The Vanguard Growth ETF (VUG) tracks the CRSP US Large Cap Growth Index, providing exposure to large-capitalization US stocks that exhibit growth characteristics.
Nominal investment returns are an incomplete measure of performance because they don't account for inflation's impact on purchasing power. To provide a more accurate analysis, this page adjusts the historical price of VUG 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 March 2026 as the baseline (latest available CPI).
The current value of the Vanguard Growth ETF is 83.86 (as of the close of May 1, 2026), which is the all-time high.
While the nominal high reached 83.86, the inflation-adjusted peak value was 84.14 on November 3, 2025.
Since January 30, 2004, the inflation-adjusted total return for the ETF has been 1,226%, which is equivalent to an annual growth rate of 12.32%.
In nominal values, the total return since this date has been 2,264%, or an annualized rate of 15.28%.
This data presents the ETF's end-of-month closing levels over time. Inflation-adjusted values express older levels in terms of roughly today's purchasing power using the latest CPI data, the same present-value method used by the US Inflation Calculator to compare dollar amounts across different years. The most recent entry will remain the same in both columns until the next CPI figures are published.
| Date | Inflation-Adjusted | Nominal value |
|---|---|---|
| May 2026 | 83.86 | 83.86 |
| Apr 2026 | 83.17 | 83.17 |
| Mar 2026 | 72.8 | 72.8 |
| Feb 2026 | 77.11 | 76.31 |
| Jan 2026 | 80.95 | 79.73 |
| Dec 2025 | 82.31 | 80.77 |
| Nov 2025 | 82.29 | 80.77 |
| Oct 2025 | 82.09 | 82.09 |
| Sep 2025 | 80.24 | 78.93 |
| Aug 2025 | 76.44 | 74.99 |
| Jul 2025 | 76.08 | 74.43 |
| Jun 2025 | 73.39 | 71.69 |
| May 2025 | 68.92 | 67.09 |
| Apr 2025 | 63.23 | 61.43 |
| Mar 2025 | 62.18 | 60.22 |
| Feb 2025 | 67.66 | 65.38 |
| Jan 2025 | 70.07 | 67.41 |
| Dec 2024 | 69.2 | 66.13 |
| Nov 2024 | 68.47 | 65.42 |
| Oct 2024 | 64.05 | 61.23 |
| Sep 2024 | 64.29 | 61.39 |
| Aug 2024 | 62.55 | 59.63 |
| Jul 2024 | 61.22 | 58.32 |
| Jun 2024 | 62.41 | 59.38 |
| May 2024 | 58.12 | 55.28 |
| Apr 2024 | 54.75 | 51.99 |
| Mar 2024 | 57.36 | 54.26 |
| Feb 2024 | 56.58 | 53.17 |
| Jan 2024 | 53.17 | 49.66 |
| Dec 2023 | 52.33 | 48.61 |
| Nov 2023 | 49.64 | 46.16 |
| Oct 2023 | 44.39 | 41.36 |
| Sep 2023 | 45.17 | 42.1 |
| Aug 2023 | 47.71 | 44.36 |
| Jul 2023 | 48.45 | 44.85 |
| Jun 2023 | 46.97 | 43.4 |
| May 2023 | 43.75 | 40.29 |
| Apr 2023 | 41.7 | 38.31 |
| Mar 2023 | 41.48 | 37.92 |
| Feb 2023 | 38.28 | 34.87 |
| Jan 2023 | 39.05 | 35.38 |
| Dec 2022 | 35.66 | 32.05 |
| Nov 2022 | 38.4 | 34.62 |
| Oct 2022 | 36.67 | 33.09 |
| Sep 2022 | 35.36 | 31.78 |
| Aug 2022 | 39.2 | 35.16 |
| Jul 2022 | 41.24 | 37.01 |
| Jun 2022 | 36.48 | 32.74 |
| May 2022 | 40.11 | 35.51 |
