Inflation-Adjusted FTSE Emerging Markets ETF (VWO)

The Vanguard FTSE Emerging Markets ETF (VWO) tracks the performance of stocks issued by companies located in emerging market countries. While VWO's price reflects the nominal value of these stocks, this page adjusts its historical price for inflation using the US Consumer Price Index, providing a clearer perspective on its real performance over time.

Explore the charts and data below to understand VWO's real performance, compare nominal versus inflation-adjusted returns, and see how its long-term growth appears after accounting for inflation.

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

The current value of the Vanguard FTSE Emerging Markets ETF is 54.18 (as of the close of Dec 4, 2025), 2.85% lower than the all-time high of 55.77 (Oct 29, 2025).

While the nominal high reached 55.77, the inflation-adjusted peak value was 60.66 on February 17, 2021.

Since March 10, 2005, the inflation-adjusted total return for the ETF has been 118.82%, which is equivalent to an annual growth rate of 3.85%.

In nominal values, the total return since this date has been 267.68%, or an annualized rate of 6.48%.

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
Dec 2025	54.18	54.18
Nov 2025	54.3	54.3
Oct 2025	54.97	54.97
Sep 2025	54.18	54.18
Aug 2025	51.4	51.27
Jul 2025	49.81	49.54
Jun 2025	49.55	49.21
May 2025	47.11	46.62
Apr 2025	45.45	44.89
Mar 2025	45.6	44.9
Feb 2025	45.12	44.33
Jan 2025	44.99	44
Dec 2024	44.92	43.64
Nov 2024	45.42	44.12
Oct 2024	46.39	45.09
Sep 2024	47.72	46.33
Aug 2024	44.54	43.17
Jul 2024	44.15	42.75
Jun 2024	43.67	42.24
May 2024	42.84	41.43
Apr 2024	42.01	40.55
Mar 2024	41.77	40.17
Feb 2024	41.25	39.41
Jan 2024	40.11	38.08
Dec 2023	41.81	39.49
Nov 2023	40.44	38.23
Oct 2023	37.69	35.7
Sep 2023	38.93	36.89
Aug 2023	40.02	37.83
Jul 2023	42.71	40.2
Jun 2023	40.42	37.97
May 2023	38.72	36.25
Apr 2023	40	37.36
Mar 2023	40.36	37.51
Feb 2023	39.48	36.57
Jan 2023	42.53	39.18
Dec 2022	39.57	36.16
Nov 2022	40.36	37
Oct 2022	35.28	32.37
Sep 2022	36.46	33.32
Aug 2022	40.64	37.06
Jul 2022	40.81	37.23
Jun 2022	41.13	37.53
May 2022	43.37	39.03
Apr 2022	43.65	38.85
Mar 2022	46.61	41.26
Feb 2022	48.82	42.65
Jan 2022	51.17	44.3
Dec 2021	51.39	44.11
Nov 2021	50.77	43.44
Oct 2021	52.54	44.74
Sep 2021	52.3	44.17
Aug 2021	54.27	45.71
Jul 2021	53.22	44.73
Jun 2021	56.82	47.53
May 2021	56.6	46.91
Apr 2021	56.1	46.13
Mar 2021	55.57	45.32
Feb 2021	56.36	45.64
Jan 2021	55.8	44.94
Dec 2020	54.33	43.57
Nov 2020	51.31	41.11
Oct 2020	47.23	37.86
Sep 2020	46.64	37.37
Aug 2020	47.27	37.83
Jul 2020	46.15	36.82
Jun 2020	42.72	33.91
May 2020	40.34	31.85
Apr 2020	39.06	30.83
Mar 2020	35.99	28.6
Feb 2020	43.29	34.47
Jan 2020	45	35.74
Dec 2019	47.82	37.84
Nov 2019	44.63	35.34
Oct 2019	44.38	35.17
Sep 2019	42.8	33.83
Aug 2019	42.45	33.53
Jul 2019	43.88	34.66
Jun 2019	44.76	35.3
May 2019	42.49	33.5
Apr 2019	45.48	35.78
Mar 2019	44.76	35.03
Feb 2019	44	34.24
Jan 2019	44.35	34.37
Dec 2018	40.52	31.35
Nov 2018	41.79	32.43
Oct 2018	39.73	30.94
Sep 2018	43.11	33.5
Aug 2018	43.75	33.96
Jul 2018	45.69	35.45
Jun 2018	43.94	34.09
May 2018	46.23	35.81
Apr 2018	47.54	36.67
Mar 2018	49.08	37.71
Feb 2018	49.3	37.79
Jan 2018	52.33	39.93
