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Relative Intelligence · US Large-Cap Value

How Vanguard Morningstar Value ETF (VTV) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VTV alone. It places VTV (Vanguard Morningstar 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 VTV stands in the market, and of the alternatives worth a closer look.

Period covered: VTV'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.

Rank the market against VTV →Chart VTV vs. 24 alternatives →
On this page12 sections

Key findings

How much would $10,000 in VTV have grown?

This chart tracks a hypothetical $10,000 investment in VTV over the past 18 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of VTV over the same span and VTV'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 18 years rather than VTV's full 22 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 2008 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. 719 of the 1,883 stocks and funds worth at least $500 million that traded the whole period ended ahead of VTV; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,0002008201120142017202020232026$5,000$10,000$20,000$50,000$100,0002008201320182023
  • VUG$124,983+1,150% total · +15.1% a year
  • SPY (S&P 500)$91,104+811% total · +13.1% a year
  • VTI$88,394+784% total · +12.9% a year
  • PRF$85,046+750% total · +12.6% a year
  • RWL$79,579+696% total · +12.2% a year
  • RPV$73,214+632% total · +11.7% a year
  • VOE$65,725+557% total · +11.0% a year
  • VTV$65,599+556% total · +11.0% a year
  • VYM$64,263+543% total · +10.9% a year
  • SPYV$58,781+488% total · +10.3% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,066 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of VTV; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000202120222023202420252026$5,000$10,000$15,000$20,000$25,000202120222023202420252026
  • VLUE$22,395+124% total · +17.5% a year
  • PVAL$21,761+118% total · +16.8% a year
  • AVLV$19,653+96.5% total · +14.5% a year
  • JQUA$19,289+92.9% total · +14.0% a year
  • VUG$19,143+91.4% total · +13.9% 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
  • PRF$18,834+88.3% total · +13.5% a year
  • FVAL$18,468+84.7% total · +13.1% a year
  • VTV$17,967+79.7% total · +12.4% a year
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VTV 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: VTV 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.

The fund

Issuer
Vanguard
Began trading
January 2004
Expense ratio
0.03%per year
Assets
$252B
Category
Broad Market

Returns

Past 1 year
+22.5%total return
Past 3 years
+77.9%+21.2% a year
Past 5 years
+76.6%+12.1% a year
Past 10 years
+235%+12.8% a year
Best calendar year
+33.1%2013
Worst calendar year
−35.9%2008
Losing years
5 of 21full calendar years

Risk

Volatility
13.7%typical yearly swing, 5 years
Sharpe ratio
0.90return per unit of risk, 5 years
Worst decline ever
−59.3%Jul 2007 to Mar 2009
From its all-time high
At its highwithin 1%

VTV against the whole market

Where VTV ranks among every stock and fund, and what across the market has done better.

How does VTV rank among all ETFs?

This section ranks VTV 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 VTV stacks up against its peers, these rankings show where it stands in the market as a whole.

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.

MeasureVTVRankStanding
1-year return+22.5%341 of 2,485top 14%
3-year return+77.9%612 of 1,949top 31%
5-year return+76.6%294 of 1,560top 19%
10-year return+235%188 of 958top 20%
Volatility, 5 years13.7%521 of 1,560top 33%
Sharpe ratio, 5 years0.90198 of 1,560top 13%
Worst decline, past 10 years−36.8%430 of 951top 45%

What has beaten VTV 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). VTV sits where the dashed lines cross. Anything in the green box above and to the left earned more than VTV 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.

