Vanguard Small-Cap Value ETF (VBR)

Market Price (9/26/2026): $236.61

Vanguard Small-Cap Value ETF (VBR)

Market Price (9/26/2026): $236.61

Key Takeaways

VBR has returned +12.8% YTD vs +13.7% for SPY; +16.4% over the past 12 months (SPY +18.2%). details →
Priced in gold, VBR has returned -29.9% over the past 3 years, vs +59.3% in dollars — its dollar gains have lagged gold. details →
Over the past month, VBR has seen net outflows of −$61M (−0.2% of assets). details →
VBR's portfolio trades at 12.6x forward earnings — a 64% premium to SPY (7.7x). details →
VBR's top 10 holdings represent 6% of the fund vs 37% for SPY — a more diversified portfolio. details →

Last updated: 9/25/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with VBR

Risk Tolerance:

ConservativeModerateAggressive

Moderate — 55% equity / 25% bonds / 20% alternatives

10Y Return (ann.)

+9.6%

Volatility

13.1%

Sharpe

0.55

YTD

+8.6%

Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

	ETF	%	1D	1W	1M	YTD
Equity	VBR	25.0%	0.5%	-0.5%	-5.0%	12.8%
Bond	BND	50.0%	0.3%	-0.8%	-2.3%	-2.1%
Gold	GLD	10.0%	0.4%	-1.9%	-6.6%	-0.7%
Commodity	DBC	2.5%	0.0%	0.8%	8.8%	48.4%
Real Estate	VNQ	5.0%	-0.2%	-1.2%	-6.9%	5.7%
Bitcoin	BTCUSD	0.0%	0.2%	4.5%	7.0%	-3.4%
Cash	GOVT	7.5%	0.1%	-0.7%	-2.5%	-2.5%
Conservative Portfolio		100.0%	0.3%	-0.8%	-3.4%	3.4%

	ETF	%	1D	1W	1M	YTD
Equity	VBR	55.0%	0.5%	-0.5%	-5.0%	12.8%
Bond	BND	25.0%	0.3%	-0.8%	-2.3%	-2.1%
Gold	GLD	7.0%	0.4%	-1.9%	-6.6%	-0.7%
Commodity	DBC	4.0%	0.0%	0.8%	8.8%	48.4%
Real Estate	VNQ	5.0%	-0.2%	-1.2%	-6.9%	5.7%
Bitcoin	BTCUSD	2.0%	0.2%	4.5%	7.0%	-3.4%
Cash	GOVT	2.0%	0.1%	-0.7%	-2.5%	-2.5%
Moderate Portfolio		100.0%	0.3%	-0.6%	-3.7%	8.6%

	ETF	%	1D	1W	1M	YTD
Equity	VBR	80.0%	0.5%	-0.5%	-5.0%	12.8%
Bond	BND	5.0%	0.3%	-0.8%	-2.3%	-2.1%
Gold	GLD	3.0%	0.4%	-1.9%	-6.6%	-0.7%
Commodity	DBC	2.2%	0.0%	0.8%	8.8%	48.4%
Real Estate	VNQ	4.5%	-0.2%	-1.2%	-6.9%	5.7%
Bitcoin	BTCUSD	5.2%	0.2%	4.5%	7.0%	-3.4%
Cash	GOVT	0.0%	0.1%	-0.7%	-2.5%	-2.5%
Aggressive Portfolio		100.0%	0.4%	-0.3%	-4.1%	11.3%

	ETF	%	Return	Volatility	Sharpe
Equity	VBR	25.0%	10.3%	19.8%	0.46
Bond	BND	50.0%	1.3%	5.2%	-0.26
Gold	GLD	10.0%	12.1%	15.3%	0.64
Commodity	DBC	2.5%	8.7%	17.4%	0.42
Real Estate	VNQ	5.0%	4.8%	17.6%	0.20
Bitcoin	BTCUSD	0.0%	63.8%	76.3%	0.96
Cash	GOVT	7.5%	0.3%	5.0%	-0.47
Conservative Portfolio		100.0%	5.4%	7.9%	0.35

	ETF	%	Return	Volatility	Sharpe
Equity	VBR	55.0%	10.3%	19.8%	0.46
Bond	BND	25.0%	1.3%	5.2%	-0.26
Gold	GLD	7.0%	12.1%	15.3%	0.64
Commodity	DBC	4.0%	8.7%	17.4%	0.42
Real Estate	VNQ	5.0%	4.8%	17.6%	0.20
Bitcoin	BTCUSD	2.0%	63.8%	76.3%	0.96
Cash	GOVT	2.0%	0.3%	5.0%	-0.47
Moderate Portfolio		100.0%	9.6%	13.1%	0.55

	ETF	%	Return	Volatility	Sharpe
Equity	VBR	80.0%	10.3%	19.8%	0.46
Bond	BND	5.0%	1.3%	5.2%	-0.26
Gold	GLD	3.0%	12.1%	15.3%	0.64
Commodity	DBC	2.2%	8.7%	17.4%	0.42
Real Estate	VNQ	4.5%	4.8%	17.6%	0.20
Bitcoin	BTCUSD	5.2%	63.8%	76.3%	0.96
Cash	GOVT	0.0%	0.3%	5.0%	-0.47
Aggressive Portfolio		100.0%	13.7%	18.3%	0.64

Figures are on an annualized basis, based on monthly return data for the last 10 years

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	VBR	25.0%	-16.6%	-42.6%	-23.2%
Bond	BND	50.0%	-14.2%	-2.2%	1.3%
Gold	GLD	10.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.5%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	0.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	7.5%	-12.4%	4.4%	1.6%
Conservative Portfolio		100.0%	-13.9%	-14.7%	-5.5%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	VBR	55.0%	-16.6%	-42.6%	-23.2%
Bond	BND	25.0%	-14.2%	-2.2%	1.3%
Gold	GLD	7.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	4.0%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	2.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	2.0%	-12.4%	4.4%	1.6%
Moderate Portfolio		100.0%	-15.3%	-28.0%	-14.0%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	VBR	80.0%	-16.6%	-42.6%	-23.2%
Bond	BND	5.0%	-14.2%	-2.2%	1.3%
Gold	GLD	3.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.2%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	4.5%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	5.2%	-56.0%	-33.5%	-37.4%
Cash	GOVT	0.0%	-12.4%	4.4%	1.6%
Aggressive Portfolio		100.0%	-18.1%	-38.6%	-21.2%

The table shows the return of different asset classes during market crises - specifically during the period where the S&P fell and bottomed

Learn More →

Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance

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Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Valuation & Yield

