Inflation-Adjusted Developed Markets ETF (VEA)

The Vanguard FTSE Developed Markets ETF (VEA) tracks the FTSE Developed All Cap ex US Index, offering investors exposure to stocks from developed international markets excluding the United States.

Nominal price appreciation can be a misleading measure of performance, as it does not account for the impact of inflation on purchasing power. This page adjusts the historical price of VEA for inflation using the US Consumer Price Index to reveal its real performance over time.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use December 2025 as the baseline (latest available CPI).

The current value of the Vanguard FTSE Developed Markets ETF is 66.72 (as of the close of Jan 28, 2026), 0.66% lower than the all-time high of 67.16 (Jan 27, 2026).

Since July 26, 2007, the inflation-adjusted total return for the ETF has been 56.74%, which is equivalent to an annual growth rate of 2.46%.

In nominal values, the total return since this date has been 143.84%, or an annualized rate of 4.93%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date	Inflation-Adjusted	Nominal value
Jan 2026	66.72	66.72
Dec 2025	62.47	62.47
Nov 2025	60.55	60.56
Oct 2025	59.98	59.98
Sep 2025	58.8	58.94
Aug 2025	57.49	57.48
Jul 2025	55.21	55.04
Jun 2025	56.07	55.81
May 2025	54.42	53.99
Apr 2025	51.87	51.35
Mar 2025	50.03	49.37
Feb 2025	50.15	49.38
Jan 2025	49.25	48.28
Dec 2024	47.47	46.23
Nov 2024	49.23	47.93
Oct 2024	49	47.73
Sep 2024	51.71	50.32
Aug 2024	51.24	49.78
Jul 2024	49.84	48.37
Jun 2024	48.43	46.96
May 2024	49.27	47.75
Apr 2024	47.15	45.62
Mar 2024	49.01	47.23
Feb 2024	47.59	45.57
Jan 2024	46.6	44.35
Dec 2023	47.37	44.84
Nov 2023	44.83	42.47
Oct 2023	41.11	39.04
Sep 2023	42.54	40.4
Aug 2023	44.32	41.99
Jul 2023	46.35	43.72
Jun 2023	45.02	42.39
May 2023	43.25	40.59
Apr 2023	45.04	42.17
Mar 2023	44.11	41.09
Feb 2023	43.12	40.03
Jan 2023	44.92	41.47
Dec 2022	41.53	38.03
Nov 2022	42.33	38.89
Oct 2022	37.57	34.55
Sep 2022	35.56	32.57
Aug 2022	39.54	36.14
Jul 2022	41.97	38.37
Jun 2022	39.85	36.44
May 2022	44.48	40.12
Apr 2022	44.24	39.47
Mar 2022	47.73	42.35
Feb 2022	48.04	42.06
Jan 2022	49.8	43.21
Dec 2021	52.24	44.94
Nov 2021	50.23	43.09
Oct 2021	52.94	45.18
Sep 2021	51.71	43.77
Aug 2021	53.67	45.31
Jul 2021	53.08	44.72
Jun 2021	53.07	44.49
May 2021	54.06	44.91
Apr 2021	52.61	43.36
Mar 2021	51.48	42.07
Feb 2021	50.44	40.94
Jan 2021	49.52	39.97
Dec 2020	50.09	40.26
Nov 2020	47.47	38.12
Oct 2020	41.5	33.35
Sep 2020	43.05	34.58
Aug 2020	43.9	35.21
Jul 2020	41.87	33.48
Jun 2020	41	32.62
May 2020	39.84	31.52
Apr 2020	37.73	29.85
Mar 2020	35.02	27.9
Feb 2020	41.19	32.88
Jan 2020	44.72	35.6
Dec 2019	46.28	36.7
Nov 2019	44.65	35.44
Oct 2019	44.04	34.97
Sep 2019	42.76	33.88
Aug 2019	41.49	32.85
Jul 2019	42.28	33.48
Jun 2019	43.24	34.17
May 2019	40.86	32.29
Apr 2019	43.19	34.06
Mar 2019	42.22	33.12
Feb 2019	42.21	32.92
