Relative Intelligence · US Small-Cap Equity
How Vanguard Morningstar Small-Cap Growth ETF (VBK) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VBK alone. It places VBK (Vanguard Morningstar Small-Cap Growth ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where VBK stands in the market, and of the alternatives worth a closer look.
Period covered: VBK's full trading record, from January 2004 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- What you're buyingA correlation of 0.97 with VB (Vanguard Morningstar Small-Cap ETF) over 5 years: effectively the same bet as the larger fund. Consistency ↓
- Right nowOver the past 6 months, VBK fell 1.5% while the S&P 500 rose 9.1%. On the flip side, VBK has bounced back 25.4% from its April 2025 low after a 27.5% loss from December 2024 to April 2025 after falling while the S&P 500 fell 17.8%. At a glance ↓
- Fund or market?VBK fell 3.0% over the past 3 months, 3.8 points ahead of the US small-cap equity ETF IWO (iShares Russell 2000 Growth ETF), which fell 6.7%. The S&P 500 rose 3.9%. Its similar funds did not move as one over the past 3 months: OUSM (ALPS O'Shares U.S. Small-Cap Quality Dividend ETF) rose 0.8%, while VTWO (Vanguard Russell 2000 ETF) fell 5.4%.
- Long termVBK turned $10,000 into $27,700 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashAcross six sell-offs, VBK has typically fallen 1.4 times as far as the S&P 500. Crash tests ↓
- DiversificationVBK is more of the same, not a cushion: a correlation of 0.88 with the S&P 500 over 5 years and 0.92 with the total US market, more closely than 80% of ETFs with at least $100 million in assets. Market capture ↓
- Better options
- Popular alternatives
- VUG (Vanguard Morningstar Growth ETF), IWM (iShares Russell 2000 ETF) and OUSM (ALPS O'Shares U.S. Small-Cap Quality Dividend ETF) earned more than VBK with less volatility over the past 5 years. VUG returned 12.3% a year at 22.5% volatility, against 3.2% a year at 23.7%.
- Nearby categories and themes
- OEF (iShares S&P 100 ETF, US large-cap equity) and DBEF (Xtrackers MSCI EAFE Hedged Equity ETF, international equity) earned more than VBK with less volatility over the past 5 years. OEF returned 14.3% a year at 17.8% volatility, against 3.2% a year at 23.7%.
- Versus the S&P 500
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 3.2% at 23.7% for VBK.
How much would $10,000 in VBK have grown?
This chart tracks a hypothetical $10,000 investment in VBK over the past 21 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of VBK over the same span and VBK's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: The chart covers the past 21 years rather than VBK's full 22 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in VBK at the end of September 2005 would have grown to $67,914 by September 2026, less than the $90,973 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of VBK, and PSI finished highest, at $312,428.
Choose a period
From the end of September 2005 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 624 of the 1,562 stocks and funds worth at least $500 million that traded the whole period ended ahead of VBK; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- PSI$312,428+3,024% total · +17.8% a year
- VUG$128,733+1,187% total · +12.9% a year
- OEF$98,350+884% total · +11.5% a year
- SPY (S&P 500)$90,973+810% total · +11.1% a year
- VTI$89,813+798% total · +11.0% a year
- SLYG$72,227+622% total · +9.9% a year
- VBK$67,914+579% total · +9.6% a year
- ISCG$62,422+524% total · +9.1% a year
- IWO$60,351+504% total · +8.9% a year
- IWM$55,247+452% total · +8.5% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,056 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of VBK; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- PSI$36,338+263% total · +29.4% a year
- VUG$19,143+91.4% total · +13.9% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- SMLF$16,583+65.8% total · +10.6% a year
- FYC$16,460+64.6% total · +10.5% a year
- OUSM$14,586+45.9% total · +7.8% a year
- JSML$13,727+37.3% total · +6.5% a year
- IWM$13,514+35.1% total · +6.2% a year
- VOT$12,799+28.0% total · +5.1% a year
- VBK$12,410+24.1% total · +4.4% a year
VBK at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: VBK began trading on January 30, 2004, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
- VBK's deepest decline since it began trading in 2004 was 58.7%, from October 2007 to March 2009. It took 21 months from the low to climb back to its old high.
- Over 21 full calendar years, VBK's best was 2009, when it returned 42.8%, and its worst was 2008, when it lost 40.3%. It lost money in five of those years.
- VBK is 9.1% below its all-time high.
The fund
- Issuer
- Vanguard
- Began trading
- January 2004
- Expense ratio
- 0.05%per year
- Assets
- $43B
- Category
- Broad Market
Returns
- Past 1 year
- +9.7%total return
- Past 3 years
- +66.3%+18.5% a year
- Past 5 years
- +17.3%+3.2% a year
- Past 10 years
- +177%+10.7% a year
- Best calendar year
- +42.8%2009
- Worst calendar year
- −40.3%2008
- Losing years
- 5 of 21full calendar years
Risk
- Volatility
- 23.7%typical yearly swing, 5 years
- Sharpe ratio
- 0.25return per unit of risk, 5 years
- Worst decline ever
- −58.7%Oct 2007 to Mar 2009
- From its all-time high
- −9.1%below the peak
VBK against the whole market
Where VBK ranks among every stock and fund, and what across the market has done better.
How does VBK rank among all ETFs?
This section ranks VBK on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how VBK stacks up against its peers, these rankings show where it stands in the market as a whole.
- VBK is among the more volatile ETFs: its price swings rank in the bottom 14% of the 1,560 ETFs with at least $100 million in assets, where the top is the calmest.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | VBK | Rank | Standing |
|---|---|---|---|
| 1-year return | +9.7% | 1,295 of 2,485 | bottom 49% |
| 3-year return | +66.3% | 857 of 1,949 | top 44% |
| 5-year return | +17.3% | 1,155 of 1,560 | bottom 27% |
| 10-year return | +177% | 362 of 958 | top 38% |
| Volatility, 5 years | 23.7% | 1,335 of 1,560 | bottom 15% |
| Sharpe ratio, 5 years | 0.25 | 1,254 of 1,560 | bottom 21% |
| Worst decline, past 10 years | −38.7% | 486 of 951 | bottom 50% |
What has beaten VBK on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). VBK sits where the dashed lines cross. Anything in the green box above and to the left earned more than VBK with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 94 stocks and 593 ETFs worth at least $500 million sit in the green region: each earned more than VBK over the past 5 years with smaller price swings. That is 19% of the 3,633 screened.
- Among those with at least half VBK's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 20% less than VBK's 23.7%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.25 for VBK.
- Among VBK's popular alternatives, VUG, SMLF and OUSM are in the region. VUG earned 12.3% a year against 3.2% a year for VBK, at 22.5% volatility, 5% less than VBK's 23.7%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to VBK; faint dots are 89 more of the 687 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
- 1 with more than 1.6× VBK's volatility is in the table only
Is there a better investment than VBK?
