Vanguard Small-Cap Value ETF (VBR)

Market Price (9/17/2026): $238.88

Vanguard Small-Cap Value ETF (VBR)

Market Price (9/17/2026): $238.88

Key Takeaways

VBR has returned +13.9% YTD vs +10.9% for SPY; +16.5% over the past 12 months (SPY +15.2%). details →
Priced in gold, VBR has returned -31.5% over the past 3 years, vs +54.6% in dollars — its dollar gains have lagged gold. details →
Over the past month, VBR has seen net inflows of +$1.35B (+3.6% of assets). details →
VBR's portfolio trades at 12.8x forward earnings — a 71% premium to SPY (7.5x). details →
VBR's top 10 holdings represent 6% of the fund vs 37% for SPY — a more diversified portfolio. details →

Last updated: 9/16/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with VBR

Risk Tolerance:

ConservativeModerateAggressive

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

10Y Return (ann.)

+9.2%

Volatility

13.1%

Sharpe

0.53

YTD

+9.2%

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%	-0.8%	-1.3%	-4.4%	13.9%
Bond	BND	50.0%	-0.1%	-0.9%	-1.1%	-1.4%
Gold	GLD	10.0%	-0.6%	-2.9%	-3.4%	-1.2%
Commodity	DBC	2.5%	-1.5%	0.9%	8.5%	48.3%
Real Estate	VNQ	5.0%	-0.7%	-1.5%	-4.6%	7.7%
Bitcoin	BTCUSD	0.0%	0.1%	-3.3%	17.3%	-13.5%
Cash	GOVT	7.5%	-0.1%	-0.9%	-1.4%	-1.9%
Conservative Portfolio		100.0%	-0.4%	-1.2%	-2.1%	4.1%

	ETF	%	1D	1W	1M	YTD
Equity	VBR	55.0%	-0.8%	-1.3%	-4.4%	13.9%
Bond	BND	25.0%	-0.1%	-0.9%	-1.1%	-1.4%
Gold	GLD	7.0%	-0.6%	-2.9%	-3.4%	-1.2%
Commodity	DBC	4.0%	-1.5%	0.9%	8.5%	48.3%
Real Estate	VNQ	5.0%	-0.7%	-1.5%	-4.6%	7.7%
Bitcoin	BTCUSD	2.0%	0.1%	-3.3%	17.3%	-13.5%
Cash	GOVT	2.0%	-0.1%	-0.9%	-1.4%	-1.9%
Moderate Portfolio		100.0%	-0.6%	-1.2%	-2.5%	9.2%

	ETF	%	1D	1W	1M	YTD
Equity	VBR	80.0%	-0.8%	-1.3%	-4.4%	13.9%
Bond	BND	5.0%	-0.1%	-0.9%	-1.1%	-1.4%
Gold	GLD	3.0%	-0.6%	-2.9%	-3.4%	-1.2%
Commodity	DBC	2.2%	-1.5%	0.9%	8.5%	48.3%
Real Estate	VNQ	4.5%	-0.7%	-1.5%	-4.6%	7.7%
Bitcoin	BTCUSD	5.2%	0.1%	-3.3%	17.3%	-13.5%
Cash	GOVT	0.0%	-0.1%	-0.9%	-1.4%	-1.9%
Aggressive Portfolio		100.0%	-0.8%	-1.4%	-2.8%	11.8%

	ETF	%	Return	Volatility	Sharpe
Equity	VBR	25.0%	10.1%	19.8%	0.44
Bond	BND	50.0%	1.2%	5.2%	-0.28
Gold	GLD	10.0%	11.8%	15.4%	0.60
Commodity	DBC	2.5%	8.6%	17.4%	0.42
Real Estate	VNQ	5.0%	4.4%	17.7%	0.15
Bitcoin	BTCUSD	0.0%	61.9%	76.3%	0.94
Cash	GOVT	7.5%	0.2%	4.9%	-0.50
Conservative Portfolio		100.0%	5.1%	7.8%	0.32

	ETF	%	Return	Volatility	Sharpe
Equity	VBR	55.0%	10.1%	19.8%	0.44
Bond	BND	25.0%	1.2%	5.2%	-0.28
Gold	GLD	7.0%	11.8%	15.4%	0.60
Commodity	DBC	4.0%	8.6%	17.4%	0.42
Real Estate	VNQ	5.0%	4.4%	17.7%	0.15
Bitcoin	BTCUSD	2.0%	61.9%	76.3%	0.94
Cash	GOVT	2.0%	0.2%	4.9%	-0.50
Moderate Portfolio		100.0%	9.2%	13.1%	0.53

	ETF	%	Return	Volatility	Sharpe
Equity	VBR	80.0%	10.1%	19.8%	0.44
Bond	BND	5.0%	1.2%	5.2%	-0.28
Gold	GLD	3.0%	11.8%	15.4%	0.60
Commodity	DBC	2.2%	8.6%	17.4%	0.42
Real Estate	VNQ	4.5%	4.4%	17.7%	0.15
Bitcoin	BTCUSD	5.2%	61.9%	76.3%	0.94
Cash	GOVT	0.0%	0.2%	4.9%	-0.50
Aggressive Portfolio		100.0%	13.1%	18.3%	0.61