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 VTV. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%12.0%14.0%16.0%18.0%20.0%10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VTVVTV: +12.1% a year, volatility 13.7%SPY (S&P 500): +12.7% a year, volatility 17.1%RWL: +13.7% a year, volatility 14.4%PRF: +13.0% a year, volatility 15.0%VLUE: +15.9% a year, volatility 18.4%PVAL: +16.1% a year, volatility 15.1%JQUA: +13.6% a year, volatility 15.7%RSG: +13.9% a year, volatility 18.5%RY: +17.3% a year, volatility 18.2%LVHI: +17.0% a year, volatility 11.1%FJAN: +11.1% a year, volatility 10.5%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%KO: +14.7% a year, volatility 16.8%VTVSPY (S&P 500)RWLPRFVLUEPVALJQUARSGRYLVHIFJANBRK-BDXJKO10.0%12.0%14.0%16.0%18.0%20.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VTVVTV: +12.1% a year, volatility 13.7%SPY (S&P 500): +12.7% a year, volatility 17.1%RWL: +13.7% a year, volatility 14.4%PRF: +13.0% a year, volatility 15.0%VLUE: +15.9% a year, volatility 18.4%PVAL: +16.1% a year, volatility 15.1%JQUA: +13.6% a year, volatility 15.7%RSG: +13.9% a year, volatility 18.5%RY: +17.3% a year, volatility 18.2%LVHI: +17.0% a year, volatility 11.1%FJAN: +11.1% a year, volatility 10.5%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%KO: +14.7% a year, volatility 16.8%VTVSPY (S&P 500)RWLVLUEPVALRSGRYLVHIFJANBRK-BDXJKO
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market

Is there a better investment than VTV?

Investments that beat VTV over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat VTV 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 VTV'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 VTV 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 VTV'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× VTV's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than VTV's.

Screen the whole market against VTV for any period in BetterThanSPYOpen these 14 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with VTV?lower diversifies moreExpenseper year
VTVVanguard Morningstar Value ETF · this page
+12.1%13.7%0.90−36.8%+235%1.000.03%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.840.09%
Popular alternativesbest 3 shownThe investments people most often weigh against VTV. 3 of 21 passed at least one test.
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Higher return in most periods+13.7%14.4%0.97−36.1%+287%0.960.39%
PRFInvesco RAFI US 1000 ETF · US Large-Cap Value
Higher return in most periods+13.0%15.0%0.90−38.1%+270%0.970.34%
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Higher return in most periods+15.9%18.4%0.90−39.5%+286%0.850.15%
Same and neighboring categories, and shared themesbest 2 shownEverything else in US Large-Cap Value and US Large-Cap Equity and the categories next to it (US Dividend Equity, US Total Market, US Large-Cap Growth, US Quality Equity), plus VTV's specific themes. 3 of 65 passed at least one test.
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Higher return in most periods+16.1%15.1%1.07−41.3%—0.950.56%
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Higher return in most periods+13.6%15.7%0.89−32.9%—0.880.12%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 35 of 3,548 passed at least one test.
RSGRepublic Services, Inc. · Environmental Services
Higher return in most periodsSmaller losses in recent crashes+13.9%18.5%0.80−34.0%+446%0.44—
RYRoyal Bank of Canada · Banks
On the frontierHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.68—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatility+17.0%11.1%1.48−32.4%+194%0.760.40%
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+11.1%10.5%1.05−13.6%—0.780.85%
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return in most periods+13.4%17.1%0.82−29.6%+274%0.68—
JNJJohnson & Johnson · Pharmaceuticals
Higher return in most periods+12.7%17.9%0.76−27.4%+196%0.51—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.510.48%
KOThe Coca-Cola Company · Food & Beverages
Higher return in most periods+14.7%16.8%0.91−37.0%+204%0.55—
What these numbers mean for VTV
Annual return
VTV returned 12.1% 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 $17,700. 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
VTV's volatility over the past 5 years was 13.7%, 80% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VTV's return lands within 13.7% 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
VTV's Sharpe ratio over the past 5 years was 0.90, against 0.79 for the S&P 500, so VTV earned more 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
VTV's worst fall from a peak to a low over the past 10 years was 36.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 36.8% fall takes a 58.2% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, VTV's monthly returns had a correlation of 0.84 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 VTV instead: the lower it is, the more that option would diversify a VTV holding. Guide: Correlation and diversification →
Show all 1 stock or fund worth at least $500 million that earned more than VTV with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with VTVExpense
1
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.760.40%

VTV against its popular alternatives

The investments people most often weigh against VTV, compared period by period and year by year.

How do VTV'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 VTV, which divides the map into what did better or worse on each measure.