Investments that beat VBK over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among VBK's popular alternatives, VUG, IWM and OUSM earned more than VBK with less volatility over the past 5 years. VUG returned 12.3% a year at 22.5% volatility, against 3.2% a year at 23.7%.
- Looking beyond its popular alternatives, OEF (US large-cap equity) and DBEF (international equity) earned more than VBK with less volatility over the past 5 years. OEF returned 14.3% a year at 17.8% volatility, against 3.2% a year at 23.7%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 3.2% at 23.7% for VBK.
How this works
The table below lists investments that beat VBK over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks VBK's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than VBK follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than VBK's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× VBK's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than VBK's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with VBK?lower diversifies more | Expenseper year | |||
| VBKVanguard Morningstar Small-Cap Growth ETF · this page | +3.2% | 23.7% | 0.25 | −38.7% | +177% | 1.00 | 0.05% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.88 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against VBK. 18 of 21 passed at least one test. | |||||||||
 VUGVanguard Morningstar Growth ETF · US Large-Cap Growth | Higher return, lower volatilityHigher return in most periods | +12.3% | 22.5% | 0.63 | −35.6% | +419% | 0.82 | 0.03% | |
 IWMiShares Russell 2000 ETF · US Small-Cap Equity | Higher return, lower volatilityHigher return in most periods | +5.2% | 22.4% | 0.34 | −41.1% | +158% | 0.96 | 0.19% | |
FYCFirst Trust Small Cap Growth AlphaDEX Fund · Broad Market | Higher return, similar volatilityHigher return in most periods | +9.4% | 23.7% | 0.50 | −47.9% | +263% | 0.95 | 0.70% | |
OUSMALPS O'Shares U.S. Small-Cap Quality Dividend ETF · Dividend & Income | Higher return, lower volatility | +7.8% | 16.3% | 0.55 | −39.9% | — | 0.85 | 0.48% | |
VOTVanguard Morningstar Mid-Cap Growth ETF · US Mid-Cap Equity | Higher return in most periods | +3.6% | 21.7% | 0.27 | −37.2% | +201% | 0.95 | 0.05% | |
PSIInvesco Semiconductors ETF · Technology | Higher return in most periods | +24.3% | 41.6% | 0.73 | −44.9% | +1,134% | 0.71 | 0.55% | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in US Small-Cap Equity and the categories next to it (US Mid-Cap Equity, US Total Market, International Equity, US Large-Cap Equity), plus VBK's specific themes. 145 of 148 passed at least one test. | |||||||||
OEFiShares S&P 100 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +14.3% | 17.8% | 0.84 | −31.4% | +367% | 0.82 | 0.20% | |
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.74 | 0.35% | |
MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.1% | 18.4% | 0.57 | −33.3% | +276% | 0.84 | 0.46% | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.48 | 0.40% | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.92 | 0.03% | |
EWTiShares MSCI Taiwan ETF · International Equity | Higher return, similar volatilityHigher return in most periods | +20.4% | 24.2% | 0.89 | −38.9% | +468% | 0.62 | 0.59% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,141 of 3,466 passed at least one test. | |||||||||
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.40 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.18 | — | |
 LINLinde plc · Chemicals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.51 | — | |
 VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.83 | 0.04% | |
 SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.67 | 0.06% | |
 AEPAmerican Electric Power Company, Inc. · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.38 | — | |
 WMTWalmart Inc. · Discount Retail | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.41 | — | |
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.21 | 0.09% | |
What these numbers mean for VBK
- Annual return
- VBK returned 3.2% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $11,700. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- VBK's volatility over the past 5 years was 23.7%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VBK's return lands within 23.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- VBK's Sharpe ratio over the past 5 years was 0.25, against 0.79 for the S&P 500, so VBK earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- VBK's worst fall from a peak to a low over the past 10 years was 38.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 38.7% fall takes a 63.2% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, VBK's monthly returns had a correlation of 0.88 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against VBK instead: the lower it is, the more that option would diversify a VBK holding. Guide: Correlation and diversification →
Show all 687 stocks and funds worth at least $500 million that earned more than VBK with less volatility
Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with VBK | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.40 | — |
| 2 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.18 | — |
| 3 | LINLinde plc · Chemicals | Whole market | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.51 | — |
| 4 | VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.83 | 0.04% |
| 5 | SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.67 | 0.06% |
| 6 | AEPAmerican Electric Power Company, Inc. · Electric Utilities | Whole market | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.38 | — |
| 7 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.52 | 0.08% |
| 8 | ACWIiShares MSCI ACWI ETF · Global Equity | Whole market | +10.6% | 16.2% | 0.70 | −33.5% | +227% | 0.87 | 0.32% |
| 9 | IUSGiShares Core S&P U.S. Growth ETF · US Growth Equity | Whole market | +12.9% | 21.2% | 0.68 | −32.4% | +405% | 0.83 | 0.04% |
| 10 |  WCNWaste Connections, Inc. · Environmental Services | Whole market | +6.1% | 20.0% | 0.40 | −31.6% | +270% | 0.46 | — |
| 11 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.84 | 0.20% |
| 12 |  IWFiShares Russell 1000 Growth ETF · US Large-Cap Growth | Same or nearby category | +11.7% | 21.8% | 0.62 | −32.7% | +416% | 0.83 | 0.18% |
| 13 | FTCSFirst Trust Capital Strength ETF · US Quality Equity | Whole market | +6.2% | 13.2% | 0.52 | −31.9% | +188% | 0.70 | 0.53% |
