Inflation-Adjusted Vanguard S&P 500 ETF (VOO)

The Vanguard S&P 500 ETF (VOO) tracks the S&P 500 Index, providing investors with exposure to 500 of the largest US companies across various sectors.

While nominal returns might seem impressive over the years, they don't tell the complete story about actual wealth creation after accounting for inflation. This page adjusts VOO's historical prices for inflation using the US Consumer Price Index, revealing the ETF's true performance in real purchasing power terms.

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 S&P 500 ETF is 571.86 (as of the close of Jul 15, 2025), 0.6% lower than the all-time high of 575.29 (Jul 10, 2025).

Since September 9, 2010, the inflation-adjusted total return for the ETF has been 400.23%, which is equivalent to an annual growth rate of 11.45%.

In nominal values, the total return since this date has been 638.67%, or an annualized rate of 14.42%.

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	571.86	571.86
Jun 2025	568.03	568.03
May 2025	543.61	541.76
Apr 2025	512.55	509.74
Mar 2025	518.35	513.91
Feb 2025	550.38	544.45
Jan 2025	559.91	551.42
Dec 2024	548.79	536.95
Nov 2024	562.11	549.79
Oct 2024	530.56	519.21
Sep 2024	536.25	524.18
Aug 2024	525.68	513.02
Jul 2024	513.8	501.03
Jun 2024	508.5	495.28
May 2024	491.16	478.23
Apr 2024	468.44	455.35
Mar 2024	489.9	474.36
Feb 2024	477.41	459.3
Jan 2024	456.59	436.57
Dec 2023	451.82	429.66
Nov 2023	431.61	410.86
Oct 2023	394.56	376.35
Sep 2023	403.17	384.7
Aug 2023	425.92	405.4
Jul 2023	434.86	412.11
Jun 2023	421.81	398.99
May 2023	397.31	374.61
Apr 2023	396.4	372.81
Mar 2023	392.17	366.98
Feb 2023	379.4	353.85
Jan 2023	391.3	362.92
Dec 2022	371.08	341.44
Nov 2022	392.45	362.22
Oct 2022	371.6	343.32
Sep 2022	345.09	317.54
Aug 2022	380.88	349.71
Jul 2022	397.14	364.78
Jun 2022	363.64	334.05
May 2022	401.85	364.15
Apr 2022	405.23	363.21
Mar 2022	446.74	398.19
Feb 2022	436.18	383.65
Jan 2022	453.69	395.44
Dec 2021	482.81	417.31
Nov 2021	463.18	399.11
Oct 2021	468.89	402.07
Sep 2021	441.7	375.63
Aug 2021	464.57	394.01
Jul 2021	452.18	382.71
Jun 2021	443.51	373.57
May 2021	437.74	365.32
Apr 2021	438.32	362.9
Mar 2021	419.72	344.66
Feb 2021	404.21	329.59
Jan 2021	395.48	320.72
Dec 2020	401.26	324.03
Nov 2020	387.15	312.34
Oct 2020	348.74	281.52
Sep 2020	358	288.87
Aug 2020	372.49	300.15
Jul 2020	349.32	280.59
Jun 2020	331.58	265.01
May 2020	327.37	260.22
Apr 2020	312.58	248.45
Mar 2020	275.29	220.29
Feb 2020	313.73	251.59
Jan 2020	342.31	273.77
Dec 2019	343.77	273.87
Nov 2019	333.55	265.97
Oct 2019	321.7	256.66
Sep 2019	315.55	251.18
Aug 2019	309.7	246.33
Jul 2019	314.85	250.43
Jun 2019	310.83	246.83
May 2019	290.59	230.71
Apr 2019	310.95	246.35
Mar 2019	300.47	236.79
Feb 2019	296.47	232.33
Jan 2019	288.35	225.01
Dec 2018	267.7	208.5
Nov 2018	292.75	228.75
Oct 2018	286.37	224.51
Sep 2018	307.93	240.99
Aug 2018	306.53	239.62
Jul 2018	297.13	232.14
Jun 2018	286.93	224.15
May 2018	285.23	222.47
Apr 2018	279.66	217.22
Mar 2018	279.8	216.47
Feb 2018	287.53	221.95
Jan 2018	300.02	230.54
Dec 2017	285.69	218.35
Nov 2017	281.92	215.59
Oct 2017	273.56	209.19
Sep 2017	267.17	204.43
Aug 2017	263.22	200.35
Jul 2017	263.24	199.77
Jun 2017	257.74	195.73
May 2017	256.36	194.51
Apr 2017	253.03	191.81
Mar 2017	251.17	189.84
Feb 2017	251.05	189.59
Jan 2017	242.44	182.52
Dec 2016	239.58	179.32
Nov 2016	234.8	175.69
Oct 2016	226.02	169.38
Sep 2016	230.43	172.47
Aug 2016	230.92	172.42
Jul 2016	230.85	172.22
Jun 2016	222.29	166.1
May 2016	222.31	165.57
Apr 2016	219.36	162.71
Mar 2016	219.63	162.14
Feb 2016	206.4	151.72
Jan 2016	207	152.04
Dec 2015	218.05	159.89
Nov 2015	221.16	162.72
Oct 2015	219.76	162.04
Sep 2015	202.54	149.41
Aug 2015	207.34	153.19
Jul 2015	220.58	163.2
Jun 2015	215.9	159.73
May 2015	220.96	162.9
Apr 2015	219.35	160.89
Mar 2015	217.61	159.29
Feb 2015	222.4	161.84
Jan 2015	211.56	153.28
Dec 2014	216.79	157.82
Nov 2014	216.23	158.3
Oct 2014	209.29	154.06
Sep 2014	203.87	150.44
Aug 2014	206.88	152.55
Jul 2014	198.64	146.72
Jun 2014	201.34	148.77
May 2014	197.59	145.73
Apr 2014	193.83	142.46
Mar 2014	193.07	141.44
Feb 2014	192.62	140.2
Jan 2014	184.89	134.08
Dec 2013	192.37	138.99
Nov 2013	187.42	135.42
Oct 2013	181.6	131.48
Sep 2013	173.38	125.86
Aug 2013	167.9	121.74
Jul 2013	173.44	125.61
Jun 2013	164.77	119.28
May 2013	167.7	121.11
Apr 2013	164.18	118.36
Mar 2013	160.65	115.93
Feb 2013	155.46	111.89
Jan 2013	154.68	110.43
Dec 2012	147.51	105
Nov 2012	145.64	103.95
Oct 2012	144.13	103.36
Sep 2012	146.95	105.42
Aug 2012	143.93	102.8
Jul 2012	141.2	100.29
Jun 2012	139.29	99.09
May 2012	133.56	95.16
Apr 2012	141.93	101.24
Mar 2012	143.27	101.89
Feb 2012	139.74	98.63
Jan 2012	134.6	94.58
Dec 2011	129.4	90.53
Nov 2011	127.65	89.53
Oct 2011	127.92	89.79
Sep 2011	115.27	81.08
Aug 2011	123.86	86.99
Jul 2011	131.45	92.07
Jun 2011	134.33	94
May 2011	136.48	95.61
Apr 2011	138.74	96.74
Mar 2011	135.65	93.98
Feb 2011	136.98	93.98
Jan 2011	133.04	90.83
Dec 2010	130.77	88.86
Nov 2010	122.52	83.11
Oct 2010	122.7	83.2
Sep 2010	118.39	80.17

