How the iShares Core S&P 500 ETF Has Performed, Year by Year

IVV, the iShares Core S&P 500 ETF, launched in May 2000 and has returned about 8.5% a year since, including reinvested dividends. That turned $10,000 into roughly $86,200 by early November 2026.

That figure hides one of the most dramatic starts of any major ETF. IVV launched just months before the dot-com bubble burst, and an investor who bought on day one was still behind almost 10 years later, after two of the worst bear markets in modern history.

This guide tells IVV’s story year by year. It covers how the fund works, what happened in every calendar year since 2000, how far it fell in each major decline and how long it took to recover, how its costs have fallen, how much income it paid, and how it compares with SPY and VOO.

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IVV at a Glance

All return figures in this guide are total returns, meaning they include dividends reinvested, unless stated otherwise. Past performance does not guarantee future results.

IVV Returns by Year

Over its 25 full calendar years, IVV finished higher in 20 and lower in five: 2001, 2002, 2008, 2018 and 2022. Three of those five losses came in its first nine years.

IVV Returns Over 1, 3, 5, 10, 15, 20 and 25 Years

The longer the period, the lower the yearly return, because the longest periods include the dot-com crash and the financial crisis. IVV’s 10-year return of about 14.8% a year has been exceptional by historical standards, while its 25-year return of about 8.8% a year is closer to the long-run average for US stocks.

Price Return vs Total Return

Many websites list IVV’s yearly returns based on its share price alone, which leaves out dividends. That is why figures for the same year can differ by two or three percentage points from one source to another.

Over long periods, the difference is huge. From the start of 2001 to November 2, 2026, IVV’s share price rose about 5.8 times, or about 7.0% a year, while its total return grew $10,000 more than nine times, to about $91,800, or about 9.0% a year.

How Long IVV Took to Double

The common rule of thumb is that the S&P 500 doubles roughly every seven years, based on a long-run return of about 10% a year. IVV’s history shows how uneven that can be: its first doubling took about 16 years because of the lost decade, while the next two took about five years each.

Average Return vs Annualized Return

IVV’s simple average return across its 25 full calendar years was about 10.4%. Its annualized return over the same years, the rate it actually compounded at, was lower, at about 8.8%.

The gap comes from volatility. A 37% loss, like IVV’s in 2008, needs a gain of almost 59% just to get back to even, so big losses pull the compounded return below the simple average.

How Often IVV Had a Big Year

IVV’s middle year, or median, was a gain of about 15.1%, well above its average. That is because most years were good, while a few very bad years dragged the average down.

The Fund and the Index Behind It

IVV holds the roughly 500 companies in the S&P 500, weighted by their market value. A committee at S&P Dow Jones Indices chooses the companies, which must be large, profitable US businesses with enough shares available to trade.

Because the index is weighted by size, the largest companies have the biggest influence. At the start of November 2026, information technology made up about 37% of IVV, followed by financials at about 12% and healthcare at about 10%, with NVIDIA, Apple and Microsoft its largest holdings.

IVV is a stand-alone open-end fund registered under the Investment Company Act of 1940. That lets it reinvest dividends straight away and lend out its shares for extra income, two small advantages over SPY’s older trust structure.

The Launch: May 2000

IVV launched on May 15, 2000, as the iShares S&P 500 Index Fund, one of the first funds in the new iShares range launched by Barclays Global Investors. SPY had been trading for seven years, and iShares set out to compete with a lower fee.

The timing could hardly have been worse. The S&P 500 had peaked in March 2000 at the height of the dot-com bubble, and technology stocks had already started to fall.

From its first trading days in May to the end of 2000, IVV lost about 6.1%. It was the first of three losing years in a row.

2001: Recession and September 11

IVV lost about 12.0% in 2001. The US economy slipped into recession, technology companies kept collapsing, and the Federal Reserve cut interest rates 11 times during the year.

The September 11 attacks closed US stock markets for four trading days. When they reopened, stocks suffered one of their worst weeks in decades before recovering some ground by the end of the year.