Green points earned more than VTV with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

12.0%14.0%16.0%18.0%20.0%22.0%24.0%8.0%9.0%10.0%11.0%12.0%13.0%14.0%15.0%16.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityVTV: 12.0% a year, volatility 13.7%SPY (S&P 500): 12.7% a year, volatility 17.1%VTI: 11.5% a year, volatility 17.5%VONV: 11.5% a year, volatility 14.7%JVAL: 12.0% a year, volatility 17.2%RPV: 10.9% a year, volatility 17.3%VOE: 9.4% a year, volatility 15.8%SPYV: 11.4% a year, volatility 14.2%VYM: 11.3% a year, volatility 13.8%SCHV: 10.2% a year, volatility 14.4%VBR: 8.2% a year, volatility 19.4%RWL: 13.7% a year, volatility 14.4%VLUE: 15.9% a year, volatility 18.4%PRF: 13.0% a year, volatility 15.0%FVAL: 12.4% a year, volatility 16.4%AVLV: 14.0% a year, volatility 16.9%VUG: 12.3% a year, volatility 22.5%DYNF: 14.7% a year, volatility 17.5%DFAU: 12.1% a year, volatility 17.1%FLV: 10.3% a year, volatility 12.7%VTVSPY (S&P 500)VTIVONVJVALRPVVOESPYVSCHVVBRRWLVLUEPRFFVALAVLVVUGDYNFDFAUFLV12.0%14.0%16.0%18.0%20.0%22.0%24.0%8.0%10.0%12.0%14.0%16.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityVTV: 12.0% a year, volatility 13.7%SPY (S&P 500): 12.7% a year, volatility 17.1%VTI: 11.5% a year, volatility 17.5%VONV: 11.5% a year, volatility 14.7%JVAL: 12.0% a year, volatility 17.2%RPV: 10.9% a year, volatility 17.3%VOE: 9.4% a year, volatility 15.8%SPYV: 11.4% a year, volatility 14.2%VYM: 11.3% a year, volatility 13.8%SCHV: 10.2% a year, volatility 14.4%VBR: 8.2% a year, volatility 19.4%RWL: 13.7% a year, volatility 14.4%VLUE: 15.9% a year, volatility 18.4%PRF: 13.0% a year, volatility 15.0%FVAL: 12.4% a year, volatility 16.4%AVLV: 14.0% a year, volatility 16.9%VUG: 12.3% a year, volatility 22.5%DYNF: 14.7% a year, volatility 17.5%DFAU: 12.1% a year, volatility 17.1%FLV: 10.3% a year, volatility 12.7%VTVSPY (S&P 500)VTIVONVJVALRPVVOESPYVVYMSCHVVBRRWLVLUEPRFFVALAVLVVUGDYNFFLV
All figures
InvestmentAnnual returnVolatility
VLUE iShares MSCI USA Value Factor ETF+15.9%18.4%
DYNF iShares U.S. Equity Factor Rotation Active ETF+14.7%17.5%
AVLV Avantis U.S. Large Cap Value ETF+14.0%16.9%
RWL Invesco S&P 500 Revenue ETF+13.7%14.4%
PRF Invesco RAFI US 1000 ETF+13.0%15.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
FVAL Fidelity Value Factor ETF+12.4%16.4%
VUG Vanguard Morningstar Growth ETF+12.3%22.5%
DFAU Dimensional - US Core Equity Market ETF+12.1%17.1%
VTV This pageVanguard Morningstar Value ETF+12.0%13.7%
JVAL JPMorgan U.S. Value Factor ETF+12.0%17.2%
VONV Vanguard Russell 1000 Value ETF+11.5%14.7%
VTI Vanguard Morningstar Total Stock Market ETF+11.5%17.5%
SPYV State Street SPDR Portfolio S&P 500 Value ETF+11.4%14.2%
VYM Vanguard High Dividend Yield ETF+11.3%13.8%
RPV Invesco S&P 500 Pure Value ETF+10.9%17.3%
FLV American Century Focused Large Cap Value ETF+10.3%12.7%
SCHV Schwab U.S. Large-Cap Value ETF+10.2%14.4%
VOE Vanguard Morningstar Mid-Cap Value ETF+9.4%15.8%
VBR Vanguard Morningstar Small-Cap Value ETF+8.2%19.4%
Open these 20 in EasyCompare

Has VTV consistently beaten its popular alternatives?