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

Learn More →

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

Valuation & Yield

	Forward [4,5]	Now	Historical (CYE & TTM)
	9/30/27	9/17/26	2025	2024	2023	2022	2021
Share Price CYE		$238.83	$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	1.27	1.32	1.40	1.33	1.23	1.79
P/E		17.18	17.65	18.01	16.45	12.54	16.64
P/E (Non-GAAP) [2]	13.26	14.74	15.58	16.80	17.41	10.98	19.35
P/FCF		15.78	17.30	17.86	16.85	16.05	20.03
Yields TTM
Earnings Yield	7.54%	5.82%	5.66%	5.55%	6.08%	7.98%	6.01%
Dividend Yield	1.81%	1.81%	1.97%	2.04%	2.23%	2.19%	1.92%
Total Yield (TY)	9.35%	7.63%	7.64%	7.59%	8.30%	10.17%	7.93%
Risk Premium [3]
Risk Free Rate (Rf)	5.00%	5.00%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	4.35%	2.63%	3.46%	3.01%	4.42%	6.29%	6.41%
Growth Rates [6]
Sales Growth	4.0%	4.4%	4.0%	1.4%	-3.3%	14.0%
Earnings Growth [7]	8.1%	18.5%	-18.7%	-10.5%	-19.2%	-6.7%

[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 5.82%, based on its 17.2x trailing P/E. With a 1.81% dividend yield, VBR is yielding 7.63% in total.

RISK

Compared to US Treasuries at 5.00%, VBR's total yield implies a reasonable 2.63% risk premium. Risk premiums at this level suggest valuations are not excessive.

FORWARD EXPECTATIONS

Based on analyst estimates, VBR's forward total yield is 9.35%, implying a 4.35% risk premium assuming stable Treasury rates.

Top 20 Holdings for VBR

Total Weights
Top 5: 3.2% | Top 10: 5.6% | Top 20: 9.8%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		96.50%	100.00%	100.00%	1.0	12.8	+4.0%	+8.1%
Top 20		9.78%	9.28%	8.01%	1.1	14.5	+4.1%	+8.6%
JBL	Jabil	0.71%	0.85%	0.34%	0.7	16.8	+13.4%	+13.9%
TPR	Tapestry	0.66%	0.25%	0.79%	2.7	13.6	+5.3%	+10.7%
ATO	Atmos Energy	0.61%	0.13%	0.59%	4.9	18.8	+8.3%	+7.2%
NRG	NRG Energy	0.60%	1.02%	0.42%	0.6	10.9	+0.8%	+25.9%
WSM	Williams-Sonoma	0.57%	0.21%	0.49%	3.0	20.6	+5.3%	+11.1%
SW	Smurfit WestRock	0.51%	0.79%	0.20%	0.7	14.5	+5.7%	+49.5%
FFIV	F5	0.48%	0.08%	0.27%	6.6	22.5	+7.4%	+5.0%
EXE	Expand Energy	0.48%	0.36%	1.18%	1.6	9.9	-4.1%	+0.8%
OMC	Omnicom	0.48%	0.55%	0.16%	0.9	9.7	-3.4%	+8.7%
USFD	US Foods	0.47%	1.08%	0.32%	0.5	17.0	+4.2%	+20.1%
THC	Tenet Healthcare	0.47%	0.55%	0.88%	1.0	11.5	+1.3%	+1.0%
RS	Reliance	0.44%	0.40%	0.37%	1.2	16.5	-1.1%	+3.3%
JBHT	JB Hunt Transport Services	0.44%	0.29%	0.25%	1.5	24.8	+9.2%	+22.5%
VTRS	Viatris	0.44%	0.37%	—	1.3	6.5	+1.9%	+4.7%
MRNA	Moderna	0.42%	0.02%	—	25.0	—	+13.8%	—
CF	CF Industries	0.41%	0.18%	0.79%	2.7	11.4	-10.6%	-27.8%
CDW	CDW	0.40%	0.57%	0.43%	0.8	12.0	+3.7%	+13.6%
DD	DuPont de Nemours	0.40%	0.12%	0.02%	2.3	15.9	+3.9%	+9.5%
SNX	TD Synnex	0.39%	1.42%	0.35%	0.3	12.6	+7.0%	+6.3%
ESS	Essex Property Trust	0.39%	0.05%	0.17%	8.7	44.4	+3.6%	+10.6%

