Relative Intelligence · US Small-Cap Equity
How Vanguard Morningstar Small-Cap Value ETF (VBR) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VBR alone. It places VBR (Vanguard Morningstar Small-Cap Value 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 VBR stands in the market, and of the alternatives worth a closer look.
Period covered: VBR'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
- Right nowVBR has trailed the market, rising 3.3% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Its similar funds were far apart over the past 6 months, from CALF (Pacer US Small Cap Cash Cows ETF, up 19.7%) to SCHA (Schwab U.S. Small-Cap ETF, up 1.1%). Consistency ↓
- Fund or market?VBR fell 1.0% over the past 3 months, 4.5 points ahead of the small-cap stock ETF IWM (iShares Russell 2000 ETF), which fell 5.4%. The S&P 500 rose 3.9%. Its similar funds did not move as one over the past 3 months: CALF (Pacer US Small Cap Cash Cows ETF) rose 9.4%, while AVUV (Avantis U.S. Small Cap Value ETF) fell 2.6%.
- Long termOver the past decade, VBR returned 10.4% a year against 15.5% a year for the S&P 500 (169% in total against 321%). Even so, over the past decade, only XSVM (Invesco S&P SmallCap Value with Momentum ETF) of its similar funds outpaced VBR. Growth of $10,000 ↓
- In a crashVBR fell harder than the S&P 500 in five of six sell-offs. The 2022 bear market was the exception: VBR fell 20.4%, less than the S&P 500's 24.5%. Crash tests ↓
- DiversificationAgainst the S&P 500, VBR has a correlation of 0.82 over 5 years, more closely than 67% of ETFs with at least $100 million in assets. Next to an index fund it is more of the same, not a cushion. Market capture ↓
- Better options
- Popular alternatives
- VTV (Vanguard Morningstar Value ETF) and VOE (Vanguard Morningstar Mid-Cap Value ETF) earned more than VBR with less volatility over the past 5 years. VTV returned 12.1% a year at 13.7% volatility, against 8.2% a year at 19.4%.
- Same exposure, lower fee
- A cheaper fund that has kept up over the past decade is VB (Vanguard Morningstar Small-Cap ETF, 0.03% a year against 0.05%).
- Nearby categories and themes
- RWL (Invesco S&P 500 Revenue ETF, US large-cap equity) and LVHI (Franklin International Low Volatility High Dividend Index ETF, international equity) earned more than VBR with less volatility over the past 5 years. RWL returned 13.7% a year at 14.4% volatility, against 8.2% a year at 19.4%.
How much would $10,000 in VBR have grown?
This chart tracks a hypothetical $10,000 investment in VBR over the past 22 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of VBR over the same span and VBR'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: VBR began trading on January 30, 2004, so the chart cannot reach back to the dot-com bust. It covers the most recent 22 years of VBR's record, starting at the end of September 2004.
- $10,000 invested in VBR at the end of September 2004 would have grown to $70,630 by September 2026, less than the $102,174 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of VBR, and VTI finished highest, at $103,071.
Choose a period
From the end of September 2004 to the end of September 2026. Hover over a fund in the key to pick out its line. 695 of the 1,487 stocks and funds worth at least $500 million that traded the whole period ended ahead of VBR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- VTI$103,071+931% total · +11.2% a year
- SPY (S&P 500)$102,174+922% total · +11.1% a year
- JNJ$87,426+774% total · +10.4% a year
- VBK$83,161+732% total · +10.1% a year
- VTV$76,410+664% total · +9.7% a year
- VB$75,500+655% total · +9.6% a year
- VBR$70,630+606% total · +9.3% a year
- IJS$65,490+555% total · +8.9% a year
- IWM$65,295+553% total · +8.9% a year
- IWN$55,927+459% total · +8.1% 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. 1,527 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of VBR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- LVHI$21,792+118% total · +16.9% a year
- RWL$19,092+90.9% total · +13.8% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- VTI$18,064+80.6% total · +12.6% a year
- VTV$17,967+79.7% total · +12.4% a year
- AVUV$16,960+69.6% total · +11.1% a year
- RZV$16,037+60.4% total · +9.9% a year
- VOE$15,656+56.6% total · +9.4% a year
- VBR$15,178+51.8% total · +8.7% a year
- XSVM$14,214+42.1% total · +7.3% a year
VBR 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: VBR 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.
- VBR's deepest decline since it began trading in 2004 was 62.0%, from June 2007 to March 2009. It took 23 months from the low to climb back to its old high.
- Over 21 full calendar years, VBR's best was 2013, when it returned 36.6%, and its worst was 2008, when it lost 32.2%. It lost money in six of those years.
- VBR is 4.7% below its all-time high.
The fund
- Issuer
- Vanguard
- Began trading
- January 2004
- Expense ratio
- 0.05%per year
- Assets
- $64B
- Category
- Broad Market
Returns
- Past 1 year
- +16.8%total return
- Past 3 years
- +66.7%+18.6% a year
- Past 5 years
- +48.6%+8.2% a year
- Past 10 years
- +169%+10.4% a year
- Best calendar year
- +36.6%2013
- Worst calendar year
- −32.2%2008
- Losing years
- 6 of 21full calendar years
Risk
- Volatility
- 19.4%typical yearly swing, 5 years
- Sharpe ratio
- 0.51return per unit of risk, 5 years
- Worst decline ever
- −62.0%Jun 2007 to Mar 2009
- From its all-time high
- −4.7%below the peak
VBR against the whole market
Where VBR ranks among every stock and fund, and what across the market has done better.
How does VBR rank among all ETFs?
This section ranks VBR 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 VBR stacks up against its peers, these rankings show where it stands in the market as a whole.
- VBR lands in the broad middle of the market on every measure here. VBR's 1-year return ranks in the top 26% of the 2,485 ETFs with at least $100 million in assets with 1 year of history.
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 | VBR | Rank | Standing |
|---|---|---|---|
| 1-year return | +16.8% | 637 of 2,485 | top 26% |
| 3-year return | +66.7% | 846 of 1,949 | top 43% |
| 5-year return | +48.6% | 704 of 1,560 | top 45% |
| 10-year return | +169% | 388 of 958 | top 41% |
| Volatility, 5 years | 19.4% | 1,075 of 1,560 | bottom 32% |
| Sharpe ratio, 5 years | 0.51 | 908 of 1,560 | bottom 43% |
| Worst decline, past 10 years | −45.3% | 712 of 951 | bottom 26% |
What has beaten VBR 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). VBR sits where the dashed lines cross. Anything in the green box above and to the left earned more than VBR 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.