Returns from Investing in the Vanguard S&P 500 ETF

How much did an investment in the VOO 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 S&P 500 ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the ETF nominally increased, as in 2011.

Year	Inflation-Adjusted Return	Nominal Return
2024	21.46%	24.97%
2023	21.76%	25.84%
2022	-23.14%	-18.18%
2021	20.32%	28.79%
2020	16.72%	18.31%
2019	28.42%	31.35%
2018	-6.3%	-4.51%
2017	19.25%	21.76%
2016	9.87%	12.15%
2015	0.58%	1.31%
2014	12.69%	13.55%
2013	30.41%	32.37%
2012	13.99%	15.98%
2011	-1.05%	1.89%

Vanguard S&P 500 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 S&P 500 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	11.71%	14.69%
Last 3 years	16.03%	19.36%
Last 5 years	11.37%	16.47%
Last 10 years	10.16%	13.53%

Real Returns of Investing in the Vanguard S&P 500

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 S&P 500 five years ago yielded an 125.77% nominal gain, but the real return (the actual increase in buying power) was 81.06%.

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	$225.77	125.77%	81.06%
Last 10 years Feb 2015 - Jun 2025	$350.99	250.99%	155.41%

About the Vanguard S&P 500 ETF

The Vanguard S&P 500 ETF (VOO) is an exchange-traded fund managed by Vanguard that seeks to track the performance of the S&P 500 Index. Launched in September 2010, VOO provides investors with broad exposure to the US large-cap equity market through a single, low-cost investment vehicle.

The fund holds stocks of 500 of the largest US companies, weighted by market capitalization, offering diversified exposure across multiple sectors including technology, healthcare, financials and consumer goods. Known for its extremely low expense ratio, VOO has become a popular choice for both individual and institutional investors seeking cost-effective exposure to the core US stock market.

Last Close Jul 15, 2025	571.86
Highest Jul 10, 2025	575.29
Highest, Inflation-Adjusted Jul 10, 2025	575.29
Annualized return Since Sep 9, 2010	14.42%
Annualized return, Inflation-Adjusted Since Sep 9, 2010	11.45%