%	not covered	before available data
1998 LTCM sell-offJul 1998–Aug 1998	-15.3%	-12.7%	VGTSX
2000–02 dot-com bearSep 2000–Sep 2002	-44.7%	-42.9%	VTMGX
2007–09 financial crisisNov 2007–Feb 2009	-50.8%	-57.1%	ETF
2020 COVID crashJan 2020–Mar 2020	-19.4%	-24.0%	ETF
2022 inflation bearJan 2022–Sep 2022	-23.9%	-27.5%	ETF

The decline windows are computed, not chosen: every peak-to-trough fall of at least 15% (month-end) in the S&P 500 series since 1985. The fund's figure compounds its monthly returns from the month after the S&P 500's peak through the trough.

VEA's own five deepest drawdowns (extended history)

Peak	Trough	Depth	Recovery	Source of the decline months
Oct 2007	Feb 2009	-57.1%	May 2014	ETF
Dec 1999	Mar 2003	-48.2%	Sep 2005	VTMGX
Aug 2021	Sep 2022	-28.1%	Feb 2024	ETF
Jan 2018	Mar 2020	-24.1%	Nov 2020	ETF
Jun 2014	Feb 2016	-17.9%	Apr 2017	ETF

This covers declines the equity windows miss, such as the bond bear markets of 1994 and 2022.

Caveats

Before Aug 2007 the returns are VTMGX's, after that fund's own costs; the measured gap while both existed is 0.00% a year.
Before Sep 1999 the returns are VGTSX's, after that fund's own costs; the measured gap while both existed is -0.49% a year.
Monthly month-end data: intra-month drawdowns were deeper than shown.
Dividends are reinvested; no taxes or trading costs are modeled.
Our data source's series for VGTSX begins May 1996; the fund itself may be older.

Test it yourself

Open VEA as a one-asset portfolio in the live app, where every number recomputes from fresh data.

Open VEA (100%) in the portfolio builder →

Used in portfolios: Global Asset Allocation, Wealthfront Classic, Betterment Core, Yale Endowment (Swensen), No-Brainer, Larry Portfolio

Used in strategies: Global Tactical Asset Allocation (Aggressive)

Used in guides: Betterment Core, Global Asset Allocation, Larry Portfolio, No-Brainer, Wealthfront Classic, Yale (Swensen)

All fund histories →

Frequently asked questions

How far back does VEA data go?: VEA (Intl Developed Markets) has its own monthly data from Aug 2007. Spliced with VTMGX and VGTSX it reaches back to May 1996, which adds 11.3 years (37% of the extended history comes from proxies). Data through Sep 2026.
What did VEA do before 2007?: Before Aug 2007 the series is VTMGX and VGTSX's. Those 11.3 years (May 1996–Jul 2007) show 7.2% a year with 14.7% annualized volatility and a worst drawdown of -48.2% (Dec 1999–Mar 2003). In major S&P 500 declines: 1998 LTCM sell-off, -12.7% versus -15.3% for the S&P 500 (VGTSX); 2000–02 dot-com bear, -42.9% versus -44.7% for the S&P 500 (VTMGX). The full extended history's worst drawdown is -57.1% (Oct 2007–Feb 2009).
How closely does VTMGX track VEA?: Over 230 overlapping months (Aug 2007–Sep 2026), VTMGX had a correlation of 0.999 with VEA, a tracking error of 0.9% a year and a tracking difference of 0.00% a year (grade: close). Over 230 overlapping months (Aug 2007–Sep 2026), VGTSX had a correlation of 0.989 with VEA, a tracking error of 2.7% a year and a tracking difference of -0.49% a year (grade: close).

Methodology

Source: Yahoo Finance via MarketHeist, monthly adjusted close (dividends reinvested). Months run to the last complete calendar month.
Splice rule: Each month uses the youngest fund that has data for it; returns are spliced, not prices (dividends reinvested via adjusted close).
Numbers: Computed by the MarketHeist portfolio engine as a one-asset, 100% buy-and-hold portfolio, the same calculation the live app makes. Sharpe uses a risk-free rate of 0%. Drawdowns are month-end.
Correlation: Pearson correlation of monthly returns over the months both funds have.
Tracking error: Standard deviation of the monthly return differences (proxy minus VEA) times the square root of 12.
Tracking difference: Annualized geometric return of the proxy minus that of VEA over the overlap. Positive means the proxy earned more.
Beta and vol ratio: Beta is the covariance of the proxy with VEA divided by the variance of VEA; vol ratio is the proxy's standard deviation divided by VEA's.
Grades: Close: correlation of at least 0.95 and tracking error of at most 3%. Approximate: tracking error of at most 8% and either a cash-like fund (volatility of at most 3%) or correlation of at least 0.80 with a vol ratio of at most 1.25. Category stand-in: anything weaker.
Generated: 2026-10-10; data through Sep 2026. Reproduce hash of the full extended one-asset portfolio: a3cb0636acec1ae3

Historical simulation, not investment advice. Past returns, including spliced proxy returns, do not predict future results.