	Forward [4,5]	Now	Historical (CYE & TTM)
	9/30/27	9/26/26	2025	2024	2023	2022	2021
Share Price CYE		$236.51	$209.63	$192.17	$170.97	$147.39	$162.64
Dividend/Share TTM		$4.32	$4.14	$3.92	$3.81	$3.23	$3.13
Valuation [1]
P/S	1.21	1.28	1.32	1.40	1.33	1.23	1.79
P/E		16.91	17.68	17.99	16.44	12.54	16.65
P/E (Non-GAAP) [2]	13.08	14.51	15.58	16.79	17.39	10.98	19.36
P/FCF		15.36	17.32	17.87	16.87	16.05	19.98
Yields TTM
Earnings Yield	7.64%	5.91%	5.65%	5.56%	6.08%	7.97%	6.00%
Dividend Yield	1.83%	1.83%	1.97%	2.04%	2.23%	2.19%	1.92%
Total Yield (TY)	9.47%	7.74%	7.63%	7.60%	8.31%	10.16%	7.93%
Risk Premium [3]
Risk Free Rate (Rf)	5.18%	5.18%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	4.29%	2.56%	3.45%	3.02%	4.43%	6.28%	6.41%
Growth Rates [6]
Sales Growth	3.9%	4.4%	4.0%	1.4%	-3.5%	13.7%
Earnings Growth [7]	7.9%	15.5%	-19.6%	-10.5%	-19.8%	-5.9%

[1] P/E uses the aggregate method over profitable constituents; P/FCF aggregates net free cash flow across all constituents (negative-FCF names reduce it); P/S uses all constituents. Ratios reflect current ETF holdings at current weights. P/FCF has no Forward column (no analyst FCF estimate).
[2] P/E (Non-GAAP) uses analyst consensus net income (adjusted basis) for all periods. The standard P/E row above uses GAAP net income.
[3] The premium above the risk free rate (US 10Y) offered by the investment. Negative premiums can indicate stretched valuations.
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Highlights

YIELD

VBR's earnings yield is 5.91%, based on its 16.9x trailing P/E. With a 1.83% dividend yield, VBR is yielding 7.74% in total.

RISK

Compared to US Treasuries at 5.18%, VBR's total yield implies a reasonable 2.56% risk premium. Risk premiums at this level suggest valuations are not excessive.

FORWARD EXPECTATIONS

Based on analyst estimates, VBR's forward total yield is 9.47%, implying a 4.29% risk premium assuming stable Treasury rates.

Top 20 Holdings for VBR

Total Weights
Top 5: 3.5% | Top 10: 6.0% | Top 20: 10.3%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		97.00%	100.00%	100.00%	1.0	12.6	+3.9%	+7.9%
Top 20		10.28%	8.62%	7.94%	1.2	14.6	+3.1%	+7.5%
MRNA	Moderna	1.07%	0.03%	—	33.8	—	+15.5%	—
JBL	Jabil	0.69%	0.76%	0.31%	0.8	17.9	+13.3%	+13.7%
ATO	Atmos Energy	0.59%	0.13%	0.58%	4.8	18.3	+9.0%	+7.1%
WSM	Williams-Sonoma	0.57%	0.19%	0.46%	3.2	21.9	+5.3%	+11.1%
OMC	Omnicom	0.53%	0.64%	0.18%	0.8	9.1	-3.4%	+13.0%
TPR	Tapestry	0.53%	0.21%	0.65%	2.6	13.1	+5.3%	+10.7%
SW	Smurfit WestRock	0.53%	0.77%	0.20%	0.7	15.1	+5.8%	+49.5%
EXE	Expand Energy	0.50%	0.38%	1.24%	1.6	9.8	-4.1%	+1.6%
NRG	NRG Energy	0.50%	0.88%	0.37%	0.6	10.2	+0.8%	+25.9%
USFD	US Foods	0.49%	1.10%	0.32%	0.5	17.1	+4.2%	+19.6%
FFIV	F5	0.49%	0.07%	0.26%	6.9	23.5	+7.4%	+5.0%
THC	Tenet Healthcare	0.49%	0.58%	0.93%	1.0	11.2	+1.3%	+1.0%
JBHT	JB Hunt Transport Services	0.43%	0.29%	0.25%	1.4	24.1	+9.6%	+29.7%
CF	CF Industries	0.43%	0.21%	0.94%	2.3	9.9	-10.0%	-28.0%
RS	Reliance	0.42%	0.38%	0.35%	1.1	16.2	-1.1%	+3.3%
CDW	CDW	0.41%	0.64%	0.48%	0.7	10.8	+3.7%	+13.3%
VTRS	Viatris	0.41%	0.33%	—	1.4	6.7	+1.7%	+5.6%
GPC	Genuine Parts	0.40%	0.64%	0.01%	0.7	15.9	+3.6%	+6.7%
OVV	Ovintiv	0.39%	0.26%	0.40%	1.8	8.7	-7.9%	-6.3%
DD	DuPont de Nemours	0.39%	0.12%	0.02%	2.4	16.5	+3.9%	+9.5%

[1] Total and Top 20 rows are weighted aggregates across constituents.
[2] Forward P/S and P/E ratios use consensus sales and earnings for the 12 months ending 9/30/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 9/30/27.
[3] Forward Sales and Non-GAAP Earnings Growth are calculated as next fiscal year (FY2) consensus growth over current fiscal year (FY1) consensus. They are not derived from the forward P/S and P/E multiples shown.