[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 9/16	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
VBR	Vanguard Small-Cap Value ETF	100.00%	238.83	-0.8%	-4.4%	13.9%	16.5%	54.6%	56.1%	170.7%
JBL	Jabil	0.71%	297.24	0.4%	-19.6%	30.5%	39.5%	181.9%	395.5%	1,313.9%
TPR	Tapestry	0.66%	117.94	0.7%	-8.2%	-6.8%	9.1%	306.4%	231.5%	340.2%
ATO	Atmos Energy	0.61%	161.96	-0.0%	-4.1%	-1.7%	1.5%	51.5%	105.7%	177.0%
NRG	NRG Energy	0.60%	107.38	1.3%	-12.2%	-31.9%	-33.8%	190.2%	191.0%	1,073.1%
WSM	Williams-Sonoma	0.57%	218.20	-1.5%	-9.2%	23.5%	12.9%	217.8%	158.8%	1,003.0%
SW	Smurfit WestRock	0.51%	44.58	2.0%	-6.8%	18.7%	5.0%
FFIV	F5	0.48%	423.59	-1.7%	7.1%	65.9%	30.8%	167.3%	107.1%	257.3%
EXE	Expand Energy	0.48%	88.74	-5.8%	-5.8%	-18.2%	-7.0%	13.0%	83.4%
OMC	Omnicom	0.48%	79.33	-0.7%	-7.2%	0.3%	6.3%	13.8%	29.7%	33.7%
USFD	US Foods	0.47%	92.51	0.5%	-14.8%	22.8%	19.1%	128.0%	177.3%	302.4%
THC	Tenet Healthcare	0.47%	265.78	1.9%	0.5%	33.7%	45.4%	280.9%	264.6%	1,051.1%
RS	Reliance	0.44%	394.30	0.6%	-7.9%	37.9%	37.8%	58.1%	196.4%	594.4%
JBHT	JB Hunt Transport Services	0.44%	236.73	-13.3%	-16.5%	22.5%	73.2%	25.4%	46.9%	218.9%
VTRS	Viatris	0.44%	17.02	2.2%	5.7%	39.9%	84.3%	97.6%	54.8%	-49.0%
MRNA	Moderna	0.42%	145.62	1.3%	125.9%	393.8%	486.2%	27.1%	-66.1%
CF	CF Industries	0.41%	131.99	-2.6%	12.1%	73.2%	58.6%	72.2%	198.5%	616.1%
CDW	CDW	0.40%	149.96	-2.5%	11.4%	11.8%	-7.9%	-24.2%	-16.0%	278.6%
DD	DuPont de Nemours	0.40%	127.57	-0.4%	-10.4%	7.1%	40.2%	51.1%	69.9%
SNX	TD Synnex	0.39%	260.50	-0.8%	-1.3%	74.7%	75.8%	168.4%	140.9%	473.3%
ESS	Essex Property Trust	0.39%	271.34	-1.7%	-4.1%	6.8%	6.3%	34.9%	0.8%	70.5%

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
SNX_6252026	SNX	TD Synnex	6/25/2026	Q3 2026 Revenue	18.60 Bil	12.7%	Higher NewNew Guidance Higher than Prior Actual of 16.50 Bil for Q2 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%	15%	90%
Peers Return	32%	-11%	16%	8%	8%	19%	91%
S&P 500 Return	27%	-19%	24%	23%	16%	11%	102%
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%	44%
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 9/16/2026 (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 9/16/2026

