The United States women’s national team dropped to fifth in the latest FIFA ranking, its lowest point since FIFA began ranking women’s teams in 2003.

The drop is one place lower than the fourth-place ranking given in March.

Before 2024, the U.S. women had never been ranked below No. 2 in the world, but the team has fallen three places in six months — the most movement the USWNT has seen in the rankings as the squad heads to the Paris Olympics in July.

Spain, France and England make up the top three, in that order, with women’s World Cup runners-up England dropping to third. Germany overtook the U.S. women for the fourth spot.

From 2003 to 2023, the U.S. maintained a stronghold in the top two positions, and between 2008 and 2014 and again from 2017 until June 2023, the team sat solidly in first place.

After their unexpected exit from the 2023 World Cup, however, the women dropped to third for the first time in August 2023. They managed to climb back to second in December, showing signs of a potential recovery.

Since December 2023, though, the 2015 and 2019 World Cup winners have continued to fall, landing in fourth in March 2023 and now fifth in June.

Former Chelsea manager Emma Hayes, who was appointed as the team’s new coach and will debut at the Olympic tournament, said there is much reason to have hope.

“If we can perform at our best level, then we have a chance of doing things,” Hayes said last month. “But we’ve got work to do. The realities are that the world game is where it is, and the rest of the world do not fear the USA in the way that they once did, and that’s valid.”

The USWNT has Olympic tuneups July 13 vs. Mexico at Red Bull Arena in Harrison, New Jersey, and July 16 vs. Costa Rica at Audi Field in Washington, D.C. They beat South Korea in two friendlies this month. At the SheBelieves Cup in April, the USWNT beat Japan 2-1 and defeated Canada in a shootout.

Canada, Brazil and Korea DR all made the top 10, which forced the Netherlands outside of the top 10 for the first time since 2017.

Germany beat Iceland and Poland in Euro qualifying matches in April.

Germany are currently undefeated in group A4 after beating Austria, Iceland and Poland twice.

They’ve also qualified for the 2025 Euros already with two games to spare, scoring 13 goals, only second to Spain (15).