Performance for VBR Top Holdings

Ticker	Holding	Weight	Mkt Price 9/25	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
VBR	Vanguard Small-Cap Value ETF	100.00%	236.51	0.5%	-5.0%	12.8%	16.4%	59.3%	52.7%	163.7%
MRNA	Moderna	1.07%	198.88	2.1%	32.9%	574.4%	708.1%	102.7%	-53.8%
JBL	Jabil	0.69%	316.74	1.9%	1.9%	39.0%	50.9%	203.4%	416.8%	1,445.1%
ATO	Atmos Energy	0.59%	157.21	0.5%	-7.2%	-4.6%	-3.4%	58.0%	101.7%	162.5%
WSM	Williams-Sonoma	0.57%	231.90	1.4%	-2.3%	31.2%	16.9%	216.5%	166.6%	1,056.9%
OMC	Omnicom	0.53%	76.15	1.9%	-12.5%	-2.7%	4.5%	15.2%	21.8%	27.3%
TPR	Tapestry	0.53%	113.88	1.6%	-12.2%	-10.0%	7.0%	332.2%	227.8%	317.8%
SW	Smurfit WestRock	0.53%	46.41	0.9%	-6.4%	23.6%	14.4%
EXE	Expand Energy	0.50%	86.84	-2.0%	-10.1%	-19.9%	-14.9%	13.7%	87.0%
NRG	NRG Energy	0.50%	100.37	2.6%	-13.6%	-36.4%	-37.6%	177.0%	166.4%	1,003.4%
USFD	US Foods	0.49%	93.33	-0.5%	-13.9%	23.9%	22.0%	135.4%	163.3%	298.7%
FFIV	F5	0.49%	443.06	-0.8%	10.9%	73.6%	36.7%	184.7%	117.0%	260.6%
THC	Tenet Healthcare	0.49%	259.71	4.1%	-5.3%	30.7%	32.0%	291.2%	263.8%	1,097.9%
JBHT	JB Hunt Transport Services	0.43%	225.46	-1.6%	-14.5%	16.7%	71.7%	24.5%	35.9%	214.2%
CF	CF Industries	0.43%	114.67	-3.2%	-8.8%	50.4%	30.5%	44.3%	132.2%	552.8%
RS	Reliance	0.42%	387.28	0.4%	-1.0%	35.5%	40.1%	55.8%	193.5%	551.4%
CDW	CDW	0.41%	135.43	-2.9%	-4.3%	1.0%	-12.0%	-29.3%	-24.9%	236.1%
VTRS	Viatris	0.41%	17.83	2.4%	5.8%	46.6%	94.5%	108.1%	64.5%	-46.0%
GPC	Genuine Parts	0.40%	129.61	0.3%	-6.4%	8.4%	-1.4%	-0.3%	21.7%	73.5%
OVV	Ovintiv	0.39%	60.13	-0.6%	-6.4%	55.8%	44.0%	39.9%	118.2%	69.5%
DD	DuPont de Nemours	0.39%	131.71	1.1%	-4.1%	10.6%	49.9%	59.9%	77.2%

Guidance Updates for VBR Top Holdings

	Ticker	Company	Earnings Date	Guidance Metric	Midpoint Value	% Change	Guidance Change
JBL_6172026	JBL	Jabil	6/17/2026	Q4 2026 Net revenue	9.60 Bil	12.9%	Higher NewNew Guidance Higher than Prior Actual of 8.50 Bil for Q3 2026
TPR_8132026	TPR	Tapestry	8/13/2026	2027 Revenue	8.45 Bil	6.3%	Higher NewNew Guidance Higher than Prior Actual of 7.95 Bil for 2026

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
VBR Return	28%	-9%	16%	12%	9%	12%	85%
Peers Return	32%	-11%	16%	8%	8%	16%	87%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	105%
Monthly Win Rates [3]
VBR Win Rate	67%	50%	42%	58%	67%	78%
Peers Win Rate	68%	50%	42%	48%	68%	67%
S&P 500 Win Rate	75%	42%	67%	75%	67%	56%
Max Drawdowns [4]
VBR Max Drawdown	-10%	-20%	-15%	-9%	-21%	-9%
Peers Max Drawdown	-12%	-22%	-20%	-10%	-25%	-9%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AVUV, IWN, IJS, SLYV, VIOV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker	1Y	3Y	5Y
VBR	1.04	0.68	0.37
Equity Top Results (3Y)
IALT	2.08	2.08	2.08
VLUE	2.53	1.42	0.74
SPMO	0.94	1.37	0.79
CORO	1.35	1.33	1.33
CGDV	1.28	1.31	0.94

Results as of 8312026.

Event	VBR	S&P 500
2025 US Tariff Shock
% Loss	-19.6%	-18.8%
% Gain to Breakeven	24.4%	23.1%
Time to Breakeven	86 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-13.1%	-9.5%
% Gain to Breakeven	15.0%	10.5%
Time to Breakeven	47 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-13.1%	-6.7%
% Gain to Breakeven	15.1%	7.1%
Time to Breakeven	118 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-19.4%	-24.5%
% Gain to Breakeven	24.0%	32.4%
Time to Breakeven	125 days	427 days
2020 COVID-19 Crash
% Loss	-44.5%	-33.7%
% Gain to Breakeven	80.3%	50.9%
Time to Breakeven	246 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-21.3%	-19.2%
% Gain to Breakeven	27.1%	23.8%
Time to Breakeven	338 days	105 days

Compare to AVUV, IWN, IJS, SLYV, VIOV

In The Past

Vanguard Small-Cap Value ETF's stock fell -19.6% during the 2025 US Tariff Shock. Such a loss loss requires a 24.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	VBR	S&P 500
2020 COVID-19 Crash
% Loss	-44.5%	-33.7%
% Gain to Breakeven	80.3%	50.9%
Time to Breakeven	246 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-21.3%	-19.2%
% Gain to Breakeven	27.1%	23.8%
Time to Breakeven	338 days	105 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-26.0%	-17.9%
% Gain to Breakeven	35.0%	21.8%
Time to Breakeven	123 days	123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-20.4%	-15.4%
% Gain to Breakeven	25.6%	18.2%
Time to Breakeven	150 days	125 days
2008-2009 Global Financial Crisis
% Loss	-57.0%	-53.4%
% Gain to Breakeven	132.4%	114.4%
Time to Breakeven	401 days	1085 days

Compare to AVUV, IWN, IJS, SLYV, VIOV

In The Past

Vanguard Small-Cap Value ETF's stock fell -19.6% during the 2025 US Tariff Shock. Such a loss loss requires a 24.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

VBR Dip Buy History

VBR had 27 events since 1/1/2005 where the dip threshold of -5.0% within 60 days was triggered

13% median peak return within 1 year of dip event
272 days is the median time to peak return after a dip event
-12% median max drawdown within 1 year of dip event

60 Day Dip			VBR Subsequent Performance
Date	VBR	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			9%	13%	-12%	272
2212025	-6%	1%	19%	20%	-17%	364
10032023	-7%	-4%	31%	33%	-3%	363
3132023	-6%	-4%	24%	24%	-2%	366
8312022	-5%	-4%	9%	12%	-10%	155
5062022	-6%	-10%	-5%	9%	-12%	272
1212022	-5%	-4%	2%	8%	-14%	67
9212021	-5%	2%	-6%	12%	-11%	48
2262020	-6%	-1%	29%	32%	-40%	364
8052019	-5%	-1%	-8%	13%	-38%	164
5292019	-5%	0%	-13%	13%	-38%	232
10112018	-6%	-3%	-0%	5%	-16%	204
4022018	-5%	-4%	5%	13%	-13%	149
5172017	-5%	0%	16%	18%	-0%	251
1062016	-6%	-1%	30%	31%	-9%	364
8202015	-6%	-4%	10%	10%	-14%	361
9252014	-5%	0%	1%	13%	-6%	271
5152012	-5%	-2%	33%	33%	-5%	367
7272011	-6%	-4%	0%	7%	-23%	243
6042010	-6%	-7%	25%	34%	-6%	329
10062008	-6%	-15%	4%	8%	-46%	351
6262008	-5%	-6%	-25%	10%	-52%	85
11192007	-8%	-3%	-39%	6%	-39%	21
7272007	-8%	-3%	-12%	7%	-18%	70
6122006	-5%	-5%	22%	25%	-2%	357
10122005	-7%	-4%	23%	23%	0%	365
4292005	-6%	-3%	29%	30%	0%	355
3292005	-5%	-3%	23%	23%	-3%	360