Dec 2017	48.46	36.78
Nov 2017	46.7	35.47
Oct 2017	46.86	35.59
Sep 2017	45.72	34.74
Aug 2017	46.2	34.92
Jul 2017	44.99	33.9
Jun 2017	42.68	32.19
May 2017	42.36	31.92
Apr 2017	41.98	31.6
Mar 2017	41.45	31.12
Feb 2017	40.34	30.26
Jan 2017	39.58	29.59
Dec 2016	37.64	27.98
Nov 2016	37.94	28.19
Oct 2016	39.48	29.38
Sep 2016	39.4	29.29
Aug 2016	38.72	28.71
Jul 2016	38.45	28.49
Jun 2016	36.51	27.1
May 2016	34.92	25.82
Apr 2016	36.23	26.69
Mar 2016	36.04	26.42
Feb 2016	32.11	23.44
Jan 2016	32.24	23.52
Dec 2015	34.26	24.95
Nov 2015	35.36	25.84
Oct 2015	36.11	26.45
Sep 2015	34.29	25.12
Aug 2015	35.25	25.87
Jul 2015	39.06	28.7
Jun 2015	41.67	30.61
May 2015	42.91	31.42
Apr 2015	44.72	32.58
Mar 2015	41.72	30.33
Feb 2015	42.85	30.97
Jan 2015	41.12	29.59
Dec 2014	41.01	29.65
Nov 2014	42.78	31.1
Oct 2014	43.02	31.45
Sep 2014	41.98	30.76
Aug 2014	45.26	33.14
Jul 2014	43.51	31.92
Jun 2014	42.91	31.48
May 2014	41.67	30.52
Apr 2014	40.55	29.6
Mar 2014	40.33	29.34
Feb 2014	38.8	28.04
Jan 2014	37.72	27.16
Dec 2013	41.35	29.67
Nov 2013	41.46	29.75
Oct 2013	41.77	30.03
Sep 2013	39.93	28.78
Aug 2013	37.26	26.83
Jul 2013	38.63	27.79
Jun 2013	38.38	27.59
May 2013	40.66	29.16
Apr 2013	42.91	30.72
Mar 2013	42.02	30.12
Feb 2013	42.67	30.5
Jan 2013	44.06	31.24
Dec 2012	44.16	31.22
Nov 2012	41.14	29.16
Oct 2012	40.43	28.79
Sep 2012	40.64	28.95
Aug 2012	38.76	27.5
Jul 2012	38.88	27.43
Jun 2012	38.74	27.37
May 2012	36.83	26.06
Apr 2012	41.18	29.17
Mar 2012	42.19	29.8
Feb 2012	43.65	30.59
Jan 2012	41.58	29.02
Dec 2011	37.7	26.19
Nov 2011	39.26	27.34
Oct 2011	39.91	27.82
Sep 2011	34.36	24
Aug 2011	42.19	29.43
Jul 2011	46.54	32.37
Jun 2011	46.87	32.57
May 2011	47.29	32.9
Apr 2011	48.95	33.9
Mar 2011	47.66	32.79
Feb 2011	45.63	31.09
Jan 2011	45.93	31.14
Dec 2010	47.8	32.26
Nov 2010	44.52	29.99
Oct 2010	45.84	30.87
Sep 2010	44.52	29.94
Aug 2010	39.98	26.87
Jul 2010	41.09	27.58
Jun 2010	37.29	25.02
May 2010	37.46	25.16
Apr 2010	41.27	27.7
Mar 2010	41.43	27.76
Feb 2010	38.45	25.66
Jan 2010	37.75	25.19
Dec 2009	40.62	27
Nov 2009	39.33	26.19
Oct 2009	36.72	24.44
Sep 2009	37.66	25.04
Aug 2009	34.27	22.77
Jul 2009	34.59	22.94
Jun 2009	31.14	20.68
May 2009	32.2	21.2
Apr 2009	27.39	17.98
Mar 2009	23.38	15.31
Feb 2009	20.85	13.62
Jan 2009	21.47	13.95
Dec 2008	23.67	15.32
Nov 2008	21.81	14.26
Oct 2008	23.42	15.61
Sep 2008	31.87	21.47
Aug 2008	37.7	25.43
Jul 2008	40.78	27.62
Jun 2008	43.03	28.99
May 2008	48.19	32.14
Apr 2008	47.74	31.58
Mar 2008	44.3	29.12
Feb 2008	46.39	30.23
Jan 2008	45.22	29.39
Dec 2007	49.95	32.3
Nov 2007	50.41	32.62
Oct 2007	55.44	35.66
Sep 2007	49.16	31.56
Aug 2007	44.88	28.73
Jul 2007	44.81	28.73
Jun 2007	43.27	27.76
May 2007	41.47	26.55
Apr 2007	39.12	24.89
Mar 2007	37.93	23.98
Feb 2007	36.71	23
Jan 2007	37.79	23.55
Dec 2006	37.87	23.53
Nov 2006	36.48	22.63
Oct 2006	33.94	21.09
Sep 2006	32.12	20.07
Aug 2006	31.63	19.86
Jul 2006	31.23	19.57
Jun 2006	30.75	19.21
May 2006	30.84	19.23
Apr 2006	34.94	21.68
Mar 2006	32.69	20.11
Feb 2006	32.49	19.88
Jan 2006	33.27	20.31
Dec 2005	30.03	18.2
Nov 2005	28.08	17.09
Oct 2005	26.04	15.97
Sep 2005	27.66	16.93
Aug 2005	25.87	15.64
Jul 2005	25.64	15.42
Jun 2005	24.08	14.42
May 2005	23.28	13.94
Apr 2005	22.6	13.54
Mar 2005	23.3	13.87