- Seven stocks and 249 ETFs worth at least $500 million sit in the green region: each earned more than VBR over the past 5 years with smaller price swings. That is 7% of the 3,633 screened.
- Among those with at least half VBR's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 43% less than VBR's 19.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.51 for VBR. SDCI earned the most, 20.6% a year, while still swinging less than VBR (18.4% against 19.4%).
- Among VBR's popular alternatives, VTV and VOE are in the region. VTV earned 12.1% a year against 8.2% a year for VBR, at 13.7% volatility, 29% less than VBR's 19.4%.
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 VBR; faint dots are 88 more of the 256 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
Is there a better investment than VBR?
Investments that beat VBR over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among VBR's popular alternatives, VTV and VOE earned more than VBR with less volatility over the past 5 years. VTV returned 12.1% a year at 13.7% volatility, against 8.2% a year at 19.4%.
- A cheaper fund that has kept up over the past decade is VB (0.03% a year against 0.05%).
- Looking beyond its popular alternatives, RWL (US large-cap equity) and LVHI (international equity) earned more than VBR with less volatility over the past 5 years. RWL returned 13.7% a year at 14.4% volatility, against 8.2% a year at 19.4%.
How this works
The table below lists investments that beat VBR 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 VBR'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 VBR 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 VBR'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× VBR's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than VBR'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 VBR?lower diversifies more | Expenseper year | |||
| VBRVanguard Morningstar Small-Cap Value ETF · this page | +8.2% | 19.4% | 0.51 | −45.3% | +169% | 1.00 | 0.05% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.82 | 0.09% | ||
| Popular alternativesbest 4 shownThe investments people most often weigh against VBR. 4 of 19 passed at least one test. | |||||||||
 VTVVanguard Morningstar Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.92 | 0.03% | |
VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity | Higher return, lower volatilityHigher return in most periods | +9.4% | 15.8% | 0.65 | −43.2% | +182% | 0.96 | 0.05% | |
 VBVanguard Morningstar Small-Cap ETF · US Small-Cap Equity | Same exposure, lower expense ratio | +6.2% | 20.6% | 0.40 | −42.0% | +179% | 0.98 | 0.03% | |
RZVInvesco S&P SmallCap 600 Pure Value ETF · Broad Market | Higher return in most periods | +9.1% | 23.8% | 0.49 | −60.4% | +156% | 0.96 | 0.35% | |
| 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 VBR's specific themes. 94 of 149 passed at least one test. | |||||||||
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.93 | 0.39% | |
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% | 0.70 | 0.40% | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.85 | 0.03% | |
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.82 | 0.03% | |
DXJWisdomTree Japan Hedged Equity Fund · International Equity | On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.46 | 0.48% | |
EFAViShares MSCI EAFE Min Vol Factor ETF · International Equity | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +7.6% | 11.9% | 0.68 | −27.6% | +97.7% | 0.62 | 0.20% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 496 of 3,466 passed at least one test. | |||||||||
 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% | 0.35 | — | |
 KOThe Coca-Cola Company · Food & Beverages | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.35 | — | |
 VYMVanguard High Dividend Yield ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.3% | 13.8% | 0.85 | −35.2% | +208% | 0.91 | 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% | 0.86 | 0.06% | |
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.70 | — | |
HDViShares Core High Dividend ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.75 | 0.08% | |
 RSGRepublic Services, Inc. · Environmental Services | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.32 | — | |
NULVNuveen ESG Large-Cap Value · Broad Market | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +9.2% | 14.2% | 0.69 | −37.0% | — | 0.91 | 0.26% | |
What these numbers mean for VBR
- Annual return
- VBR returned 8.2% 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 $14,900. 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
- VBR's volatility over the past 5 years was 19.4%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VBR's return lands within 19.4% 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
- VBR's Sharpe ratio over the past 5 years was 0.51, against 0.79 for the S&P 500, so VBR 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
- VBR's worst fall from a peak to a low over the past 10 years was 45.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 45.3% fall takes a 82.7% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, VBR's monthly returns had a correlation of 0.82 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 VBR instead: the lower it is, the more that option would diversify a VBR holding. Guide: Correlation and diversification →
Show all 256 stocks and funds worth at least $500 million that earned more than VBR 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 VBR | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.35 | — |
| 2 | KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.35 | — |
| 3 | VYMVanguard High Dividend Yield ETF · US Dividend Equity | Whole market | +11.3% | 13.8% | 0.85 | −35.2% | +208% | 0.91 | 0.04% |
| 4 | SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.86 | 0.06% |
| 5 | RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.70 | — |
| 6 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.75 | 0.08% |
| 7 | DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Whole market | +11.8% | 14.0% | 0.87 | −32.0% | +276% | 0.86 | 0.28% |
| 8 |  BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.56 | — |
| 9 | VTVVanguard Morningstar Value ETF · US Large-Cap Value | Popular alternative | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.92 | 0.03% |
| 10 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.90 | 0.20% |
| 11 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Same or nearby category | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.93 | 0.39% |