| 14 | OEFiShares S&P 100 ETF · US Large-Cap Equity | Same or nearby category | +14.3% | 17.8% | 0.84 | −31.4% | +367% | 0.82 | 0.20% |
| 15 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Same or nearby category | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.74 | 0.35% |
| 16 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.71 | 0.60% |
| 17 | PWBInvesco Large Cap Growth ETF · Broad Market | Whole market | +14.8% | 22.2% | 0.74 | −32.4% | +409% | 0.84 | 0.55% |
| 18 |  NVSNovartis AG · Pharmaceuticals | Whole market | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.26 | — |
| 19 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Same or nearby category | +9.1% | 18.4% | 0.57 | −33.3% | +276% | 0.84 | 0.46% |
| 20 | FHLCFidelity MSCI Health Care Index ETF · Healthcare | Whole market | +7.3% | 15.4% | 0.53 | −28.8% | +199% | 0.59 | 0.08% |
| 21 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.75 | 0.19% |
| 22 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Same or nearby category | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.48 | 0.40% |
| 23 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.65 | 0.65% |
| 24 | QQEWFirst Trust Nasdaq-100 Select Equal Weight ETF · Technology | Whole market | +6.8% | 21.3% | 0.42 | −32.1% | +267% | 0.88 | 0.55% |
| 25 | QQQEDirexion NASDAQ-100 Equal Weighted Index ETF · Broad Market | Whole market | +8.1% | 20.7% | 0.48 | −32.1% | +294% | 0.91 | 0.35% |
| 26 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.17 | — |
| 27 | OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income | Whole market | +9.4% | 13.4% | 0.74 | −33.1% | +186% | 0.73 | 0.48% |
| 28 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.77 | 0.13% |
| 29 |  CMECME Group Inc. · Capital Markets | Whole market | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.08 | — |
| 30 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.32 | — |
| 31 |  RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.60 | — |
| 32 | ESGVVanguard ESG U.S. Stock ETF · US ESG Equity | Whole market | +11.3% | 18.5% | 0.67 | −33.7% | — | 0.90 | 0.09% |
| 33 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.88 | 0.12% |
| 34 |  DFACDimensional - US Core Equity 2 ETF · US Total Market | Same or nearby category | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.93 | 0.21% |
| 35 |  QUALiShares MSCI USA Quality Factor ETF · US Quality Equity | Whole market | +11.4% | 17.3% | 0.71 | −34.1% | +293% | 0.86 | 0.15% |
| 36 |  MRSHMarsh & McLennan Companies, Inc. · Insurance | Whole market | +4.4% | 20.9% | 0.31 | −35.8% | +245% | 0.37 | — |
| 37 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.13 | 0.40% |
| 38 | DFIVDimensional - International Value ETF · International Equity | Same or nearby category | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.57 | 0.27% |
| 39 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.87 | 0.15% |
| 40 | TSPAT. Rowe Price U.S. Equity Research ETF · Broad Market | Whole market | +13.1% | 17.1% | 0.81 | −24.7% | — | 0.88 | 0.34% |
| 41 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.2% | 21.3% | 0.81 | −32.0% | +388% | 0.74 | 0.50% |
| 42 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.43 | — |
| 43 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.51 | 0.08% |
| 44 | GARPiShares MSCI USA Quality GARP ETF · Broad Market | Whole market | +17.5% | 22.5% | 0.83 | −31.4% | — | 0.85 | 0.15% |
| 45 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Same or nearby category | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.79 | 0.03% |
| 46 | DFAIDimensional - International Core Equity Market ETF · Developed International Equity | Same or nearby category | +9.7% | 16.0% | 0.66 | −27.4% | — | 0.71 | 0.18% |
| 47 | SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology | Whole market | +15.0% | 19.5% | 0.82 | −30.8% | — | 0.82 | 0.45% |
| 48 | EWJiShares MSCI Japan ETF · International Equity | Same or nearby category | +9.2% | 18.8% | 0.57 | −33.1% | +132% | 0.71 | 0.49% |
| 49 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.65 | 0.09% |
| 50 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.37 | 0.20% |
| 51 | SCHYSchwab International Dividend Equity ETF · International | Whole market | +9.5% | 13.3% | 0.75 | −24.0% | — | 0.51 | 0.08% |
| 52 |  WMWaste Management, Inc. · Environmental Services | Whole market | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.33 | — |
| 53 | FBTFirst Trust NYSE Arca Biotechnology Index Fund · Healthcare | Whole market | +10.8% | 22.2% | 0.58 | −33.3% | +203% | 0.68 | 0.55% |
| 54 | IDMOInvesco S&P International Developed Momentum ETF · International Equity | Same or nearby category | +13.3% | 18.2% | 0.78 | −31.3% | +229% | 0.73 | 0.25% |
| 55 | DFAEDimensional - Emerging Core Equity Market ETF · Emerging Markets Equity | Same or nearby category | +8.3% | 18.8% | 0.52 | −32.2% | — | 0.62 | 0.29% |
| 56 | IPACiShares Core MSCI Pacific ETF · International | Whole market | +8.2% | 16.9% | 0.55 | −31.0% | +126% | 0.74 | 0.09% |
| 57 | VSGXVanguard ESG International Stock ETF · International Equity | Same or nearby category | +7.6% | 16.8% | 0.52 | −33.1% | — | 0.75 | 0.10% |
| 58 | PULSPGIM Ultra Short Bond ETF · Short-Term Bonds | Whole market | +4.4% | 0.7% | 6.07 | −5.8% | — | 0.38 | 0.15% |
| 59 | INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market | Whole market | +11.8% | 17.8% | 0.72 | −21.3% | — | 0.62 | 0.85% |
| 60 | QGROAmerican Century U.S. Quality Growth ETF · Broad Market | Whole market | +9.9% | 21.2% | 0.55 | −32.6% | — | 0.90 | 0.29% |
| 61 | DBJPXtrackers MSCI Japan Hedged Equity ETF · International | Whole market | +20.9% | 19.2% | 1.09 | −31.3% | +348% | 0.60 | 0.45% |
| 62 | BBMCJPMorgan BetaBuilders U.S. Mid Cap Equity ETF · Broad Market | Whole market | +7.2% | 20.5% | 0.44 | −30.1% | — | 0.97 | 0.07% |
| 63 | ATOAtmos Energy Corporation · Gas Utilities | Whole market | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.43 | — |
| 64 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Same or nearby category | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.64 | 0.25% |
| 65 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income | Whole market | +11.5% | 14.8% | 0.82 | −19.4% | +121% | 0.83 | 0.75% |