| Apr 2022 | 41.67 | 36.49 |
| Mar 2022 | 48.1 | 41.88 |
| Feb 2022 | 46.71 | 40.13 |
| Jan 2022 | 49.4 | 42.06 |
| Dec 2021 | 55 | 46.43 |
| Nov 2021 | 53.92 | 45.38 |
| Oct 2021 | 53.8 | 45.06 |
| Sep 2021 | 50.1 | 41.62 |
| Aug 2021 | 52.79 | 43.74 |
| Jul 2021 | 51.03 | 42.19 |
| Jun 2021 | 49.69 | 40.88 |
| May 2021 | 46.99 | 38.31 |
| Apr 2021 | 48.06 | 38.87 |
| Mar 2021 | 45.32 | 36.35 |
| Feb 2021 | 44.5 | 35.44 |
| Jan 2021 | 44.37 | 35.15 |
| Dec 2020 | 45.01 | 35.51 |
| Nov 2020 | 42.86 | 33.78 |
| Oct 2020 | 38.81 | 30.6 |
| Sep 2020 | 40.03 | 31.55 |
| Aug 2020 | 41.68 | 32.81 |
| Jul 2020 | 37.98 | 29.8 |
| Jun 2020 | 35.49 | 27.71 |
| May 2020 | 33.66 | 26.14 |
| Apr 2020 | 31.44 | 24.41 |
| Mar 2020 | 27.14 | 21.21 |
| Feb 2020 | 29.9 | 23.42 |
| Jan 2020 | 32.05 | 25.04 |
| Dec 2019 | 31.2 | 24.28 |
| Nov 2019 | 29.86 | 23.25 |
| Oct 2019 | 28.69 | 22.36 |
| Sep 2019 | 28.03 | 21.8 |
| Aug 2019 | 27.66 | 21.49 |
| Jul 2019 | 27.82 | 21.61 |
| Jun 2019 | 27.24 | 21.13 |
| May 2019 | 25.19 | 19.54 |
| Apr 2019 | 26.96 | 20.86 |
| Mar 2019 | 25.88 | 19.92 |
| Feb 2019 | 24.89 | 19.05 |
| Jan 2019 | 24.11 | 18.38 |
| Dec 2018 | 22.12 | 16.83 |
| Nov 2018 | 23.59 | 18.01 |
| Oct 2018 | 23.38 | 17.9 |
| Sep 2018 | 25.76 | 19.69 |
| Aug 2018 | 25.3 | 19.32 |
| Jul 2018 | 24.18 | 18.46 |
| Jun 2018 | 23.59 | 18 |
| May 2018 | 23.05 | 17.56 |
| Apr 2018 | 22.17 | 16.82 |
| Mar 2018 | 22.2 | 16.77 |
| Feb 2018 | 22.54 | 17 |
| Jan 2018 | 23.32 | 17.51 |
| Dec 2017 | 21.95 | 16.39 |
| Nov 2017 | 21.39 | 15.98 |
| Oct 2017 | 20.89 | 15.6 |
| Sep 2017 | 20.29 | 15.16 |
| Aug 2017 | 19.88 | 14.78 |
| Jul 2017 | 19.71 | 14.61 |
| Jun 2017 | 19.2 | 14.25 |
| May 2017 | 19.05 | 14.12 |
| Apr 2017 | 18.55 | 13.73 |
| Mar 2017 | 18.19 | 13.43 |
| Feb 2017 | 17.69 | 13.05 |
| Jan 2017 | 17 | 12.5 |
| Dec 2016 | 16.52 | 12.08 |
| Nov 2016 | 15.96 | 11.67 |
| Oct 2016 | 15.75 | 11.53 |
| Sep 2016 | 16.19 | 11.83 |
| Aug 2016 | 15.86 | 11.57 |
| Jul 2016 | 15.92 | 11.6 |
| Jun 2016 | 15.17 | 11.07 |
| May 2016 | 15.1 | 10.98 |
| Apr 2016 | 14.79 | 10.72 |
| Mar 2016 | 14.98 | 10.8 |
| Feb 2016 | 13.82 | 9.92 |
| Jan 2016 | 13.89 | 9.96 |
| Dec 2015 | 14.8 | 10.6 |
| Nov 2015 | 14.84 | 10.66 |
| Oct 2015 | 14.78 | 10.65 |
| Sep 2015 | 13.56 | 9.77 |
| Aug 2015 | 13.71 | 9.89 |
| Jul 2015 | 14.61 | 10.56 |
| Jun 2015 | 14.15 | 10.22 |
| May 2015 | 14.24 | 10.26 |
| Apr 2015 | 14.11 | 10.11 |
| Mar 2015 | 13.75 | 9.83 |
| Feb 2015 | 14.18 | 10.08 |
| Jan 2015 | 13.41 | 9.49 |
| Dec 2014 | 13.55 | 9.64 |
| Nov 2014 | 13.35 | 9.55 |
| Oct 2014 | 12.88 | 9.26 |
| Sep 2014 | 12.47 | 8.99 |
| Aug 2014 | 12.53 | 9.02 |
| Jul 2014 | 11.96 | 8.63 |
| Jun 2014 | 12.14 | 8.76 |
| May 2014 | 11.72 | 8.44 |
| Apr 2014 | 11.35 | 8.15 |
| Mar 2014 | 11.38 | 8.15 |
| Feb 2014 | 11.48 | 8.16 |