| 12 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.57 | 0.60% |
| 13 | PWVInvesco Large Cap Value ETF · Broad Market | Whole market | +13.5% | 14.2% | 0.97 | −37.6% | +223% | 0.89 | 0.55% |
| 14 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Same or nearby category | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.70 | 0.40% |
| 15 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.44 | 0.65% |
| 16 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.90 | 0.19% |
| 17 | ROUSHartford Multifactor US Equity ETF · Broad Market | Whole market | +12.3% | 14.4% | 0.88 | −35.5% | +238% | 0.90 | 0.19% |
| 18 | PFMInvesco Dividend Achievers ETF · Dividend & Income | Whole market | +10.4% | 13.4% | 0.81 | −32.2% | +213% | 0.89 | 0.52% |
| 19 | OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income | Whole market | +9.4% | 13.4% | 0.74 | −33.1% | +186% | 0.81 | 0.48% |
| 20 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.3% | 16.2% | 0.69 | −34.2% | +223% | 0.85 | 0.06% |
| 21 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.80 | 0.26% |
| 22 |  QUALiShares MSCI USA Quality Factor ETF · US Quality Equity | Whole market | +11.4% | 17.3% | 0.71 | −34.1% | +293% | 0.82 | 0.15% |
| 23 | VOOVanguard S&P 500 ETF · US Large-Cap Equity | Same or nearby category | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.82 | 0.03% |
| 24 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.81 | 0.20% |
| 25 | ESGUiShares ESG Aware MSCI USA ETF · US ESG Equity | Whole market | +11.5% | 17.4% | 0.72 | −33.9% | — | 0.82 | 0.15% |
| 26 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.88 | 0.15% |
| 27 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.71 | 0.40% |
| 28 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.83 | 0.12% |
| 29 |  DIAState Street SPDR Dow Jones Industrial Average ETF Trust · US Large-Cap Equity | Same or nearby category | +9.9% | 14.8% | 0.72 | −36.7% | +250% | 0.88 | 0.16% |
| 30 | DFIVDimensional - International Value ETF · International Equity | Same or nearby category | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.76 | 0.27% |
| 31 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.73 | 0.12% |
| 32 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Same or nearby category | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.75 | 0.25% |
| 33 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.95 | 0.15% |
| 34 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Same or nearby category | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.78 | 0.35% |
| 35 | AVUSAvantis U.S. Equity ETF · US Total Market | Same or nearby category | +12.2% | 17.2% | 0.76 | −37.0% | — | 0.93 | 0.15% |
| 36 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Same or nearby category | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.81 | 0.15% |
| 37 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.67 | 0.09% |
| 38 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.90 | 0.05% |
| 39 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Same or nearby category | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.53 | 0.39% |
| 40 | FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market | Whole market | +13.8% | 16.3% | 0.88 | −33.6% | — | 0.81 | 0.15% |
| 41 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.77 | 0.19% |
| 42 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.79 | 0.43% |
| 43 | AVIVAvantis International Large Cap Value ETF · International | Whole market | +12.6% | 16.7% | 0.80 | −27.7% | — | 0.77 | 0.25% |
| 44 | DHSWisdomTree U.S. High Dividend Fund · Dividend & Income | Whole market | +12.0% | 13.9% | 0.89 | −37.4% | +156% | 0.86 | 0.38% |
| 45 | RODMHartford Multifactor Developed Markets (ex-US) ETF · International | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +141% | 0.77 | 0.29% |
| 46 | DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Same or nearby category | +9.6% | 15.5% | 0.67 | −37.8% | +133% | 0.57 | 0.63% |
| 47 | FDLOFidelity Low Volatility Factor ETF · Broad Market | Whole market | +9.8% | 13.0% | 0.79 | −34.4% | +249% | 0.79 | 0.15% |
| 48 | BKIEBNY Mellon International Equity ETF · International | Whole market | +11.5% | 16.4% | 0.75 | −28.2% | — | 0.77 | 0.04% |
| 49 | ATOAtmos Energy Corporation · Gas Utilities | Whole market | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.59 | — |
| 50 | DUSADavis Select U.S. Equity ETF · Broad Market | Whole market | +11.3% | 18.4% | 0.68 | −36.7% | — | 0.87 | 0.59% |
| 51 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income | Whole market | +11.5% | 14.8% | 0.82 | −19.4% | +121% | 0.75 | 0.75% |
| 52 | FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare | Whole market | +11.9% | 16.9% | 0.75 | −32.1% | +153% | 0.59 | 0.60% |
| 53 | IQDFNorthern Trust International Quality Dividend ETF · International | Whole market | +10.9% | 15.8% | 0.74 | −39.8% | +141% | 0.71 | 0.49% |
| 54 | HLALWahed FTSE USA Shariah ETF · Broad Market | Whole market | +14.0% | 18.0% | 0.82 | −33.6% | — | 0.73 | 0.50% |
| 55 | IDHQInvesco S&P International Developed Quality ETF · International | Whole market | +10.0% | 17.9% | 0.63 | −33.6% | +183% | 0.72 | 0.29% |
| 56 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.84 | 0.15% |
| 57 | EWJViShares MSCI Japan Value ETF · International | Whole market | +14.9% | 18.2% | 0.86 | −30.1% | — | 0.60 | 0.15% |
| 58 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.84 | 0.50% |
| 59 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.85 | 0.31% |
| 60 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.65 | 0.50% |
| 61 | FIVAFidelity International Value Factor ETF · International | Whole market | +13.1% | 16.4% | 0.84 | −39.7% | — | 0.76 | 0.18% |
| 62 | VSLUApplied Finance Valuation Large Cap ETF · Broad Market | Whole market | +13.7% | 16.2% | 0.88 | −23.8% | — | 0.79 | 0.49% |
| 63 | SSUSStrategy Shares Day Hagan Smart Sector ETF · Broad Market | Whole market | +10.5% | 15.4% | 0.73 | −23.8% | — | 0.77 | 0.77% |
| 64 | PJPInvesco Pharmaceuticals ETF · Healthcare | Whole market | +11.2% | 16.6% | 0.72 | −34.0% | +135% | 0.59 | 0.58% |
| 65 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds | Whole market | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.18 | 0.80% |
| 66 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.81 | 0.79% |
| 67 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.78 | 0.85% |
