As the United States women's national team navigates a transitional period under new head coach Emma Hayes, the group will enter the 2024 Olympics with its lowest-ever FIFA ranking.

According to the updated FIFA standings released on Friday, the U.S. dropped one spot from the previous ranking in March to No. 5 overall.

Per ESPN's Emily Keogh, No. 5 is the lowest ranking for Team USA since FIFA began ranking women's teams in 2003. It also marks a drop of three spots since the beginning of the year.

The tumble down the rankings began last year when the U.S. lost to Sweden in the Round of 16 at the World Cup. It was the first time the Americans failed to finish in the top three at the tournament since its inception in 1991.

That defeat pushed them down to No. 3 in the standings, behind Sweden and 2023 World Cup champion Spain.

The United States moved back up to the second spot, behind only Spain, in the rankings released on Dec. 15. The team recently won the SheBelieves Cup, defeating Japan in the semifinals and Canada in the final.

The Olympics will be Hayes' first event after being named U.S. head coach in November. She had a stellar 12-year run with Chelsea, posting a 261-42-64 record with seven Super League titles and five FA Cup titles.

Hayes' first roster with Team USA for the friendlies against Korea Republic on June 1 and 4 offered a glimpse of which players she is considering for the Paris Games.

The 23-player roster only featured 11 holdovers from the 2023 World Cup. She did add defender Sam Staab over a more experienced Team USA veteran like Abby Dahlkemper.

"If we can perform at our best level, then we have a chance of doing things," Hayes told reporters 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. It's our job to grasp quite quickly what we need to do to get close again to those levels."

Team USA will begin Olympic play in Group B with Zambia, Germany and Australia. Its first game will be played on July 25 against Zambia.