How the Largest ETFs Performed

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

The Morningstar US Market Index rose 5.17% during May and is up 29.47% over the past year. The Morningstar US Core Bond Index rose 0.30% last month and is up 5.14% over the past year. In the global markets, stocks gained 5.02% during May, as measured by the Morningstar Global Markets Index. Bonds rose 0.36%, as measured by the Morningstar Global Core Bond Index. Over the past year, global stocks are up 30.80%, and global bonds are up 3.33%.

Largest US Stock ETF Performance

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.

Out of the 10 largest US stock ETFs, the top performer last month was the $495.2 billion Invesco QQQ Trust QQQ, which gained 10.56%. The bottom performer was the $213.8 billion Vanguard Mid Cap Index Fund VO

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

Vanguard Total Stock Market Index Fund

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Large Blend

In May, the Vanguard Total Stock Market Index Fund rose 5.16%, while the average large blend fund gained 4.23%. The fund placed in the 38th percentile for performance. The $2.2 trillion fund has climbed 29.85% over the past 12 months, outperforming the average fund in its category, which rose 25.50%. The Vanguard fund, launched in May 2001, has climbed 23.25% over the past three years annualized and 12.89% annualized over the past five.

Vanguard 500 Index Fund

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Large Blend

In May, the Vanguard 500 Index Fund rose 5.26%, while the average large blend fund gained 4.23%. The fund placed in the 30th percentile for performance. The $1.6 trillion fund has climbed 29.74% over the past 12 months, outperforming the average fund in its category, which rose 25.50%. The Vanguard fund, launched in September 2010, has climbed 23.57% over the past three years annualized and 14.11% annualized over the past five.

iShares Core S&P 500 ETF

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Large Blend

In May, the iShares Core S&P 500 ETF rose 5.26%, while the average large blend fund gained 4.23%. The fund placed in the 30th percentile for performance. The $859.9 billion fund has climbed 29.75% over the past 12 months, outperforming the average fund in its category, which rose 25.50%. The iShares fund, launched in May 2000, has climbed 23.57% over the past three years annualized and 14.12% annualized over the past five.

State Street SPDR S&P 500 ETF Trust

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Large Blend

In May, the State Street SPDR S&P 500 ETF Trust rose 5.25%, while the average large blend fund gained 4.23%. The fund placed in the 31st percentile for performance. The $786.7 billion fund has climbed 29.64% over the past 12 months, outperforming the average fund in its category, which rose 25.50%. The State Street fund, which launched in January 1993, has climbed 23.46% over the past three years annualized and 14.04% annualized over the past five.

Vanguard Total Intl Stock Idx Fund

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Foreign Large Blend

The Vanguard Total Intl Stock Idx Fund gained 3.75% in May, outperforming the average fund in the foreign large blend category, which rose 3.18%. The $629.1 billion fund has gained 32.64% over the past 12 months, while the average fund in its category is up 24.67%. The Vanguard fund, which launched in January 2011, has climbed 20.53% over the past three years annualized and 8.75% annualized over the past five.

Largest US Bond ETF Performance

Out of the 10 largest US bond ETFs, the top performer last month was the $118 billion Vanguard Total International Bond Index Fund BNDX, which gained 0.93%. The bottom performer was the $48.6 billion Vanguard Intermediate-Term Treasury Index Fund VGIT, which lost 0.11%.

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

Vanguard Total Bond Market Index Fund

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Intermediate Core Bond

The $389.7 billion Vanguard Total Bond Market Index Fund rose 0.28% in May. The gain on the fund was roughly in line with the 0.28% gain on the average fund in the intermediate core bond category, leaving it in the 53rd percentile for performance. Over the past 12 months, the Vanguard fund rose 5.01%, while the average fund in its category rose 5.10%. The fund, launched in April 2007, has climbed 3.94% over the past three years annualized and 0.18% annualized over the past five.

iShares Core US Aggregate Bond ETF

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Intermediate Core Bond

In May, the iShares Core US Aggregate Bond ETF rose 0.30%, while the average intermediate core bond fund gained 0.28%. The fund placed in the 45th percentile for performance. The $136.5 billion fund has climbed 5.13% over the past 12 months, performing roughly in line with the average fund in its category, which rose 5.10%. The iShares fund, launched in September 2003, has climbed 3.95% over the past three years annualized and 0.18% annualized over the past five.