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 9/16/2026

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 9/16/2026

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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
DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	-5.1%	515.22	9162026	542.81	8052026	42
QQQ	Invesco QQQ Trust, Series 1	-5.6%	704.72	9162026	746.16	6022026	106
QQQM	Invesco NASDAQ 100 ETF	-5.5%	290.20	9162026	307.23	6022026	106
QQEW	First Trust Nasdaq-100 Select Equal Weight ETF	-6.6%	155.99	9162026	167.03	8132026	34
IJH	iShares Core S&P Mid-Cap ETF	-7.5%	72.80	9162026	78.67	8162026	31
VO	Vanguard Mid-Cap ETF	-5.8%	79.54	9162026	84.46	8162026	31
IWR	iShares Russell Mid-Cap ETF	-6.1%	107.83	9162026	114.82	8162026	31
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-7.1%	665.88	9162026	716.91	8162026	31
SCHM	Schwab U.S. Mid-Cap ETF	-6.3%	34.56	9162026	36.87	6302026	78
IVOO	Vanguard S&P Mid-Cap 400 ETF	-7.1%	123.63	9162026	133.08	8162026	31
IJR	iShares Core S&P Small-Cap ETF	-7.3%	139.46	9162026	150.44	8162026	31
VB	Vanguard Small-Cap ETF	-6.6%	288.98	9162026	309.29	8162026	31
IWM	iShares Russell 2000 ETF	-6.9%	283.92	9162026	305.09	8162026	31
SCHA	Schwab U.S. Small-Cap ETF	-8.5%	33.06	9162026	36.13	6302026	78
VTWO	Vanguard Russell 2000 ETF	-6.7%	115.07	9162026	123.31	8162026	31
DFAS	Dimensional U.S. Small Cap ETF	-6.1%	79.29	9162026	84.48	8162026	31
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-6.6%	52.92	9162026	56.64	8162026	31
NUSC	Nuveen ESG Small-Cap ETF	-6.9%	49.57	9162026	53.27	8162026	31
IWF	iShares Russell 1000 Growth ETF	-6.3%	120.54	9162026	128.66	6012026	107
VONG	Vanguard Russell 1000 Growth ETF	-6.1%	124.23	9162026	132.35	6012026	107
AKRE	Akre Focus ETF	-9.2%	56.19	9162026	61.85	8302026	17
IWP	iShares Russell Mid-Cap Growth ETF	-8.2%	135.56	9162026	147.70	8172026	30
VOT	Vanguard Mid-Cap Growth ETF	-7.8%	289.52	9162026	314.02	8162026	31
IJK	iShares S&P Mid-Cap 400 Growth ETF	-8.4%	109.14	9162026	119.11	8172026	30
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-8.3%	104.26	9162026	113.69	8172026	30
IWO	iShares Russell 2000 Growth ETF	-8.7%	361.11	9162026	395.65	8162026	31
VBK	Vanguard Small-Cap Growth ETF	-8.5%	335.15	9162026	366.24	8172026	30
IJT	iShares S&P Small-Cap 600 Growth ETF	-8.9%	163.20	9162026	179.07	8042026	43
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-8.6%	109.17	9162026	119.50	8042026	43
IWS	iShares Russell Mid-Cap Value ETF	-5.5%	163.91	9162026	173.44	8162026	31
IJJ	iShares S&P Mid-Cap 400 Value ETF	-6.4%	141.98	9162026	151.67	8162026	31
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-6.0%	91.53	9162026	97.39	8162026	31
VBR	Vanguard Small-Cap Value ETF	-5.1%	238.83	9162026	251.66	8162026	31
IWN	iShares Russell 2000 Value ETF	-5.1%	215.86	9162026	227.43	8162026	31
IJS	iShares S&P Small-Cap 600 Value ETF	-6.0%	132.23	9162026	140.68	8162026	31
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-5.6%	105.94	9162026	112.22	8162026	31
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-5.6%	114.02	9162026	120.76	8162026	31
IEMG	iShares Core MSCI Emerging Markets ETF	-6.8%	80.11	9162026	86.00	6222026	86
EEM	iShares MSCI Emerging Markets ETF	-7.7%	65.72	9162026	71.21	6222026	86
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-10.8%	33.28	9162026	37.30	6222026	86
EWY	iShares MSCI South Korea ETF	-19.9%	175.54	9162026	219.20	6212026	87
EWZ	iShares MSCI Brazil ETF	-10.2%	37.48	9162026	41.73	4142026	155
FXI	iShares China Large-Cap ETF	-11.3%	33.92	9162026	38.26	5132026	126
ILF	iShares Latin America 40 ETF	-8.1%	35.03	9162026	38.10	4142026	155
KWEB	KraneShares CSI China Internet ETF	-20.8%	24.24	9162026	30.59	5132026	126
CGDV	Capital Group Dividend Value ETF	-5.6%	48.55	9162026	51.44	8132026	34
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	-5.5%	55.85	9162026	59.07	8242026	23
MTUM	iShares MSCI USA Momentum Factor ETF	-13.1%	299.83	9162026	345.22	6222026	86
SPHQ	Invesco S&P 500 Quality ETF	-7.9%	82.95	9162026	90.10	6302026	78
FNDA	Schwab Fundamental U.S. Small Company ETF	-6.9%	35.88	9162026	38.52	8162026	31
SPMO	Invesco S&P 500 Momentum ETF	-11.1%	143.66	9162026	161.66	6222026	86
URA	Global X Uranium ETF	-29.0%	41.37	9162026	58.26	5062026	133
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-16.6%	34.72	9162026	41.63	5132026	126
ROBO	ROBO Global Robotics & Automation Index ETF	-14.1%	77.56	9162026	90.34	6022026	106