[1] Dip event defined as first instance dip threshold is triggered within a 60-day time period.
[2] Analysis for period from 1/1/2005 to 9/25/2026

VBR had 14 events since 1/1/2005 where the dip threshold of -10% within 90 days was triggered

17% median peak return within 1 year of dip event
248 days is the median time to peak return after a dip event
-12% median max drawdown within 1 year of dip event

90 Day Dip			VBR Subsequent Performance
Date	VBR	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			10%	17%	-12%	248
3212025	-10%	-5%	16%	26%	-13%	336
9262022	-12%	-10%	13%	24%	-0%	129
5092022	-11%	-16%	-2%	13%	-9%	269
3062020	-11%	-1%	45%	45%	-35%	367
12072018	-11%	-6%	11%	12%	-12%	355
10242018	-10%	-4%	8%	10%	-12%	191
1152016	-10%	-4%	39%	42%	-2%	355
8242015	-12%	-9%	17%	17%	-9%	365
8042011	-11%	-8%	13%	18%	-15%	235
8122010	-11%	-8%	9%	35%	-3%	260
9292008	-11%	-19%	-2%	4%	-50%	1
7032008	-11%	-8%	-22%	16%	-49%	78
1042008	-11%	-3%	-27%	9%	-45%	153
11072007	-11%	-2%	-35%	3%	-40%	33

[1] Dip event defined as first instance dip threshold is triggered within a 90-day time period.
[2] Analysis for period from 1/1/2005 to 9/25/2026

VBR had 7 events since 1/1/2005 where the dip threshold of -20% within 180 days was triggered

29% median peak return within 1 year of dip event
257 days is the median time to peak return after a dip event
-35% median max drawdown within 1 year of dip event

180 Day Dip			VBR Subsequent Performance
Date	VBR	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			27%	29%	-35%	257
9242020	-20%	1%	63%	70%	0%	257
3122020	-28%	-14%	94%	94%	-16%	365
10032011	-23%	-14%	40%	45%	0%	347
10092008	-25%	-32%	27%	29%	-35%	348
7072008	-20%	-18%	-23%	17%	-48%	74
3062008	-22%	-14%	-50%	14%	-50%	91
1172008	-21%	-9%	-29%	15%	-42%	140

[1] Dip event defined as first instance dip threshold is triggered within a 180-day time period.
[2] Analysis for period from 1/1/2005 to 9/25/2026

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Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