| 68 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.92 | 0.56% |
| 69 | AVDVAvantis International Small Cap Value ETF · International Equity | Same or nearby category | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.75 | 0.36% |
| 70 | WTVWisdomTree U.S. Value Fund · Broad Market | Whole market | +13.4% | 17.0% | 0.83 | −42.2% | +303% | 0.96 | 0.12% |
| 71 | IDViShares International Select Dividend ETF · International Equity | Same or nearby category | +12.8% | 15.5% | 0.86 | −42.5% | +159% | 0.67 | 0.50% |
| 72 | BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Same or nearby category | +11.4% | 16.7% | 0.73 | −42.8% | — | 0.86 | 0.19% |
| 73 | FLJPFranklin FTSE Japan ETF · International | Whole market | +9.5% | 18.1% | 0.59 | −32.5% | — | 0.69 | 0.09% |
| 74 | VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity | Popular alternative | +9.4% | 15.8% | 0.65 | −43.2% | +182% | 0.96 | 0.05% |
| 75 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.82 | 0.10% |
| 76 |  VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Same or nearby category | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.79 | 0.03% |
| 77 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.85 | 0.56% |
| 78 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International | Whole market | +11.6% | 14.8% | 0.82 | −44.8% | +155% | 0.73 | 0.55% |
| 79 | TPYPTortoise North American Pipeline ETF · Energy | Whole market | +16.9% | 17.3% | 0.99 | −51.9% | +184% | 0.72 | 0.40% |
| 80 | VFMFVanguard U.S. Multifactor ETF · Broad Market | Whole market | +14.3% | 17.6% | 0.85 | −41.3% | — | 0.98 | 0.18% |
| 81 | FTAFirst Trust Large Cap Value AlphaDEX Fund · Broad Market | Whole market | +10.4% | 16.2% | 0.70 | −45.0% | +190% | 0.94 | 0.58% |
| 82 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.19 | 0.85% |
| 83 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.67 | 0.60% |
| 84 | FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income | Whole market | +13.1% | 16.0% | 0.85 | −44.6% | +203% | 0.70 | 0.59% |
| 85 | EYLDCambria Emerging Shareholder Yield ETF · International | Whole market | +11.9% | 18.4% | 0.70 | −41.8% | +199% | 0.60 | 0.63% |
| 86 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.22 | 0.98% |
| 87 | COWZPacer US Cash Cows 100 ETF · US Large-Cap Value | Same or nearby category | +11.4% | 17.7% | 0.70 | −38.7% | — | 0.87 | 0.49% |
| 88 | VUSEVident U.S. Equity Strategy ETF · Broad Market | Whole market | +11.3% | 17.2% | 0.71 | −43.9% | +213% | 0.87 | 0.50% |
| 89 | ACIOAptus Collared Income Opportunity ETF · Dividend & Income | Whole market | +9.3% | 11.1% | 0.86 | −14.2% | — | 0.78 | 0.79% |
| 90 | IDMOInvesco S&P International Developed Momentum ETF · International Equity | Same or nearby category | +13.3% | 18.2% | 0.78 | −31.3% | +229% | 0.78 | 0.25% |
| 91 | DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market | Whole market | +11.3% | 16.1% | 0.75 | −33.1% | — | 0.88 | 0.39% |
| 92 | DDWMWisdomTree Dynamic International Equity Fund · International | Whole market | +12.3% | 13.4% | 0.94 | −35.0% | +149% | 0.76 | 0.40% |
| 93 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +128% | 0.71 | 0.50% |
| 94 | RAAXVanEck Real Assets ETF · Commodities | Whole market | +11.7% | 15.6% | 0.79 | −33.9% | — | 0.72 | 0.55% |
| 95 | INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market | Whole market | +11.8% | 17.8% | 0.72 | −21.3% | — | 0.77 | 0.85% |
| 96 | DBAInvesco DB Agriculture Fund · Alternatives | Whole market | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.25 | 0.90% |
| 97 | EXIiShares Global Industrials ETF · Industrials | Whole market | +10.6% | 17.3% | 0.67 | −39.6% | +203% | 0.88 | 0.38% |
| 98 | PPHVanEck Pharmaceutical ETF · Healthcare | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +153% | 0.54 | 0.36% |
| 99 | FXUFirst Trust Utilities AlphaDEX Fund · Utilities | Whole market | +11.2% | 16.6% | 0.72 | −34.8% | +138% | 0.67 | 0.61% |
| 100 | CMDYiShares Bloomberg Roll Select Commodity Strategy ETF · Commodities | Whole market | +9.5% | 15.7% | 0.66 | −31.2% | — | 0.24 | 0.29% |
VBR against its popular alternatives
The investments people most often weigh against VBR, compared period by period and year by year.
How do VBR'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 VBR, which divides the map into what did better or worse on each measure.
- Only VTV and VOE were both more rewarding and calmer than VBR over the past 5 years, earning a higher annual return with lower volatility.
- 11 of the 18 popular alternatives earned less than VBR over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, VBR returned 8.2% a year, less than the S&P 500's 12.7%, with higher volatility (19.4% against 17.1%).
Green points earned more than VBR 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 |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| VTV Vanguard Morningstar Value ETF | +12.0% | 13.7% |
| AVUV Avantis U.S. Small Cap Value ETF | +10.5% | 22.1% |
| DFAT Dimensional - US Targeted Value ETF | +9.6% | 21.0% |
| VOE Vanguard Morningstar Mid-Cap Value ETF | +9.4% | 15.8% |
| RZV Invesco S&P SmallCap 600 Pure Value ETF | +9.2% | 23.8% |
| VBR This pageVanguard Morningstar Small-Cap Value ETF | +8.2% | 19.4% |
| ISCV iShares Morningstar Small Cap Value ETF | +7.5% | 20.4% |
| CALF Pacer US Small Cap Cash Cows ETF | +7.2% | 23.0% |
| VTWV Vanguard Russell 2000 Value ETF | +7.0% | 21.4% |
| DLS WisdomTree International SmallCap Dividend Fund | +6.8% | 15.6% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | +6.8% | 22.1% |
| IWN iShares Russell 2000 Value ETF | +6.8% | 21.1% |
| DES WisdomTree U.S. SmallCap Dividend Fund | +6.7% | 19.2% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | +6.3% | 21.5% |
| VB Vanguard Morningstar Small-Cap ETF | +6.2% | 20.6% |
| IJS iShares S&P Small-Cap 600 Value ETF | +6.1% | 21.5% |
| SCHA Schwab U.S. Small-Cap ETF | +6.0% | 22.0% |
| IWM iShares Russell 2000 ETF | +5.2% | 22.4% |
| VBK Vanguard Morningstar Small-Cap Growth ETF | +3.2% | 23.7% |
Has VBR consistently beaten its popular alternatives?
This section compares VBR 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 VBR helps separate lasting outperformance from a single strong stretch.
- Three of the 20 popular alternatives, VTV, VOE and RZV, outperformed VBR in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- VTV and VOE outperformed VBR in every long-term period and in all but one short-term period, the most consistent record in the group.