| Jan 2014 | 10.91 | 7.73 |
| Dec 2013 | 11.29 | 7.97 |
| Nov 2013 | 10.72 | 7.56 |
| Oct 2013 | 10.45 | 7.39 |
| Sep 2013 | 9.99 | 7.09 |
| Aug 2013 | 9.39 | 6.65 |
| Jul 2013 | 9.58 | 6.78 |
| Jun 2013 | 9.08 | 6.42 |
| May 2013 | 9.15 | 6.45 |
| Apr 2013 | 9.01 | 6.34 |
| Mar 2013 | 8.86 | 6.24 |
| Feb 2013 | 8.43 | 5.93 |
| Jan 2013 | 8.43 | 5.88 |
| Dec 2012 | 8.1 | 5.63 |
| Nov 2012 | 7.85 | 5.47 |
| Oct 2012 | 7.65 | 5.36 |
| Sep 2012 | 7.9 | 5.53 |
| Aug 2012 | 7.65 | 5.33 |
| Jul 2012 | 7.43 | 5.16 |
| Jun 2012 | 7.33 | 5.1 |
| May 2012 | 7.01 | 4.88 |
| Apr 2012 | 7.47 | 5.2 |
| Mar 2012 | 7.51 | 5.22 |
| Feb 2012 | 7.22 | 4.98 |
| Jan 2012 | 6.92 | 4.75 |
| Dec 2011 | 6.54 | 4.47 |
| Nov 2011 | 6.58 | 4.51 |
| Oct 2011 | 6.59 | 4.52 |
| Sep 2011 | 5.89 | 4.05 |
| Aug 2011 | 6.38 | 4.38 |
| Jul 2011 | 6.79 | 4.64 |
| Jun 2011 | 6.84 | 4.68 |
| May 2011 | 6.95 | 4.76 |
| Apr 2011 | 7.03 | 4.79 |
| Mar 2011 | 6.87 | 4.65 |
| Feb 2011 | 6.93 | 4.65 |
| Jan 2011 | 6.78 | 4.52 |
| Dec 2010 | 6.69 | 4.44 |
| Nov 2010 | 6.36 | 4.22 |
| Oct 2010 | 6.31 | 4.18 |
| Sep 2010 | 6 | 3.97 |
| Aug 2010 | 5.44 | 3.6 |
| Jul 2010 | 5.72 | 3.77 |
| Jun 2010 | 5.32 | 3.51 |
| May 2010 | 5.65 | 3.73 |
| Apr 2010 | 6.16 | 4.07 |
| Mar 2010 | 6.08 | 4.01 |
| Feb 2010 | 5.78 | 3.79 |
| Jan 2010 | 5.57 | 3.65 |
| Dec 2009 | 5.85 | 3.83 |
| Nov 2009 | 5.67 | 3.72 |
| Oct 2009 | 5.36 | 3.51 |
| Sep 2009 | 5.43 | 3.55 |
| Aug 2009 | 5.22 | 3.42 |
| Jul 2009 | 5.13 | 3.35 |
| Jun 2009 | 4.79 | 3.13 |
| May 2009 | 4.78 | 3.1 |
| Apr 2009 | 4.58 | 2.96 |
| Mar 2009 | 4.18 | 2.69 |
| Feb 2009 | 3.9 | 2.5 |
| Jan 2009 | 4.23 | 2.71 |
| Dec 2008 | 4.47 | 2.85 |
| Nov 2008 | 4.39 | 2.82 |
| Oct 2008 | 4.71 | 3.09 |
| Sep 2008 | 5.67 | 3.76 |
| Aug 2008 | 6.39 | 4.24 |
| Jul 2008 | 6.29 | 4.19 |
| Jun 2008 | 6.43 | 4.26 |
| May 2008 | 6.97 | 4.58 |
| Apr 2008 | 6.8 | 4.42 |
| Mar 2008 | 6.45 | 4.17 |
| Feb 2008 | 6.58 | 4.22 |
| Jan 2008 | 6.67 | 4.27 |
| Dec 2007 | 7.29 | 4.64 |
| Nov 2007 | 7.3 | 4.65 |
| Oct 2007 | 7.59 | 4.8 |
| Sep 2007 | 7.38 | 4.66 |
| Aug 2007 | 7.1 | 4.47 |
| Jul 2007 | 6.95 | 4.39 |
| Jun 2007 | 7.1 | 4.48 |
| May 2007 | 7.21 | 4.54 |
| Apr 2007 | 7 | 4.38 |
| Mar 2007 | 6.75 | 4.2 |
| Feb 2007 | 6.79 | 4.19 |
| Jan 2007 | 6.96 | 4.26 |
| Dec 2006 | 6.8 | 4.16 |
| Nov 2006 | 6.83 | 4.17 |
| Oct 2006 | 6.66 | 4.07 |
| Sep 2006 | 6.41 | 3.94 |
| Aug 2006 | 6.21 | 3.83 |
| Jul 2006 | 6.03 | 3.72 |
| Jun 2006 | 6.19 | 3.8 |
| May 2006 | 6.24 | 3.83 |
| Apr 2006 | 6.49 | 3.96 |
| Mar 2006 | 6.55 | 3.96 |
| Feb 2006 | 6.5 | 3.91 |
| Jan 2006 | 6.53 | 3.92 |
| Dec 2005 | 6.44 | 3.84 |
| Nov 2005 | 6.46 | 3.87 |
| Oct 2005 | 6.15 | 3.71 |
| Sep 2005 | 6.22 | 3.74 |
| Aug 2005 | 6.28 | 3.73 |
| Jul 2005 | 6.4 | 3.79 |
| Jun 2005 | 6.16 | 3.63 |
| May 2005 | 6.19 | 3.64 |
