# VTV ETF: fees, returns, drawdowns and holdings

> What VTV holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

Vanguard Morningstar Value ETF (VTV) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 300 large US companies that look cheap compared with measures like their earnings or sales. It charges 0.03% a year. From January 2004 to October 2026 it returned about 9.7% a year, and its worst drop was −59.3%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.03% a year (about $3 on $10,000).
- Started trading on January 26, 2004.
- Last close: $223.41 on October 16, 2026.
- Return over the last year: 23.4%.
- Worst drop since 2004: −59.3%.
- 1 Tactfolio classic strategy holds it.

## How has VTV done since 2004?

From January 2004 to October 2026, VTV returned about 9.7% a year. The S&P 500 returned about 10.8% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $81,766 at the end, with every dividend reinvested.

| Period | VTV | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | 1.7% | 1.5% |
| 3 months | 2.5% | 1.9% |
| 6 months | 11.3% | 9.3% |
| Year to date | 18.8% | 12.8% |
| 1 year | 23.4% | 16.8% |
| 3 years, per year | 19.9% | 22.0% |
| 5 years, per year | 12.3% | 12.8% |
| 10 years, per year | 12.8% | 15.4% |
| Since 2004, per year | 9.7% | 10.8% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## VTV returns by month and year

VTV rose in 176 of its 273 months (64%). Its best month was November 2020, at 12.8%. Its worst was October 2008, at −16.2%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 4.6% | 3.8% | −4.8% | 5.4% | 2.5% | 3.4% | 0.9% | 2.2% | −3.5% | 3.4% |  |  | 18.8% |
| 2025 | 4.4% | 0.8% | −2.5% | −3.6% | 2.9% | 3.7% | 0.2% | 3.5% | 2.3% | −0.4% | 2.5% | 0.8% | 15.3% |
| 2024 | 0.9% | 3.3% | 5.2% | −3.9% | 3.0% | 0.1% | 4.7% | 2.9% | 1.5% | −1.4% | 5.6% | −6.4% | 16.0% |
| 2023 | 2.8% | −3.2% | −0.5% | 1.8% | −4.1% | 6.1% | 3.5% | −2.4% | −3.3% | −2.6% | 6.7% | 5.1% | 9.3% |
| 2022 | −1.1% | −1.1% | 3.3% | −4.8% | 2.4% | −7.9% | 5.1% | −2.7% | −7.8% | 11.7% | 6.0% | −3.3% | −2.1% |
| 2021 | −0.8% | 5.0% | 6.7% | 3.4% | 2.9% | −1.2% | 1.0% | 2.1% | −3.9% | 5.4% | −3.0% | 7.0% | 26.5% |
| 2020 | −2.5% | −9.7% | −14.8% | 10.7% | 2.9% | −1.0% | 3.7% | 4.2% | −2.2% | −1.8% | 12.8% | 3.5% | 2.3% |
| 2019 | 7.0% | 2.9% | 0.6% | 3.4% | −6.3% | 7.1% | 0.8% | −3.0% | 3.5% | 1.9% | 3.4% | 2.6% | 25.7% |
| 2018 | 4.7% | −4.4% | −2.5% | 0.4% | 0.6% | 0.2% | 4.7% | 1.9% | 0.6% | −5.0% | 3.3% | −9.1% | −5.5% |
| 2017 | 0.5% | 3.6% | −0.9% | 0.0% | 0.1% | 1.8% | 1.5% | −0.5% | 3.0% | 1.8% | 3.5% | 1.7% | 17.1% |
| 2016 | −4.8% | 0.1% | 6.7% | 1.5% | 1.1% | 1.1% | 2.8% | 0.7% | −0.5% | −1.1% | 6.0% | 2.7% | 17.1% |
| 2015 | −4.1% | 5.3% | −1.3% | 1.3% | 1.2% | −2.2% | 1.0% | −5.8% | −2.5% | 7.6% | 0.5% | −1.1% | −1.0% |
| 2014 | −3.7% | 4.0% | 2.7% | 0.9% | 1.4% | 1.9% | −1.2% | 3.4% | −1.3% | 1.8% | 2.5% | 0.4% | 13.2% |
| 2013 | 6.4% | 1.3% | 4.0% | 2.2% | 2.6% | −1.0% | 5.4% | −3.7% | 2.3% | 4.6% | 3.2% | 2.1% | 33.1% |
| 2012 | 3.5% | 3.9% | 2.8% | −0.9% | −5.9% | 4.8% | 1.2% | 1.5% | 2.9% | −0.4% | −0.7% | 2.1% | 15.2% |
| 2011 | 2.9% | 4.0% | 0.0% | 3.0% | −1.4% | −2.1% | −3.5% | −5.9% | −6.9% | 10.3% | −0.6% | 2.5% | 1.1% |
| 2010 | −2.5% | 2.6% | 6.2% | 1.8% | −7.8% | −5.2% | 6.6% | −4.2% | 7.6% | 2.7% | −0.6% | 8.0% | 14.5% |
| 2009 | −11.1% | −13.6% | 8.2% | 11.0% | 7.1% | −1.1% | 8.0% | 5.2% | 3.2% | −2.6% | 6.1% | 1.2% | 19.9% |
| 2008 | −4.7% | −3.9% | −0.4% | 4.3% | −0.6% | −9.5% | −0.2% | 1.6% | −6.9% | −16.2% | −6.7% | 1.5% | −35.9% |
| 2007 | 0.8% | −1.6% | 1.7% | 4.2% | 3.6% | −2.1% | −4.7% | 1.5% | 3.5% | 0.1% | −5.0% | −1.6% | −0.1% |
| 2006 | 3.0% | 0.9% | 1.6% | 2.4% | −2.4% | 0.9% | 2.5% | 1.7% | 2.1% | 3.1% | 2.1% | 2.5% | 22.4% |
| 2005 | −2.0% | 3.4% | −1.7% | −1.6% | 2.5% | 1.4% | 2.6% | −0.6% | 1.7% | −2.6% | 3.5% | 0.7% | 7.2% |
| 2004 (part) |  | 2.6% | −1.7% | −1.7% | 0.7% | 2.5% | −1.5% | 1.4% | 1.2% | 1.6% | 4.8% | 3.4% | 13.9% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is VTV compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.69.** When the S&P 500 moved 1% in a day, VTV tended to move about 0.69%.
- **Correlation 0.86.** VTV mostly moved with the S&P 500.
- **Up and down months.** In months the S&P 500 rose, VTV rose 86% as much on average. In months it fell, VTV fell 78% as much.

