What did VXUS do before 2011?

Before Feb 2011 the series is VGTSX's. Those 14.8 years (May 1996–Jan 2011) show 5.3% a year with 18.4% annualized volatility and a worst drawdown of -58.5% (Oct 2007–Feb 2009). 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, -42.1% versus -44.7% for the S&P 500 (VGTSX); 2007–09 financial crisis, -58.5% versus -50.8% for the S&P 500 (VGTSX). The full extended history's worst drawdown is -58.5% (Oct 2007–Feb 2009).

How closely does VGTSX track VXUS?

Over 188 overlapping months (Feb 2011–Sep 2026), VGTSX had a correlation of 0.999 with VXUS, a tracking error of 0.8% a year and a tracking difference of -0.03% a year (grade: close).

How far back can you test VXUS? To May 1996, with VGTSX

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

VXUS (Total International Stock) has its own monthly data from Feb 2011. Spliced with VGTSX it reaches back to May 1996, which adds 14.8 years (48% of the extended history comes from proxies). Data through Sep 2026.

What you'd have missed

VXUS's own data starts in Feb 2011; VGTSX extends it to May 1996, 14.8 more years.
Its own history misses the 1998 LTCM sell-off, the 2000–02 dot-com bear and the 2007–09 financial crisis.
The extended history's worst drawdown is -58.5% (Oct 2007–Feb 2009), versus -27.8% (May 2021–Sep 2022) in the ETF's own years.
Its worst calendar year, 2008 (-44.1%), predates the ETF.
VEA and VEU are extended with the same VGTSX.

How the history is built

VXUS (ETF) Feb 2011 → now

VGTSX (Vanguard Total International Stock Index Fund, mutual fund) used May 1996 → Jan 2011; 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 VXUS

Proxy	Kind	Months contributed	Overlap with VXUS	Correlation	Tracking error	Tracking difference	Beta	Vol ratio	Grade
VGTSXVanguard Total International Stock Index Fund	mutual fund	May 1996–Jan 2011177 months	Feb 2011–Sep 2026188 months	0.999	0.77%	-0.03%	1.00	1.00	Close

Statistics are over the months a proxy and VXUS 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.

VXUS's own history versus the extended history

	The ETF's own history	Proxy years only	Full extended history
Window	Feb 2011 – Sep 202615.7 years	May 1996 – Jan 201114.8 years	May 1996 – Sep 202630.4 years
Growth of $10,000	$27,021	$21,434	$57,919
CAGR	6.6%	5.3%	5.9%
Annualized volatility	15.0%	18.4%	16.7%
Sharpe ratio (risk-free 0%)	0.50	0.37	0.43
Max drawdown	-27.8%May 2021 → Sep 2022; recovered May 2024	-58.5%Oct 2007 → Feb 2009; not recovered within this window	-58.5%Oct 2007 → Feb 2009; recovered May 2017
Worst complete calendar year	2022 (-16.1%)	2008 (-44.1%)	2008 (-44.1%)
Best complete calendar year	2025 (32.3%)	2003 (42.0%)	2003 (42.0%)
Longest underwater (months)	35	61	114
Major declines covered	2	3	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 VXUS'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 VXUS did in each major US stock-market decline since 1985

Decline	S&P 500	VXUS 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%	-42.1%	VGTSX
2007–09 financial crisisNov 2007–Feb 2009	-50.8%	-58.5%	VGTSX
2020 COVID crashJan 2020–Mar 2020	-19.4%	-24.4%	ETF
2022 inflation bearJan 2022–Sep 2022	-23.9%	-26.6%	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.

VXUS's own five deepest drawdowns (extended history)

Peak	Trough	Depth	Recovery	Source of the decline months
Oct 2007	Feb 2009	-58.5%	May 2017	VGTSX
Dec 1999	Sep 2002	-46.5%	Feb 2005	VGTSX
May 2021	Sep 2022	-27.8%	May 2024	ETF
Jan 2018	Mar 2020	-25.5%	Nov 2020	ETF
Jul 1997	Sep 1998	-16.1%	Dec 1998	VGTSX

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

Caveats

Before Feb 2011 the returns are VGTSX's, after that fund's own costs; the measured gap while both existed is -0.03% 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 VXUS as a one-asset portfolio in the live app, where every number recomputes from fresh data.

Open VXUS (100%) in the portfolio builder →

Used in portfolios: Bogleheads Three-Fund, Core Four, Coffeehouse

Used in guides: Bogleheads 3-Fund, Coffeehouse, Core Four

All fund histories →

Frequently asked questions

How far back does VXUS data go?: VXUS (Total International Stock) has its own monthly data from Feb 2011. Spliced with VGTSX it reaches back to May 1996, which adds 14.8 years (48% of the extended history comes from proxies). Data through Sep 2026.
What did VXUS do before 2011?: Before Feb 2011 the series is VGTSX's. Those 14.8 years (May 1996–Jan 2011) show 5.3% a year with 18.4% annualized volatility and a worst drawdown of -58.5% (Oct 2007–Feb 2009). 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, -42.1% versus -44.7% for the S&P 500 (VGTSX); 2007–09 financial crisis, -58.5% versus -50.8% for the S&P 500 (VGTSX). The full extended history's worst drawdown is -58.5% (Oct 2007–Feb 2009).
How closely does VGTSX track VXUS?: Over 188 overlapping months (Feb 2011–Sep 2026), VGTSX had a correlation of 0.999 with VXUS, a tracking error of 0.8% a year and a tracking difference of -0.03% 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 VXUS) times the square root of 12.
Tracking difference: Annualized geometric return of the proxy minus that of VXUS over the overlap. Positive means the proxy earned more.
Beta and vol ratio: Beta is the covariance of the proxy with VXUS divided by the variance of VXUS; vol ratio is the proxy's standard deviation divided by VXUS'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: 21df25a658249215

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