This section compares VTV 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 VTV helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than VTV 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.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
VTV Vanguard Morningstar Value ETF (this page)—+1.6%+4.0%+11.0%+18.2%+22.5%+77.9%+76.6%+235%13.7%0.90−36.8%0.03%$252B—
RWL QualifiedInvesco S&P 500 Revenue ETF3/5 short3/3 long+2.4%+4.5%+11.7%+18.4%+22.9%+84.0%+90.2%+287%14.4%0.97−36.1%0.39%$10B82%
VLUE QualifiediShares MSCI USA Value Factor ETF3/5 short3/3 long−4.0%+3.0%+23.6%+40.8%+55.1%+136%+109%+286%18.4%0.90−39.5%0.15%$9.0B60%
PRF QualifiedInvesco RAFI US 1000 ETF3/5 short3/3 long+1.2%+4.2%+11.7%+20.2%+25.5%+90.1%+84.3%+270%15.0%0.90−38.1%0.34%$10B81%
FVAL Broad MarketFidelity Value Factor ETF1/5 short3/3 long+0.3%+4.8%+11.3%+15.4%+21.0%+85.9%+79.4%+291%16.4%0.80−37.3%0.15%$1.4B64%
AVLV Broad MarketAvantis U.S. Large Cap Value ETF2/5 short2/3 long+0.9%+2.5%+10.0%+22.5%+30.9%+89.4%+92.2%—16.9%0.86−19.5%0.15%$22B77%
VUG Broad MarketVanguard Morningstar Growth ETF0/5 short2/3 long−2.5%+4.0%+8.2%+9.8%+10.2%+100%+78.6%+419%22.5%0.63−35.6%0.03%$392B37%
VTI Broad MarketVanguard Morningstar Total Stock Market ETF0/5 short2/3 long−0.8%+3.2%+8.3%+13.1%+15.2%+87.9%+72.6%+302%17.5%0.71−35.0%0.03%$2.3T65%
DYNF Broad MarketiShares U.S. Equity Factor Rotation Active ETF0/5 short2/3 long−1.9%+3.4%+9.1%+14.1%+17.1%+106%+98.5%—17.5%0.87−34.7%0.26%$42B64%
VONV Broad MarketVanguard Russell 1000 Value ETF4/5 short1/3 long+1.6%+4.7%+14.1%+22.8%+27.8%+85.1%+72.7%+208%14.7%0.82−38.2%0.06%$23B84%
IWD Broad MarketiShares Russell 1000 Value ETF4/5 short1/3 long+1.7%+4.7%+14.2%+22.7%+27.7%+84.4%+71.7%+205%14.7%0.81−38.5%0.18%$84B86%
DFLV Broad MarketDimensional - US Large Cap Value ETF4/5 short1/3 long+1.1%+4.8%+12.0%+21.5%+28.6%+82.7%————−16.8%0.21%$7.2B82%