Returns from Investing in the Vanguard FTSE Emerging Markets ETF

How much did an investment in the VWO 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 Emerging Markets 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 2021.

Year	Inflation-Adjusted Return	Nominal Return
2024	7.43%	10.53%
2023	5.65%	9.2%
2022	-22.99%	-18.02%
2021	-5.42%	1.24%
2020	13.61%	15.16%
2019	18.01%	20.71%
2018	-16.38%	-14.78%
2017	28.74%	31.46%
2016	9.87%	12.15%
2015	-16.45%	-15.84%
2014	-0.81%	-0.06%
2013	-6.37%	-4.97%
2012	17.14%	19.18%
2011	-21.13%	-18.8%
2010	17.69%	19.45%
2009	71.61%	76.28%
2008	-52.62%	-52.57%
2007	31.88%	37.26%
2006	26.12%	29.33%

Vanguard Ftse Emerging 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 Emerging Markets over various trailing periods ending September 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	13.53%	16.95%
Last 3 years	14.12%	17.6%
Last 5 years	3.04%	7.71%
Last 10 years	4.68%	7.99%
Last 20 years	3.42%	5.99%

Real Returns of Investing in the Vanguard FTSE Emerging 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 Emerging Markets five years ago yielded an 57.16% nominal gain, but the real return (the actual increase in buying power) was 25.16%.

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 - Sep 2025	$157.16	57.16%	25.16%
Last 10 years Feb 2015 - Sep 2025	$174.97	74.97%	26.44%

About the Vanguard FTSE Emerging Markets ETF

The Vanguard FTSE Emerging Markets ETF (VWO) is an exchange-traded fund that seeks to track the performance of the FTSE Emerging Markets All Cap China A Inclusion Index. Launched in March 2005, VWO provides investors exposure to stocks of companies located in emerging markets such as Brazil, Russia, India, Taiwan, China, and South Africa. The fund offers a cost-effective way to diversify internationally beyond developed markets.

Last Close Dec 4, 2025	54.18
Highest Oct 29, 2025	55.77
Highest, Inflation-Adjusted Feb 17, 2021	60.66
Annualized return Since Mar 10, 2005	6.48%
Annualized return, Inflation-Adjusted Since Mar 10, 2005	3.85%