Jan 2019	41.42	32.17
Dec 2018	38.62	29.94
Nov 2018	40.82	31.74
Oct 2018	40.47	31.58
Sep 2018	44.36	34.56
Aug 2018	44.1	34.31
Jul 2018	44.9	34.92
Jun 2018	43.9	34.14
May 2018	44.72	34.72
Apr 2018	45.55	35.22
Mar 2018	45.16	34.78
Feb 2018	45.44	34.92
Jan 2018	48.1	36.8
Dec 2017	46.17	35.13
Nov 2017	45.4	34.56
Oct 2017	45.02	34.26
Sep 2017	44.2	33.67
Aug 2017	43.35	32.84
Jul 2017	43.47	32.83
Jun 2017	42.22	31.92
May 2017	42	31.72
Apr 2017	40.65	30.67
Mar 2017	39.88	30.01
Feb 2017	38.73	29.12
Jan 2017	38.45	28.81
Dec 2016	37.3	27.79
Nov 2016	36.43	27.13
Oct 2016	36.93	27.55
Sep 2016	37.88	28.23
Aug 2016	37.36	27.77
Jul 2016	37.25	27.66
Jun 2016	35.7	26.55
May 2016	36.58	27.12
Apr 2016	36.84	27.2
Mar 2016	36.18	26.58
Feb 2016	33.9	24.8
Jan 2016	35	25.59
Dec 2015	37.11	27.09
Nov 2015	37.79	27.68
Oct 2015	38	27.89
Sep 2015	35.59	26.13
Aug 2015	37.05	27.24
Jul 2015	39.88	29.37
Jun 2015	39.31	28.95
May 2015	40.63	29.82
Apr 2015	40.86	29.83
Mar 2015	39.42	28.72
Feb 2015	40.14	29.08
Jan 2015	37.98	27.39
Dec 2014	37.53	27.2
Nov 2014	38.78	28.26
Oct 2014	38.57	28.26
Sep 2014	38.61	28.36
Aug 2014	40.32	29.59
Jul 2014	40.14	29.51
Jun 2014	41.1	30.23
May 2014	40.76	29.92
Apr 2014	40.19	29.41
Mar 2014	39.7	28.95
Feb 2014	40.1	29.06
Jan 2014	37.99	27.42
Dec 2013	40.23	28.93
Nov 2013	39.48	28.39
Oct 2013	39.14	28.21
Sep 2013	37.82	27.33
Aug 2013	35.11	25.34
Jul 2013	35.73	25.75
Jun 2013	33.97	24.48
May 2013	35.04	25.19
Apr 2013	36.18	25.96
Mar 2013	34.35	24.68
Feb 2013	34.04	24.39
Jan 2013	34.71	24.67
Dec 2012	33.53	23.76
Nov 2012	32.08	22.79
Oct 2012	31.09	22.19
Sep 2012	30.75	21.96
Aug 2012	30.11	21.4
Jul 2012	29.31	20.72
Jun 2012	29.19	20.67
May 2012	27.25	19.32
Apr 2012	30.63	21.75
Mar 2012	31.48	22.28
Feb 2012	31.61	22.21
Jan 2012	30.27	21.17
Dec 2011	28.79	20.05
Nov 2011	29.38	20.51
Oct 2011	29.98	20.95
Sep 2011	27.26	19.08
Aug 2011	30.79	21.52
Jul 2011	33.77	23.54
Jun 2011	34.63	24.12
May 2011	35.02	24.42
Apr 2011	36.16	25.1
Mar 2011	34.27	23.63
Feb 2011	35.49	24.24
Jan 2011	34.41	23.38
Dec 2010	33.84	22.89
Nov 2010	31.28	21.12
Oct 2010	32.9	22.21
Sep 2010	31.66	21.34
Aug 2010	28.89	19.46
Jul 2010	30.01	20.19
Jun 2010	26.88	18.08
May 2010	27.35	18.41
Apr 2010	30.93	20.81
Mar 2010	31.87	21.4
Feb 2010	30.11	20.14
Jan 2010	29.89	19.99
Dec 2009	31.72	21.14
Nov 2009	31.43	20.98
Oct 2009	30.21	20.15
Sep 2009	31.1	20.73
Aug 2009	29.94	19.94
Jul 2009	28.72	19.08
Jun 2009	25.93	17.26
May 2009	26.64	17.58
Apr 2009	23.63	15.55
Mar 2009	21.18	13.91
Feb 2009	19.59	12.82
Jan 2009	21.89	14.26
Dec 2008	25.57	16.59
Nov 2008	23.24	15.23
Oct 2008	24.41	16.31
Sep 2008	30.41	20.53
Aug 2008	34.35	23.22
Jul 2008	35.64	24.19
Jun 2008	37.12	25.06
May 2008	41.06	27.45
Apr 2008	40.91	27.12
Mar 2008	39.06	25.74
Feb 2008	39.25	25.64
Jan 2008	39.76	25.9
Dec 2007	43.15	27.97
Nov 2007	44.38	28.79
Oct 2007	46.39	29.91
Sep 2007	44.52	28.64
Aug 2007	42.61	27.34
Jul 2007	42.57	27.36