By the end of 2001, an investor’s $10,000 from launch had fallen to about $8,300.

2002: Scandal and the Bottom

2002 was worse still. Accounting scandals at Enron and WorldCom shook confidence in corporate America, and IVV lost about 21.5% for the year.

From its September 2000 peak to its low on October 9, 2002, IVV’s price fell about 48.7%. The original $10,000 had shrunk to about $6,500, including dividends.

It was the third losing year in a row for the S&P 500, something that had not happened since the early 1940s. The Sarbanes-Oxley Act, passed in July 2002, tightened the rules on company accounts in response.

2003: The Recovery Begins

IVV returned about 28.5% in 2003, as the Iraq war began in March and markets rallied on low interest rates and a recovering economy. The Federal Reserve cut its key rate to 1%, then the lowest in decades.

Beaten-down technology companies led the rebound. By the end of 2003, the original $10,000 had recovered to about $8,300, still well below its starting value.

2004 to 2005: Slow Progress

IVV returned about 10.8% in 2004 and about 4.9% in 2005. The Federal Reserve began raising interest rates in mid-2004 and kept going at every meeting, while oil prices climbed.

Energy, industrial and financial companies led the market in these years. By the end of 2005, the original $10,000 was worth about $9,700, still slightly below where it started more than five years earlier.

2006: Back Above Water

IVV returned about 15.9% in 2006, helped by a booming housing market and strong company profits. During that year, an investor who had bought at launch finally got back above their original $10,000, including reinvested dividends, about six years after buying.

By the end of 2006, the original $10,000 had grown to about $11,200. Measured on price alone, IVV did not regain its 2000 peak until May 2007.

2007: The Peak Before the Storm

IVV returned about 5.3% in 2007. The S&P 500 hit a new record on October 9, 2007, but cracks were already appearing in the US housing market and subprime lending.

Banks began to report heavy losses on mortgage securities, and two Bear Stearns hedge funds collapsed in the summer. By the end of 2007, the original $10,000 had grown to about $11,800.

2008: The Financial Crisis

2008 was IVV’s worst year. Bear Stearns was rescued in March, Lehman Brothers collapsed in September, and the global financial system came close to seizing up.

IVV lost about 37.0% for the year. The original $10,000 from launch fell to about $7,400, back below its starting value for the second time.

From its October 2007 peak to its low on March 9, 2009, IVV’s price fell about 56.5%, or about 55.3% including dividends, the deepest decline in its history.

2009: The Rebound

IVV’s low came on March 9, 2009. From there, a powerful recovery began, driven by government support for the banks, near-zero interest rates and the Federal Reserve’s bond buying.

IVV returned about 26.6% for 2009. Even so, by the end of the year, the original $10,000 from launch was worth only about $9,400, almost 10 years after the fund began.

That decade became known as the lost decade for US stocks. FRC’s guide to how compound interest builds wealth in ETFs explains why time in the market still matters even after a period like this.

2010 to 2011: Climbing Again

IVV returned about 15.1% in 2010, despite the May 2010 flash crash and Europe’s debt crisis, and the original $10,000 climbed back above its starting value, though it dipped below again briefly during the 2011 sell-off. In 2011, IVV returned about 1.9%, as the United States lost its AAA credit rating and the S&P 500 fell about 19% between April and October.

By the end of 2011, the original $10,000 had grown to about $11,100. The new bull market was under way, though few investors trusted it.

2012: A New Name and a Lower Fee

IVV returned about 16.1% in 2012, as the European Central Bank pledged to save the euro and the Federal Reserve launched another round of bond buying. BlackRock, which had bought iShares in 2009, relaunched its cheapest funds as the iShares Core range in October, and IVV took its current name.

Its fee was cut as part of that relaunch. By the end of 2012, the original $10,000 had grown to about $12,800.

2013: IVV’s Best Year

2013 was IVV’s best calendar year, with a return of about 32.3%. The Federal Reserve’s bond buying kept interest rates low, and investors poured money back into stocks.

In March 2013, IVV’s price finally passed its October 2007 peak, about five and a half years after it was set. By the end of 2013, the original $10,000 had grown to about $17,000.