| 66 | HLALWahed FTSE USA Shariah ETF · Broad Market | Whole market | +14.0% | 18.0% | 0.82 | −33.6% | — | 0.83 | 0.50% |
| 67 | NTSXWisdomTree U.S. Efficient Core Fund · Alternatives | Whole market | +8.2% | 17.2% | 0.55 | −31.4% | — | 0.88 | 0.20% |
| 68 | IDHQInvesco S&P International Developed Quality ETF · International | Whole market | +10.0% | 17.9% | 0.63 | −33.6% | +183% | 0.72 | 0.29% |
| 69 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Same or nearby category | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.84 | 0.39% |
| 70 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.74 | 0.31% |
| 71 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.71 | 0.15% |
| 72 | AEEAmeren Corporation · Electric Utilities | Whole market | +7.9% | 19.4% | 0.49 | −29.1% | +192% | 0.34 | — |
| 73 | LGHHCM Defender 500 Index ETF · Broad Market | Whole market | +9.4% | 16.7% | 0.63 | −29.6% | — | 0.84 | 1.00% |
| 74 | FDEMFidelity Emerging Markets Multifactor ETF · International | Whole market | +9.2% | 17.0% | 0.61 | −33.7% | — | 0.58 | 0.25% |
| 75 | QUSState Street SPDR MSCI USA StrategicFactors ETF · Broad Market | Whole market | +11.1% | 14.2% | 0.81 | −33.8% | +273% | 0.85 | 0.15% |
| 76 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.55 | — |
| 77 | XMHQInvesco S&P MidCap Quality ETF · US Mid-Cap Equity | Same or nearby category | +9.7% | 20.5% | 0.56 | −36.9% | +240% | 0.87 | 0.30% |
| 78 | IDUBAptus International Enhanced Yield ETF · International | Whole market | +5.9% | 14.9% | 0.46 | −29.2% | — | 0.72 | 0.44% |
| 79 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Same or nearby category | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.47 | 0.48% |
| 80 |  BTIBritish American Tobacco p.l.c. · Tobacco | Whole market | +18.7% | 22.0% | 0.90 | −56.1% | +98.2% | 0.17 | — |
| 81 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.26 | — |
| 82 |  MOAltria Group, Inc. · Tobacco | Whole market | +17.8% | 21.4% | 0.88 | −53.7% | +140% | 0.28 | — |
| 83 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.84 | 0.19% |
| 84 |  CMCanadian Imperial Bank of Commerce · Banks | Whole market | +19.2% | 21.6% | 0.93 | −47.3% | +395% | 0.67 | — |
| 85 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.30 | — |
| 86 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.75 | 0.50% |
| 87 | FIWFirst Trust Water ETF · Broad Market | Whole market | +4.7% | 18.5% | 0.34 | −36.6% | +216% | 0.86 | 0.50% |
| 88 | VRIGInvesco Variable Rate Investment Grade ETF · Bonds | Whole market | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | 0.33 | 0.30% |
| 89 |  BMOBank of Montreal · Banks | Whole market | +13.6% | 21.4% | 0.71 | −51.0% | +295% | 0.67 | — |
| 90 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.46 | 0.50% |
| 91 | QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income | Whole market | +12.7% | 13.7% | 0.94 | −35.7% | +228% | 0.81 | 0.40% |
| 92 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +12.9% | 19.9% | 0.71 | −46.9% | +187% | 0.73 | — |
| 93 | BALTInnovator Defined Wealth Shield ETF · Crypto | Whole market | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.73 | 0.69% |
| 94 |  KMIKinder Morgan, Inc. · Oil & Gas Midstream | Whole market | +18.7% | 22.5% | 0.88 | −55.1% | +163% | 0.43 | — |
| 95 |  AFLAflac Incorporated · Life Insurance | Whole market | +19.0% | 20.8% | 0.95 | −54.9% | +335% | 0.30 | — |
| 96 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.50 | 0.60% |
| 97 |  AMEAMETEK, Inc. · Electronic Instruments | Whole market | +14.4% | 22.1% | 0.72 | −42.7% | +481% | 0.71 | — |
| 98 |  TRPTC Energy Corporation · Oil & Gas Midstream | Whole market | +10.8% | 21.9% | 0.58 | −41.6% | +160% | 0.41 | — |
| 99 |  ICEIntercontinental Exchange, Inc. · Capital Markets | Whole market | +5.4% | 21.8% | 0.35 | −34.3% | +240% | 0.44 | — |
| 100 |  VXFVanguard Extended Market ETF · US Extended Market | Whole market | +4.9% | 22.4% | 0.33 | −41.7% | +194% | 0.99 | 0.05% |
VBK against its popular alternatives
The investments people most often weigh against VBK, compared period by period and year by year.
How do VBK's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at VBK, which divides the map into what did better or worse on each measure.
- 13 of the 19 popular alternatives, led by VUG, SMLF and FYC, were both more rewarding and calmer than VBK over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, VBK returned 3.2% a year, less than the S&P 500's 12.7%, with higher volatility (23.7% against 17.1%).
Green points earned more than VBK with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| PSI Invesco Semiconductors ETF | +24.3% | 41.6% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| VUG Vanguard Morningstar Growth ETF | +12.3% | 22.5% |
| SMLF iShares U.S. Small-Cap Equity Factor ETF | +10.0% | 21.0% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | +9.4% | 23.7% |
| VBR Vanguard Morningstar Small-Cap Value ETF | +8.2% | 19.4% |
| OUSM ALPS O'Shares U.S. Small-Cap Quality Dividend ETF | +7.8% | 16.3% |
| VB Vanguard Morningstar Small-Cap ETF | +6.2% | 20.6% |
| JSML Janus Henderson Small Cap Growth Alpha ETF | +6.1% | 24.5% |
| SCHA Schwab U.S. Small-Cap ETF | +6.0% | 22.0% |
| SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | +5.7% | 21.1% |
| VTWO Vanguard Russell 2000 ETF | +5.4% | 22.4% |
| IWM iShares Russell 2000 ETF | +5.2% | 22.4% |
| SLYG State Street SPDR S&P 600 Small Cap Growth ETF | +4.9% | 21.4% |
| XBI State Street SPDR S&P Biotech ETF | +4.6% | 32.5% |
| ISCG iShares Morningstar Small-Cap Growth ETF | +4.4% | 22.9% |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | +3.6% | 21.7% |
| VTWG Vanguard Russell 2000 Growth ETF | +3.6% | 24.6% |
| IWO iShares Russell 2000 Growth ETF | +3.5% | 24.6% |
| VBK This pageVanguard Morningstar Small-Cap Growth ETF | +3.2% | 23.7% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | +3.2% | 25.9% |
Has VBK consistently beaten its popular alternatives?
This section compares VBK with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than VBK helps separate lasting outperformance from a single strong stretch.
- Ten of the 21 popular alternatives, led by SMLF, VUG and JSML, outperformed VBK in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- SMLF, VUG and JSML outperformed VBK in every long-term period and in all but one short-term period, the most consistent record in the group.