Returns from Investing in the Vanguard FTSE Developed Markets ETF

How much did an investment in the VEA ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the Vanguard FTSE Developed Markets ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Year	Inflation-Adjusted Return	Nominal Return
2024	0.22%	3.11%
2023	14.07%	17.89%
2022	-20.5%	-15.37%
2021	4.29%	11.63%
2020	8.22%	9.7%
2019	19.85%	22.59%
2018	-16.37%	-14.77%
2017	23.78%	26.39%
2016	0.52%	2.6%
2015	-1.12%	-0.4%
2014	-6.7%	-6%
2013	19.97%	21.77%
2012	16.47%	18.5%
2011	-14.93%	-12.41%
2010	6.7%	8.29%
2009	24.06%	27.44%
2008	-40.75%	-40.69%

Vanguard Ftse Developed Markets Etf: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for the Vanguard FTSE Developed Markets over various trailing periods ending December 31, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	31.59%	35.11%
Last 3 years	14.58%	17.99%
Last 5 years	4.52%	9.18%
Last 10 years	5.35%	8.71%

Real Returns of Investing in the Vanguard FTSE Developed Markets

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the Vanguard FTSE Developed Markets five years ago yielded an 43.96% nominal gain, but the real return (the actual increase in buying power) was 16.57%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period	What $100 Grew To (Nominal)	Total Nominal Return (%)	Total Inflation-Adjusted Return (%)
Last 5 years Feb 2021 - Sep 2025	$143.96	43.96%	16.57%
Last 10 years Feb 2016 - Sep 2025	$237.65	137.65%	73.49%

About the Vanguard FTSE Developed Markets ETF

The Vanguard FTSE Developed Markets ETF (VEA) is an exchange-traded fund that seeks to track the performance of the FTSE Developed All Cap ex US Index. Launched in July 2007, VEA provides broad exposure to stocks from developed markets outside the United States, including companies from Europe, the Pacific region, and other developed economies.

The fund covers large, mid, and small-cap stocks across various sectors, offering investors a comprehensive way to diversify internationally. With its low expense ratio and broad market coverage, VEA has become a popular choice for investors seeking developed international equity exposure.

Last Close Jan 28, 2026	66.72
Highest Jan 27, 2026	67.16
Highest, Inflation-Adjusted Jan 27, 2026	67.16
Annualized return Since Jul 26, 2007	4.93%
Annualized return, Inflation-Adjusted Since Jul 26, 2007	2.46%