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 June 2025 as the baseline (latest available CPI).

The current value of the Vanguard FTSE Developed Markets ETF is 56.37 (as of the close of Jul 15, 2025), 1.71% lower than the all-time high of 57.35 (Jul 10, 2025).

Since July 26, 2007, the inflation-adjusted total return for the ETF has been 28.35%, which is equivalent to an annual growth rate of 1.4%.

In nominal values, the total return since this date has been 98.75%, or an annualized rate of 3.9%.

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
Jul 2025	56.37	56.37
Jun 2025	57.01	57.01
May 2025	55.77	55.58
Apr 2025	53.16	52.87
Mar 2025	51.27	50.83
Feb 2025	51.39	50.84
Jan 2025	50.48	49.71
Dec 2024	48.65	47.6
Nov 2024	50.45	49.34
Oct 2024	50.22	49.15
Sep 2024	53	51.8
Aug 2024	52.51	51.25
Jul 2024	51.07	49.8
Jun 2024	49.64	48.35
May 2024	50.49	49.16
Apr 2024	48.32	46.97
Mar 2024	50.22	48.63
Feb 2024	48.77	46.92
Jan 2024	47.76	45.66
Dec 2023	48.54	46.16
Nov 2023	45.94	43.73
Oct 2023	42.13	40.19
Sep 2023	43.59	41.6
Aug 2023	45.73	43.53
Jul 2023	47.82	45.32
Jun 2023	46.45	43.94
May 2023	44.63	42.08
Apr 2023	46.47	43.71
Mar 2023	45.51	42.59
Feb 2023	44.48	41.49
Jan 2023	46.34	42.98
Dec 2022	42.84	39.42
Nov 2022	43.67	40.31
Oct 2022	38.76	35.81
Sep 2022	36.69	33.76
Aug 2022	40.79	37.46
Jul 2022	43.3	39.77
Jun 2022	41.12	37.77
May 2022	45.9	41.59
Apr 2022	45.65	40.91
Mar 2022	49.25	43.89
Feb 2022	49.57	43.6
Jan 2022	51.38	44.79
Dec 2021	53.89	46.58
Nov 2021	51.83	44.66
Oct 2021	54.62	46.83
Sep 2021	53.35	45.37
Aug 2021	55.37	46.96
Jul 2021	54.77	46.35
Jun 2021	54.75	46.12
May 2021	55.78	46.55
Apr 2021	54.29	44.94
Mar 2021	53.11	43.61
Feb 2021	52.05	42.44
Jan 2021	51.09	41.43
Dec 2020	51.68	41.73
Nov 2020	48.97	39.51
Oct 2020	42.82	34.57
Sep 2020	44.41	35.84
Aug 2020	45.29	36.5
Jul 2020	43.2	34.7
Jun 2020	42.31	33.81
May 2020	41.1	32.67
Apr 2020	38.93	30.94
Mar 2020	36.13	28.91
Feb 2020	42.49	34.08
Jan 2020	46.14	36.9
Dec 2019	47.75	38.04
Nov 2019	46.07	36.74
Oct 2019	45.43	36.25
Sep 2019	44.12	35.12
Aug 2019	42.81	34.05
Jul 2019	43.63	34.7
Jun 2019	44.61	35.42
May 2019	42.15	33.47
Apr 2019	44.56	35.31
Mar 2019	43.56	34.33
Feb 2019	43.55	34.13
Jan 2019	42.74	33.35
Dec 2018	39.84	31.03
Nov 2018	42.11	32.9
Oct 2018	41.76	32.74
Sep 2018	45.77	35.82
Aug 2018	45.5	35.57
Jul 2018	46.32	36.19
Jun 2018	45.29	35.38
May 2018	46.13	35.98
Apr 2018	47	36.51
Mar 2018	46.6	36.05
Feb 2018	46.88	36.19
Jan 2018	49.63	38.14
Dec 2017	47.64	36.41
Nov 2017	46.84	35.82
Oct 2017	46.44	35.52
Sep 2017	45.61	34.9
Aug 2017	44.72	34.04
Jul 2017	44.85	34.03
Jun 2017	43.56	33.08
May 2017	43.33	32.88
Apr 2017	41.94	31.79
Mar 2017	41.15	31.1
Feb 2017	39.96	30.18
Jan 2017	39.67	29.87
Dec 2016	38.49	28.81
Nov 2016	37.58	28.12
Oct 2016	38.1	28.55
Sep 2016	39.09	29.26
Aug 2016	38.55	28.79
Jul 2016	38.43	28.67
Jun 2016	36.84	27.52
May 2016	37.74	28.11
Apr 2016	38.01	28.19
Mar 2016	37.32	27.56
Feb 2016	34.97	25.71
Jan 2016	36.11	26.53
Dec 2015	38.29	28.08