| Measure | VTV | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 12.4% | 12.8% |
| Volatility | 13.7% | 17.1% |
| Worst drop | −17.0% | −24.5% |
| Sharpe ratio | 0.92 | 0.79 |
| Sortino ratio | 1.34 | 1.15 |
| Calmar ratio | 0.73 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is VTV above its 200-day average?

VTV closed 6.8% above its 200-day average on October 16, 2026. A rule that holds VTV only above that average would hold it today.

- Its 50-day average is 6.2% above its 200-day average.
- It closed 1.4% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for VTV](https://tactfolio.com/builder) and backtest it in a minute.

## What was VTV's worst drop?

A drawdown is how far a fund falls from its last high point. VTV's worst fall was −59.3%, from July 13, 2007 to March 5, 2009. It got back to that high on February 1, 2013. On October 16, 2026 it was 1.4% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −59.3% | Jul 13, 2007 | Mar 5, 2009 | Feb 1, 2013 | 20 months | 3.9 years |
| −36.8% | Feb 12, 2020 | Mar 23, 2020 | Dec 4, 2020 | 40 days | 8 months |
| −17.4% | Sep 21, 2018 | Dec 24, 2018 | Apr 30, 2019 | 3 months | 4 months |
| −17.0% | Apr 20, 2022 | Sep 30, 2022 | Jul 20, 2023 | 5 months | 10 months |
| −14.5% | Nov 29, 2024 | Apr 8, 2025 | Jul 3, 2025 | 4 months | 3 months |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does VTV hold?

This fund owns shares of about 300 large US companies that look cheap compared with measures like their earnings or sales. These are called value stocks. Its value goes up and down with this group of companies.

It tracks the Morningstar US Large Cap Value Index. It had 298 holdings as of September 30, 2026, according to Vanguard.

| Fact | VTV |
| --- | --- |
| Full name | Vanguard Morningstar Value ETF |
| Issuer | Vanguard |
| Expense ratio | 0.03% a year |
| Started trading | January 26, 2004 |
| Tracks | Morningstar US Large Cap Value Index |
| Type | US stocks, ETF |
| Holdings | 298 holdings as of September 30, 2026 |
| Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) |

## What is the VTV expense ratio?

VTV charges 0.03% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.03% fee comes to about $3 a year. Of the 162 ETFs on Tactfolio, 85% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold VTV?

One classic strategy holds VTV at least some of the time. Each is a set of written rules you can open, test and copy.

- [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018

## How does VTV compare with similar ETFs?

Funds that can stand in for VTV:

- [SCHV](https://tactfolio.com/etf/SCHV.md): Schwab U.S. Large-Cap Value ETF, 0.04% a year
- [SPYV](https://tactfolio.com/etf/SPYV.md): State Street SPDR Portfolio S&P 500 Value ETF, 0.04% a year
- [IVE](https://tactfolio.com/etf/IVE.md): iShares S&P 500 Value ETF, 0.18% a year
- [IWD](https://tactfolio.com/etf/IWD.md): iShares Russell 1000 Value ETF, 0.18% a year

See [all 8 VTV alternatives](https://tactfolio.com/alternatives/VTV.md), compared on the same dates as VTV.

## Test VTV in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add VTV, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for VTV and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from Vanguard. We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [S&P 500 index](https://tactfolio.com/learn/sp500-index): The S&P 500 tracks about 500 large US companies. Learn how stocks get in, how the index is weighted, how to invest in it, and how far it has fallen before.
- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of VTV?

VTV charges 0.03% a year, according to Vanguard as of October 16, 2026. That is about $3 a year for every $10,000 you hold.

### When did VTV start trading?

VTV started trading on January 26, 2004. It is run by Vanguard.

### What does VTV track?

VTV tracks the Morningstar US Large Cap Value Index. This fund owns shares of about 300 large US companies that look cheap compared with measures like their earnings or sales.

### How much has VTV returned per year?

From January 2004 to October 2026, VTV returned about 9.7% a year with dividends reinvested. Its worst drop was −59.3%. Past returns do not tell you what it will do next.

### Is VTV above its 200-day moving average?

On October 16, 2026, VTV closed 6.8% above its 200-day moving average. This page updates after each US market close.

### Which strategies use VTV?

One of Tactfolio's classic strategies hold VTV, including Papa Bear Portfolio (Muscular Portfolios).

## Sources

- [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.