DFUV Broad MarketDimensional - US Marketwide Value ETF3/5 short1/3 long+0.4%+3.9%+11.5%+21.2%+27.9%+80.3%————−17.6%0.21%$15B85%
JVAL Broad MarketJPMorgan U.S. Value Factor ETF2/5 short1/3 long−0.6%+3.0%+11.1%+20.0%+24.6%+85.6%+76.5%—17.2%0.75−40.4%0.12%$1.0B61%
RPV Broad MarketInvesco S&P 500 Pure Value ETF1/5 short1/3 long+1.6%+2.7%+10.7%+17.3%+24.6%+85.6%+67.9%+190%17.3%0.69−50.7%0.35%$1.7B77%
CGDV Dividend & IncomeCapital Group Dividend Value ETF0/5 short1/3 long−0.8%+1.4%+7.7%+12.8%+18.2%+97.2%————−21.8%0.33%$39B60%
DFAU Broad MarketDimensional - US Core Equity Market ETF0/5 short1/3 long−0.5%+3.3%+8.4%+13.5%+16.2%+86.3%+76.9%—17.1%0.76−23.6%0.12%$13B66%
VOE Broad MarketVanguard Morningstar Mid-Cap Value ETF1/5 short0/3 long+2.9%+3.2%+8.2%+17.3%+21.7%+75.4%+56.6%+182%15.8%0.65−43.2%0.05%$37B79%
FLV Broad MarketAmerican Century Focused Large Cap Value ETF1/5 short0/3 long+2.6%+4.3%+10.5%+15.2%+19.1%+64.4%+63.1%—12.7%0.84−15.1%0.42%$387M92%
SPYV Broad MarketState Street SPDR Portfolio S&P 500 Value ETF0/5 short0/3 long+1.7%+3.8%+8.2%+13.0%+15.9%+67.0%+71.4%+216%14.2%0.83−36.9%0.04%$38B86%
IUSV Broad MarketiShares Core S&P U.S. Value ETF0/5 short0/3 long+1.6%+3.4%+7.8%+12.7%+15.6%+66.5%+69.7%+213%14.3%0.81−37.5%0.04%$28B86%
IVE Broad MarketiShares S&P 500 Value ETF0/5 short0/3 long+1.6%+3.7%+8.1%+12.8%+15.7%+66.3%+70.3%+212%14.2%0.82−37.0%0.18%$50B86%
VYM Dividend & IncomeVanguard High Dividend Yield ETF0/5 short0/3 long+1.1%+1.7%+5.1%+13.3%+16.9%+72.8%+71.1%+208%13.8%0.85−35.2%0.04%$96B91%
SCHV Broad MarketSchwab U.S. Large-Cap Value ETF0/5 short0/3 long+0.9%+2.5%+8.0%+16.4%+20.0%+75.4%+62.3%+195%14.4%0.75−37.1%0.04%$15B92%
VBR Broad MarketVanguard Morningstar Small-Cap Value ETF0/5 short0/3 long+0.6%−1.0%+3.3%+13.0%+16.8%+66.7%+48.6%+169%19.4%0.51−45.3%0.05%$64B77%
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How did VTV do year by year?

