IEF observed max drawdown: 23.1%
iShares 7-10 Year Treasury Bond ETF. From its 2020-07-31 peak, IEF fell 23.1% to the 2023-10-31 trough and has not yet made a new high. Computed from 290 months of observed fund history. Fund inception boundary (first available fund observation): 2002-07-26; the monthly analysis runs from 2002-07-31 through 2026-08-31.
Before 2002-07-26, the extended history is simulated. Observed fund drawdowns come first; simulation assumptions and results are separated below.
What is IEF's observed maximum drawdown?
IEF's observed maximum drawdown was 23.1%, from a peak in 2020-07-31 to a trough in 2023-10-31, based on monthly closes from fund prices first observed on 2002-07-26. The sample contains 290 monthly observations through 2026-08-31. Monthly closes can miss deeper daily losses.
| Measure | Value |
|---|---|
| Maximum drawdown | -23.1% |
| Peak | 2020-07-31 |
| Trough | 2023-10-31 |
| Recovered | Not yet recovered |
| Monthly observations | 290 |
Last verified
What is IEF's observed maximum drawdown?
IEF's observed maximum drawdown was 23.1%, from a peak in 2020-07-31 to a trough in 2023-10-31, based on monthly closes from fund prices first observed on 2002-07-26.
How long did IEF take to recover from its worst drawdown?
IEF has not yet recovered from its worst observed drawdown, which began at the 2020-07-31 peak.
What was IEF's worst 12-month return?
IEF's worst observed rolling 12-month return was -16.4%, in the 12 months ending 2022-10-31.
IEF observed fund drawdown statistics
2020-07-31 peak to 2023-10-31 trough.
Still below the prior peak.
Share of all months spent below a prior high.
Rolling year ending 2022-10-31.
The biggest IEF drawdowns in observed fund history
| Depth | Peak | Trough | Recovered | Peak to trough | Total underwater |
|---|---|---|---|---|---|
| -23.1% | 2020-07-31 | 2023-10-31 | not yet | 39 mo | 6.1 years |
| -7.6% | 2013-04-30 | 2013-12-31 | 2014-11-30 | 8 mo | 19 months |
| -7.2% | 2016-07-31 | 2018-04-30 | 2019-05-31 | 21 mo | 2.8 years |
| -6.7% | 2008-12-31 | 2009-06-30 | 2010-06-30 | 6 mo | 18 months |
| -6.1% | 2003-05-31 | 2003-07-31 | 2004-03-31 | 2 mo | 10 months |
Methodology: observed IEF fund prices only, first available from 2002-07-26. Monthly closing-price statistics cover 2002-07-31 through 2026-08-31; no proxy or pre-inception simulation is included in this table. Educational information, not investment advice.
Before 2002-07-26: simulated from the underlying index with assumptions
This separate series combines observed prices with a modeled pre-inception extension from 1970-01-31 through 2026-09-30. The 2026-09-30 endpoint is the legacy current partial-month bucket/month-end label, not evidence that IEF was observed through that future date. It is not observed IEF performance. The API's observed boundary is 2002-07-26; observed monthly statistics run from 2002-07-31 through 2026-08-31.
- Rebalancing convention: monthly rebalance at month-end close; drawdown statistics use monthly closing prices.
- Proxy source for IEF: VFITX (proxy_etf), from 1991-10-28 to 2002-07-25.
- Proxy source for IEF: DGS10 (fred), from 1962-01-02 to 1991-10-25.
- Proxy source for IEF: us_10yr (static_monthly), from 1920-01-31 to 1961-12-29.
- Proxy source for SPY: VFINX (proxy_etf), from 1976-08-31 to 1993-01-28.
- Proxy source for SPY: spy_tr (static_monthly), from 1900-01-31 to 1976-08-30.
Modeled extended statistics
1979-06-30 peak to 1981-09-30 trough.
New high reached 1982-08-31.
Share of all months spent below a prior high.
Rolling year ending 1981-07-31.
For context, SPY (the S&P 500 baseline) had a maximum drawdown of 50.8% over the same kind of monthly-close analysis.
Modeled extended drawdowns
| Depth | Peak | Trough | Recovered | Peak to trough | Total underwater |
|---|---|---|---|---|---|
| -25.9% | 1979-06-30 | 1981-09-30 | 1982-08-31 | 27 mo | 3.2 years |
| -23.1% | 2020-07-31 | 2023-10-31 | not yet | 39 mo | 6.2 years |
| -14.0% | 1983-04-30 | 1984-05-31 | 1984-10-31 | 13 mo | 18 months |
| -12.7% | 1987-02-28 | 1987-09-30 | 1988-02-29 | 7 mo | 12 months |
| -7.6% | 2013-04-30 | 2013-12-31 | 2014-11-30 | 8 mo | 19 months |
Monthly closing prices, peak-to-trough on total return where available. The pre-inception segment is a reconstruction, not a live fund record, and actual tracking, financing, taxes, spreads, and volatility drag can differ.
Drawdowns are the reason tactical strategies exist
Buy-and-hold IEF means living through every number on this page. BestFolio tracks published TAA strategies whose whole job is cutting these drawdowns, with out-of-sample track records.