Nov 2015	38.99	28.69
Oct 2015	39.21	28.91
Sep 2015	36.72	27.09
Aug 2015	38.22	28.24
Jul 2015	41.14	30.44
Jun 2015	40.55	30
May 2015	41.92	30.91
Apr 2015	42.16	30.92
Mar 2015	40.67	29.77
Feb 2015	41.42	30.14
Jan 2015	39.18	28.39
Dec 2014	38.72	28.19
Nov 2014	40.01	29.29
Oct 2014	39.8	29.29
Sep 2014	39.84	29.4
Aug 2014	41.6	30.67
Jul 2014	41.42	30.59
Jun 2014	42.41	31.33
May 2014	42.06	31.02
Apr 2014	41.47	30.48
Mar 2014	40.96	30.01
Feb 2014	41.38	30.12
Jan 2014	39.2	28.43
Dec 2013	41.51	29.99
Nov 2013	40.73	29.43
Oct 2013	40.38	29.24
Sep 2013	39.02	28.33
Aug 2013	36.23	26.27
Jul 2013	36.86	26.69
Jun 2013	35.05	25.38
May 2013	36.16	26.11
Apr 2013	37.33	26.91
Mar 2013	35.44	25.58
Feb 2013	35.12	25.28
Jan 2013	35.82	25.57
Dec 2012	34.6	24.63
Nov 2012	33.1	23.63
Oct 2012	32.08	23
Sep 2012	31.73	22.76
Aug 2012	31.06	22.19
Jul 2012	30.24	21.48
Jun 2012	30.12	21.43
May 2012	28.11	20.03
Apr 2012	31.61	22.55
Mar 2012	32.48	23.1
Feb 2012	32.62	23.02
Jan 2012	31.23	21.95
Dec 2011	29.7	20.78
Nov 2011	30.31	21.26
Oct 2011	30.93	21.71
Sep 2011	28.12	19.78
Aug 2011	31.76	22.31
Jul 2011	34.84	24.4
Jun 2011	35.73	25
May 2011	36.13	25.31
Apr 2011	37.31	26.01
Mar 2011	35.36	24.5
Feb 2011	36.62	25.12
Jan 2011	35.5	24.24
Dec 2010	34.92	23.73
Nov 2010	32.27	21.89
Oct 2010	33.95	23.02
Sep 2010	32.67	22.12
Aug 2010	29.81	20.17
Jul 2010	30.96	20.92
Jun 2010	27.73	18.74
May 2010	28.21	19.08
Apr 2010	31.92	21.57
Mar 2010	32.88	22.19
Feb 2010	31.06	20.87
Jan 2010	30.84	20.72
Dec 2009	32.73	21.91
Nov 2009	32.43	21.75
Oct 2009	31.17	20.89
Sep 2009	32.09	21.48
Aug 2009	30.89	20.67
Jul 2009	29.63	19.78
Jun 2009	26.75	17.89
May 2009	27.48	18.22
Apr 2009	24.38	16.12
Mar 2009	21.86	14.41
Feb 2009	20.21	13.29
Jan 2009	22.58	14.78
Dec 2008	26.38	17.19
Nov 2008	23.97	15.79
Oct 2008	25.18	16.91
Sep 2008	31.38	21.28
Aug 2008	35.44	24.07
Jul 2008	36.77	25.08
Jun 2008	38.3	25.98
May 2008	42.36	28.45
Apr 2008	42.21	28.11
Mar 2008	40.3	26.67
Feb 2008	40.49	26.57
Jan 2008	41.03	26.85
Dec 2007	44.52	28.99
Nov 2007	45.79	29.84
Oct 2007	47.86	31
Sep 2007	45.93	29.69
Aug 2007	43.96	28.34
Jul 2007	43.92	28.36

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	13.3%	17.1%
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 June 30, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	14.86%	17.92%
Last 3 years	11.51%	14.71%
Last 5 years	6.15%	11.01%
Last 10 years	3.46%	6.63%

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 June 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 67.29% nominal gain, but the real return (the actual increase in buying power) was 34.16%.

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 2020 - Jun 2025	$167.29	67.29%	34.16%
Last 10 years Feb 2015 - Jun 2025	$189.16	89.16%	37.65%

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 Jul 15, 2025	56.37
Highest Jul 10, 2025	57.35
Highest, Inflation-Adjusted Jul 10, 2025	57.35
Annualized return Since Jul 26, 2007	3.9%
Annualized return, Inflation-Adjusted Since Jul 26, 2007	1.4%