- VTV, VOE and DFAT earned more for the risk they took than VBR (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 VBR 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 | ||
| VBR Vanguard Morningstar Small-Cap Value ETF (this page) | — | +0.6% | −1.0% | +3.3% | +13.0% | +16.8% | +66.7% | +48.6% | +169% | 19.4% | 0.51 | −45.3% | 0.05% | $64B | — |
| VTV QualifiedVanguard Morningstar Value ETF | 5/5 short3/3 longAll-weather | +1.6% | +4.0% | +11.0% | +18.2% | +22.5% | +77.9% | +76.6% | +235% | 13.7% | 0.90 | −36.8% | 0.03% | $252B | 77% |
| VOE QualifiedVanguard Morningstar Mid-Cap Value ETF | 5/5 short3/3 longAll-weather | +2.9% | +3.2% | +8.2% | +17.3% | +21.7% | +75.4% | +56.6% | +182% | 15.8% | 0.65 | −43.2% | 0.05% | $37B | 80% |
| RZV QualifiedInvesco S&P SmallCap 600 Pure Value ETF | 3/5 short2/3 long | 0.0% | −5.5% | +4.2% | +19.7% | +22.2% | +73.4% | +54.9% | +156% | 23.8% | 0.49 | −60.4% | 0.35% | $277M | 76% |
| AVUV Broad MarketAvantis U.S. Small Cap Value ETF | 2/5 short2/3 long | −0.4% | −2.6% | +3.0% | +18.4% | +24.4% | +70.2% | +64.9% | — | 22.1% | 0.56 | −49.4% | 0.25% | $31B | 74% |
| XSVM Broad MarketInvesco S&P SmallCap Value with Momentum ETF | 2/5 short1/3 long | −0.9% | −5.2% | +3.3% | +17.4% | +21.4% | +54.6% | +38.7% | +209% | 22.1% | 0.41 | −49.0% | 0.36% | $580M | 66% |
| VTWV Broad MarketVanguard Russell 2000 Value ETF | 2/5 short1/3 long | −2.3% | −4.1% | +2.6% | +16.9% | +19.3% | +74.6% | +40.1% | +151% | 21.4% | 0.42 | −45.7% | 0.06% | $1.4B | 85% |
| IWN Broad MarketiShares Russell 2000 Value ETF | 2/5 short1/3 long | −2.3% | −4.1% | +2.4% | +16.6% | +19.1% | +73.2% | +38.6% | +147% | 21.1% | 0.42 | −46.1% | 0.24% | $14B | 83% |
| DFAT Broad MarketDimensional - US Targeted Value ETF | 2/5 short1/3 long | 0.0% | −1.7% | +3.6% | +15.3% | +20.5% | +64.5% | +57.8% | — | 21.0% | 0.54 | −26.1% | 0.33% | $30B | 79% |
| SCHA Broad MarketSchwab U.S. Small-Cap ETF | 1/5 short1/3 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 | 87% |
| DLS InternationalWisdomTree International SmallCap Dividend Fund | 1/5 short1/3 long | −3.1% | +2.9% | +0.9% | +8.4% | +13.1% | +76.6% | +39.1% | +102% | 15.6% | 0.50 | −44.8% | 0.58% | $1.0B | 78% |
| VB Broad MarketVanguard Morningstar Small-Cap ETF | 0/5 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 | 86% |
| VBK Broad MarketVanguard Morningstar Small-Cap Growth ETF | 0/5 short1/3 long | −2.6% | −3.0% | −1.5% | +8.7% | +9.7% | +66.3% | +17.3% | +177% | 23.7% | 0.25 | −38.7% | 0.05% | $43B | 67% |
| IWM Broad MarketiShares Russell 2000 ETF | 0/5 short1/3 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 | 83% |
| CALF Broad MarketPacer US Small Cap Cash Cows ETF | 5/5 short0/3 long | +4.0% | +9.4% | +19.7% | +28.6% | +35.3% | +48.8% | +41.6% | — | 23.0% | 0.42 | −47.5% | 0.59% | $3.7B | 62% |
| DFSV Broad MarketU.S. Small Cap Value Portfolio ETF Class Shares | 3/5 short0/3 long | −0.5% | −1.5% | +3.8% | +16.9% | +23.1% | +66.4% | — | — | — | — | −28.0% | 0.33% | $27B | 80% |
| VIOV Broad MarketVanguard S&P Small-Cap 600 Value ETF | 2/5 short0/3 long | −0.9% | −3.9% | +2.2% | +14.8% | +18.9% | +62.6% | +35.9% | +154% | 21.5% | 0.39 | −47.4% | 0.10% | $1.8B | 89% |
| SLYV Broad MarketState Street SPDR S&P 600 Small Cap Value ETF | 2/5 short0/3 long | −0.9% | −3.9% | +2.4% | +14.6% | +19.0% | +61.7% | +35.4% | +153% | 21.5% | 0.39 | −47.7% | 0.15% | $4.7B | 90% |
| IJS Broad MarketiShares S&P Small-Cap 600 Value ETF | 2/5 short0/3 long | −0.9% | −3.9% | +2.2% | +14.6% | +18.9% | +61.6% | +34.7% | +150% | 21.5% | 0.39 | −47.7% | 0.18% | $7.5B | 90% |
| ISCV Broad MarketiShares Morningstar Small Cap Value ETF | 2/5 short0/3 long | −0.5% | −1.8% | +3.9% | +12.8% | +17.4% | +66.8% | +43.6% | +124% | 20.4% | 0.46 | −51.6% | 0.06% | $664M | 89% |
| DES Dividend & IncomeWisdomTree U.S. SmallCap Dividend Fund | 2/5 short0/3 long | 0.0% | −4.4% | +1.7% | +16.9% | +18.1% | +54.4% | +38.2% | +105% | 19.2% | 0.43 | −45.6% | 0.38% | $2.0B | 84% |
How did VBR do year by year?
This table shows each investment's total return in every full calendar year since 2005, along with where VBR ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VBR and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: VBR 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.
- VBR finished ahead of the S&P 500 in nine of its 21 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, VBR finished in the top quarter in three of 21 years and in the bottom quarter in no. In 2025, it ranked 9 of 20.
- Among its popular alternatives, AVUV came out ahead of VBR most often, in four of the six years both traded.