Ticker	Name	Dip %	Mkt Price	Price Date	Peak Price	Peak Date	# Days
IJH	iShares Core S&P Mid-Cap ETF	-7.2%	72.99	9252026	78.67	8162026	40
VO	Vanguard Mid-Cap ETF	-5.3%	79.99	9252026	84.46	8162026	40
IWR	iShares Russell Mid-Cap ETF	-5.7%	108.30	9252026	114.82	8162026	40
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-7.1%	665.87	9252026	716.91	8162026	40
SCHM	Schwab U.S. Mid-Cap ETF	-6.3%	34.54	9252026	36.87	6302026	87
IVOO	Vanguard S&P Mid-Cap 400 ETF	-6.9%	123.52	9252026	132.68	8162026	40
IJR	iShares Core S&P Small-Cap ETF	-8.1%	138.29	9252026	150.44	8162026	40
VB	Vanguard Small-Cap ETF	-6.3%	289.70	9252026	309.29	8162026	40
IWM	iShares Russell 2000 ETF	-7.6%	281.97	9252026	305.09	8162026	40
SCHA	Schwab U.S. Small-Cap ETF	-8.3%	33.13	9252026	36.13	6302026	87
VTWO	Vanguard Russell 2000 ETF	-7.3%	113.88	9252026	122.90	8162026	40
DFAS	Dimensional U.S. Small Cap ETF	-6.9%	78.63	9252026	84.48	8162026	40
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-6.6%	52.89	9252026	56.64	8162026	40
NUSC	Nuveen ESG Small-Cap ETF	-7.5%	49.28	9252026	53.27	8162026	40
AKRE	Akre Focus ETF	-11.4%	54.79	9252026	61.85	8302026	26
IWP	iShares Russell Mid-Cap Growth ETF	-5.6%	139.48	9252026	147.70	8172026	39
VOT	Vanguard Mid-Cap Growth ETF	-5.3%	297.30	9252026	314.02	8162026	40
IJK	iShares S&P Mid-Cap 400 Growth ETF	-7.2%	110.57	9252026	119.11	8172026	39
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-7.2%	105.53	9252026	113.69	8172026	39
IWO	iShares Russell 2000 Growth ETF	-9.0%	360.15	9252026	395.65	8162026	40
VBK	Vanguard Small-Cap Growth ETF	-6.8%	341.36	9252026	366.24	8172026	39
IJT	iShares S&P Small-Cap 600 Growth ETF	-9.2%	162.66	9252026	179.07	8042026	52
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-9.1%	108.62	9252026	119.50	8042026	52
VOE	Vanguard Mid-Cap Value ETF	-5.3%	199.85	9252026	211.01	8162026	40
IWS	iShares Russell Mid-Cap Value ETF	-5.9%	163.25	9252026	173.44	8162026	40
IJJ	iShares S&P Mid-Cap 400 Value ETF	-7.4%	140.49	9252026	151.67	8162026	40
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-7.3%	90.29	9252026	97.39	8162026	40
VBR	Vanguard Small-Cap Value ETF	-6.0%	236.51	9252026	251.66	8162026	40
AVUV	Avantis U.S. Small Cap Value ETF	-6.5%	120.41	9252026	128.74	8042026	52
IWN	iShares Russell 2000 Value ETF	-6.1%	213.49	9252026	227.43	8162026	40
IJS	iShares S&P Small-Cap 600 Value ETF	-7.3%	130.48	9252026	140.68	8162026	40
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-7.3%	103.99	9252026	112.22	8162026	40
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-6.8%	112.05	9252026	120.28	8162026	40
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-11.3%	33.09	9252026	37.30	6222026	95
EWY	iShares MSCI South Korea ETF	-14.6%	187.18	9252026	219.20	6212026	96
EWZ	iShares MSCI Brazil ETF	-11.8%	36.82	9252026	41.73	4142026	164
FXI	iShares China Large-Cap ETF	-11.2%	33.96	9252026	38.26	5132026	135
ILF	iShares Latin America 40 ETF	-8.8%	34.75	9252026	38.10	4142026	164
KWEB	KraneShares CSI China Internet ETF	-19.6%	24.58	9252026	30.59	5132026	135
SCHD	Schwab US Dividend Equity ETF	-5.7%	33.21	9252026	35.21	8242026	32
VYM	Vanguard High Dividend Yield ETF	-5.1%	157.68	9252026	166.11	8132026	43
DVY	iShares Select Dividend ETF	-6.5%	154.73	9252026	165.50	8162026	40
SDY	State Street SPDR S&P Dividend ETF	-6.7%	148.59	9252026	159.18	8242026	32
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	-6.9%	54.97	9252026	59.07	8242026	32
SCHY	Schwab International Dividend Equity ETF	-5.0%	32.09	9252026	33.78	8252026	31
RSP	Invesco S&P 500 Equal Weight ETF	-5.2%	211.11	9252026	222.77	8162026	40
COWZ	Pacer US Cash Cows 100 ETF	-6.5%	67.73	9252026	72.40	8302026	26
MTUM	iShares MSCI USA Momentum Factor ETF	-7.7%	318.50	9252026	345.22	6222026	95
SPHQ	Invesco S&P 500 Quality ETF	-5.7%	84.92	9252026	90.10	6302026	87
FNDA	Schwab Fundamental U.S. Small Company ETF	-7.8%	35.53	9252026	38.52	8162026	40
SPMO	Invesco S&P 500 Momentum ETF	-5.4%	152.92	9252026	161.66	6222026	95
URA	Global X Uranium ETF	-29.8%	40.91	9252026	58.26	5062026	142
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-15.0%	35.40	9252026	41.63	5132026	135
ROBO	ROBO Global Robotics & Automation Index ETF	-10.3%	81.06	9252026	90.34	6022026	115
LIT	Global X Lithium & Battery Tech ETF	-24.7%	69.02	9252026	91.62	5112026	137
ICLN	iShares Global Clean Energy ETF	-27.5%	17.23	9252026	23.75	6022026	115
ARKQ	ARK Autonomous Technology & Robotics ETF	-13.5%	124.42	9252026	143.82	5282026	120
ARKX	ARK Space & Defense Innovation ETF	-13.4%	32.70	9252026	37.74	5282026	120
NASA	Tema Space Innovators ETF	-41.4%	24.54	9252026	41.89	5272026	121
DRSK	Aptus Defined Risk ETF	-6.9%	27.61	9252026	29.67	6012026	116
YYY	Amplify CEF High Income ETF	-8.2%	10.61	9252026	11.56	7122026	75
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-7.2%	66.17	9252026	71.30	8252026	31
RAAX	VanEck Real Assets ETF	-5.0%	40.55	9252026	42.70	5112026	137
XLF	State Street Financial Select Sector SPDR ETF	-6.4%	54.84	9252026	58.56	9032026	22
XLE	State Street Energy Select Sector SPDR ETF	-5.9%	62.04	9252026	65.93	9152026	10
XLI	State Street Industrial Select Sector SPDR ETF	-8.6%	170.43	9252026	186.51	8162026	40
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-9.2%	110.56	9252026	121.82	5282026	120
XLP	State Street Consumer Staples Select Sector SPDR ETF	-6.2%	82.06	9252026	87.45	8242026	32
XLU	State Street Utilities Select Sector SPDR ETF	-15.7%	39.51	9252026	46.85	4092026	169
XLB	State Street Materials Select Sector SPDR ETF	-7.2%	49.80	9252026	53.67	8262026	30
IYJ	iShares U.S. Industrials ETF	-7.7%	156.72	9252026	169.86	8042026	52
IYM	iShares U.S. Basic Materials ETF	-7.0%	182.67	9252026	196.45	8252026	31
FXN	First Trust Energy AlphaDEX Fund	-8.1%	22.37	9252026	24.35	9152026	10
SMH	VanEck Semiconductor ETF	-9.3%	606.56	9252026	668.91	6222026	95
SOXX	iShares Semiconductor ETF	-12.6%	572.68	9252026	655.01	6222026	95
XBI	State Street SPDR S&P Biotech ETF	-8.6%	155.03	9252026	169.55	8192026	37
ITA	iShares U.S. Aerospace & Defense ETF	-15.6%	213.81	9252026	253.22	8162026	40
XOP	State Street SPDR S&P Oil & Gas Exploration & Production ETF	-9.1%	181.50	9252026	199.70	9152026	10
IYT	iShares U.S. Transportation ETF	-11.8%	79.35	9252026	90.01	7162026	71
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-8.7%	180.88	9252026	198.06	9032026	22
KRE	State Street SPDR S&P Regional Banking ETF	-8.2%	71.55	9252026	77.93	8162026	40
MISL	First Trust Indxx Aerospace & Defense ETF	-13.3%	42.64	9252026	49.19	5282026	120
RING	iShares MSCI Global Gold Miners ETF	-12.7%	81.35	9252026	93.17	8252026	31
SOXQ	Invesco PHLX Semiconductor ETF	-13.4%	99.68	9252026	115.11	6222026	95
IGOV	iShares International Treasury Bond ETF	-5.1%	40.11	9252026	42.27	5102026	138
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	-5.2%	103.21	9252026	108.85	6292026	88
TLT	iShares 20+ Year Treasury Bond ETF	-8.6%	79.32	9252026	86.78	6292026	88
VGLT	Vanguard Long-Term Treasury ETF	-7.5%	50.98	9252026	55.12	6292026	88
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-7.9%	24.26	9252026	26.33	6292026	88
TLH	iShares 10-20 Year Treasury Bond ETF	-7.1%	93.38	9252026	100.56	6292026	88
EDV	Vanguard World Funds Extended Duration ETF	-12.3%	57.37	9252026	65.43	6242026	93
VCLT	Vanguard Long-Term Corporate Bond ETF	-7.0%	69.62	9252026	74.85	6292026	88
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-7.5%	20.72	9252026	22.40	6292026	88
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-7.3%	46.40	9252026	50.05	6292026	88
MUB	iShares National Muni Bond ETF	-5.7%	101.17	9252026	107.28	7062026	81
VTEB	Vanguard Tax-Exempt Bond Index Fund	-5.5%	47.48	9252026	50.25	7062026	81
TFI	State Street SPDR Nuveen ICE Municipal Bond ETF	-6.0%	42.86	9252026	45.59	7052026	82
ITM	VanEck Intermediate Muni ETF	-5.9%	43.99	9252026	46.77	7062026	81
LMUB	iShares Long-Term National Muni Bond ETF	-8.3%	46.78	9252026	51.00	7052026	82
GLD	SPDR Gold Trust	-11.8%	393.41	9252026	445.93	4192026	159
IAU	iShares Gold Trust	-12.1%	80.30	9252026	91.34	4192026	159
GLDM	SPDR Gold MiniShares Trust	-11.6%	84.89	9252026	96.04	4192026	159
SLV	iShares Silver Trust	-27.4%	57.62	9252026	79.35	5132026	135
PPLT	ETFS Physical Platinum Shares	-17.7%	16.09	9252026	19.55	5132026	135
PALL	ETFS Physical Palladium Shares	-20.5%	22.98	9252026	28.89	4142026	164
USO	United States Oil Fund LP	-8.4%	148.33	9252026	161.86	9152026	10
UNG	United States Natural Gas Fund LP	-9.4%	11.13	9252026	12.28	3292026	180
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	9252026	60.13	5042026	144
VNQ	Vanguard Real Estate ETF	-9.1%	90.99	9252026	100.08	7282026	59
XLRE	State Street Real Estate Select Sector SPDR ETF	-9.7%	41.56	9252026	46.01	7282026	59
SCHH	Schwab U.S. REIT ETF	-10.3%	22.31	9252026	24.86	7262026	61
IYR	iShares U.S. Real Estate ETF	-9.9%	96.63	9252026	107.26	7282026	59
REET	iShares Global REIT ETF	-9.8%	26.06	9252026	28.89	7262026	61
USRT	iShares Core U.S. REIT ETF	-10.7%	62.37	9252026	69.82	7262026	61