- VUG and VOT earned more for the risk they took than VBK (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than VBK over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| VBK Vanguard Morningstar Small-Cap Growth ETF (this page) | — | −2.6% | −3.0% | −1.5% | +8.7% | +9.7% | +66.3% | +17.3% | +177% | 23.7% | 0.25 | −38.7% | 0.05% | $43B | — |
| SMLF QualifiediShares U.S. Small-Cap Equity Factor ETF | 5/5 short3/3 longAll-weather | −0.9% | −1.2% | +2.3% | +12.4% | +14.9% | +78.2% | +61.2% | +206% | 21.0% | 0.56 | −41.9% | 0.15% | $4.1B | 82% |
| VUG QualifiedVanguard Morningstar Growth ETF | 4/5 short3/3 longAll-weather | −2.5% | +4.0% | +8.2% | +9.8% | +10.2% | +100% | +78.6% | +419% | 22.5% | 0.63 | −35.6% | 0.03% | $392B | 57% |
| JSML QualifiedJanus Henderson Small Cap Growth Alpha ETF | 4/5 short3/3 longAll-weather | −1.5% | −2.6% | +6.9% | +16.5% | +14.2% | +82.7% | +34.2% | +218% | 24.5% | 0.36 | −39.6% | 0.30% | $350M | 86% |
| PSI QualifiedInvesco Semiconductors ETF | 3/5 short3/3 long | −12.9% | −12.1% | +3.7% | +52.3% | +68.1% | +217% | +196% | +1,134% | 41.6% | 0.73 | −44.9% | 0.55% | $2.8B | 28% |
| FYC QualifiedFirst Trust Small Cap Growth AlphaDEX Fund | 3/5 short3/3 long | −3.6% | −5.1% | +2.7% | +17.4% | +19.6% | +116% | +56.5% | +263% | 23.7% | 0.50 | −47.9% | 0.70% | $1.3B | 79% |
| XBI QualifiedState Street SPDR S&P Biotech ETF | 4/5 short2/3 long | −3.2% | +1.5% | +11.3% | +26.2% | +39.7% | +130% | +25.1% | +159% | 32.5% | 0.30 | −63.9% | 0.35% | $10B | 20% |
| VOT QualifiedVanguard Morningstar Mid-Cap Growth ETF | 3/5 short2/3 long | −2.0% | −0.5% | +2.2% | +4.0% | +0.1% | +58.0% | +19.6% | +201% | 21.7% | 0.27 | −37.2% | 0.05% | $33B | 83% |
| SCHA QualifiedSchwab U.S. Small-Cap ETF | 3/5 short2/3 long | −2.8% | −3.6% | +1.1% | +13.9% | +16.5% | +73.1% | +33.9% | +165% | 22.0% | 0.38 | −42.4% | 0.03% | $21B | 79% |
| VTWO QualifiedVanguard Russell 2000 ETF | 3/5 short2/3 long | −3.4% | −5.4% | 0.0% | +11.7% | +12.5% | +72.1% | +30.1% | +161% | 22.4% | 0.35 | −41.2% | 0.06% | $17B | 78% |
| IWM QualifiediShares Russell 2000 ETF | 3/5 short2/3 long | −3.4% | −5.4% | −0.1% | +11.6% | +12.3% | +71.3% | +29.0% | +158% | 22.4% | 0.34 | −41.1% | 0.19% | $75B | 78% |
| ISCG Broad MarketiShares Morningstar Small-Cap Growth ETF | 2/5 short2/3 long | −2.2% | −2.8% | +0.1% | +8.9% | +10.5% | +70.2% | +24.0% | +180% | 22.9% | 0.30 | −41.5% | 0.06% | $932M | 92% |
| VTWG Broad MarketVanguard Russell 2000 Growth ETF | 0/5 short2/3 long | −4.6% | −6.8% | −2.7% | +6.9% | +6.2% | +69.7% | +19.3% | +161% | 24.6% | 0.27 | −42.1% | 0.06% | $1.6B | 85% |
| IWO Broad MarketiShares Russell 2000 Growth ETF | 0/5 short2/3 long | −4.5% | −6.7% | −2.6% | +6.8% | +6.0% | +68.9% | +18.7% | +159% | 24.6% | 0.26 | −42.0% | 0.24% | $13B | 84% |
| VB Broad MarketVanguard Morningstar Small-Cap ETF | 5/5 short1/3 long | −0.8% | −1.8% | +1.3% | +11.2% | +13.7% | +66.8% | +35.2% | +179% | 20.6% | 0.40 | −42.0% | 0.03% | $176B | 82% |
| VBR Broad MarketVanguard Morningstar Small-Cap Value ETF | 5/5 short1/3 long | +0.6% | −1.0% | +3.3% | +13.0% | +16.8% | +66.7% | +48.6% | +169% | 19.4% | 0.51 | −45.3% | 0.05% | $64B | 67% |
| OUSM Dividend & IncomeALPS O'Shares U.S. Small-Cap Quality Dividend ETF | 5/5 short1/3 long | +2.7% | +0.8% | +4.5% | +11.3% | +10.9% | +49.6% | +45.7% | — | 16.3% | 0.55 | −39.9% | 0.48% | $798M | 71% |
| SLYG Broad MarketState Street SPDR S&P 600 Small Cap Growth ETF | 4/5 short1/3 long | −1.4% | −5.7% | +1.2% | +13.9% | +14.4% | +58.9% | +27.1% | +169% | 21.4% | 0.33 | −41.9% | 0.15% | $4.8B | 84% |
| VIOG Broad MarketVanguard S&P Small-Cap 600 Growth ETF | 4/5 short1/3 long | −1.3% | −5.7% | +1.4% | +14.1% | +14.5% | +59.0% | +27.1% | +169% | 21.4% | 0.33 | −41.7% | 0.10% | $1.0B | 84% |
| IJT Broad MarketiShares S&P Small-Cap 600 Growth ETF | 4/5 short1/3 long | −1.4% | −5.7% | +1.2% | +13.9% | +14.4% | +58.7% | +26.7% | +167% | 21.4% | 0.33 | −42.0% | 0.18% | $7.4B | 81% |
| SPSM Broad MarketState Street SPDR Portfolio S&P 600 Small Cap ETF | 4/5 short1/3 long | −1.1% | −4.7% | +1.8% | +14.5% | +16.8% | +61.1% | +32.2% | +163% | 21.1% | 0.37 | −42.9% | 0.03% | $16B | 74% |
| DWAS Broad MarketInvesco Dorsey Wright SmallCap Momentum ETF | 0/5 short1/3 long | −5.4% | −9.4% | −6.9% | +8.6% | +9.0% | +52.4% | +17.1% | +196% | 25.9% | 0.25 | −46.2% | 0.60% | $382M | 67% |
How did VBK do year by year?
This table shows each investment's total return in every full calendar year since 2005, along with where VBK ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VBK and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: VBK began trading on January 30, 2004, so the table starts with 2005, its first full calendar year, and cannot show how it fared during the dot-com bust.
- VBK finished ahead of the S&P 500 in eight of its 21 full calendar years, and behind it in each of the last five.
- Ranked against its popular alternatives each year, VBK finished in the top quarter in five of 21 years and in the bottom quarter in two. In 2025, it ranked 16 of 20.