Vanguard Total International Bond Index Fund

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Global Bond-USD Hedged

The $118 billion Vanguard Total International Bond Index Fund rose 0.93% in May. The gain on the fund beat the 0.84% gain on the average fund in the global bond-USD hedged category, leaving it in the 41st percentile for performance. Over the past 12 months, the Vanguard fund rose 2.27%, while the average fund in its category rose 3.95%. The fund, launched in May 2013, has climbed 4.13% over the past three years annualized and 0.48% annualized over the past five.

iShares 0-3 Month Treasury Bond ETF

• Morningstar Medalist Rating
  : Neutral
• Morningstar Category
  : Ultrashort Bond

The iShares 0-3 Month Treasury Bond ETF gained 0.30% in May, underperforming the average fund in the ultrashort bond category, which rose 0.35%. The $90.4 billion fund has gained 3.95% over the past 12 months, while the average fund in its category is up 4.44%. The iShares fund, launched in May 2020, has climbed 4.73% over the past three years annualized and 3.53% annualized over the past five.

Vanguard Short-Term Bond Index Fund

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Short-Term Bond

The $69.9 billion Vanguard Short-Term Bond Index Fund rose 0.08% in May. The gain on the fund was shy of the 0.25% gain on the average fund in the short-term bond category, leaving it in the 93rd percentile for performance. Over the past 12 months, the Vanguard fund rose 3.71%, while the average fund in its category rose 4.43%. The fund, launched in April 2007, has climbed 4.41% over the past three years annualized and 1.65% annualized over the past five.

Largest US Active ETF Performance

While passive ETFs have portfolios where holdings are designed to track the performance of an index, active ETFs are managed by portfolio managers who make the decisions about 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 month was the $26.6 billion Avantis Emerging Markets Equity ETF AVEM, which gained 8.05%. The bottom performer was the $44.1 billion JPMorgan Equity Premium Income ETF JEPI, which lost 1.89%.

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

Dimensional US Core Equity 2 ETF

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Large Blend

The Dimensional US Core Equity 2 ETF gained 4.14% in May, performing roughly in line with the average fund in the large blend category, which rose 4.23%. The fund placed in the 58th percentile for performance and lagged its benchmark, the Russell 3000 Index, by 0.93 percentage points.

The $46.8 billion fund has gained 30.20% over the past 12 months, while the average fund in its category is up 25.50%. The Dimensional fund, launched in October 2007, has climbed 21.79% over the past three years annualized and 12.03% annualized over the past five.

JPMorgan Equity Premium Income ETF

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Derivative Income

The JPMorgan Equity Premium Income ETF lost 1.89% in May, underperforming the average fund in the derivative income category, which rose 3.94%. The fund placed in the 88th percentile for performance and lagged its benchmark, the S&P 500 Index, by 7.16 percentage points.

The $44.1 billion fund has gained 8.59% over the past 12 months, while the average fund in its category is up 21.23%. The JPMorgan fund, launched in May 2020, has climbed 9.53% over the past three years annualized and 7.48% annualized over the past five.

JPMorgan Nasdaq Equity Premium Income ETF

• Morningstar Medalist Rating
  : Silver
• Morningstar Category
  : Derivative Income

In May, the JPMorgan Nasdaq Equity Premium Income ETF rose 4.14%, while the average derivative income fund gained 3.94%. The fund placed in the 37th percentile for performance and lagged its benchmark, the S&P 500 Index, by 1.13 percentage points.

The $39.6 billion fund has climbed 29.47% over the past 12 months, outperforming the average fund in its category, which rose 21.23%. The JPMorgan fund, launched in May 2022, has gained 21.05% over the past three years annualized.

JPMorgan Ultra-Short Income ETF

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Ultrashort Bond

The $38.6 billion JPMorgan Ultra-Short Income ETF rose 0.31% in May. The gain on the fund was shy of the 0.35% gain on the average fund in the ultrashort bond category, leaving it in the 57th percentile for performance. The fund performed roughly in line with its benchmark, the Bloomberg US Aggregate Bond Index.

Over the past 12 months, the JPMorgan fund rose 4.34%, while the average fund in its category rose 4.44%. The fund, launched in May 2017, has climbed 5.15% over the past three years annualized and 3.61% annualized over the past five.

iShares US Equity Factor Rotation Active ETF

• Morningstar Medalist Rating
  : Silver
• Morningstar Category
  : Large Blend

In May, the iShares US Equity Factor Rotation Active ETF rose 5.46%, while the average large blend fund gained 4.23%. The fund placed in the 22nd percentile for performance and performed roughly in line with its benchmark, the MSCI USA Index.

The $36.7 billion fund has climbed 31.06% over the past 12 months, outperforming the average fund in its category, which rose 25.50%. The iShares fund, launched in March 2019, has climbed 27.17% over the past three years annualized and 15.71% annualized over the past five.