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-09-25

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$14.5B), followed by Bond (+$6.4B), while Commodity (−$571M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$12.4B) and out of Factor Smart Beta (−$9.2B).
Relative to fund size, CORO drew the largest inflow (+34.7% of AUM) and MTUM the largest outflow (−23.5%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$35.65B	+4.0%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$19.62B	+2.4%
3	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$4.45B	+27.5%
4	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$4.45B	+9.3%
5	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.4B	+34.7%
6	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	+$3.17B	+4.1%
7	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$3.14B	+0.6%
8	BLCR	iShares Large Cap Core Active ETF	Other	+$2.37B	+26.4%
9	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$2.09B	+1.2%
10	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	+$2.01B	+3.9%

#	Ticker	Name	Type	Net flow	% of AUM
1	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.4B	+34.7%
2	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$4.45B	+27.5%
3	BLCR	iShares Large Cap Core Active ETF	Other	+$2.37B	+26.4%
4	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$897M	+22.8%
5	XTEN	BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF	Other	+$186M	+15.6%
6	FLTW	Franklin FTSE Taiwan ETF	Other	+$607M	+14.6%
7	EWL	iShares MSCI Switzerland ETF	Other	+$374M	+13.8%
8	IYK	iShares U.S. Consumer Staples ETF	Other	+$191M	+13.6%
9	IALT	iShares Systematic Alternatives Active ETF	Equity Asset Allocation	+$907M	+13.4%
10	IYM	iShares U.S. Basic Materials ETF	Equity Broad Sector	+$138M	+12.0%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$44.94B	-4.2%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$4.91B	-23.5%
3	COWZ	Pacer US Cash Cows 100 ETF	Equity Factor Smart Beta	-$3.52B	-18.5%
4	VUG	Vanguard Morningstar Growth ETF	Equity US Large Growth	-$2.73B	-1.2%
5	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	-$2.71B	-2.6%
6	VFLO	VictoryShares Free Cash Flow ETF	Other	-$2.43B	-22.1%
7	DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	Equity US Large Concentrated	-$2.04B	-4.5%
8	VTV	Vanguard Morningstar Value ETF	Equity US Large Value	-$2.03B	-1.1%
9	RDVY	First Trust Rising Dividend Achievers ETF	Other	-$1.74B	-6.9%
10	MBB	iShares MBS ETF	Bond Mortgage Backed	-$1.73B	-4.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$4.91B	-23.5%
2	VFLO	VictoryShares Free Cash Flow ETF	Other	-$2.43B	-22.1%
3	LMUB	iShares Long-Term National Muni Bond ETF	Bond Municipal	-$319M	-20.9%
4	CALF	Pacer US Small Cap Cash Cows ETF	Other	-$743M	-20.5%
5	COWZ	Pacer US Cash Cows 100 ETF	Equity Factor Smart Beta	-$3.52B	-18.5%
6	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$236M	-17.8%
7	USVM	VictoryShares US Small Mid Cap Value Momentum ETF	Other	-$289M	-16.7%
8	IDEF	iShares Defense Industrials Act	Other	-$493M	-12.8%
9	FTXH	First Trust Nasdaq Pharmaceuticals ETF	Other	-$125M	-11.7%
10	IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	Bond Long Corporate	-$300M	-11.7%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$37.8B), followed by Bond (+$16.4B), with every major asset class in net inflows.
Within the mix, money rotated into Short Treasury (+$7.9B) and out of Intermediate Corporate (−$5.4B).
Relative to fund size, CORO drew the largest inflow (+54.2% of AUM) and XOVR the largest outflow (−26.4%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$7.36B	+1.1%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$6.61B	+0.8%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$6.59B	+6.0%
4	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$5.34B	+12.2%
5	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$4.69B	+2.8%
6	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.57B	+54.2%
7	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$4.45B	+35.6%
8	VGSH	Vanguard Short-Term Treasury ETF	Bond Short Treasury	+$4.43B	+12.7%
9	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$3.61B	+3.2%
10	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$2.68B	+1.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.57B	+54.2%
2	CNEQ	Alger Concentrated Equity ETF	Other	+$1.02B	+37.3%
3	BLCR	iShares Large Cap Core Active ETF	Other	+$2.51B	+37.0%
4	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$575M	+36.2%
5	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$4.45B	+35.6%
6	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$902M	+34.4%
7	MGNR	American Beacon GLG Natural Resources ETF	Other	+$422M	+32.5%
8	PSEP	Innovator U.S. Equity Power Buffer ETF	Other	+$332M	+31.9%
9	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$952M	+30.8%
10	ALAI	Alger AI Enablers & Adopters ETF	Other	+$372M	+29.4%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$11.0B	-1.0%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.16B	-21.3%
3	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$4.82B	-17.1%
4	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	-$4.45B	-0.9%
5	VGIT	Vanguard Intermediate-Term Treasury ETF	Bond Intermediate Treasury	-$2.63B	-6.6%
6	DRAM	Roundhill Memory ETF	Other	-$1.92B	-7.4%
7	GOVT	iShares U.S. Treasury Bond ETF	Bond Intermediate Treasury	-$1.85B	-4.5%
8	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.69B	-6.2%
9	MBB	iShares MBS ETF	Bond Mortgage Backed	-$1.64B	-4.2%
10	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$1.58B	-5.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$405M	-26.4%
2	SCMB	Schwab Municipal Bond ETF	Other	-$938M	-23.8%
3	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$420M	-23.0%
4	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.16B	-21.3%
5	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$4.82B	-17.1%
6	TAN	Invesco Solar ETF	Other	-$169M	-16.9%
7	CTA	Simplify Managed Futures Strategy ETF	Other	-$231M	-14.8%
8	MTBA	Simplify MBS ETF	Other	-$189M	-13.4%
9	IGOV	iShares International Treasury Bond ETF	Bond International	-$192M	-12.5%
10	IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	Bond Long Corporate	-$343M	-11.8%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$122.2B), followed by Bond (+$61.8B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$28.1B) and out of US Large Value (−$8.6B).
Relative to fund size, CNEQ drew the largest inflow (+233.4% of AUM) and FTXL the largest outflow (−82.5%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$17.99B	+10.7%
2	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$17.33B	+2.5%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$16.16B	+15.8%
4	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$13.8B	+1.3%
5	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$10.26B	+9.5%
6	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$10.08B	+22.3%
7	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$8.7B	+1.1%
8	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$8.3B	+5.1%
9	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$8.28B	+5.1%
10	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$7.72B	+17.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$2.38B	+233.4%
2	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.31B	+87.1%
3	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.25B	+85.7% ⚠
4	BFLX	iShares Flexible Equity Active ETF	Other	+$1.42B	+84.5%
5	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$810M	+60.9%
6	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.13B	+50.1%
7	XAGG	Morgan Stanley ETF Trust - Eaton Vance Strategic Income Opportunities ETF	Other	+$641M	+46.3%
8	CBOX	Calamos ETF Trust - Calamos Tax-Aware Collateral ETF	Other	+$599M	+44.8%
9	BLCR	iShares Large Cap Core Active ETF	Other	+$2.93B	+43.7%
10	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.12B	+43.0%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$12.36B	-1.4%
2	IWD	iShares Russell 1000 Value ETF	Equity US Large Value	-$9.05B	-11.0%
3	IWF	iShares Russell 1000 Growth ETF	Equity US Large Growth	-$8.52B	-6.8%
4	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.11B	-24.2%
5	IWR	iShares Russell Mid-Cap ETF	Equity US Mid Cap Core	-$4.21B	-7.4%
6	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$3.46B	-8.0%
7	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$3.37B	-10.3%
8	IYW	iShares U.S. Technology ETF	Other	-$2.23B	-8.9%
9	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$2.19B	-15.7%
10	IWS	iShares Russell Mid-Cap Value ETF	Equity US Mid Cap Value	-$2.18B	-13.9%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$1.1B	-82.5%
2	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$699M	-37.8%
3	TAN	Invesco Solar ETF	Other	-$448M	-33.6%
4	NASA	Tema Space Innovators ETF	Equity Thematic	-$341M	-30.4%
5	QLTA	iShares Aaa - A Rated Corporate Bond ETF	Other	-$353M	-29.1%
6	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$336M	-27.0%
7	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.11B	-24.2%
8	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$248M	-23.0%
9	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$840M	-19.8%
10	EWA	iShares MSCI Australia ETF	Other	-$262M	-19.5%