- Among its popular alternatives, VUG came out ahead of VBK most often, in 13 of the 21 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of VBK; gray means the two finished within a fraction of a point. The rank row places VBK among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of VBK | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VBK This pageVanguard Morningstar Small-Cap Growth ETF | — | +8.5% | +16.5% | +21.4% | −28.4% | +5.7% | +35.4% | +32.7% | −5.7% | +21.9% | +10.9% | −2.6% | +4.0% | +38.3% | +17.8% | −1.6% | +31.0% | +42.8% | −40.3% | +9.9% | +12.2% | +8.6% |
| Rank among alternatives | Top quarter in 5 of 21 | 16 of 20 | 4 of 20 | 6 of 20 | 16 of 20 | 15 of 20 | 5 of 20 | 4 of 20 | 6 of 20 | 8 of 20 | 12 of 18 | 10 of 17 | 13 of 17 | 11 of 16 | 5 of 15 | 5 of 14 | 2 of 12 | 4 of 11 | 8 of 11 | 5 of 11 | 6 of 9 | 2 of 8 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 12 of 21 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% |
| SMLF iShares U.S. Small-Cap Equity Factor ETF | 4 of 10 | +12.3% | +16.4% | +20.0% | −12.2% | +26.6% | +8.4% | +21.6% | −8.4% | +12.7% | +20.6% | — | — | — | — | — | — | — | — | — | — | — |
| VUG Vanguard Morningstar Growth ETF | 13 of 21 | +19.4% | +32.7% | +46.8% | −33.1% | +27.4% | +40.2% | +37.0% | −3.3% | +27.8% | +6.2% | +3.3% | +13.6% | +32.6% | +17.1% | +1.8% | +17.1% | +36.3% | −38.0% | +12.8% | +9.0% | +4.8% |
| JSML Janus Henderson Small Cap Growth Alpha ETF | 3 of 9 | +13.4% | +12.4% | +30.1% | −29.4% | +3.1% | +35.4% | +32.5% | −2.5% | +20.9% | — | — | — | — | — | — | — | — | — | — | — | — |
| PSI Invesco Semiconductors ETF | 11 of 20 | +36.3% | +17.2% | +49.0% | −34.4% | +46.5% | +56.8% | +52.5% | −11.5% | +40.2% | +44.1% | −0.9% | +37.5% | +31.9% | +4.4% | −14.5% | +20.9% | +47.0% | −46.3% | +0.4% | +4.6% | — |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 8 of 14 | +24.3% | +24.0% | +14.5% | −25.9% | +21.6% | +32.4% | +16.8% | −5.5% | +23.0% | +13.9% | +1.2% | −1.1% | +43.5% | +11.6% | — | — | — | — | — | — | — |
| XBI State Street SPDR S&P Biotech ETF | 11 of 19 | +35.9% | +1.0% | +7.6% | −25.9% | −20.4% | +48.3% | +32.6% | −15.3% | +43.8% | −15.4% | +13.6% | +45.0% | +48.4% | +32.7% | +5.2% | +17.6% | +0.4% | −8.5% | +29.1% | — | — |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 7 of 19 | +10.7% | +16.4% | +23.1% | −28.9% | +20.5% | +34.5% | +33.8% | −5.6% | +21.8% | +6.9% | −1.1% | +13.5% | +32.4% | +16.0% | −3.9% | +29.1% | +43.9% | −47.3% | +17.2% | — | — |
| SCHA Schwab U.S. Small-Cap ETF | 6 of 16 | +11.7% | +11.2% | +18.4% | −19.8% | +16.4% | +19.3% | +26.4% | −11.7% | +14.2% | +20.0% | −4.2% | +6.5% | +39.3% | +18.4% | −3.0% | +28.7% | — | — | — | — | — |
| VTWO Vanguard Russell 2000 ETF | 5 of 15 | +12.9% | +11.6% | +17.1% | −20.5% | +14.8% | +20.2% | +25.8% | −11.1% | +14.7% | +21.4% | −4.5% | +5.0% | +38.8% | +16.2% | −4.4% | — | — | — | — | — | — |
| IWM iShares Russell 2000 ETF | 7 of 21 | +12.7% | +11.4% | +16.8% | −20.5% | +14.5% | +20.0% | +25.4% | −11.1% | +14.6% | +21.6% | −4.5% | +5.0% | +38.7% | +16.7% | −4.4% | +26.9% | +28.5% | −34.2% | −1.8% | +18.3% | +4.5% |
| ISCG iShares Morningstar Small-Cap Growth ETF | 8 of 21 | +12.9% | +13.4% | +23.1% | −26.8% | −1.3% | +43.4% | +27.7% | −6.9% | +24.6% | +8.8% | +0.3% | +2.6% | +42.0% | +14.2% | −1.2% | +31.3% | +32.6% | −40.0% | +10.9% | +9.8% | +5.3% |
| VTWG Vanguard Russell 2000 Growth ETF | 5 of 15 | +13.1% | +15.2% | +18.9% | −26.5% | +2.9% | +34.7% | +28.7% | −9.4% | +22.3% | +10.4% | −1.1% | +6.2% | +43.4% | +14.4% | −3.3% | — | — | — | — | — | — |
| IWO iShares Russell 2000 Growth ETF | 8 of 21 | +12.9% | +15.0% | +18.5% | −26.3% | +2.5% | +34.7% | +28.5% | −9.4% | +22.3% | +11.7% | −1.3% | +5.9% | +43.3% | +14.8% | −3.0% | +29.4% | +34.6% | −38.5% | +6.9% | +13.2% | +4.0% |
| VB Vanguard Morningstar Small-Cap ETF | 6 of 21 | +8.9% | +14.2% | +18.2% | −17.5% | +17.6% | +19.2% | +27.3% | −9.3% | +16.3% | +18.4% | −3.8% | +7.6% | +37.7% | +18.3% | −2.8% | +28.1% | +36.6% | −36.2% | 0.0% | +14.4% | +6.0% |
| VBR Vanguard Morningstar Small-Cap Value ETF | 8 of 21 | +9.1% | +12.4% | +16.0% | −9.4% | +28.1% | +5.9% | +22.8% | −12.3% | +11.8% | +24.9% | −4.8% | +10.6% | +36.6% | +19.0% | −4.2% | +25.1% | +30.9% | −32.2% | −6.9% | +19.5% | +6.1% |
| OUSM ALPS O'Shares U.S. Small-Cap Quality Dividend ETF | 2 of 9 | +2.1% | +13.5% | +18.8% | −7.9% | +21.5% | +7.6% | +28.1% | −10.6% | +10.8% | — | — | — | — | — | — | — | — | — | — | — | — |
| SLYG State Street SPDR S&P 600 Small Cap Growth ETF | 9 of 21 | +5.2% | +9.4% | +17.3% | −21.3% | +22.4% | +19.5% | +21.0% | −4.2% | +14.6% | +22.2% | +2.4% | +3.9% | +42.7% | +14.1% | +3.7% | +30.2% | +47.2% | −41.1% | +6.1% | +13.3% | +8.7% |
| SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | 4 of 12 | +6.1% | +8.5% | +16.1% | −16.1% | +26.7% | +11.4% | +25.8% | −11.1% | +15.4% | +20.0% | −3.3% | +4.9% | — | — | — | — | — | — | — | — | — |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 3 of 13 | +6.1% | +9.8% | +16.9% | −18.5% | +19.8% | +32.3% | +31.4% | −10.7% | +20.9% | +8.0% | −3.5% | −1.6% | +50.1% | — | — | — | — | — | — | — | — |
Risk and diversification
How VBK has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were VBK's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents VBK's five deepest drawdowns since it began trading in 2004, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: VBK began trading on January 30, 2004, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all five of VBK's worst declines, the S&P 500 held up better over the same dates.