LIT	Global X Lithium & Battery Tech ETF	-23.8%	69.85	9162026	91.62	5112026	128
ICLN	iShares Global Clean Energy ETF	-27.1%	17.32	9162026	23.75	6022026	106
ARKQ	ARK Autonomous Technology & Robotics ETF	-17.0%	119.39	9162026	143.82	5282026	111
ARKX	ARK Space & Defense Innovation ETF	-16.3%	31.58	9162026	37.74	5282026	111
NASA	Tema Space Innovators ETF	-44.6%	23.20	9162026	41.89	5272026	112
AGIX	KraneShares Artificial Intelligence ETF	-9.1%	44.92	9162026	49.40	6012026	107
DRSK	Aptus Defined Risk ETF	-6.7%	27.69	9162026	29.67	6012026	107
YYY	Amplify CEF High Income ETF	-7.0%	10.75	9162026	11.56	7122026	66
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-9.2%	64.72	9162026	71.30	8252026	22
VGT	Vanguard Information Technology ETF	-5.3%	118.92	9162026	125.62	6022026	106
XLK	State Street Technology Select Sector SPDR ETF	-7.2%	183.93	9162026	198.21	6022026	106
XLI	State Street Industrial Select Sector SPDR ETF	-9.5%	168.71	9162026	186.51	8162026	31
XLC	State Street Communication Services Select Sector SPDR ETF	-5.1%	113.00	9162026	119.10	4192026	150
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-9.7%	110.18	9162026	122.06	5282026	111
XLU	State Street Utilities Select Sector SPDR ETF	-12.4%	41.32	9162026	47.15	4092026	160
XLB	State Street Materials Select Sector SPDR ETF	-6.2%	50.36	9162026	53.67	8262026	21
IYJ	iShares U.S. Industrials ETF	-8.5%	155.36	9162026	169.86	8042026	43
IYM	iShares U.S. Basic Materials ETF	-7.3%	182.17	9162026	196.45	8252026	22
SMH	VanEck Semiconductor ETF	-18.4%	545.56	9162026	668.91	6222026	86
SOXX	iShares Semiconductor ETF	-23.4%	502.06	9162026	655.01	6222026	86
IBB	iShares Biotechnology ETF	-6.7%	202.40	9162026	216.96	8192026	28
XBI	State Street SPDR S&P Biotech ETF	-9.1%	154.18	9162026	169.55	8192026	28
ITA	iShares U.S. Aerospace & Defense ETF	-15.0%	215.27	9162026	253.22	8162026	31
IYT	iShares U.S. Transportation ETF	-10.9%	80.16	9162026	90.01	7162026	62
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-8.5%	181.16	9162026	198.06	9032026	13
KRE	State Street SPDR S&P Regional Banking ETF	-6.7%	72.74	9162026	77.93	8162026	31
MISL	First Trust Indxx Aerospace & Defense ETF	-13.6%	42.50	9162026	49.19	5282026	111
RING	iShares MSCI Global Gold Miners ETF	-12.4%	81.58	9162026	93.17	8252026	22
SOXQ	Invesco PHLX Semiconductor ETF	-23.1%	88.57	9162026	115.11	6222026	86
TLT	iShares 20+ Year Treasury Bond ETF	-6.8%	80.88	9162026	86.78	6292026	79
VGLT	Vanguard Long-Term Treasury ETF	-5.9%	51.89	9162026	55.12	6292026	79
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-6.2%	24.69	9162026	26.33	6292026	79
TLH	iShares 10-20 Year Treasury Bond ETF	-5.6%	94.93	9162026	100.56	6292026	79
EDV	Vanguard World Funds Extended Duration ETF	-9.3%	59.31	9162026	65.43	6242026	84
VCLT	Vanguard Long-Term Corporate Bond ETF	-5.2%	70.93	9162026	74.85	6292026	79
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-5.8%	21.11	9162026	22.40	6292026	79
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-5.6%	47.25	9162026	50.05	6292026	79
LMUB	iShares Long-Term National Muni Bond ETF	-6.5%	47.71	9162026	51.00	7052026	73
GSG	iShares GSCI Commodity	-5.8%	30.01	9162026	31.85	3182026	182
GLD	SPDR Gold Trust	-12.2%	391.74	9162026	445.93	4192026	150
IAU	iShares Gold Trust	-12.1%	80.32	9162026	91.34	4192026	150
GLDM	SPDR Gold MiniShares Trust	-12.0%	84.53	9162026	96.04	4192026	150
BAR	Direxion Daily Gold Bull 3X Shares	-7.0%	44.34	9162026	47.68	3182026	182
SLV	iShares Silver Trust	-28.1%	57.05	9162026	79.35	5132026	126
PPLT	ETFS Physical Platinum Shares	-19.0%	15.83	9162026	19.55	5132026	126
PALL	ETFS Physical Palladium Shares	-20.0%	23.11	9162026	28.89	4142026	155
UNG	United States Natural Gas Fund LP	-18.2%	10.36	9162026	12.67	3182026	182
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	9162026	60.13	5042026	135
VNQ	Vanguard Real Estate ETF	-7.4%	93.48	9162026	100.95	7282026	50
XLRE	State Street Real Estate Select Sector SPDR ETF	-7.0%	42.81	9162026	46.01	7282026	50
SCHH	Schwab U.S. REIT ETF	-8.0%	22.88	9162026	24.86	7262026	52
IYR	iShares U.S. Real Estate ETF	-8.0%	98.65	9162026	107.26	7282026	50
REET	iShares Global REIT ETF	-8.8%	26.36	9162026	28.89	7262026	52
USRT	iShares Core U.S. REIT ETF	-9.5%	63.16	9162026	69.82	7262026	52
IBIT	iShares Bitcoin Trust ETF	-7.4%	43.04	9162026	46.47	5112026	128
FBTC	Fidelity Wise Origin Bitcoin Fund	-7.4%	66.10	9162026	71.35	5112026	128
ETHA	iShares Ethereum Trust ETF	-5.3%	18.15	9162026	19.17	9142026	2