2014 to 2016: Oil, China and a Surprise Election

IVV returned about 13.6% in 2014, as the Federal Reserve wound down its bond buying. In 2015 it returned only about 1.3%, as falling oil prices and China’s surprise currency devaluation unsettled markets, and the S&P 500 fell about 15% between May 2015 and February 2016.

In 2016, IVV returned about 12.2%, as oil prices recovered and the surprise result of the US presidential election sparked a rally in banks and industrial companies. iShares cut IVV’s fee again that year, to 0.04%.

By the end of 2016, the original $10,000 had grown to about $21,900.

2017: Calm and Strong

2017 was one of the calmest years in market history, with steady gains and very few pullbacks. IVV returned about 21.8%, as large technology companies led the market and the December tax cuts boosted company profits.

By the end of 2017, the original $10,000 had grown to about $26,700, more than double its value five years earlier.

2018: A Late-Year Sell-Off

2018 started strong, but rising interest rates, trade tensions with China and fears of a slowing economy triggered a sharp fall in the fourth quarter. From September 20 to Christmas Eve, IVV’s price fell about 20.2%.

IVV lost about 4.5% for the year, its first losing year since 2008. It regained its September peak by late April 2019.

2019: A Powerful Rebound

When the Federal Reserve paused its rate rises and then cut rates three times, markets rebounded strongly. IVV returned about 31.3% in 2019, its second-best year.

By the end of 2019, the original $10,000 had grown to about $33,400.

2020: The COVID Crash

In early 2020, the spread of COVID-19 triggered the fastest market crash in history. From February 19 to March 23, IVV’s price fell about 33.9%.

The recovery was just as fast. Huge government support and near-zero interest rates lifted markets, and IVV regained its February peak by mid-August, about five months after the low.

IVV returned about 18.4% for 2020. In June of that year, iShares cut its fee to 0.03% to mark the fund’s 20th anniversary.

2021: Record After Record

IVV returned about 28.8% in 2021, as economies reopened and company profits surged. The S&P 500 set dozens of new records during the year.

By the end of 2021, the original $10,000 had grown to about $51,000, more than five times its starting value. However, inflation was rising fast.

2022: The Inflation Bear Market

As inflation hit 40-year highs, the Federal Reserve raised interest rates at the fastest pace in decades. From its January 3 peak to its low on October 12, IVV’s price fell about 25.4%.

IVV lost about 18.2% for the year, and the original $10,000 fell to about $41,700. Including dividends, it regained its January 2022 peak in December 2023, while its price alone took until January 2024.

2023 to 2024: The AI Rally

Excitement about artificial intelligence drove huge gains in a small group of giant technology companies. IVV returned about 26.3% in 2023 and about 24.9% in 2024, two of its strongest years in a row.

By the end of 2024, the original $10,000 had grown to about $65,800. The largest technology companies now made up a bigger share of the S&P 500 than at any time since the dot-com era.

2025: The Tariff Shock

In early 2025, sweeping US tariff announcements triggered a sharp sell-off. From February 19 to April 8, IVV’s price fell about 19.0%, just short of a bear market.

The recovery was quick. IVV regained its February peak by late June, and it returned about 17.9% for 2025.

2026 So Far

At the start of March 2026, war between the United States and Iran sent oil prices above $100 a barrel, and the S&P 500 fell about 9% from its January high by late March. It stopped short of a full correction and recovered as the year went on.

IVV set a new high on October 6, 2026. By November 2, it was up about 11.2% for the year, and the original $10,000 from launch was worth about $86,200.

The Lost Decade in Numbers

An investor who bought IVV at launch was underwater for most of its first 10 years, and still had less than they started with at the end of 2009. Over that period, the original $10,000 lost about 0.6% a year, even with dividends reinvested.

Those who kept investing through the lost decade were well rewarded. From the start of 2010 to the end of 2019, IVV returned about 13.5% a year, and over the 10 years from 2016 to 2025 about 14.8% a year.

