Morningstar

How the Largest ETFs Performed in 2025

Vanguard Developed Markets Index Fund led stock ETF returns in 2025 while Vanguard Mid Cap Index Fund lagged.

Illustration de collage du mot "ETF" avec une horloge et des formes en arrière-plan.
Securities in This Article
Vanguard Total Bond Market Index Fund ETF Shares
(BND)
Vanguard Intermediate-Term Bond Index Fund ETF Shares
(BIV)
State Street® SPDR® S&P 500® ETF Trust
(SPY)
Vanguard Intermediate-Term Corporate Bond Index Fund ETF Shares
(VCIT)
Vanguard Short-Term Corporate Bond Index Fund ETF Shares
(VCSH)

This article mentions funds that have an issuer-initiated rating and/or track a Morningstar Index. For full disclosure information, please refer to the specific funds, which are demarcated with a * symbol, listed below.

Each month, we check in on the performance of the largest US stock, bond, and active exchange-traded funds.

The Morningstar US Market Index fell 0.03% during December and is up 17.35% over the past year. The Morningstar US Core Bond Index fell 0.27% last month and is up 7.12% over the past year.

In the global markets, stocks gained 1.07% during December, as measured by the Morningstar Global Markets Index. Bonds rose 0.13%, as measured by the Morningstar Global Core Bond Index. Over the past year, global stocks are up 22.63% and global bonds are up 7.82%.

When evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.

Largest US Stock ETF Performance

Out of the 10 largest US stock ETFs, the top performer last year was the $260 billion Vanguard Developed Markets Index Fund VEA, which gained 35.15%. The bottom performer was the $199.6 billion Vanguard Mid Cap Index Fund VO

, which gained 11.68%.

Here’s more about the performance of the largest stock ETFs.

Vanguard Total Stock Market Index Fund

The $2.1 trillion Vanguard Total Stock Market Index Fund fell 0.03% in December. Over the past 12 months, the Vanguard fund rose 17.14%. The fund, launched in May 2001, has climbed 22.25% over the past three years annualized and 13.08% over the past five years annualized.

Vanguard 500 Index Fund

The $1.5 trillion Vanguard 500 Index Fund rose 0.06% in December. Over the past 12 months, the Vanguard fund rose 17.84%. The fund, launched in September 2010, has climbed 22.97% over the past three years annualized and 14.38% annualized over the past five years.

iShares Core S&P 500 ETF

The $762.9 billion iShares Core S&P 500 ETF rose 0.06% in December. Over the past 12 months, the iShares fund rose 17.85%. The fund, launched in May 2000, has climbed 22.97% over the past three years annualized and 14.39% annualized over the past five years.

SPDR S&P 500 ETF

The $713.3 billion SPDR S&P 500 ETF rose 0.05% in December. Over the past 12 months, the State Street fund rose 17.75%. The fund, launched in January 1993, has climbed 22.86% over the past three years annualized and 14.32% annualized over the past five years.

Vanguard Total Intl Stock Idx Fund

The $558.2 billion Vanguard Total Intl Stock Idx Fund rose 2.66% in December. Over the past 12 months, the Vanguard fund rose 32.23%. The fund, launched in January 2011, has climbed 17.14% over the past three years annualized and 7.98% annualized over the past five years.

Largest US Bond ETF Performance

Out of the 10 largest US bond ETFs, the top performer last year was the $61.1 billion Vanguard Intermediate-Term Corporate Bond Index Fund VCIT, which gained 9.42%. The bottom performer was the $113.9 billion Vanguard Total International Bond Index Fund BNDX, which gained 3%.

Here’s more about the performance of the largest bond ETFs.