Newest year first. Green marks a year in which the fund came out ahead of VBR; gray means the two finished within a fraction of a point. The rank row places VBR among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of VBR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VBR This pageVanguard Morningstar Small-Cap Value ETF | — | +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% |
| Rank among alternatives | Top quarter in 3 of 21 | 9 of 20 | 5 of 20 | 13 of 20 | 6 of 19 | 9 of 18 | 7 of 18 | 10 of 17 | 7 of 17 | 8 of 16 | 9 of 16 | 8 of 16 | 3 of 16 | 11 of 16 | 4 of 16 | 11 of 16 | 8 of 14 | 7 of 13 | 6 of 13 | 8 of 13 | 4 of 9 | 3 of 8 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 11 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% |
| VTV Vanguard Morningstar Value ETF | 12 of 21 | +15.3% | +16.0% | +9.3% | −2.1% | +26.5% | +2.3% | +25.7% | −5.5% | +17.1% | +17.1% | −1.0% | +13.2% | +33.1% | +15.2% | +1.1% | +14.5% | +19.9% | −35.9% | −0.1% | +22.4% | +7.2% |
| VOE Vanguard Morningstar Mid-Cap Value ETF | 11 of 19 | +12.1% | +14.0% | +9.8% | −8.0% | +28.8% | +2.6% | +27.9% | −12.5% | +17.1% | +15.4% | −1.9% | +14.0% | +37.8% | +16.0% | −0.4% | +21.8% | +38.3% | −36.6% | −4.3% | — | — |
| RZV Invesco S&P SmallCap 600 Pure Value ETF | 8 of 19 | +8.6% | +5.1% | +23.0% | −6.8% | +46.0% | −3.9% | +22.3% | −19.7% | +1.2% | +34.0% | −12.8% | +2.7% | +45.3% | +21.4% | −8.0% | +28.6% | +62.7% | −41.1% | −19.1% | — | — |
| AVUV Avantis U.S. Small Cap Value ETF | 4 of 6 | +7.4% | +9.3% | +22.8% | −4.9% | +42.2% | +6.4% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 7 of 20 | +7.5% | +2.3% | +20.2% | −13.6% | +56.4% | +5.1% | +30.0% | −12.3% | +3.7% | +35.4% | −9.4% | +6.1% | +44.1% | +21.0% | −1.3% | +19.0% | +19.9% | −31.7% | −8.7% | +17.5% | — |
| VTWV Vanguard Russell 2000 Value ETF | 2 of 15 | +12.7% | +7.8% | +14.7% | −14.5% | +27.9% | +4.9% | +22.4% | −13.3% | +8.1% | +31.6% | −7.5% | +4.2% | +34.9% | +16.2% | −4.9% | — | — | — | — | — | — |
| IWN iShares Russell 2000 Value ETF | 4 of 21 | +12.4% | +7.6% | +14.6% | −14.8% | +28.0% | +4.7% | +22.0% | −13.0% | +7.7% | +32.0% | −7.7% | +4.1% | +34.3% | +18.1% | −5.8% | +24.7% | +20.5% | −28.8% | −10.3% | +23.5% | +4.4% |
| DFAT Dimensional - US Targeted Value ETF | 2 of 4 | +8.7% | +7.8% | +20.9% | −6.2% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SCHA Schwab U.S. Small-Cap ETF | 10 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% | — | — | — | — | — |
| DLS WisdomTree International SmallCap Dividend Fund | 6 of 19 | +34.1% | +3.1% | +15.3% | −17.3% | +10.8% | −1.3% | +22.2% | −18.9% | +29.8% | +6.8% | +7.5% | −9.0% | +26.3% | +24.0% | −12.3% | +19.4% | +37.1% | −44.4% | +4.5% | — | — |
| VB Vanguard Morningstar Small-Cap ETF | 12 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% |
| VBK Vanguard Morningstar Small-Cap Growth ETF | 13 of 21 | +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% |
| IWM iShares Russell 2000 ETF | 9 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% |
| CALF Pacer US Small Cap Cash Cows ETF | 4 of 8 | +2.3% | −7.4% | +35.4% | −15.2% | +40.7% | +16.6% | +18.1% | −10.0% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| DFSV U.S. Small Cap Value Portfolio ETF Class Shares | 1 of 3 | +8.6% | +7.1% | +19.2% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 5 of 15 | +6.6% | +7.4% | +15.4% | −11.4% | +30.7% | +2.8% | +24.4% | −12.8% | +11.5% | +30.1% | −6.3% | +7.4% | +39.5% | +17.6% | −2.1% | — | — | — | — | — | — |
| IJS iShares S&P Small-Cap 600 Value ETF | 7 of 21 | +6.5% | +7.3% | +14.7% | −11.3% | +30.6% | +2.6% | +24.1% | −12.8% | +11.3% | +31.2% | −6.9% | +7.5% | +39.3% | +18.3% | −1.6% | +24.8% | +22.4% | −29.4% | −5.6% | +19.4% | +6.0% |
| ISCV iShares Morningstar Small Cap Value ETF | 6 of 21 | +10.4% | +9.3% | +16.6% | −10.6% | +29.1% | +0.9% | +19.5% | −17.4% | +8.6% | +27.8% | −8.8% | +9.9% | +35.2% | +18.2% | −2.1% | +25.8% | +40.1% | −32.0% | −8.3% | +19.6% | +4.4% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 4 of 19 | +0.2% | +9.8% | +16.0% | −10.9% | +26.5% | −4.3% | +20.3% | −12.8% | +7.0% | +31.5% | −5.3% | +7.7% | +36.6% | +17.6% | −2.0% | +26.9% | +22.5% | −28.2% | −12.6% | — | — |
Risk and diversification
How VBR 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 VBR's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents VBR'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: VBR 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 VBR's worst declines, the S&P 500 held up better over the same dates.
- The longest climb back to a previous high took 23 months, after VBR fell 62.0% from June 2007 to March 2009.
Green means VBR fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | VBR fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −62.0% | −54.1% | Jun 2007 | Mar 2009 | 21 months | Feb 2011 | 23 months |
| Covid crash | −45.3% | −32.2% | Jan 2020 | Mar 2020 | 2 months | Nov 2020 | 8 months |
| 2011 euro debt crisis | −27.9% | −18.6% | Apr 2011 | Oct 2011 | 6 months | Sep 2012 | 11 months |
| No named crash | −24.2% | −16.4% | Nov 2024 | Apr 2025 | 5 months | Dec 2025 | 8 months |
| Late-2018 sell-off | −23.5% | −18.8% | Aug 2018 | Dec 2018 | 4 months | Jan 2020 | 13 months |
How did VBR do in stock market crashes?