Every Major Fall at a Glance

These figures are measured on share price alone. Including reinvested dividends, the declines were slightly smaller and the recoveries came sooner, by more than a year in the case of the two great crashes.

The two crashes of IVV’s first decade were in a different league from everything since. Each took around four years or more to recover from, while every fall since 2010 has been recovered within about 15 months.

Rolling 10-Year Returns

IVV’s 10-year returns ranged from about 1.5% a year, for 2001 to 2010, to about 16.5% a year, for 2012 to 2021. Every one of its 16 rolling 10-year periods from 2001 to 2025 finished positive.

Over five-year periods, the range was wider. Two of the 21 rolling five-year periods lost money, 2004 to 2008 at about −2.2% a year and 2007 to 2011 at about −0.3% a year, while the strongest, 2017 to 2021, returned about 18.4% a year.

What If You Bought at the Worst Time?

Even an investor who bought at the start of 2008, just before IVV’s worst year, had turned $10,000 into almost $73,000 by November 2026. The worst-timed purchases still worked out for those who held on.

Income: What $10,000 Actually Paid

Many investors spend their dividends rather than reinvest them. The table below shows the cash IVV paid on $10,000 invested at the start of 2001, with nothing reinvested.

By 2025, that investor was collecting about 6.1% a year on their original $10,000, and had received about $7,620 in total cash over 25 years. The shares themselves were worth about $52,100 at the end of 2025.

IVV’s dividend yield has moved with its share price, from about 1.0% at the start of 2001 to about 2.4% at the start of 2009, when prices had collapsed, and about 1.1% in late 2026. Its dividend per share grew from about $1.33 in 2001 to about $8.04 in 2025, about 7.8% a year. It fell in 2008 and 2009, as banks and other companies cut their payouts during the financial crisis, before recovering.

How IVV’s Costs Fell Over Time

IVV launched with an expense ratio of 0.09%, below SPY’s fee at the time. It was cut to 0.07% when the iShares Core range launched in 2012, to 0.04% in 2016 and to 0.03% in 2020.

Today, IVV costs $3 a year for every $10,000 invested. Those cuts came from a long price war between iShares, Vanguard and State Street, which has pushed the cost of owning the S&P 500 close to zero.

IVV vs SPY vs VOO

All three funds track the S&P 500, so their year-by-year returns have been almost identical. IVV and VOO both charge 0.03%, while SPY charges 0.0945%.

From 2001 to 2025, $10,000 grew to about $82,600 in IVV, against about $81,700 in SPY, and IVV finished slightly ahead of SPY in most years. The gap came from IVV’s lower fee and its ability to reinvest dividends and lend shares, which SPY’s trust structure does not allow.

VOO, which launched in 2010, has tracked IVV almost to the decimal point since then. Over the 15 years from 2011 to 2025, $10,000 grew to about $71,470 in IVV, about $71,590 in VOO and about $70,880 in SPY. FRC’s comparisons of VOO vs IVV and SPY vs VOO, and the SPY performance history and VOO performance history, tell the rest of the story.

What the Declines Taught IVV Investors

The first lesson is that even the broad market can go nowhere for a decade. An investor who bought at IVV’s launch in 2000 had less money at the end of 2009 than they started with, even after reinvesting every dividend.

The second is that diversification across 500 companies does not prevent large losses. IVV fell by about half twice in its first nine years.

The third is that time and patience were rewarded. The same launch-day investor had multiplied their money more than eightfold by 2026, and every 10-year period in IVV’s history finished positive.

IVV Questions Investors Ask

What is IVV’s average 10-year return? Over the 10 calendar years from 2016 to 2025, IVV returned about 14.8% a year, turning $10,000 into about $39,700. Its 10-year returns since launch have ranged from about 1.5% to about 16.5% a year.

What is IVV’s 20-year return? From 2006 to 2025, IVV returned about 11.0% a year, turning $10,000 into about $80,100, despite including the whole financial crisis.

Is IVV the same as the S&P 500? IVV holds the same companies as the S&P 500 in the same proportions, so its returns have matched the index closely, minus its small fee. It is one of several funds that track the index, along with SPY and VOO.