- The slowest recovery came after VBK fell 38.4% from November 2021 to June 2022; it did not regain that peak until November 2024, two years later.
Green means VBK fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | VBK fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −58.7% | −55.1% | Oct 2007 | Mar 2009 | 17 months | Dec 2010 | 21 months |
| Covid crash | −38.7% | −28.8% | Feb 2020 | Mar 2020 | 1 month | Jul 2020 | 4 months |
| 2022 bear market | −38.4% | −21.3% | Nov 2021 | Jun 2022 | 7 months | Nov 2024 | 2.4 years |
| 2011 euro debt crisis | −28.9% | −18.4% | Jul 2011 | Oct 2011 | 3 months | Sep 2012 | 11 months |
| No named crash | −27.5% | −17.8% | Dec 2024 | Apr 2025 | 4 months | Sep 2025 | 5 months |
How did VBK do in stock market crashes?
This section measures how far VBK, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: VBK began trading on January 30, 2004, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
- VBK fell further than the S&P 500 in eight of the nine crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when VBK fell 24.1% and the S&P 500 fell 12.8%.
- Among its popular alternatives, OUSM held up best, falling less than VBK in four of the five crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VBK.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VBK This pageVanguard Morningstar Small-Cap Growth ETF | — | −6.1% | −32.8% | −38.7% | −25.2% | −6.0% | −24.1% | −27.7% | −2.7% | −58.7% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 8 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| SMLF iShares U.S. Small-Cap Equity Factor ETF | 4 of 6 | −7.5% | −23.3% | −40.9% | −23.2% | −5.4% | −16.1% | — | — | — | — |
| VUG Vanguard Morningstar Growth ETF | 7 of 9 | −3.5% | −33.7% | −31.8% | −22.3% | −6.2% | −15.2% | −18.3% | −2.0% | −50.7% | — |
| JSML Janus Henderson Small Cap Growth Alpha ETF | 2 of 5 | −6.7% | −31.8% | −39.2% | −25.9% | −4.0% | — | — | — | — | — |
| PSI Invesco Semiconductors ETF | 4 of 9 | −4.2% | −43.4% | −36.6% | −23.9% | −8.2% | −20.5% | −30.2% | −2.4% | −59.2% | — |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 4 of 7 | −6.7% | −30.5% | −43.3% | −28.9% | −5.2% | −18.6% | −25.5% | — | — | — |
| XBI State Street SPDR S&P Biotech ETF | 3 of 9 | −6.9% | −43.6% | −32.9% | −32.5% | −5.5% | −42.6% | −26.7% | −4.1% | −37.5% | — |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 6 of 9 | −5.2% | −32.1% | −36.2% | −21.5% | −6.2% | −20.8% | −25.0% | −2.8% | −60.2% | — |
| SCHA Schwab U.S. Small-Cap ETF | 3 of 8 | −7.3% | −26.6% | −42.3% | −25.3% | −5.6% | −21.5% | −27.0% | −2.7% | — | — |
| VTWO Vanguard Russell 2000 ETF | 2 of 7 | −7.2% | −26.8% | −40.9% | −25.4% | −5.5% | −21.6% | −27.3% | — | — | — |
| IWM iShares Russell 2000 ETF | 4 of 9 | −7.1% | −26.8% | −40.8% | −25.7% | −5.5% | −21.5% | −27.2% | −2.9% | −58.4% | — |
| ISCG iShares Morningstar Small-Cap Growth ETF | 4 of 9 | −6.0% | −31.8% | −37.2% | −27.6% | −6.3% | −24.9% | −26.2% | −3.3% | −57.7% | — |
| VTWG Vanguard Russell 2000 Growth ETF | 1 of 7 | −6.5% | −33.8% | −40.4% | −27.3% | −5.4% | −25.6% | −27.9% | — | — | — |
| IWO iShares Russell 2000 Growth ETF | 1 of 9 | −6.5% | −33.8% | −39.8% | −27.6% | −5.6% | −25.5% | −27.7% | −2.9% | −57.6% | — |
| VB Vanguard Morningstar Small-Cap ETF | 4 of 9 | −7.3% | −24.9% | −42.0% | −23.8% | −5.9% | −20.5% | −26.7% | −2.5% | −59.7% | — |
| VBR Vanguard Morningstar Small-Cap Value ETF | 4 of 9 | −8.1% | −20.4% | −44.8% | −23.0% | −5.5% | −17.3% | −25.9% | −2.6% | −60.2% | — |
| OUSM ALPS O'Shares U.S. Small-Cap Quality Dividend ETF | 4 of 5 | −5.0% | −19.0% | −39.3% | −21.8% | −5.2% | — | — | — | — | — |
| SLYG State Street SPDR S&P 600 Small Cap Growth ETF | 3 of 9 | −6.6% | −27.5% | −39.9% | −25.3% | −5.5% | −17.9% | −24.9% | −3.7% | −60.0% | — |
| SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | 3 of 6 | −7.0% | −24.6% | −41.7% | −25.4% | −5.5% | −21.2% | — | — | — | — |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 2 of 6 | −7.2% | −26.9% | −46.2% | −31.0% | −5.2% | −29.0% | — | — | — | — |
How closely does VBK move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares VBK with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- VUG took just 108% of the S&P 500's losses, against 125% for VBK, while still keeping 113% of its gains.
- Over the past 10 years, VBK captured 99% of the S&P 500's gains in rising months and 125% of its losses in falling months, with a beta of 1.17. Its share of the market's losses was larger than its share of the gains.
