SPY max drawdown: 50.8%
SPDR S&P 500 ETF. From its 2007-10-31 peak, SPY fell 50.8% to the 2009-02-28 trough and needed 4.4 years to make a new high (2012-03-31). Computed from 679 months of history starting 1970-01-31, including extended pre-ETF data where available.
The S&P 500 benchmark. Extended history covers 1987, 2000-2002, 2008-2009, 2020 and 2022.
SPY drawdown statistics
2007-10-31 peak to 2009-02-28 trough.
New high reached 2012-03-31.
Share of all months spent below a prior high.
Rolling year ending 2009-02-28.
The biggest SPY drawdowns on record
| Depth | Peak | Trough | Recovered | Peak to trough | Total underwater |
|---|---|---|---|---|---|
| -50.8% | 2007-10-31 | 2009-02-28 | 2012-03-31 | 16 mo | 4.4 years |
| -44.7% | 2000-08-31 | 2002-09-30 | 2006-11-30 | 25 mo | 6.3 years |
| -42.7% | 1972-12-31 | 1974-09-30 | 1976-06-30 | 21 mo | 3.5 years |
| -29.8% | 1987-08-31 | 1987-11-30 | 1989-05-31 | 3 mo | 21 months |
| -23.9% | 2021-12-31 | 2022-09-30 | 2023-12-31 | 9 mo | 2.0 years |
Methodology: monthly closing prices, peak-to-trough on total return where available. History extends before the ETF's launch via documented proxy chains (index funds, indices, and academic series), the same data that powers BestFolio's strategy backtests. Educational information, not investment advice.
Drawdowns are the reason tactical strategies exist
Buy-and-hold SPY 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.