Is IVV better than VOO? Neither has a meaningful edge. Both track the S&P 500 for 0.03% a year, and their returns have differed by only a few hundredths of a percentage point in most years.

Is IVV or SPY better? For long-term investors, IVV has had a small edge, thanks to its fee of 0.03% against SPY’s 0.0945% and its more flexible structure. SPY remains the most heavily traded ETF in the world, which is why active traders and options users tend to prefer it.

What if I had invested $1,000 in IVV 10 years ago? $1,000 invested at the start of 2016 grew to about $3,970 by the end of 2025, about 14.8% a year. The same money in VOO or SPY would have grown to almost exactly the same amount.

What is the average return on IVV? Since its launch in May 2000, IVV has returned about 8.5% a year, compounded. Its simple average calendar-year return has been about 10.4%, and its typical year, the median, about 15.1%.

What has the S&P 500 returned since 2000? From the start of 2000 to the end of 2025, the S&P 500 returned about 8.0% a year including dividends, measured by SPY. On price alone, without dividends, the return was much lower.

Has the S&P 500 ever lost money over 20 years? Not in IVV’s lifetime. Its weakest 20-year period, 2001 to 2020, still returned about 7.5% a year, and its strongest, 2006 to 2025, about 11.0% a year.

Is IVV a good long-term ETF? FRC does not make recommendations, but IVV has the features many long-term investors look for: a fee of 0.03%, about 500 companies, a 26-year record and every 10-year period positive. Its main risk is the risk of the S&P 500 itself, which has fallen by half twice since 2000.

What ETF did Warren Buffett recommend? In his 2013 letter to Berkshire Hathaway shareholders, Buffett said his own instructions for his family were to put 90% in a very low-cost S&P 500 index fund, naming Vanguard’s, and 10% in short-term government bonds. IVV, VOO and SPY all track that same index.

How has IVV performed in the past year? In the 12 months to November 2, 2026, IVV returned about 11.5%, and it was up about 11.2% for 2026 so far.

Has IVV ever had a 10-year loss? No. Its weakest 10-year period, 2001 to 2010, still returned about 1.5% a year including dividends, although an investor who bought at launch was slightly behind at the end of 2009.

Is Your Money Safe in IVV?

IVV is a regulated investment company overseen by the SEC, with its holdings kept by an independent custodian and separate from BlackRock’s own assets. It is one of the largest ETFs in the world, with about $867 billion in assets.

When you hold IVV at a SIPC member brokerage, your account is protected up to $500,000, including $250,000 in cash, if the brokerage fails and assets are missing. This protection does not cover market losses, such as IVV’s fall of more than half from 2007 to 2009.

What IVV’s History Does Not Tell You

IVV’s last 15 years have been among the strongest in US stock market history, helped by low interest rates and extraordinary growth in a few technology giants. Its first 10 years show how different the market can look.

The S&P 500 is also more concentrated than it used to be. With information technology now making up more than a third of the index, IVV depends more heavily on a small group of companies than it did in 2000.

Keep Learning

IVV’s 26-year record shows both sides of investing in the stock market: a lost decade at the start, followed by one of the longest and strongest bull markets in history. The investors who did best were usually those who kept investing through every cycle.

The FRC dictionary is more than a dictionary. It is a library of explainer videos, written explanations and on-page quizzes, so you can open any term, such as diversification or index fund, and go deeper whenever something is unclear.

FRC’s programs and memberships are open to everyone. FRC’s Investing for Beginners guide, its guide to how to invest in the S&P 500 and its guide to dollar-cost averaging vs lump sum are natural next steps.

Your Next Step

Since May 2000, IVV has returned about 8.5% a year and turned $10,000 into about $86,200. It lived through a lost decade, two crashes of about half, and a long bull market, and every one of its 10-year periods finished positive.

Use that history to set realistic expectations. An S&P 500 fund can deliver strong long-term returns at very low cost, but it can also fall by half and take years to recover, so invest with a long time horizon.