This table shows each investment's total return in every full calendar year since 2005, along with where VTV ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VTV and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: VTV 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.

Newest year first. Green marks a year in which the fund came out ahead of VTV; gray means the two finished within a fraction of a point. The rank row places VTV among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of VTV202520242023202220212020201920182017201620152014201320122011201020092008200720062005
VTV This pageVanguard Morningstar Value ETF—+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%
Rank among alternativesTop quarter in 6 of 2118 of 2211 of 2218 of 224 of 1911 of 1812 of 1612 of 153 of 157 of 146 of 134 of 136 of 137 of 1210 of 124 of 1210 of 118 of 103 of 96 of 91 of 61 of 5
SPY S&P 500State Street SPDR S&P 500 ETF14 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%
RWL Invesco S&P 500 Revenue ETF10 of 17+18.6%+16.4%+17.4%−6.0%+30.3%+9.1%+27.8%−7.7%+19.8%+12.2%−1.4%+13.4%+38.0%+17.9%+0.3%+17.0%+29.8%————
VLUE iShares MSCI USA Value Factor ETF5 of 12+32.7%+7.2%+14.2%−14.2%+28.9%−0.2%+27.2%−11.1%+21.9%+15.3%−4.1%+12.8%—————————
PRF Invesco RAFI US 1000 ETF11 of 20+18.4%+16.7%+15.7%−7.8%+31.2%+7.8%+27.4%−8.7%+16.0%+17.3%−2.9%+12.2%+35.0%+16.9%−0.5%+19.8%+41.6%−40.1%+1.8%+19.0%—
FVAL Fidelity Value Factor ETF7 of 9+19.6%+18.0%+23.1%−14.4%+30.4%+9.1%+30.3%−7.8%+22.5%————————————
AVLV Avantis U.S. Large Cap Value ETF2 of 4+15.1%+17.5%+17.4%−5.5%—————————————————
VUG Vanguard Morningstar Growth ETF14 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%
VTI Vanguard Morningstar Total Stock Market ETF11 of 21+17.1%+23.8%+26.0%−19.5%+25.7%+21.1%+30.7%−5.2%+21.2%+12.8%+0.4%+12.5%+33.4%+16.4%+1.0%+17.4%+28.9%−37.0%+5.3%+15.7%+6.3%
DYNF iShares U.S. Equity Factor Rotation Active ETF4 of 6+20.0%+30.3%+36.2%−20.3%+24.9%+13.5%———————————————
VONV Vanguard Russell 1000 Value ETF4 of 15+15.8%+14.3%+11.4%−7.6%+25.3%+2.7%+26.5%−8.5%+13.6%+17.1%−3.8%+13.2%+32.6%+16.7%+0.4%——————
DFLV Dimensional - US Large Cap Value ETF2 of 3+15.9%+12.9%+12.3%——————————————————
DFUV Dimensional - US Marketwide Value ETF2 of 3+15.8%+11.8%+13.2%——————————————————
JVAL JPMorgan U.S. Value Factor ETF5 of 8+16.2%+14.5%+19.5%−11.6%+31.4%+6.3%+28.3%−8.9%—————————————
RPV Invesco S&P 500 Pure Value ETF8 of 19+17.7%+12.4%+8.0%−1.3%+34.2%−8.7%+24.8%−12.3%+17.3%+19.3%−8.5%+12.2%+47.5%+24.9%−1.2%+22.4%+53.3%−47.8%−4.3%——
CGDV Capital Group Dividend Value ETF3 of 3+25.5%+20.1%+28.8%——————————————————
DFAU Dimensional - US Core Equity Market ETF3 of 5+16.8%+23.2%+24.8%−17.0%+26.8%————————————————
VOE Vanguard Morningstar Mid-Cap Value ETF8 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%——
FLV American Century Focused Large Cap Value ETF2 of 5+15.8%+11.5%+6.2%+1.0%+17.3%————————————————
SPYV State Street SPDR Portfolio S&P 500 Value ETF5 of 21+13.2%+12.3%+22.2%−5.3%+24.9%+1.4%+31.6%−9.0%+15.4%+17.2%−3.2%+12.2%+31.8%+17.3%−0.8%+15.4%+17.3%−36.3%+1.5%+21.8%+5.3%
VYM Vanguard High Dividend Yield ETF6 of 19+15.4%+17.6%+6.6%−0.4%+26.2%+1.1%+24.1%−5.9%+16.4%+17.0%+0.3%+13.6%+30.1%+12.7%+10.5%+14.2%+17.1%−31.9%+1.4%——
SCHV Schwab U.S. Large-Cap Value ETF3 of 16+16.0%+14.1%+8.9%−7.6%+25.5%+2.6%+25.9%−7.3%+15.7%+18.2%−1.0%+10.9%+31.1%+14.9%+3.5%+14.8%—————
VBR Vanguard Morningstar Small-Cap Value ETF9 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%
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Risk and diversification

How VTV 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 VTV's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents VTV'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: VTV 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.

Green means VTV fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringVTV fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−59.3%−54.0%Jul 2007Mar 200920 monthsFeb 20133.9 years
Covid crash−36.8%−33.5%Feb 2020Mar 20201 monthDec 20209 months
Late-2018 sell-off−17.3%−19.3%Sep 2018Dec 20183 monthsApr 20194 months
2022 bear market−17.0%−19.0%Apr 2022Sep 20225 monthsJul 202310 months
No named crash−14.5%−17.1%Nov 2024Apr 20255 monthsJul 20253 months

How did VTV do in stock market crashes?