Largest ETF fund flows across ~2652 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

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About VBR

Holdings Count: 841
Expense Ratio: 0.05%
Inception Date: 2004-01-26

Vanguard Morningstar Small-Cap Value ETF
This ETF endeavors to mirror the investment performance of the CRSP US Small Cap Value Index, a benchmark designed to track the returns of small-capitalization value stocks. It offers an accessible and efficient way to replicate the performance of a diversified portfolio of smaller, value-oriented companies by employing a passively managed strategy through full replication of its underlying index.
Asset Class: Small/Micro Cap Equity | ETF Website

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AESI	Atlas Energy Solutions	1.6	13.5%	32.4%
PPLI	People	3.0	11.3%	-4.1%
WNC	Wabash National	0.5	11.3%	54.3%
MXL	MaxLinear	8.4	10.0%	438.4%
VECO	Veeco Instruments	3.0	9.3%	73.8%
VIAV	Viavi Solutions	9.7	9.3%	128.3%
BE	Bloom Energy	82.9	8.3%	232.3%
CRDO	Credo Technology	39.0	7.7%	46.6%
NUTX	Nutex Health	1.5	7.6%	33.7%
STAA	Staar Surgical	1.0	7.5%	-11.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ONT	Onterris	0.5	-16.8%	-43.6%
KDK	Kodiak AI	0.5	-12.6%	-77.7%
ZS	Zscaler	31.0	-10.1%	-14.2%
SLI	Standard Lithium	0.5	-9.7%	-58.4%
RPD	Rapid7	0.8	-9.6%	-23.6%
NGNE	Neurogene	0.6	-9.4%	37.4%
FRVO	Fervo Energy	2.4	-9.2%	-58.5%
BYND	Beyond Meat	4.2	-9.1%	-66.1%
PURR	Hyperliquid Strategies	1.6	-8.8%	261.0%
ADBT	Advasa	0.1	-8.8%	-98.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
GRAL	GRAIL	5.5	57.1%	48.3%
SECZ	Securitize	2.4	47.0%	29.8%
BALY	Ballys	0.8	34.5%	-15.3%
MRNA	Moderna	79.2	29.1%	574.4%
VICR	Vicor	13.0	26.6%	157.3%
QMCO	Quantum	0.7	26.3%	391.2%
OUST	Ouster	2.9	24.7%	102.0%
ARHS	Arhaus	1.4	24.6%	-9.1%
BAND	Bandwidth	2.0	23.1%	300.1%
VKTX	Viking Therapeutics	4.1	22.7%	1.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
XNDU	Xanadu Quantum Technologies	1.5	-32.9%	-56.7%
CGEM	Cullinan Therapeutics	0.9	-29.7%	43.1%
ALKT	Alkami Technology	1.5	-27.9%	-40.2%
BYND	Beyond Meat	4.2	-27.5%	-66.1%
KDK	Kodiak AI	0.5	-25.9%	-77.7%
GEN	Gen Digital	13.0	-25.5%	-19.3%
PBLS	Parabilis Medicines	0.9	-25.2%	-1.3%
CTEV	Claritev	0.4	-24.7%	-45.7%
ACAD	ACADIA Pharmaceuticals	3.5	-24.2%	-22.6%
ONT	Onterris	0.5	-22.7%	-43.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SECZ	Securitize	2.4	134.7%	29.8%
GRAL	GRAIL	5.5	59.4%	48.3%
BALY	Ballys	0.8	54.0%	-15.3%
MXL	MaxLinear	8.4	49.0%	438.4%
SDGR	Schrodinger	2.2	48.2%	61.4%
FEIM	Frequency Electronics	0.9	45.9%	64.2%
OKTA	Okta	34.4	45.2%	125.7%
VICR	Vicor	13.0	43.0%	157.3%
ACVA	ACV Auctions	1.8	42.9%	30.4%
FWDI	Forward Industries	0.7	42.0%	27.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ADBT	Advasa	0.1	-97.9%	-98.2%
ALMS	Alumis	0.9	-69.9%	-27.3%
XNDU	Xanadu Quantum Technologies	1.5	-51.5%	-56.7%
RARE	Ultragenyx Pharmaceutical	1.5	-45.2%	-37.0%
SWMR	Swarmer	0.3	-44.0%	-33.1%
IMUX	Immunic	0.4	-43.3%	75.1%
XENE	Xenon Pharmaceuticals	3.7	-42.1%	-17.6%
BYND	Beyond Meat	4.2	-41.4%	-66.1%
ALHC	Alignment Healthcare	1.7	-40.9%	-58.4%
PRLD	Prelude Therapeutics	0.4	-40.9%	33.6%