Vanguard Total Bond Market Index Fund

The $383.6 billion Vanguard Total Bond Market Index Fund fell 0.27% in December. Over the past 12 months, the fund rose 7.11%. The fund, launched in April 2007, has climbed 4.69% over the past three years annualized and lost 0.40% annualized over the past five years.

iShares Core US Aggregate Bond ETF

The $135.5 billion iShares Core US Aggregate Bond ETF fell 0.24% in December. Over the past 12 months, the iShares fund rose 7.19%. The fund, launched in September 2003, has climbed 4.69% over the past three years annualized and lost 0.38% annualized over the past five years.

Vanguard Total International Bond Index Fund

The $113.9 billion Vanguard Total International Bond Index Fund fell 0.31% in December. Over the past 12 months, the Vanguard fund rose 3%. The fund, launched in May 2013, has climbed 5.16% over the past three years annualized and lost 0.19% annualized over the past five years.

iShares 0-3 Month Treasury Bond ETF

The $68.9 billion iShares 0-3 Month Treasury Bond ETF rose 0.34% in December. Over the past 12 months, the iShares fund rose 4.24%. The fund, launched in May 2020, has climbed 4.88% over the past three years annualized and 3.23% annualized over the past five years.

Vanguard Short-Term Bond Index Fund

The $68.1 billion Vanguard Short-Term Bond Index Fund rose 0.21% in December. Over the past 12 months, the Vanguard fund rose 6.05%. The fund, launched in April 2007, has climbed 4.90% over the past three years annualized and 1.54% annualized over the past five years.

Largest US Active ETF Performance

While passive ETFs track indexes, active ETFs have managers who decide which investments to own. Like index-tracking ETFs, active ETFs trade on an exchange and are typically lower-cost and more tax-efficient than traditional actively managed mutual funds.

Out of the 10 largest US active ETFs, the top performer last year was the $26.8 billion Capital Group Dividend Value ETF CGDV, which gained 25.51%. The bottom performer was the $35.6 billion JPMorgan Ultra-Short Income ETF JPST, which gained 4.98%.

Here’s more about the performance of the largest active ETFs.

JPMorgan Equity Premium Income ETF

The $41.7 billion JPMorgan Equity Premium Income ETF rose 0.20% in December. The fund beat its benchmark, the S&P 500 Index, by 0.14 percentage points. Over the past 12 months, the JPMorgan fund rose 8.06%. The fund, launched in May 2020, has climbed 10.15% over the past three years annualized and 9.41% annualized over the past five years.

Dimensional US Core Equity 2 ETF

The $40.4 billion Dimensional US Core Equity 2 ETF rose 0.48% in December. The fund beat its benchmark, the Russell 3000 Index, by 0.5 percentage points. Over the past 12 months, the Dimensional fund rose 15.63%. The fund, launched in October 2007, has climbed 19.03% over the past three years annualized and 12.84% annualized over the past five years.

JPMorgan Ultra-Short Income ETF

The $35.6 billion JPMorgan Ultra-Short Income ETF rose 0.39% in December. The fund beat its benchmark, the Bloomberg US Aggregate Bond Index, by 0.54 percentage points. Over the past 12 months, the JPMorgan fund rose 4.98%. The fund, launched in May 2017, has climbed 5.25% over the past three years annualized and 3.37% annualized over the past five years.

JPMorgan Nasdaq Equity Premium Income ETF

The $32.6 billion JPMorgan Nasdaq Equity Premium Income ETF rose 0.72% in December. The fund beat its benchmark, the S&P 500 Index, by 0.65 percentage points. Over the past 12 months, the JPMorgan fund rose 15.21%. The fund, launched in May 2022, has gained 25.14% over the past three years annualized.

iShares US Equity Factor Rotation Active ETF

The $31.1 billion iShares US Equity Factor Rotation Active ETF rose 0.20% in December. The fund beat its benchmark, the MSCI USA Index, by 0.23 percentage points. Over the past 12 months, the iShares fund rose 20.09%. The fund, launched in March 2019, has climbed 28.63% over the past three years annualized and 16.24% annualized over the past five years.

This article was generated with the help of automation and reviewed by Morningstar editors. Learn more about Morningstar’s use of automation.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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