This section measures how far VTV, 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: VTV 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.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VTV.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
VTV This pageVanguard Morningstar Value ETF—−4.0%−17.0%−36.4%−17.3%−6.5%−11.6%−18.8%−1.1%−59.2%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
RWL Invesco S&P 500 Revenue ETF2 of 8−3.8%−17.5%−35.8%−19.5%−5.9%−13.3%−19.5%−1.6%——
VLUE iShares MSCI USA Value Factor ETF1 of 6−5.2%−27.1%−38.8%−22.1%−5.4%−18.4%————
PRF Invesco RAFI US 1000 ETF0 of 9−4.6%−19.7%−38.0%−19.7%−6.4%−13.6%−19.4%−1.5%−60.1%—
FVAL Fidelity Value Factor ETF0 of 5−4.3%−23.4%−37.0%−19.7%−6.4%—————
AVLV Avantis U.S. Large Cap Value ETF0 of 2−5.9%−19.3%————————
VUG Vanguard Morningstar Growth ETF2 of 9−3.5%−33.7%−31.8%−22.3%−6.2%−15.2%−18.3%−2.0%−50.7%—
VTI Vanguard Morningstar Total Stock Market ETF2 of 9−4.0%−25.2%−35.0%−20.0%−6.3%−14.1%−19.5%−1.9%−55.5%—
DYNF iShares U.S. Equity Factor Rotation Active ETF1 of 3−3.6%−26.0%−34.7%———————
VONV Vanguard Russell 1000 Value ETF0 of 7−4.6%−18.9%−38.1%−18.1%−6.4%−14.2%−19.0%———
DFLV Dimensional - US Large Cap Value ETF0 of 1−5.6%—————————
DFUV Dimensional - US Marketwide Value ETF0 of 1−5.4%—————————
JVAL JPMorgan U.S. Value Factor ETF1 of 5−5.5%−22.4%−39.9%−19.0%0.0%—————
RPV Invesco S&P 500 Pure Value ETF1 of 9−9.2%−19.8%−49.2%−22.5%−5.7%−19.5%−21.9%−2.4%−74.0%—
CGDV Capital Group Dividend Value ETF1 of 1−2.6%—————————
DFAU Dimensional - US Core Equity Market ETF0 of 2−4.2%−23.6%————————
VOE Vanguard Morningstar Mid-Cap Value ETF1 of 9−6.3%−19.7%−43.0%−21.0%−5.6%−16.9%−21.7%−2.0%−59.4%—
FLV American Century Focused Large Cap Value ETF2 of 2−3.3%−15.1%————————
SPYV State Street SPDR Portfolio S&P 500 Value ETF1 of 9−4.3%−17.9%−36.6%−18.5%−6.4%−12.6%−19.4%−1.7%−58.4%—
VYM Vanguard High Dividend Yield ETF6 of 9−3.9%−15.8%−34.6%−16.1%−6.3%−10.9%−14.3%−1.1%−57.0%—
SCHV Schwab U.S. Large-Cap Value ETF2 of 8−4.2%−19.8%−36.6%−17.7%−6.5%−11.1%−17.0%−1.4%——
VBR Vanguard Morningstar Small-Cap Value ETF1 of 9−8.1%−20.4%−44.8%−23.0%−5.5%−17.3%−25.9%−2.6%−60.2%—
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How closely does VTV 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 VTV with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

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 VTV's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
VTV This pageVanguard Morningstar Value ETF86%91%0.950.86
VUG Vanguard Morningstar Growth ETF113%108%1.041.13
RWL Invesco S&P 500 Revenue ETF94%96%0.970.95
VTI Vanguard Morningstar Total Stock Market ETF100%103%0.971.02
VLUE iShares MSCI USA Value Factor ETF103%109%0.951.09
PRF Invesco RAFI US 1000 ETF93%98%0.950.97
FVAL Fidelity Value Factor ETF102%109%0.931.02
VYM Vanguard High Dividend Yield ETF81%88%0.930.82
SPYV State Street SPDR Portfolio S&P 500 Value ETF88%99%0.890.91
VONV Vanguard Russell 1000 Value ETF88%99%0.880.93
SCHV Schwab U.S. Large-Cap Value ETF84%95%0.880.91
VOE Vanguard Morningstar Mid-Cap Value ETF87%106%0.820.99
RPV Invesco S&P 500 Pure Value ETF94%117%0.811.08
VBR Vanguard Morningstar Small-Cap Value ETF94%119%0.781.11
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What diversifies VTV?

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 VTV's. Because such investments tend not to fall at the same time, pairing VTV with them can reduce a portfolio's overall swings.