| Apr 2005 | 5.87 | 3.46 |
| Mar 2005 | 6.05 | 3.54 |
| Feb 2005 | 6.23 | 3.62 |
| Jan 2005 | 6.18 | 3.57 |
| Dec 2004 | 6.39 | 3.68 |
| Nov 2004 | 6.19 | 3.58 |
| Oct 2004 | 5.95 | 3.44 |
| Sep 2004 | 5.9 | 3.39 |
| Aug 2004 | 5.81 | 3.33 |
| Jul 2004 | 5.87 | 3.37 |
| Jun 2004 | 6.21 | 3.57 |
| May 2004 | 6.17 | 3.53 |
| Apr 2004 | 6.13 | 3.49 |
| Mar 2004 | 6.2 | 3.52 |
| Feb 2004 | 6.35 | 3.58 |
| Jan 2004 | 6.33 | 3.55 |
How much did an investment in the VUG ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.
The table below shows the returns for the Vanguard Growth 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 | 32.23% | 36.05% |
| 2023 | 46.75% | 51.67% |
| 2022 | -35.16% | -30.98% |
| 2021 | 22.18% | 30.78% |
| 2020 | 44.28% | 46.24% |
| 2019 | 41.06% | 44.28% |
| 2018 | 0.76% | 2.68% |
| 2017 | 32.89% | 35.7% |
| 2016 | 11.61% | 13.92% |
| 2015 | 9.22% | 10.02% |
| 2014 | 20.01% | 20.92% |
| 2013 | 39.37% | 41.46% |
| 2012 | 23.89% | 26.05% |
| 2011 | -2.19% | 0.7% |
| 2010 | 14.22% | 15.93% |
| 2009 | 30.95% | 34.51% |
| 2008 | -38.7% | -38.64% |
| 2007 | 7.19% | 11.57% |
| 2006 | 5.59% | 8.27% |
| 2005 | 0.76% | 4.2% |
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 Growth over various trailing periods ending March 31, 2026, offering a clearer view of long-term, real investment performance.
| Period | Avg. Annual Return (Inflation-Adjusted) | Avg. Annual Return (Nominal) |
|---|---|---|
| Last 1 year | 17.08% | 20.89% |
| Last 3 years | 20.62% | 24.29% |
| Last 5 years | 9.94% | 14.9% |
| Last 10 years | 17.13% | 21.02% |
| Last 20 years | 12.8% | 15.67% |
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 Growth five years ago yielded an 122.68% nominal gain, but the real return (the actual increase in buying power) was 80.32%.
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 | $222.68 | 122.68% | 80.32% |
| Last 10 years Feb 2016 - Sep 2025 | $795.22 | 695.22% | 480.53% |
The Vanguard Growth ETF (VUG) is an exchange-traded fund that seeks to track the performance of the CRSP US Large Cap Growth Index. Launched in January 2004, VUG focuses on large-cap US companies that are expected to grow at an above-average rate compared to other companies. The fund emphasizes stocks with strong earnings growth potential and typically includes companies from sectors like technology, healthcare, and consumer discretionary. VUG offers investors a cost-effective way to gain concentrated exposure to growth-oriented large-cap US equities through a single diversified investment vehicle.
| Last Close May 1, 2026 | 83.86 |
|---|---|
| Highest May 1, 2026 | 83.86 |
| Highest, Inflation-Adjusted Nov 3, 2025 | 84.14 |
| Annualized return Since Jan 30, 2004 | 15.28% |
| Annualized return, Inflation-Adjusted Since Jan 30, 2004 | 12.32% |
More in ETFs
Other Inflation-Adjusted Data