Peer Comparisons

Peers to compare with:

Profile

	VBR	AVUV	IWN	IJS	SLYV	VIOV	Median
Name	Vanguard S.	Avantis U..	iShares Ru.	iShares S&.	State Stre.	Vanguard S.
Asset Class	Equity	Equity	Equity	Equity	Equity	Equity	-
AUM ($ Bil)	68.2	30.9	14.2	7.8	4.9	2.0	11.0
Expense Ratio	0.05%	0.25%	0.24%	0.18%	0.15%	0.10%	0.17%
10-D Avg Volume (Mil)	0.28	1.25	0.59	0.33	0.20	0.04	0.31
Latest Day Volume (Mil)	0.16	0.77	0.46	0.16	0.21	0.10	0.18
Holdings Count	841	796	1,383	505	461	461	650
Inception Date	1/26/2004	9/24/2019	7/23/2000	7/23/2000	9/25/2000	9/7/2010	-

Fundamentals

	VBR	AVUV	IWN	IJS	SLYV	VIOV	Median
Name	Vanguard S.	Avantis U..	iShares Ru.	iShares S&.	State Stre.	Vanguard S.
Net Asset Value	237.82	121.89	215.67	131.31	105.91	113.22	-
Premium/Discount	-0.6%	-1.2%	-1.0%	-0.6%	-1.8%	-1.0%	-1.0%
Distribution Yield	1.8%	1.3%	1.5%	1.4%	2.0%	1.7%	1.6%
Sales Yield	88.7%	118.1%	171.6%	111.8%	112.4%	113.9%	113.1%
Earnings Yield	5.5%	7.4%	3.9%	5.4%	5.4%	5.4%	5.4%

Valuation

	VBR	AVUV	IWN	IJS	SLYV	VIOV	Median
Name	Vanguard S.	Avantis U..	iShares Ru.	iShares S&.	State Stre.	Vanguard S.
P/S (TTM)	1.1x	0.8x	0.6x	0.9x	0.9x	0.9x	0.9x
P/E (TTM)	18.2x	13.5x	25.9x	18.6x	18.6x	18.6x	18.6x
P/FCF (TTM)	17.2x	12.2x	-	14.0x	13.6x	13.5x	13.6x
Forward P/E	12.7x	11.0x	-	11.7x	11.6x	11.6x	11.6x
Forward P/S	1.0x	0.8x	-	0.8x	0.8x	0.8x	0.8x

Risk

	VBR	AVUV	IWN	IJS	SLYV	VIOV	Median
Name	Vanguard S.	Avantis U..	iShares Ru.	iShares S&.	State Stre.	Vanguard S.
Volatility (1Y)	14.3%	15.7%	16.2%	16.5%	16.4%	16.5%	16.3%
Volatility (3Y)	17.7%	20.6%	20.2%	21.0%	20.9%	20.9%	20.7%
Volatility (5Y)	19.5%	22.2%	21.1%	21.6%	21.5%	21.5%	21.5%
Beta (1Y)	0.81	0.79	0.94	0.90	0.89	0.90	0.89
Beta (3Y)	0.93	1.00	1.00	1.03	1.02	1.02	1.01
Beta (5Y)	0.96	1.01	0.99	0.98	0.98	0.97	0.98
Sharpe Ratio (1Y)	1.07	1.31	1.31	1.17	1.18	1.21	1.19
Sharpe Ratio (3Y)	0.90	0.88	0.91	0.75	0.75	0.77	0.82
Sharpe Ratio (5Y)	0.54	0.62	0.47	0.43	0.44	0.45	0.46
Max Drawdown (1Y)	-8.9%	-8.0%	-8.5%	-9.3%	-9.4%	-9.3%	-9.1%
Max Drawdown (3Y)	-24.2%	-28.8%	-26.7%	-28.6%	-28.7%	-28.4%	-28.5%
Max Drawdown (5Y)	-24.2%	-28.8%	-26.7%	-28.6%	-28.7%	-28.4%	-28.5%

Returns

	VBR	AVUV	IWN	IJS	SLYV	VIOV	Median
Name	Vanguard S.	Avantis U..	iShares Ru.	iShares S&.	State Stre.	Vanguard S.
1M Return	-5.0%	-4.3%	-4.8%	-5.4%	-5.5%	-5.0%	-5.0%
3M Return	-2.6%	-3.6%	-3.6%	-4.7%	-4.7%	-4.0%	-3.8%
6M Return	9.9%	9.5%	13.2%	10.6%	10.4%	11.1%	10.5%
YTD Return	12.8%	18.8%	18.6%	15.4%	15.4%	16.0%	15.7%
1Y Return	15.3%	21.4%	22.2%	19.8%	19.8%	20.4%	20.1%
2Y Return	23.2%	29.6%	31.6%	25.1%	24.9%	26.0%	25.5%
3Y Return	54.5%	62.0%	63.2%	50.2%	50.1%	51.7%	53.1%

Short Interest

Short Interest: As Of Date	9152026
Short Interest: Shares Quantity	0.2 Mil
Short Interest: % Change Since 8312026	-10.6%
Average Daily Volume	0.3 Mil
Days-to-Cover Short Interest	1

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Vanguard Small-Cap Value ETF (VBR)

Market Price (9/26/2026): $236.61

Vanguard Small-Cap Value ETF (VBR)

Market Price (9/26/2026): $236.61

Key Takeaways

Price Chart

Asset Allocation with VBR

Valuation & Yield

Top 20 Holdings for VBR

Performance for VBR Top Holdings

Guidance Updates for VBR Top Holdings

Return vs. Risk

Price Returns Compared

Sharpe Ratios Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

VBR Dip Buy History

Current Dip Buy Opportunities Across ETFs

ETF Fund Flows

Asset allocation rotation · Past week

Asset allocation rotation · Past month

Asset allocation rotation · Past 3 months

Set Alerts and Notifications

Stay Informed

Trade & Investment Ideas

Wealth

Alert Me Periodically

Inform Me Once

About VBR

Latest Trefis Analyses

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

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