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 VTV lost money. The last two columns show a portfolio that is 80% VTV and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2022201820152008200780/20 mix volatility80/20 mix annual return
VTV Vanguard Morningstar Value ETF (this page)1.00+76.6%0.90−2.1%−5.5%−1.0%−35.9%−0.1%14.0%+12.4%
GLD CommoditiesSPDR Gold Shares0.24+126%0.96−0.8%−1.9%−10.7%+4.9%+30.4%12.5%+13.9%
DBMF AlternativesiMGP DBi Managed Futures Strategy ETF-0.16+59.7%0.82+21.6%————11.1%+12.3%
DBA AlternativesInvesco DB Agriculture Fund0.27+66.4%0.81+2.5%−8.7%−17.2%−19.1%—12.0%+12.3%
GDX MaterialsVanEck Gold Miners ETF0.39+181%0.73−9.0%−8.8%−24.7%−26.1%+16.8%15.8%+16.1%
USO CommoditiesUnited States Oil Fund, LP0.08+176%0.73+29.0%−19.6%−46.0%−56.3%+46.8%14.0%+15.6%
PTNQ TechnologyPacer Trendpilot 100 ETF0.46+58.8%0.73−16.0%+8.5%———12.7%+12.3%
FLSP AlternativesFranklin Systematic Style Premia ETF0.13+49.8%0.68+0.5%————11.5%+11.8%
PDBC AlternativesInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF0.23+73.9%0.67+19.3%−12.8%−26.8%——12.5%+12.8%

Stocks

InvestmentCorrelation5Y returnSharpe2022201820152008200780/20 mix volatility80/20 mix annual return
VTV Vanguard Morningstar Value ETF (this page)1.00+76.6%0.90−2.1%−5.5%−1.0%−35.9%−0.1%14.0%+12.4%
CAH Medical - DistributionCardinal Health, Inc.0.43+479%1.55+54.1%−24.5%+12.6%−39.6%−9.8%14.3%+17.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.34+3,143%1.47+1.3%−16.3%−6.0%−20.5%−25.7%18.7%+30.4%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.49+1,636%1.46+17.0%+0.8%+67.7%−15.2%+2.1%17.4%+26.2%
MCK Medical - DistributionMcKesson Corporation0.36+413%1.44+51.8%−28.4%−4.5%−40.4%+29.7%13.8%+17.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.41+690%1.41+86.6%−8.2%+17.4%——15.1%+19.7%
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Common questions

What was VTV's worst drawdown?

VTV's deepest decline since it began trading in 2004 was 59.3%, from July 2007 to March 2009. It took about four years from the low to climb back to its old high. Because VTV launched in January 2004, that record does not include the dot-com bust.

What were VTV's best and worst years?

Over 21 full calendar years, VTV's best year was 2013, when it returned 33.1%. Its worst was 2008, with a return of -35.9%.

Is there a better investment than VTV?

Among VTV's popular alternatives, RWL, PRF and VLUE were ahead of VTV in most short and long periods. Looking beyond its popular alternatives, PVAL (US large-cap value) and JQUA (US quality equity) were ahead of VTV in most short and long periods.

Is VTV more volatile than the S&P 500?

No. VTV's volatility over the past 5 years was 13.7%, 80% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VTV's return lands within 13.7% 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 VTV's Sharpe ratio?

VTV's Sharpe ratio over the past 5 years was 0.90, against 0.79 for the S&P 500, so VTV earned more 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 VTV with the S&P 500?

Over the past 5 years, VTV's monthly returns had a correlation of 0.84 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 VTV instead: the lower it is, the more that option would diversify a VTV holding.

What are the best alternatives to VTV?

Of the 24 popular alternatives we compared, three outperformed VTV in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: RWL, VLUE and PRF.

Did VTV outperform the S&P 500?

VTV finished ahead of the S&P 500 (SPY) in four of 21 full calendar years. In 2025, it returned +15.3%, against +17.7% for the index.

How did VTV do in stock market crashes?

VTV fell less than the S&P 500 (SPY) in three of the nine major crashes it has traded through, and further in four. The clearest case was the 2008 financial crisis, when VTV fell 59.2% and the S&P 500 fell 55.2%.

What diversifies VTV?

These had a low correlation with VTV over the past 5 years and still earned a positive 5-year return: among large ETFs, GLD (correlation 0.24), DBMF (correlation -0.16) and DBA (correlation 0.27); among large stocks, CAH (correlation 0.43), CLS (correlation 0.34) and FIX (correlation 0.49). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to VTV

Other stocks and ETFs