This section measures how far VBR, 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: VBR 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.
- VBR fell further than the S&P 500 in seven of the nine crashes it has traded through. The clearest case was the Covid crash, when VBR fell 44.8% and the S&P 500 fell 33.7%.
- Among its popular alternatives, VTV held up best, falling less than VBR in eight of the nine 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 VBR.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VBR This pageVanguard Morningstar Small-Cap Value ETF | — | −8.1% | −20.4% | −44.8% | −23.0% | −5.5% | −17.3% | −25.9% | −2.6% | −60.2% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 7 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| VTV Vanguard Morningstar Value ETF | 8 of 9 | −4.0% | −17.0% | −36.4% | −17.3% | −6.5% | −11.6% | −18.8% | −1.1% | −59.2% | — |
| VOE Vanguard Morningstar Mid-Cap Value ETF | 7 of 9 | −6.3% | −19.7% | −43.0% | −21.0% | −5.6% | −16.9% | −21.7% | −2.0% | −59.4% | — |
| RZV Invesco S&P SmallCap 600 Pure Value ETF | 1 of 9 | −9.4% | −22.7% | −48.1% | −29.2% | −3.9% | −24.0% | −29.6% | −5.3% | −73.8% | — |
| AVUV Avantis U.S. Small Cap Value ETF | 0 of 3 | −9.3% | −20.0% | −46.9% | — | — | — | — | — | — | — |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 2 of 9 | −8.9% | −25.3% | −46.8% | −22.1% | −4.5% | −18.9% | −28.2% | −2.9% | −60.1% | — |
| VTWV Vanguard Russell 2000 Value ETF | 1 of 7 | −7.8% | −22.7% | −43.0% | −23.8% | −5.5% | −17.5% | −26.0% | — | — | — |
| IWN iShares Russell 2000 Value ETF | 2 of 9 | −7.8% | −22.7% | −43.4% | −24.0% | −5.3% | −17.9% | −26.5% | −2.8% | −59.5% | — |
| DFAT Dimensional - US Targeted Value ETF | 1 of 2 | −8.7% | −19.4% | — | — | — | — | — | — | — | — |
| SCHA Schwab U.S. Small-Cap ETF | 2 of 8 | −7.3% | −26.6% | −42.3% | −25.3% | −5.6% | −21.5% | −27.0% | −2.7% | — | — |
| DLS WisdomTree International SmallCap Dividend Fund | 6 of 9 | −3.0% | −28.9% | −38.3% | −18.9% | −6.2% | −13.9% | −17.9% | −1.1% | −63.1% | — |
| VB Vanguard Morningstar Small-Cap ETF | 2 of 9 | −7.3% | −24.9% | −42.0% | −23.8% | −5.9% | −20.5% | −26.7% | −2.5% | −59.7% | — |
| VBK Vanguard Morningstar Small-Cap Growth ETF | 3 of 9 | −6.1% | −32.8% | −38.7% | −25.2% | −6.0% | −24.1% | −27.7% | −2.7% | −58.7% | — |
| IWM iShares Russell 2000 ETF | 3 of 9 | −7.1% | −26.8% | −40.8% | −25.7% | −5.5% | −21.5% | −27.2% | −2.9% | −58.4% | — |
| CALF Pacer US Small Cap Cash Cows ETF | 3 of 5 | −6.0% | −26.6% | −41.3% | −25.7% | −3.6% | — | — | — | — | — |
| DFSV U.S. Small Cap Value Portfolio ETF Class Shares | 0 of 1 | −8.7% | — | — | — | — | — | — | — | — | — |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 4 of 7 | −7.7% | −22.1% | −43.3% | −26.1% | −4.7% | −16.3% | −24.7% | — | — | — |
| IJS iShares S&P Small-Cap 600 Value ETF | 5 of 9 | −7.7% | −22.2% | −43.5% | −26.2% | −4.8% | −16.4% | −25.4% | −2.9% | −58.6% | — |
| ISCV iShares Morningstar Small Cap Value ETF | 1 of 9 | −8.2% | −20.8% | −48.2% | −24.8% | −6.2% | −18.5% | −24.7% | −3.5% | −60.5% | — |
| DES WisdomTree U.S. SmallCap Dividend Fund | 5 of 9 | −7.7% | −21.6% | −42.8% | −21.8% | −5.0% | −15.8% | −21.3% | −2.9% | −64.1% | — |
How closely does VBR 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 VBR with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- VTV took just 91% of the S&P 500's losses, against 119% for VBR, while still keeping 86% of its gains.
- Over the past 10 years, VBR captured 94% of the S&P 500's gains in rising months and 119% of its losses in falling months, with a beta of 1.11. Its share of the market's losses was larger than its share of the gains.
- Five of the 15 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than VBR's 0.78, led by VTV, XSVM and VOE.
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 VBR's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| VBR This pageVanguard Morningstar Small-Cap Value ETF | 94% | 119% | 0.78 | 1.11 |
| VTV Vanguard Morningstar Value ETF | 86% | 91% | 0.95 | 0.86 |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 96% | 114% | 0.84 | 1.16 |
| VOE Vanguard Morningstar Mid-Cap Value ETF | 87% | 106% | 0.82 | 0.99 |
| VB Vanguard Morningstar Small-Cap ETF | 96% | 120% | 0.80 | 1.13 |
| VBK Vanguard Morningstar Small-Cap Growth ETF | 99% | 125% | 0.79 | 1.17 |
| SCHA Schwab U.S. Small-Cap ETF | 97% | 124% | 0.78 | 1.18 |
| VTWV Vanguard Russell 2000 Value ETF | 95% | 126% | 0.76 | 1.14 |
| IWM iShares Russell 2000 ETF | 98% | 129% | 0.76 | 1.17 |
| IWN iShares Russell 2000 Value ETF | 95% | 126% | 0.75 | 1.14 |
| DLS WisdomTree International SmallCap Dividend Fund | 74% | 99% | 0.75 | 0.83 |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 97% | 129% | 0.75 | 1.16 |
| IJS iShares S&P Small-Cap 600 Value ETF | 96% | 128% | 0.75 | 1.16 |
| RZV Invesco S&P SmallCap 600 Pure Value ETF | 109% | 151% | 0.73 | 1.39 |
| ISCV iShares Morningstar Small Cap Value ETF | 95% | 134% | 0.71 | 1.20 |
| DES WisdomTree U.S. SmallCap Dividend Fund | 84% | 119% | 0.71 | 1.05 |
What diversifies VBR?
