The objective of the study was to investigate the dynamic return spillovers among Asia-Pacific developed stock markets during the COVID-19 pandemic and Russia-Ukraine crisis. The study utilized daily frequency data on the stock markets, spanning from March 11, 2020, to September 30, 2023, while employing the DY spillover framework. The findings highlighted significant changes in directional return spillovers during the Russia-Ukraine crisis. Furthermore, the results reveal that the total spillover index was high during the Russia-Ukraine crisis (40.66%) compared with the COVID-19 pandemic (36.01%). The stock market experienced a high level of return spillovers at the beginning of both crises. The novelty of this study lies in its application of the Diebold-Yilmaz framework in a comparative analysis of two distinct crises, thus enriching the existing literature with fresh insights into the resilience and vulnerability of financial markets under various stressors. The outcomes offer critical enlightenment for investors and policymakers, providing a strategic advantage in bolstering risk management frameworks in response to future systemic shocks.