ETF Fund Flows

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

Net fund flows · as of 2026-09-16

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$56.5B), followed by Cash (+$3.3B), while Crypto (−$627M) saw the largest outflows.
Within the mix, money rotated into US Mid Cap Core (+$8.6B) and out of Intermediate Corporate (−$1.4B).
Relative to fund size, SPMO drew the largest inflow (+28.6% of AUM) and SCMB the largest outflow (−15.7%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$19.51B	+1.8%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$9.96B	+5.9%
3	SPMO	Invesco S&P 500 Momentum ETF	Equity Factor Smart Beta	+$6.45B	+28.6%
4	VUG	Vanguard Morningstar Growth ETF	Equity US Large Growth	+$4.22B	+1.9%
5	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	+$3.94B	+3.7%
6	SCHA	Schwab U.S. Small-Cap ETF	Equity US Small Cap Core	+$3.27B	+14.6%
7	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$3.24B	+0.5%
8	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$3.09B	+2.8%
9	SCHG	Schwab U.S. Large-Cap Growth ETF	Equity US Large Growth	+$3.0B	+4.8%
10	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	+$2.88B	+4.2%

#	Ticker	Name	Type	Net flow	% of AUM
1	SPMO	Invesco S&P 500 Momentum ETF	Equity Factor Smart Beta	+$6.45B	+28.6%
2	MOAT	VanEck Morningstar Wide Moat ETF	Other	+$2.84B	+24.2%
3	AGIX	KraneShares Public-Private AI & Technology ETF	Equity Thematic	+$236M	+22.1%
4	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$461M	+21.7%
5	SCHM	Schwab U.S. Mid-Cap ETF	Equity US Mid Cap Core	+$2.71B	+18.5%
6	SMTH	ALPS Funds Smith Core Plus Bond ETF	Other	+$546M	+18.1%
7	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$513M	+18.0%
8	SCHA	Schwab U.S. Small-Cap ETF	Equity US Small Cap Core	+$3.27B	+14.6%
9	XAR	State Street SPDR S&P Aerospace & Defense ETF	Other	+$726M	+13.2%
10	DBMF	iMGP DBi Managed Futures Strategy ETF	Other	+$624M	+13.0%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	-$17.43B	-2.2%
2	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$5.97B	-0.7%
3	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.2B	-4.5%
4	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$1.17B	-4.2%
5	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$905M	-3.3%
6	SCMB	Schwab Municipal Bond ETF	Other	-$562M	-15.7%
7	VCIT	Vanguard Intermediate-Term Corporate Bond ETF	Bond Intermediate Corporate	-$541M	-0.8%
8	XLE	State Street Energy Select Sector SPDR ETF	Equity Broad Sector	-$532M	-1.3%
9	BOXX	Alpha Architect 1-3 Month Box ETF	Other	-$445M	-3.1%
10	SPSB	State Street SPDR Portfolio Short Term Corporate Bond ETF	Bond Short Corporate	-$431M	-3.9%

#	Ticker	Name	Type	Net flow	% of AUM
1	SCMB	Schwab Municipal Bond ETF	Other	-$562M	-15.7%
2	USO	United States Oil Fund, LP	Commodity Energy	-$222M	-10.7%
3	ARKB	ARK 21Shares Bitcoin ETF	Other	-$260M	-10.3%
4	IYZ	iShares U.S. Telecommunications ETF	Other	-$114M	-10.3%
5	IYM	iShares U.S. Basic Materials ETF	Equity Broad Sector	-$94M	-8.8%
6	KRE	State Street SPDR S&P Regional Banking ETF	Equity Industry Subsector	-$362M	-8.6%
7	MTBA	Simplify MBS ETF	Other	-$106M	-7.8%
8	IYE	iShares U.S. Energy ETF	Other	-$134M	-7.6%
9	FCOM	Fidelity MSCI Communication Services Index ETF	Other	-$106M	-6.0%
10	VRIG	Invesco Variable Rate Investment Grade ETF	Other	-$104M	-5.7%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$62.6B), followed by Bond (+$15.1B), while Real Estate (−$143M) saw the largest outflows.
Within the mix, money rotated into US Mid Cap Core (+$11.0B) and out of US Large Cap Core (−$10.6B).
Relative to fund size, CNEQ drew the largest inflow (+73.8% of AUM) and SNXX the largest outflow (−32.3%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$57.4B	+5.5%
2	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$9.38B	+1.4%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$7.25B	+6.8%
4	SPMO	Invesco S&P 500 Momentum ETF	Equity Factor Smart Beta	+$7.15B	+32.2%
5	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$6.03B	+5.4%
6	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	+$4.63B	+6.8%
7	VGSH	Vanguard Short-Term Treasury ETF	Bond Short Treasury	+$4.52B	+13.1%
8	VUG	Vanguard Morningstar Growth ETF	Equity US Large Growth	+$4.43B	+2.0%
9	GLD	SPDR Gold Shares	Commodity Gold	+$4.06B	+2.7%
10	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	+$4.04B	+3.7%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$1.81B	+73.8%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$639M	+58.4%
3	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$692M	+41.2%
4	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$893M	+37.0%
5	SPMO	Invesco S&P 500 Momentum ETF	Equity Factor Smart Beta	+$7.15B	+32.2%
6	MGNR	American Beacon GLG Natural Resources ETF	Other	+$379M	+29.3%
7	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$447M	+24.9%
8	BFLX	iShares Flexible Equity Active ETF	Other	+$479M	+22.9%
9	MOAT	VanEck Morningstar Wide Moat ETF	Other	+$2.75B	+22.5%
10	MOO	VanEck Agribusiness ETF	Other	+$227M	+21.1%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$50.76B	-5.8%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	-$20.78B	-2.6%
3	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$5.08B	-16.1%
4	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	-$4.21B	-0.9%
5	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.82B	-18.0%
6	VGIT	Vanguard Intermediate-Term Treasury ETF	Bond Intermediate Treasury	-$2.39B	-6.0%
7	DRAM	Roundhill Memory ETF	Other	-$2.29B	-8.8%
8	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$2.27B	-4.1%
9	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.91B	-6.9%
10	GOVT	iShares U.S. Treasury Bond ETF	Bond Intermediate Treasury	-$1.59B	-3.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$592M	-32.3%
2	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$289M	-28.3%
3	TAN	Invesco Solar ETF	Other	-$268M	-25.7%
4	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$414M	-25.1%
5	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.82B	-18.0%
6	CORP	PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund	Other	-$246M	-16.9%
7	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$5.08B	-16.1%
8	KRE	State Street SPDR S&P Regional Banking ETF	Equity Industry Subsector	-$668M	-16.0%
9	XNTK	State Street SPDR NYSE Technology ETF	Other	-$251M	-13.1%
10	USO	United States Oil Fund, LP	Commodity Energy	-$235M	-11.9%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$204.6B), followed by Bond (+$59.0B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$43.2B) and out of Thematic (−$4.3B).
Relative to fund size, BFLX drew the largest inflow (+129.9% of AUM) and NASA the largest outflow (−145.3%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$22.13B	+13.7%
2	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$18.89B	+1.8%
3	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$17.53B	+2.6%
4	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$15.4B	+15.4%
5	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$14.93B	+1.7%
6	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$12.5B	+11.9%
7	DRAM	Roundhill Memory ETF	Other	+$10.67B	+43.0%
8	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$9.09B	+1.9%
9	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$9.06B	+21.2%
10	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$8.97B	+5.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	BFLX	iShares Flexible Equity Active ETF	Other	+$2.1B	+129.9%
2	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.25B	+91.0%
3	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.25B	+86.0% ⚠
4	SNXX	Tradr 2X Long SNDK Daily ETF	Other	+$1.35B	+63.9%
5	FLKR	Franklin FTSE South Korea ETF	Other	+$703M	+50.8%
6	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.08B	+48.4%
7	CBOX	Calamos ETF Trust - Calamos Tax-Aware Collateral ETF	Other	+$580M	+45.3%
8	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$8.15B	+45.1%
9	DRAM	Roundhill Memory ETF	Other	+$10.67B	+43.0%
10	USMC	Principal U.S. Mega-Cap ETF	Other	+$1.5B	+41.6%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	-$13.39B	-1.7%
2	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$5.15B	-53.1%
3	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$3.71B	-7.9%
4	SCZ	iShares MSCI EAFE Small-Cap ETF	Equity International Small Cap	-$1.93B	-14.5%
5	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$1.82B	-2.2%
6	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$1.79B	-12.9%
7	XLE	State Street Energy Select Sector SPDR ETF	Equity Broad Sector	-$1.68B	-4.3%
8	NASA	Tema Space Innovators ETF	Equity Thematic	-$1.65B	-145.3%
9	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$1.54B	-4.7%
10	XLC	State Street Communication Services Select Sector SPDR ETF	Equity Broad Sector	-$1.42B	-6.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	NASA	Tema Space Innovators ETF	Equity Thematic	-$1.65B	-145.3%
2	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$1.05B	-77.1%
3	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$5.15B	-53.1%
4	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$825M	-43.9%
5	TAN	Invesco Solar ETF	Other	-$547M	-39.9%
6	IYM	iShares U.S. Basic Materials ETF	Equity Broad Sector	-$446M	-38.5%
7	QLTA	iShares Aaa - A Rated Corporate Bond ETF	Other	-$360M	-29.5%
8	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$275M	-25.5%
9	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$947M	-22.2%
10	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$272M	-21.8%