- Eight of the 18 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than VBK's 0.79, led by PSI, VUG and FYC.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than VBK's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| VBK This pageVanguard Morningstar Small-Cap Growth ETF | 99% | 125% | 0.79 | 1.17 |
| PSI Invesco Semiconductors ETF | 150% | 110% | 1.36 | 1.54 |
| VUG Vanguard Morningstar Growth ETF | 113% | 108% | 1.04 | 1.13 |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 106% | 122% | 0.87 | 1.22 |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 95% | 113% | 0.84 | 1.12 |
| SMLF iShares U.S. Small-Cap Equity Factor ETF | 98% | 118% | 0.83 | 1.11 |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 99% | 120% | 0.82 | 1.18 |
| ISCG iShares Morningstar Small-Cap Growth ETF | 95% | 118% | 0.80 | 1.12 |
| VB Vanguard Morningstar Small-Cap ETF | 96% | 120% | 0.80 | 1.13 |
| JSML Janus Henderson Small Cap Growth Alpha ETF | 111% | 141% | 0.79 | 1.30 |
| SLYG State Street SPDR S&P 600 Small Cap Growth ETF | 93% | 119% | 0.79 | 1.11 |
| SCHA Schwab U.S. Small-Cap ETF | 97% | 124% | 0.78 | 1.18 |
| VBR Vanguard Morningstar Small-Cap Value ETF | 94% | 119% | 0.78 | 1.11 |
| VTWO Vanguard Russell 2000 ETF | 98% | 128% | 0.77 | 1.17 |
| SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | 95% | 123% | 0.77 | 1.13 |
| XBI State Street SPDR S&P Biotech ETF | 93% | 122% | 0.76 | 1.01 |
| IWM iShares Russell 2000 ETF | 98% | 129% | 0.76 | 1.17 |
| VTWG Vanguard Russell 2000 Growth ETF | 101% | 132% | 0.76 | 1.22 |
| IWO iShares Russell 2000 Growth ETF | 100% | 132% | 0.76 | 1.21 |
What diversifies VBK?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with VBK's. Because such investments tend not to fall at the same time, pairing VBK with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in VBK into GLD would have cut the portfolio's volatility by 16% over the past 5 years and raised its annual return (+4.4% for VBK alone, +7.6% for the mix).
- Among large ETFs, LVHI, DXJ and EWP have moved largely independently of VBK over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.
- CAH made money in three of the five calendar years in which VBK lost money.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which VBK lost money. The last two columns show a portfolio that is 80% VBK and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2011 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| VBK Vanguard Morningstar Small-Cap Growth ETF (this page) | 1.00 | +17.3% | 0.25 | −28.4% | −5.7% | −2.6% | −1.6% | −40.3% | 21.0% | +4.4% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.48 | +119% | 1.48 | +3.8% | −5.2% | — | — | — | 17.8% | +7.1% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.47 | +225% | 1.34 | +6.0% | −19.8% | +7.7% | −16.1% | −20.8% | 18.1% | +8.9% |
| EWP Broad MarketiShares MSCI Spain ETF | 0.47 | +140% | 0.97 | −5.2% | −15.3% | −15.6% | −9.8% | −36.8% | 18.9% | +7.9% |
| GLD CommoditiesSPDR Gold Shares | 0.13 | +126% | 0.96 | −0.8% | −1.9% | −10.7% | +9.6% | +4.9% | 17.6% | +7.6% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.22 | +177% | 0.93 | +64.4% | −18.2% | −21.5% | +2.8% | −39.0% | 18.6% | +8.6% |
| AMLP EnergyAlerian MLP ETF | 0.42 | +111% | 0.89 | +25.5% | −12.6% | −25.7% | +10.2% | — | 18.6% | +7.5% |
| IDV InternationaliShares International Select Dividend ETF | 0.48 | +82.6% | 0.86 | −6.5% | −10.4% | −10.7% | −7.2% | −52.1% | 18.6% | +6.5% |
| EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF | 0.47 | +69.9% | 0.84 | −15.3% | −6.2% | −27.4% | — | — | 18.2% | +6.0% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2011 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| VBK Vanguard Morningstar Small-Cap Growth ETF (this page) | 1.00 | +17.3% | 0.25 | −28.4% | −5.7% | −2.6% | −1.6% | −40.3% | 21.0% | +4.4% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.32 | +479% | 1.55 | +54.1% | −24.5% | +12.6% | +8.1% | −39.6% | 19.1% | +11.1% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.49 | +3,143% | 1.47 | +1.3% | −16.3% | −6.0% | −24.4% | −20.5% | 24.7% | +22.6% |
| MCK Medical - DistributionMcKesson Corporation | 0.16 | +413% | 1.44 | +51.8% | −28.4% | −4.5% | +11.8% | −40.4% | 18.3% | +10.7% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.21 | +690% | 1.41 | +86.6% | −8.2% | +17.4% | — | — | 19.2% | +13.1% |
| ATI Manufacturing - Metal FabricationATI Inc. | 0.46 | +1,008% | 1.34 | +87.5% | −9.8% | −66.7% | −12.2% | −70.0% | 22.8% | +15.7% |
Common questions
What was VBK's worst drawdown?
VBK's deepest decline since it began trading in 2004 was 58.7%, from October 2007 to March 2009. It took 21 months from the low to climb back to its old high. Because VBK launched in January 2004, that record does not include the dot-com bust.
What were VBK's best and worst years?
Over 21 full calendar years, VBK's best year was 2009, when it returned 42.8%. Its worst was 2008, with a return of -40.3%.
Is there a better investment than VBK?
Among VBK's popular alternatives, VUG, IWM and OUSM earned more than VBK with less volatility over the past 5 years. VUG returned 12.3% a year at 22.5% volatility, against 3.2% a year at 23.7%. Looking beyond its popular alternatives, OEF (US large-cap equity) and DBEF (international equity) earned more than VBK with less volatility over the past 5 years. OEF returned 14.3% a year at 17.8% volatility, against 3.2% a year at 23.7%.
Is VBK more volatile than the S&P 500?
Yes. VBK's volatility over the past 5 years was 23.7%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VBK's return lands within 23.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is VBK's Sharpe ratio?
VBK's Sharpe ratio over the past 5 years was 0.25, against 0.79 for the S&P 500, so VBK earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is VBK with the S&P 500?
Over the past 5 years, VBK's monthly returns had a correlation of 0.88 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against VBK instead: the lower it is, the more that option would diversify a VBK holding.
What are the best alternatives to VBK?
Of the 21 popular alternatives we compared, ten outperformed VBK in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: SMLF, VUG and JSML.
Did VBK outperform the S&P 500?
VBK finished ahead of the S&P 500 (SPY) in eight of 21 full calendar years. In 2025, it returned +8.5%, against +17.7% for the index.
How did VBK do in stock market crashes?
VBK fell less than the S&P 500 (SPY) in none of the nine major crashes it has traded through, and further in eight. The clearest case was the 2015 China and oil sell-off, when VBK fell 24.1% and the S&P 500 fell 12.8%.
What diversifies VBK?
These had a low correlation with VBK over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.48), DXJ (correlation 0.47) and EWP (correlation 0.47); among large stocks, CAH (correlation 0.32), CLS (correlation 0.49) and MCK (correlation 0.16). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than VBK's. Returns within 0.5 points or 3% of VBK's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to VBK
- VUGVanguard Morningstar Growth ETF
- IWMiShares Russell 2000 ETF
VBVanguard Morningstar Small-Cap ETF
VBRVanguard Morningstar Small-Cap Value ETF
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