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 VBR's. Because such investments tend not to fall at the same time, pairing VBR with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in VBR into DBMF would have cut the portfolio's volatility by 21% over the past 5 years and raised its annual return (+8.7% for VBR alone, +9.5% for the mix).
- Among large ETFs, DXJ, GLD and FLTW have moved largely independently of VBR over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and MCK have moved largely independently of VBR over the past 5 years, with correlations of 0.40 or lower, and each still earned a positive 5-year return.
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 VBR lost money. The last two columns show a portfolio that is 80% VBR and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2011 | 2008 | 2007 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VBR Vanguard Morningstar Small-Cap Value ETF (this page) | 1.00 | +48.6% | 0.51 | −9.4% | −12.3% | −4.8% | −4.2% | −32.2% | −6.9% | 18.6% | +8.7% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.46 | +225% | 1.34 | +6.0% | −19.8% | +7.7% | −16.1% | −20.8% | −7.4% | 16.2% | +12.4% |
| GLD CommoditiesSPDR Gold Shares | 0.16 | +126% | 0.96 | −0.8% | −1.9% | −10.7% | +9.6% | +4.9% | +30.4% | 15.8% | +11.0% |
| FLTW TechnologyFranklin FTSE Taiwan ETF | 0.49 | +168% | 0.94 | −27.5% | −9.3% | — | — | — | — | 18.0% | +11.9% |
| IXC InternationaliShares Global Energy ETF | 0.48 | +156% | 0.93 | +48.5% | −14.8% | −22.1% | +0.1% | −36.8% | +29.8% | 17.6% | +11.5% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.19 | +59.7% | 0.82 | +21.6% | — | — | — | — | — | 14.6% | +9.5% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.25 | +66.4% | 0.81 | +2.5% | −8.7% | −17.2% | −10.7% | −19.1% | — | 15.6% | +9.4% |
| GDX MaterialsVanEck Gold Miners ETF | 0.30 | +181% | 0.73 | −9.0% | −8.8% | −24.7% | −16.1% | −26.1% | +16.8% | 18.7% | +13.1% |
| USO CommoditiesUnited States Oil Fund, LP | 0.04 | +176% | 0.73 | +29.0% | −19.6% | −46.0% | −2.3% | −56.3% | +46.8% | 17.0% | +12.7% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2011 | 2008 | 2007 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VBR Vanguard Morningstar Small-Cap Value ETF (this page) | 1.00 | +48.6% | 0.51 | −9.4% | −12.3% | −4.8% | −4.2% | −32.2% | −6.9% | 18.6% | +8.7% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.36 | +479% | 1.55 | +54.1% | −24.5% | +12.6% | +8.1% | −39.6% | −9.8% | 17.5% | +14.6% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.40 | +3,143% | 1.47 | +1.3% | −16.3% | −6.0% | −24.4% | −20.5% | −25.7% | 22.3% | +26.8% |
| MCK Medical - DistributionMcKesson Corporation | 0.29 | +413% | 1.44 | +51.8% | −28.4% | −4.5% | +11.8% | −40.4% | +29.7% | 17.1% | +14.1% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.37 | +690% | 1.41 | +86.6% | −8.2% | +17.4% | — | — | — | 18.3% | +16.6% |
| PBR Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras | 0.26 | +667% | 1.28 | +55.4% | +27.7% | −41.1% | −32.1% | −55.6% | +132% | 18.3% | +16.4% |
Common questions
What was VBR's worst drawdown?
VBR's deepest decline since it began trading in 2004 was 62.0%, from June 2007 to March 2009. It took 23 months from the low to climb back to its old high. Because VBR launched in January 2004, that record does not include the dot-com bust.
What were VBR's best and worst years?
Over 21 full calendar years, VBR's best year was 2013, when it returned 36.6%. Its worst was 2008, with a return of -32.2%.
Is there a better investment than VBR?
Among VBR's popular alternatives, VTV and VOE earned more than VBR with less volatility over the past 5 years. VTV returned 12.1% a year at 13.7% volatility, against 8.2% a year at 19.4%. A cheaper fund that has kept up over the past decade is VB (0.03% a year against 0.05%).
Is VBR more volatile than the S&P 500?
Yes. VBR's volatility over the past 5 years was 19.4%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VBR's return lands within 19.4% 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 VBR's Sharpe ratio?
VBR's Sharpe ratio over the past 5 years was 0.51, against 0.79 for the S&P 500, so VBR 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 VBR with the S&P 500?
Over the past 5 years, VBR's monthly returns had a correlation of 0.82 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 VBR instead: the lower it is, the more that option would diversify a VBR holding.
What are the best alternatives to VBR?
Of the 20 popular alternatives we compared, three outperformed VBR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VTV, VOE and RZV.
Did VBR outperform the S&P 500?
VBR finished ahead of the S&P 500 (SPY) in nine of 21 full calendar years. In 2025, it returned +9.1%, against +17.7% for the index.
How did VBR do in stock market crashes?
VBR fell less than the S&P 500 (SPY) in two of the nine major crashes it has traded through, and further in seven. The clearest case was the Covid crash, when VBR fell 44.8% and the S&P 500 fell 33.7%.
What diversifies VBR?
These had a low correlation with VBR over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.46), GLD (correlation 0.16) and FLTW (correlation 0.49); among large stocks, CAH (correlation 0.36), CLS (correlation 0.40) and MCK (correlation 0.29). 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 VBR's. Returns within 0.5 points or 3% of VBR'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 VBR
- VTVVanguard Morningstar Value ETF
- VBVanguard Morningstar Small-Cap ETF
VBKVanguard Morningstar Small-Cap Growth ETF
IWMiShares Russell 2000 ETF
NVDA
AAPL
GOOG
MSFT
AMZN