Largest ETF fund flows across ~2634 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
BBNX	Beta Bionics	1.0	15.3%	-27.2%
EMAT	Evolution Metals & Technologies	2.4	14.8%	-82.2%
BRUN	Boost Run	0.9	11.7%	-27.7%
AXTI	AXT	3.9	11.4%	293.3%
ARQT	Arcutis Biotherapeutics	3.4	11.2%	-10.0%
FPS	Forgent Power Solutions	8.5	11.1%	20.1%
SMTC	Semtech	15.6	11.0%	127.4%
SABR	Sabre	0.9	11.0%	70.6%
CIFR	Cipher Digital	6.8	10.8%	13.3%
EROC	ERock	0.6	10.6%	601.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ALHC	Alignment Healthcare	1.8	-16.0%	-55.9%
JBHT	JB Hunt Transport Services	22.3	-13.3%	22.5%
BTGO	BitGo	0.7	-11.6%	-65.3%
RCAT	Red Cat	1.0	-10.9%	-10.5%
EIKN	Eikon Therapeutics	0.5	-10.3%	-43.3%
PLSE	Pulse Biosciences	3.4	-10.1%	261.3%
ON	ON Semiconductor	26.0	-9.0%	23.0%
HPK	HighPeak Energy	1.0	-8.9%	66.0%
CBIO	Crescent Biopharma	0.5	-8.6%	44.9%
MTDR	Matador Resources	7.2	-8.6%	39.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ACVA	ACV Auctions	1.8	41.4%	29.9%
FEIM	Frequency Electronics	0.8	32.9%	57.1%
BBNX	Beta Bionics	1.0	27.3%	-27.2%
SDGR	Schrodinger	1.8	24.6%	33.8%
NTSK	Netskope	6.9	19.6%	-1.4%
S	SentinelOne	7.8	19.2%	54.5%
BALY	Ballys	0.6	18.9%	-36.1%
FTRE	Fortrea	1.9	18.9%	15.8%
EMAT	Evolution Metals & Technologies	2.4	18.7%	-82.2%
RBRK	Rubrik	21.4	18.2%	37.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ADBT	Advasa	0.1	-62.1%	-98.1%
ALHC	Alignment Healthcare	1.8	-33.2%	-55.9%
SWMR	Swarmer	0.4	-28.9%	-19.0%
LEU	Centrus Energy	2.8	-23.4%	-42.7%
SMR	NuScale Power	3.0	-23.2%	-41.4%
ENVA	Enova International	4.3	-23.2%	9.5%
ASMB	Assembly Biosciences	0.5	-22.5%	-25.1%
CTMX	CytomX Therapeutics	0.6	-21.9%	-35.1%
EIKN	Eikon Therapeutics	0.5	-20.7%	-43.3%
PWP	Perella Weinberg Partners	0.9	-20.5%	-25.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MRNA	Moderna	58.0	125.9%	393.8%
PURR	Hyperliquid Strategies	1.4	60.0%	221.3%
AMLX	Amylyx Pharmaceuticals	3.6	52.3%	170.1%
CVI	CVR Energy	5.3	45.7%	109.8%
SECZ	Securitize	1.2	44.2%	-36.8%
FWDI	Forward Industries	0.5	40.4%	-9.1%
IOVA	Iovance Biotherapeutics	4.4	39.0%	261.5%
SDGR	Schrodinger	1.8	37.5%	33.8%
ACVA	ACV Auctions	1.8	36.7%	29.9%
EMAT	Evolution Metals & Technologies	2.4	36.2%	-82.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ALMS	Alumis	1.0	-68.9%	-18.6%
RARE	Ultragenyx Pharmaceutical	1.3	-50.7%	-44.0%
IESC	IES	13.0	-47.0%	-16.5%
SWMR	Swarmer	0.4	-46.7%	-19.0%
CRDO	Credo Technology	29.8	-42.9%	12.2%
AEHR	Aehr Test Systems	2.7	-42.1%	317.3%
ALOY	REalloys	0.5	-41.2%	-13.7%
KRMN	Karman	4.9	-40.2%	-49.5%
AEVA	Aeva Technologies	0.9	-39.4%	8.4%
AAOI	Applied Optoelectronics	7.9	-37.5%	177.5%

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)	68.3	31.8	14.3	8.1	4.9	2.0	11.2
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)	0.29	1.47	0.33	0.27	0.14	0.10	0.28
Holdings Count	841	796	1,385	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	242.14	124.51	219.81	134.69	106.82	115.63	-
Premium/Discount	-1.4%	-1.4%	-1.8%	-1.8%	-0.8%	-1.4%	-1.4%
Distribution Yield	1.8%	1.2%	1.5%	1.4%	1.9%	1.7%	1.6%
Sales Yield	88.0%	117.8%	89.7%	109.8%	110.6%	113.8%	110.2%
Earnings Yield	5.4%	7.1%	5.3%	5.2%	5.2%	5.3%	5.3%

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	1.1x	0.9x	0.9x	0.9x	0.9x
P/E (TTM)	18.4x	14.0x	18.9x	19.4x	19.1x	18.9x	18.9x
P/FCF (TTM)	17.6x	12.6x	47.8x	14.6x	14.0x	14.5x	14.5x
Forward P/E	12.9x	-	13.9x	12.1x	11.9x	11.9x	12.1x
Forward P/S	1.1x	-	1.0x	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%	15.8%	16.3%	16.6%	16.6%	16.6%	16.5%
Volatility (3Y)	17.7%	20.6%	20.2%	21.0%	20.9%	20.9%	20.8%
Volatility (5Y)	19.5%	22.2%	21.1%	21.6%	21.6%	21.5%	21.5%
Beta (1Y)	0.81	0.81	0.95	0.92	0.91	0.92	0.91
Beta (3Y)	0.94	1.01	1.00	1.03	1.02	1.02	1.01
Beta (5Y)	0.96	1.02	0.99	0.98	0.98	0.98	0.98
Sharpe Ratio (1Y)	1.11	1.43	1.42	1.24	1.24	1.27	1.26
Sharpe Ratio (3Y)	0.91	0.89	0.89	0.75	0.75	0.77	0.83
Sharpe Ratio (5Y)	0.54	0.64	0.47	0.44	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	-4.4%	-4.3%	-4.7%	-5.4%	-5.0%	-5.0%	-4.8%
3M Return	-0.2%	0.3%	-0.2%	-1.0%	-1.1%	-0.7%	-0.5%
6M Return	10.5%	14.4%	14.9%	13.4%	13.3%	14.0%	13.7%
YTD Return	13.9%	21.1%	19.9%	16.9%	17.0%	17.6%	17.3%
1Y Return	16.1%	23.8%	24.6%	21.3%	21.2%	21.9%	21.6%
2Y Return	31.2%	41.2%	40.7%	34.3%	34.5%	35.2%	34.8%
3Y Return	54.9%	62.9%	62.1%	50.5%	50.5%	52.1%	53.5%

Short Interest

Short Interest: As Of Date	8312026
Short Interest: Shares Quantity	0.2 Mil
Short Interest: % Change Since 8152026	-21.4%
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 (9/17/2026): $238.88

Vanguard Small-Cap Value ETF (VBR)

Market Price (9/17/2026): $238.88

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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